62545313 2021-01-01 2021-12-31 62545313 2021-01-01 2021-12-31 0 62545313 2021-01-01 2021-12-31 0 62545313 2021-01-01 2021-12-31 1 62545313 2021-01-01 2021-12-31 2 62545313 2021-01-01 2021-12-31 3 62545313 2021-01-01 2021-12-31 4 62545313 2021-01-01 2021-12-31 cmn:PreviousYearMember 62545313 2021-01-01 2021-12-31 cmn:TwoYearsAgoMember 62545313 2021-01-01 2021-12-31 cmn:ThreeYearsAgoMember 62545313 2021-01-01 2021-12-31 cmn:FourYearsAgoMember 62545313 2021-12-31 62545313 2021-12-31 cmn:PreviousYearMember 62545313 2021-12-31 cmn:TwoYearsAgoMember 62545313 2021-12-31 cmn:ThreeYearsAgoMember 62545313 2021-12-31 cmn:FourYearsAgoMember 62545313 2020-01-01 2020-12-31 62545313 2021-01-01 2021-12-31 fsa:ProposedDividendRecognisedInLiabilitiesMember 62545313 2020-01-01 2020-12-31 fsa:ProposedDividendRecognisedInLiabilitiesMember 62545313 2021-01-01 2021-12-31 fsa:ProposedDividendRecognisedInEquityMember 62545313 2020-01-01 2020-12-31 fsa:ProposedDividendRecognisedInEquityMember 62545313 2020-12-31 62545313 2021-01-01 2021-12-31 0 62545313 2020-01-01 2020-12-31 1 62545313 2021-01-01 2021-12-31 2 62545313 2020-01-01 2020-12-31 3 62545313 2021-01-01 62545313 2020-01-01 62545313 2021-01-01 2021-12-31 0 62545313 2021-01-01 2021-12-31 1 iso4217:DKK xbrli:pure Regnskabsklasse C, stor virksomhed 2021-01-01 2021-12-31 Lyreco Danmark A/S Lykkegårdsvej 10 4000 Roskilde +45 4345 1516 +45 4345 1871 62545313 1937-01-26 Roskilde 2022-05-30 Michael Baun Christensen <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">Ledelsespåtegning</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>Statement by the Executive and Supervisory Boards</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">Bestyrelse og direktion har dags dato behandlet og godkendt årsrapporten pr. 31. december 2021 for Lyreco Danmark A/S.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>The Supervisory and Executive Boards have today discussed and adopted the annual report at 31 December 2021 of Lyreco Danmark A/S.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Årsrapporten er aflagt i overensstemmelse med årsregnskabsloven.</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>The annual report has been prepared in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Det er vores opfattelse, at årsregnskabet giver et retvisende billede af selskabets aktiver, passiver og finansielle stilling pr. 31. december 2021 samt af resultatet af selskabets aktiviteter og pengestrømme for regnskabsåret 1. januar - 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 /><td>It is our opinion that the financial statements give a true and fair view of the Company's assets, liabilities, financial position, profit and cash flows 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">Det er endvidere vores opfattelse, at ledelsesberetningen indeholder en retvisende redegørelse for udviklingen i selskabets aktiviteter og økonomiske forhold, årets resultat og af selskabets finansielle stilling.</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>Further in our opinion, the management´s review gives a fair review of the development in the company´s operations and financial matter and the result of the company´s operation and financial position.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Årsrapporten indstilles til generalforsamlingens godkendelse.</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>We recommend that the annual report be approved at the annual general meeting.</td></tr></table> Roskilde 2022-05-30 <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">Den uafhængige revisors revisionspåtegning</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>Independent Auditor´s Reports</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">Til kapitalejeren i Lyreco Danmark A/S</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>To the Shareholder of Lyreco Danmark A/S</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Konklusion</td></tr><tr><td colspan="1">Det er vores opfattelse, at årsregnskabet giver et retvisende billede af selskabets aktiver, passiver og finansielle stilling pr. 31. december 2021 samt af resultatet af selskabets aktiviteter og pengestrømme for regnskabsåret 1. januar - 31. december 2021 i overensstemmelse med årsregnskabsloven.</td></tr><tr><td colspan="1">Vi har revideret årsregnskabet for Lyerco Danmark A/S for regnskabsåret 1. januar - 31. december 2021, der omfatter resultatopgørelse, balance, pengestrømsopgørelse, egenkapitalopgørelse og noter, herunder anvendt regnskabspraksis (”regnskabet”).</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>Opinion</td></tr><tr><td /><td>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 operations and cash flows for the financial year 1 January - 31 December 2021 in accordance with the Danish Financial Statements Act.</td></tr><tr><td /><td>We have audited the Financial Statements of C-Company for the financial year 1 January - 31 December 2021, which comprise income statement, balance sheet, statement of cash flows, statement of changes in equity and notes, including a summary of significant accounting policies (“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">Grundlag for konklusion</td></tr><tr><td colspan="1">Vi har udført vores revision i overensstemmelse med internationale standarder om revision og de yderligere krav, der er gældende i Danmark. Vores ansvar ifølge disse standarder og krav er nærmere beskrevet i revisionspåtegningens afsnit Revisors ansvar for revisionen af regnskabet. Vi er uafhængige af selskabet i overensstemmelse med International Ethics Standards Board for Accountants’ internationale retningslinjer for revisorers etiske adfærd (IESBA Code) og de yderligere etiske krav, der er gældende i Danmark, ligesom vi har opfyldt vores øvrige etiske forpligtelser i henhold til disse krav og IESBA Code. Det er vores opfattelse, at det opnåede revisionsbevis er tilstrækkeligt og egnet som grundlag for vores konklusion.</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>Basis for Opinion</td></tr><tr><td /><td>We conducted our audit in accordance with International Standards on Auditing (ISAs) and the 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 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. 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">Udtalelse om ledelsesberetningen</td></tr><tr><td colspan="1">Ledelsen er ansvarlig for ledelsesberetningen.</td></tr><tr><td colspan="1">Vores konklusion om regnskabet omfatter ikke ledelsesberetningen, og vi udtrykker ingen form for konklusion med sikkerhed om ledelsesberetningen.</td></tr><tr><td colspan="1">I tilknytning til vores revision af regnskabet er det vores ansvar at læse ledelsesberetningen og i den forbindelse overveje, om ledelsesberetningen er væsentligt inkonsistent med regnskabet eller vores viden opnået ved revisionen eller på anden måde synes at indeholde væsentlig fejlinformation.</td></tr><tr><td colspan="1">Vores ansvar er derudover at overveje, om ledelsesberetningen indeholder krævede oplysninger i henhold til årsregnskabsloven.</td></tr><tr><td colspan="1">Baseret på det udførte arbejde er det vores opfattelse, at ledelsesberetningen er i overensstemmelse med årsregnskabet og er udarbejdet i overensstemmelse med årsregnskabslovens krav. Vi har ikke fundet væsentlig fejlinformation i ledelsesberetningen.</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>Statement on Management’s Review</td></tr><tr><td /><td>Management is responsible for Management’s Review.</td></tr><tr><td /><td>Our opinion on the financial statements does ot cover Management’s Review, and we do not express any form of assurance conclusion thereon.</td></tr><tr><td /><td>In connection with our audit of the financial statements, our responsibility is to read Management’s Review and, in doing so, consider whether 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 /><td>Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financials Statements Act.</td></tr><tr><td /><td>Based on the work we have performed, in our view, 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 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">Ledelsens ansvar for regnskabet</td></tr><tr><td colspan="1">Ledelsen har ansvaret for udarbejdelsen af et årsregnskab, der giver et retvisende billede i overensstemmelse med årsregnskabsloven. Ledelsen har endvidere ansvaret for den interne kontrol, som ledelsen anser for nødvendig for at udarbejde et regnskab uden væsentlig fejlinformation, uanset om denne skyldes besvigelser eller fejl.</td></tr><tr><td colspan="1">Ved udarbejdelsen af regnskabet er ledelsen ansvarlig for at vurdere selskabets evne til at fortsætte driften; at oplyse om forhold vedrørende fortsat drift, hvor dette er relevant; samt at udarbejde regnskabet på grundlag af regnskabsprincippet om fortsat drift, medmindre ledelsen enten har til hensigt at likvidereselskabet, indstille driften eller ikke har andet realistisk alternativ end at gøre dette.</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>Management’s Responsibilities for the Financial Statements</td></tr><tr><td /><td>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 /><td>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">Revisors ansvar for revisionen af regnskabet</td></tr><tr><td colspan="1">Vores mål er at opnå høj grad af sikkerhed for, om regnskabet som helhed er uden væsentlig fejlinformation, uanset om denne skyldes besvigelser eller fejl, og at afgive en revisionspåtegning med en konklusion. Høj grad af sikkerhed er et højt niveau af sikkerhed, men er ikke en garanti for, at en revision, der udføres i overensstemmelse med internationale standarder om revision og de yderligere krav, der er gældende i Danmark, altid vil afdække væsentlig fejlinformation, når sådan findes. Fejlinformationer kan opstå som følge af besvigelser eller fejl og kan betragtes som væsentlige, hvis det med rimelighed kan forventes, at de enkeltvis eller samlet har indflydelse på de økonomiske beslutninger, som brugerne træffer på grundlag af regnskabet.</td></tr><tr><td colspan="1">Som led i en revision, der udføres i overensstemmelse med internationale standarder om revision og de yderligere krav, der er gældende i Danmark, foretager vi faglige vurderinger og opretholder professionel skepsis under revisionen. Herudover</td></tr><tr><td colspan="1">·         Identificerer og vurderer vi risikoen for væsentlig fejlinformation i regnskabet, uanset om denne skyldes besvigelser eller fejl, udformer og udfører revisionshandlinger som reaktion på disse risici samt opnår revisionsbevis, der er tilstrækkeligt og egnet til at danne grundlag for vores konklusion. Risikoen for ikke at opdage væsentlig fejlinformation forårsaget af besvigelser er højere end ved væsentlig fejlinformation forårsaget af fejl, idet besvigelser kan omfatte sammensværgelser, dokumentfalsk, bevidste udeladelser, vildledning eller tilsidesættelse af intern kontrol.</td></tr><tr><td colspan="1">·         Opnår vi forståelse af den interne kontrol med relevans for revisionen for at kunne udforme revisionshandlinger, der er passende efter omstændighederne, men ikke for at kunne udtrykke en konklusion om effektiviteten af selskabets interne kontrol.</td></tr><tr><td colspan="1">·         Tager vi stilling til, om den regnskabspraksis, som er anvendt af ledelsen, er passende, samt om de regnskabsmæssige skøn og tilknyttede oplysninger, som ledelsen har udarbejdet, er rimelige.</td></tr><tr><td colspan="1">·         Konkluderer vi, om ledelsens udarbejdelse af regnskabet på grundlag af regnskabsprincippet om fortsat drift er passende, samt om der på grundlag af det opnåede revisionsbevis er væsentlig usikkerhed forbundet med begivenheder eller forhold, der kan skabe betydelig tvivl om selskabets evne til at fortsætte driften. Hvis vi konkluderer, at der er en væsentlig usikkerhed, skal vi i vores revisionspåtegning gøre opmærksom på oplysninger herom i regnskabet eller, hvis sådanne oplysninger ikke er tilstrækkelige, modificere vores konklusion. Vores konklusioner er baseret på det revisionsbevis, der er opnået frem til datoen for vores revisionspåtegning. Fremtidige begivenheder eller forhold kan dog medføre, at selskabet ikke længere kan fortsætte driften.</td></tr><tr><td colspan="1">·         Tager vi stilling til den samlede præsentation, struktur og indhold af regnskabet, herunder noteoplysningerne, samt om regnskabet afspejler de underliggende transaktioner og begivenheder på en sådan måde, at der gives et retvisende billede heraf.</td></tr><tr><td colspan="1">Vi kommunikerer med den øverste ledelse om blandt andet det planlagte omfang og den tidsmæssige placering af revisionen samt betydelige revisionsmæssige observationer, herunder eventuelle betydelige mangler i intern kontrol, som vi identificerer under revisionen.</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>Auditor’s Responsibilities for the Audit of the Financial Statements</td></tr><tr><td /><td>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.</td></tr><tr><td /><td>As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also</td></tr><tr><td /><td>·         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 /><td>·         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 /><td>·         Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.</td></tr><tr><td /><td>·         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 /><td>·         Evaluate the overall presentation, structure and contents of the financial statements, including the 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 /><td>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> København 2022-05-30 607680055 173139084 13540726 0 9789539 2000000 0.022 0.041 0.285 0.449 0.068 298 <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">Ledelsesberetning</td></tr><tr><td colspan="1">Hovedaktivitet</td></tr><tr><td colspan="1">Selskabets hovedaktivitet er handel med kontorartikler, papirvarer, datatilbehør samt øvrige kontorprodukter.</td></tr><tr><td colspan="1">Udvikling i aktiviteter og økonomiske forhold</td></tr><tr><td colspan="1">Selskabet har i 2021 fastholdt sin position som en af Danmarks førende leverandører af kontorprodukter. Resultatet før skat blev i 2021 på 13,7 mio.kr. mod 31,4 mio. kr. i 2020.</td></tr><tr><td colspan="1">Årets nettoomsætning udgør 607,7 mio.kr. mod 1.014,7 mio.kr. i 2020. Driftsresultatet overstiger det forventede. Lyreco har de seneste år arbejdet på at øge deres markedsandel inden for kategorierne hygiejne og personlig beskyttelse. Covid har accelerere dette marked og Lyreco har haft en væsentlig vækst indenfor salg og distribution af disse produkter, herunder distribution til de offentlige institutioner i 2020 under Covid. Dette gav en positiv effekt på 2020 omsætning og resultat. Effekten har været væsentlig mindre i 2021, men Covid har stadig haft indflydelse på markedet. Årets resultat før skat udgør 13,7 mio.kr. og anses for tilfredsstillende.</td></tr><tr><td colspan="1">Egenkapitalen udgør ultimo 120,6 mio.kr. mod 155,8 mio.kr. i 2020. I 2021 udbetalte Lyreco Danmark udbytter for 45 mio. kr.</td></tr><tr><td colspan="1">Usikkerhed ved indregning eller måling</td></tr><tr><td colspan="1">Der er foretaget konkret vurdering af, om der foreligger nogen former for usikkerhed omkring indregning eller måling. Vurderingen er, at dette ikke er tilfældet.</td></tr><tr><td colspan="1">Usædvanlige forhold</td></tr><tr><td colspan="1">Der er foretaget konkret vurdering af, om der foreligger nogen former for usædvanlige forhold, der kunne påvirke indregning eller måling. Vurderingen er, at dette ikke er tilfældet.</td></tr><tr><td colspan="1">Finansielle risici</td></tr><tr><td colspan="1">En del af selskabets varekøb foretages i EUR, hvorimod selskabet fakturerer i DKK. Valutarisici afdækkes ikke, da risikoen under hensyntagen til den nuværende danske fastkurspolitik overfor Euro’en anses for begrænset.</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">Forventninger til fremtiden</td></tr><tr><td colspan="1">COVID-19 forventes at have en aftagende indflydelse på resultatet for 2022. Den øgede aktivitet inden for hygiejne og personlig beskyttelses produkter, forventes fortsat at have positiv indflydelse. Usikkerhed angående effekter af Covid i samfundet og det normale arbejdsmonster, har en stor indflydelse på udsigterne for 2022. Endvidere forventes Lyreco Danmark og Lyreco Advantage Denmark at fusioner i 2022. Dette forventes at give positive synergier på sigt, men i 2022 vil fokus være på selve integration. Grundet denne usikkerhed, vil vi afstå fra at give nogen forventninger om 2022 resultat. Usikkerheden er for høj, til at komme med en meningsfuld prognose, men målet er at bruge vores styrke til at komme stærkere ud i de kommende år.</td></tr><tr><td colspan="1">Begivenheder efter regnskabsårets afslutning</td></tr><tr><td colspan="1">Der er ikke indtruffet begivenheder efter balancedagen, som i væsentlig grad påvirker selskabets finansielle stilling.</td></tr><tr><td colspan="1">Ejerforhold</td></tr><tr><td colspan="1">Selskabets aktiekapital ejes 100% af Lyreco SAS, Rue du 19 Mars 1962, Marly Cedex, Frankrig.</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>Management's review</td></tr><tr><td /><td>Principal activities</td></tr><tr><td /><td>The main activity of the Company is trade in office supplies, stationery, computer consumables and other office equipment.</td></tr><tr><td /><td>Developments in activities and performance</td></tr><tr><td /><td>In 2021, the Company retained its market position as one of the leading suppliers of office products in Denmark, with an ordinary result before tax of DKK 13,7 million compared to DKK 31.4 million in 2020.</td></tr><tr><td /><td>The turnover amounts to DKK 607,7 million compared to 1,014.7 million in 2020. The operating result exceeds expectation. In recent years, Lyreco has been working to increase their market share in the categories of hygiene and personal protection. Covid has accelerated this market and Lyreco has enjoyed significant growth in sales and distribution of these products, including distribution to the public institutions in 2020 under Covid. This conbtributed to a positive impact on 2020 sales and result. The impact has been smaller in 2021, however Covid has continued to impact the market. Result of the year equals DKK 13,7 million and is considered satisfactory.</td></tr><tr><td /><td>At the end of 2021 the total equity amounts to DKK 120,6 million compared to DKK 155.8 million at the end of 2020. The company paid out dividends DKK 45 million in 2021.</td></tr><tr><td /><td>Uncertainty by recognition or measurement</td></tr><tr><td /><td>Concrete evaluation has been done whether any form of unusual conditions exists which could influence recognition or measurement. The assessment is that this is not the case.</td></tr><tr><td /><td>Anomalies</td></tr><tr><td /><td>Concrete evaluation has been done whether any form of anomalies exist which could influence recognition or measurement. The assessment is that this is not the case.</td></tr><tr><td /><td>Financial risks</td></tr><tr><td /><td>Part of its purchases are made in EUR, whereas the company invoices in DKK.. Currency risks are not hedged into account, because the risks with the present Danish fixed exchange rate policy towards the euro are considered to be limited.</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 /><td>Outlook</td></tr><tr><td /><td>COVID-19 is expected to have a decreasing impact on the 2021 result. The increased activity in hygiene and personal protection products is expected to continue to have a positive impact. Uncertainty about the effects of COVID in society and the normal working patterns has a major impact on the outlook for 2022. Furthermore, Lyreco Danmark and Lyreco Advantage Denmark are expected to merge in 2022. This is expected to provide positive synergies in the long term, but in 2022 the focus will be on the integration itself. Due to this uncertainty, we will refrain from giving any expectations of the 2022 result. Uncertainty is too high to make a meaningful forecast, but the goal is to use our strength to come out stronger in the coming years.</td></tr><tr><td /><td>Events after the balance sheet date</td></tr><tr><td /><td>No events have occurred after the balance date that could materially effect the company´s financial position.</td></tr><tr><td /><td>Ownership</td></tr><tr><td /><td>The share capital of the company is 100% owned by Lyreco SAS, Rue du 19 Mars 1962, Marly Cedex, France.</td></tr></table> https://lyreco.com/group/danmark/da/csr-governance. <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">Lovpligtig redegørelse for samfundsansvar, jf. ÅRL § 99 a</td></tr><tr><td colspan="1">Selskabets hovedaktivitet er handel med kontorartikler, papirvarer, datatilbehør samt øvrige kontorprodukter.</td></tr><tr><td colspan="1">Lyreco er bevidst om sit ansvar og de risici angående miljø i form af transport og vare. Ligeledes er andre risici, om det er vedrørende korruption, menneskerettigheder eller andet, noget som tages alvorligt og ønskes minimineret. Dette gælder såvel leverandører, kunder og andre interessenter. Nedenfor er nævnt nogle arbejdsområder, vi arbejde med og følge op på for at sikre minimering af disse risici.</td></tr><tr><td colspan="1">Lyreco har valgt at være meget bevidst om at være en social- og samfundsansvarlig virksomhed. Således har virksomheden skrevet under på FN´s Global Compact, og støtter principperne heri. I praksis betyder dette blandt andet, at Lyreco har stor fokus på miljøet, og på at skabe miljømæssigt hensigtsmæssige løsninger. Dette kommer både til udtryk i produktporteføljen, hvor der søges at finde grønne alternativer samt internt, hvor energiforbruget og rest affald løbende er blevet sænket, og hvor der til stadighed er fokus herpå. Endvidere har ledere fået grønne mål, som del af deres bonus, hvilket fortsættes i 2022. Der laves årligt miljø og kvalitets revision via ISO certificeringer, og de nyeste certifikater ligger tilgængelig på Lyreco’s hjemmeside. (Tidligere års certifikater kan rekvireres separat). Der er i regnskabsåret 2021 foretaget samme revision af certificeringer med få anmærkningen, hvilke er rettet.</td></tr><tr><td colspan="1">Lyreco stræber efter at udvælge leverandører, der driver forretning efter stærke etiske standarder. ”Supplier Code of Ethics” danner grundlag for, hvordan Lyreco og Lyreco’s leverandører kan bygge og fastholde relationer baseret på retfærdighed, tillid, respekt for menneskerettigheder, antikorruption, overholdelse af lovgivning og bæredygtig forretningspraksis.</td></tr><tr><td colspan="1">Lyreco har til formål at fremstå som en attraktiv arbejdsplads i forhold til kunne tiltrække kvalificeret arbejdskraft. Dette arbejdes der løbende på i form at sikre, vi lever op til standarder inden for social ansvar, menneskerettigheder. Baseret på erfaringer i 2021 og medarbejder undersøgelser, har Lyreco i 2021 tilbudt medarbejderne forskellige ydelse for at sikre trivels under Covid-19 og hjemmearbejde. I 2021 foretog Lyreco medarbejdertilfredshedsundersøgelse, dette er ligeledes mål i leders bonusordninger, hvilket også er tilfældet for 2022. Resultaterne er evalueret på ledelsesniveau og der er i gang sat projektgrupper for at forbedre de lavest scorende områder. I 2021 blev der ligeledes foretaget en arbejdspladsvurdering hvor fysiske og psykiske rammer blev målt. Ligeledes her, er handlingsplaner i gang sat for at forbedre dette ydereligere. Generelt har Lyreco scoret højt i begge undersøgelser. I Lyreco er der en global whisleblower ordning og det er ligeledes planen at implementere en lokalt i 2022. I 2021 havde vi ingen henvendelse via Whistlerordningen.</td></tr><tr><td colspan="1">Lyreco har udarbejdet en fokuseret strategi om bæredygtighed. Den hviler på 6 guidende principper, der er udvalgt på baggrund af en CSR materiality matrix, som er udarbejdet i samarbejde med eksterne interessenter – primært kunder. De seks guidende principper er: miljø, økonomi, fællesskab, supply chain, governance og mennesker.</td></tr><tr><td colspan="1">Lyreco er også med i FN’s CSR-initiativ Global Compact, hvilket betyder, at Lyreco arbejder med at støtte og fremme bæredygtige værdier, når det kommer til menneskerettigheder, arbejdsmiljølovgivning, miljø og antikorruption. Lyreco deltager derudover i den del af FN’s Global Compact-initiativ, der omhandler menneskerettigheder.</td></tr><tr><td colspan="1">I et volatilt marked, der vokser voldsomt, har vi sammenfattet en række etiske principper, som vil blive efterlevet af både medarbejdere og leverandører.</td></tr><tr><td colspan="1">Lyreco’s “Code of Ethics”, der beskriver de normer, vi forventer, hver medarbejder og leder tager til sig i deres arbejdsliv her hos Lyreco. Disse normer kommer til udtryk i deres samarbejde med kunder og leverandører, i deres omgang med kolleger, og i deres adfærd ud ad til, så Lyreco repræsenteres så godt som muligt. I 2021 er denne gennemgået og i 2022 vil samtlige medarbejdere skulle gennemgå et E-laerning kursus for at sikre alle har kendskab og forstået retningslinjerne.</td></tr><tr><td colspan="1">Lyreco’s “Supplier Code of Ethics”, der udstikker retningslinjer om passende adfærd mellem Lyreco og vores leverandører, hvilket inkludere menneskerettigheder og antikorruption. Kodekset skal underskrives af enhver leverandør, der vil indgå i en samarbejdsrelation med Lyreco, og der skal henvises til dette i underskrevne kontrakter mellem de to parter. I 2021 har alle genforhandlet leverandør Supplier Code of Ethics.</td></tr><tr><td colspan="1">Via “Codes of Ethics” forpligter Lyreco sine leverandører til at overholde gældende lovgivning i de lande, de arbejder for os i, og til at understøtte basale menneskerettigheder, hvilket vil sige, at man ikke bruger tvangsarbejde, børnearbejde og deslige, at man derudover bekæmper diskrimination, og at man sørger for at sikre og lovlige ansættelses- og arbejdsforhold. Dette fortsættes i 2022 og der vil være løbende opfølgning på dette.</td></tr><tr><td colspan="1">Øvrig beskrivelse af Lyrecos håndtering af CSR kan rekvireres på følgende hjemmeside: https://lyreco.com/group/danmark/da/csr-governance.</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>Statutory Statement on social responsibility, cf. ÅRL § 99 a</td></tr><tr><td /><td>The main activity of the Company is trade in office supplies, stationery, computer consumables and other office equipment.</td></tr><tr><td /><td>Lyreco is aware of its responsibilities and the risks regarding the environment in terms of transportation and goods, Likewise, other risks whether it is regarding corruption, human rights or otherwise, are something that is taken seriously and wants minimized. This concerns suppliers, customers or other stakeholders. Below are some areas of work Lyreco work with and follow up on to ensure minimizing of these risks.</td></tr><tr><td /><td>Lyreco has chosen to be very conscious about being a social and community responsible company. Thus, the company has signed the UN Global Compact and supports its principles. In practice this means among other things, that Lyreco has great focus on the environment and to create environmentally appropriate solutions. This is both reflected in the product portfolio as well as internally, where energy consumption and waste management is successively lowered and remains in high focus. Furthermore, all managers have been given green goals as part of their bonus, which will continue in 2022. An annual environment and quality audit is performed via ISO certifications, the latest certifications is available on Lyreco´s website. (Earlier years certifications can be requested separately). In the financial year 2021, the same revision of certifications was carried out with few annotations, which have been corrected.</td></tr><tr><td /><td>Lyreco aims at selecting suppliers who do business on strong ethical standards. "Supplier Code of Ethics” is the basis for how Lyreco and it´s suppliers can build and maintain relationships based on fairness, trust, respect for human rights, anti-corruption, compliance with the legislation and sustainable business practices.</td></tr><tr><td /><td>Lyreco aims to emerge as an attractive workplace in terms of attracting skilled workers. This is being worked on at an ongoing basis in the form of ensuring that we meet standards in the areas of social responsibility and human rights. Based on experience in 2021 and employee surveys, Lyreco has in 2021 offered employees different benefits to ensure their well-being under Covid-19 and homework. In 2021, Lyreco conducted employee satisfaction survey, this is also part of the manager's bonus schemes, which also applies for 2022. The results have been evaluated at management level and project groups have been started to improve the lowest scoring areas. In 2021, a workplace assessment was also carried out on the companies physical and mental frameworks. Action plans are made to improve this further. Generally, Lyreco scores high in both surveys. In Lyreco there is a global whistleblower scheme and it is also planned to implement one locally by 2022. In 2021, we had no communication through the Whistleblower scheme.</td></tr><tr><td /><td>Lyreco have a devoted sustainability strategy, It is based on 6 guiding principles selected based on a CSR materiality matrix, which has been prepared in collaboration with external stakeholders – primarily customers. The six guiding principles are: environment, economy, community, supply chain, governance and people.</td></tr><tr><td /><td>Lyreco is also a member of the “human rights” club of UN Global Compact, which means that Lyreco works to support and promote sustainable values when it comes to human rights, health and safety legislation, the environment and anti-corruption. Lyreco also participates in the human rights part of the UN Global Compact.</td></tr><tr><td /><td>In a rapidly changing environment and in an ever-growing business, we have formalized ethical principles that we want to see applied by Lyreco staff and our suppliers.</td></tr><tr><td /><td>The Lyreco Code of Ethics describes the standards expected from each Lyreco employee and manager in the course of their business life with Lyreco: in their relationships with customers and suppliers, in their relationships with their colleagues, and in their behavior towards promoting the company’s best interest. By 2021, the Code of Ethics was reviewed and by 2022, all employees will have to undergo an E-laerning course to ensure everyone has knowledge and understand the guidelines.</td></tr><tr><td /><td>Lyreco Supplier Code of ethics defines appropriate behavior between Lyreco and our suppliers, and includes human rights and anti-corruption. It has to be signed before any supplier can enter into business with us and must be referenced in any contract signed. All renegotiated suppliers have signed the Suppler Code of Ethics in 2021.</td></tr><tr><td /><td>Through the Codes of Ethics, Lyreco obliges its suppliers to comply with the laws in force in the countries in which they work for us and to support basic human rights, i.e. not to use forced labour, child labour and the like, to combat discrimination in addition, and to ensure safe and lawful employment and working conditions. This will continue in 2022 and there will be ongoing follow-up on this.</td></tr><tr><td /><td>Further description of Lyreco´s handeling og CSR can be obtained on the following webside: https://lyreco.com/group/danmark/da/csr-governance.</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">Redegørelse for kønssammensætningen af ledelsen, jf. ÅRL § 99 b</td></tr><tr><td colspan="1">Det vil til hver en tid være Lyreco Danmarks politik at arbejde for lige rettigheder og muligheder for mænd og kvinder i virksomheden generelt. Det er i tråd hermed besluttet at søge en mere lige fordeling i antallet af mænd og kvinder i virksomhedens bestyrelse. Målet var at opnå minimum 20% kvinder i 2021. Bestyrelsen tæller pt. 3 medlemmer eksklusiv de medarbejdervalgte bestyrelsesmedlemmer , hvoraf 2 er mænd, hvilket betyder en opnåelse af målsætningen, på minimum 20% kvinder i bestyrelsen. En del af denne opstillede politik vil dog altid være, at den bedst egnede kandidat vælges uanset køn.</td></tr><tr><td colspan="1">Lyreco Danmark har endvidere udarbejdet en politik, som skal understøtte, at der også i alle øvrige ledelseslag søges en ligelig fordeling af mænd og kvinder. Andelen af kvinder udgør pt. 33%, og 2023 målsætningen om at sikre opnåelse af minimum 40% er endnu ikke opnået. Politikken søges gennemført ved fokus på såvel den interne som den eksterne rekrutteringsproces, hvor vi sikrer, at begge køn er repræsenteret blandt kandidaterne, samt på vores interne uddannelsesprogrammer, hvor begge køn tilbydes lige muligheder.</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>Statement regarding gender composition in management, cf. ÅRL § 99 b</td></tr><tr><td /><td>It will remain the policy of Lyreco Denmark to work for equal rights and opportunities for male and female employees in the company. In line with this, it has been decided to pursue a more equal split of male and female representatives in the supervisory board. The aim is to pursue a minimum of 20% women in 2021. At the moment the board consists of 3 members exclusive the employee elected board members of which 2 are males, which means achieving the goal of minimum 20% women in the supervisory board. An integrated part of this policy, however, will always be to select the best qualified candidate for the job disregarding sex.</td></tr><tr><td /><td>Lyreco Denmark has in addition prepared a policy which will support a more equal split between male and female employees in all other management roles. The proportion of females equals 33% at the moment and therefore the target to secure minimum 40% in 2023 has not yet been achieved. The policy will be pursued via focus on the internal as well as the external recruitment process, where we secure that both male and females are represented among the candidates, and via the internal education program, where both male and females offered equal opportunities.</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">Redegørelse for data etik, jf. ÅRL § 99 d</td></tr><tr><td colspan="1">Lyreco har nedskrevet en data etik politik, for at sikre at Lyreco beskytter medarbejders private data.</td></tr><tr><td colspan="1">Uddybelse på finde på link: https://www.lyreco.com/webshop/DADA/personalData/view</td></tr><tr><td colspan="1">I 2021 blev der i Danmark besluttet at nedsætte en didikeret projektgruppe styret lokalt og der er afsat ydereligere penge til GDPR og datasikkerhed.</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>Statement regarding data ethics, cf. ÅRL § 99 d</td></tr><tr><td /><td>Lyreco has written down a data ethics policy to ensure that Lyreco coats with employees’ private data.</td></tr><tr><td /><td>Further clarification on link: https://www.lyreco.com/webshop/DADA/personalData/view</td></tr><tr><td /><td>In 2021, it was decided in Denmark to set up a dedicated project group managed locally and there has been allocated additional money to GDPR and data security.</td></tr></table> 393263930 84724195 126001236 153339797 6258561 597012 467982 13669756 3880217 <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" ><b>Egenkapitalopgørelse</b></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Statement of changes in equity</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="28%" ></td><td width="17%" colspan="1" align="right" valign="middle" >Aktiekapital</td><td width="17%" colspan="1" align="right" valign="middle" >Overført resultat</td><td width="17%" colspan="1" align="right" valign="middle" >Foreslået udbytte</td><td width="21%" colspan="1" align="right" valign="middle" >I alt</td></tr><tr><td width="28%" ></td><td width="17%" colspan="1" align="right" valign="middle" >Share capital</td><td width="17%" colspan="1" align="right" valign="middle" >Retained earnings</td><td width="17%" colspan="1" align="right" valign="middle" >Proposed Dividends</td><td width="21%" colspan="1" align="right" valign="middle" >Total</td></tr><tr><td width="28%" ></td><td width="17%" colspan="1" align="right" valign="middle" >DKK</td><td width="17%" colspan="1" align="right" valign="middle" >DKK</td><td width="17%" colspan="1" align="right" valign="middle" ></td><td width="21%" colspan="1" align="right" valign="middle" >DKK</td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" >Egenkapital 1. januar 2021</td><td width="17%" align="right" valign="middle" >15.000.000</td><td width="17%" align="right" valign="middle" >95.788.346</td><td width="17%" align="right" valign="middle" >45.000.000</td><td width="21%" align="right" valign="middle" >155.788.346</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Capital and reserves at 1 January 2021</td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" >Overført af årets resultat</td><td width="17%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >9.789.539</td><td width="17%" align="right" valign="middle" >0</td><td width="21%" align="right" valign="middle" >9.789.539</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Profit carried forward</td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" >Udbetalt udbytte i regnskabsåret</td><td width="17%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" ><b>0</b></td><td width="17%" align="right" valign="middle" >-45.000.000</td><td width="21%" align="right" valign="middle" >-45.000.000</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Paid dividend in the year</td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" ><b>Egenkapital 31. december 2021</b></td><td width="17%" align="right" valign="middle" ><b>15.000.000</b></td><td width="17%" align="right" valign="middle" ><b>105.577.885</b></td><td width="17%" align="right" valign="middle" ><b>0</b></td><td width="21%" align="right" valign="middle" ><b>120.577.885</b></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Total equity at 31 December 2021</b></td></tr></table> 519 6258561 597012 7109667 33180076 45999245 1742832 -1742832 -752929 45000000 -44247071 9342 <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" ></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Nettoomsætning</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Revenue</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Aktiviteter</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Activity</b></td></tr><tr><td width="39%" ></td><td width="30%" align="right" valign="middle" ><b>2021</b></td><td width="31%" align="right" valign="middle" ><b>2020</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Kontoartikler</td><td width="30%" align="right" valign="middle" >308.961.028</td><td width="31%" align="right" valign="middle" >279.536.561</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Office supplies</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Andet</td><td width="30%" align="right" valign="middle" >298.719.027</td><td width="31%" align="right" valign="middle" >735.231.106</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Other</td></tr><tr><td width="39%" ></td><td width="30%" align="right" valign="middle" >607.680.055</td><td width="31%" align="right" valign="middle" >1.014.767.667</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Geografiske markeder</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Geographical segments</b></td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Skandinavien</td><td width="30%" align="right" valign="middle" >607.680.055</td><td width="31%" align="right" valign="middle" >1.014.767.667</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Scandinavia</td></tr><tr><td width="39%" ></td><td width="30%" align="right" valign="middle" >607.680.055</td><td width="31%" align="right" valign="middle" >1.014.767.667</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" ><b>Personaleomkostninger</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Staff expences</b></td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Gager og lønninger</td><td width="30%" align="right" valign="middle" >140.587.196</td><td width="31%" align="right" valign="middle" >157.422.538</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Wages and salaries</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Arbejdsmarkedspensionbidrag</td><td width="30%" align="right" valign="middle" >12.036.828</td><td width="31%" align="right" valign="middle" >11.772.059</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Contribution to a pension fund</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Andre omkostninger til social sikring</td><td width="30%" align="right" valign="middle" >715.773</td><td width="31%" align="right" valign="middle" >1.462.637</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Other social security costs</td></tr><tr><td width="39%" ></td><td width="30%" align="right" valign="middle" >153.339.797</td><td width="31%" align="right" valign="middle" >170.657.234</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Heraf samlet vederlag til</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Total compensation to</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Direktion og bestyrelse</td><td width="30%" align="right" valign="middle" >2.039.849</td><td width="31%" align="right" valign="middle" >1.817.260</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Board of directors & management</td></tr><tr><td colspan="3"></td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Gennemsnitligt antal medarbejdere</td><td width="30%" align="right" valign="middle" >298</td><td width="31%" align="right" valign="middle" >299</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Average number of employees.</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" ><b>Skat af årets resultat</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Tax on result for the year</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="39%" ></td><td width="30%" align="right" valign="middle" ><b>2021</b></td><td width="31%" align="right" valign="middle" ><b>2020</b></td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Årets aktuelle skat</td><td width="30%" align="right" valign="middle" >2.962.663</td><td width="31%" align="right" valign="middle" >7.243.242</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Current tax</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Ændring af udskudt skat</td><td width="30%" align="right" valign="middle" >917.554</td><td width="31%" align="right" valign="middle" >-80.432</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Adjustment of deferred tax</td></tr><tr><td width="39%" ></td><td width="30%" align="right" valign="middle" >3.880.217</td><td width="31%" align="right" valign="middle" >7.162.810</td></tr><tr><td colspan="3"></td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Tilgodehavende/skyldig skat 1. januar</td><td width="30%" align="right" valign="middle" >6.114.774</td><td width="31%" align="right" valign="middle" >-154.468</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Corporation tax 1 January</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Årets aktuelle skat</td><td width="30%" align="right" valign="middle" >2.962.663</td><td width="31%" align="right" valign="middle" >7.243.242</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Current tax</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Betalte skatter</td><td width="30%" align="right" valign="middle" >-7.109.667</td><td width="31%" align="right" valign="middle" >-974.000</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Taxes paid</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Tilgodehavende/skyldig skat 31. december</td><td width="30%" align="right" valign="middle" >1.967.770</td><td width="31%" align="right" valign="middle" >6.114.774</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Corporation tax 31 December</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" ><b>4. Forslag til resultatdisponering</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Proposed appropriation of result</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="39%" ></td><td width="30%" align="right" valign="middle" ><b>2021</b></td><td width="31%" align="right" valign="middle" ><b>2020</b></td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Til disposition 1. januar</td><td width="30%" align="right" valign="middle" >140.788.346</td><td width="31%" align="right" valign="middle" >116.505.876</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Available at 1 January</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Udbetalt udbytte i regnskabsåret</td><td width="30%" align="right" valign="middle" >45.000.000</td><td width="31%" align="right" valign="middle" >0</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Paid dividend in the year</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Årets resultat</td><td width="30%" align="right" valign="middle" >9.789.539</td><td width="31%" align="right" valign="middle" >24.282.470</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Result of the year</td></tr><tr><td width="39%" ></td><td width="30%" align="right" valign="middle" >105.577.885</td><td width="31%" align="right" valign="middle" >140.788.346</td></tr><tr><td colspan="3"></td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Foreslået udbytte</td><td width="30%" align="right" valign="middle" >0</td><td width="31%" align="right" valign="middle" >45.000.000</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Proposed dividend</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Overført resultat</td><td width="30%" align="right" valign="middle" >105.577.885</td><td width="31%" align="right" valign="middle" >95.788.346</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Retained earnings</td></tr><tr><td width="39%" ></td><td width="30%" align="right" valign="middle" >105.577.885</td><td width="31%" align="right" valign="middle" >140.788.346</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="6" align="left" valign="middle" ><b>Materielle anlægsaktiver</b></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" ><b>Property, plant and equipment</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="20%" ></td><td width="15%" colspan="1" align="right" valign="middle" ><b>Grunde og bygninger</b></td><td width="15%" colspan="1" align="right" valign="middle" ><b>Installationer</b></td><td width="15%" colspan="1" align="right" valign="middle" ><b>Tekniske anlæg og maskiner</b></td><td width="15%" colspan="1" align="right" valign="middle" ><b>Andre anlæg, driftsmateriel og inventar</b></td><td width="20%" colspan="1" align="right" valign="middle" ><b>Total</b></td></tr><tr><td width="20%" ></td><td width="15%" colspan="1" align="right" valign="middle" ><b>Land and buildings</b></td><td width="15%" colspan="1" align="right" valign="middle" ><b>Installations</b></td><td width="15%" colspan="1" align="right" valign="middle" ><b>Machinery and equipment</b></td><td width="15%" colspan="1" align="right" valign="middle" ><b>Office equipment, fixtures, fittings, and cars</b></td><td width="20%" colspan="1" align="right" valign="middle" ><b>Total</b></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >Kostpris 1. januar</td><td width="15%" align="right" valign="middle" >107.387.130</td><td width="15%" align="right" valign="middle" >61.060.725</td><td width="15%" align="right" valign="middle" >38.154.517</td><td width="15%" align="right" valign="middle" >11.809.378</td><td width="20%" align="right" valign="middle" >218.411.750</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Cost at 1 January</td></tr><tr><td colspan="6"></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >Periodens tilgang</td><td width="15%" align="right" valign="middle" >0</td><td width="15%" align="right" valign="middle" >668.329</td><td width="15%" align="right" valign="middle" >35.494</td><td width="15%" align="right" valign="middle" >1.039.009</td><td width="20%" align="right" valign="middle" >1.742.832</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Additions during the period</td></tr><tr><td colspan="6"></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >Periodens afgang</td><td width="15%" align="right" valign="middle" >0</td><td width="15%" align="right" valign="middle" >0</td><td width="15%" align="right" valign="middle" >0</td><td width="15%" align="right" valign="middle" >-744.517</td><td width="20%" align="right" valign="middle" >-744.517</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Disposals during the period</td></tr><tr><td colspan="6"></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" ><b>Kostpris 31. december</b></td><td width="15%" align="right" valign="middle" >107.387.130</td><td width="15%" align="right" valign="middle" >61.729.054</td><td width="15%" align="right" valign="middle" >38.190.011</td><td width="15%" align="right" valign="middle" >12.103.870</td><td width="20%" align="right" valign="middle" >219.410.065</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" ><b>Cost at 31 December</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >Af og nedskrivning 1. januar</td><td width="15%" align="right" valign="middle" >-46.397.907</td><td width="15%" align="right" valign="middle" >-60.521.358</td><td width="15%" align="right" valign="middle" >-31.449.449</td><td width="15%" align="right" valign="middle" >-10.318.296</td><td width="20%" align="right" valign="middle" >-148.687.010</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Depreciation 1 January</td></tr><tr><td colspan="6"></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >Periodens afskrivninger</td><td width="15%" align="right" valign="middle" >-3.524.809</td><td width="15%" align="right" valign="middle" >-218.668</td><td width="15%" align="right" valign="middle" >-1.659.306</td><td width="15%" align="right" valign="middle" >-855.778</td><td width="20%" align="right" valign="middle" >-6.258.561</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Depreciation for the period</td></tr><tr><td colspan="6"></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >Periodens afgang</td><td width="15%" align="right" valign="middle" >0</td><td width="15%" align="right" valign="middle" >0</td><td width="15%" align="right" valign="middle" >0</td><td width="15%" align="right" valign="middle" >743.998</td><td width="20%" align="right" valign="middle" >743.998</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Disposals for the period</td></tr><tr><td colspan="6"></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" ><b>Af og nedskrivning 31. december</b></td><td width="15%" align="right" valign="middle" >-49.922.716</td><td width="15%" align="right" valign="middle" >-60.740.026</td><td width="15%" align="right" valign="middle" >-33.108.755</td><td width="15%" align="right" valign="middle" >-10.430.076</td><td width="20%" align="right" valign="middle" >-154.201.573</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" ><b>Depreciation at 31 December</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" ><b>Regnskabsmæssig værdi 31. december 2021</b></td><td width="15%" align="right" valign="middle" >57.464.414</td><td width="15%" align="right" valign="middle" >989.028</td><td width="15%" align="right" valign="middle" >5.081.256</td><td width="15%" align="right" valign="middle" >1.673.795</td><td width="20%" align="right" valign="middle" >65.208.493</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" ><b>Carrying amount at 31 December 2021</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" ><b>Regnskabsmæssig værdi 31. december 2020</b></td><td width="15%" align="right" valign="middle" >60.989.222</td><td width="15%" align="right" valign="middle" >539.367</td><td width="15%" align="right" valign="middle" >6.705.068</td><td width="15%" align="right" valign="middle" >1.491.083</td><td width="20%" align="right" valign="middle" >69.724.740</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" ><b>Carrying amount at 31 December 2020</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Den seneste offentlige ejendomsvurdering pr. 1. oktober 2019 vedrørende Lykkegårdsvej 10 – 4000 Roskilde udgør 52.000 tkr. Vedr. ejendommen Lykkegårdsvej 6 – 4000 Roskilde, er den seneste ejendomsvurdering pr. 1. oktober 2019 på 3.720 tkr. (kun grund). Den samlede regnskabsmæssige værdi pr. 31. december 2021, er på 60.989 tkr. med en fordeling som følgende 57.269 tkr. vedr. Lykkegårdsvej 10, og 3.720 tkr. vedr. Lykkegårdsvej 6 (kun grund).</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >At 1 October 2019 the total official annual valuation of Lykkegårdsvej 10 – 4000 Roskilde amount of DKK 52,000 thousand. Regarding Lykkegårdsvej 6 – 4000 Roskilde, is the official annual valuation at 1 October 2019 was DKK 3,720 thousand (only land).The net book value was at 31 December 2021 DKK 60,989 thousand, whit a split as following, DKK 57,269 thousand regarding Lykkegårdsvej 10, and DKK 3,720 thousand regarding Lykkegårdsvej 6 (only land).</td></tr><tr><td colspan="6"></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>Udskudt skatteaktiv</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Deferred tax asset</b></td></tr><tr><td width="39%" ></td><td width="30%" align="right" valign="middle" ><b>2021</b></td><td width="31%" align="right" valign="middle" ><b>2020</b></td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Udskudt skat 1. januar</td><td width="30%" align="right" valign="middle" >4.508.597</td><td width="31%" align="right" valign="middle" >4.428.160</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Deferred tax at 1. January</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Ændring i udskudt skat</td><td width="30%" align="right" valign="middle" >-917.559</td><td width="31%" align="right" valign="middle" >80.437</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Adjustment of deferred tax</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" ><b>Udskudt skat 31. december</b></td><td width="30%" align="right" valign="middle" >3.591.038</td><td width="31%" align="right" valign="middle" >4.508.597</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Deferred tax at 31. December</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Udskudt skat vedrører</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Deferred tax relates to</b></td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Materielle anlægsaktiver</td><td width="30%" align="right" valign="middle" >3.227.293</td><td width="31%" align="right" valign="middle" >4.259.289</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Property, plant and equipment</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Omsætningsaktiver</td><td width="30%" align="right" valign="middle" >241.404</td><td width="31%" align="right" valign="middle" >288.934</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Current assets</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Skyldige omkostninger</td><td width="30%" align="right" valign="middle" >122.340</td><td width="31%" align="right" valign="middle" >-39.626</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Accrued expenses</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" ><b>Udskudt skat 31. december</b></td><td width="30%" align="right" valign="middle" >3.591.038</td><td width="31%" align="right" valign="middle" >4.508.597</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Deferred tax at 31. December</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Udskudt skatteaktiv kan primært henføres til midlertidige forskelle mellem de regnskabsmæssige og de skattemæssige afskrivninger på materielle aktiver, og en mindre del kan henføres til regnskabsmæssige reservationer pr. 31. december, som ikke kan fradrages i indeværende indkomstår. Fremtidige fradrag i denne henseende forventes at blive opvejet af selskabets skattepligtige indkomst, efterhånden som fradraget må anvendes.</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Deferred tax asset is mainly attributable to temporary differences between accounting and tax depreciation of tangible assets, and a minor part can be attributable accounting reservations at 31 December which is not deductable in current income year. Future deductions in this regard is expected to be offset against taxable income of the company taxation as the deduction may be used.</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Periodeafgrænsningsposter</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Prepayments</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Periodeafgrænsningsposter udgøres af forudbetalte omkostninger vedrørende firmaarrangement, rejseudgifter og abonnementer.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Prepayments consist of prepaid expenses concerning company event, travel expenses and subscriptions.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Egenkapital</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Capital and reserves</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Selskabskapitalen består af 2 aktier på henholdsvis 8,75 mio.kr. og 6,25 mio.kr. Ingen aktier er tillagt særlige rettigheder. Aktiekapitalen er uændret i de seneste år.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The share capital consists of 2 shares DKK 8.75 million and 6.25 million. No shares have special rights. The share capital has been unchanged for the last years.</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" ><b>Langfristet gældsforpligtelser</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Long-term liabilities</b></td></tr><tr><td width="39%" ></td><td width="30%" align="right" valign="middle" ><b>2021</b></td><td width="31%" align="right" valign="middle" ><b>2020</b></td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Langfristede gældsforpligtelser, der forfalder fra 1 til 5 år fra regnskabsårets udløb</td><td width="30%" align="right" valign="middle" >1.413.990</td><td width="31%" align="right" valign="middle" >661.061</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Long-term liabilities due from 1 to 5 years from year end</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Langfristede gældsforpligtelser, der forfalder efter 5 år fra regnskabsårets udløb</td><td width="30%" align="right" valign="middle" >110.849</td><td width="31%" align="right" valign="middle" >110.849</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Long-term liabilities due more than 5 years from year end</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Total Langfristede gældsforpligtelser</td><td width="30%" align="right" valign="middle" >1.524.839</td><td width="31%" align="right" valign="middle" >771.910</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Total Long-term liabilities</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Selskabets langfristet gældsforpligtelse består af 1,4 mio til bonus og 0,1 mio til M. JOCHIMSEN & HUSTRUS Legattet.</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Lyrecos long-term litability consist of an obligation consists of 1,4 million to bonus and 0.1 million to M. JOCHIMSEN &KONES Legattet.</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Eventualforpligtelser</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Contingent liabilities</b></td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Leje- og leasingforpligtelser/aktiver</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Rental and lease obligations / assets</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Selskabets leje- og leasingforpligtelser vedrørende biler, bygninger og kaffemaskiner opgøres som følger</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Leasing af firmabiler – 2022 – 4.834 tkr., 2023 – 3.617 tkr., 2024 – 2.309 tkr., 2025 – 719 tkr., 2026 – 0 tkr., i alt 11.479 tkr. (2020: 15.511 tkr.). Lejeforpligtelser vedrørende bygninger udgør maksimalt 466 tkr. (2020: 873 tkr.) og forfalder indenfor 9 måneder. Lejeforpligtelser vedrørende kaffemaskiner udgør maksimalt 168 tkr. (2020: 92 tkr.) og forfalder indenfor 33 måneder.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Car lease commitments and rental commitments on buildings and coffee machines expiring as following</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Leasing of company cars 2022 – DKK 4,834 thousand, 2023 – DKK 3,617 thousand, 2024 – DKK 2,309 thousand, 2025 DKK 719 thousand, 2026 DKK 0, in total DKK 11,479 thousand (2020: DKK 15,511 thousand). Rent of buildings amounts to DKK 466 thousand (2019: DKK 873 thousand) which is due within 9 month. Rent of coffee machines amounts to DKK 168 thousand (2020: DKK 92 thousand) which is due within 33 month.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Nærtstående parter</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Related party disclosures</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Lyreco Danmark A/S' nærtstående parter omfatter følgende</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Lyreco Danmark A/S has the following related parties</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Bestemmende indflydelse</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Control</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Lyreco SAS, Rue du 19 Mars 1962, Marly Cedex, Frankrig.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Lyreco SAS, Rue du 19 Mars 1962, Marly Cedex, France.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Det ultimative moderselskab, der udarbejder koncernregnskab, hvori selskabet indgår som dattervirksomhed, er Lyreco SAS.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The company's ultimate Parent Company, which prepares Consolidated Financial Statements in which the Company is incorporated as subsidiary, is Lyreco SAS.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Koncernrapporten for Lyreco SAS kan rekvireres på følgende adresse</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Lyreco SAS, Rue du 19 Mars 1962, Marly Cedex, Frankrig.</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Group Annual Report of Lyreco SAS may be obtained at the following address</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Lyreco SAS, Rue du 19 Mars 1962, Marly Cedex, France.</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Øvrige nærtstående parter</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Other related parties</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Bestyrelse.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Alle virksomheder i Lyreco-koncernen. Selskaberne er ejet af Lyreco SAS.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Supervisory board.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Group enterprises in the Lyreco group. The companies are owned by Lyreco SAS.</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Transaktioner med nærtstående parter</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Related party transactions</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Alle transaktioner med nærtstående parter er sket på markedsmæssige vilkår, hvorfor opgørelsen er udeladt i overensstemmelse med Årsregnskabslovens § 98C, stk. 7.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >All transactions with related parties have been made on market terms, which is why the statement has been omitted in accordance with the Danish Financial Statements Act § 98C stk. 7.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Honorar til generalforsamlingsvalgt revisor</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Fee to the auditor appointed at the Annual General Meeting</b></td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Med henvisning til Årsregnskabsloven § 96 stk. 3 undlades det at oplyse dette.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >With reference to Danish Financial Statements Act § 96 stk. 3, it is omitted to inform this.</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" ><b>Ændring i driftskapital</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Movement in working capital</b></td></tr><tr><td width="39%" ></td><td width="30%" align="right" valign="middle" ><b>2021</b></td><td width="31%" align="right" valign="middle" ><b>2020</b></td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Ændring i varebeholdninger</td><td width="30%" align="right" valign="middle" >-3.349.786</td><td width="31%" align="right" valign="middle" >1.990.874</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Changes in inventories</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Ændringer i tilgodehavender</td><td width="30%" align="right" valign="middle" >11.535.260</td><td width="31%" align="right" valign="middle" >-5.562.890</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Changes in receivables</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Ændringer i mellemværende med tilknyttet virksomhed</td><td width="30%" align="right" valign="middle" >109.043.986</td><td width="31%" align="right" valign="middle" >-128.288.244</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Changes in balances to affiliated company</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Ændringer i leverandører og anden gæld</td><td width="30%" align="right" valign="middle" >-84.049.384</td><td width="31%" align="right" valign="middle" >99.992.859</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Changes in trade and other payables</td></tr><tr><td width="39%" ></td><td width="30%" align="right" valign="middle" >33.180.076</td><td width="31%" align="right" valign="middle" >-31.867.401</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Begivenheder efter regnskabsårets afslutning</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Events after the balance sheet date</b></td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Efter balancedagen er Lyreco Danmark A/S og Lyreco Advantage Denmark ApS fusioneret, hvilket forventer at give positive synergier i fremtiden. Derudover er der ikke indtruffet begivenheder efter balancedagen, som i væsentlig grad påvirker selskabets finansielle stilling.</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Lyreco Danmark A/S and Lyreco Advantage Denmark Aps have merged as the balance date. This merger is expected to generate positive synergies in the future. Other than this. no events have occurred after the balance date that could materially effect the company´s financial position.</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">Årsrapporten for Lyreco Danmark A/S for 2021 er aflagt i overensstemmelse med årsregnskabslovens bestemmelser for en stor klasse C-virksomhed.</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>The annual report of Lyreco Danmark A/S for 2021 has been prepared in accordance with the provisions applying to large class C enterprises under 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">Årsregnskabet er aflagt efter samme regnskabspraksis som sidste år. Årsregnskabet er aflagt DKK.</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">Generelt om indregning og måling</td></tr><tr><td colspan="1">Aktiver indregnes i balancen, når det er sandsynligt, at fremtidige økonomiske fordele vil tilflyde selskabet, og aktivets værdi kan måles pålideligt.</td></tr><tr><td colspan="1">Forpligtelser indregnes i balancen, når det er sandsynligt, at fremtidige økonomiske fordele vil fragå selskabet, og forpligtelsens værdi kan måles pålideligt.</td></tr><tr><td colspan="1">Ved første indregning måles aktiver og forpligtelser til kostpris. Efterfølgende måles aktiver og forpligtelser som beskrevet for hver enkelt regnskabspost nedenfor.</td></tr><tr><td colspan="1">Ved indregning og måling tages hensyn til gevinster, tab og risici, der fremkommer, inden årsrapporten aflægges, og som be- eller afkræfter forhold, der eksisterede på balancedagen.</td></tr><tr><td colspan="1">Indtægter indregnes i resultatopgørelsen i takt med, at de indtjenes, herunder indregnes værdireguleringer af finansielle aktiver og forpligtelser, der måles til dagsværdi eller amortiseret kostpris. Endvidere indregnes omkostninger, der er afholdt for at opnå årets indtjening, herunder afskrivninger, nedskrivninger og hensatte forpligtelser samt tilbageførsler som følge af ændrede regnskabsmæssige skøn af beløb, der tidligere har været indregnet i resultatopgørelsen.</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>The accounting policies are consistent with those of last year. The annual report presented in DKK.</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 /><td>Recognition and measurement</td></tr><tr><td /><td>Assets are recognized in the balance sheet when it is probable that future economic benefits will flow to the Company and the value of the asset can be reliably measured.</td></tr><tr><td /><td>Liabilities are recognized in the balance sheet when an outflow of economic benefits is probable and when the liability can be reliably measured.</td></tr><tr><td /><td>On initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described below for each individual item.</td></tr><tr><td /><td>In recognizing and measuring assets and liabilities, any gains, losses and risks occurring prior to the presentation of the annual report that evidence conditions existing at the balance sheet date are taken into account.</td></tr><tr><td /><td>Income is recognized in the income statement as earned, including value adjustments of financial assets and liabilities measured at fair value or amortized cost. Equally, costs incurred to generate the year's earnings are recognized, including depreciation, amortisation, impairment and provisions as well as reversals as a result of changes in accounting estimates of amounts which were previously recognized in the income statement.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Omregning af fremmed valuta</td></tr><tr><td colspan="1">Transaktioner i fremmed valuta omregnes ved første indregning til transaktionsdagens kurs. Valutakursdifferencer, der opstår mellem transaktionsdagens kurs og kursen på betalingsdagen, indregnes i resultatopgørelsen som en finansiel post.</td></tr><tr><td colspan="1">Tilgodehavender og gæld i fremmed valuta omregnes til balancedagens valutakurs. Forskellen mellem balancedagens kurs og kursen på tidspunktet for tilgodehavendets eller gældens opståen eller indregning i seneste årsregnskab indregnes i resultatopgørelsen under finansielle indtægter og omkostninger.</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>Foreign currency translation</td></tr><tr><td /><td>On initial recognition, transactions denominated in foreign currencies are translated at the exchange rates at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and at the date of payment are recognized in the income statement as a financial item.</td></tr><tr><td /><td>Receivables and payables denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and at the date at which the receivable or payable arose or was recognized in the latest financial statements is recognized in the income statement as 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 colspan="1">Segmentoplysning af nettoomsætning</td></tr><tr><td colspan="1">Oplysninger om aktiviteter og geografiske markeder er baseret på selskabets afkast og risici samt ud fra den interne økonomistyring. Selskabets aktiviteter vurderes som det primære segmentområde.</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>Information on business segments and geographical segments based on the Group´s risks and returns and its internal financial reporting system. Business segments are assessed as the primary segments.</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">Nettoomsætning</td></tr><tr><td colspan="1">Nettoomsætning ved salg af handelsvarer indregnes i resultatopgørelsen, såfremt levering og risikoovergang til køber har fundet sted inden årets udgang, og såfremt indtægten kan opgøres pålideligt og forventes modtaget. Nettoomsætningen måles ekskl. moms, afgifter og rabatter i forbindelse med salget.</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 for resale is recognized in the income statement provided that delivery and transfer of risk to the buyer has taken place before year end and that the income can be reliably measured and is expected to be received. Revenue is measured ex. VAT, taxes and discounts in relation to the sale.</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">Vareforbrug</td></tr><tr><td colspan="1">Vareforbrug indregnes i resultatopgørelsen, på det tidspunkt hvor salg af handelsvarer bliver indregnet i resultatopgørelsen. Vareforbrug måles ekskl. moms, afgifter og rabatter.</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>Cost of sales</td></tr><tr><td /><td>Cost of sales are recognized in the income statement, at the same time as revenue is recognized in the income statement. Cost of sales is measured ex. VAT, taxes and discounts.</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">Andre driftsindtægter</td></tr><tr><td colspan="1">Andre driftsindtægter omfatter indtægter af sekundær karakter.</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</td></tr><tr><td /><td>Other operating income comprise incomes of a secondary nature.</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">Andre eksterne omkostninger</td></tr><tr><td colspan="1">Andre eksterne omkostninger indeholder salgs- og administrationsomkostninger, herunder omkostninger til distribution, salg, reklame, ledelse, kontorlokaler, kontoromkostninger, tab på debitorer, operationelle leasingomkostninger m.v.</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 costs</td></tr><tr><td /><td>Other external costs comprise costs regarding sale and administration, among this costs regarding distribution, sales, advertising, management, premises and office expenses, loss on debtors, operational leasing costs 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 colspan="1">Personaleomkostninger</td></tr><tr><td colspan="1">Personaleomkostninger indeholder gager og lønninger samt lønafhængige omkostninger.</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 other than production wages.</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">Af- og nedskrivninger</td></tr><tr><td colspan="1">Af- og nedskrivninger indeholder årets af- og nedskrivninger af materielle anlægsaktiver.</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>Depreciation and impairment losses</td></tr><tr><td /><td>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">Finansielle indtægter og omkostninger</td></tr><tr><td colspan="1">Finansielle indtægter og omkostninger indeholder renter, realiserede og urealiserede kursgevinster og -tab vedrørende tilgodehavender, gæld og transaktioner i fremmed valuta m.v.</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 comprise interest income and expense, gains and losses on receivables, payables and transactions denominated in foreign currencies 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 colspan="1">Skat af ordinært resultat</td></tr><tr><td colspan="1">Den forventede skat af årets skattepligtige indkomst omkostningsføres i resultatopgørelsen tillige med resultatføring af årets forskydning i hensættelse til udskudt skat.</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 results for the year</td></tr><tr><td /><td>The expected tax payable on the taxable income for the year is charged to the income statement together with changes in the provision for deferred tax.</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">Materielle anlægsaktiver</td></tr><tr><td colspan="1">Grunde og bygninger, tekniske anlæg og maskiner samt andre anlæg, driftsmateriel og inventar måles til kostpris med fradrag af akkumulerede afskrivninger. Der afskrives ikke på grunde.</td></tr><tr><td colspan="1">Kostprisen omfatter anskaffelsesprisen samt omkostninger direkte tilknyttet anskaffelsen indtil det tidspunkt, hvor aktivet er klar til brug.</td></tr><tr><td colspan="1">Der foretages lineære afskrivninger over den forventede brugstid, baseret på følgende vurdering af aktivernes forventede brugstider</td></tr><tr><td colspan="1">Bygninger 25 år</td></tr><tr><td colspan="1">Installationer 10 år</td></tr><tr><td colspan="1">Tekniske anlæg og maskiner 5-15 år</td></tr><tr><td colspan="1">Andre anlæg, driftsmateriel og inventar 2-5 år</td></tr><tr><td colspan="1">Materielle anlægsaktiver nedskrives til genindvindingsværdien, såfremt denne er lavere end den regnskabsmæssige værdi.</td></tr><tr><td colspan="1">Fortjeneste og tab ved afhændelse af materielle anlægsaktiver opgøres som forskellen mellem salgsprisen med fradrag af salgsomkostninger og den regnskabsmæssige værdi på salgstidspunktet. Fortjeneste eller tab indregnes henholdsvis i resultatopgørelsen under andre driftsindtægter eller under andre driftsomkostninger.</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>Land and buildings, plant and machinery and fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation. Land is not depreciated.</td></tr><tr><td /><td>Cost comprises the purchase price and any costs directly attributable to the acquisition until the date when the asset is available for use.</td></tr><tr><td /><td>Depreciation is provided on a straight-line basis over the expected useful lives of the assets. The expected useful lives are as follows</td></tr><tr><td /><td>Buildings 25 years</td></tr><tr><td /><td>Installations 10 years</td></tr><tr><td /><td>Machinery and equipment 5-15 years</td></tr><tr><td /><td>Office equipment, fixtures and fittings 2-5 years</td></tr><tr><td /><td>Property, plant and equipment are written down to the recoverable amount if this is lower than the carrying amount.</td></tr><tr><td /><td>Gains and losses on the disposal of property, plant and equipment are determined as the difference between the sales price less disposal costs and the carrying amount at the date of disposal. The gains or losses are recognized respectively in the income statement under other operating income or other operating 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">Varebeholdninger</td></tr><tr><td colspan="1">Varebeholdninger måles til kostpris efter FIFO-metoden. Er nettorealisationsværdien lavere end kostprisen, nedskrives til denne lavere værdi.</td></tr><tr><td colspan="1">Kostpris for handelsvarer omfatter anskaffelsespris med tillæg af hjemtagelsesomkostninger. Der foretages nedskrivning for ukurante og langsomt omsættelige varer.</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 cost in accordance with the FIFO method. Where the net realizable value is lower than cost, inventories are written down to this lower value.</td></tr><tr><td /><td>Goods for resale are measured at cost, comprising purchase price plus delivery costs. Provision is made for obsolete and slow moving items.</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">Tilgodehavender</td></tr><tr><td colspan="1">Tilgodehavender måles til amortiseret kostpris. Der nedskrives til imødegåelse af forventede tab.</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 measured at amortised cost. Provision is made for anticipated losses.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Periodeafgrænsningsposter (aktiver)</td></tr><tr><td colspan="1">Periodeafgrænsningsposter, indregnet under tilgodehavender, omfatter forudbetalinger vedrørende udgifter i de efterfølgende år.</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 (assets)</td></tr><tr><td /><td>Prepayments included in receivables, comprise prepaid payments related to costs following 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">Egenkapital - udbytte</td></tr><tr><td colspan="1">Foreslået udbytte indregnes som en forpligtelse på tidspunktet for vedtagelse på den ordinære generalforsamling (deklareringstidspunktet). Udbytte, som forventes udbetalt for året, vises som en særskilt post under egenkapitalen.</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>Equity - dividends</td></tr><tr><td /><td>Proposed dividends are recognized as a liability at the date when they are adopted at the annual general meeting (declaration date). The expected dividend payment for the year is disclosed as a separate item under 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">Selskabsskat og udskudt skat</td></tr><tr><td colspan="1">Aktuelle skatteforpligtelser og tilgodehavende aktuel skat indregnes i balancen som beregnet skat af årets skattepligtige indkomst, reguleret for skat af tidligere års skattepligtige indkomster samt for betalte acontoskatter.</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>Corporation tax and deferred tax</td></tr><tr><td /><td>Current tax payable and receivable is recognized in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account.</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">Udskudt skat måles efter den balanceorienterede gældsmetode af alle midlertidige forskelle mellem regnskabsmæssig og skattemæssig værdi af aktiver og forpligtelser.</td></tr><tr><td colspan="1">Udskudte skatteaktiver, herunder skatteværdien af fremførselsberettigede skattemæssige underskud, indregnes med den værdi, hvortil de forventes at blive anvendt, enten ved udligning i skat af fremtidig indtjening eller ved modregning i udskudte skatteforpligtelser.</td></tr><tr><td colspan="1">Udskudt skat måles på grundlag af de skatteregler og skattesatser, der med balancedagens lovgivning vil være gældende, når den udskudte skat forventes udløst som aktuel skat. Ændring i udskudt skat som følge af ændringer i skattesatser indregnes i resultatopgørelsen.</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 is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities.</td></tr><tr><td /><td>Deferred tax assets, including the tax base of tax loss carryforwards, are recognized at the expected value of their utilization; either as a set-off against tax on future income or as a set- off against deferred tax liabilities.</td></tr><tr><td /><td>Deferred tax is measured according to the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. The change in deferred tax as a result of changes in tax rates is recognized in the income statement.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Hensatte forpligtelser</td></tr><tr><td colspan="1">Hensatte forpligtelser indregnes, når selskabet som følge af en tidligere begivenhed har en retlig eller faktisk forpligtelse, og det er sandsynligt at indfrielse af forpligtelsen vil medføre et forbrug af selskabets økonomiske ressourcer.</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>Provisions</td></tr><tr><td /><td>Provisions are recognized when, the company as a result of past events has a legal or a constructive obligation and it is probably that there may be an outflow of resources 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">Finansielle gældsforpligtelser</td></tr><tr><td colspan="1">Gældsforpligtelser måles til amortiseret kostpris, der i al væsentlighed svarer til nominel værdi.</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> <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">Pengestrømsopgørelse</td></tr><tr><td colspan="1">Pengestrømsopgørelsen viser selskabets pengestrømme fordelt på drifts-, investerings- og finansieringsaktivitet for året, årets forskydning i likvider samt selskabets likvider ved årets begyndelse og slutning.</td></tr><tr><td colspan="1">Pengestrøm fra driftsaktivitet</td></tr><tr><td colspan="1">Pengestrømme fra driftsaktivitet opgøres som årets resultat reguleret for ikke-kontante driftsposter, ændring i driftskapital samt betalt selskabsskat.</td></tr><tr><td colspan="1">Pengestrøm fra investeringsaktivitet</td></tr><tr><td colspan="1">Pengestrømme fra investeringsaktivitet omfatter betaling i forbindelse med køb og salg af virksomheder og aktivitet samt køb og salg af immaterielle, materielle og finansielle anlægsaktiver.</td></tr><tr><td colspan="1">Pengestrøm fra finansieringsaktivitet</td></tr><tr><td colspan="1">Pengestrømme fra finansieringsaktivitet omfatter ændringer i størrelse eller sammensætning af selskabets aktiekapital og omkostninger forbundet hermed samt optagelse af lån, afdrag på rentebærende gæld samt betaling af udbytte til selskabsdeltagere.</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>Cash flow statement</td></tr><tr><td /><td>The cash flow statement shows the Company's cash flows from operating, investing and financing activities for the year, the year's changes in cash and cash equivalents as well as the Company's cash and cash equivalents at the beginning and end of the year.</td></tr><tr><td /><td>Cash flows from operating activities</td></tr><tr><td /><td>Cash flows from operating activities are calculated as the Company's share of the result adjusted for non-cash operating items, changes in working capital and corporation tax paid.</td></tr><tr><td /><td>Cash flows from investing activities</td></tr><tr><td /><td>Cash flows from investing activities comprise payments in connection with acquisitions and disposals of enterprises and activities and of intangible assets, property, plant and equipment and investments.</td></tr><tr><td /><td>Cash flows from financing activities</td></tr><tr><td /><td>Cash flows from financing activities comprise changes in the size or composition of the Group's share capital and related costs as well as the raising of loans, repayment of interest- bearing debt, and payment of dividends to shareholders.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Likvider</td></tr><tr><td colspan="1">Likvider omfatter likvide beholdninger samt kortfristede værdipapirer, som uden hindring kan omsættes til likvide beholdninger, og hvorpå der kun er ubetydelige risici for værdiændringer.</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>Cash and cash equivalents</td></tr><tr><td /><td>Cash and cash equivalents comprise cash and short-term marketable securities that without difficulties can be exchanged for cash and which are subject to an insignificant risk of changes in 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">Nøgletal</td></tr><tr><td colspan="1">De i hoved- og nøgletalsoversigten anførte nøgletal er beregnet således</td></tr><tr><td colspan="1">Overskudsgrad = Resultat af primær drift x 100 / Nettoomsætning</td></tr><tr><td colspan="1">Afkastningsgrad = Resultat af primær drift x 100 / Gennemsnitlige operative aktiver</td></tr><tr><td colspan="1">Operative aktiver = Operative aktiver er aktiver i alt fratrukket likvide beholdninger, samt andre rentebærende aktiver</td></tr><tr><td colspan="1">Bruttomargin = Bruttoresultat x 100 / Nettoomsætning</td></tr><tr><td colspan="1">Egenkapitalandel = Egenkapital ultimo x 100 / Samlede aktiver i alt, ultimo</td></tr><tr><td colspan="1">Egenkapitalforrentning = Ordinært resultat efter skat x 100 / Gennemsnitlig egenkapital</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 ratios</td></tr><tr><td /><td>The financial ratios stated in the summary of financial highlights have been calculated as follows</td></tr><tr><td /><td>Net profit ratio = Operating result x 100 / Revenue</td></tr><tr><td /><td>Return on investment = Operating result x 100 / Average operating assets</td></tr><tr><td /><td>Operating assets = Total assets less cash at bank and in hand and other interest-bearing assets.</td></tr><tr><td /><td>Gross margin ratio = Gross margin x 100 / Revenue</td></tr><tr><td /><td>Equity ratio = Equity at year end x 100 / Total assets at year end</td></tr><tr><td /><td>Return on equity = Results from ordinary activities after tax 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 Baun Christensen Grégory Lienard Formand Nathalie Estelle Angelique Gaspard Michael Baun Christensen Tim Stampe-Christensen Etienne Fuzellier 1015000000 208000000 31000000 0 24000000 1000000 0.031 0.096 0.205 0.398 0.169 299 609000000 167000000 8000000 0 6000000 1000000 0.013 0.028 0.274 0.494 0.042 285 582000000 170000000 18000000 0 14000000 2000000 0.031 0.066 0.292 0.543 0.093 286 548000000 147000000 2000000 0 1000000 1000000 0.004 0.009 0.268 0.527 0.008 270 268313504 120577885 57464414 989028 5081256 1673795 65208493 65208493 48740617 81893941 54201698 3591038 11210153 3451817 154348647 15747 203105011 15000000 105577885 0 1524839 1524839 99337940 5249126 39655944 1967770 146210780 147735619 268313504 15747 391000000 156000000 266000000 132000000 286000000 156000000 269000000 142000000 1014767667 751006055 79280896 134650038 208392470 170657234 6318587 31416649 1469163 1440532 31445280 7162810 24282470 6344 6318587 1469163 974000 -31867401 4928810 515279 -515279 4407017 0 -4407017 6514 0 45000000 105577885 95788346 60989222 539367 6705069 1491083 69724741 69724741 45390831 89716435 163775248 4508592 11029144 7345592 276375011 6405 321772247 391496988 15000000 95788346 45000000 155788346 771910 771910 165992952 5778690 57050316 6114774 234936732 235708642 391496988 6405 Resultat af primær drift 13540726 Resultat af primær drift 31416649 Finansielle omkostninger -467982 Finansielle omkostninger -1440532 6405 -109 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 2900 Hellerup Strandvejen 44 33771231 Maj-Britt Nørskov Nannestad statsautoriseret revisor mne32198 Andreas Garbrecht Jeppesen statsautoriseret revisor mne47888 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab