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fsa:DepositsLongtermInvestmentsAndReceivablesMember cmn:ConsolidatedMember 40107010 2021-01-01 2021-12-31 cmn:ConsolidatedMember 0 40107010 2021-01-01 2021-12-31 cmn:ConsolidatedMember 0 40107010 2021-01-01 2021-12-31 cmn:ConsolidatedMember 1 40107010 2021-01-01 2021-12-31 cmn:ConsolidatedMember 2 40107010 2021-01-01 2021-12-31 cmn:ConsolidatedMember 3 40107010 2021-01-01 2021-12-31 cmn:ConsolidatedMember 4 40107010 2021-01-01 2021-12-31 cmn:ConsolidatedMember 0 40107010 2021-01-01 2021-12-31 cmn:ConsolidatedMember 1 iso4217:DKK xbrli:pure 2021-01-01 2021-12-31 29369309 26002716 3551929 0 723009 4218345 -3680672 -816171 -2864501 67895032 0 -10594 -5588971 1229573 2021 6241688 -16181458 -12804271 723009 4218345 -16299607 0 -16299607 28000 25500 1287 46500 -8287 12765132 -12479826 60000000 34755042 18447148 22149697 2058788 218820 1575411 40 723009 0 4218345 -31377 847548 <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>IA Amortised over</td><td /><td /><td /><td /><td /><td /><td /><td>3 years</td><td /><td>10 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 /><td>PPE Depreciated over</td><td /><td /><td /><td /><td /><td /><td /><td>3-5 years</td><td /><td>10 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 width="100%" colspan="11" align="left" valign="middle" ><b>.Contract work in progress</b></td></tr><tr><td colspan="11"></td></tr><tr><td width="20%" ></td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" align="center" valign="middle" ><b>2021</b></td><td width="0%" ></td><td width="20%" align="center" valign="middle" ><b>2020</b></td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" ></td></tr><tr><td width="20%" ></td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" colspan="1" align="center" valign="middle" >DKK</td><td width="0%" colspan="1" align="center" valign="middle" ></td><td width="20%" colspan="1" align="center" valign="middle" >DKK</td><td width="0%" colspan="1" align="center" valign="middle" ></td><td width="20%" colspan="1" align="center" valign="middle" ></td><td width="0%" colspan="1" align="center" valign="middle" ></td><td width="20%" colspan="1" align="center" valign="middle" ></td></tr><tr><td width="20%" colspan="4" align="left" valign="middle" >Selling price of work in progress</td><td width="20%" align="right" valign="middle" >71.511.363</td><td width="0%" ></td><td width="20%" align="right" valign="middle" >36.055.999</td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" ></td></tr><tr><td width="20%" colspan="4" align="left" valign="middle" >Payments received on account</td><td width="20%" align="right" valign="middle" >-49.067.815</td><td width="0%" ></td><td width="20%" align="right" valign="middle" >-23.668.969</td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" ></td></tr><tr><td width="20%" ></td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" align="right" valign="middle" ><b>22.443.548</b></td><td width="0%" ></td><td width="20%" align="right" valign="middle" ><b>12.387.030</b></td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" ></td></tr><tr><td colspan="11"></td></tr><tr><td width="100%" colspan="11" align="left" valign="middle" >Recognised in the balance sheet as follows</td></tr><tr><td colspan="11"></td></tr><tr><td width="20%" colspan="4" align="left" valign="middle" >Contract work in progress recognised in assets</td><td width="20%" align="right" valign="middle" >22.669.629</td><td width="0%" ></td><td width="20%" align="right" valign="middle" >21.342.999</td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" ></td></tr><tr><td width="20%" colspan="4" align="left" valign="middle" >Prepayments received recognised in debt</td><td width="20%" align="right" valign="middle" >-226.081</td><td width="0%" ></td><td width="20%" align="right" valign="middle" >-8.955.969</td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" ></td></tr><tr><td width="20%" ></td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" align="right" valign="middle" ><b>22.443.548</b></td><td width="0%" ></td><td width="20%" align="right" valign="middle" ><b>12.387.030</b></td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" ></td></tr><tr><td colspan="11"></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>Prepayments</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Prepayments consist of prepaid expenses concerning rent, insurance premiums, subscriptions and interest as well.</td></tr><tr><td colspan="1"></td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="11" align="left" valign="middle" ><b>Cash flow statement - adjustments</b></td></tr><tr><td colspan="11"></td></tr><tr><td width="20%" ></td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" align="center" valign="middle" ><b>2021</b></td><td width="0%" ></td><td width="20%" align="center" valign="middle" ><b>2020</b></td></tr><tr><td width="20%" ></td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" colspan="1" align="center" valign="middle" >DKK</td><td width="0%" colspan="1" align="center" valign="middle" ></td><td width="20%" colspan="1" align="center" valign="middle" >DKK</td></tr><tr><td width="60%" colspan="8" align="left" valign="middle" >Financial income</td><td width="20%" align="right" valign="middle" >-723.009</td><td width="0%" ></td><td width="20%" align="right" valign="middle" >-186.873</td></tr><tr><td width="60%" colspan="8" align="left" valign="middle" >Financial expenses</td><td width="20%" align="right" valign="middle" >4.218.345</td><td width="0%" ></td><td width="20%" align="right" valign="middle" >2.864.566</td></tr><tr><td width="60%" colspan="8" align="left" valign="middle" >Depreciation, amortisation and impairment of intangible assets and property, plant and equipment</td><td width="20%" align="right" valign="middle" >3.551.929</td><td width="0%" ></td><td width="20%" align="right" valign="middle" >3.435.607</td></tr><tr><td width="60%" colspan="8" align="left" valign="middle" >Tax on profit/loss for the year</td><td width="20%" align="right" valign="middle" >-816.171</td><td width="0%" ></td><td width="20%" align="right" valign="middle" >-290.741</td></tr><tr><td width="60%" colspan="8" align="left" valign="middle" >Other adjustments</td><td width="20%" align="right" valign="middle" >10.594</td><td width="0%" ></td><td width="20%" align="right" valign="middle" >-30.680</td></tr><tr><td width="20%" ></td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" align="right" valign="middle" ><b>6.241.688</b></td><td width="0%" ></td><td width="20%" align="right" valign="middle" ><b>5.791.879</b></td></tr><tr><td colspan="11"></td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="11" align="left" valign="middle" ><b>Cash flow statement - change in working capital</b></td></tr><tr><td colspan="11"></td></tr><tr><td width="20%" ></td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" align="center" valign="middle" ><b>2021</b></td><td width="0%" ></td><td width="20%" align="center" valign="middle" ><b>2020</b></td></tr><tr><td width="20%" ></td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" colspan="1" align="center" valign="middle" >DKK</td><td width="0%" colspan="1" align="center" valign="middle" ></td><td width="20%" colspan="1" align="center" valign="middle" >DKK</td></tr><tr><td width="60%" colspan="8" align="left" valign="middle" >Change in inventories</td><td width="20%" align="right" valign="middle" >43.312</td><td width="0%" ></td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td width="60%" colspan="8" align="left" valign="middle" >Change in receivables, contract works, etc.</td><td width="20%" align="right" valign="middle" >-10.812.243</td><td width="0%" ></td><td width="20%" align="right" valign="middle" >-13.522.964</td></tr><tr><td width="60%" colspan="8" align="left" valign="middle" >Change in trade payables, contract works, etc.</td><td width="20%" align="right" valign="middle" >176.444</td><td width="0%" ></td><td width="20%" align="right" valign="middle" >20.790.124</td></tr><tr><td width="60%" colspan="8" align="left" valign="middle" >Fair value adjustments of hedging instruments</td><td width="20%" align="right" valign="middle" >-5.588.971</td><td width="0%" ></td><td width="20%" align="right" valign="middle" >729.306</td></tr><tr><td width="20%" ></td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" align="right" valign="middle" ><b>-16.181.458</b></td><td width="0%" ></td><td width="20%" align="right" valign="middle" ><b>7.996.466</b></td></tr><tr><td colspan="11"></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="11" align="left" valign="middle" ><b>Deferred tax asset</b></td></tr><tr><td colspan="11"></td></tr><tr><td width="20%" ></td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" align="center" valign="middle" ><b>2021</b></td><td width="0%" ></td><td width="20%" align="center" valign="middle" ><b>2020</b></td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" ></td></tr><tr><td width="20%" ></td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" colspan="1" align="center" valign="middle" >DKK</td><td width="0%" colspan="1" align="center" valign="middle" ></td><td width="20%" colspan="1" align="center" valign="middle" >DKK</td><td width="0%" colspan="1" align="center" valign="middle" ></td><td width="20%" colspan="1" align="center" valign="middle" ></td><td width="0%" colspan="1" align="center" valign="middle" ></td><td width="20%" colspan="1" align="center" valign="middle" ></td></tr><tr><td width="20%" colspan="4" align="left" valign="middle" >Deferred tax asset at 1 January 2021</td><td width="20%" align="right" valign="middle" >399.705</td><td width="0%" ></td><td width="20%" align="right" valign="middle" >269.411</td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" ></td></tr><tr><td width="20%" colspan="4" align="left" valign="middle" >Amounts recognised in the income statement for the year</td><td width="20%" align="right" valign="middle" >847.548</td><td width="0%" ></td><td width="20%" align="right" valign="middle" >290.741</td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" ></td></tr><tr><td width="20%" colspan="4" align="left" valign="middle" >Amounts recognised in equity for the year</td><td width="20%" align="right" valign="middle" >1.229.573</td><td width="0%" ></td><td width="20%" align="right" valign="middle" >-160.447</td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" ></td></tr><tr><td width="20%" colspan="4" align="left" valign="middle" ><b>Deferred tax asset at 31 December 2021</b></td><td width="20%" align="right" valign="middle" ><b>2.476.826</b></td><td width="0%" ></td><td width="20%" align="right" valign="middle" ><b>399.705</b></td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" ></td></tr><tr><td colspan="11"></td></tr><tr><td width="100%" colspan="11" align="left" valign="middle" >Deferred tax assets mainly comprise deferred tax relating to goodwill and tax losses.</td></tr><tr><td colspan="11"></td></tr><tr><td width="100%" colspan="11" align="left" valign="middle" >The deferred tax is expected to crystalise within the coming 3-5 years.</td></tr><tr><td colspan="11"></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="11" align="left" valign="middle" ><b>.Long-term liabilities</b></td></tr><tr><td colspan="11"></td></tr><tr><td width="20%" ></td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" align="center" valign="middle" ><b>2021</b></td><td width="0%" ></td><td width="20%" align="center" valign="middle" ><b>2020</b></td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" ></td></tr><tr><td width="20%" ></td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" colspan="1" align="center" valign="middle" >DKK</td><td width="0%" colspan="1" align="center" valign="middle" ></td><td width="20%" colspan="1" align="center" valign="middle" >DKK</td><td width="0%" colspan="1" align="center" valign="middle" ></td><td width="20%" colspan="1" align="center" valign="middle" ></td><td width="0%" colspan="1" align="center" valign="middle" ></td><td width="20%" colspan="1" align="center" valign="middle" ></td></tr><tr><td width="100%" colspan="11" align="left" valign="middle" >Payments due within 1 year are recognised in short-term liabilities. Other debt is recognised in long-term liabilities.</td></tr><tr><td colspan="11"></td></tr><tr><td width="100%" colspan="11" align="left" valign="middle" >The debt falls due for payment as specified below</td></tr><tr><td colspan="11"></td></tr><tr><td width="20%" colspan="4" align="left" valign="middle" >After 5 years</td><td width="20%" align="right" valign="middle" >0</td><td width="0%" ></td><td width="20%" align="right" valign="middle" >17.125.787</td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" ></td></tr><tr><td width="20%" colspan="4" align="left" valign="middle" >Other debt between 1 and 5 years</td><td width="20%" align="right" valign="middle" >10.360.389</td><td width="0%" ></td><td width="20%" align="right" valign="middle" >14.173.610</td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" ></td></tr><tr><td width="20%" colspan="4" align="left" valign="middle" >Long-term part</td><td width="20%" align="right" valign="middle" ><b>10.360.389</b></td><td width="0%" ></td><td width="20%" align="right" valign="middle" ><b>31.299.397</b></td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" ></td></tr><tr><td colspan="11"></td></tr><tr><td width="20%" colspan="4" align="left" valign="middle" >Other debt within 1 year</td><td width="20%" align="right" valign="middle" >3.682.770</td><td width="0%" ></td><td width="20%" align="right" valign="middle" >3.403.926</td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" ></td></tr><tr><td width="20%" colspan="4" align="left" valign="middle" >Other short-term payables</td><td width="20%" align="right" valign="middle" >9.320.928</td><td width="0%" ></td><td width="20%" align="right" valign="middle" >4.478.445</td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" ></td></tr><tr><td width="20%" colspan="4" align="left" valign="middle" >Short-term part</td><td width="20%" align="right" valign="middle" ><b>13.003.698</b></td><td width="0%" ></td><td width="20%" align="right" valign="middle" ><b>7.882.371</b></td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" ></td></tr><tr><td colspan="11"></td></tr><tr><td width="20%" ></td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" align="right" valign="middle" ><b>23.364.087</b></td><td width="0%" ></td><td width="20%" align="right" valign="middle" ><b>39.181.768</b></td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" ></td></tr><tr><td colspan="11"></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="11" align="left" valign="middle" ><b>Contingent assets, liabilities and other financial obligations</b></td></tr><tr><td colspan="11"></td></tr><tr><td width="100%" colspan="11" align="left" valign="middle" ><b>Charges and security</b></td></tr><tr><td width="100%" colspan="11" align="left" valign="middle" >The following assets have been placed as security with credit institutions and other payables</td></tr><tr><td colspan="11"></td></tr><tr><td width="20%" ></td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" align="center" valign="middle" ><b>2021</b></td><td width="0%" ></td><td width="20%" align="center" valign="middle" ><b>2020</b></td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" ></td></tr><tr><td width="20%" ></td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" colspan="1" align="center" valign="middle" >TDKK</td><td width="0%" colspan="1" align="center" valign="middle" ></td><td width="20%" colspan="1" align="center" valign="middle" >TDKK</td><td width="0%" colspan="1" align="center" valign="middle" ></td><td width="20%" colspan="1" align="center" valign="middle" ></td><td width="0%" colspan="1" align="center" valign="middle" ></td><td width="20%" colspan="1" align="center" valign="middle" ></td></tr><tr><td width="20%" colspan="4" align="left" valign="middle" >Ownership mortgages totalling TDKK 17.500, providing mortgages on trade receivables, inventory, intellectual property rights and other tangible fixed assets at a total carrying amount of TDKK</td><td width="20%" align="right" valign="middle" >34.106</td><td width="0%" ></td><td width="20%" align="right" valign="middle" >30.793</td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" ></td></tr><tr><td colspan="11"></td></tr><tr><td width="100%" colspan="11" align="left" valign="middle" ><b>Rental and lease obligations</b></td></tr><tr><td width="20%" colspan="4" align="left" valign="middle" >The Company has entered into rent and lease commitments with remaining contract terms up to 3 years for a total of TDKK</td><td width="20%" align="right" valign="middle" >966</td><td width="0%" ></td><td width="20%" align="right" valign="middle" >1.630</td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" ></td></tr><tr><td colspan="11"></td></tr><tr><td width="100%" colspan="11" align="left" valign="middle" ><b>Other contingent liabilities</b></td></tr><tr><td width="20%" colspan="4" align="left" valign="middle" >Bank guarantees TDKK</td><td width="20%" align="right" valign="middle" >26.531</td><td width="0%" ></td><td width="20%" align="right" valign="middle" >23.831</td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" ></td></tr><tr><td colspan="11"></td></tr><tr><td width="100%" colspan="11" align="left" valign="middle" >The parent has issued a letter of unlimited surety in favour of the bank draft facilities in ProCon Wind Energy A/S and ProCon Technic A/S.</td></tr><tr><td colspan="11"></td></tr><tr><td width="100%" colspan="11" align="left" valign="middle" >A Group company has entered into forward exchange contracts in USD. The notional amount is TDKK 79.059 and the fair value as of 31 December 2021 is TDKK -4.860 at the expense of the Company. The maturity date is 12 April 2023. The fair value of forward exchange contracts are measured at fair value level 2.</td></tr><tr><td colspan="11"></td></tr><tr><td width="100%" colspan="11" align="left" valign="middle" >The Company is jointly taxed with IWS Services A/S, which acts as management company, and is jointly and severally liable with other jointly taxed group entities for payment of income taxes as well as withholding taxes on interest, royalties and dividends.</td></tr><tr><td colspan="11"></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>Related parties</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Company has chosen only to disclose transactions which have not been made on an arm's length basis in accordance with section 98(c)(7) of the Danish Financial Statements Act. No such transactions have been carried out in 2021 besides tax-free group contributions to ProCon Wind Energy A/S and ProCon Technic A/S of TDKK 35.000 and a debt conversion of TDKK 7.895 from shareholders.</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Consolidated Financial Statements</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Company is included in the consolidated financial statements for Integrated Wind Solutions AS, Norway. The consolidated financial statements of Integrated Wind Solutions AS is available at www.integratedwind.com.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Executive Board and Board of Directors have today considered and adopted the Annual Report of ProCon Group ApS for the financial year 1 January - 31 December 2021.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Annual Report is prepared in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion the Financial Statements and the Consolidated Financial Statements give a true and fair view of the financial position as of 31 December 2021 of the Company and the Group and of the results of the Company and Group operations and of the consolidated cash flows for 2021.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Further, in our opinion, the Management’s review gives a fair review of the development in the Company’s and the Group’s operations and financial matters, the results for the year and the Company’s and the Group’s 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">We recommend that the Annual Report be adopted at the Annual General Meeting.</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">Independent Auditor’s Report</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the Shareholders of ProCon Group ApS</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Opinion</td></tr><tr><td colspan="1">We have audited the consolidated financial statements and the parent company financial statements of ProCon Group ApS for the financial year 1 January – 31 December 2021, which comprise income statement, balance sheet, statement of changes in equity and notes, including accounting policies, for the Group and the Parent Company, and a consolidated cash flow statement. The consolidated financial statements and the parent company financial statements are prepared in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2021 and of the results of the Group's and the Parent Company's operations as well as the consolidated cash flows for the financial year 1 January – 31 December 2021 in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for opinion</td></tr><tr><td colspan="1">We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the audit of the consolidated financial statements and the parent company financial statements" (hereinafter collectively referred to as "the financial statements") section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independence</td></tr><tr><td colspan="1">We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management's responsibilities for the financial statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of consolidated financial statements and parent company financial statements that give a true and fair view in accordance with the Danish Financial Statements Act. Moreover, Management is responsible for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.</td></tr><tr><td colspan="1">In preparing the financial statements, Management is responsible for assessing the Group's and the Parent 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 Group or the Parent 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="2">Auditor's responsibilities for the audit of the financial statements</td></tr><tr><td colspan="2">Our objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.</td></tr><tr><td colspan="2">As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also</td></tr><tr><td /><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 Group’s and the Parent 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 Group’s and the Parent 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 Group and the Parent 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 note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.</td></tr><tr><td /><td>Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.</td></tr><tr><td colspan="2">We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on the Management's review</td></tr><tr><td colspan="1">Management is responsible for the Management's review.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the Management's review.</td></tr></table> Esbjerg 2022-05-31 ProCon Group ApS Klamsagervej 16, 1. DK-8230 Åbyhøj 40107010 Aarhus Kristian Ravn 2022-05-31 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management’s Review</td></tr></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">Group activities</td></tr><tr><td colspan="1">ProCon Group ApS’ main activity is the ownership of ProCon Wind Energy A/S and ProCon Technic A/S.</td></tr><tr><td colspan="1">ProCon Wind Energy A/S are specialists in providing custom-built electrical solutions and technical</td></tr><tr><td colspan="1">equipment to the global wind industry, both onshore and offshore.</td></tr><tr><td colspan="1">ProCon Technic A/S are developing solar power projects as well as other activities within renewables.</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">Departments &amp; knowledge resources</td></tr><tr><td colspan="1">The most important knowledge resources are related to considerable competence in the development, design and production and marketing of electrical engineering solutions for the global wind industry, solar power and other renewables.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Development in the year</td></tr><tr><td colspan="1">The income statement for the Group and Parent Company for 2021 shows a negative result of TDKK 2.865, and an equity at December 31, 2021 of TDKK 58.305.</td></tr><tr><td colspan="1">During the financial year, IWS Services A/S provided a capital injection of TDKK 60.000.</td></tr><tr><td colspan="1">Management considers revenue development and result to be satisfactory considering the Covid-19 pandemic impacts.</td></tr><tr><td colspan="1">Future Activities &amp; Expectations for the coming year</td></tr><tr><td colspan="1">ProCon Group ApS expects increased activity and revenue in 2022 compared to 2021 as well as a satisfactory and positive result.</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">Operating risks</td></tr><tr><td colspan="1">ProCon Group’s sales are mainly order sales though own channels in Europe. Geographically, the risk is sought to be spread through an increased focus on acquiring knowledge of the ProCon Wind Energy and ProCon Technic brands by building and developing good relationships with the leading players in renewables globally.</td></tr><tr><td colspan="1">Foreign exchange risks</td></tr><tr><td colspan="1">Foreign currency purchases and sales are primarily in EUR, USD and GBP. Exchange rate developments are estimated to have some influence on the company's results. ProCon Group currently uses some financial instruments to hedge this risk.</td></tr><tr><td colspan="1">Interest rate risks</td></tr><tr><td colspan="1">It is the company's policy to identify all significant financial risks. ProCon Group uses financial</td></tr><tr><td colspan="1">instruments to hedge against significant interest rate increases where relevant and significant.</td></tr><tr><td colspan="1">Credit risks</td></tr><tr><td colspan="1">Credit risk is linked to trade receivables. The amounts with which the said balance sheet items are</td></tr><tr><td colspan="1">included in the annual report are identical to the maximum risk.</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">Research and development</td></tr><tr><td colspan="1">In addition to the continuous development of electrical engineering solutions for the global wind</td></tr><tr><td colspan="1">industry, there is considerable activity in connection with technical product adaptation to specific</td></tr><tr><td colspan="1">customer requirements.</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">External environment</td></tr><tr><td colspan="1">ProCon Group considers environmentally responsible behavior as one of the prerequisites for future</td></tr><tr><td colspan="1">business success. ProCon Group constantly develops products and processes to minimize the impact on the external environment.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Uncertainty relating to recognition and measurement</td></tr><tr><td colspan="1">There are no circumstances that have led to significant uncertainty in recognition and measurement.</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">Events after the balance sheet date</td></tr><tr><td colspan="1">No circumstances have occurred after the balance sheet date that have a material impact on the assessment of the annual report.</td></tr></table> Regnskabsklasse B <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Accounting policies</td></tr><tr><td colspan="1">The Annual Report of ProCon Group ApS for 2021 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B as well as selected rules applying to reporting class C.</td></tr><tr><td colspan="1">The Group has in the financial year reclassified cost for subcontractors in the Income Statement to gross profit. Cost for subcontractors were previously presented as part of the company’s staff cost. Comparative figures for 2020 have been updated and amounts to TDKK 14.755. The reclassification has no effect on the result, total assets nor equity</td></tr><tr><td colspan="1">The accounting policies applied remain unchanged from last year.</td></tr><tr><td colspan="1">The Consolidated and Parent Company Financial Statements for 2021 are presented in DKK.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Recognition and measurement</td></tr><tr><td colspan="1">Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement.</td></tr><tr><td colspan="1">Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably.</td></tr><tr><td colspan="1">Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably.</td></tr><tr><td colspan="1">Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis of consolidation</td></tr><tr><td colspan="1">The Consolidated Financial Statements comprise the Parent Company, ProCon Group ApS, and subsidiaries in which the Parent Company directly or indirectly holds more than 50% of the votes or in which the Parent Company, through share ownership or otherwise, exercises control.</td></tr><tr><td colspan="1">On consolidation, items of a uniform nature are combined. Elimination is made of intercompany income and expenses, shareholdings, dividends and accounts as well as of realised and unrealised profits and losses on transactions between the consolidated enterprises.</td></tr><tr><td colspan="1">The Parent Company’s investments in the consolidated subsidiaries are set off against the Parent Company’s share of the net asset value of subsidiaries stated at the time of consolidation.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Translation policies</td></tr><tr><td colspan="1">Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognised directly in equity.</td></tr><tr><td colspan="1">Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement.</td></tr><tr><td colspan="1">Fixed assets acquired in foreign currencies are measured at the transaction date rates.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Hedge accounting</td></tr><tr><td colspan="1">Changes in the fair values of financial instruments that are designated and qualify as fair value hedges of a recognised asset or a recognised liability are recognised in the income statement as are any changes in the fair value of the hedged asset or the hedged liability related to the hedged risk.</td></tr><tr><td colspan="1">Changes in the fair values of derivative financial instruments that are designated and qualify as hedges of expected future transactions are recognised in retained earnings under equity as regards the effective portion of the hedge. The ineffective portion is recognised in the income statement. If the hedged transaction results in an asset or a liability, the amount deferred in equity is transferred from equity and recognised in the cost of the asset or the liability, respectively. If the hedged transaction results in an income or an expense, the amount deferred in equity is transferred from equity to the income statement in the period in which the hedged transaction is recognised. The amount is recognised in the same item as the hedged transaction.</td></tr><tr><td colspan="1">Changes in the fair values of financial instruments that are designated and qualify as hedges of net investments in independent foreign subsidiaries or associates are recognised directly in equity as regards the effective portion of the hedge, whereas the ineffective portion is recognised 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">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">Revenue</td></tr><tr><td colspan="1">Revenue from the sale of goods is recognised when the risks and rewards relating to the goods sold have been transferred to the purchaser, the revenue can be measured reliably and it is probable that the economic benefits relating to the sale will flow to the Group.</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">Contract work in progress (construction contracts) is recognised at the rate of completion, which means that revenue equals the selling price of the work completed for the year (percentage-of-completion method). This method is applied when total revenues and expenses in respect of the contract and the stage of completion at the balance sheet date can be measured reliably, and it is probable that the economic benefits, including payments, will flow to the Group. The stage of completion is determined on the basis of the ratio between the expenses incurred and the total expected expenses of the contract.</td></tr><tr><td colspan="1">Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales.</td></tr></table><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">Contract work in progress</td></tr><tr><td colspan="1">Contract work in progress is measured at selling price of the work performed calculated on the basis of the stage of completion. The stage of completion is measured by the proportion that the contract expenses incurred to date bear to the estimated total contract expenses. Where it is probable that total contract expenses will exceed total revenues from a contract, the expected loss is recognised as an expense in the income statement.</td></tr><tr><td colspan="1">Where the selling price cannot be measured reliably, the selling price is measured at the lower of expenses incurred and net realisable value.</td></tr><tr><td colspan="1">Payments received on account are set off against the selling price. The individual contracts are classified as receivables when the net selling price is positive and as liabilities when the net selling price is negative.</td></tr><tr><td colspan="1">Expenses relating to sales work and the winning of contracts are recognised in the income statement as incurred.</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">Expenses for raw materials and consumables</td></tr><tr><td colspan="1">Expenses for raw materials and consumables comprise the raw materials and consumables consumed to achieve revenue for the year.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Other external expenses</td></tr><tr><td colspan="1">Other external expenses comprise indirect production costs and expenses for premises, sales and distribution as well as office expenses, etc.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Gross profit/loss</td></tr><tr><td colspan="1">With reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue, expenses for raw materials and consumables and other external expenses.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Staff expenses</td></tr><tr><td colspan="1">Staff expenses comprise wages and salaries as well as payroll expenses.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Amortisation, depreciation and impairment losses</td></tr><tr><td colspan="1">Amortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Income from investments in subsidiaries</td></tr><tr><td colspan="1">The item “Income from investments in subsidiaries” in the income statement includes the proportionate share of the profit for the year.</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">Investments in subsidiaries</td></tr><tr><td colspan="1">Investments in subsidiaries are recognised and measured under the equity method.</td></tr><tr><td colspan="1">The item “Investments in subsidiaries” in the balance sheet include the proportionate ownership share of the net asset value of the enterprises calculated on the basis of the fair values of identifiable net assets at the time of acquisition with addition of the remaining value of any increases in value and goodwill calculated at the time of acquisition of the enterprises.</td></tr><tr><td colspan="1">The total net revaluation of investments in subsidiaries is transferred upon distribution of profit to “Reserve for net revaluation under the equity method“ under equity. The reserve is reduced by dividend distributed to the Parent Company and adjusted for other equity movements in the subsidiaries.</td></tr><tr><td colspan="1">Subsidiaries with a negative net asset value are recognised at DKK 0. Any legal or constructive obligation of the Parent Company to cover the negative balance of the enterprise is recognised in provisions.</td></tr><tr><td colspan="1">Other fixed asset investments</td></tr><tr><td colspan="1">Other fixed asset investments consist of deposits.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial income and expenses</td></tr><tr><td colspan="1">Financial income and expenses are recognised in the income statement at the amounts relating to the financial year.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Tax on profit/loss for the year</td></tr><tr><td colspan="1">Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity.</td></tr><tr><td colspan="1">The entity is jointly taxed with other group entities. The total Danish income tax charge is allocated between profit/loss-making Danish entities in proportion to their taxable income (full absorption).</td></tr><tr><td colspan="1">Jointly taxed entities entitled to a tax refund are reimbursed by the management company based on the rates applicable to interest allowances, and jointly taxed entities which have paid too little tax pay a surcharge according to the rates applicable to interest surcharges to the management company.</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">Balance Sheet</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Intangible assets</td></tr><tr><td colspan="1">Goodwill acquired is measured at cost less accumulated amortisation. Goodwill is amortised on a straight-line basis over its useful life, which is assessed at 10 years.</td></tr><tr><td colspan="1">Patents and licences are measured at the lower of cost less accumulated amortisation and recoverable amount. Patents are amortised over the remaining patent period, and licences are amortised over the licence period; however not exceeding 3 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">Property, plant and equipment</td></tr><tr><td colspan="1">Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses.</td></tr><tr><td colspan="1">Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use.</td></tr><tr><td colspan="1">Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are</td></tr><tr><td colspan="1">Other fixtures and fittings, tools and equipment 3-5 years</td></tr><tr><td colspan="1">Leasehold improvements 10 years</td></tr><tr><td colspan="1">Depreciation period and residual value are reassessed annually.</td></tr><tr><td colspan="1">Assets costing less than DKK 30,000 are expensed in the year of acquisition.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Impairment of fixed assets</td></tr><tr><td colspan="1">The carrying amounts of intangible assets and property, plant and equipment are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation.</td></tr><tr><td colspan="1">If so, the asset is written down to its lower recoverable amount.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Inventories</td></tr><tr><td colspan="1">Inventories are measured at the lower of cost under the FIFO method and net realisable value.</td></tr><tr><td colspan="1">The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses. The net realisable value is determined allowing for marketability, obsolescence and development in expected selling price.</td></tr><tr><td colspan="1">The cost of goods for resale, raw materials and consumables equals landed cost.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Receivables</td></tr><tr><td colspan="1">Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Prepayments</td></tr><tr><td colspan="1">Prepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Cash</td></tr><tr><td colspan="1">Cash comprise cash and short term securities which are readily convertible into cash and subject to minor risks 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">Deferred tax assets and liabilities</td></tr><tr><td colspan="1">Deferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively.</td></tr><tr><td colspan="1">Deferred tax assets are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity.</td></tr><tr><td colspan="1">Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Current tax receivables and liabilities</td></tr><tr><td colspan="1">Current tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in 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">Liabilities</td></tr><tr><td colspan="1">Loans are recognised initially at the proceeds received net of transaction expenses incurred. Subsequently, the loans are measured at amortised cost; the difference between the proceeds and the nominal value is recognised as an interest expense in the income statement over the loan period.</td></tr><tr><td colspan="1">Other 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">Cash Flow Statement</td></tr><tr><td colspan="1">The cash flow statement shows the Group´s cash flows for the year broken down by operating, investing and financing activities, changes for the year in cash and cash equivalents as well as the Group´s cash and cash equivalents at the beginning and end of the year.</td></tr><tr><td colspan="1">Cash flows from operating activities</td></tr><tr><td colspan="1">Cash flows from operating activities are calculated as the net profit/loss for the year adjusted for changes in working capital and non-cash operating items such as depreciation, amortisation and impairment losses, and provisions. Working capital comprises current assets less short-term debt excluding items included in cash and cash equivalents.</td></tr><tr><td colspan="1">Cash flows from investing activities</td></tr><tr><td colspan="1">Cash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets, property, plant and equipment as well as fixed asset investments.</td></tr><tr><td colspan="1">Cash flows from financing activities</td></tr><tr><td colspan="1">Cash flows from financing activities comprise cash flows from the raising and repayment of long-term debt as well as payments to and from 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">Cash and cash equivalents</td></tr><tr><td colspan="1">Cash and cash equivalents comprise ”Cash at bank and in hand”.</td></tr><tr><td colspan="1">The cash flow statement cannot be immediately derived from the published financial records.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">Financial Highlights</td></tr><tr><td colspan="2">Explanation of financial ratios</td></tr><tr><td>Return on assets</td><td>Profit before financials x 100 / Total assets</td></tr><tr><td>Solvency ratio</td><td>Equity at year end x 100 / Total assets at year end</td></tr><tr><td>Return on equity</td><td>Net profit for the year x 100 / Average equity</td></tr></table> Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Cortex Park Vest 3 5230 Odense M xWizard version 1.1.1121.0, by EasyX Aps. www.easyx.eu 2020-01-01 2020-12-31 Revisionspåtegning Grundlag for konklusion Konklusion 29082507 24715409 3435607 0 186873 2864566 -1746202 -290741 -1455461 2020 5791879 7996466 12332884 186873 2864565 9655192 427 9654765 313006 68008 82692 164900 -298806 3513575 1585292 0 -2219523 7136436 20660507 2058788 218820 1777294 35 186873 0 2864566 0 290741 -52425 0 0 -1904381 0 1178497 -3135303 -270802 -2864501 67895032 0 -10594 -5588971 1229573 <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></table> 0 0 0 0 0 <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</td></tr></table> 0 <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 expenses</td></tr></table> 0 1178497 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Tax on profit/loss for the year</td></tr></table> 0 270802 <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>Intangible assets</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Property, plant and equipment</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Investments</td></tr></table><br><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>Other fixed asset investments</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>Information on related parties</td></tr><tr><td /><td>Investments in subsidiaries are specified as follows</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="11" align="left" valign="middle" ><b>.Contract work in progress</b></td></tr><tr><td colspan="11"></td></tr><tr><td width="20%" ></td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" align="center" valign="middle" ><b>2021</b></td><td width="0%" ></td><td width="20%" align="center" valign="middle" ><b>2020</b></td></tr><tr><td width="20%" ></td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" colspan="1" align="center" valign="middle" >DKK</td><td width="0%" colspan="1" align="center" valign="middle" ></td><td width="20%" colspan="1" align="center" valign="middle" >DKK</td></tr><tr><td width="60%" colspan="8" align="left" valign="middle" >Selling price of work in progress</td><td width="20%" align="right" valign="middle" >0</td><td width="0%" ></td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td width="60%" colspan="8" align="left" valign="middle" >Payments received on account</td><td width="20%" align="right" valign="middle" >0</td><td width="0%" ></td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td width="20%" ></td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" align="right" valign="middle" ><b>0</b></td><td width="0%" ></td><td width="20%" align="right" valign="middle" ><b>0</b></td></tr><tr><td colspan="11"></td></tr><tr><td width="100%" colspan="11" align="left" valign="middle" >Recognised in the balance sheet as follows</td></tr><tr><td colspan="11"></td></tr><tr><td width="60%" colspan="8" align="left" valign="middle" >Contract work in progress recognised in assets</td><td width="20%" align="right" valign="middle" >0</td><td width="0%" ></td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td width="60%" colspan="8" align="left" valign="middle" >Prepayments received recognised in debt</td><td width="20%" align="right" valign="middle" >0</td><td width="0%" ></td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td width="20%" ></td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" align="right" valign="middle" ><b>0</b></td><td width="0%" ></td><td width="20%" align="right" valign="middle" ><b>0</b></td></tr><tr><td colspan="11"></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="11" align="left" valign="middle" ><b>Deferred tax asset</b></td></tr><tr><td colspan="11"></td></tr><tr><td width="20%" ></td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" align="center" valign="middle" ><b>2021</b></td><td width="0%" ></td><td width="20%" align="center" valign="middle" ><b>2020</b></td></tr><tr><td width="20%" ></td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" colspan="1" align="center" valign="middle" >DKK</td><td width="0%" colspan="1" align="center" valign="middle" ></td><td width="20%" colspan="1" align="center" valign="middle" >DKK</td></tr><tr><td width="60%" colspan="8" align="left" valign="middle" >Deferred tax asset at 1 January 2021</td><td width="20%" align="right" valign="middle" >692.283</td><td width="0%" ></td><td width="20%" align="right" valign="middle" >373.544</td></tr><tr><td width="60%" colspan="8" align="left" valign="middle" >Amounts recognised in the income statement for the year</td><td width="20%" align="right" valign="middle" >270.802</td><td width="0%" ></td><td width="20%" align="right" valign="middle" >318.739</td></tr><tr><td width="60%" colspan="8" align="left" valign="middle" >Amounts recognised in equity for the year</td><td width="20%" align="right" valign="middle" >0</td><td width="0%" ></td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td width="60%" colspan="8" align="left" valign="middle" ><b>Deferred tax asset at 31 December 2021</b></td><td width="20%" align="right" valign="middle" ><b>963.085</b></td><td width="0%" ></td><td width="20%" align="right" valign="middle" ><b>692.283</b></td></tr><tr><td colspan="11"></td></tr><tr><td width="100%" colspan="11" align="left" valign="middle" >Deferred tax assets mainly comprise deferred tax relating to goodwill and tax losses.</td></tr><tr><td colspan="11"></td></tr><tr><td width="100%" colspan="11" align="left" valign="middle" >The deferred tax is expected to crystalise within the coming 3-5 years.</td></tr><tr><td colspan="11"></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="11" align="left" valign="middle" ><b>.Long-term liabilities</b></td></tr><tr><td colspan="11"></td></tr><tr><td width="20%" ></td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" align="center" valign="middle" ><b>2021</b></td><td width="0%" ></td><td width="20%" align="center" valign="middle" ><b>2020</b></td></tr><tr><td width="20%" ></td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" colspan="1" align="center" valign="middle" >DKK</td><td width="0%" colspan="1" align="center" valign="middle" ></td><td width="20%" colspan="1" align="center" valign="middle" >DKK</td></tr><tr><td width="100%" colspan="11" align="left" valign="middle" >Payments due within 1 year are recognised in short-term liabilities. Other debt is recognised in long-term liabilities.</td></tr><tr><td colspan="11"></td></tr><tr><td width="100%" colspan="11" align="left" valign="middle" >The debt falls due for payment as specified below</td></tr><tr><td colspan="11"></td></tr><tr><td width="60%" colspan="8" align="left" valign="middle" >After 5 years</td><td width="20%" align="right" valign="middle" >0</td><td width="0%" ></td><td width="20%" align="right" valign="middle" >17.125.787</td></tr><tr><td width="60%" colspan="8" align="left" valign="middle" >Other debt between 1 and 5 years</td><td width="20%" align="right" valign="middle" >7.250.784</td><td width="0%" ></td><td width="20%" align="right" valign="middle" >9.918.170</td></tr><tr><td width="60%" colspan="8" align="left" valign="middle" >Long-term part</td><td width="20%" align="right" valign="middle" ><b>7.250.784</b></td><td width="0%" ></td><td width="20%" align="right" valign="middle" ><b>27.043.957</b></td></tr><tr><td colspan="11"></td></tr><tr><td width="60%" colspan="8" align="left" valign="middle" >Other debt within 1 year</td><td width="20%" align="right" valign="middle" >2.579.192</td><td width="0%" ></td><td width="20%" align="right" valign="middle" >2.382.967</td></tr><tr><td width="60%" colspan="8" align="left" valign="middle" >Other short-term payables</td><td width="20%" align="right" valign="middle" >249.374</td><td width="0%" ></td><td width="20%" align="right" valign="middle" >276.670</td></tr><tr><td width="60%" colspan="8" align="left" valign="middle" >Short-term part</td><td width="20%" align="right" valign="middle" ><b>2.828.566</b></td><td width="0%" ></td><td width="20%" align="right" valign="middle" ><b>2.659.637</b></td></tr><tr><td colspan="11"></td></tr><tr><td width="20%" ></td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" align="right" valign="middle" ><b>10.079.350</b></td><td width="0%" ></td><td width="20%" align="right" valign="middle" ><b>29.703.594</b></td></tr><tr><td colspan="11"></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="11" align="left" valign="middle" ><b>Contingent assets, liabilities and other financial obligations</b></td></tr><tr><td colspan="11"></td></tr><tr><td width="100%" colspan="11" align="left" valign="middle" ><b>Charges and security</b></td></tr><tr><td width="100%" colspan="11" align="left" valign="middle" >The following assets have been placed as security with credit institutions and other payables</td></tr><tr><td colspan="11"></td></tr><tr><td width="20%" ></td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" align="center" valign="middle" ><b>2021</b></td><td width="0%" ></td><td width="20%" align="center" valign="middle" ><b>2020</b></td></tr><tr><td width="20%" ></td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" ></td><td width="0%" ></td><td width="20%" colspan="1" align="center" valign="middle" >TDKK</td><td width="0%" colspan="1" align="center" valign="middle" ></td><td width="20%" colspan="1" align="center" valign="middle" >TDKK</td></tr><tr><td width="60%" colspan="8" align="left" valign="middle" >Ownership mortgages totalling TDKK 17.500, providing mortgages on trade receivables, inventory, intellectual property rights and other tangible fixed assets at a total carrying amount of TDKK</td><td width="20%" align="right" valign="middle" >0</td><td width="0%" ></td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td colspan="11"></td></tr><tr><td width="100%" colspan="11" align="left" valign="middle" ><b>Rental and lease obligations</b></td></tr><tr><td width="60%" colspan="8" align="left" valign="middle" >The Company has entered into rent and lease commitments with remaining contract terms up to 3 years for a total of TDKK</td><td width="20%" align="right" valign="middle" >0</td><td width="0%" ></td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td colspan="11"></td></tr><tr><td width="100%" colspan="11" align="left" valign="middle" ><b>Other contingent liabilities</b></td></tr><tr><td width="60%" colspan="8" align="left" valign="middle" >Bank guarantees TDKK</td><td width="20%" align="right" valign="middle" >0</td><td width="0%" ></td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td colspan="11"></td></tr><tr><td width="100%" colspan="11" align="left" valign="middle" >The parent has issued a letter of unlimited surety in favour of the bank draft facilities in ProCon Wind Energy A/S and ProCon Technic A/S.</td></tr><tr><td colspan="11"></td></tr><tr><td width="100%" colspan="11" align="left" valign="middle" >A Group company has entered into forward exchange contracts in USD. The notional amount is TDKK 79.059 and the fair value as of 31 December 2021 is TDKK -4.860 at the expense of the Company. The maturity date is 12 April 2023. The fair value of forward exchange contracts are measured at fair value level 2.</td></tr><tr><td colspan="11"></td></tr><tr><td width="100%" colspan="11" align="left" valign="middle" >The Company is jointly taxed with IWS Services A/S, which acts as management company, and is jointly and severally liable with other jointly taxed group entities for payment of income taxes as well as withholding taxes on interest, royalties and dividends.</td></tr><tr><td colspan="11"></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"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Company has chosen only to disclose transactions which have not been made on an arm's length basis in accordance with section 98(c)(7) of the Danish Financial Statements Act. No such transactions have been carried out in 2021 besides tax-free group contributions to ProCon Wind Energy A/S and ProCon Technic A/S of TDKK 35.000 and a debt conversion of TDKK 7.895 from shareholders.</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Consolidated Financial Statements</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Company is included in the consolidated financial statements for Integrated Wind Solutions AS, Norway. The consolidated financial statements of Integrated Wind Solutions AS is available at www.integratedwind.com.</td></tr></table> -68987 0 0 -200391 0 1504822 -1774200 -318739 -1455461 0 0 0 0 0 0 17405 1487417 0 318739 0 0 4195629 -419410 -2864501 -1455461 -7060130 -1036051 276072 20116667 20392739 990400 49931 1040331 0 107935 150000 26507332 22669629 1611670 2476826 457614 53723071 26819946 80693017 102234022 400000 -20086 0 -3790539 61716073 58305448 10360389 10360389 344870 19962159 226081 0 31377 13003698 33568185 102234022 434566 22956667 23391233 1530281 56485 1586766 0 106648 193312 15804294 21342999 2977502 399705 309207 40833707 8372798 49399817 74484464 50000 -30680 0 568859 -2964458 -2376279 31299397 31299397 12824696 15898310 8955969 0 0 7882371 45561346 74484464 0 0 0 0 0 0 56899990 0 0 0 0 0 963085 0 963085 10521723 11484808 68384798 400000 0 0 0 57905448 58305448 7250784 7250784 0 0 0 0 0 2828566 2828566 68384798 0 0 0 0 0 0 28153175 0 0 0 0 0 692283 0 692283 262 692545 28845720 50000 0 153175 0 -2579454 -2376279 27043957 27043957 0 0 0 1518405 0 2659637 4178042 28845720 50000 0 -30680 568859 -2964458 -2376279 8372798 50000 0 153175 -2579454 -2376279 350000 0 0 0 0 0 67545032 -67545032 0 0 0 0 0 0 -10594 0 0 0 0 0 0 -5588971 1229573 0 0 67545032 0 0 0 -2864501 350000 0 0 0 0 0 67545032 -67545032 0 0 0 0 0 0 -10594 -5588971 1229573 4195629 0 67545032 0 0 0 -7060130 400000 0 -20086 -3790539 61716073 400000 0 0 57905448 Termination of discontinued activities 0 Termination of discontinued activities -291240 1236362 555608 121042 28400000 5443333 28000 0 186494 0 0 0 2840000 0 583608 307536 276072 28400000 8283333 20116667 2495758 965477 65520 9035 25500 25500 542006 -2125 0 0 6554 0 2495758 1505358 990400 65520 15589 49931 28000000 153175 27967742 -188339 35000000 0 10594 -1904381 -4359398 32258 0 -30680 -200391 572585 63000000 -6100010 56899990 28000000 153175 28153175 ProCon Technic A/S Aarhus, Denmark 0 ProCon Wind Energy A/S Aarhus, Denmark 0 ProCon Wind Energy Ltd. UK 0 ProCon Wind Energy GmbH Germany 0 ProCon Wind Energy Sp. z o.o. Poland 0 ProCon Wind Energy Taiwan Co., Ltd. Taiwan 0 ProCon Wind Energy USA Inc. USA 0 106648 1287 0 107935 107935 Claus Søgaard Poulsen Kristian Ravn chairman Christopher Andersen Heidenreich Jesper Uhre Larsen Carl Erik Skovgaard Niels Brix EY Godkendt Revisionspartnerselskab 30700228 Morten Østergaard Koch State Authorised Public Accountant mne35420 Mads Klausen State Authorised Public Accountant mne46588 30700228 EY Godkendt Revisionspartnerselskab