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Regnskabsklasse C, mellemstor virksomhed
JAI A/S
Valby Torvegade
17,1
DK-2500
Valby
34795312
København
2022-08-30
2021-04-01
2022-03-31
Ole Finn Nielsen
mail@jai.com
www.jai.com
1971-06-18
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management’s Statement</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Executive Board and Board of Directors have today considered and adopted the Annual Report of JAI A/S for the financial year 1 April 2021 - 31 March 2022.</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 at 31 March 2022 of the Company and the Group and of the results of the Company and Group operations and of consolidated cash flows for 2021/22.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We recommend that the Annual Report be adopted at the Annual General Meeting.</td></tr></table>
Copenhagen
2022-08-29
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management’s Review</td></tr><tr><td colspan="1">Key activities</td></tr><tr><td colspan="1">The main activities of JAI A/S are development, production and sale of highperformance industrial cameras and Intelligent Traffic Systems. JAI provides innovative digital CMOS camera technology for applications in industrial machine vision, medical imaging and outdoor imaging applications, as well as complete camera subsystems for traffic imaging/vehicles recognition in Intelligent Traffic Systems (ITS).</td></tr><tr><td colspan="1">Development in the year</td></tr><tr><td colspan="1">The financial year 2021/2022 was another year impacted by the Covid-19 pandemic and global micro-chip shortage. To cope with the global situation JAI A/S initiated several initiatives to keep all employees safe during the period. JAI has taken multiple steps to adapt to the year 2022 and create optimal conditions for future growth in a changing environment.</td></tr><tr><td colspan="1">Significant highlights</td></tr><tr><td colspan="1">Despite the external challenges in the fiscal year 2021/2022 there has been a high demand for JAI’s products and a substantial rise in bookings.</td></tr><tr><td colspan="1">JAI has increased its shipments and invoicing for the financial year 2021/2022 even though there has been a global micro-chip shortage. This is mainly due to a broader sourcing strategy being implemented and the acceptance of in some cases overpriced key components. These external factors have led to a reduced gross margin and shipments only accounting for 65% of the bookings in 2021/2022.</td></tr><tr><td colspan="1">To overcome the challenges of component and micro-chip shortage, JAI has made a substantial effort to redesign several products and invested in the development of new products. Furthermore, the supply chain has been transformed by creating a more advanced supply chain process with a new global sourcing strategy. These actions will improve the development of JAI’s new products that are set to be launched in the coming years and expand JAI’s product portfolio.</td></tr><tr><td colspan="1">The challenges faced during 2021/2022 have strengthened the entire organization. Both management and employees have been equipped with better tools for facing global challenges and thereby preparing the company for future growth.</td></tr><tr><td colspan="1">These initiatives will focus on the growing global market and consolidate JAI’s long-term commitment to delivering quality machine vision products and ITS systems.</td></tr><tr><td colspan="1">Financial highlights.</td></tr><tr><td colspan="1">• The income statement of the Group for 2021/22 shows a loss of KEUR 1,684, and on 31 March 2022, the balance sheet of the Group shows equity of KEUR 28,114.</td></tr><tr><td colspan="1">• The revenue increased to 33,190 KEUR in 2020/21, which is an increase of 9% compared to the 30,531 KEUR revenue in 2020/21.</td></tr><tr><td colspan="1">• The EBITDA amounted to a profit of 69 KEUR compared to a profit of 3,438 KEUR in 2020/21.</td></tr><tr><td colspan="1">• The revenue and EBITDA are acceptable based on the Covid-19 situation last year and the before-mentioned challenges in the component market.</td></tr><tr><td colspan="1">Expectations for the future</td></tr><tr><td colspan="1">The market for machine vision is developing at a high pace with double-digit growth rates every year. This combined with the existing solutions and the new products in the pipeline at JAI, the company looks into the future with significant growth in mind. With the expertise built up over more than half a century, the company expects to increase its market share.</td></tr><tr><td colspan="1">It is expected that the current shortage of components will last at least for the fiscal year of 2022/2023. By having prepared for this JAI forecasts sustainable growth in the fiscal years 2022/2023 and 2023/24.</td></tr><tr><td colspan="1">Compared to this year’s revenue JAI A/S expects an increase in revenue of between 20%-30% for the upcoming fiscal year and earnings at the same level as before Covid-19.</td></tr><tr><td colspan="1">Risks</td></tr><tr><td colspan="1">General risks</td></tr><tr><td colspan="1">The Group’s largest operating risks relate to the ability to stay strongly positioned in the market and to remain a market leader in terms of the technological developments within the Group’s business areas.</td></tr><tr><td colspan="1">Financial risks</td></tr><tr><td colspan="1">As part of its operations, investments, and financial affairs the Group is exposed to changes in foreign exchange rates and interest rate levels. It is Group policy not to engage in active speculation in financial risks. The Group Financial Management is thus directed solely at managing existing financial risks.</td></tr><tr><td colspan="1">Currency risks</td></tr><tr><td colspan="1">The Group is affected by changes in foreign exchange rates, as the net profit/loss for the year of foreign subsidiaries is translated into EUR based on average exchange rates at the balance sheet date.</td></tr><tr><td colspan="1">The Group currency risks are primarily hedged by matching income/expenses and short-term assets/liabilities in the same currency and by the use of financial instruments.</td></tr><tr><td colspan="1">The Group has no hedging of long-term group assets and liabilities. The net foreign exchange gain for the year 2021/22 amounts to KEUR 120 primarily due to unrealized profit from group entities.</td></tr><tr><td colspan="1">Intellectual capital and research and development activities</td></tr><tr><td colspan="1">Intellectual capital</td></tr><tr><td colspan="1">JAI’s intellectual capital comprises customer relations, employees, technologies, and processes. Skilled and committed employees are a prerequisite for the results of the Group. The working environment is informal with a large degree of freedom and responsibility delegated to each employee. Employee skills are maintained and developed continuously.</td></tr><tr><td colspan="1">The JAI Group has considerable know-how about advanced camera technology and traffic systems, which are maintained and developed on an ongoing basis.</td></tr><tr><td colspan="1">Product development takes place in Japan, USA, and Denmark. It is strategically important for JAI to undertake development activities in these three countries.</td></tr><tr><td colspan="1">Production takes place in Japan, Singapore, and the USA. JAI has considerable experience in the production of advanced cameras where quality requirements are at a high level.</td></tr><tr><td colspan="1">Research and development activities</td></tr><tr><td colspan="1">In 2021/22 the Group incurred research and development costs of KEUR 2,339 against KEUR 2,204 in 2020/21. Development costs of KEUR 1,483 were capitalized in 2021/22 compared to KEUR 1,352 in 2020/21.</td></tr><tr><td colspan="1">Capitalized research and development projects in progress amounted to KEUR 1,434 on 31 March 2022.</td></tr><tr><td colspan="1">Quality systems</td></tr><tr><td colspan="1">Quality has a high priority at JAI, and the company strives to deliver the best possible quality in all respects.</td></tr><tr><td colspan="1">All companies in the JAI Group are ISO 9001:2015 / ISO 14001:2008 certified. JAI’s quality management systems are subject to constant development and improvement.</td></tr><tr><td colspan="1">Subsequent events</td></tr><tr><td colspan="1">No events materially affecting the assessment of the annual report have occurred after the balance sheet date.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent Auditor’s Report</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the Shareholder of JAI 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">Opinion</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 March 2022 and of the results of the Group’s and the Parent Company’s operations and of consolidated cash flows for the financial year 1 April 2021 - 31 March 2022 in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of JAI A/S for the financial year 1 April 2021 - 31 March 2022, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for both the Group and the Parent Company, as well as consolidated statement of cash flows (”the Financial Statements”).</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for Opinion</td></tr><tr><td colspan="1">We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements 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 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. 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">Statement on Management’s Review</td></tr><tr><td colspan="1">Management is responsible for Management’s Review.</td></tr><tr><td colspan="1">Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, in 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 colspan="1">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 colspan="1">Based on the work we have performed, in our view, Management’s Review is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements 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">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, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.</td></tr><tr><td colspan="1">In preparing the Financial Statements, Management is responsible for assessing the Group’s and 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 Group or the Company or to cease operations, or has no realistic alternative but to do so.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Auditor’s responsibilities for the audit of the Financial Statements</td></tr><tr><td colspan="1">Our objectives are to obtain reasonable assurance 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 colspan="1">As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also</td></tr><tr><td colspan="1">• Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.</td></tr><tr><td colspan="1">•Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s and the Group’s internal control.</td></tr><tr><td colspan="1">•Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.</td></tr><tr><td colspan="1">• Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s and 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 Group and the Company to cease to continue as a going concern.</td></tr><tr><td colspan="1">• Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view.</td></tr><tr><td colspan="1">• 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="1">We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.</td></tr></table>
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<table xmlns="http://www.w3.org/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="9" align="left" valign="middle" >Statement of Changes in Equity</td></tr><tr><td colspan="9"></td></tr><tr><td width="42%" ></td><td width="7%" ></td><td width="7%" colspan="1" align="right" valign="middle" >Share capital</td><td width="7%" colspan="1" align="right" valign="middle" >Reserve for net revaluation under the equity method</td><td width="7%" colspan="1" align="right" valign="middle" >Reserve for development costs</td><td width="7%" colspan="1" align="right" valign="middle" >Other statutory reserves</td><td width="7%" colspan="1" align="right" valign="middle" >Retained earnings</td><td width="7%" colspan="1" align="right" valign="middle" >Proposed dividend for the year</td><td width="9%" colspan="1" align="right" valign="middle" >Total</td></tr><tr><td width="42%" ></td><td width="7%" ></td><td width="7%" colspan="1" align="right" valign="middle" >KEUR</td><td width="7%" colspan="1" align="right" valign="middle" >KEUR</td><td width="7%" colspan="1" align="right" valign="middle" >KEUR</td><td width="7%" colspan="1" align="right" valign="middle" >KEUR</td><td width="7%" colspan="1" align="right" valign="middle" >KEUR</td><td width="7%" colspan="1" align="right" valign="middle" >KEUR</td><td width="9%" colspan="1" align="right" valign="middle" >KEUR</td></tr><tr><td width="49%" colspan="2" align="left" valign="middle" >Equity at 1 April</td><td width="7%" align="right" valign="middle" >1.254</td><td width="7%" align="right" valign="middle" >0</td><td width="7%" align="right" valign="middle" >0</td><td width="7%" align="right" valign="middle" >0</td><td width="7%" align="right" valign="middle" >28.893</td><td width="7%" align="right" valign="middle" >1.008</td><td width="9%" align="right" valign="middle" >31.155</td></tr><tr><td width="49%" colspan="2" align="left" valign="middle" >Exchange adjustments</td><td width="7%" align="right" valign="middle" >0</td><td width="7%" align="right" valign="middle" >0</td><td width="7%" align="right" valign="middle" >0</td><td width="7%" align="right" valign="middle" >-393</td><td width="7%" align="right" valign="middle" >0</td><td width="7%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >-393</td></tr><tr><td width="49%" colspan="2" align="left" valign="middle" >Ordinary dividend paid</td><td width="7%" align="right" valign="middle" >0</td><td width="7%" align="right" valign="middle" >0</td><td width="7%" align="right" valign="middle" >0</td><td width="7%" align="right" valign="middle" >0</td><td width="7%" align="right" valign="middle" >0</td><td width="7%" align="right" valign="middle" >-964</td><td width="9%" align="right" valign="middle" >-964</td></tr><tr><td width="49%" colspan="2" align="left" valign="middle" >Ordinary dividend on treasury shares</td><td width="7%" align="right" valign="middle" >0</td><td width="7%" align="right" valign="middle" >0</td><td width="7%" align="right" valign="middle" >0</td><td width="7%" align="right" valign="middle" >0</td><td width="7%" align="right" valign="middle" >44</td><td width="7%" align="right" valign="middle" >-44</td><td width="9%" align="right" valign="middle" >0</td></tr><tr><td width="49%" colspan="2" align="left" valign="middle" >Net profit/ loss for the year</td><td width="7%" align="right" valign="middle" >0</td><td width="7%" align="right" valign="middle" >0</td><td width="7%" align="right" valign="middle" >0</td><td width="7%" align="right" valign="middle" >0</td><td width="7%" align="right" valign="middle" >-1.684</td><td width="7%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >-1.684</td></tr><tr><td width="49%" colspan="2" align="left" valign="middle" >Equity at 31 March</td><td width="7%" align="right" valign="middle" >1.254</td><td width="7%" align="right" valign="middle" >0</td><td width="7%" align="right" valign="middle" >0</td><td width="7%" align="right" valign="middle" >-393</td><td width="7%" align="right" valign="middle" >27.253</td><td width="7%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >28.114</td></tr><tr><td colspan="9"></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">Accounting policies</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Annual Report of JAI A/S for 2021/22 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to medium-sized enterprises of reporting class C.</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">With regards to the true and fair view of the financial statements, certain reclassifications have been made in the balance sheet and notes. Comparative figures have been adjusted accordingly.</td></tr></table>
true
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Consolidated and Parent Company Financial Statements for 2021/22 are presented in KEUR.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Recognition and measurement</td></tr><tr><td colspan="1">Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, 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, JAI A/S, 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. Enterprises in which the Group holds between 20% and 50% of the votes and exercises significant influence but not control are classified as associates.</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">Business combinations</td></tr><tr><td colspan="1">Business acquisitions carried through on or after 1 July 2018</td></tr><tr><td colspan="1">Acquisitions of subsidiaries are accounted for using the purchase method under which the identifiable assets and liabilities of the entity acquired are measured at fair value at the time of acquisition. Acquired contingent liabilities are recognised at fair value in the Consolidated Financial Statements to the extent that the value can be measured reliably.</td></tr><tr><td colspan="1">The time of acquisition is the time when the Group obtains control of the entity acquired.</td></tr><tr><td colspan="1">The cost of the entity acquired is the fair value of the consideration agreed, including consideration contingent on future events. Transaction costs directly attributable to the acquisition of subsidiaries are recognised in the income statement as incurred.</td></tr><tr><td colspan="1">Positive differences between the cost of the entity acquired and identifiable assets and liabilities are recognised as goodwill in intangible assets in the balance sheet and are amortised in the income statement on a straight-line basis over their estimated useful lives. Amortisation of goodwill is allocated in the Consolidated Financial Statements to the operations to which goodwill is related. Where the differences are negative, they are recognised immediately in the income statement.</td></tr><tr><td colspan="1">Where the purchase price allocation is not final, positive and negative differences from acquired subsidiaries due to changes to the recognition and measurement of identifiable net assets may be adjusted for up to 12 months after the time of acquisition. These adjustments are also reflected in the value of goodwill or negative goodwill, including in amortisation already made.</td></tr><tr><td colspan="1">Where cost includes contingent consideration, this is measured at fair value at the time of acquisition. Contingent consideration is subsequently measured at fair value. Any value adjustments are recognised in the income statement.</td></tr><tr><td colspan="1">In respect of step acquisitions, any previously held investments in the entity acquired are remeasured at fair value at the time of acquisition. The difference between the carrying amount of the investment previously held and the fair value is recognised in the income statement</td></tr><tr><td colspan="1">Business acquisitions carried through before 1 July 2018</td></tr><tr><td colspan="1">Subject to some exemptions, acquisitions carried through before 1 July 2018 are accounted for under the same accounting policies as those applying to business combinations carried through on or after 1 July 2018. The most material exemptions are</td></tr><tr><td colspan="1"> Identifiable assets and liabilities of the entity acquired are recognised only if they are probable.</td></tr><tr><td colspan="1"> Identifiable contingent liabilities of the entity acquired are not recognised in the consolidated balance sheet.</td></tr><tr><td colspan="1"> Where the purchase price allocation is not final, positive and negative differences due to changes to the recognition and measurement of the acquired net assets may be adjusted until the end of the financial year following the year of acquisition. These adjustments are also reflected in the value of goodwill or negative goodwill, including in amortisation already made.</td></tr><tr><td colspan="1"> Transaction costs directly attributable to the acquisition of subsidiaries are included as part of cost.</td></tr><tr><td colspan="1"> After the initial recognition, adjustment of contingent consideration is recognised directly with its counter entry in initial purchase price, thus correcting the value of goodwill or negative goodwill.</td></tr><tr><td colspan="1"> In respect of step acquisitions, the carrying amount of the existing investments is recognised in 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">Minority interests</td></tr><tr><td colspan="1">Minority interests form part of the Group’s total equity. Upon distribution of net profit, net profit is broken down on the share attributable to minority interests and the share attributable to the shareholders of the Parent Company. Minority interests are recognised on the basis of a remeasurement of acquired assets and liabilities to fair value at the time of acquisition of subsidiaries.</td></tr><tr><td colspan="1">Minority interests are initially measured at their proportionate share of the fair value of the acquired entity’s identifiable net assets. In this way, only goodwill related to the Parent Company’s share of the entity acquired is recognised.</td></tr><tr><td colspan="1">On subsequent changes to minority interests where the Group retains control of the subsidiary, the consideration is recognised directly in equity.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Leases</td></tr><tr><td colspan="1">Leases in terms of which the Group assumes substantially all the risks and rewards of ownership (finance leases) are recognised in the balance sheet at the lower of the fair value of the leased asset and the net present value of the lease payments computed by applying the interest rate implicit in the lease or an alternative borrowing rate as the discount rate. Assets acquired under finance leases are depreciated and written down for impairment under the same policy as determined for the other fixed assets of the Group.</td></tr><tr><td colspan="1">The remaining lease obligation is capitalised and recognised in the balance sheet under debt, and the interest element on the lease payments is charged over the lease term to the income statement.</td></tr><tr><td colspan="1">All other leases are considered operating leases. Payments made under operating leases are recognised in the income statement on a straight-line basis over the lease term.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Translation policies</td></tr><tr><td colspan="1">Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognised directly in equity.</td></tr><tr><td colspan="1">Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement.</td></tr><tr><td colspan="1">Fixed assets acquired in foreign currencies are measured at the transaction date rates.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Revenue</td></tr><tr><td colspan="1">Revenue from the sale of goods is recognised when the risks and rewards relating to the goods sold have been transferred to the purchaser, the revenue can be measured reliably and it is probable that the economic benefits relating to the sale will flow to the Group.</td></tr><tr><td colspan="1">Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">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">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">Other operating income and expenses</td></tr><tr><td colspan="1">Other operating income and other operating expenses comprise items of a secondary nature to the main activities of the Group, including gains and losses on the sale of intangible assets and property, plant and equipment.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td 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>
<table xmlns="http://www.w3.org/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 Company is jointly taxed with wholly owned Danish subsidiaries and the Danish parent company. The tax effect of the joint taxation is allocated to enterprises in proportion to their taxable incomes.</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 projects, patents and licences</td></tr><tr><td colspan="1">Costs of development projects comprise salaries, amortisation and other expenses directly or indirectly attributable to the Company’s development activities.</td></tr><tr><td colspan="1">Development projects that are clearly defined and identifiable and in respect of which technical feasibility, sufficient resources and a potential future market or development opportunity in the Group can be demonstrated, and where it is the intention to manufacture, market or use the project, are recognised as intangible assets. This applies if sufficient certainty exists that the value in use of future earnings can cover cost of sales, distribution and administrative expenses involved as well as the development costs.</td></tr><tr><td colspan="1">Development projects that do not meet the criteria for recognition in the balance sheet are recognised as expenses in the income statement as incurred.</td></tr><tr><td colspan="1">As of the date of completion, capitalised development costs are amortised on a straight-line basis over the period of the expected economic benefit from the development work. The amortisation period is 5 years.</td></tr><tr><td colspan="1">Patents and licences are measured at cost less accumulated amortisation and less any accumulated impairment losses or at a lower value in use.</td></tr><tr><td colspan="1">Patents are amortised over the remaining patent period or a shorter useful life. The amortisation period is 5 years. Software licences are amortised over the period of the agreement, which is 5 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="2">Property, plant and equipment</td></tr><tr><td colspan="2">Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses.</td></tr><tr><td colspan="2">Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use.</td></tr><tr><td colspan="2">Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are</td></tr><tr><td>Buildings</td><td>20-50 years</td></tr><tr><td>Fixtures and equipment</td><td>3-20 years</td></tr><tr><td>Leasehold improvements</td><td>3-10 years</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>Property, plant and equipment</td><td>3-20 years</td></tr><tr><td colspan="2">The fixed assets’ residual values are determined at nil.</td></tr><tr><td colspan="2">Depreciation period and residual value are reassessed annually.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Impairment of 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">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 deduction or addition of unrealised intercompany profits or losses and 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 EUR 0. Any legal or constructive obligation of the Parent Company to cover the negative balance of the enterprise is recognised in provisions.</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><tr><td colspan="1">The cost of finished goods and work in progress comprises the cost of raw materials, consumables and direct labour with addition of indirect production costs. Indirect production costs comprise the cost of indirect materials and labour as well as maintenance and depreciation of the machinery, factory buildings and equipment used in the manufacturing process as well as costs of factory administration and management.</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">Dividend</td></tr><tr><td colspan="1">Dividend distribution proposed by Management for the year is disclosed as a separate equity item.</td></tr><tr><td colspan="1">Treasury shares</td></tr><tr><td colspan="1">Purchase and sales prices for treasury shares are recognised directly in retained earnings under equity. A reduction of capital by cancellation of treasury shares reduces the share capital by an amount equal to the nominal value of the shares and increases retained earnings. Dividend on treasury shares is recognised directly in equity under retained earnin</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Provisions</td></tr><tr><td colspan="1">Provisions are recognised when - in consequence of an event occurred before or on the balance sheet date - the Group has a legal or constructive obligation and it is probable that economic benefits must be given up to settle the obligation.</td></tr><tr><td colspan="1">Other provisions include warranty obligations in respect of repair work within the warranty period of 3 years. Provisions are measured and recognised based on experience with guarantee work.</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 expen</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial debts</td></tr><tr><td colspan="1">Mortgage loans are measured at amortised cost, which for cash loans corresponds to the remaining loan. Amortised cost of debenture loans corresponds to the remaining loan calculated as the underlying cash value of the loan at the date of raising the loan adjusted for depreciation of the price adjustment of the loan made over the term of the loan at the date of raising the loan.</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="1">Financial Highlights</td></tr><tr><td colspan="1">Explanation of financial ratios</td></tr><tr><td colspan="1">Gross margin = Gross profit x 100 / Revenue</td></tr><tr><td colspan="1">Operating profit/loss margin (EBIT) = Profit before financials x 100 / Revenue</td></tr><tr><td colspan="1">Return on assets = Profit before financials x 100 / Total assets</td></tr><tr><td colspan="1">Solvency ratio = Equity at year end x 100 / Total assets at year end</td></tr><tr><td colspan="1">Return on equity = Net profit for the year x 100 / Average 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 width="100%" colspan="6" align="left" valign="middle" ></td></tr><tr><td colspan="6"></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Staff expenses</td></tr><tr><td colspan="6"></td></tr><tr><td width="41%" ></td><td width="18%" ></td><td width="9%" colspan="1" align="right" valign="middle" >2021/22</td><td width="10%" colspan="1" align="right" valign="middle" >2020/21</td><td width="13%" colspan="1" align="right" valign="middle" ></td><td width="9%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="41%" ></td><td width="18%" ></td><td width="9%" colspan="1" align="right" valign="middle" >KEUR</td><td width="10%" colspan="1" align="right" valign="middle" >KEUR</td><td width="13%" colspan="1" align="right" valign="middle" ></td><td width="9%" colspan="1" align="right" valign="middle" ></td></tr><tr><td colspan="6"></td></tr><tr><td width="59%" colspan="2" align="left" valign="middle" >Wages and salaries</td><td width="9%" align="right" valign="middle" >9.411</td><td width="10%" align="right" valign="middle" >8.566</td><td width="13%" ></td><td width="9%" ></td></tr><tr><td width="59%" colspan="2" align="left" valign="middle" >Other social security expenses</td><td width="9%" align="right" valign="middle" >743</td><td width="10%" align="right" valign="middle" >954</td><td width="13%" ></td><td width="9%" ></td></tr><tr><td width="59%" colspan="2" align="left" valign="middle" >Other staff expenses</td><td width="9%" align="right" valign="middle" >302</td><td width="10%" align="right" valign="middle" >196</td><td width="13%" ></td><td width="9%" ></td></tr><tr><td colspan="6"></td></tr><tr><td width="41%" ></td><td width="18%" ></td><td width="9%" align="right" valign="middle" >10.456</td><td width="10%" align="right" valign="middle" >9.716</td><td width="13%" ></td><td width="9%" ></td></tr><tr><td colspan="6"></td></tr><tr><td width="59%" colspan="2" align="left" valign="middle" >Including remuneration to the Executive Board and Board of Directors</td><td width="9%" align="right" valign="middle" >1.237</td><td width="10%" align="right" valign="middle" >841</td><td width="13%" ></td><td width="9%" ></td></tr><tr><td colspan="6"></td></tr><tr><td width="59%" colspan="2" align="left" valign="middle" >Average number of employees</td><td width="9%" align="right" valign="middle" >118</td><td width="10%" align="right" valign="middle" >115</td><td width="13%" ></td><td width="9%" ></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="6" align="left" valign="middle" >Depreciation, amortisation and impairment of intangible assets and property, plant and equipment</td></tr><tr><td colspan="6"></td></tr><tr><td width="59%" colspan="2" align="left" valign="middle" >Amortisation of intangible assets</td><td width="9%" align="right" valign="middle" >1.659</td><td width="10%" align="right" valign="middle" >1.621</td><td width="13%" ></td><td width="9%" ></td></tr><tr><td width="59%" colspan="2" align="left" valign="middle" >Depreciation of property, plant and</td><td width="9%" align="right" valign="middle" >847</td><td width="10%" align="right" valign="middle" >829</td><td width="13%" ></td><td width="9%" ></td></tr><tr><td width="59%" colspan="2" align="left" valign="middle" >equipment</td><td width="9%" align="right" valign="middle" >2.506</td><td width="10%" align="right" valign="middle" >2.450</td><td width="13%" ></td><td width="9%" ></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="6" align="left" valign="middle" >Financial income</td></tr><tr><td colspan="6"></td></tr><tr><td width="41%" ></td><td width="18%" ></td><td width="9%" colspan="1" align="right" valign="middle" >2021/22</td><td width="10%" colspan="1" align="right" valign="middle" >2020/21</td><td width="13%" colspan="1" align="right" valign="middle" ></td><td width="9%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="41%" ></td><td width="18%" ></td><td width="9%" colspan="1" align="right" valign="middle" >KEUR</td><td width="10%" colspan="1" align="right" valign="middle" >KEUR</td><td width="13%" colspan="1" align="right" valign="middle" ></td><td width="9%" colspan="1" align="right" valign="middle" ></td></tr><tr><td colspan="6"></td></tr><tr><td width="59%" colspan="2" align="left" valign="middle" >Interest received from group enterprises</td><td width="9%" align="right" valign="middle" >0</td><td width="10%" align="right" valign="middle" >0</td><td width="13%" ></td><td width="9%" ></td></tr><tr><td width="59%" colspan="2" align="left" valign="middle" >Other financial income</td><td width="9%" align="right" valign="middle" >19</td><td width="10%" align="right" valign="middle" >23</td><td width="13%" ></td><td width="9%" ></td></tr><tr><td width="59%" colspan="2" align="left" valign="middle" >Exchange gains</td><td width="9%" align="right" valign="middle" >970</td><td width="10%" align="right" valign="middle" >86</td><td width="13%" ></td><td width="9%" ></td></tr><tr><td width="41%" ></td><td width="18%" ></td><td width="9%" align="right" valign="middle" >989</td><td width="10%" align="right" valign="middle" >109</td><td width="13%" ></td><td width="9%" ></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="6" align="left" valign="middle" >Financial expenses</td></tr><tr><td colspan="6"></td></tr><tr><td width="59%" colspan="2" align="left" valign="middle" >Exchange loss</td><td width="9%" align="right" valign="middle" >850</td><td width="10%" align="right" valign="middle" >71</td><td width="13%" ></td><td width="9%" ></td></tr><tr><td width="41%" ></td><td width="18%" ></td><td width="9%" align="right" valign="middle" >978</td><td width="10%" align="right" valign="middle" >188</td><td width="13%" ></td><td width="9%" ></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="6" align="left" valign="middle" >Tax on profit/ loss for the year</td></tr><tr><td colspan="6"></td></tr><tr><td width="59%" colspan="2" align="left" valign="middle" >Deferred tax for the year</td><td width="9%" align="right" valign="middle" >-1.090</td><td width="10%" align="right" valign="middle" >82</td><td width="13%" ></td><td width="9%" ></td></tr><tr><td width="59%" colspan="2" align="left" valign="middle" >Adjustment of tax concerning previous years</td><td width="9%" align="right" valign="middle" >0</td><td width="10%" align="right" valign="middle" >-148</td><td width="13%" ></td><td width="9%" ></td></tr><tr><td width="41%" ></td><td width="18%" ></td><td width="9%" align="right" valign="middle" >-742</td><td width="10%" align="right" valign="middle" >226</td><td width="13%" ></td><td width="9%" ></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="7" align="left" valign="middle" >Intangible assets</td></tr><tr><td colspan="7"></td></tr><tr><td width="38%" ></td><td width="17%" ></td><td width="9%" colspan="1" align="right" valign="middle" >Completed development projects</td><td width="9%" colspan="1" align="right" valign="middle" >Software</td><td width="12%" colspan="1" align="right" valign="middle" >Goodwill</td><td width="6%" colspan="1" align="right" valign="middle" >Development projects in progress</td><td width="9%" colspan="1" align="right" valign="middle" >Total</td></tr><tr><td width="38%" ></td><td width="17%" ></td><td width="9%" colspan="1" align="right" valign="middle" >KEUR</td><td width="9%" colspan="1" align="right" valign="middle" >KEUR</td><td width="12%" colspan="1" align="right" valign="middle" >KEUR</td><td width="6%" colspan="1" align="right" valign="middle" >KEUR</td><td width="9%" colspan="1" align="right" valign="middle" >KEUR</td></tr><tr><td colspan="7"></td></tr><tr><td width="55%" colspan="2" align="left" valign="middle" >Cost at 1 April</td><td width="9%" align="right" valign="middle" >17.831</td><td width="9%" align="right" valign="middle" >624</td><td width="12%" align="right" valign="middle" >2.131</td><td width="6%" align="right" valign="middle" >40</td><td width="9%" align="right" valign="middle" >20.626</td></tr><tr><td width="55%" colspan="2" align="left" valign="middle" >Exchange adjustment</td><td width="9%" align="right" valign="middle" >-500</td><td width="9%" align="right" valign="middle" >-25</td><td width="12%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >-525</td></tr><tr><td width="55%" colspan="2" align="left" valign="middle" >Additions for the year</td><td width="9%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >1.483</td><td width="9%" align="right" valign="middle" >1.483</td></tr><tr><td width="55%" colspan="2" align="left" valign="middle" >Transfers for the year</td><td width="9%" align="right" valign="middle" >89</td><td width="9%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >-89</td><td width="9%" align="right" valign="middle" >0</td></tr><tr><td width="55%" colspan="2" align="left" valign="middle" >Cost at 31 March</td><td width="9%" align="right" valign="middle" >17.420</td><td width="9%" align="right" valign="middle" >599</td><td width="12%" align="right" valign="middle" >2.131</td><td width="6%" align="right" valign="middle" >1.434</td><td width="9%" align="right" valign="middle" >21.584</td></tr><tr><td colspan="7"></td></tr><tr><td width="55%" colspan="2" align="left" valign="middle" >Impairment losses and amortisation at 1 April</td><td width="9%" align="right" valign="middle" >13.539</td><td width="9%" align="right" valign="middle" >527</td><td width="12%" align="right" valign="middle" >2.131</td><td width="6%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >16.197</td></tr><tr><td width="55%" colspan="2" align="left" valign="middle" >Exchange adjustment</td><td width="9%" align="right" valign="middle" >-405</td><td width="9%" align="right" valign="middle" >-21</td><td width="12%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >-426</td></tr><tr><td width="55%" colspan="2" align="left" valign="middle" >Amortisation for the year</td><td width="9%" align="right" valign="middle" >1.617</td><td width="9%" align="right" valign="middle" >42</td><td width="12%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >1.659</td></tr><tr><td width="55%" colspan="2" align="left" valign="middle" >Impairment losses and amortisation at 31 March</td><td width="9%" align="right" valign="middle" >14.751</td><td width="9%" align="right" valign="middle" >548</td><td width="12%" align="right" valign="middle" >2.131</td><td width="6%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >17.430</td></tr><tr><td colspan="7"></td></tr><tr><td width="55%" colspan="2" align="left" valign="middle" >Carrying amount at 31 March</td><td width="9%" align="right" valign="middle" >2.669</td><td width="9%" align="right" valign="middle" >51</td><td width="12%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >1.434</td><td width="9%" align="right" valign="middle" >4.154</td></tr><tr><td colspan="7"></td></tr><tr><td width="100%" colspan="7" align="left" valign="middle" >As a Technology company our development projects relates to development of new camera technologies, and improvement of existing products and some customization.</td></tr><tr><td width="100%" colspan="7" align="left" valign="middle" >Our development projects is developed according to plan and launch to support our growth.</td></tr><tr><td width="100%" colspan="7" align="left" valign="middle" >Development of new technologies is a key activity to keep up with the industry standards and will continue to support the company strategy. Projects are monitored and progressing according to plans.</td></tr><tr><td colspan="7"></td></tr><tr><td width="38%" ></td><td width="17%" ></td><td width="9%" ></td><td width="9%" ></td><td width="12%" ></td><td width="6%" ></td><td width="9%" colspan="1" align="right" valign="middle" >Completed development projects</td></tr><tr><td colspan="7"></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="7" align="left" valign="middle" >Property, plant and equipment</td></tr><tr><td colspan="7"></td></tr><tr><td width="38%" ></td><td width="17%" ></td><td width="9%" colspan="1" align="right" valign="middle" >Land and buildings</td><td width="9%" colspan="1" align="right" valign="middle" >Other fixtureand fittings, tools and equipment</td><td width="12%" colspan="1" align="right" valign="middle" >Leasehold improvements</td><td width="6%" colspan="1" align="right" valign="middle" >Property, plant and equipment in progress</td><td width="9%" colspan="1" align="right" valign="middle" >Total</td></tr><tr><td width="38%" ></td><td width="17%" ></td><td width="9%" colspan="1" align="right" valign="middle" >KEUR</td><td width="9%" colspan="1" align="right" valign="middle" >KEUR</td><td width="12%" colspan="1" align="right" valign="middle" >KEUR</td><td width="6%" colspan="1" align="right" valign="middle" >KEUR</td><td width="9%" colspan="1" align="right" valign="middle" >KEUR</td></tr><tr><td colspan="7"></td></tr><tr><td width="55%" colspan="2" align="left" valign="middle" >Cost at 1 April</td><td width="9%" align="right" valign="middle" >2.799</td><td width="9%" align="right" valign="middle" >10.553</td><td width="12%" align="right" valign="middle" >1.564</td><td width="6%" align="right" valign="middle" >314</td><td width="9%" align="right" valign="middle" >15.230</td></tr><tr><td width="55%" colspan="2" align="left" valign="middle" >Exchange adjustment</td><td width="9%" align="right" valign="middle" >-106</td><td width="9%" align="right" valign="middle" >-235</td><td width="12%" align="right" valign="middle" >-40</td><td width="6%" align="right" valign="middle" >-12</td><td width="9%" align="right" valign="middle" >-393</td></tr><tr><td width="55%" colspan="2" align="left" valign="middle" >Additions for the year</td><td width="9%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >829</td><td width="12%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >829</td></tr><tr><td width="55%" colspan="2" align="left" valign="middle" >Disposals for the year</td><td width="9%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >-167</td><td width="9%" align="right" valign="middle" >-167</td></tr><tr><td width="55%" colspan="2" align="left" valign="middle" >Cost at 31 March</td><td width="9%" align="right" valign="middle" >2.693</td><td width="9%" align="right" valign="middle" >11.147</td><td width="12%" align="right" valign="middle" >1.524</td><td width="6%" align="right" valign="middle" >135</td><td width="9%" align="right" valign="middle" >15.499</td></tr><tr><td colspan="7"></td></tr><tr><td width="55%" colspan="2" align="left" valign="middle" >Impairment losses and depreciation at 1 April</td><td width="9%" align="right" valign="middle" >1.637</td><td width="9%" align="right" valign="middle" >7.687</td><td width="12%" align="right" valign="middle" >967</td><td width="6%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >10.291</td></tr><tr><td width="55%" colspan="2" align="left" valign="middle" >Exchange adjustment</td><td width="9%" align="right" valign="middle" >-66</td><td width="9%" align="right" valign="middle" >-216</td><td width="12%" align="right" valign="middle" >-29</td><td width="6%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >-311</td></tr><tr><td width="55%" colspan="2" align="left" valign="middle" >Depreciation for the year</td><td width="9%" align="right" valign="middle" >64</td><td width="9%" align="right" valign="middle" >578</td><td width="12%" align="right" valign="middle" >205</td><td width="6%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >847</td></tr><tr><td width="55%" colspan="2" align="left" valign="middle" >Impairment losses and depreciation at 31 March</td><td width="9%" align="right" valign="middle" >1.635</td><td width="9%" align="right" valign="middle" >8.049</td><td width="12%" align="right" valign="middle" >1.143</td><td width="6%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >10.827</td></tr><tr><td colspan="7"></td></tr><tr><td width="55%" colspan="2" align="left" valign="middle" >Carrying amount at 31 March</td><td width="9%" align="right" valign="middle" >1.058</td><td width="9%" align="right" valign="middle" >3.098</td><td width="12%" align="right" valign="middle" >381</td><td width="6%" align="right" valign="middle" >135</td><td width="9%" align="right" valign="middle" >4.672</td></tr><tr><td colspan="7"></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="5"></td></tr><tr><td width="43%" colspan="1" align="left" valign="middle" >Inventories</td><td width="19%" align="right" valign="middle" >2022</td><td width="10%" align="right" valign="middle" >2021</td><td width="11%" ></td><td width="17%" ></td></tr><tr><td width="43%" ></td><td width="19%" colspan="1" align="right" valign="middle" >KEUR</td><td width="10%" colspan="1" align="right" valign="middle" >KEUR</td><td width="11%" colspan="1" align="right" valign="middle" ></td><td width="17%" colspan="1" align="right" valign="middle" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="43%" colspan="1" align="left" valign="middle" >Raw materials and consumables</td><td width="19%" align="right" valign="middle" >14.200</td><td width="10%" align="right" valign="middle" >6.241</td><td width="11%" ></td><td width="17%" ></td></tr><tr><td width="43%" colspan="1" align="left" valign="middle" >Work in progress</td><td width="19%" align="right" valign="middle" >572</td><td width="10%" align="right" valign="middle" >530</td><td width="11%" ></td><td width="17%" ></td></tr><tr><td width="43%" colspan="1" align="left" valign="middle" >Finished goods and goods for resale</td><td width="19%" align="right" valign="middle" >1.339</td><td width="10%" align="right" valign="middle" >1.086</td><td width="11%" ></td><td width="17%" ></td></tr><tr><td width="43%" ></td><td width="19%" align="right" valign="middle" >16.111</td><td width="10%" align="right" valign="middle" >7.857</td><td width="11%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" >Prepayments</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Prepayments consist of prepaid expenses concerning rent, insurance premiums, subscriptions and interest as well.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >Equity</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The share capital is broken down as follow</td></tr><tr><td colspan="5"></td></tr><tr><td width="43%" ></td><td width="19%" ></td><td width="10%" ></td><td width="11%" colspan="1" align="right" valign="middle" >Number</td><td width="17%" colspan="1" align="right" valign="middle" >Nominal value</td></tr><tr><td width="43%" ></td><td width="19%" ></td><td width="10%" ></td><td width="11%" ></td><td width="17%" colspan="1" align="right" valign="middle" >KEUR</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >A- shares, foreign investors</td><td width="11%" align="right" valign="middle" >2.000.000</td><td width="17%" align="right" valign="middle" >269</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >B- shares, foreign investors</td><td width="11%" align="right" valign="middle" >6.934.100</td><td width="17%" align="right" valign="middle" >931</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >B- shares, treasury shares</td><td width="11%" align="right" valign="middle" >409.000</td><td width="17%" align="right" valign="middle" >54</td></tr><tr><td width="43%" ></td><td width="19%" ></td><td width="10%" ></td><td width="11%" ></td><td width="17%" align="right" valign="middle" >1.254</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >There have been no changes in the share capital during the last 5 years.</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The Company holds a total of 409 treasury shares with a nominal value of EUR 54k corresponding to 4.31 % of the total capital.</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="5"></td></tr><tr><td width="43%" colspan="1" align="left" valign="middle" >Deferred tax</td><td width="19%" align="right" valign="middle" >2022</td><td width="10%" align="right" valign="middle" >2021</td><td width="11%" ></td><td width="17%" ></td></tr><tr><td width="43%" ></td><td width="19%" colspan="1" align="right" valign="middle" >KEUR</td><td width="10%" colspan="1" align="right" valign="middle" >KEUR</td><td width="11%" colspan="1" align="right" valign="middle" ></td><td width="17%" colspan="1" align="right" valign="middle" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="43%" colspan="1" align="left" valign="middle" >Deferred tax at 1 April</td><td width="19%" align="right" valign="middle" >1.550</td><td width="10%" align="right" valign="middle" >1.495</td><td width="11%" ></td><td width="17%" ></td></tr><tr><td width="43%" colspan="1" align="left" valign="middle" >Amounts recognised in the income statement for the year</td><td width="19%" align="right" valign="middle" >-1.090</td><td width="10%" align="right" valign="middle" >-82</td><td width="11%" ></td><td width="17%" ></td></tr><tr><td width="43%" colspan="1" align="left" valign="middle" >Exchange rate adjustment</td><td width="19%" align="right" valign="middle" >294</td><td width="10%" align="right" valign="middle" >-27</td><td width="11%" ></td><td width="17%" ></td></tr><tr><td width="43%" colspan="1" align="left" valign="middle" >Deferred tax at 31 March</td><td width="19%" align="right" valign="middle" >754</td><td width="10%" align="right" valign="middle" >1.550</td><td width="11%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Deferred tax asset</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The presentation of the Annual Report involves a calculation of the carrying amount of certain assets and liabilities which is subject to various assessments, estimates and assumptions about future events. These are often based on factors that in certain circumstances are considered reasonable and correct by Company Management at the time of reporting. In the nature of the case, however, these factors are often associated with some degree of uncertainty and unpredictability.</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >A deferred tax asset of a total value of EUR 1,892k (2021: EUR 1,543k) is recognised in the Financial Statements. The tax asset is recognised to the extent that it is considered probable that the tax asset may be realised within the foreseeable future. The recognised deferred tax asset is based on the Company's budget for the financial year 2022/23 and the forecasts for the following two financial years.</td></tr><tr><td colspan="5"></td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="5"></td></tr><tr><td width="43%" ></td><td width="19%" align="right" valign="middle" >2022</td><td width="10%" align="right" valign="middle" >2021</td><td width="11%" ></td><td width="17%" ></td></tr><tr><td width="43%" colspan="1" align="left" valign="middle" >Other provisions</td><td width="19%" colspan="1" align="right" valign="middle" >KEUR</td><td width="10%" colspan="1" align="right" valign="middle" >KEUR</td><td width="11%" colspan="1" align="right" valign="middle" ></td><td width="17%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The Company provides warranties of 3 years on its products and is therefore obliged to repair or replace goods which are not satisfactory. Based on previous experience in respect of the level of repairs and returns, other provisions of 385 kEUR (2020: kEUR 413) have been recognised for expected warranty claims.</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The Company provides a one time payment to employees in Japan, who have been employed more than 3 years, when they leave the Company. This is regarded as retirement benefit obligation.</td></tr><tr><td width="43%" colspan="1" align="left" valign="middle" >Warranty obligations</td><td width="19%" align="right" valign="middle" >385</td><td width="10%" align="right" valign="middle" >413</td><td width="11%" ></td><td width="17%" ></td></tr><tr><td width="43%" colspan="1" align="left" valign="middle" >Retirement Benefit Obligation</td><td width="19%" align="right" valign="middle" >340</td><td width="10%" align="right" valign="middle" >375</td><td width="11%" ></td><td width="17%" ></td></tr><tr><td width="43%" ></td><td width="19%" align="right" valign="middle" >725</td><td width="10%" align="right" valign="middle" >788</td><td width="11%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The provisions are expected to mature as follows</td></tr><tr><td width="43%" colspan="1" align="left" valign="middle" >Between 1 and 5 years</td><td width="19%" align="right" valign="middle" >725</td><td width="10%" align="right" valign="middle" >788</td><td width="11%" ></td><td width="17%" ></td></tr><tr><td width="43%" ></td><td width="19%" align="right" valign="middle" >725</td><td width="10%" align="right" valign="middle" >788</td><td width="11%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >Long- term debt</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Payments due within 1 year are recognised in short-term debt. Other debt is recognised in long-term debt.</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The debt falls due for payment as specified below</td></tr><tr><td colspan="5"></td></tr><tr><td width="43%" ></td><td width="19%" align="right" valign="middle" >2022</td><td width="10%" align="right" valign="middle" >2021</td><td width="11%" ></td><td width="17%" ></td></tr><tr><td width="43%" ></td><td width="19%" colspan="1" align="right" valign="middle" >KEUR</td><td width="10%" colspan="1" align="right" valign="middle" >KEUR</td><td width="11%" colspan="1" align="right" valign="middle" ></td><td width="17%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Credit institutions</td></tr><tr><td width="43%" colspan="1" align="left" valign="middle" >Between 1 and 5 years</td><td width="19%" align="right" valign="middle" >1.259</td><td width="10%" align="right" valign="middle" >2.468</td><td width="11%" ></td><td width="17%" ></td></tr><tr><td width="43%" colspan="1" align="left" valign="middle" >Long- term part</td><td width="19%" align="right" valign="middle" >1.259</td><td width="10%" align="right" valign="middle" >2.468</td><td width="11%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="43%" colspan="1" align="left" valign="middle" >Within 1 year</td><td width="19%" align="right" valign="middle" >4.291</td><td width="10%" align="right" valign="middle" >643</td><td width="11%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="43%" colspan="1" align="left" valign="middle" >Other short- term debt to credit</td><td width="19%" align="right" valign="middle" >912</td><td width="10%" align="right" valign="middle" >0</td><td width="11%" ></td><td width="17%" ></td></tr><tr><td width="43%" colspan="1" align="left" valign="middle" >institutions</td><td width="19%" align="right" valign="middle" >5.203</td><td width="10%" align="right" valign="middle" >643</td><td width="11%" ></td><td width="17%" ></td></tr><tr><td width="43%" colspan="1" align="left" valign="middle" >Short- term part</td><td width="19%" align="right" valign="middle" >6.462</td><td width="10%" align="right" valign="middle" >3.111</td><td width="11%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="5"></td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Cash flow statement - adjustments</td><td width="11%" colspan="1" align="right" valign="middle" >2021/22</td><td width="17%" colspan="1" align="right" valign="middle" >2020/21</td></tr><tr><td width="43%" ></td><td width="19%" ></td><td width="10%" ></td><td width="11%" colspan="1" align="right" valign="middle" >KEUR</td><td width="17%" colspan="1" align="right" valign="middle" >KEUR</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Financial income</td><td width="11%" align="right" valign="middle" >-989</td><td width="17%" align="right" valign="middle" >-109</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Financial expenses</td><td width="11%" align="right" valign="middle" >978</td><td width="17%" align="right" valign="middle" >188</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Depreciation, amortisation and impairment losses, including losses and gains on sales</td><td width="11%" align="right" valign="middle" >2.506</td><td width="17%" align="right" valign="middle" >2.450</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Other adjustments</td><td width="11%" align="right" valign="middle" >124</td><td width="17%" align="right" valign="middle" >0</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Tax on profit/ loss for the year</td><td width="11%" align="right" valign="middle" >-742</td><td width="17%" align="right" valign="middle" >226</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Equity exchange rate adjustment</td><td width="11%" align="right" valign="middle" >-393</td><td width="17%" align="right" valign="middle" >-2.032</td></tr><tr><td width="43%" ></td><td width="19%" ></td><td width="10%" ></td><td width="11%" align="right" valign="middle" >1.484</td><td width="17%" align="right" valign="middle" >723</td></tr><tr><td colspan="5"></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="5" align="left" valign="middle" >Cash flow statement - change in working capital</td></tr><tr><td width="43%" ></td><td width="19%" ></td><td width="10%" ></td><td width="11%" colspan="1" align="right" valign="middle" >2021/22</td><td width="17%" colspan="1" align="right" valign="middle" >2020/21</td></tr><tr><td width="43%" ></td><td width="19%" ></td><td width="10%" ></td><td width="11%" colspan="1" align="right" valign="middle" >KEUR</td><td width="17%" colspan="1" align="right" valign="middle" >KEUR</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Change in inventories</td><td width="11%" align="right" valign="middle" >-8.254</td><td width="17%" align="right" valign="middle" >1.316</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Change in receivables</td><td width="11%" align="right" valign="middle" >-2.766</td><td width="17%" align="right" valign="middle" >2.080</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Change in other provisions</td><td width="11%" align="right" valign="middle" >-63</td><td width="17%" align="right" valign="middle" >-92</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Change in trade payables, etc</td><td width="11%" align="right" valign="middle" >2.734</td><td width="17%" align="right" valign="middle" >-525</td></tr><tr><td width="43%" ></td><td width="19%" ></td><td width="10%" ></td><td width="11%" align="right" valign="middle" >-8.349</td><td width="17%" align="right" valign="middle" >2.779</td></tr><tr><td colspan="5"></td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="5"></td></tr><tr><td width="43%" ></td><td width="19%" align="right" valign="middle" >2022</td><td width="10%" align="right" valign="middle" >2021</td><td width="11%" ></td><td width="17%" ></td></tr><tr><td width="43%" ></td><td width="19%" colspan="1" align="right" valign="middle" >KEUR</td><td width="10%" colspan="1" align="right" valign="middle" >KEUR</td><td width="11%" colspan="1" align="right" valign="middle" ></td><td width="17%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Contingent assets, liabilities and other financial obligations</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Rental and lease obligations</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Lease obligations under operating</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >leases. Total future lease payments</td></tr><tr><td width="43%" colspan="1" align="left" valign="middle" >Rental obligations</td><td width="19%" align="right" valign="middle" >675</td><td width="10%" align="right" valign="middle" >791</td><td width="11%" ></td><td width="17%" ></td></tr><tr><td width="43%" colspan="1" align="left" valign="middle" >Lease obligations</td><td width="19%" align="right" valign="middle" >89</td><td width="10%" align="right" valign="middle" >113</td><td width="11%" ></td><td width="17%" ></td></tr><tr><td width="43%" ></td><td width="19%" align="right" valign="middle" >764</td><td width="10%" align="right" valign="middle" >904</td><td width="11%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Other contingent liabilities</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The danish group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The total amount of corporation tax payable is disclosed in the Annual Report of JAI Group Holding ApS, which is the management company of the joint taxation purposes. Moreover, the danish group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company’s liability. The Parent Company has provided absolute guarantee for the subsidiary, JAI Aviation ApS', bank institution.</td></tr><tr><td colspan="5"></td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >Related parties</td></tr><tr><td colspan="5"></td></tr><tr><td width="43%" ></td><td width="19%" ></td><td width="10%" ></td><td width="11%" ></td><td width="17%" colspan="1" align="right" valign="middle" >Basis</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Controlling interest</td></tr><tr><td width="83%" colspan="4" align="left" valign="middle" >Jørgen Andersen</td><td width="17%" colspan="1" align="right" valign="middle" >Shareholder</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Transactions</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The Company has chosen only to disclose transactions which have not been made on an arm’s length basis in accordance with section 98(c)(7) of the Danish Financial Statements Act.</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Ownership</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The following shareholder is recorded in the Company's register of shareholders as holding at least 5% of the votes or at least 5% of the share capital</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >JAI Group Holding ApS, Valby Torvegade 17, 1., 2500 Valby</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Jørgen Andersen, Langelinie Allé 27 A, 5, 2100 København Ø.</td></tr></table>
1484000
-8349000
-8549000
830000
294000
-8013000
266000
1482000
829000
3351000
0
0
964000
-8203000
Årsrapport
33771231
PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab
Strandvejen 44
2900 Hellerup
xWizard version 1.1.1126.0, by EasyX Aps. www.easyx.eu
2020-04-01
2021-03-31
Revisionspåtegning
Grundlag for konklusion
Konklusion
Michael Lisby Jensen
CEO
Jørgen Kjeld Andersen
Chairman
Mogens Jensen
Deputy Chairman
Masatoshi Hitomi
Karl Kristian Nielsen
Sigurd Lilienfeldt
30531000
13154000
988000
-79000
683000
5013000
-2246000
-888000
1096000
115
0.431
0.023
0.739
0.021
33930000
12244000
-1324000
-78000
-1039000
1911000
-1724000
-520000
-1031000
121
0.361
-0.031
0.76
-0.032
41070000
16139000
3479000
-136000
2481000
5883000
-2513000
-936000
-1386000
117
0.393
0.079
0.758
0.078
41932000
15038000
3302000
-298000
1743000
3556000
-2185000
-680000
-1931000
126
0.359
0.08
0.723
0.057
Operating profit/ loss
-2437000
Operating profit/ loss
678000
Operating profit/ loss
-1324000
Operating profit/ loss
3479000
Operating profit/ loss
3302000
44169000
28114000
2669000
51000
0
1434000
4154000
1058000
3098000
381000
135000
4672000
0
0
8826000
16111000
9796000
0
499000
1892000
0
610000
12797000
6435000
35343000
1254000
0
0
-393000
27253000
0
754000
725000
1479000
1259000
1259000
5203000
164000
5475000
0
117000
35000
2323000
13317000
14576000
44169000
61000
42154000
31155000
42767000
32504000
43972000
33348000
41435000
29963000
Change in cash and cash equivalents for the year
-8203000
Change in cash and cash equivalents for the year
3863000
Change in cash and cash equivalents for the year
-844000
Change in cash and cash equivalents for the year
1984000
Change in cash and cash equivalents for the year
-560000
EBITDA
69000
EBITDA
3438000
EBITDA
1358000
EBITDA
6196000
EBITDA
6572000
Depreciations
2506000
Depreciations
2450000
Depreciations
2673000
Depreciations
2717000
Depreciations
2370000
Operating profit/ loss margin ( EBIT)
-0.073
Operating profit/ loss margin ( EBIT)
0.032
Operating profit/ loss margin ( EBIT)
-0.039
Operating profit/ loss margin ( EBIT)
0.085
Operating profit/ loss margin ( EBIT)
0.079
30531000
1662000
13563000
5476000
13154000
9716000
2450000
988000
0
109000
188000
909000
226000
683000
723000
2779000
4185000
746000
188000
4743000
-270000
5013000
1358000
888000
-2246000
1177000
10000
71000
0
1096000
3863000
6988000
3430000
4834000
2875000
2709000
3435000
297000
-1023000
-899000
172000
98000
-1848000
-164000
-1684000
<table xmlns="http://www.w3.org/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="9" align="left" valign="middle" >Statement of Changes in Equity</td></tr><tr><td colspan="9"></td></tr><tr><td width="49%" colspan="2" align="left" valign="middle" >Equity at 1 April</td><td width="7%" align="right" valign="middle" >1.254</td><td width="7%" align="right" valign="middle" >18.675</td><td width="7%" align="right" valign="middle" >592</td><td width="7%" align="right" valign="middle" >0</td><td width="7%" align="right" valign="middle" >9.626</td><td width="7%" align="right" valign="middle" >1.008</td><td width="9%" align="right" valign="middle" >31.155</td></tr><tr><td width="49%" colspan="2" align="left" valign="middle" >Exchange adjustments</td><td width="7%" align="right" valign="middle" >0</td><td width="7%" align="right" valign="middle" >-47</td><td width="7%" align="right" valign="middle" >0</td><td width="7%" align="right" valign="middle" >-346</td><td width="7%" align="right" valign="middle" >0</td><td width="7%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >-393</td></tr><tr><td width="49%" colspan="2" align="left" valign="middle" >Ordinary dividend paid</td><td width="7%" align="right" valign="middle" >0</td><td width="7%" align="right" valign="middle" >0</td><td width="7%" align="right" valign="middle" >0</td><td width="7%" align="right" valign="middle" >0</td><td width="7%" align="right" valign="middle" >0</td><td width="7%" align="right" valign="middle" >-964</td><td width="9%" align="right" valign="middle" >-964</td></tr><tr><td width="49%" colspan="2" align="left" valign="middle" >Ordinary dividend on treasury shares</td><td width="7%" align="right" valign="middle" >0</td><td width="7%" align="right" valign="middle" >0</td><td width="7%" align="right" valign="middle" >0</td><td width="7%" align="right" valign="middle" >0</td><td width="7%" align="right" valign="middle" >44</td><td width="7%" align="right" valign="middle" >-44</td><td width="9%" align="right" valign="middle" >0</td></tr><tr><td width="49%" colspan="2" align="left" valign="middle" >Development projects of the year</td><td width="7%" align="right" valign="middle" >0</td><td width="7%" align="right" valign="middle" >0</td><td width="7%" align="right" valign="middle" >69</td><td width="7%" align="right" valign="middle" >0</td><td width="7%" align="right" valign="middle" >133</td><td width="7%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >202</td></tr><tr><td width="49%" colspan="2" align="left" valign="middle" >Depreciation, amortisation and impairment for the year</td><td width="7%" align="right" valign="middle" >0</td><td width="7%" align="right" valign="middle" >0</td><td width="7%" align="right" valign="middle" >-202</td><td width="7%" align="right" valign="middle" >0</td><td width="7%" align="right" valign="middle" >0</td><td width="7%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >-202</td></tr><tr><td width="49%" colspan="2" align="left" valign="middle" >Net profit/ loss for the year</td><td width="7%" align="right" valign="middle" >0</td><td width="7%" align="right" valign="middle" >-2.926</td><td width="7%" align="right" valign="middle" >0</td><td width="7%" align="right" valign="middle" >0</td><td width="7%" align="right" valign="middle" >1.242</td><td width="7%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >-1.684</td></tr><tr><td width="49%" colspan="2" align="left" valign="middle" >Equity at 31 March</td><td width="7%" align="right" valign="middle" >1.254</td><td width="7%" align="right" valign="middle" >15.702</td><td width="7%" align="right" valign="middle" >459</td><td width="7%" align="right" valign="middle" >-346</td><td width="7%" align="right" valign="middle" >11.045</td><td width="7%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >28.114</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" ></td></tr><tr><td colspan="6"></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Staff expenses</td></tr><tr><td colspan="6"></td></tr><tr><td width="41%" ></td><td width="18%" ></td><td width="9%" ></td><td width="10%" ></td><td width="13%" colspan="1" align="right" valign="middle" >2021/22</td><td width="9%" colspan="1" align="right" valign="middle" >2020/21</td></tr><tr><td width="41%" ></td><td width="18%" ></td><td width="9%" ></td><td width="10%" ></td><td width="13%" colspan="1" align="right" valign="middle" >KEUR</td><td width="9%" colspan="1" align="right" valign="middle" >KEUR</td></tr><tr><td colspan="6"></td></tr><tr><td width="78%" colspan="4" align="left" valign="middle" >Wages and salaries</td><td width="13%" align="right" valign="middle" >3.396</td><td width="9%" align="right" valign="middle" >2.569</td></tr><tr><td width="78%" colspan="4" align="left" valign="middle" >Other social security expenses</td><td width="13%" align="right" valign="middle" >39</td><td width="9%" align="right" valign="middle" >76</td></tr><tr><td width="78%" colspan="4" align="left" valign="middle" >Other staff expenses</td><td width="13%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >1</td></tr><tr><td colspan="6"></td></tr><tr><td width="41%" ></td><td width="18%" ></td><td width="9%" ></td><td width="10%" ></td><td width="13%" align="right" valign="middle" >3.435</td><td width="9%" align="right" valign="middle" >2.646</td></tr><tr><td colspan="6"></td></tr><tr><td width="78%" colspan="4" align="left" valign="middle" >Including remuneration to the Executive Board and Board of Directors</td><td width="13%" align="right" valign="middle" >1.237</td><td width="9%" align="right" valign="middle" >828</td></tr><tr><td colspan="6"></td></tr><tr><td width="78%" colspan="4" align="left" valign="middle" >Average number of employees</td><td width="13%" align="right" valign="middle" >20</td><td width="9%" align="right" valign="middle" >19</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="6" align="left" valign="middle" >Depreciation, amortisation and impairment of intangible assets and property, plant and equipment</td></tr><tr><td colspan="6"></td></tr><tr><td width="78%" colspan="4" align="left" valign="middle" >Amortisation of intangible assets</td><td width="13%" align="right" valign="middle" >260</td><td width="9%" align="right" valign="middle" >22</td></tr><tr><td width="78%" colspan="4" align="left" valign="middle" >Depreciation of property, plant and</td><td width="13%" align="right" valign="middle" >37</td><td width="9%" align="right" valign="middle" >16</td></tr><tr><td width="78%" colspan="4" align="left" valign="middle" >equipment</td><td width="13%" align="right" valign="middle" >297</td><td width="9%" align="right" valign="middle" >38</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="4" align="left" valign="middle" >Income from investment in subsidiaries</td></tr><tr><td colspan="4"></td></tr><tr><td width="51%" ></td><td width="23%" ></td><td width="12%" colspan="1" align="right" valign="middle" >2021/22</td><td width="14%" colspan="1" align="right" valign="middle" >2020/21</td></tr><tr><td width="51%" ></td><td width="23%" ></td><td width="12%" colspan="1" align="right" valign="middle" >KEUR</td><td width="14%" colspan="1" align="right" valign="middle" >KEUR</td></tr><tr><td width="74%" colspan="2" align="left" valign="middle" >Share of profits of subsidiaries</td><td width="12%" align="right" valign="middle" >-899</td><td width="14%" align="right" valign="middle" >1.596</td></tr><tr><td width="74%" colspan="2" align="left" valign="middle" >Change in intercompany profit on inventories purchased within the Group</td><td width="12%" align="right" valign="middle" >0</td><td width="14%" align="right" valign="middle" >-229</td></tr><tr><td width="51%" ></td><td width="23%" ></td><td width="12%" align="right" valign="middle" >-899</td><td width="14%" align="right" valign="middle" >1.367</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" >Financial income</td></tr><tr><td colspan="6"></td></tr><tr><td width="41%" ></td><td width="18%" ></td><td width="9%" ></td><td width="10%" ></td><td width="13%" colspan="1" align="right" valign="middle" >2021/22</td><td width="9%" colspan="1" align="right" valign="middle" >2020/21</td></tr><tr><td width="41%" ></td><td width="18%" ></td><td width="9%" ></td><td width="10%" ></td><td width="13%" colspan="1" align="right" valign="middle" >KEUR</td><td width="9%" colspan="1" align="right" valign="middle" >KEUR</td></tr><tr><td colspan="6"></td></tr><tr><td width="78%" colspan="4" align="left" valign="middle" >Interest received from group enterprises</td><td width="13%" align="right" valign="middle" >26</td><td width="9%" align="right" valign="middle" >44</td></tr><tr><td width="78%" colspan="4" align="left" valign="middle" >Other financial income</td><td width="13%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >0</td></tr><tr><td width="78%" colspan="4" align="left" valign="middle" >Exchange gains</td><td width="13%" align="right" valign="middle" >146</td><td width="9%" align="right" valign="middle" >0</td></tr><tr><td width="41%" ></td><td width="18%" ></td><td width="9%" ></td><td width="10%" ></td><td width="13%" align="right" valign="middle" >172</td><td width="9%" align="right" valign="middle" >44</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="6" align="left" valign="middle" >Financial expenses</td></tr><tr><td colspan="6"></td></tr><tr><td width="59%" colspan="2" align="left" valign="middle" >Other financial expenses</td><td width="9%" align="right" valign="middle" >128</td><td width="10%" align="right" valign="middle" >117</td><td width="13%" align="right" valign="middle" >29</td><td width="9%" align="right" valign="middle" >28</td></tr><tr><td width="78%" colspan="4" align="left" valign="middle" >Exchange loss</td><td width="13%" align="right" valign="middle" >69</td><td width="9%" align="right" valign="middle" >94</td></tr><tr><td width="41%" ></td><td width="18%" ></td><td width="9%" ></td><td width="10%" ></td><td width="13%" align="right" valign="middle" >98</td><td width="9%" align="right" valign="middle" >122</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="6" align="left" valign="middle" >Tax on profit/ loss for the year</td></tr><tr><td colspan="6"></td></tr><tr><td width="59%" colspan="2" align="left" valign="middle" >Current tax for the year</td><td width="9%" align="right" valign="middle" >348</td><td width="10%" align="right" valign="middle" >292</td><td width="13%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >-172</td></tr><tr><td width="78%" colspan="4" align="left" valign="middle" >Deferred tax for the year</td><td width="13%" align="right" valign="middle" >-164</td><td width="9%" align="right" valign="middle" >-93</td></tr><tr><td width="78%" colspan="4" align="left" valign="middle" >Adjustment of tax concerning previous years</td><td width="13%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >-15</td></tr><tr><td width="41%" ></td><td width="18%" ></td><td width="9%" ></td><td width="10%" ></td><td width="13%" align="right" valign="middle" >-164</td><td width="9%" align="right" valign="middle" >-280</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="7" align="left" valign="middle" >Intangible assets</td></tr><tr><td colspan="7"></td></tr><tr><td width="38%" ></td><td width="17%" ></td><td width="9%" ></td><td width="9%" ></td><td width="12%" ></td><td width="6%" ></td><td width="9%" colspan="1" align="right" valign="middle" >KEUR</td></tr><tr><td width="91%" colspan="6" align="left" valign="middle" >Cost at 1 April</td><td width="9%" align="right" valign="middle" >781</td></tr><tr><td width="91%" colspan="6" align="left" valign="middle" >Additions for the year</td><td width="9%" align="right" valign="middle" >89</td></tr><tr><td width="91%" colspan="6" align="left" valign="middle" >Cost at 31 March</td><td width="9%" align="right" valign="middle" >870</td></tr><tr><td width="91%" colspan="6" align="left" valign="middle" >Impairment losses and amortisation at 1 April</td><td width="9%" align="right" valign="middle" >22</td></tr><tr><td width="91%" colspan="6" align="left" valign="middle" >Amortisation for the year</td><td width="9%" align="right" valign="middle" >260</td></tr><tr><td width="91%" colspan="6" align="left" valign="middle" >Impairment losses and amortisation at 31 March</td><td width="9%" align="right" valign="middle" >282</td></tr><tr><td width="91%" colspan="6" align="left" valign="middle" >Carrying amount at 31 March</td><td width="9%" align="right" valign="middle" >588</td></tr><tr><td colspan="7"></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="7" align="left" valign="middle" >Property, plant and equipment</td></tr><tr><td colspan="7"></td></tr><tr><td width="55%" colspan="2" align="left" valign="middle" >Cost at 1 April</td><td width="9%" align="right" valign="middle" >125</td><td width="9%" align="right" valign="middle" >866</td><td width="12%" align="right" valign="middle" >123</td><td width="6%" align="right" valign="middle" >18</td><td width="9%" align="right" valign="middle" >1.132</td></tr><tr><td width="55%" colspan="2" align="left" valign="middle" >Additions for the year</td><td width="9%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >653</td><td width="12%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >653</td></tr><tr><td width="55%" colspan="2" align="left" valign="middle" >Disposals for the year</td><td width="9%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >-18</td><td width="9%" align="right" valign="middle" >-18</td></tr><tr><td width="55%" colspan="2" align="left" valign="middle" >Kostpris at 31 March</td><td width="9%" align="right" valign="middle" >125</td><td width="9%" align="right" valign="middle" >1.519</td><td width="12%" align="right" valign="middle" >123</td><td width="6%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >1.767</td></tr><tr><td colspan="7"></td></tr><tr><td width="55%" colspan="2" align="left" valign="middle" >Impairment losses and depreciation at 1 April</td><td width="9%" align="right" valign="middle" >3</td><td width="9%" align="right" valign="middle" >835</td><td width="12%" align="right" valign="middle" >123</td><td width="6%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >961</td></tr><tr><td width="55%" colspan="2" align="left" valign="middle" >Depreciation for the year</td><td width="9%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >37</td><td width="12%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >37</td></tr><tr><td width="55%" colspan="2" align="left" valign="middle" >Impairment losses and depreciation at 31 March</td><td width="9%" align="right" valign="middle" >3</td><td width="9%" align="right" valign="middle" >872</td><td width="12%" align="right" valign="middle" >123</td><td width="6%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >998</td></tr><tr><td colspan="7"></td></tr><tr><td width="55%" colspan="2" align="left" valign="middle" >Carrying amount at 31 March</td><td width="9%" align="right" valign="middle" >122</td><td width="9%" align="right" valign="middle" >647</td><td width="12%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >769</td></tr><tr><td width="55%" colspan="2" align="left" valign="middle" >Including assets under finance leases amounting to</td><td width="9%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >2</td><td width="12%" align="right" valign="middle" >0</td><td width="6%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >2</td></tr><tr><td colspan="7"></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="7" align="left" valign="middle" >Investments in subsidiaries</td></tr><tr><td colspan="7"></td></tr><tr><td width="38%" ></td><td width="17%" ></td><td width="9%" ></td><td width="9%" ></td><td width="12%" ></td><td width="6%" align="right" valign="middle" >2022</td><td width="9%" align="right" valign="middle" >2021</td></tr><tr><td width="38%" ></td><td width="17%" ></td><td width="9%" ></td><td width="9%" ></td><td width="12%" ></td><td width="6%" colspan="1" align="right" valign="middle" >KEUR</td><td width="9%" colspan="1" align="right" valign="middle" >KEUR</td></tr><tr><td colspan="7"></td></tr><tr><td width="85%" colspan="5" align="left" valign="middle" >Cost at 1 April</td><td width="6%" align="right" valign="middle" >8.047</td><td width="9%" align="right" valign="middle" >8.035</td></tr><tr><td width="85%" colspan="5" align="left" valign="middle" >Exchange adjustment</td><td width="6%" align="right" valign="middle" >-1</td><td width="9%" align="right" valign="middle" >12</td></tr><tr><td width="85%" colspan="5" align="left" valign="middle" >Cost at 31 March</td><td width="6%" align="right" valign="middle" >8.046</td><td width="9%" align="right" valign="middle" >8.047</td></tr><tr><td colspan="7"></td></tr><tr><td width="85%" colspan="5" align="left" valign="middle" >Value adjustments at 1 April</td><td width="6%" align="right" valign="middle" >18.676</td><td width="9%" align="right" valign="middle" >19.375</td></tr><tr><td width="85%" colspan="5" align="left" valign="middle" >Exchange adjustment</td><td width="6%" align="right" valign="middle" >-47</td><td width="9%" align="right" valign="middle" >-2.067</td></tr><tr><td width="85%" colspan="5" align="left" valign="middle" >Net profit/ loss for the year</td><td width="6%" align="right" valign="middle" >-896</td><td width="9%" align="right" valign="middle" >1.596</td></tr><tr><td width="85%" colspan="5" align="left" valign="middle" >Dividend to the Parent Company</td><td width="6%" align="right" valign="middle" >-1.802</td><td width="9%" align="right" valign="middle" >0</td></tr><tr><td width="85%" colspan="5" align="left" valign="middle" >Change in intercompany profit on inventories</td><td width="6%" align="right" valign="middle" >-229</td><td width="9%" align="right" valign="middle" >-229</td></tr><tr><td width="85%" colspan="5" align="left" valign="middle" >Value adjustments at 31 March</td><td width="6%" align="right" valign="middle" >15.702</td><td width="9%" align="right" valign="middle" >18.675</td></tr><tr><td colspan="7"></td></tr><tr><td width="85%" colspan="5" align="left" valign="middle" >Carrying amount at 31 March</td><td width="6%" align="right" valign="middle" >23.748</td><td width="9%" align="right" valign="middle" >26.722</td></tr><tr><td colspan="7"></td></tr><tr><td width="100%" colspan="7" align="left" valign="middle" >Investments in subsidiaries are specified as follows</td></tr><tr><td colspan="7"></td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Name</td><td width="17%" colspan="1" align="right" valign="middle" >Place of registered office</td><td width="9%" colspan="1" align="right" valign="middle" >Share capital</td><td width="9%" colspan="1" align="right" valign="middle" >Votes and ownership</td><td width="12%" colspan="1" align="right" valign="middle" >Equity</td><td width="6%" colspan="1" align="right" valign="middle" >Net profit/ loss for the year</td><td width="9%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >JAI Ltd.</td><td width="17%" colspan="1" align="right" valign="middle" >Yokohama City, Japan</td><td width="9%" colspan="1" align="right" valign="middle" >KJPY 90,000</td><td width="9%" align="right" valign="middle" >100%</td><td width="12%" align="right" valign="middle" >17.270</td><td width="6%" align="right" valign="middle" >-1.824</td><td width="9%" ></td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >JAI Inc.</td><td width="17%" colspan="1" align="right" valign="middle" >California, USA</td><td width="9%" colspan="1" align="right" valign="middle" >KUSD 3,000</td><td width="9%" align="right" valign="middle" >100%</td><td width="12%" align="right" valign="middle" >6.442</td><td width="6%" align="right" valign="middle" >852</td><td width="9%" ></td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >JAI Aviation ApS</td><td width="17%" colspan="1" align="right" valign="middle" >Valby, Denmark</td><td width="9%" colspan="1" align="right" valign="middle" >KDKK 200</td><td width="9%" align="right" valign="middle" >100%</td><td width="12%" align="right" valign="middle" >316</td><td width="6%" align="right" valign="middle" >27</td><td width="9%" ></td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >JAI Singapore</td><td width="17%" colspan="1" align="right" valign="middle" >Singapore</td><td width="9%" colspan="1" align="right" valign="middle" >KEUR 0</td><td width="9%" align="right" valign="middle" >100%</td><td width="12%" align="right" valign="middle" >-52</td><td width="6%" align="right" valign="middle" >49</td><td width="9%" ></td></tr><tr><td width="38%" ></td><td width="17%" ></td><td width="9%" ></td><td width="9%" ></td><td width="12%" align="right" valign="middle" >23.976</td><td width="6%" align="right" valign="middle" >-896</td><td width="9%" ></td></tr><tr><td colspan="7"></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="5"></td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Inventories</td><td width="11%" align="right" valign="middle" >2022</td><td width="17%" align="right" valign="middle" >2021</td></tr><tr><td width="43%" ></td><td width="19%" ></td><td width="10%" ></td><td width="11%" colspan="1" align="right" valign="middle" >KEUR</td><td width="17%" colspan="1" align="right" valign="middle" >KEUR</td></tr><tr><td colspan="5"></td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Raw materials and consumables</td><td width="11%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >0</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Work in progress</td><td width="11%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >0</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Finished goods and goods for resale</td><td width="11%" align="right" valign="middle" >275</td><td width="17%" align="right" valign="middle" >93</td></tr><tr><td width="43%" ></td><td width="19%" ></td><td width="10%" ></td><td width="11%" align="right" valign="middle" >275</td><td width="17%" align="right" valign="middle" >93</td></tr><tr><td colspan="5"></td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="5"></td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Deferred tax</td><td width="11%" align="right" valign="middle" >2022</td><td width="17%" align="right" valign="middle" >2021</td></tr><tr><td width="43%" ></td><td width="19%" ></td><td width="10%" ></td><td width="11%" colspan="1" align="right" valign="middle" >KEUR</td><td width="17%" colspan="1" align="right" valign="middle" >KEUR</td></tr><tr><td colspan="5"></td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Deferred tax at 1 April</td><td width="11%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >0</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Amounts recognised in the income statement for the year</td><td width="11%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >0</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Exchange rate adjustment</td><td width="11%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >0</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Deferred tax at 31 March</td><td width="11%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Deferred tax asset</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The presentation of the Annual Report involves a calculation of the carrying amount of certain assets and liabilities which is subject to various assessments, estimates and assumptions about future events. These are often based on factors that in certain circumstances are considered reasonable and correct by Company Management at the time of reporting. In the nature of the case, however, these factors are often associated with some degree of uncertainty and unpredictability.</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >A deferred tax asset of a total value of EUR 1,892k (2021: EUR 1,543k) is recognised in the Financial Statements. The tax asset is recognised to the extent that it is considered probable that the tax asset may be realised within the foreseeable future. The recognised deferred tax asset is based on the Company's budget for the financial year 2022/23 and the forecasts for the following two financial years.</td></tr><tr><td colspan="5"></td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="5"></td></tr><tr><td width="43%" ></td><td width="19%" ></td><td width="10%" ></td><td width="11%" align="right" valign="middle" >2022</td><td width="17%" align="right" valign="middle" >2021</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Other provisions</td><td width="11%" colspan="1" align="right" valign="middle" >KEUR</td><td width="17%" colspan="1" align="right" valign="middle" >KEUR</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The Company provides warranties of 3 years on its products and is therefore obliged to repair or replace goods which are not satisfactory. Based on previous experience in respect of the level of repairs and returns, other provisions of 385 kEUR (2020: kEUR 413) have been recognised for expected warranty claims.</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The Company provides a one time payment to employees in Japan, who have been employed more than 3 years, when they leave the Company. This is regarded as retirement benefit obligation.</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Warranty obligations</td><td width="11%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >0</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Retirement Benefit Obligation</td><td width="11%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >0</td></tr><tr><td width="43%" ></td><td width="19%" ></td><td width="10%" ></td><td width="11%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The provisions are expected to mature as follows</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Between 1 and 5 years</td><td width="11%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >0</td></tr><tr><td width="43%" ></td><td width="19%" ></td><td width="10%" ></td><td width="11%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" >Long- term debt</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Payments due within 1 year are recognised in short-term debt. Other debt is recognised in long-term debt.</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The debt falls due for payment as specified below</td></tr><tr><td colspan="5"></td></tr><tr><td width="43%" ></td><td width="19%" ></td><td width="10%" ></td><td width="11%" align="right" valign="middle" >2022</td><td width="17%" align="right" valign="middle" >2021</td></tr><tr><td width="43%" ></td><td width="19%" ></td><td width="10%" ></td><td width="11%" colspan="1" align="right" valign="middle" >KEUR</td><td width="17%" colspan="1" align="right" valign="middle" >KEUR</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Credit institutions</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Between 1 and 5 years</td><td width="11%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >0</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Long- term part</td><td width="11%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Within 1 year</td><td width="11%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Other short- term debt to credit</td><td width="11%" align="right" valign="middle" >912</td><td width="17%" align="right" valign="middle" >0</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >institutions</td><td width="11%" align="right" valign="middle" >912</td><td width="17%" align="right" valign="middle" >0</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Short- term part</td><td width="11%" align="right" valign="middle" >912</td><td width="17%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="5"></td></tr><tr><td width="43%" ></td><td width="19%" ></td><td width="10%" ></td><td width="11%" align="right" valign="middle" >2022</td><td width="17%" align="right" valign="middle" >2021</td></tr><tr><td width="43%" ></td><td width="19%" ></td><td width="10%" ></td><td width="11%" colspan="1" align="right" valign="middle" >KEUR</td><td width="17%" colspan="1" align="right" valign="middle" >KEUR</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Contingent assets, liabilities and other financial obligations</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Rental and lease obligations</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Lease obligations under operating</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >leases. Total future lease payments</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Rental obligations</td><td width="11%" align="right" valign="middle" >93</td><td width="17%" align="right" valign="middle" >87</td></tr><tr><td width="72%" colspan="3" align="left" valign="middle" >Lease obligations</td><td width="11%" align="right" valign="middle" >98</td><td width="17%" align="right" valign="middle" >106</td></tr><tr><td width="43%" ></td><td width="19%" ></td><td width="10%" ></td><td width="11%" align="right" valign="middle" >191</td><td width="17%" align="right" valign="middle" >193</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Other contingent liabilities</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The danish group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The total amount of corporation tax payable is disclosed in the Annual Report of JAI Group Holding ApS, which is the management company of the joint taxation purposes. Moreover, the danish group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company’s liability. The Parent Company has provided absolute guarantee for the subsidiary, JAI Aviation ApS', bank institution.</td></tr><tr><td colspan="5"></td></tr></table>
5758000
2629000
4099000
2490000
1798000
2646000
38000
-886000
1367000
44000
122000
403000
-280000
683000
4292000
97000
0
40000
4429000
1162000
2866000
597000
314000
4939000
0
0
9368000
7857000
7169000
0
416000
1543000
670000
554000
10352000
14577000
32786000
42154000
1254000
0
0
0
28893000
1008000
31155000
1550000
788000
2338000
2468000
2468000
643000
144000
2933000
0
293000
29000
2151000
6193000
8661000
42154000
-637000
588000
0
0
0
588000
122000
647000
0
0
769000
23748000
23748000
25105000
275000
1594000
1624000
38000
481000
0
166000
3903000
1065000
5243000
30348000
1254000
15702000
459000
-346000
11045000
0
28114000
0
0
0
0
0
912000
0
446000
30000
0
0
846000
2234000
2234000
30348000
759000
0
0
0
759000
122000
31000
0
18000
171000
26722000
26722000
27652000
93000
856000
1788000
181000
317000
172000
199000
3513000
2458000
6064000
33716000
1254000
18675000
592000
0
9626000
1008000
31155000
0
0
0
0
0
0
0
584000
1288000
0
0
689000
2561000
2561000
33716000
0
1008000
-2926000
1367000
1242000
-1692000
Net profit/ loss for the year
-1684000
Net profit/ loss for the year
683000
14577000
11351000
PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab
DK-2900
Hellerup
Strandvejen
44
33771231
Flemming Eghoff
State Authorized Public Accountant
mne30221
Mads Blichfeldt Fjord
State Authorized Public Accountant
mne46065
33771231
PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab