xbrli:pureiso4217:DKK420198872021-01-012021-12-31gsd:RegisteredReportingPeriodDeviatingFromReportedReportingPeriodDueArbitraryDatesMembercmn:ConsolidatedMember420198872021-01-012021-12-31cmn:ConsolidatedMember420198872021-01-012021-12-311cmn:ConsolidatedMember420198872021-01-012021-12-311cmn:ConsolidatedMember420198872021-01-012021-12-311420198872021-01-012021-12-312420198872021-01-012021-12-313420198872021-01-012021-12-314420198872021-01-012021-12-315420198872021-01-012021-12-312cmn:ConsolidatedMember420198872021-01-012021-12-31420198872021-01-012021-12-31fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMembercmn:ConsolidatedMember420198872021-01-012021-12-31fsa:RetainedEarningsMembercmn:ConsolidatedMember420198872021-01-012021-12-31fsa:EquityAttributableToParentMembercmn:ConsolidatedMember420198872021-01-012021-12-31fsa:MinorityInterestsMembercmn:ConsolidatedMember420198872021-01-012021-12-31fsa:RetainedEarningsMembercmn:ConsolidatedMember420198872021-01-012021-12-31fsa:MinorityInterestsMembercmn:ConsolidatedMember420198872021-01-012021-12-31fsa:RetainedEarningsMember420198872021-01-012021-12-31fsa:RetainedEarningsMember420198872021-12-31cmn:ConsolidatedMember420198872021-12-31420198872021-12-31fsa:ContributedCapitalMembercmn:ConsolidatedMember420198872021-12-31fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMembercmn:ConsolidatedMember420198872021-12-31fsa:RetainedEarningsMembercmn:ConsolidatedMember420198872021-12-31fsa:EquityAttributableToParentMembercmn:ConsolidatedMember420198872021-12-31fsa:MinorityInterestsMembercmn:ConsolidatedMember420198872021-12-31fsa:ContributedCapitalMember420198872021-12-31fsa:RetainedEarningsMember420198872021-01-012021-12-31fsa:ContributedCapitalMembercmn:ConsolidatedMember420198872021-01-012021-12-31fsa:ContributedCapitalMember420198872021-01-012021-12-311cmn:ConsolidatedMember420198872021-01-012021-12-312cmn:ConsolidatedMember420198872021-01-012021-12-311cmn:ConsolidatedMember420198872021-01-012021-12-312cmn:ConsolidatedMember420198872021-01-012021-12-31fsa:ShorttermDeferredIncomeMembercmn:ConsolidatedMember2021-12-312021-12-31Grundlag for konklusionKonklusion2022-06-302022-06-3033963556Deloitte Statsautoriseret RevisionspartnerselskabRevisionspåtegningRegnskabsklasse C, stor virksomhed33963556Weidekampsgade 6Deloitte Statsautoriseret Revisionspartnerselskab2300 København S2021-01-01AX VI INV3 Holding ApS42019887ÅrsrapportKøbenhavn S23006WeidekampsgadeHvidovreHvidovre26505<br /><br />157StamholmenThe Board of Directors and the Executive Board have today considered and approved the annual report of AX VI INV3 Holding ApS for the financial year 01.01.2021 - 31.12.2021.The annual report is presented in accordance with the Danish Financial Statements Act.In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 31.12.2021 and of the results of their operations and the consolidated cash flows for the financial year 01.01.2021 - 31.12.2021.We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.We recommend the annual report for adoption at the Annual General Meeting.HvidovreAnders Fredrik GratteEva Marika FredrikssonChristian Bamberger BroSøren Nordal RodePetra JennerChristoffer Arthur MüllerChairmanTo the shareholders of AX VI INV3 Holding ApSWe have audited the consolidated financial statements and the parent financial statements of AX VI INV3 Holding ApS for the financial year 01.01.2021 - 31.12.2021, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for the Group as well as the Parent, and the consolidated cash flow statement. The consolidated financial statements and the parent financial statements are prepared in accordance with the Danish Financial Statements Act. ​ ​In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 31.12.2021 and of the results of their operations and the consolidated cash flows for the financial year 01.01.2021 - 31.12.2021 in accordance with the Danish Financial Statements Act.We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further ​described in the "Auditor’s responsibilities for the audit of the consolidated financial statements and the parent financial statements" section of this auditor’s 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.Management is responsible for the preparation of consolidated financial statements and parent 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 consolidated financial statements and parent financial statements that are free from material misstatement, ​whether due to fraud or error. ​ ​In preparing the consolidated financial statements and the parent financial statements, Management is responsible for assessing the Group's and the Entity’s ability to continue ​as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going ​concern basis of accounting in preparing the consolidated financial statements and the parent financial statements unless Management either intends to liquidate ​the Entity or to cease operations, or has no realistic alternative but to do so.Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and the parent 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 consolidated financial statements and parent financial statements. ​ ​As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, ​we exercise professional judgement and maintain professional scepticism throughout the audit. We also:<br />Identify and assess the risks of material misstatement of the consolidated financial statements and the parent financial statements, whether due to ​fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence ​that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a ​material misstatement resulting from fraud is higher than for one resulting from error, as fraud may ​involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. <br />Obtain an understanding of internal control relevant to the audit in order to design audit procedures ​that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the ​effectiveness of the Group's and the Entity’s internal control. <br />Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates ​and related disclosures made by Management. <br />Conclude on the appropriateness of Management’s use of the going concern basis of accounting in ​preparing the consolidated financial statements and the parent 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 Entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to ​draw attention in our auditor’s report to the related disclosures in the consolidated financial statements and the parent 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 ​Entity to cease to continue as a going concern. <br />Evaluate the overall presentation, structure and content of the consolidated financial statements and the parent financial statements, including the disclosures ​in the notes, and whether the consolidated financial statements and the parent financial statements represent the underlying transactions and ​events in a manner that gives a true and fair view.<br />We communicate with those charged with governance regarding, among other matters, the planned scope ​and timing of the audit and significant audit findings, including any significant deficiencies in internal control ​that we identify during our audit.Management is responsible for the management commentary. ​ ​Our opinion on the consolidated financial statements and the parent financial statements does not cover the management commentary, and we do not express ​any form of assurance conclusion thereon. ​ ​In connection with our audit of the consolidated financial statements and the parent financial statements, our responsibility is to read the management ​commentary and, in doing so, consider whether the management commentary is materially inconsistent with ​the consolidated financial statements and the parent financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. ​Moreover, it is our responsibility to consider whether the management commentary provides the information ​required under the Danish Financial Statements Act.<br />Based on the work we have performed, we conclude that the management commentary is in accordance with ​the consolidated financial statements and the parent financial statements and has been prepared in accordance with the requirements of the Danish Financial ​Statements Act. We did not identify any material misstatement of the management commentary.HvidovreBill Haudal PedersenBrian Schmit Jensenmne30131mne40050State Authorised Public AccountantState Authorised Public AccountantFinancial highlights2021 DKK'000Key figuresRevenue830,878Gross profit/loss61,522Operating profit/loss(36,261)Net financials(18,389)Profit/loss for the year(54,240)Profit for the year excl . minority interests(54,652)Balance sheet total3,164,025Investments in property, plant and equipment66,984Equity1,207,965Equity excl. minority interests1,174,603Cash flows from operating activities126,882Cash flows from investing activities(1,960,196)Cash flows from financing activities2,070,421RatiosGross margin (%)7.40Net margin (%)(6.53)Equity ratio (%)37.12This is the Group's first year of presenting financial statements, and therefore no comparative figures are to be disclosed.Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark.Gross margin (%) :​Gross profit/loss * 100 ​RevenueNet margin (%) : Profit/loss for the year * 100 ​RevenueEquity ratio (%) :​Equity excl. minority interests * 100 ​Balance sheet totalPrimary activitiesThe Parent's main activity is to hold shares in ProData Group. The Group is a full-service IT provider, capable of facilitating any client on a 360-degree service journey: from local expert consultancy augmentation of client teams, to setting up nearshore teams, to vendor consolidation, to managed teams and value-based pricing services in advanced, agile delivery models.Development in activities and financesIt is the Group's first financial year, and therefore no comparative figures are included. The shares in the subsidiaries was acquired on August 31, and therefore no activity, besides the Parent before this date. ​The Parent has no activities besides the activity from ProData Consult A/S, why the following are based on information from ProData Consult A/S.OutlookProData Group strive to reach the 4 billion DKK mark in 2022. With a strong performance in 2021, we have entered 2022 with the same momentum. We have outlined a very ambitious plan for the coming year, and we intend to keep up the strong performance and the growth rates we have seen from the Group in the past years. In 2021, we invested in strengthening the Group’s ability to grow and scale both in terms of IT platform, organisation, compliance, shared service center, and ESG. We will continue these investments in 2022 as well as invest further into cyber security, brand awareness, and employer branding. Over the next years, we expect to harvest synergies both in terms of cross-border sales and nearshore sales to newly acquired markets and cost via further efficiency, streamlining, and automation of processes. The first five months of 2022 have already exceeded our expectations in all markets, confirming that our very ambitious growth targets are realistic. Despite our considerable size, we can still maintain double-digit organic growth, and our pipeline supports our confidence in our ability to fulfill our plans. At the same time, we have eyes on several potential strategic acquisitions, which will further enhance our international footprint and position. The Group has also launched several strategic initiatives to increase client services, revenue, and profitability. The first five months and pipeline indicate that the Group’s 2021 organic growth rates of 26% (proforma 20%) will continue in 2022. Therefore, the Group expects to deliver organic growth in 2022 in the range of 10-20% and an adjusted EBITDA margin above 6,5%. Backed by our owners Axcel, we have a very strong position and setup from which we can further grow. Use of financial instrumentsOverall, the Group does not apply financial instruments. Besides industry-specific risks, the Group is exposed to the following risks: Market risks As stated in the Outlook section, above, the Group demonstrated great resilience and robustness in the challenging 2021 market. Although Management considers the Group to be downside protected in many ways, the Group is not invulnerable to recessions. Should the economies of its core markets experience accelerated negative economic growth, the Group’s financial results may be affected. Accelerating inflation and the escalating conflict in Ukraine are factors that may impact the European economy, and by extension, client demand and the Group’s 2022 performance. Currency risks The Group is exposed to currency fluctuations, mainly from EUR, GBP, PLN, SEK and NOK. The combined risk is currently at a level where hedging is not deemed financially viable. Exchange rate fluctuations related to the translation of the result and intercompany balance of foreign subsidiaries at the balance sheet date constitute a risk. The Group does not hedge this type of risk. Interest rate risks The Group’s senior debt (in AX VI INV3 Holding ApS) and credit lines are based on floating interest rates. To mitigate potential increases, the Group has entered into an agreement that caps the interest rate related to approx. 80% of the senior debt for the period until December 2024. Credit risks The Group’s credit risks related to trade receivables are included in the balance sheet. Employee risk The right skills and adequate experience are vital. Therefore, it is important that the Group continues to attract, retain, and develop skilled employees. Failure to do so may negatively impact the Group’s expected development. Supplier risk Access to the right skills and adequate experience is vital. Therefore, it is important that the Group continues to attract and retain the best knowledge resources. Failure to do so has the potential to negatively impact the Group’s expected development. IT risk The Group depends on Information Technology to manage critical business processes, such as sales and project sourcing, as well as administrative and financial functions. The Group uses IT systems for internal purposes, and externally for its clients and consultants. The Group takes extensive precautions to reduce the risk of IT system disruptions caused by both internal and external factors, and has detailed processes in place to guarantee this. Extensive disruptions of IT systems could have an adverse effect on the Group. Knowledge resourcesThe Group is constantly competing to attract and retain the best knowledge resources in the market for its core business of delivering business and IT-related development, operations, and management. Despite the fierce competition, the Group is experiencing a continually increasing volume of applicants with the necessary skills. Internally, the common IT platform and standardized processes ensure that the Group employees’ knowledge is shared and documented. Therefore, the Group’s vulnerability related to individual employees’ knowledge is limited.Research and development activitiesThe Group continuously invests in the development of its central IT platform, which is a key lever in the Group’s continued successful development. The Group has no research activities.Statutory report on corporate social responsibilityThe Group has published the second seperate statutory report on ESG, which presents our materiality assessment of our key focus areas, our initiatives and ESG risk management, among other things. During 2021, the Group became a signatory to the UN Global Compact, and this report constitutes our Communication on Progress. The Group has been a member of the UN Global Compact initiative since 2014. The UN Global Compact is the world’s largest initiative for corporate social responsibility (CSR). The UN launched this international initiative to involve private companies in addressing the social and environmental challenges presented by globalization. The UN Global Compact makes it possible for companies all over the world to take an active part in addressing these challenges. As a member of the UN Global Compact initiative, the Group reports annually on its progress in implementing the initiative’s 10 principles in the areas of human rights, labour rights, the environment, and anti-corruption activities. To ensure transparency, the report is published on the UN Global Compact website. As an official member of the UN Global Compact initiative, the Group sends a signal to all our stakeholders that we endorse, and work to contribute to, the implementation of the Global Compact initiative. On an ongoing basis, the Group evaluates whether its clients violate human rights. In 2021, the Group updated its ESG Strategy (Including its ESG commitment, which was approved by Management and the Board of Directors). In 2021 an ESG impact assessment (risk assessment) was performed, and measures to manage adverse impact have been implemented, in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). In 2020 the Group launched a new website – [Our Responsibility]. This website describes ESG actions and KPIs, and provides access to remedy through a whistle-blower scheme, if anonymous reporting is warranted, or through a dialogue website [Get in touch], for open dialogue. In 2020 the Group became ISO 14001 certified, to ensure consistency and compliance with environmental protection and processes. And in 2021, we began implementing ISO 50001 (Energy Management) to ensure systematism, quality, management focus, and forward momentum in our energy and climate efforts. Though risks related to human rights, the environment, and climate may seem limited, owing to the Group's business model and policies, we have increased our focus on ESG, and defined a common approach to the way we operate within each of the ESG areas and their focuses. We have created a governance structure that consists of key employees from all countries to ensure that activities and events are being implemented. As previously described, the Group dedicated extensive and continuous efforts to CSR/ESG in 2021, and no violations of human rights were detected in 2021. The statutory report on ESG also represents our statutory statement on social responsibility and gender equality, in accordance with section 99a of the Danish Financial Statements Act. This report may be found on our website, where our account of ProData Consult’s data ethics policy is also available, in accordance with section 99d of the Danish Financial Statements Act: https://prodataconsult.com/about-us/ our-reponsibility. Statutory report on the underrepresented genderThe underrepresented gender, Board of Directors At present, the gender distribution of the Board of Directors is 40% female and 60% male. The Board of Directors have the goal of including at least 50% of the underrepresented gender by 2025. The underrepresented gender, Management The Group's general policy is to employ and promote the most qualified people, regardless of gender, and to give equal access to leadership positions to all qualified candidates. To facilitate this, at least one female applicant must be invited to all job interviews, assuming qualified female applicants are available. The representation of women in leadership positions and with personnel management responsibility end of 2021 was 25%. Plans have been laid out to increase this number.The statutory report on ESG also represents our statutory statement on social responsibility and gender equality, ​in accordance with section 99a of the Danish Financial Statements Act. This report may be found on our website, where our account of ProData Group's data ethics policy is also available, in accordance with section 99d of ​​the Danish Financial Statements Act: https://prodataconsult.com/about-us/ our-reponsibility/Statutory report on data ethics policyThe statutory report on ESG also represents our statutory statement on social responsibility and gender equality, in accordance with section 99a of the Danish Financial Statements Act. This report may be found on our website, where our account of ProData Group’s data ethics policy is also available, in accordance with section 99d of the Danish Financial Statements Act: https://prodataconsult.com/about-us/ our-reponsibility/Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. 8308780004090000708243000611130002921000061522000-251200004666500023130005111800040000-36261000-27473000196000028010002034900012139000-54650000-58123000-410000-3472000-542400000-54652000-54652000412000-54652000412000-54651000-54651000-5465100033169000429636000706610001347400017347630002281703000530400011800005400600067800060490000678000312000264000029520001627801000234514500016284790005388520004994000314100035467000349400034720003472000841000133000581773000622211000237107000977000818880000623188000316402500022516670004000040000-63600011751990001174563000117460300033362000120796500040000-63600011751990001174603000333620001174603000400001174563000115994000115994000102273800010227390003770700044700029430001993000106338800010251790003822500038250001781000023300056051100082000060005354000150343000470070004429000776678000518850001840066000107706400031640250002251667000400000400000400004000004000000003295000032950000012298510001229851000012298510000122985100012298510000-6360000-6360000-6360000-637000-63700051118000131544000-6370001457640001960000-13353000-7021000-468000126882000-382000-1270000201000-1954217000Investment in financial assetsCapitalised development costs-138000-4390000-1960196000-18333140001089408000-134000-2113090001229899000Loan costsRepayment of lease liabilities-29433000-801000020704210002371070002371070001 Events after the balance sheet dateNo events significantly impacting the Company’s and the Group’s financial statements have occurred subsequent to the financial year-end.1 Events after the balance sheet dateNo events significantly impacting the Company’s and the Group’s financial statements have occurred ​subsequent to the financial year-end.2 Revenue2021 DKK'000Denmark390,635Other countries440,243Total revenue by geographical market830,878IT Consultancy830,878Total revenue by activity 830,8782 Revenue2021 DKK'000Denmark4,090Total revenue by geographical market4,090IT Consultancy4,090Total revenue by activity 4,0903 Fees to the auditor appointed by the Annual General Meeting2021 DKK'000Statutory audit services290Tax services30Other services253454 Staff costs2021 DKK'000Wages and salaries42,056Pension costs2,567Other social security costs1,872Other staff costs17046,665Average number of full-time employees199Remuneration ​of ​manage- ment 2021 DKK'000Total amount for management categories1,2891,289Pursuant to Section 98b(iii) of the Danish Financial Statements Act, remuneration to the members of the Executive Board and Management is disclosed in total.3 Staff costs2021 DKK'000Wages and salaries2,197Pension costs76Other social security costs2Other staff costs382,313Average number of full-time employees1Remuneration ​of Manage- ment 2021 DKK'000Total amount for management categories1,2891,289Pursuant to Section 98b(iii) of the Danish Financial Statements Act, remuneration to the members of the Executive Board and Management is disclosed in total.1991Remuneration ​of ​manage- ment 2021 DKK'000Total amount for management categories1,2891,289Remuneration ​of Manage- ment 2021 DKK'000Total amount for management categories1,2891,289128900012890005 Depreciation, amortisation and impairment losses2021 DKK'000Amortisation of intangible assets45,420Depreciation on property, plant and equipment6,595Profit/loss from sale of intangible assets and property, plant and equipment(897)51,1184 Depreciation, amortisation and impairment losses2021 DKK'000Depreciation on property, plant and equipment40406 Other financial income2021 DKK'000Other interest income1Exchange rate adjustments1,9591,9605 Other financial income2021 DKK'000Financial income from group enterprises2,796Exchange rate adjustments52,8017 Other financial expenses2021 DKK'000Other interest expenses13,822Other financial expenses6,52720,3492021 DKK'000Other interest expenses13,822Other financial expenses6,52720,349<br />6 Other financial expenses2021 DKK'000Other interest expenses11,030Other financial expenses1,10912,139<br />2021 DKK'000Other interest expenses11,030Other financial expenses1,10912,1398 Tax on profit/loss for the year2021 DKK'000Current tax3,404Change in deferred tax(3,814)(410)7 Tax on profit/loss for the year2021 DKK'000Current tax(3,472)(3,472)9 Proposed distribution of profit/loss2021 DKK'000Retained earnings(54,652)Minority interests' share of profit/loss412(54,240)8 Proposed distribution of profit and loss2021 DKK'000Retained earnings(54,651)(54,651)10 Intangible assetsCompleted development projects DKK'000Acquired intangible assets DKK'000Acquired trademarks DKK'000Acquired rights DKK'000Goodwill DKK'000Addition through business combinations etc30,157442,58571,25513,3421,765,012Additions4,390003820Cost end of year34,547442,58571,25513,7241,765,012Amortisation for the year(1,378)(12,949)(594)(250)(30,249)Amortisation and impairment losses end of year(1,378)(12,949)(594)(250)(30,249)Carrying amount end of year33,169429,63670,66113,4741,734,763Completed development projects DKK'000Acquired intangible assets DKK'000Acquired trademarks DKK'000Acquired rights DKK'000Goodwill DKK'000Addition through business combinations etc30,157442,58571,25513,3421,765,012Additions4,390003820Cost end of year34,547442,58571,25513,7241,765,012Amortisation for the year(1,378)(12,949)(594)(250)(30,249)Amortisation and impairment losses end of year(1,378)(12,949)(594)(250)(30,249)Carrying amount end of year33,169429,63670,66113,4741,734,76311 Development projectsDevelopments projects comprises to the development of the internal IT sales platform ProManagement. ProManagement are showing the full expected benefits, and therefore no indication of impairment has been identified.12 Property, plant and equipmentOther fixtures and fittings, tools and equipment DKK'000Leasehold improvements DKK'000Leased assets DKK'000Addition through business combinations etc5,4251,23635,425Exchange rate adjustments00123Additions1,16610423,628Disposals(415)(1,426)(420)Cost end of year6,176(86)58,756Depreciation for the year(1,283)(142)(5,170)Reversal regarding disposals4111,408420Depreciation and impairment losses end of year(872)1,266(4,750)Carrying amount end of year5,3041,18054,0069 Property, plant and equipmentLeased assets DKK'000Additions718Cost end of year718Depreciation for the year(40)Depreciation and impairment losses end of year(40)Carrying amount end of year67813 Financial assetsOther investments DKK'000Additions312Cost end of year312Carrying amount end of year31210 Financial assetsInvestments in group enterprises DKK'000Additions1,649,749Cost end of year1,649,749Exchange rate adjustments(637)Amortisation of goodwill(25,036)Share of profit/loss for the year3,725Revaluations end of year(21,948)Carrying amount end of year1,627,801A specification of investments in subsidiaries is evident from the notes to the consolidated financial statements. The carrying amount of goodwill amounts to DKK '000 1.366.468 14 Deferred tax ​Changes during the year2021 DKK'000Recognised in the income statement3,814Acquisition of business(116,667)End of year(112,853)Deferred tax has been recognised in the balance sheet as follows2021 DKK'000 Deferred tax assets3,141 Deferred tax liabilities(115,994)(112,853)Deferred tax primarily relates to intangible assets and property, plant and equipment.​Deferred tax assetsDeferred tax assets primarily relate to temporary differences. Management considers it likely that there will be future taxable income against which tax deductions can be offset.15 PrepaymentsPrepayments primarily consists of prepayments of insurance premiums.11 PrepaymentsPrepayments primarily consists of prepayments of insurance premiums.16 Contributed capitalNumberNominal ​value DKK'000Share capital4,025,485404,025,48540The share capital comprises 4,025,485 shares of DKK 0,01 each.17 Non-current liabilities other than provisionsDue after more than 12 months 2021 DKK'000Mortgage debt1,022,738Lease liabilities37,707Other payables2,9431,063,38812 Non-current liabilities other than provisionsDue after more than 12 months 2021 DKK'000Mortgage debt1,022,739Lease liabilities447Other payables1,9931,025,17918 Deferred incomeDeferred income consists of up-front payments from customers. 19 Changes in working capital2021 DKK'000Increase/decrease in receivables15,414Increase/decrease in trade payables etc.107,785Other changes8,345131,54420 Contingent liabilitiesThe Parent and the Danish subsidiaries participate in a Danish joint taxation arrangement in which AX VI INV3 Holding III ApS serves as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Parent and the Danish subsidiaries are therefore liable for income taxes etc. for the jointly taxed entities, and also for obligations, if any, relating to the withholding of tax on interest, royalties and dividends for the jointly taxed entities. The jointly taxed entities' total known net liability under the joint taxation arrangement is disclosed in the administration company's financial statements.13 Contingent liabilitiesThe Entity participates in a Danish joint taxation arrangement in which AX VI INV3 Holding III ApS serves as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity is therefore liable for income taxes etc. for the jointly taxed entities, and also for obligations, if any, relating to the withholding of tax on interest, royalties and dividends for the jointly taxed entities. The jointly taxed entities' total known net liability under the joint taxation arrangement is disclosed in the administration company's financial statements.21 Assets charged and collateralThe shares in ProData Consult A/S as well as certain subsidiaries in Poland, Sweden and emagine Group have been pledged as security for the senior facility agreement entered into by AX VI INV3 Holding ApS. Further, a floating charge of DKK 25 million in the assets of ProData Consult A/S, and EUR 20 thousand in the assets of the subsidiary in the Netherlands has been provided. The Polish subsidiary has provided payment guarantees for a total of PLN 0.25 million and EUR 1,1 million. The ProData companies in Denmark, Norway, Sweden and Poland are part of a cash pool agreement with a credit limit of DKK 75 million. The ProData companies in Denmark, Sweden, Poland and emagine Group have made a guarantee on a jointly basis towards the credit institution. AX VI INV3 Holding ApS, P-ProData 2018 A/S, ProData Holding A/S, ProData BidCo A/S and ProData Consult A/S and its subsidiaries jointly guarantee as obligor for any amounts due under the senior facility agreement. 14 Assets charged and collateralThe shares in ProData Consult A/S as well as certain subsidiaries in Poland, Sweden and emagine Group have ​been pledged as security for the senior facility agreement entered into by AX VI INV3 Holding ApS. Further, a floating charge of DKK 25 million in the assets of ProData Consult A/S, and EUR 20 thousand in the assets of the subsidiary in the Netherlands has been provided. The Polish subsidiary has provided payment guarantees for a total of PLN 0.25 million and EUR 1,1 million. The ProData companies in Denmark, Norway, Sweden and Poland are part of a cash pool agreement with a credit limit of DKK 75 million. ​The ProData companies in Denmark, Sweden, Poland and emagine Group have made a guarantee on a jointly ​basis towards the credit institution. AX VI INV3 Holding ApS, P-ProData 2018 A/S, ProData Holding A/S, ProData ​BidCo A/S and ProData Consult A/S and its subsidiaries jointly guarantee as obligor for any amounts due under ​the senior facility agreement. AX VI INV3 Holding ApS has provided surety for ProData Consult A/S, ProData Bidco A/S, P-ProData 2018 A/S and ProData Holding's facilities with Danske Bank. The maximum limit of the surety amounts to DKK '000 54.167. 22 Non-arm’s length related party transactionsOnly non-arm's length related party transactions are disclosed in the annual report.​ No such transactions were conducted during the financial year.16 Non-arm’s length related party transactionsOnly non-arm's length related party transactions are disclosed in the annual report.​ No such transactions were conducted during the financial year.23 Group relationsName and registered office of the Parent preparing consolidated financial statements for the largest group: AX VI INV3 Holding III ApS, HvidovreName and registered office of the Parent preparing consolidated financial statements for the smallest group: AX VI INV3 Holding III ApS, Hvidovre24 SubsidiariesRegistered inCorporate ​formOwnership ​​%P-ProData 2018 A/SDenmarkA/S100.00ProData Holding A/SDenmarkA/S38.94-21312000162780100061011800015 Related parties with controlling interestAX VI INV3 Holding I ApS, Hvidovre, owns all shares in the Entity, thus exercising control. AX VI INV3 Holding II ApS, Hvidovre, owns all the shares in AX VI INV3 Holding I ApS. AX VI INV3 Holding III ApS, Hvidovre, owns all the shares in AX VI INV3 Holding II ApS. Axcel VI K/S 2 owned the majority of the shares in AX VI INV3 Holding III Aps.This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act ​governing reporting class C enterprises (large).Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic ​benefits will flow to the Entity, and the value of the asset can be measured reliably. ​ ​Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a ​result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the ​value of the liability can be measured reliably. ​ ​On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial ​recognition is effected as described below for each financial statement item. ​ ​Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm ​or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and ​measurement. ​ ​Income is recognised in the income statement when earned, whereas costs are recognised by the amounts ​attributable to this financial year. <br />Consolidated financial statementsThe consolidated financial statements comprise the Parent and the group enterprises (subsidiaries) that are controlled by the Parent. Control is achieved by the Parent, either directly or indirectly, holding more than 50% of the voting rights or in any other way possibly or actually exercising controlling influence. <br />Basis of consolidationThe consolidated financial statements are prepared on the basis of the financial statements of the Parent and its subsidiaries. The consolidated financial statements are prepared by combining uniform items. On consolidation, intra-group income and expenses, intra-group accounts and dividends as well as profits and losses on transactions between the consolidated enterprises are eliminated. The financial statements used for consolidation have been prepared applying the Group’s accounting policies. Subsidiaries’ financial statement items are recognised in full in the consolidated financial statements. Minority interests’ pro rata shares of the profit/loss and the net assets are disclosed as separate items in Management's proposal for the distribution of net profit/loss and equity, respectively. Investments in subsidiaries are offset at the pro rata share of such subsidiaries’ net assets at the acquisition date, with net assets having been calculated at fair value.Business combinationsNewly acquired or newly established enterprises are recognised in the financial statements from the time ​of acquiring or establishing such enterprises. Divested or wound-up enterprises are recognised in the income ​statement up to the time of their divestment or winding-up. ​ ​The purchase method is applied at the acquisition of new enterprises, under which identifiable assets and ​liabilities of these enterprises are measured at fair value at the acquisition date. Provisions for costs of restructuring of the enterprise acquired are only made in so far as such restructuring was decided by the ​enterprise acquired prior to acquisition. Allowance is made for the tax effect of restatements.Positive differences in amount (goodwill) between cost of the acquired share and fair value of the assets ​and liabilities taken over are recognised in intangible assets, and they are amortised systematically over ​the income statement based on an individual assessment of their useful lives. If the useful life cannot be ​estimated reliably, it is fixed at 10 years. Useful life is reassessed annually. The uniting-of-interests method is applied on acquisition of enterprises, mergers, demergers, contributions ​of assets and exchanges of shares, etc. in which the enterprises concerned are controlled by the Parent, under which method the combination is considered completed at the date of acquisition without restatement of comparative figures. Under the uniting-of-interests method, the acquiree’s assets and liabilities are recognised at ​their carrying amounts, adjusted for any differences in accounting policies and accounting estimates. The difference between the consideration agreed and the carrying amount of the acquiree is recognised in equity.RevenueThe Company has chosen IFRS 15 as interpretation for revenue recognition. Revenue is measured at fair value of the agreed consideration exclusive of VAT and taxes charged on behalf of third parties. All discounts and rebates granted are recognised in revenue. Revenue from the sale of services Income from the sale of services, which comprise consultancy services, is recognised as the control over the individual identifiable performance obligation is transferred to the customer. Sale of consultancy services typically comprise one performance obligation, which is recognised in revenue over the period in which the services are provided.Cost of salesCost of sales comprise costs incurred in generating the year’s revenue and relates primarily to costs regarding external consultancy services as well as internal consultants.Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities, including expenses for ​premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of ​receivables recognised in current assets.Staff costsStaff costs comprise wages and salaries, and social security contributions, pension contributions, etc . for entity staff.Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment and intangible ​assets comprise depreciation, amortisation and impairment losses for the financial year, and gains and ​losses from the sale of intangible assets and property, plant and equipment.Income from investments in group enterprisesIncome from investments in group enterprises comprises the pro rata share of the individual enterprises’ profit/loss after full elimination of intra-group profits or losses. Other financial incomeOther financial income comprises interest income and gains on payables and transactions in foreign currencies.Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group ​enterprises, payables and transactions in foreign currencies, amortisation of financial liabilities, and tax surcharge under the Danish Tax Prepayment Scheme etc.Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the ​income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity.GoodwillGoodwill is the positive difference between cost and fair value of assets and liabilities arising from acquisitions. Goodwill is amortised straight-line over its estimated useful life, which is fixed based on the experience gained by Management for each business area. Useful lives are reassessed annually. The amortisation period used are 10-20 years. ​ ​Goodwill is written down to the lower of recoverable amount and carrying amount.<br />Intellectual property rights etc.Intellectual property rights etc. comprise development projects completed, acquired intangible assets, rights and trademarks.Development projects on clearly defined and identifiable products and processes, for which the technical rate ​of utilisation, adequate resources and a potential future market or development opportunity in the enterprise ​can be established, and where the intention is to manufacture, market or apply the product or process in question, are recognised as intangible assets. Other development costs are recognised as costs in the income ​statement as incurred. When recognising development projects as intangible assets, an amount equalling ​the costs incurred less deferred tax is taken to equity in the reserve for development costs that is reduced ​as the development projects are amortised and written down. ​​ ​​The cost of development projects comprises costs such as salaries and amortisation that are directly and ​indirectly attributable to the development projects. On completion of a development project, development costs are amortised on a straight-line basis over the estimated useful life. The amortisation period is 10 years. Intellectual property rights acquired are measured at cost less accumulated amortisation. Acquired intangible assets, rights and trademarks are amortised on a straight-line basis over the estimated useful life. The amortisation period is 10 years.​ ​Intellectual property rights etc. are written down to the lower of recoverable amount and carrying amount.Property, plant and equipmentOther fixtures and fittings, tools and equipment are ​measured at cost less accumulated depreciation and impairment losses. ​​ ​​Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the ​asset until the time when it is ready to be put into operation. ​ ​The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line depreciation is made on the basis of the following estimated useful lives of the assets:Other fixtures and fittings, tools and equipment5 yearsLeasehold improvements2-4 yearsFor leasehold improvements and assets subject to finance leases, the depreciation period cannot exceed ​the contract period. ​ ​Estimated useful lives and residual values are reassessed annually. ​ ​Items of property, plant and equipment are written down to the lower of recoverable amount and carrying ​amount.Investments in group enterprisesInvestments in group enterprises are recognised and measured in the parent financial statements according to the equity method. This means that investments are measured at the pro rata share of the enterprises’ equity value plus unamortised goodwill and plus or minus unrealised intra-group profits or losses. Reference is made to the above section on business combinations for more details about the accounting policies applied to acquisitions of investments in group enterprises. ​ ​Upon distribution of profit or loss, net revaluation of investments in group enterprises is transferred to the reserve for net revaluation according to the equity method in equity. ​ ​Goodwill is the difference between cost of investments and fair value of the pro rata share of assets and liabilities arising from acquisitions. Goodwill is amortised straight-line over its estimated useful life, which is fixed based on the experience gained by Management for each business area. For amounts of goodwill, useful life has been determined based on an assessment of whether the enterprises are strategically acquired enterprises with a strong market position and a long-term earnings profile and whether the amount of goodwill includes intangible resources of a temporary nature that cannot be separated and recognised as separate assets. Useful lives are reassessed annually. The amortisation period used are 10 years. ​ ​Investments in group enterprises are written down to the lower of recoverable amount and carrying amount. Other investmentsOther investments comprise unlisted equity investments measured at the lower of cost and net realisable value.ReceivablesReceivables are measured at amortised cost, usually equalling nominal value, less writedowns for bad and ​doubtful debts.Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based value of assets and liabilities, for which the tax-based value is calculated based on the planned use of each asset. However, no deferred tax is recognised for amortisation of goodwill disallowed for tax purposes and temporary differences arising at the date of acquisition that do not result from a business combination and that do not have any effect on profit or loss or on taxable income. ​ ​Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at ​their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets.Tax payable or receivableCurrent tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's ​taxable income, adjusted for prepaid tax.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at ​cost.CashCash comprises cash in hand and bank deposits.Minority interestsOn initial recognition, minority interests are measured at the minority interests’ share of the acquiree’s net assets measured at fair value. No goodwill related to the minority interests’ equity interests in the acquiree is recognised.Mortgage debtAt the time of borrowing, mortgage debt to mortgage credit institutions is measured at cost which corresponds ​to the proceeds received less transaction costs incurred. Mortgage debt is subsequently measured at amortised cost. This means that the difference between the proceeds at the time of borrowing and the nominal repayable amount of the loan is recognised in the income statement as a financial expense over the term of the loan applying the effective interest method.<br />Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Lease liabilitiesLease liabilities relating to assets held under finance leases are recognised in the balance sheet as liabilities other than provisions, and, at the time of inception of the lease, measured at the present value of future lease payments. Subsequent to initial recognition, lease liabilities are measured at amortised cost. The difference between present value and nominal amount of the lease payments is recognised in the income statement as a financial expense over the term of the leases.Deferred incomeDeferred income comprises income received for recognition in subsequent financial years. Deferred income ​is measured at cost.Cash flow statementThe cash flow statement shows cash flows from operating, investing and financing activities, and cash ​and cash equivalents at the beginning and the end of the financial year. ​ ​Cash flows from operating activities are presented using the indirect method and calculated as the operating ​profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid. ​ ​Cash flows from investing activities comprise payments in connection with acquisition and divestment of ​ enterprises, activities and fixed asset investments, and purchase, development, improvement and sale, ​etc. of intangible assets and property, plant and equipment. ​ ​Cash flows from financing activities comprise changes in the size or composition of the contributed capital ​and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend. ​ ​Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk less short- term bank loans. The cash flow statement shows cash flows from operating, investing and financing activities, and cash ​and cash equivalents at the beginning and the end of the financial year. ​ ​Cash flows from operating activities are presented using the indirect method and calculated as the operating ​profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid. ​ ​Cash flows from investing activities comprise payments in connection with acquisition and divestment of ​ enterprises, activities and fixed asset investments, and purchase, development, improvement and sale, ​etc. of intangible assets and property, plant and equipment. ​ ​Cash flows from financing activities comprise changes in the size or composition of the contributed capital ​and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend. ​ ​Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk less short- term bank loans. 2022-06-30Lars Bloch