37270784 2022-01-01 2022-12-31 37270784 2022-01-01 2022-12-31 0 37270784 2022-01-01 2022-12-31 1 37270784 2022-01-01 2022-12-31 2 37270784 2021-01-01 2021-12-31 37270784 2022-12-31 37270784 2021-12-31 37270784 2022-01-01 2022-12-31 0 iso4217:DKK xbrli:pure 2022-01-01 2022-12-31 2023-05-04 Magnus Bojer-Larsen <table xmlns="http://www.w3.org/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">Today, the Executive Board has approved the annual report of Mace Technology Denmark ApS for the</td></tr><tr><td colspan="1">financial year 1 January - 31 December 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 has been prepared in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">We consider the chosen accounting policy to be appropriate, and in our opinion, the financial statements</td></tr><tr><td colspan="1">give a true and fair view of the financial position of the Company at 31 December 2022 and of the results</td></tr><tr><td colspan="1">of the Company's operations for the financial year 1 January – 31 December 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">Further, in our opinion, the Management's review gives a true and fair review of the matters discussed in</td></tr><tr><td colspan="1">the 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">We recommend that the annual report be approved at the Annual General Meeting.</td></tr></table> Copenhagen 2023-05-04 <table xmlns="http://www.w3.org/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 Mace Technology Denmark ApS</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Opinion</td></tr><tr><td colspan="1">We have audited the financial statements of Mace Technology Denmark ApS for the financial year 1</td></tr><tr><td colspan="1">January- 31 December 2022, which comprise a summary of significant accounting policies,income</td></tr><tr><td colspan="1">statement, balance sheet, statement of changes in equity and notes, for the Company. The financial</td></tr><tr><td colspan="1">statements are prepared under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">In our opinion, the financial statements give a true and fair view of the financial position of the Company</td></tr><tr><td colspan="1">at 31 December 2022, and of the results of the Company's operations for the financial year 1 January - 31</td></tr><tr><td colspan="1">December 2022 in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for Opinion</td></tr><tr><td colspan="1">We conducted our audit in accordance with International Standards on Auditing (ISAs) and the</td></tr><tr><td colspan="1">additional requirements applicable in Denmark. Our responsibilities under those standards and</td></tr><tr><td colspan="1">requirements are further described in the “Auditor’s Responsibilities for the Audit of the Financial</td></tr><tr><td colspan="1">Statements” section of our report. We are independent of the Company in accordance with the</td></tr><tr><td colspan="1">International Ethics Standards Board for Accountants’ International Code of Ethics for Professional</td></tr><tr><td colspan="1">Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have</td></tr><tr><td colspan="1">fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.</td></tr><tr><td colspan="1">We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for</td></tr><tr><td colspan="1">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">Management’s Responsibilities for the Financial Statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of financial statements that give a true and fair view in</td></tr><tr><td colspan="1">accordance with the Danish Financial Statements Act, and for such internal control as Management</td></tr><tr><td colspan="1">determines is necessary to enable the preparation of financial statements that are free from material</td></tr><tr><td colspan="1">misstatement, whether due to fraud or error.</td></tr><tr><td colspan="1">In preparing the financial statements, Management is responsible for assessing the Company’s ability to</td></tr><tr><td colspan="1">continue as a going concern, disclosing, as applicable, matters related to going concern and using the</td></tr><tr><td colspan="1">going concern basis of accounting in preparing the financial statements unless Management either</td></tr><tr><td colspan="1">intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">Auditor’s Responsibilities for the Audit of the Financial Statements</td></tr><tr><td colspan="2">Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are</td></tr><tr><td colspan="2">free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that</td></tr><tr><td colspan="2">includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an</td></tr><tr><td colspan="2">audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will</td></tr><tr><td colspan="2">always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are</td></tr><tr><td colspan="2">considered material if, individually or in the aggregate, they could reasonably be expected to influence</td></tr><tr><td colspan="2">the economic decisions of users taken on the basis of these financial statements.</td></tr><tr><td colspan="2">As part of an audit conducted in accordance with ISAs and the additional requirements applicable in</td></tr><tr><td colspan="2">Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit.</td></tr><tr><td colspan="2">We also</td></tr><tr><td>·</td><td>Identify and assess the risks of material misstatement of the financial statements, whether due to</td></tr><tr><td /><td>fraud or error, design and perform audit procedures responsive to those risks, and obtain audit</td></tr><tr><td /><td>evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not</td></tr><tr><td /><td>detecting a material misstatement resulting from fraud is higher than for one resulting from error</td></tr><tr><td /><td>as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override</td></tr><tr><td /><td>of internal control.</td></tr><tr><td>·</td><td>Obtain an understanding of internal control relevant to the audit in order to design audit</td></tr><tr><td /><td>procedures that are appropriate in the circumstances, but not for the purpose of expressing an</td></tr><tr><td /><td>opinion on the effectiveness of the Company’s internal control.</td></tr><tr><td>·</td><td>Evaluate the appropriateness of accounting policies used and the reasonableness of accounting</td></tr><tr><td /><td>estimates and related disclosures made by Management.</td></tr><tr><td>·</td><td>Conclude on the appropriateness of Management’s use of the going concern basis of accounting</td></tr><tr><td /><td>in preparing the financial statements and, based on the audit evidence obtained, whether a</td></tr><tr><td /><td>material uncertainty exists related to events or conditions that may cast significant doubt on the</td></tr><tr><td /><td>Company’s ability to continue as a going concern. If we conclude that a material uncertainty</td></tr><tr><td /><td>exists, we are required to draw attention in our auditor’s report to the related disclosures in the</td></tr><tr><td /><td>financial statements or, if such disclosures are inadequate, to modify our opinion. Our</td></tr><tr><td /><td>conclusions are based on the audit evidence obtained up to the date of our auditor’s report.</td></tr><tr><td /><td>However, future events or conditions may cause the Company to cease to continue as a going</td></tr><tr><td /><td>concern.</td></tr><tr><td>·</td><td>Evaluate the overall presentation, structure and contents of the financial statements, including the</td></tr><tr><td /><td>disclosures, and whether the financial statements represent the underlying transactions and events</td></tr><tr><td /><td>in a manner that gives a true and fair view.</td></tr><tr><td colspan="2">We communicate with those charged with governance regarding, among other matters, the planned scope</td></tr><tr><td colspan="2">and timing of the audit and significant audit findings, including any significant deficiencies in internal</td></tr><tr><td colspan="2">control that we identify during our audit.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on 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</td></tr><tr><td colspan="1">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</td></tr><tr><td colspan="1">Review and, in doing so, consider whether Management’s Review is materially inconsistent with the</td></tr><tr><td colspan="1">financial statements or our knowledge obtained during the audit, or otherwise appears to be materially</td></tr><tr><td colspan="1">misstated.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether Management’s Review provides the information</td></tr><tr><td colspan="1">required under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, we conclude that Management’s Review is in accordance with</td></tr><tr><td colspan="1">the financial statements and has been prepared in accordance with the requirements of the Danish</td></tr><tr><td colspan="1">Financial Statement Act. We did not identify any material misstatement of Management’s Review.</td></tr></table> Aabyhøj 2023-05-04 Mace Technology Denmark ApS Sundkrogsgade 21 2100 Copenhagen 37270784 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td>Parent company</td><td>Mace Construct Limited</td></tr><tr><td /><td>155 Moorgate, London EC2M 6XB, England</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management´s review</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The principal activities of the company</td></tr><tr><td colspan="1">The company's purpose is construction of commercial properties and related business.</td></tr></table> <table xmlns="http://www.w3.org/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">Uncertainties as to recognition or measurement</td></tr><tr><td colspan="1">The preparation of the financial statements in conformity with the Danish Financial Statements Act</td></tr><tr><td colspan="1">requires management to make judgements, estimates and assumptions. Management ensures that</td></tr><tr><td colspan="1">appropriate systems, procedures and policies are in place to record transactions and make estimates as</td></tr><tr><td colspan="1">required, this includes employment of competent personnel with appropriate expertise and deployment of</td></tr><tr><td colspan="1">sufficient resources.</td></tr></table> <table xmlns="http://www.w3.org/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">Revenue and profit recognition</td></tr><tr><td colspan="2">The estimation techniques used for revenue and profit recognition in respect of construction contracts</td></tr><tr><td colspan="2">require forecasts to be made of the outcome of long-term contracts which require assessments and</td></tr><tr><td colspan="2">judgements to be made on the recovery of pre-contract costs, changes in the scope of work, contract</td></tr><tr><td colspan="2">programmes, maintenance and defects liabilities and changes in costs.</td></tr><tr><td colspan="2">Valuation of work in progress</td></tr><tr><td colspan="2">The key judgements and estimates in determining the net realisable value of work in progress are</td></tr><tr><td>-</td><td>An estimation of costs to complete; and</td></tr><tr><td>-</td><td>An estimation of the remaining revenues.</td></tr><tr><td colspan="2">These assessments include a degree of uncertainty and therefore if the key judgements and estimates</td></tr><tr><td colspan="2">change unfavourably, write downs of work in progress may be necessary.</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">Development in activities and financial matters</td></tr><tr><td colspan="1">The results from ordinary activities after tax are DKK 2m loss against DKK 6m profit last year.</td></tr><tr><td colspan="1">The company's cash and cash equivalents have decreased by DKK 73m (i.e. from DKK 93m to DKK</td></tr><tr><td colspan="1">20m).</td></tr><tr><td colspan="1">Total equity at the year end is DKK 6,7m. The directors believe that this is sufficient to cover any latent</td></tr><tr><td colspan="1">defect risks on the completed projects, and to initiate future projects.</td></tr><tr><td colspan="1">The company currently has no active projects though works on its pipeline and intends to continue as a</td></tr><tr><td colspan="1">going concern.</td></tr></table> <table xmlns="http://www.w3.org/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">Special risks</td></tr><tr><td colspan="1">Operating risks</td></tr><tr><td colspan="1">The pursuit of a better way is at the heart of everything we do. We know that to achieve our ambitious</td></tr><tr><td colspan="1">targets, we need to continue to be innovative with a focus on service excellence to deliver the highest</td></tr><tr><td colspan="1">quality services to our clients. We continue to work hard to strengthen our market presence and</td></tr><tr><td colspan="1">integrated service capability and to drive both excellence and safety through everything we do.</td></tr><tr><td colspan="1">Management is committed to the focus on service excellence to ensure all operational risks are</td></tr><tr><td colspan="1">addressed.</td></tr><tr><td colspan="1">Financial risks</td></tr><tr><td colspan="1">The company is aware of the major risks to which the company is exposed, in particular those related to</td></tr><tr><td colspan="1">the operations and the finances of the company and are satisfied that systems are in place to mitigate</td></tr><tr><td colspan="1">exposure to major risks. The business reviews and agrees policies for the prudent management of these</td></tr><tr><td colspan="1">risks. The company consistently seeks to minimize any potential financial risks that may arise in the</td></tr><tr><td colspan="1">future course of the business' operations.</td></tr><tr><td colspan="1">Exchange rate risks</td></tr><tr><td colspan="1">As the main activities of the company are operated locally and in the same currency, exchange rate risk is</td></tr><tr><td colspan="1">low and naturally hedged. Wherever possible, we employ people and suppliers so that exposure to</td></tr><tr><td colspan="1">exchange rate fluctuations is mitigated and knowledge of the local business environment is strengthened.</td></tr><tr><td colspan="1">Interest risks</td></tr><tr><td colspan="1">The company has no significant long-term borrowings and, as such, have no material interest risks.</td></tr></table> <table xmlns="http://www.w3.org/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">Environmental issues</td></tr><tr><td colspan="1">Construction operations can create environmental issues. This is a highly regulated area in which we</td></tr><tr><td colspan="1">consider ourselves to be a responsible and considerate business, taking the appropriate steps to train our</td></tr><tr><td colspan="1">directors and employees in best practice relating to environmental 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">Know how resources</td></tr><tr><td colspan="1">The company ensures it has sufficient resources both financially and operationally to perform its</td></tr><tr><td colspan="1">activities. The company invests in staff and recognises them as its most important asset, and ensures it</td></tr><tr><td colspan="1">has sufficient high-quality staff to meet all of its needs.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Research and development activities</td></tr><tr><td colspan="1">We continue to invest in both technology and employee training and development to improve our</td></tr><tr><td colspan="1">resilience, to increase our productivity and to seek innovative solutions for our clients.</td></tr><tr><td colspan="1">The expected development for the financial year 2023</td></tr><tr><td colspan="1">The company expects continuing low activity in 2023 and therefore minimal revenue. These expectations</td></tr><tr><td colspan="1">include a degree of uncertainty due to development in assumptions and key judgements of work in</td></tr><tr><td colspan="1">progress. The directors believe the company remains in a strong position in its sectors of the market.</td></tr></table> <table xmlns="http://www.w3.org/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">Branches abroad</td></tr><tr><td colspan="1">The company's core operations are situated only within Denmark and does not operate any branches</td></tr><tr><td colspan="1">overseas.</td></tr></table> Regnskabsklasse B <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Accounting policies</td></tr><tr><td colspan="1">The annual report for Mace Technology Denmark ApS has been presented in accordance with the Danish</td></tr><tr><td colspan="1">Financial Statements Act regulations concerning reporting class B enterprises. Furthermore, the company</td></tr><tr><td colspan="1">has decided to comply with certain rules applying to reporting class C enterprises.</td></tr><tr><td colspan="1">The accounting policies are unchanged from last year, and the annual report is presented in DKK.</td></tr><tr><td colspan="1">Recognition and measurement in general</td></tr><tr><td colspan="1">Income is recognised in the profit and loss account concurrently with its realisation, including the</td></tr><tr><td colspan="1">recognition of value adjustments of financial assets and liabilities. Likewise, all costs, these including</td></tr><tr><td colspan="1">depreciation, amortisation, writedown, provisions, and reversals which are due to changes in estimated</td></tr><tr><td colspan="1">amounts previously recognised in the profit and loss account are recognised in the profit and loss</td></tr><tr><td colspan="1">account.</td></tr><tr><td colspan="1">Assets are recognised in the balance sheet when the companyis liable to achieve future, financial</td></tr><tr><td colspan="1">benefits and the value of the asset can be measured reliably.</td></tr><tr><td colspan="1">Liabilities are recognised in the balance sheet when the companyis liable to lose future, financial</td></tr><tr><td colspan="1">benefits and the value of the liability can be measured reliably.</td></tr><tr><td colspan="1">At the first recognition, assets and liabilities are measured at cost. Later, assets and liabilities are</td></tr><tr><td colspan="1">measured as described below for each individual accounting item.</td></tr><tr><td colspan="1">Certain fixed asset investments and liabilities are measured at amortised cost, by which method a fixed,</td></tr><tr><td colspan="1">effective interest is recognised during the useful life of the asset or the liability. Amortised cost is</td></tr><tr><td colspan="1">recognised as the original cost with deduction of any payments and additions/deductions of the accrued</td></tr><tr><td colspan="1">amortisation of the difference between cost and nominal amount. In this way capital losses and capital</td></tr><tr><td colspan="1">profits are spread over the useful life.</td></tr><tr><td colspan="1">At recognition and measurement, such predictable losses and risks are taken into consideration, which</td></tr><tr><td colspan="1">may appear before the annual report is presented, and which concerns matters existing on the balance</td></tr><tr><td colspan="1">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">Foreign currency translation</td></tr><tr><td colspan="1">Transactions in foreign currency are translated by using the exchange rate prevailing at the date of the</td></tr><tr><td colspan="1">transaction. Differences in the rate of exchange arising between the rate at the date of transaction and the</td></tr><tr><td colspan="1">rate at the date of payment are recognised in the profit and loss account as an item under net financials. If</td></tr><tr><td colspan="1">currency positions are considered to hedge future cash flows, the value adjustments are recognised</td></tr><tr><td colspan="1">directly in equity in a fair value reserve.</td></tr><tr><td colspan="1">Receivables, payables, and other foreign currency monetary items are translated using the closing rate.</td></tr><tr><td colspan="1">The difference between the closing rate and the rate at the time of the occurrence or initial recognition in</td></tr><tr><td colspan="1">the latest financial statements of the receivable or payable is recognised in the income statement under</td></tr><tr><td colspan="1">financial income and expenses.</td></tr><tr><td colspan="1">Fixed assets acquired and paid for in foreign currency are measured at the exchange rate prevailing at the</td></tr><tr><td colspan="1">date of the transaction.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Income statement</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Gross profit</td></tr><tr><td colspan="1">Gross profit comprises revenue, production costs, and other operating income.</td></tr><tr><td colspan="1">The enterprise will be applying IAS 11 and IAS 18 as its basis of interpretation for the recognition of</td></tr><tr><td colspan="1">revenue.</td></tr><tr><td colspan="1">Revenue is recognised in the income statement if delivery and passing of risk to the buyer have taken</td></tr><tr><td colspan="1">place before the end of the year and if the income can be determined reliably and inflow is anticipated.</td></tr><tr><td colspan="1">Recognition of revenue is exclusive of VAT and taxes and less any discounts relating directly to sales.</td></tr><tr><td colspan="1">Production costs include the manufacturing and procurement costs incurred to achieve the revenue for</td></tr><tr><td colspan="1">the year. irect and indirect manufacturing costs are recognized, including costs for raw materials and</td></tr><tr><td colspan="1">consumables, wages and salaries, energy consumption, maintenance, leasing and depreciation on</td></tr><tr><td colspan="1">production facilities, with adjustments for changes in finished goods inventories and work in progress.</td></tr><tr><td colspan="1">Furthermore, production costs comprise research costs, development costs which do not meet the criteria</td></tr><tr><td colspan="1">for capitalisation, and amortisation of capitalised development costs.</td></tr><tr><td colspan="1">Furthermore, provisions for losses on construction contracts are recognised in case of onerous contracts.</td></tr></table> <table xmlns="http://www.w3.org/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">Administration costs</td></tr><tr><td colspan="1">Administration costs comprise costs which have been incurred during the year for management and</td></tr><tr><td colspan="1">administration, including costs for the administrative staff, the executive board, corporate secretarial</td></tr><tr><td colspan="1">services and auditors fees.</td></tr></table> <table xmlns="http://www.w3.org/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 comprises items of a secondary nature as regards the principal activities of the</td></tr><tr><td colspan="1">enterprise, including profit from the disposal of intangible and tangible assets.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial income and costs</td></tr><tr><td colspan="1">Financial income and costs are recognised in the income statement with the amounts concerning the</td></tr><tr><td colspan="1">financial year. Financial income and costs comprise interest income and costs, financial costs from</td></tr><tr><td colspan="1">realised and unrealised capital gains and losses relating to securities, debt and transactions in foreign</td></tr><tr><td colspan="1">currency, amortisation of financial assets and liabilities as well as surcharges and reimbursements under</td></tr><tr><td colspan="1">the advance tax scheme, 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">Tax of the results for the year</td></tr><tr><td colspan="1">The tax for the year comprises the current tax for the year and the changes in deferred tax, and it is</td></tr><tr><td colspan="1">recognised in the profit and loss account with the share referring to the results for the year and directly in</td></tr><tr><td colspan="1">the equity with the share referring to entries directly on the 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">The balance sheet</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Receivables</td></tr><tr><td colspan="1">Receivables are measured at amortised cost, which usually corresponds 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">Contract work in progress</td></tr><tr><td colspan="1">Contract work in progress is measured at the selling price of the work performed. The selling price is</td></tr><tr><td colspan="1">measured on the basis of the stage of completion on the reporting date and the total expected income</td></tr><tr><td colspan="1">from the individual work in progress. The stage of completion is calculated as the share of costs incurred</td></tr><tr><td colspan="1">in proportion to the estimated total costs of the individual work in progress.</td></tr><tr><td colspan="1">When the selling price of the individual work in progress can not be determined reliably, the selling price</td></tr><tr><td colspan="1">is measured at the costs incurred or at net realisable value, if this is lower.</td></tr><tr><td colspan="1">The individual work in progress is recognised in the statement of financial position under accounts</td></tr><tr><td colspan="1">receivables or liabilities. Net assets consist of the sum of the work in progress, where the selling price of</td></tr><tr><td colspan="1">the work performed exceeds invoicing on account. Net liabilities consist of the sum of the work in</td></tr><tr><td colspan="1">progress, where invoicing on account exceeds the selling price.</td></tr><tr><td colspan="1">Costs in connection with sales work and the procurement of contracts are recognised in the income</td></tr><tr><td colspan="1">statement when incurred.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Available funds</td></tr><tr><td colspan="1">Available funds comprise cash at bank and in hand.</td></tr></table> <table xmlns="http://www.w3.org/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">Equity</td></tr><tr><td colspan="1">Share premium</td></tr><tr><td colspan="1">Share premium comprises premium payments made in connection with the issue of shares. Costs incurred</td></tr><tr><td colspan="1">for carrying through an issue are deducted from the premium.</td></tr></table> <table xmlns="http://www.w3.org/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 expected to be distributed for the year is recognised as a separate item under equity.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Income tax and deferred tax</td></tr><tr><td colspan="1">Current tax liabilities and current tax receivable are recognised in the statement of financial position as</td></tr><tr><td colspan="1">calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and</td></tr><tr><td colspan="1">for tax paid on account.</td></tr><tr><td colspan="1">Deferred tax is measured on the basis of temporary differences in assets and liabilities with a focus on</td></tr><tr><td colspan="1">the statement of financial position. Deferred tax is measured at net realisable value.</td></tr><tr><td colspan="1">Deferred tax is measured based on the tax rules and tax rates applying under the legislation prevailing in</td></tr><tr><td colspan="1">the respective countries on the reporting date when the deferred tax is expected to be released as current</td></tr><tr><td colspan="1">tax. Changes in deferred tax due to changed tax rates are recognised in the income statement, except for</td></tr><tr><td colspan="1">items included directly in the equity.</td></tr><tr><td colspan="1">Deferred tax assets, including the tax value of tax losses allowed for carryforward, are recognised at the</td></tr><tr><td colspan="1">value at which they are expected to be realisable, either by settlement against tax of future earnings or by</td></tr><tr><td colspan="1">set-off in deferred tax liabilities within the same legal tax unit. Any deferred net tax assets are measured</td></tr><tr><td colspan="1">at net realisable 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">Provisions</td></tr><tr><td colspan="1">Provisions comprise expected costs of warranty commitments, loss on work in progress, restructuring,</td></tr><tr><td colspan="1">etc. Provisions are recognised when the companyhas a legal or actual commitment resulting from a</td></tr><tr><td colspan="1">previously occurred event and when it is probable that the settlement of the liability will result in</td></tr><tr><td colspan="1">consumption of the financial resources of the company.</td></tr><tr><td colspan="1">Provisions are measured at net realisable value or at fair value. If the fulfilment of a liability is expected</td></tr><tr><td colspan="1">to take place far in the future, the liability is measured at fair value.</td></tr><tr><td colspan="1">When it is likely that the total costs will exceed the total income of contract work in progress, the total</td></tr><tr><td colspan="1">expected loss on the contract work in progress will be recognised as provisions for liabilities. The</td></tr><tr><td colspan="1">provision is recognised under production costs.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Liabilities other than provisions</td></tr><tr><td colspan="1">Financial liabilities other than provisions related to borrowings are recognised at the received proceeds</td></tr><tr><td colspan="1">less transaction costs incurred. In subsequent periods, the financial liabilities are recognised at amortised</td></tr><tr><td colspan="1">cost, corresponding to the capitalised value when using the effective interest rate. The difference between</td></tr><tr><td colspan="1">the proceeds and the nominal value is recognised in the income statement during the term of the loan.</td></tr><tr><td colspan="1">Other liabilities concerning payables to suppliers, group enterprises, and other payables are measured at</td></tr><tr><td colspan="1">amortised cost which usually corresponds to the nominal value.</td></tr></table> -1218000 368000 -1586000 0 45000 419000 19000 -1979000 -174000 -1805000 -1805000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Statement of changes in equity</b></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >DKK thousand.</td></tr><tr><td width="25%" ></td><td width="18%" ></td><td width="18%" ></td><td width="18%" colspan="1" align="right" valign="middle" ><b>Proposed dividend</b></td><td width="21%" colspan="1" align="right" valign="middle" ><b></b></td></tr><tr><td width="25%" ></td><td width="18%" colspan="1" align="right" valign="middle" ><b>Contributed capital</b></td><td width="18%" colspan="1" align="right" valign="middle" ><b>Retained earnings</b></td><td width="18%" colspan="1" align="right" valign="middle" ><b>for the financial year</b></td><td width="21%" colspan="1" align="right" valign="middle" ><b>Total</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" >Equity 1 January 2022</td><td width="18%" align="right" valign="middle" >50</td><td width="18%" align="right" valign="middle" >8.444</td><td width="18%" align="right" valign="middle" >7.500</td><td width="21%" align="right" valign="middle" >15.994</td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" >Distributed dividend</td><td width="18%" align="right" valign="middle" >0</td><td width="18%" align="right" valign="middle" >0</td><td width="18%" align="right" valign="middle" >-7.500</td><td width="21%" align="right" valign="middle" >-7.500</td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" >Profit for the year</td><td width="18%" align="right" valign="middle" >0</td><td width="18%" align="right" valign="middle" >-1.805</td><td width="18%" align="right" valign="middle" >0</td><td width="21%" align="right" valign="middle" >-1.805</td></tr><tr><td colspan="5"></td></tr><tr><td width="25%" ></td><td width="18%" align="right" valign="middle" ><b>50</b></td><td width="18%" align="right" valign="middle" ><b>6.639</b></td><td width="18%" align="right" valign="middle" ><b>0</b></td><td width="21%" align="right" valign="middle" ><b>6.689</b></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Notes</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Employee issues</b></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" ><b>DKK thousand.</b></td><td width="28%" align="right" valign="middle" ><b>2022</b></td><td width="24%" align="right" valign="middle" ><b>2021</b></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Salaries and wages</td><td width="28%" align="right" valign="middle" >360</td><td width="24%" align="right" valign="middle" >3.041</td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Pension costs</td><td width="28%" align="right" valign="middle" >15</td><td width="24%" align="right" valign="middle" >136</td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Other costs for social security</td><td width="28%" align="right" valign="middle" >1</td><td width="24%" align="right" valign="middle" >6</td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Salaries, wages and other staff costs paid through Mace Ltd.</td><td width="28%" align="right" valign="middle" >5.268</td><td width="24%" align="right" valign="middle" >12.434</td></tr><tr><td width="48%" ></td><td width="28%" align="right" valign="middle" ><b>5.644</b></td><td width="24%" align="right" valign="middle" ><b>15.617</b></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Average number of employees</td><td width="28%" align="right" valign="middle" >2</td><td width="24%" align="right" valign="middle" >4</td></tr><tr><td colspan="3"></td></tr></table> 2 <table xmlns="http://www.w3.org/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="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Work in progress for the account of others</b></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" ><b>DKK thousand.</b></td><td width="28%" colspan="1" align="right" valign="middle" ><b>31/12 2022</b></td><td width="24%" colspan="1" align="right" valign="middle" ><b>31/12 2021</b></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Sales value of the production of the period</td><td width="28%" align="right" valign="middle" >109.969</td><td width="24%" align="right" valign="middle" >109.969</td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Payments on account received</td><td width="28%" align="right" valign="middle" >-107.777</td><td width="24%" align="right" valign="middle" >-107.777</td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" ><b>Work in progress for the account of others, net</b></td><td width="28%" align="right" valign="middle" ><b>2.192</b></td><td width="24%" align="right" valign="middle" ><b>2.192</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The following is recognised</td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Work in progress for the account of others (current assets)</td><td width="28%" align="right" valign="middle" >2.192</td><td width="24%" align="right" valign="middle" >2.192</td></tr><tr><td width="48%" ></td><td width="28%" align="right" valign="middle" ><b>2.192</b></td><td width="24%" align="right" valign="middle" ><b>2.192</b></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Other debtors</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Other debtors relates to retention debtors. Of total retention debtors DKK 11,1 million is due after</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >31 December 2022 (2021: 11,1 million).</td></tr></table> <table xmlns="http://www.w3.org/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="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Contributed capital</b></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" ><b>DKK thousand.</b></td><td width="28%" colspan="1" align="right" valign="middle" ><b>31/12 2022</b></td><td width="24%" colspan="1" align="right" valign="middle" ><b>31/12 2021</b></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Contributed capital 1 January 2022</td><td width="28%" align="right" valign="middle" >50</td><td width="24%" align="right" valign="middle" >50</td></tr><tr><td width="48%" ></td><td width="28%" align="right" valign="middle" ><b>50</b></td><td width="24%" align="right" valign="middle" ><b>50</b></td></tr></table> <table xmlns="http://www.w3.org/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="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Results carried forward</b></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" ><b>DKK thousand.</b></td><td width="28%" colspan="1" align="right" valign="middle" ><b>31/12 2022</b></td><td width="24%" colspan="1" align="right" valign="middle" ><b>31/12 2021</b></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Results carried forward 1 January 2022</td><td width="28%" align="right" valign="middle" >8.444</td><td width="24%" align="right" valign="middle" >10.075</td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Profit for the year</td><td width="28%" align="right" valign="middle" >-1.805</td><td width="24%" align="right" valign="middle" >-1.631</td></tr><tr><td width="48%" ></td><td width="28%" align="right" valign="middle" ><b>6.639</b></td><td width="24%" align="right" valign="middle" ><b>8.444</b></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="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Proposed dividend for the financial year</b></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" ><b>DKK thousand.</b></td><td width="28%" colspan="1" align="right" valign="middle" ><b>31/12 2022</b></td><td width="24%" colspan="1" align="right" valign="middle" ><b>31/12 2021</b></td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Dividend 1 January 2022</td><td width="28%" align="right" valign="middle" >7.500</td><td width="24%" align="right" valign="middle" >41.500</td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Distributed dividend</td><td width="28%" align="right" valign="middle" >-7.500</td><td width="24%" align="right" valign="middle" >-41.500</td></tr><tr><td width="48%" colspan="1" align="left" valign="middle" >Dividend for the financial year</td><td width="28%" align="right" valign="middle" >0</td><td width="24%" align="right" valign="middle" >7.500</td></tr><tr><td width="48%" ></td><td width="28%" align="right" valign="middle" ><b>0</b></td><td width="24%" align="right" valign="middle" ><b>7.500</b></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Charges and security</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The company has agreed on a significant contract for carrying out certain works, design and</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >construction af a facility. Provisions are made using the directors’ best judgements and estimates</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >of known legal claims, investigations and legal actions etc.. If the directors consider that a claim,</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >investigation or action relating to the company is unlikely to succeed, no provision is made. If the</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Directors cannot make a reliable estimate of a potential, material obligation, no provision is made</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >but details of the claim are disclosed as contingent liabilities. At 31 December 2022 the company</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >had no contingent liabilities in relation to claims.</td></tr></table> <table xmlns="http://www.w3.org/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"></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" ><b>Related parties</b></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" ><b>Controlling interest</b></td></tr><tr><td width="63%" colspan="1" align="left" valign="middle" >Mace Construct Limited</td><td width="37%" colspan="1" align="left" valign="middle" >Majority shareholder</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >155 Moorgate</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >London EC2M 6XB</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >England</td></tr><tr><td colspan="2"></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" ><b>Transactions</b></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >The company uses section 98 c, subsection 7 in the Danish Financial Statement Act and therefore</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >only presents transactions not made on arms lenght principles.</td></tr><tr><td colspan="2"></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >All transactions have been made on arms length principles.</td></tr><tr><td colspan="2"></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" ><b>Consolidated annual accounts</b></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >The company is included in the consolidated annual accounts of (Highest parent company) Mace</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Finance Limited and (Lowest parent company) Mace Construct Limited.</td></tr><tr><td colspan="2"></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Address: 155 Moorgate, London EC2M 6XB, England</td></tr></table> Årsrapport 21625744 Intertrust Denmark A/S Sundkrogsgade 21 2100 København Ø xWizard version 1.1.1209.2, by EasyX Aps. www.easyx.eu 2021-01-01 2021-12-31 Revisionspåtegning Grundlag for konklusion Konklusion John James Dowling Kimmie Kubis Tronborg Peter Matzen Drachmann 9151000 1579000 7572000 747000 0 0 1000 8318000 2449000 5869000 -1631000 4 0 0 2192000 1075000 14051000 17318000 20020000 37338000 37338000 50000 6639000 6689000 7499000 7499000 18333000 4816000 0 1000 23150000 23150000 37338000 7500000 11619000 2192000 0 11423000 25234000 93207000 118441000 118441000 50000 8444000 15994000 16240000 16240000 30614000 51017000 1865000 2711000 86207000 86207000 118441000 RSM Danmark Statsautoriseret Revisionspartnerselskab 25492145 John Lindholm Bode mne32840 Søren Frichs Vej 36 L 8230 Aabyhøj