32769713 2023-01-01 2023-12-31 cmn:ConsolidatedMember 32769713 2023-01-01 2023-12-31 cmn:ConsolidatedMember 32769713 2023-01-01 2023-12-31 32769713 2023-01-01 2023-12-31 32769713 2023-01-01 2023-12-31 1 cmn:ConsolidatedMember 32769713 2023-01-01 2023-12-31 2 cmn:ConsolidatedMember 32769713 2023-01-01 2023-12-31 3 cmn:ConsolidatedMember 32769713 2023-01-01 2023-12-31 4 cmn:ConsolidatedMember 32769713 2023-01-01 2023-12-31 5 cmn:ConsolidatedMember 32769713 2023-01-01 2023-12-31 6 cmn:ConsolidatedMember 32769713 2022-01-01 2022-12-31 cmn:ConsolidatedMember 32769713 2022-01-01 2022-12-31 32769713 2023-01-01 2023-12-31 111 cmn:ConsolidatedMember 32769713 2023-01-01 2023-12-31 222 cmn:ConsolidatedMember 32769713 2023-12-31 cmn:ConsolidatedMember 32769713 2022-12-31 cmn:ConsolidatedMember 32769713 2022-12-31 32769713 2023-01-01 2023-12-31 fsa:TransferredToReserveForDevelopmentExpenditureMember cmn:ConsolidatedMember 32769713 2022-01-01 2022-12-31 fsa:TransferredToReserveForDevelopmentExpenditureMember cmn:ConsolidatedMember 32769713 2023-01-01 2023-12-31 fsa:RetainedEarningsMember cmn:ConsolidatedMember 32769713 2022-01-01 2022-12-31 fsa:RetainedEarningsMember cmn:ConsolidatedMember iso4217:DKK Årsrapport 2024-04-03 Henrik Laursen 32769713 Regnskabsklasse B 33883989 XBRL Takeoff ApS Ole Larsensvej 1 Revisionspåtegning 33883889 2670 Greve København 2024-04-03 2023-01-01 2023-12-31 2022-01-01 2022-12-31 <table xmlns="http://www.w3.org/1999/xhtml"> <tr><td>Statement of changes in Equity</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr><td> </td><td>GROUP</td><td> </td><td> </td><td> </td><td>PARENT COMPANY</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr><td>Amounts in DKK '000</td><td>Share capital</td><td>Share premium account</td><td>Foreign currency translation reserve</td><td>Retained earnings/ accumulated loss</td><td>Total</td><td> </td><td>Amounts in DKK '000</td><td>Share capital</td><td>Share premium account</td><td>Reserve for development cost</td><td>Foreign currency translation reserve</td><td>Retained earnings/ accumulated loss</td></tr> <tr><td>Equity at 1 January 2021</td><td style="text-align: right">1380</td><td style="text-align: right">0</td><td style="text-align: right">152</td><td style="text-align: right">40</td><td style="text-align: right">1572</td><td> </td><td>Equity at 1 January 2021</td><td style="text-align: right">1380</td><td style="text-align: right">0</td><td style="text-align: right">5012</td><td style="text-align: right">152</td><td style="text-align: right">-4972</td></tr> <tr><td>Capital increase</td><td style="text-align: right">427</td><td style="text-align: right">39923</td><td style="text-align: right">0</td><td style="text-align: right">0</td><td style="text-align: right">40350</td><td> </td><td>Capital increase</td><td style="text-align: right">427</td><td style="text-align: right">39923</td><td style="text-align: right">0</td><td style="text-align: right">0</td><td style="text-align: right">0</td></tr> <tr><td>Transfer through appropriation of profit/ loss </td><td style="text-align: right">0</td><td style="text-align: right">0</td><td style="text-align: right">0</td><td style="text-align: right">-21809</td><td style="text-align: right">-21809</td><td> </td><td>Transfer through appropriation of profit/ loss </td><td style="text-align: right">0</td><td style="text-align: right">0</td><td style="text-align: right">749</td><td style="text-align: right">0</td><td style="text-align: right">-22558</td></tr> <tr><td>Transferred form shared premium account</td><td style="text-align: right">0</td><td style="text-align: right">-39923</td><td style="text-align: right">0</td><td style="text-align: right">39923</td><td style="text-align: right">0</td><td> </td><td>Transferred form shared premium account</td><td style="text-align: right">0</td><td style="text-align: right">-39923</td><td style="text-align: right">0</td><td style="text-align: right">0</td><td style="text-align: right">39923</td></tr> <tr><td>Transaction cost</td><td style="text-align: right">0</td><td style="text-align: right">0</td><td style="text-align: right">0</td><td style="text-align: right">-987</td><td style="text-align: right">-987</td><td> </td><td>Transaction cost</td><td style="text-align: right">0</td><td style="text-align: right">0</td><td style="text-align: right">0</td><td style="text-align: right">0</td><td style="text-align: right">-987</td></tr> <tr><td>Adjustment of investments through forreign exchange adjustments</td><td style="text-align: right">0</td><td style="text-align: right">0</td><td style="text-align: right">-418</td><td style="text-align: right">0</td><td style="text-align: right">-418</td><td> </td><td>Adjustment of investments through forreign exchange adjustments</td><td style="text-align: right">0</td><td style="text-align: right">0</td><td style="text-align: right">0</td><td style="text-align: right">-418</td><td style="text-align: right">0</td></tr> <tr><td>Equity at 1 January 2022</td><td style="text-align: right">1807</td><td style="text-align: right">0</td><td style="text-align: right">-266</td><td style="text-align: right">17167</td><td style="text-align: right">18708</td><td> </td><td>Equity at 1 January 2022</td><td style="text-align: right">1807</td><td style="text-align: right">0</td><td style="text-align: right">5761</td><td style="text-align: right">-266</td><td style="text-align: right">11406</td></tr> <tr><td>Capital increase</td><td style="text-align: right">364</td><td style="text-align: right">19636</td><td style="text-align: right">0</td><td style="text-align: right">0</td><td style="text-align: right">20000</td><td> </td><td>Capital increase</td><td style="text-align: right">364</td><td style="text-align: right">19636</td><td style="text-align: right">0</td><td style="text-align: right">0</td><td style="text-align: right">0</td></tr> <tr><td>Transferred form shared premium account</td><td style="text-align: right">0</td><td style="text-align: right">-19636</td><td style="text-align: right">0</td><td style="text-align: right">19636</td><td style="text-align: right">0</td><td> </td><td>Transferred form shared premium account</td><td style="text-align: right">0</td><td style="text-align: right">-19636</td><td style="text-align: right">0</td><td style="text-align: right">0</td><td style="text-align: right">19636</td></tr> <tr><td>Transfer through appropriation of profit/ loss </td><td style="text-align: right">0</td><td style="text-align: right">0</td><td style="text-align: right">0</td><td style="text-align: right">-22553,63923</td><td style="text-align: right">-22553,63923</td><td> </td><td>Transfer through appropriation of profit/ loss </td><td style="text-align: right">0</td><td style="text-align: right">0</td><td style="text-align: right">1136</td><td style="text-align: right">0</td><td style="text-align: right">-23689,63923</td></tr> <tr><td>Adjustment of investments through forreign exchange adjustments</td><td style="text-align: right">0</td><td style="text-align: right">0</td><td style="text-align: right">140</td><td style="text-align: right">0</td><td style="text-align: right">140</td><td> </td><td>Adjustment of investments through forreign exchange adjustments</td><td style="text-align: right">0</td><td style="text-align: right">0</td><td style="text-align: right">0</td><td style="text-align: right">140</td><td style="text-align: right">0</td></tr> <tr><td>Equity at 31 December 2022</td><td style="text-align: right">2171</td><td style="text-align: right">0</td><td style="text-align: right">-126</td><td style="text-align: right">14249,36077</td><td style="text-align: right">16294,36077</td><td> </td><td>Equity at 31 December 2022</td><td style="text-align: right">2171</td><td style="text-align: right">0</td><td style="text-align: right">6897</td><td style="text-align: right">-126</td><td style="text-align: right">7352,36077</td></tr> </table> <table xmlns="http://www.w3.org/1999/xhtml"> <tr><td>Cash flow statement</td><td> </td><td> </td><td> </td></tr> <tr><td> </td><td> </td><td>GROUP</td><td> </td></tr> <tr><td>Amounts in DKK '000</td><td>Note</td><td style="text-align: right">2022</td><td style="text-align: right">2021</td></tr> <tr><td>Profit/loss for the year </td><td> </td><td style="text-align: right">-22553,6389397183</td><td style="text-align: right">-21808,654237616</td></tr> <tr><td>Adjustments </td><td style="text-align: right">15</td><td style="text-align: right">2713,5398848297</td><td style="text-align: right">1873</td></tr> <tr><td>Cash generated from operations before changes in working capital, interest received and paid, and income taxes received</td><td> </td><td style="text-align: right">-19840,0990548886</td><td style="text-align: right">-19935,654237616</td></tr> <tr><td>Changes in working capital </td><td style="text-align: right">16</td><td style="text-align: right">-1936,80280725</td><td style="text-align: right">1368</td></tr> <tr><td>Cash generated from operations before interest received and paid, and income taxes received</td><td> </td><td style="text-align: right">-21776,9018621386</td><td style="text-align: right">-18567,654237616</td></tr> <tr><td>Interest received, etc.</td><td> </td><td style="text-align: right">207,085131596413</td><td style="text-align: right">145</td></tr> <tr><td>Interest paid, etc. </td><td> </td><td style="text-align: right">-806,63719642611</td><td style="text-align: right">-110</td></tr> <tr><td>Income taxes received </td><td> </td><td style="text-align: right">774</td><td style="text-align: right">457</td></tr> <tr><td>Cash flows from operating activities </td><td> </td><td style="text-align: right">-21602,4539269683</td><td style="text-align: right">-18075,654237616</td></tr> <tr><td>Additions, intangible assets </td><td> </td><td style="text-align: right">-4377</td><td style="text-align: right">-3517,11275</td></tr> <tr><td>Additions, property, plant and equipment </td><td> </td><td style="text-align: right">0</td><td style="text-align: right">-464</td></tr> <tr><td>Additions, deposits</td><td> </td><td style="text-align: right">0</td><td style="text-align: right">-301</td></tr> <tr><td>Disposals, deposits</td><td> </td><td style="text-align: right">0</td><td style="text-align: right">16</td></tr> <tr><td>Cash flows to investing activities </td><td> </td><td style="text-align: right">-4377</td><td style="text-align: right">-4266,11275</td></tr> <tr><td>Transaction cost</td><td> </td><td style="text-align: right">0</td><td style="text-align: right">-987</td></tr> <tr><td>Cash capital increase </td><td> </td><td style="text-align: right">20000</td><td style="text-align: right">40350</td></tr> <tr><td>Cash flows from financing activities </td><td> </td><td style="text-align: right">20000</td><td style="text-align: right">39363</td></tr> <tr><td>Net cash flow</td><td> </td><td style="text-align: right">-5979,45392696826</td><td style="text-align: right">17021,233012384</td></tr> <tr><td>Cash and cash equivalents at 1 January</td><td> </td><td style="text-align: right">19977,233012384</td><td style="text-align: right">3373</td></tr> <tr><td>Foreign exchange adjustments </td><td> </td><td style="text-align: right">140</td><td style="text-align: right">-417</td></tr> <tr><td>Cash and cash equivalents at 31 December </td><td> </td><td style="text-align: right">14137,7790854157</td><td style="text-align: right">19977,233012384</td></tr> </table> <p xmlns="http://www.w3.org/1999/xhtml">1. ACCOUNTING POLICIES</p> <p xmlns="http://www.w3.org/1999/xhtml">The annual report of RISMA Systems A/S for 2022 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to reporting class B entities and elective choice of certain provi- sions applying to reporting class C entities.</p> <p xmlns="http://www.w3.org/1999/xhtml">RISMA Systems A/S has chosen voluntarily to prepare consolidated finan- cial statements for the Group for 2022 with comparative figures for 2021.</p> <p xmlns="http://www.w3.org/1999/xhtml">The accounting policies used in the preparation of the financial state- ments are consistent with those of last year. However, reclassification be- tween certain captions in the income statement for 2021 have been made.</p> <p xmlns="http://www.w3.org/1999/xhtml">OMISSION OF A CASH FLOW STATEMENT</p> <p xmlns="http://www.w3.org/1999/xhtml">With reference to section 86(4) of the Danish Financial Statements Act, no cash flow statement is prepared for the parent company, as its cash flows are reflected in the consolidated cash flow statement.</p> <p xmlns="http://www.w3.org/1999/xhtml">REPORTING CURRENCY</p> <p xmlns="http://www.w3.org/1999/xhtml">The financial statements are presented in Danish kroner (DKK’000).</p> <p xmlns="http://www.w3.org/1999/xhtml">CONSOLIDATED FINANCIAL STATEMENTS</p> <p xmlns="http://www.w3.org/1999/xhtml">CONTROL</p> <p xmlns="http://www.w3.org/1999/xhtml">The consolidated financial statements comprise the Parent Company and subsidiaries controlled by the Parent Company.</p> <p xmlns="http://www.w3.org/1999/xhtml">Control means a parent company’s power to direct a subsidiary’s financial and operating policy decisions. Besides the above power, the parent com- pany should also be able to yield a return from its investment.</p> <p xmlns="http://www.w3.org/1999/xhtml">In assessing if the parent company controls an entity, de facto control is taken into consideration as well.</p> <p xmlns="http://www.w3.org/1999/xhtml">The existence of potential voting rights which may currently be exercised or converted into additional voting rights is considered when assessing if an entity can become empowered to direct another entity’s financial and</p> <p xmlns="http://www.w3.org/1999/xhtml">operating decisions.</p> <p xmlns="http://www.w3.org/1999/xhtml">PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS</p> <p xmlns="http://www.w3.org/1999/xhtml">The consolidated financial statements are prepared as a consolidation of the parent company’s and the individual subsidiaries’ financial state- ments, which are prepared according to the group’s accounting policies. On consolidation, intra-group income and expenses, shareholdings, in- tra-group balances and dividends, and realised and unrealised gains on intra-group transactions are eliminated.</p> <p xmlns="http://www.w3.org/1999/xhtml">FOREIGN CURRENCY TRANSLATION</p> <p xmlns="http://www.w3.org/1999/xhtml">On initial recognition, transactions denominated in foreign currencies are translated at the exchange rate at the transaction date. Foreign exchange diferences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as finan- cial income or financial expenses.</p> <p xmlns="http://www.w3.org/1999/xhtml">Receivables and payables and other monetary items denominated in for- eign currencies are translated at the exchange rate at the balance sheet date. The diference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recog- nised in the most recent financial statements is recognised in the income statement as financial income or financial expenses.</p> <p xmlns="http://www.w3.org/1999/xhtml">REVENUE</p> <p xmlns="http://www.w3.org/1999/xhtml">The Company has chosen IFRS 15 as interpretation for revenue recog- nition.</p> <p xmlns="http://www.w3.org/1999/xhtml">Revenue from the sale of services is recognized in the income statement when delivery is made to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consider- ation fixed.</p> <p xmlns="http://www.w3.org/1999/xhtml">On the conclusion of sales contracts which consist of several, separate</p> <p xmlns="http://www.w3.org/1999/xhtml">sales transactions, the contract price is split up into the individual sales transactions based on the relative fair value approach.</p> <p xmlns="http://www.w3.org/1999/xhtml">A contract is split up into individual transactions when the fair value of each individual sales transaction can be calculated reliably and when each individual sales transaction has a separate value for the purchaser. Sales transactions are deemed to have a separate value for the purchaser when the transaction is individually identifiable and is usually sold separately.</p> <p xmlns="http://www.w3.org/1999/xhtml">REVENUE FROM SAAS (SOFTWARE-AS-A-SERVICE)</p> <p xmlns="http://www.w3.org/1999/xhtml">RISMA Systems A/S sells SaaS (Software-as-a-Service) by hosting the soft- ware and related services as cloud-based services. The software is not installed on the customer’s own servers, but on cloud servers that RISMA Systems A/S manages. The performance obligation for SaaS is satisfied over time, as the customer continually receives and consumes the bene- fits of the SaaS during the contract period.</p> <p xmlns="http://www.w3.org/1999/xhtml">REVENUE FROM IMPLEMENTATION AND CONSULTING SERVICES</p> <p xmlns="http://www.w3.org/1999/xhtml">RISMA Systems A/S sells consulting services which are provided on a reg- ular basis (consultancy). RISMA Systems A/S assists customers with the implementation of software. Revenue from implementation is recognized over the period where the revenue from software is recognized.</p> <p xmlns="http://www.w3.org/1999/xhtml">COST OF SALES</p> <p xmlns="http://www.w3.org/1999/xhtml">Cost of sales includes the external direct cost incurred to generating the year’s revenue.</p> <p xmlns="http://www.w3.org/1999/xhtml">OTHER OPERATING INCOME</p> <p xmlns="http://www.w3.org/1999/xhtml">Other operating income comprise items of a secondary nature relative to the Company’s core activities, including intercompany fees and gains on the sale of fixed assets and government grants.</p> <p xmlns="http://www.w3.org/1999/xhtml">OTHER EXTERNAL EXPENSES</p> <p xmlns="http://www.w3.org/1999/xhtml">Other external expenses include the year’s expenses relating to the Com- pany’s core activities, including expenses relating to distribution, sale, ad- vertising, administration, premises, bad debts, payments under operating leases, etc.</p> <p xmlns="http://www.w3.org/1999/xhtml">STAFF COSTS</p> <p xmlns="http://www.w3.org/1999/xhtml">Staf costs include wages and salaries, including compensated absence and pension to the Company’s employees, as well as other social security contributions, etc. The item is net of refunds from public authorities.</p> <p xmlns="http://www.w3.org/1999/xhtml">AMORTISATION/DEPRECIATION</p> <p xmlns="http://www.w3.org/1999/xhtml">The item comprises amortisation/depreciation of intangible assets and property, plant and equipment.</p> <p xmlns="http://www.w3.org/1999/xhtml">The basis of amortisation/depreciation, which is calculated as cost less any residual value, is amortised/depreciated on a straight line basis over the expected useful life. The expected useful lives of the assets are as follows:</p> <p xmlns="http://www.w3.org/1999/xhtml">Completed development projects</p> <p xmlns="http://www.w3.org/1999/xhtml">Acquired intangible assets</p> <p xmlns="http://www.w3.org/1999/xhtml">Depreciation is based on the residual value of the asset and is reduced by impairment losses, if any. The depreciation period and the residual val- ue are determined at the acquisition date and are reassessed annually. Where the residual value exceeds the carrying amount of the asset, no further depreciation charges are recognised.</p> <p xmlns="http://www.w3.org/1999/xhtml">In the case of changes in the depreciation period or the residual value, the efect on the depreciation charges is recognised prospectively as a change in accounting estimates.</p> <p xmlns="http://www.w3.org/1999/xhtml">PROFIT/LOSS FROM INVESTMENTS IN SUBSIDIARIES</p> <p xmlns="http://www.w3.org/1999/xhtml">A proportionate share of the underlying entities’ profit/loss after tax is rec- ognised in the income statement according to the equity method. Shares of profit/loss after tax in subsidiaries are presented as separate line items in the income statement. Full elimination of intra-group gains/losses is made for equity investments in subsidiaries.</p> <p xmlns="http://www.w3.org/1999/xhtml">The proportionate share of the individual subsidiaries’ profit/loss after tax after full elimination of internal gains/losses are recognised in the parent company’s income statement.</p> <p xmlns="http://www.w3.org/1999/xhtml">FINANCIAL INCOME AND EXPENSES</p> <p xmlns="http://www.w3.org/1999/xhtml">Financial income and expenses are recognised in the income statement at the amounts that relate to the financial reporting period. The items com- prise interest income and expenses, e.g. from group entities exchange gains and losses and amortisation of financial assets and liabilities.</p> <p xmlns="http://www.w3.org/1999/xhtml">TAX</p> <p xmlns="http://www.w3.org/1999/xhtml">Tax for the year includes current tax on the year’s expected taxable in- come and the year’s deferred tax adjustments. The portion of the tax for the year that relates to the profit/loss for the year is recognised in the income statement, whereas the portion that relates to transactions taken to equity is recognised in equity.</p> <p xmlns="http://www.w3.org/1999/xhtml">Tax benefit for the year includes tax credits for cost incurred in connection with research and development activities under the Danish Tax Assess- ment Act (Ligningsloven).</p> <p xmlns="http://www.w3.org/1999/xhtml">INTANGIBLE ASSETS</p> <p xmlns="http://www.w3.org/1999/xhtml">Other intangible assets include development projects and other acquired intangible rights, including patents.</p> <p xmlns="http://www.w3.org/1999/xhtml">Other intangible assets are measured at cost less accumulated amortisa- tion and impairment losses.</p> <p xmlns="http://www.w3.org/1999/xhtml">Development costs comprise expenses, salaries and amortisation directly or indirectly attributable to development activities.</p> <p xmlns="http://www.w3.org/1999/xhtml">Development projects that are clearly defined and identifiable, where the technical feasibility, sufficient resources and a potential future market or development opportunities areidentifiable and where the Company in- tends to produce, market or use the project, are recognised as intangible assets provided that the cost can be measured reliably and that there is sufficient assurance that future earnings can cover production costs, selling costs and administrative expenses and development costs. Other development costs are recognised in the income statement as incurred.</p> <p xmlns="http://www.w3.org/1999/xhtml">Development costs that are recognised in the balance sheet are meas- ured at cost less accumulated amortisation and impairment losses.</p> <p xmlns="http://www.w3.org/1999/xhtml">On completion of a development project, development costs are amor- tised on a straightline basis over the estimated useful life. The amortisa- tion period is usually 5 years.</p> <p xmlns="http://www.w3.org/1999/xhtml">PROPERTY, PLANT AND EQUIPMENT</p> <p xmlns="http://www.w3.org/1999/xhtml">Items of property, plant and equipment are measured at cost less accumu- lated depreciation and impairment losses. Cost includes the acquisition price and costs directly related to the acquisition until the time at which the asset is ready for use.</p> <p xmlns="http://www.w3.org/1999/xhtml">Gains or losses are calculated as the diference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses from the disposal of property, plant and equipment are recog- nised in the income statement as other operating income or other oper- ating expenses.</p> <p xmlns="http://www.w3.org/1999/xhtml">LEASES</p> <p xmlns="http://www.w3.org/1999/xhtml">The Company has chosen IAS 17 as interpretation for classification and recognition of leases.</p> <p xmlns="http://www.w3.org/1999/xhtml">Leases that do not transfer substantially all the risks and rewards inci- dent to the ownership to the Company are classified as operating leas- es. Payments relating to operating leases and any other rent agreements are recognised in the income statement over the term of the lease. The Company’s aggregate liabilities relating to operating leases and other rent agreements are disclosed under contractual obligations and contingen- cies.</p> <p xmlns="http://www.w3.org/1999/xhtml">INVESTMENTS IN SUBSIDIARIES</p> <p xmlns="http://www.w3.org/1999/xhtml">Equity investments in subsidiaries are measured according to the equity method.</p> <p xmlns="http://www.w3.org/1999/xhtml">On initial recognition, equity investments in subsidiaries and associates are measured at cost. The cost is allocated in accordance with the ac- quisition method; see the accounting policies regarding business com- binations.</p> <p xmlns="http://www.w3.org/1999/xhtml">The cost is adjusted by shares of profit/loss after tax calculated in ac- cordance with the Group’s accounting policies less or plus unrealised intra-group gains/losses.</p> <p xmlns="http://www.w3.org/1999/xhtml">Dividend received is reduced from the carrying amount.</p> <p xmlns="http://www.w3.org/1999/xhtml">Equity investments in subsidiaries measured at net asset value are subject to impairment test requirements if there is any indication of impairment.</p> <p xmlns="http://www.w3.org/1999/xhtml">Equity investments in subsidiaries with negative net asset values are measured at DKK 0, and any receivables from these entities are written down to the extent that the receivables are deemed irrecoverable. To the extent that the Parent Company has a legal or constructive obligation to cover negative balance exceeding the receivable, the residual amount is recognized as provisions.</p> <p xmlns="http://www.w3.org/1999/xhtml">IMPAIRMENT OF FIXED ASSETS</p> <p xmlns="http://www.w3.org/1999/xhtml">The carrying amount of intangible assets, property, plant and equipment</p> <p xmlns="http://www.w3.org/1999/xhtml">and investments in subsidiaries is assessed for impairment on an annual basis.</p> <p xmlns="http://www.w3.org/1999/xhtml">Impairment tests are conducted on assets or groups of assets when there is evidence of impairment. The carrying amount of impaired assets is re- duced to the higher of the net selling price and the value in use (recover- able amount).</p> <p xmlns="http://www.w3.org/1999/xhtml">The recoverable amount is the higher of the net selling price of an asset and its value in use. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the group of assets and the expected net cash flows from the disposal of the asset or the group of assets after the end of the useful life.</p> <p xmlns="http://www.w3.org/1999/xhtml">Previously recognised impairment losses are reversed when the reason for recognition no longer exists. Impairment losses on goodwill are not reversed.</p> <p xmlns="http://www.w3.org/1999/xhtml">RECEIVABLES</p> <p xmlns="http://www.w3.org/1999/xhtml">Receivables are measured at amortised cost.</p> <p xmlns="http://www.w3.org/1999/xhtml">The Company has chosen IAS 39 as interpretation for impairment of fi- nancial receivables.</p> <p xmlns="http://www.w3.org/1999/xhtml">An impairment loss is recognised if there is objective evidence that a re- ceivable or a group of receivables is impaired. If there is objective evi- dence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis.</p> <p xmlns="http://www.w3.org/1999/xhtml">Impairment losses are calculated as the diference between the carrying amount of the receivables and the present value of the expected cash flows, including the realisable value of any collateral received. The ef- fective interest rate for the individual receivable or portfolio is used as discount rate.</p> <p xmlns="http://www.w3.org/1999/xhtml">PREPAYMENTS</p> <p xmlns="http://www.w3.org/1999/xhtml">Prepayments recognised under “Assets” comprise prepaid expenses re- garding subsequent financial reporting years.</p> <p xmlns="http://www.w3.org/1999/xhtml">Ofering cost, consisting of legal, accounting, printer and filing fees direct-</p> <p xmlns="http://www.w3.org/1999/xhtml">ly attributable to the issuance of new shares relating to the Company’s initial public ofering, are deferred and will be ofset against proceeds from the IPO upon the efectiveness of the ofering.</p> <p xmlns="http://www.w3.org/1999/xhtml">CASH</p> <p xmlns="http://www.w3.org/1999/xhtml">Cash comprise cash in banks accounts.</p> <p xmlns="http://www.w3.org/1999/xhtml">EQUITY</p> <p xmlns="http://www.w3.org/1999/xhtml">SHARE BASED PAYMENT</p> <p xmlns="http://www.w3.org/1999/xhtml">Sharebased payment programs is disclosed in note 11. Granted warrants are classified as equity settled instruments, and are not recognised in the financial statements.</p> <p xmlns="http://www.w3.org/1999/xhtml">TREASURY SHARES</p> <p xmlns="http://www.w3.org/1999/xhtml">Purchases and sales of treasury shares are taken directly to equity under “Retained earnings”.</p> <p xmlns="http://www.w3.org/1999/xhtml">RESERVE FOR NET REVALUATION ACCORDING TO THE EQUITY METHOD</p> <p xmlns="http://www.w3.org/1999/xhtml">The net revaluation reserve according to the equity method includes net revaluations of investments in subsidiaries and associates relative to cost. The reserve can be eliminated in case of losses, realisation of investments or a change in accounting estimates. The reserve cannot be recognised at a negative amount.</p> <p xmlns="http://www.w3.org/1999/xhtml">RESERVE FOR DEVELOPMENT COSTS</p> <p xmlns="http://www.w3.org/1999/xhtml">The reserve for development costs comprises recognised development costs less amortisation and tax.</p> <p xmlns="http://www.w3.org/1999/xhtml">The reserve cannot be used to distribute dividends or cover losses. The reserve will be reduced or dissolved if the recognised development costs are no longer part of the Company’s operations by a transfer directly to the distributable reserves under equity.</p> <p xmlns="http://www.w3.org/1999/xhtml">SHARE PREMIUM</p> <p xmlns="http://www.w3.org/1999/xhtml">Share premium can be used for dividend.</p> <p xmlns="http://www.w3.org/1999/xhtml">INCOME TAXES</p> <p xmlns="http://www.w3.org/1999/xhtml">Current tax payables and receivables are recognised in the balance sheet as the estimated income tax charge for the year, adjusted for prior-year</p> <p xmlns="http://www.w3.org/1999/xhtml">taxes and tax paid on account.</p> <p xmlns="http://www.w3.org/1999/xhtml">Deferred tax is measured according to the liability method on all tempo- rary diferences between the carrying amount and the tax base of assets and liabilities. Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on Management’s intended use of the asset or settlement of the liability, respectively.</p> <p xmlns="http://www.w3.org/1999/xhtml">Deferred tax is measured according to the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax assets are recognised at the ex- pected value of their utilisation; either as a set-of against tax on future income or as a set-of against deferred tax liabilities in the same legal tax entity. Changes in deferred tax due to changes in the tax rate are recog- nised in the income statement.</p> <p xmlns="http://www.w3.org/1999/xhtml">LIABILITIES</p> <p xmlns="http://www.w3.org/1999/xhtml">Financial liabilities are recognised at the date of borrowing at the net pro- ceeds received less transaction costs paid. On subsequent recognition, financial liabilities are measured at amortised cost.</p> <p xmlns="http://www.w3.org/1999/xhtml">Other liabilities are measured at net realisable value.</p> <p xmlns="http://www.w3.org/1999/xhtml">DEFERRED INCOME</p> <p xmlns="http://www.w3.org/1999/xhtml">Deferred income recognised as a liability comprises payments received concerning income in subsequent financial reporting years.</p> <p xmlns="http://www.w3.org/1999/xhtml">CASH FLOW STATEMENT</p> <p xmlns="http://www.w3.org/1999/xhtml">The cash flow statement shows the Company’s net cash flows broken down according to operating, investing and financing activities, the year’s changes in cash and cash equivalents as well as the cash and cash equiv- alents at the beginning and the end of the year.</p> <p xmlns="http://www.w3.org/1999/xhtml">Cash flows from operating activities are calculated as the profit/loss for the year adjusted for non cash operating items, changes in working capital</p> <p xmlns="http://www.w3.org/1999/xhtml">and paid corporate income tax.</p> <p xmlns="http://www.w3.org/1999/xhtml">Cash flows from investing activities comprise payments in connection with acquisitions and disposals of entities and activities and of intangible assets, property, plant and equipment and investments.</p> <p xmlns="http://www.w3.org/1999/xhtml">Cash flows from financing activities comprise changes in the size or com- position of the Company’s share capital and related expenses as well as raising of loans, repayment of interest bearing debt and payment of divi- dends to shareholders.</p> <p xmlns="http://www.w3.org/1999/xhtml">Cash and cash equivalents comprise cash, short term bank loans and short term securities which are readily convertible into cash and which are subject only to insignificant risks of changes in value.</p> <table xmlns="http://www.w3.org/1999/xhtml"> <tr><td>Staff costs</td><td> </td><td> </td><td> </td><td> </td></tr> <tr><td> </td><td>GROUP</td><td>PARENT</td><td> </td><td> </td></tr> <tr><td>Amounts in DKK '000</td><td style="text-align: right">2022</td><td style="text-align: right">2021</td><td style="text-align: right">2022</td><td style="text-align: right">2021</td></tr> <tr><td>Wages/salaries</td><td style="text-align: right">26015</td><td style="text-align: right">19574</td><td style="text-align: right">22913</td><td style="text-align: right">18588</td></tr> <tr><td>Pensions </td><td style="text-align: right">1987</td><td style="text-align: right">1256</td><td style="text-align: right">1784</td><td style="text-align: right">1166</td></tr> <tr><td>Other social security costs</td><td style="text-align: right">1258</td><td style="text-align: right">389</td><td style="text-align: right">292</td><td style="text-align: right">159</td></tr> <tr><td> </td><td style="text-align: right">29260</td><td style="text-align: right">21219</td><td style="text-align: right">24989</td><td style="text-align: right">19913</td></tr> </table> <table xmlns="http://www.w3.org/1999/xhtml"> <tr><td>Financial income</td><td> </td><td> </td><td> </td><td> </td></tr> <tr><td> </td><td>GROUP</td><td>PARENT</td><td> </td><td> </td></tr> <tr><td>Amounts in DKK '000</td><td style="text-align: right">2022</td><td style="text-align: right">2021</td><td style="text-align: right">2022</td><td style="text-align: right">2021</td></tr> <tr><td>Interest income, group entities</td><td style="text-align: right">0</td><td style="text-align: right">0</td><td style="text-align: right">148</td><td style="text-align: right">193</td></tr> <tr><td>Other financial income</td><td style="text-align: right">207,085131596413</td><td style="text-align: right">145</td><td style="text-align: right">20</td><td style="text-align: right">0</td></tr> <tr><td> </td><td style="text-align: right">207,085131596413</td><td style="text-align: right">145</td><td style="text-align: right">168</td><td style="text-align: right">193</td></tr> </table> <table xmlns="http://www.w3.org/1999/xhtml"> <tr><td>Financial expenses</td><td> </td><td> </td><td> </td><td> </td></tr> <tr><td> </td><td>GROUP</td><td>PARENT</td><td> </td><td> </td></tr> <tr><td>Amounts in DKK '000</td><td style="text-align: right">2022</td><td style="text-align: right">2021</td><td style="text-align: right">2022</td><td style="text-align: right">2021</td></tr> <tr><td>Other financial expenses</td><td style="text-align: right">806,63719642611</td><td style="text-align: right">110</td><td style="text-align: right">432</td><td style="text-align: right">141</td></tr> <tr><td> </td><td style="text-align: right">806,63719642611</td><td style="text-align: right">110</td><td style="text-align: right">432</td><td style="text-align: right">141</td></tr> </table> <table xmlns="http://www.w3.org/1999/xhtml"> <tr><td>Intangible assets</td><td> </td><td> </td><td> </td><td> </td></tr> <tr><td> </td><td>GROUP</td><td> </td><td> </td><td> </td></tr> <tr><td>Amounts in DKK '000</td><td>Completed development projects </td><td>Development projects in progress</td><td>Acquired intangible assets</td><td>Total</td></tr> <tr><td>Cost at 1 January 2022</td><td style="text-align: right">16547</td><td style="text-align: right">0</td><td style="text-align: right">71</td><td style="text-align: right">16618</td></tr> <tr><td>Additions</td><td style="text-align: right">3663</td><td style="text-align: right">714</td><td style="text-align: right">0</td><td style="text-align: right">4377</td></tr> <tr><td>Cost at 31 December 2022</td><td style="text-align: right">20210</td><td style="text-align: right">714</td><td style="text-align: right">71</td><td style="text-align: right">20995</td></tr> <tr><td>Amortisation at 1 January 2022</td><td style="text-align: right">9161</td><td style="text-align: right">0</td><td style="text-align: right">14</td><td style="text-align: right">9175</td></tr> <tr><td>Amortisation for the year</td><td style="text-align: right">2921</td><td style="text-align: right">0</td><td style="text-align: right">14</td><td style="text-align: right">2935</td></tr> <tr><td>Amortisation at 31 December 2022</td><td style="text-align: right">12082</td><td style="text-align: right">0</td><td style="text-align: right">28</td><td style="text-align: right">12110</td></tr> <tr><td>Carrying amount at 31 December 2022</td><td style="text-align: right">8128</td><td style="text-align: right">714</td><td style="text-align: right">43</td><td style="text-align: right">8885</td></tr> <tr><td> </td><td>PARENT COMPANY</td><td> </td><td> </td><td> </td></tr> <tr><td>Amounts in DKK '000</td><td>Completed development projects </td><td>Development projects in progress</td><td>Acquired intangible assets</td><td>Total</td></tr> <tr><td>Cost at 1 January 2022</td><td style="text-align: right">16547</td><td style="text-align: right">0</td><td style="text-align: right">71</td><td style="text-align: right">16618</td></tr> <tr><td>Additions</td><td style="text-align: right">3663</td><td style="text-align: right">714</td><td style="text-align: right">0</td><td style="text-align: right">4377</td></tr> <tr><td>Cost at 31 December 2022</td><td style="text-align: right">20210</td><td style="text-align: right">714</td><td style="text-align: right">71</td><td style="text-align: right">20995</td></tr> <tr><td>Amortisation at 1 January 2022</td><td style="text-align: right">9161</td><td style="text-align: right">0</td><td style="text-align: right">14</td><td style="text-align: right">9175</td></tr> <tr><td>Amortisation for the year</td><td style="text-align: right">2921</td><td style="text-align: right">0</td><td style="text-align: right">14</td><td style="text-align: right">2935</td></tr> <tr><td>Amortisation at 31 December 2022</td><td style="text-align: right">12082</td><td style="text-align: right">0</td><td style="text-align: right">28</td><td style="text-align: right">12110</td></tr> <tr><td>Carrying amount at 31 December 2022</td><td style="text-align: right">8128</td><td style="text-align: right">714</td><td style="text-align: right">43</td><td style="text-align: right">8885</td></tr> </table> <table xmlns="http://www.w3.org/1999/xhtml"> <tr><td>PROPERTY, PLANT AND EQUIPMENT</td><td> </td><td> </td><td> </td><td style="text-align: right">9</td><td>Investments</td><td> </td><td> </td><td> </td><td style="text-align: right">10</td><td>Share capital</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td>The Company has issued warrants with the rights to sign 717,078 new shares or DKK 71,708 nominal value.</td><td> </td><td> </td><td> </td><td> </td></tr> <tr><td> </td><td>GROUP</td><td> </td><td> </td><td> </td><td> </td><td>PARENT COMPANY</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td>Analysis of changes in the share capital over the past 5 years:</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr><td>Amounts in DKK '000</td><td>Fixtures and fittings, other plant and equipment</td><td> </td><td> </td><td> </td><td>Amounts in DKK '000</td><td>Investments in group enterprises</td><td>Deposits, investments</td><td>Total</td><td> </td><td>Amounts in DKK '000</td><td style="text-align: right">2022</td><td style="text-align: right">2021</td><td style="text-align: right">2020</td><td style="text-align: right">2019</td><td style="text-align: right">2018</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr><td>Cost at 1 January 2022</td><td style="text-align: right">1107</td><td> </td><td> </td><td> </td><td>Cost at 1 January 2022</td><td style="text-align: right">42</td><td style="text-align: right">301</td><td style="text-align: right">343</td><td> </td><td>Balance 1 January</td><td style="text-align: right">1807</td><td style="text-align: right">1380</td><td style="text-align: right">1346</td><td style="text-align: right">1339</td><td style="text-align: right">1089</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr><td>Additions</td><td style="text-align: right">0</td><td> </td><td> </td><td> </td><td>Additions </td><td style="text-align: right">4714</td><td style="text-align: right">0</td><td style="text-align: right">4714</td><td> </td><td>Capital increase</td><td style="text-align: right">364</td><td style="text-align: right">427</td><td style="text-align: right">34</td><td style="text-align: right">7</td><td style="text-align: right">250</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr><td>Cost at 31 December 2022 </td><td style="text-align: right">1107</td><td> </td><td> </td><td> </td><td>Disposals</td><td style="text-align: right">0</td><td style="text-align: right">0</td><td style="text-align: right">0</td><td> </td><td>Balance 31 December</td><td style="text-align: right">2171</td><td style="text-align: right">1807</td><td style="text-align: right">1380</td><td style="text-align: right">1346</td><td style="text-align: right">1339</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr><td>Depreciation at 1 January 2022</td><td style="text-align: right">635</td><td> </td><td> </td><td> </td><td>Cost at 31 December 2022</td><td style="text-align: right">4756</td><td style="text-align: right">301</td><td style="text-align: right">5057</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr><td>Depreciation </td><td style="text-align: right">142</td><td> </td><td> </td><td> </td><td>Value adjustments at 1 January 2022</td><td style="text-align: right">-42</td><td style="text-align: right">0</td><td style="text-align: right">-42</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr><td>Depreciation at 31 December 2022</td><td style="text-align: right">777</td><td> </td><td> </td><td> </td><td>Profit/loss for the year</td><td style="text-align: right">-5745,02</td><td style="text-align: right">0</td><td style="text-align: right">-5745,02</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr><td>Carrying amount at 31 December 2022</td><td style="text-align: right">330</td><td> </td><td> </td><td> </td><td>Exchange rate adjustments</td><td style="text-align: right">140</td><td style="text-align: right">0</td><td style="text-align: right">140</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr><td> </td><td> </td><td> </td><td> </td><td> </td><td>Transferred, recognised against receivables</td><td style="text-align: right">604</td><td style="text-align: right">0</td><td style="text-align: right">604</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr><td> </td><td> </td><td> </td><td> </td><td> </td><td>Transferred, recognised as provisions</td><td style="text-align: right">287</td><td style="text-align: right">0</td><td style="text-align: right">287</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr><td> </td><td> </td><td> </td><td> </td><td> </td><td>Value adjustments at 31 December 2022</td><td style="text-align: right">-4756</td><td style="text-align: right">0</td><td style="text-align: right">-4756</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr><td> </td><td>PARENT COMPANY</td><td> </td><td> </td><td> </td><td>Carrying amount at 31 December 2022</td><td style="text-align: right">0</td><td style="text-align: right">301</td><td style="text-align: right">301</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr><td>Amounts in DKK '000</td><td>Fixtures and fittings, other plant and equipment</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr><td>Cost at 1 January 2022</td><td style="text-align: right">1107</td><td> </td><td> </td><td> </td><td> </td><td>PARENT COMPANY</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr><td>Additions</td><td style="text-align: right">0</td><td> </td><td> </td><td> </td><td>Name</td><td>Legal form</td><td>Domicile</td><td>Ownership</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr><td>Cost at 31 December 2022 </td><td style="text-align: right">1107</td><td> </td><td> </td><td> </td><td>Subsidiaries</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr><td>Depreciation at 1 January 2022</td><td style="text-align: right">635</td><td> </td><td> </td><td> </td><td>Risma System Sweden AB</td><td>AB</td><td>Sweden</td><td style="text-align: right">1</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr><td>Depreciation</td><td style="text-align: right">142</td><td> </td><td> </td><td> </td><td>Risma System Norway AS</td><td>AS</td><td>Norway</td><td style="text-align: right">1</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr><td>Depreciation at 31 December 2022</td><td style="text-align: right">777</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> <tr><td>Carrying amount at 31 December 2022</td><td style="text-align: right">330</td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr> </table> <p xmlns="http://www.w3.org/1999/xhtml">Today, the Board of Directors and the Executive Board have dis- cussed and approved the annual report of RISMA Systems A/S for the financial year 1 January - 31 December 2022.</p> <p xmlns="http://www.w3.org/1999/xhtml">The annual report is prepared in accordance with the Danish Fi- nancial Statements Act.</p> <p xmlns="http://www.w3.org/1999/xhtml">In our opinion, the consolidated financial statements and the par- ent company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2022 and of the results of the Group’s and the Parent Company’s operations and of the consolidated cash flows for the financial year 1 January - 31 December 2022.</p> <p xmlns="http://www.w3.org/1999/xhtml">Further, in our opinion, the Management’s review gives a fair re- view of the development in the Company's activities and finan- cial matters, of the results for the year and of the Company's and the Group's financial position.</p> <p xmlns="http://www.w3.org/1999/xhtml">We recommend that the annual report be approved at the annual general meeting.</p> <p xmlns="http://www.w3.org/1999/xhtml">Glostrup, 30 March 2023</p> Lars Nybro Munksgaard Lars Ankjer Jensen Thomas Nielsen Claus Henrik Christiansen Lars Nybro Munksgaard Rolf Hall RISMA Systems A/S Ejby Industrivej 34-38 2600 Glostrup 2880000 2842000 2880 2842 18324000 9420000 17120 10558 25351000 29260000 21101 24989 -3284000 -3076884 -3284 -3077 -10311000 -22916983 -7265 -17508 0 0 -3240 -5745 121000 207085 217 168 -139000 -806637 -41 -432 -10329000 -23516535 -10329 -23517 -1847000 962896 -1847 963 -12176000 -22553639 -12176 -22554 -10070000 -9451414 -8810 -8234 Opinion <p xmlns="http://www.w3.org/1999/xhtml">We have audited the consolidated financial statements and the parent company financial statements of RISMA SYSTEMS A/S for the financial year 1 January – 31 December 2022 comprising in- come statement, balance sheet, statement of changes in equity and notes, including accounting policies, for the Group as well as for the Parent Company and a cash flow statement for the Group. The consolidated financial statements and parent company fi- nancial statements are prepared in accordance with the Danish Financial Statements Act.</p> <p xmlns="http://www.w3.org/1999/xhtml">In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the Group's and the Parent Company's assets, liabilities and financial position at 31 December 2022 and of the results of the Group's and the Parent Company's operations and consolidated cash flows for the financial year 1 January – 31 December 2022 in accordance with the Danish Financial Statements Act.</p> Basis for Opinion <p xmlns="http://www.w3.org/1999/xhtml">We conducted our audit in accordance with International Stand- ards on Auditing (ISAs) and the additional requirements applica- ble in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibil- ities for the audit of the consolidated financial statements and the parent company financial statements" section of our report.</p> <p xmlns="http://www.w3.org/1999/xhtml">We are independent of the Group in accordance with the Inter- national 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 accordancewith these requirements and the IESBA Code. </p> <p xmlns="http://www.w3.org/1999/xhtml">We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</p> <p xmlns="http://www.w3.org/1999/xhtml">Management’s responsibility for the consolidat- ed financial statements and the parent company financial statement</p> <p xmlns="http://www.w3.org/1999/xhtml">Management is responsible for the preparation of consolidated financial statements and parent company financial statements that give a true and fair view in accordance with the Danish Fi- nancial Statements Act and for such internal control that Man- agement determines is necessary to enable the preparation of consolidated financial statements and parent company financial statements that are free from material misstatement, whether due to fraud or error.</p> <p xmlns="http://www.w3.org/1999/xhtml">In preparing the consolidated financial statements and the par- ent company financial statements, Management is responsible for assessing the Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the consolidated financial statements and the parent company financial statements unless Manage- ment either intends to liquidate the Group or the Company or to cease operations, or has no realistic alternative but to do so.</p> <p xmlns="http://www.w3.org/1999/xhtml">Auditor's responsibilities for the audit of the con- solidated financial statements and the parent com- pany financial statements</p> <p xmlns="http://www.w3.org/1999/xhtml">Our objectives are to obtain reasonable assurance as to whether the consolidated financial statements and the parent company financial statements as a whole are free from material misstate- ment, 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 in Den- mark will always detect a material misstatement when it exists. Misstatements may arise from fraud or error and are considered material if, individually or in the aggregate, they could reasona- bly be expected to influence the economic decisions of financial statement users made on the basis of these consolidated finan- cial statements and parent company financial statements.</p> <p xmlns="http://www.w3.org/1999/xhtml">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</p> <p xmlns="http://www.w3.org/1999/xhtml">Identify and assess the risks of material misstatement of the consolidated financial statements and the parent company 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.</p> <p xmlns="http://www.w3.org/1999/xhtml">Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appro- priate in the circumstances, but not for the purpose of ex- pressing an opinion on the efectiveness of the Group's and the Parent Company's internal control.</p> <p xmlns="http://www.w3.org/1999/xhtml">Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and relat- ed disclosures made by Management.</p> <p xmlns="http://www.w3.org/1999/xhtml">Conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the consolidated financial statements and the parent compa- ny financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's and the Parent Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's re- port to the related disclosures in the consolidated financial statements and the parent company 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 Compa- ny to cease to continue as a going concern.</p> <p xmlns="http://www.w3.org/1999/xhtml">Evaluate the overall presentation, structure and contents of the consolidated financial statements and the parent com- pany financial statements, including the disclosures, and whether the consolidated financial statements and the par- ent company financial statements represent the underlying transactions and events in a manner that gives a true and fair view.</p> <p xmlns="http://www.w3.org/1999/xhtml">Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.</p> <p xmlns="http://www.w3.org/1999/xhtml">We communicate with those charged with governance regard- ing, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant defi- ciencies in internal control that we identify during our audit.</p> <p xmlns="http://www.w3.org/1999/xhtml">Statement on the Management's review</p> <p xmlns="http://www.w3.org/1999/xhtml">Management is responsible for the Management's review.</p> <p xmlns="http://www.w3.org/1999/xhtml">Our opinion on the consolidated financial statements and the parent company financial statements does not cover the Man- agement's review, and we do not express any form of assurance conclusion thereon.</p> <p xmlns="http://www.w3.org/1999/xhtml">In connection with our audit of the consolidated financial state- ments and the parent company financial statements, our respon- sibility is to read the Management's review and, in doing so, consider whether the Management's review is materially incon- sistent with the consolidated financial statements or the parent company financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.</p> <p xmlns="http://www.w3.org/1999/xhtml">Moreover, it is our responsibility to consider whether the Man- agement's review provides the information required under the Danish Financial Statements Act.</p> <p xmlns="http://www.w3.org/1999/xhtml">Based on the work we have performed, we conclude that the Management's review is in accordance with the consolidated fi- nancial statements and the parent company financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any ma- terial misstatement of the Management’s review.</p> KPMG - Statsautoriseret Revisionspartnerselskab 25578198 Jon Wilson Beck State Authorised Public Accountant mne32169 KPMG - Statsautoriseret Revisionspartnerselskab 25578198 Kenn Wol Hansen State Authorised Public Accountant mne30154 2171000 2171000 2171 2171 -195000 0 6857 6897 2223000 -126000 -195 -126 0 -14249361 -4634 -7352 4199000 16294361 4199 16294 0 0 1172 287 0 0 1172 287 0 0 0 0 3003000 1804281 2276 1692 4832000 2662894 3619 1976 21355000 14321296 17717 12716 29190000 18788471 23612 16384 33389000 35083000 28983 32965 8704000 8128000 8704 8128 87000 714000 87 714 28000 43000 28 43 202000 329904 202 330 310000 301000 301 301 9331000 9515904 9322 9516 7831000 7926198 6709 7130 0 0 0 0 2000 967700 2 968 3061000 2433182 1970 1912 51000 101893 50 102 13113000 14137927 10930 13339 24058000 25566901 19661 23450 33389000 35083000 28983 32965 <table xmlns="http://www.w3.org/1999/xhtml"> <tr><td>12 NON-CURRENT LIABILITIES OTHER THAN PROVISIONS</td><td> </td><td> </td><td> </td></tr> <tr><td>GROUP </td><td> </td><td> </td><td> </td></tr> <tr><td>Of the long-term liabilities in 2022, DKK 0 thousand falls due for payment after more than 5 years after the balance sheet date. </td><td> </td><td> </td><td> </td></tr> <tr><td>PARENT COMPANY </td><td> </td><td> </td><td> </td></tr> <tr><td>Of the long-term liabilities in 2022, DKK 0 thousand falls due for payment after more than 5 years after the balance sheet date. </td><td> </td><td> </td><td> </td></tr> </table> Average number of full-time employees -40000 1136 -12136000 -23690