xbrli:pureiso4217:DKK375404472022-01-012022-12-31375404472022-01-012022-12-311375404472022-01-012022-12-311375404472022-01-012022-12-311375404472022-01-012022-12-312375404472022-01-012022-12-313375404472022-01-012022-12-312375404472022-01-012022-12-31375404472021-01-012021-12-31375404472022-01-012022-12-31fsa:RetainedEarningsMember375404472022-01-012022-12-31fsa:RetainedEarningsMember375404472021-01-012021-12-31fsa:RetainedEarningsMember375404472022-12-31375404472021-12-31375404472022-01-01fsa:ContributedCapitalMember375404472022-01-01fsa:RetainedEarningsMember375404472022-01-01375404472022-12-31fsa:ContributedCapitalMember375404472022-12-31fsa:RetainedEarningsMember375404472022-01-012022-12-31fsa:ShorttermDeferredIncomeMemberGrundlag for konklusionKonklusionRegnskabsklasse C, mellemstor virksomhed2021-01-012021-12-31KøbenhavnKøbenhavn K1300Revisionspåtegning2022-12-312022-01-012<br /><br />10BorgergadeWolt Danmark ApS37540447339635562300 København SWeidekampsgade 6Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapportKPMG Statsautoriseret Revisionspartnerselskab Frederiks Plads 428000 Aarhus C 25578198The Board of Directors and the Executive Board have today considered and approved the annual report of Wolt Danmark ApS for the financial year 01.01.2022 - 31.12.2022.The annual report is presented in accordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2022 and of the results of its operations for the financial year 01.01.2022 - 31.12.2022.We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.We recommend the annual report for adoption at the Annual General Meeting.Copenhagen K2023-08-07Søren Meier Viemose SvendsenJammu Evert JokinenSøren Meier Viemose SvendsenJani Johannes SalovaaraTo the shareholders of Wolt Danmark ApSWe have audited the financial statements of Wolt Danmark ApS for the financial year 01.01.2022 - 31.12.2022, which comprise the income statement, balance sheet, statement of changes in equity and ​notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. ​ ​In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2022 and of the results of its operations for the financial year 01.01.2022 - 31.12.2022 in accordance with the Danish Financial Statements Act.We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor’s responsibilities for the audit of the financial statements" section of this auditor’s report. We are independent of the Entity in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.Other matter regarding the scope of the audit Effective from this financial year, the Company is subject to the statutory audit requirement. In prior years, the Company was subject to extended review in accordance with the Danish Business Authority's Assurance Standard for Small Enterprises and FSR – Danish Auditors' standard on extended review of financial statements. As stated in the financial statements, we point out that the comparative figures in the financial statements have been subject to extended review.Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Entity’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so.Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:<br />Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. <br />Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Entity’s internal control. <br />Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. <br />Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the 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 Entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the 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 Entity to cease to continue as a going concern. <br />Evaluate the overall presentation, structure and content of the financial statements, including the disclosures in the notes, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.<br />We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.Management is responsible for the management commentary. Our opinion on the financial statements does not cover the management commentary, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the management commentary and, in doing so, consider whether the management commentary is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the management commentary provides the information required under the Danish Financial Statements Act.<br />Based on the work we have performed, we conclude that the management commentary is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the management commentary. Aarhus2023-08-07Mikkel Trabjerg KnudsenKatrine Gybelmne34459mne45848State Authorised Public AccountantState Authorised Public AccountantFinancial highlights2022 DKK'0002021 DKK'0002020 DKK'0002019 DKK'0002018 DKK'000Key figuresGross profit/loss106,02271,69329,27815,1657,164Operating profit/loss4,5277,8992,7391,623699Net financials(486)(453)(65)(23)(48)Profit/loss for the year3,2316,3411,9441,248504Total assets80,54756,59441,51121,9827,212Investments in property, plant and equipment0959000Equity15,06611,8353,5651,621373Average number of employees200152613215RatiosReturn on equity (%)24.0282.3574.97125.18209.13Equity ratio (%)18.7020.918.597.375.17Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark. The comparative figures for 2018-2020 in the financial highlights have not been adjusted to reflect change in accounting policies made in 2022.Return on equity (%) :Profit/loss for the year * 100 Average equityEquity ratio (%) :Equity * 100 Total assetsPrimary activitiesWolt Danmark ApS operates a mobile platform related to marketing, sales support and delivery services, through which users can order food and other products from restaurants and retailers. Wolt Danmark ApS is a subsidiary of Wolt Enterprises OY (FI26466749, reg. office Helsinki). Development in activities and financesThe income statement of the Company for 2022 shows a profit of DKK 3,230,971, and at 31 December 2022 the balance sheet of the Company shows equity of DKK 15,066,316. Change in accounting policies Due to alignment to group accounting policies the company has in 2022 changed the accounting policies for the cost related to photo/menu creation which will be capitalized and amortized over four years. Comparative figures for 2021 has been restated and the effect in 2021 is 2.920.158 DKK for income statement and 1.929.428 DKK through retained earnings on equity. Apart from the areas mentioned above, the annual report has been presented applying the accounting policies consistent with last year. Profit/loss for the year in relation to expected developmentsDespite the international economic climate and changes, Wolt is well positioned in its field of activity. The company plans to continue investing in growth. Until the date of the financial statements, the current situation has not had a negative impact on the company. OutlookBased on the potential risks and uncertainties of the macroeconomy and the available capital, the company has created various strategic plans, which should ensure the company's flexibility to respond to the international market situation. Company expects its net revenue to increase from previous year moderately. Profitability in relation to revenue will continue the same level as in previous year. Environmental performanceWolt’s approach on sustainability is rooted in our mission to make cities better places. We want to have a positive impact for everyone living in a city. This means that we are mindful about our impact on the local communities and environment - and that we take actions with purpose. Every day, hundreds of thousands of orders are placed, sold, and delivered through our platform – also, resulting in carbon emissions. Historically, we’ve compensated for delivery emissions by purchasing high-quality carbon offsets. But as we’ve grown, we’ve learned that offsets aren’t really a long-term solution for us and that we can move faster and further by preventing emissions from happening in the first place. Wolt is introducing a packaging program that allows all our restaurant partners to have access to sustainable packaging at affordable prices. Wolt is also finding ways to significantly reduce the waste we generate through our own offices and stores. As a platform, Wolt helps local communities by offering merchants and courier partners new opportunities to earn. We see it as our responsibility to make sure the opportunities we offer are safe, flexible, and fair. We also believe we have an important role to play in helping our partners make the transition to a sustainable future. Millions of users access our platform daily. We want to make it easy for everyone to make a positive decision toward a more sustainable future through our platform and further by preventing emissions from happening in the first place. Events after the balance sheet dateRefer to note disclosure 14 regarding contingent liabilities.10602211071692923989794666246471425153151301718027359452732978991326151417487082454620404086274459298098911104575323097163413543230971323097163413547166851484958771668514849587402844680378108117139592510961819970136079616061331360796160613390386087275690222845321981102228453219811051849132142120626954214309172910749499321256636029344468040269255363468463762425627337971508072493178658054668056593555500005000015016316117853451506631611835345500006935758698575850000150163165636010286174992218380816441203725601976438997010019061911142911723176157111654803644475821065480364447582108054668056593555484958748495871 Events after the balance sheet dateRefer to note disclosure 14 regarding contingent liabilities.2 Staff costs2022 DKK2021 DKKWages and salaries88,032,25957,498,174Other social security costs4,953,3061,284,558Other staff costs5,993,9013,681,98298,979,46662,464,714Average number of full-time employees200152The renumeration of Management is not disclosed refering to §98B of the Danish Financial Statements Act.2001523 Depreciation, amortisation and impairment losses2022 DKK2021 DKKAmortisation of intangible assets2,206,306999,384Depreciation of property, plant and equipment309,009302,3342,515,3151,301,7184 Other financial income2022 DKK2021 DKKExchange rate adjustments6151,4176151,4175 Other financial expenses2022 DKK2021 DKKFinancial expenses from group enterprises208,166264,208Exchange rate adjustments131,78654Other financial expenses147,130190,358487,082454,620<br />2022 DKK2021 DKKFinancial expenses from group enterprises208,166264,208Exchange rate adjustments131,78654Other financial expenses147,130190,358487,082454,6206 Tax on profit/loss for the year2022 DKK2021 DKKCurrent tax962,3891,046,100Adjustment concerning previous years(152,498)58,475809,8911,104,5757 Proposed distribution of profit and loss2022 DKK2021 DKKRetained earnings 3,230,9716,341,354 3,230,9716,341,3548 Intangible assetsAcquired intangible assets DKKChanges in accounting policies6,107,088Additions4,523,570Cost end of year10,630,658Changes in accounting policies(1,257,501)Amortisation for the year(2,206,306)Amortisation and impairment losses end of year(3,463,807)Carrying amount end of year7,166,8519 Property, plant and equipmentOther fixtures and fittings, tools and equipment DKKLeasehold improvements DKKCost beginning of year855,722157,375Cost end of year855,722157,375Depreciation and impairment losses beginning of year(175,344)(17,783)Depreciation for the year(277,534)(31,475)Depreciation and impairment losses end of year(452,878)(49,258)Carrying amount end of year402,844108,11710 Financial assetsDeposits DKKCost beginning of year1,606,133Disposals(245,337)Cost end of year1,360,796Carrying amount end of year1,360,796<br />Deposits DKKCost beginning of year1,606,133Disposals(245,337)Cost end of year1,360,796Carrying amount end of year1,360,79611 Receivables from group enterprisesThe Wolt Group has entered a cash pool arrangement with the Group’s bank, where Wolt Danmark ApS is participating with other group entities. The characteristics of the cash pool arrangement give the bank the possibly to net deposits and loan towards each other, which means that it is only the net amount of covered group accounts that constitutes the amounts towards the bank. Wolt Danmark ApS' accounts in the cash pool arrangement, which are recognized under receivables from group enterprises amounts to DKK 33,962,546 as of 31 December 2022 compared to DKK 21,473,691 recognized under receivables from group enterprises as of 31 December 2021. 12 PrepaymentsPrepayments comprise prepaid expenses.13 Deferred incomeDeferred income comprises deferral of subscription revenue. 14 Contingent liabilitiesRental and lease obligations: ​Lease obligations under operating leases. Total future lease payments: ​ Within 1 year: DKK 2,736,770 ​Between 1 and 5 years: DKK 7,767,929 ​Total contingent liabilities: DKK 10,504,699 ​ ​Other contingent liabilities: The Company is undergoing various authority investigations as well as legal processes regarding its business model, taxation and other business-related matters. According to the Company’s assessment, one of the most significant legal proceedings relates to the Company’s business model in Denmark where the Danish Tax Authorities have launched an audit on the tax status of the Wolt partner couriers. The Danish Tax Authorities’ rulings on the case was received in april and june 2023 after the balance sheet date of 31.12.2022. Management is evaluating the impact of the rulings on its business and has appealed against the received Danish Tax Authority’s rulings and awaits a response from the Danish Tax Authorities. Management of the company considers that the Danish tax Authorities’ rulings is wrong and trusts that the outcome of the case is favorable for the Company. Considering the business model, where Wolt Denmark ApS is operating akin to a limited risk distributor towards its Parent Company, the Company has not recognized any provisions on the case to its balance sheet at 31 December 2022. Joint taxation: The company acts as administration company for the group of companies subject to the Danish scheme of joint taxation and is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, to pay the total corporation tax. The company is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for any obligations to withhold tax on interest, royalties, and dividends. 15 Assets charged and collateralThe company has no charges or securities.16 Related parties with controlling interestControlling interest Wolt Enterprises OY, Finland - Majority stakeholder Consolidated financial statements The company is included in the consolidated financial statements of DoorDash, Inc., United States The Group Annual Report for DoorDash, Inc. may be obtained at the following address: DoorDash, Inc., 303 2nd Street, South Tower, Suite 800, San Francisco CA 94107, United States17 Non-arm’s length related party transactionsOnly related party transactions not conducted on an arm’s length basis are disclosed in the annual report.​ No such transactions have been conducted in the financial year.18 Group relationsName and registered office of the Parent preparing consolidated financial statements for the largest group: DoorDash, Inc., 303 2nd Street, South Tower, Suite 800, San Francisco CA 94107, United StatesName and registered office of the Parent preparing consolidated financial statements for the smallest group: DoorDash, Inc., 303 2nd Street, South Tower, Suite 800, San Francisco CA 94107, United StatesCopies of the consolidated financial statements of Wolt Enterprises OY may be ordered at the following address: DoorDash, Inc., 303 2nd Street, South Tower, Suite 800, San Francisco CA 94107, United StatesThis annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (medium).Changes in accounting policiesDue to alignment to group accounting policies the company has in 2022 changed the accounting policies for the cost related to photo/menu creation which will be capitalized and amortized over four years. Comparative figures for 2021 has been restated and the effect in 2021 is 2.920.158 DKK for income statement and 1.929.428 DKK through retained earnings on equity. Apart from the areas mentioned above, the annual report has been presented applying the accounting policies consistent with last year. Change in financial reporting class The annual report for 2022 has been prepared in accordance with the provisions applying to reporting class C-medium entities under the Danish Financial Statements Act. The transition compared to the previous financial year, from the provisions applying to reporting class B entities under the Danish Financial Statements Act has not resulted in any changes to recognition and measurement.Recognition and measurementIncome is recognised in the income statement concurrently with its realisation, including the recognition of value adjustments of financial assets and liabilities. Likewise, all costs are recognised in the income statement, including depreciations amortisations, writedowns for impairment, provisions, and reversals due to changes in estimated amounts previously recognised in the income statement. Assets are recognised in the statement of financial position when it seems probable that future economic benefits will flow to the company and the value of the asset can be reliably measured. Liabilities are recognised in the statement of financial position when it is seems probable that future economic benefits will flow out of the company and the value of the liability can be reliably measured. Assets and liabilities are measured at cost at the initial recognition. Hereafter, assets and liabilities are measured as described below for each individual accounting item.Translation policiesTransactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognized in financial income and expenses in the income statement. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognized directly in equity. Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognized in financial income and expenses in the income statement. Fixed assets acquired in foreign currencies are measured at the transaction date rates. Gross profit or lossWith reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue, expenses for raw materials and consumables and other external expenses.RevenueRevenue is recognized when the risks and rewards have been transferred to the purchaser, the revenue can be measured reliably and it is probable that the economic benefits relating to the sale will flow to the Company. Revenue is measured at the consideration received and is recognized exclusive of VAT and net of discounts relating to sales.Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for ordinary inventory writedowns.Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities, including expenses for premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of receivables recognised in current assets.Staff costsStaff costs comprise salaries and wages, and social security contributions, pension contributions, etc for entity staff as well as payroll expenses.Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment and intangible assets comprise depreciation, amortisation and impairment losses for the financial year, and gains and losses from the sale of intangible assets and property, plant and equipment.Other operating expensesOther operating expenses comprise expenses of a secondary nature as viewed in relation to the Entity’s primary activities.Other financial incomeOther financial income comprises dividends etc received on other investments, interest income, including interest income on receivables from group enterprises, net capital or exchange gains on securities, payables and transactions in foreign currencies, amortisation of financial assets, and tax relief under the Danish Tax Prepayment Scheme etc.Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group enterprises, net capital or exchange losses on securities, payables and transactions in foreign currencies, amortisation of financial liabilities, and tax surcharge under the Danish Tax Prepayment Scheme etc.Tax on profit/loss for the yearTax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognized in the income statement, whereas the tax attributable to equity transactions is recognized directly in equity. The company is subject to Danish rules on compulsory joint taxation of Danish group enterprises. The company acts as an administration company in relation to the joint taxation. This means that the total Danish tax payable by the Danish consolidated companies is paid to the tax authorities by the company. The current Danish income tax is allocated among the jointly taxed companies proportional to their respective taxable income (full allocation with reimbursement of tax losses).Intagible assetsIntangible assets comprise of capitalized photography and menu creation costs. Intangible assets acquired are measured at cost less accumulated amortisation over expected useful lifetime. Intangible assets are written down to the lower of the recoverable amount and carrying amount. Property, plant and equipmentLand and buildings, plant and machinery, and other fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses. Land is not depreciated. Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the asset until the time when it is ready to be put into operation. For self-constructed assets, cost comprises direct and indirect costs of materials, components, subsuppliers and labour costs. For assets held under finance leases, cost is the lower of the asset’s fair value and present value of future lease payments. Indirect production costs in the form of indirectly attributable staff costs and amortisation of intangible assets and depreciation of property, plant and equipment used in the development process are recognised in cost based on time spent on each asset. Interest expenses on loans for the financing of the manufacture of property, plant and equipment are included in cost if they relate to the manufacturing period. All other finance costs are recognised in the income statement. The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line depreciation is made on the basis of the following estimated useful lives of the assets:Useful life Other fixtures and fittings, tools and equipment3 to 5Leasehold improvements3 to 5For leasehold improvements and assets subject to finance leases, the depreciation period cannot exceed the contract period. Estimated useful lives and residual values are reassessed annually. Items of property, plant and equipment are written down to the lower of recoverable amount and carrying amount.InventoriesInventories are measured at the lower of cost using the FIFO method and net realisable value. Cost consists of purchase price plus delivery costs. The net realisable value of inventories is calculated as the estimated selling price less completion costs and costs incurred to execute sale.ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and doubtful debts. Deposits in the Group’s cash pool arrangement is due to the characteristics of the arrangement classified as receivables from group enterprises. Tax payable or receivableCurrent tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's taxable income, adjusted for prepaid tax.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost.CashCash comprises cash in hand and bank deposits.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Prepayments received from customersPrepayments received from customers comprise amounts received from customers prior to delivery of the goods agreed or completion of the service agreed.Deferred incomeDeferred income comprises income received for recognition in subsequent financial years. Deferred income is measured at cost.Cash flow statementReferring to section 86(4) of the Danish Financial Statements Act, the Entity has prepared no cash flow statement as such statement is included in the consolidated cash flow statement of DoorDash, Inc., 303 2nd Street, South Tower, Suite 800, San Francisco CA 94107, United States2023-08-07Riikka Tieaho