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2022-12-31 relatedEntityIdentifier_asso_list_2 fsa:SubsidiaryMember 38166514 2022-01-01 2022-12-31 relatedEntityIdentifier_asso_list_3 fsa:SubsidiaryMember 38166514 2022-01-01 2022-12-31 relatedEntityIdentifier_asso_list_4 fsa:SubsidiaryMember 38166514 2022-01-01 2022-12-31 relatedEntityIdentifier_asso_list_5 fsa:SubsidiaryMember 38166514 2022-01-01 2022-12-31 relatedEntityIdentifier_asso_list_6 fsa:SubsidiaryMember 38166514 2022-01-01 2022-12-31 relatedEntityIdentifier_asso_list_7 fsa:SubsidiaryMember 38166514 2022-01-01 2022-12-31 fsa:OtherInvestmentsMember cmn:ConsolidatedMember 38166514 2022-01-01 2022-12-31 fsa:OtherInvestmentsMember 38166514 2022-01-01 2022-12-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember cmn:ConsolidatedMember 38166514 2022-01-01 2022-12-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember iso4217:DKK pure shares Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2022-01-01 2021-01-01 2022-12-31 2021-12-31 38166514 Manyone A/S Sundkaj 153 2. tv. 2150 Nordhavn PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Strandvejen 44 2900 Hellerup Denmark 39 45 39 45 koebenhavn@pwc.dk 2023-06-26 Søren Lehmann Poulsen Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning The Executive Board and Board of Directors have today considered and adopted the Consolidated Financial Statements and Parent Company Financial Statements of Manyone A/S for the financial year 1 January - 31 December 2022. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In our opinion the Financial Statements and the Consolidated Financial Statements give a true and fair view of the financial position at 31 December 2022 of the Company and the Group and of the results of the Company and Group operations for 2022. In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review. We recommend that the Consolidated Financial Statements and Parent Company Financial Statements be adopted at the Annual General Meeting. 2023-06-26 Nordhavn Lasse Jensby Dahl Manager Søren Lehmann Poulsen Executive Officer David Fellah Chairman Søren Lehmann Poulsen Klaus Silberbauer Andersen Jens Martin Skibsted Kasper Damgaard Boel Rousøe Lasse Jensby Dahl Therese Strange-Obel Johansen To the shareholders of Manyone A/S Opinion In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2022 and of the results of the Group’s and the Parent Company’s operations for the financial year 1 January - 31 December 2022 in accordance with the Danish Financial Statements Act. We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of Manyone A/S for the financial year 1 January - 31 December 2022, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for both the Group and the Parent Company (”the Financial Statements”). Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the ”Auditor’s responsibilities for the audit of the Financial Statements” section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for the preparation of consolidated financial statements and parent company financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the 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 Financial Statements unless Management either intends to liquidate the Group or the Parent Company 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: 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. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group´s and the Parent Company´s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group´s and the 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 report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and the Parent Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view. 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. 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 Management’s Review. Our opinion on the Financial Statements does not cover Management’s Review, 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 Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, in our view, Management’s Review is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. Hellerup 2023-06-26 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Flemming Eghoff State Authorised Public Accountant mne30221 Martin Birch State Authorised Public Accountant mne42825 82491000 58668000 51565000 36081000 -6175000 -4207000 -1257000 -1204000 -7442000 -5502000 11650000 17005000 91299000 82202000 1679000 1318000 67 52 73.3 74.3 62.5 61.5 -2.7 7.8 -7.5 -7.2 -4.0 8.0 -6.8 -5.1 30.3 21.3 12.8 20.7 -30.2 35.6 -51.9 -64.7 This is the third consolidated statement the Group are presenting. Comparison figures has been established to 2019.The ratios have been prepared in accordance with the recommendations and guidelines issued by the Danish Society of Financial Analysts. For definitions, refer to the accounting policies. Key activities The group’s main objective is to deliver strategic, digital, and industrial design to global clients and the parent company’s main objective is to Identify, acquire, develop and grow strategy-design hybrid teams internationally. Development in the year Including full year performance of the acquired entities Spry ApS and Bespoke ApS, the income statement of the Group for 2022 shows a loss of mDKK 7.5 and a positive EBITDA of mDKK 10.7. This illustrates the acquired entities contribution going forward,Including performance of the acuired entities Spry ApS and Bespoke ApS based on the closing date, the income statement of the Group for 2022 shows a loss of DKK 11,091,620 and a positive EBITDA of DKK 7,018,168. At 31 December 2022 the balance sheet of the Group shows positive equity of DKK 43,091,993.Significant growth investments were carried out in 2022, and the underlaying operations continue to perform above industry average. The growth in vestments started to materialise end 2022 which continues into 2023 with a significant improvement of EBITDA and earnings. The past year and follow-up on development expectations from last year The group delivered a relatively significant increase in revenue, compared to 2021, and a net loss in 2022 against a projected positive outlook for 2022. This was mainly driven by a combination of the global economic downturn, which resulted in slowing the pace/timing of signed projects, and platform investments to solidify Manyone’s global presence. However, as a result of the investments, including the acquisitions of two specialist teams Manyone was able to take advantage of market opportunities, which led to the performance recovery seen since the second half of 2022. In 2022 the Group's subsidiary Manyone Denmark ApS merged with Spry ApS and Bespoke ApS. The comparative figure has not been adjusted because of the acquisitions as the book value method has been used. Special risks - operating risks and financial risks Foreign exchange risks The group’s international presence and investments in foreign entities expose its profit and loss, cash flow and capital to fluctuations in currency rates. Management continuously assesses this risk and decides on mitigating actions if necessary. Targets and expectations for the year ahead The group will continue to grow in current markets and invest in business combinations and continue to offer the best solutions to clients locally and globally. We expect to see positive outcome from investments and results between EBITDA DKK 25-30m in FY 2023. External environment Manyone has compensated for 954 tCO2 to account for total 2022 emissions (approx. 4 tCO2/FTE). Offsetting has happened through the purchase of 954 VCS-carbon credits from a nature-based removal project (ex-post reforestation) in Uruguay, resulting in the neutralisation of 954 tons of CO2. Intellectual capital resources The most important knowledge resources are related to competencies within digital and industrial design with teams made up of Anthropologist, Researchers, user experience (UX) Designers, Digital Strategists, Creative Technologists and Product Designers. Uncertainty relating to recognition and measurement There has been no uncertainty regarding recognition and measurement in the Annual Report. Unusual events The financial position at 31 December 2022 of the Group and the results of the activities and cash flows of the Group for the financial year for 2022 have not been affected by any unusual events. 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The warrant program has been unanimously approved by all shareholders and the board of directors has unanimously confirmed each warrant grant made under the warrant program. The total number of warrants under the program is 765,550 where 601,810 is granted. The executive management has been granted 9,252 warrants as part of the remuneration for their service. The warrant program was started in 2020 and the maturity period is 10 years from the time of granting. Incentive programmes are not recognised in the Financial Statements. 9891987 7722941 404652 412147 2786372 1328791 678603 511280 0 38110 0 38110 Share of profits 0 0 11,000,000 0 0 11,000,000 0 0 5126 0 455630 117455 445433 99188 0 0 1044041 1322461 2792045 1333728 2057576 1206402 233334 63123 0 0 3025379 1396851 3101617 2528863 2186199 2773906 -2056427 -1612694 875370 -97678 154369 -68915 -199889 17979 -249261 17965 2861680 2694207 -2151319 -1663644 1318109 1318108 93346501 0 -2471741 718151 718151 8905226 114334 114334 0 2150594 2150593 99779986 891635 891635 18081208 0 -312864 404652 404652 9487335 114334 114334 0 1410621 1410621 27255679 739973 739972 72524307 6769087 1672008 2528894 605976 -140409 23202 1886135 112358 1240964 275399 0 0 -1605450 -153290 49820 49820 0 0 8564633 1834186 2187610 728085 3905835 762204 1091100 152178 -79470 0 1608560 488893 1177812 189710 0 0 -1605450 -153290 49820 49820 0 0 5484745 1300917 663462 188598 3079888 533269 1524148 539487 108780105 69555292 10967966 39224812 119748071 108780104 -22479 -22479 -22479 -22479 Manyone B.V Rotterdam 100 -129887 -56391 Manyone Denmark ApS Copenhagen 100 29879665 5196759 Manyone GmbH Frankfurt 100 2647265 950413 Manyone London Ltd London 100 7436622 56005 Manyone Oslo AS Oslo 51 7563689 -3375104 Manyone Prime Tel Aviv 100 30365037 -6618 Manyone Barcelona Barcelona 100 -665380 -687689 518371 518371 1478159 465678 0 0 1907232 10316 518371 518371 3385391 475994 Selling price of work in progress 37244908 2680393 18676662 1736880 Payments received on account -30124224 -5861816 -22590671 -5861816 7120684 -3181423 -3914009 -4124936 Recognised in the balance sheet as follows: Contract work in progress recognised in assets 12064035 1023013 1029342 79500 Prepayments received recognised in debt -4943351 -4204436 -4943351 -4204436 7120684 -3181423 -3914009 -4124936 Prepayments consist of prepaid expenses concerning rent, insurance premiums, subscriptions. Other cash at bank and in hand 0 0 Cash and cash equivalents include a deposited account which amounts to DKK 50k. Deferred tax asset at 1 January 1,943,267 692,658 Addition from acqusition om subsidiaries -27,250 1,152,931 Amounts recognised in the income statement for the year -875,370 97,678 Deferred tax asset at 31 December 1,040,647 1,943,267 Deferred tax asset at 1 January 812,602 0 Addition from acqusition om subsidiaries 0 0 Amounts recognised in the income statement for the year -154,369 68,915 Deferred tax asset at 31 December 658,233 812,602 Recognition of deferred tax assets relates to temporary differences between accounting values and taxable values of assets which the Company expect to utilise in the coming financial years. 0 0 0 0 0 13467895 0 13467895 0 0 0 0 0 13467895 0 13467895 0 4621037 0 0 36799869 35697926 32361138 39135908 5954829 0 5954829 0 42754698 40318963 38315967 39135908 Payments due within 1 year are recognised in short-term debt. Other debt is recognised in long-term debt. The debt falls due for payment as specified below: Deferred income consists of payments received in respect of income in subsequent years. Charges and security The following assets have been placed as security with bankers: Company charge, with security in simple claims from sales, inventory, fixtures and equipment and goodwill. 10,000,000 0 10,000,000 0 Rental and lease obligations Lease obligations under operating leases. Total future lease payments: Within 1 year 13,267,530 3,235,056 5,076,901 1,929,034 Between 1 and 5 years 53,721,668 18,788,106 26,507,998 17,992,619 After 5 years 38,065,017 22,540,481 20,039,541 22,537,773 105,054,215 44,563,643 51,624,440 42,459,426 Other contingent liabilities The group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The total amount of corporation tax payable is disclosed in the Annual Report of SLP Holding 2016 ApS, which is the management company of the joint taxation purposes. Moreover, the group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company's liability. Controlling interest SLP Holding 2016 ApS Ultimate Parent Company Strategic Design Group Holding ApS Parent Company Other related parties Manyone A/S Group companies Subsidiaries Executive board and Board of directors Key management personnel Transactions The Company has chosen only to disclose transactions which have not been made on an arm's length basis in accordance with section 98(c)(7) of the Danish Financial Statements Act. The Company is included in the Group Annual Report of the Parent Company of the largest and smallest group: Name Place of registered office SLP Holding 2016 ApS Lunderskov The Annual Report of Manyone A/S for 2022 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to medium-sized enterprises of reporting class C. The accounting policies applied remain unchanged from last year. The Consolidated Financial Statements and the Parent Company Financial Statements for 2022 are presented in DKK. 1 With reference to section 86(4) of the Danish Financial Statements Act and to the cash flow statement included in the consolidated financial statements of SLP Holding 2016 ApS, the Company has not prepared a cash flow statement. Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably. Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Basis of consolidation The Consolidated Financial Statements comprise the Parent Company, Manyone A/S, and subsidiaries in which the Parent Company directly or indirectly holds more than 50% of the votes or in which the Parent Company, through share ownership or otherwise, exercises control. Enterprises in which the Group holds between 20% and 50% of the votes and exercises significant influence but not control are classified as associates. On consolidation, items of a uniform nature are combined. Elimination is made of intercompany income and expenses, shareholdings, dividends and accounts as well as of realised and unrealised profits and losses on transactions between the consolidated enterprises. The Parent Company's investments in the consolidated subsidiaries are set off against the Parent Company's share of the net asset value of subsidiaries stated at the time of consolidation. Minority interests Minority interests form part of the Group's total equity. Upon distribution of net profit, net profit is broken down on the share attributable to minority interests and the share attributable to the shareholders of the Parent Company. Minority interests are recognised on the basis of a remeasurement of acquired assets and liabilities to fair value at the time of acquistition of subsidiaries. Business acquisitions carried through on or after 1 July 2018 Minority interests are initially measured at their proportionate share of the fair value of the acquired entity’s identifiable net assets. In this way, only goodwill related to the Parent Company’s share of the entity acquired is recognised. On subsequent changes to minority interests where the Group retains control of the subsidiary, the consideration is recognised directly in equity. Business combinations Business acquisitions carried through on or after 1 July 2018 Acquisitions of subsidiaries are accounted for using the purchase method under which the identifiable assets and liabilities of the entity acquired are measured at fair value at the time of acquisition. Acquired contingent liabilities are recognised at fair value in the Consolidated Financial Statements to the extent that the value can be measured reliably. The time of acquisition is the time when the Group obtains control of the entity acquired. The cost of the entity acquired is the fair value of the consideration agreed, including consideration contingent on future events. Transaction costs directly attributable to the acquisition of subsidiaries are recognised in the income statement as incurred. Positive differences between the cost of the entity acquired and identifiable assets and liabilities are recognised as goodwill in intangible assets in the balance sheet and are amortised in the income statement on a straight-line basis over their estimated useful lives. Where the differences are negative, they are recognised immediately in the income statement. Where the purchase price allocation is not final, positive and negative differences from acquired subsidiaries due to changes to the recognition and measurement of identifiable net assets may be adjusted for up to 12 months after the time of acquisition. These adjustments are also reflected in the value of goodwill or negative goodwill, including in amortisation already made. Where cost includes contingent consideration, this is measured at fair value at the time of acquisition. Contingent consideration is subsequently measured at fair value. Any value adjustments are recognised in the income statement. In respect of step acquisitions, any previously held investments in the entity acquired are remeasured at fair value at the time of acquisition. The difference between the carrying amount of the investment previously held and the fair value is recognised in the income statement. Pooling of interests Intragroup business combinations are accounted for under the uniting-of-interests method. Under this method, the two enterprises are combined at carrying amounts, and no differences are identified. Any consideration which exceeds the carrying amount of the acquired enterprise is recognised directly in equity. The pooling-of-interests method is applied at the date of acquisition, and comparative figures have not been restated. All leases are considered operating leases. Payments made under operating leases are recognised in the income statement on a straight-line basis over the lease term. Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Gains and losses arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. 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 transaction date rates are recognised in financial income and expenses in the income statement Income statements of foreign subsidiaries and associates that are separate legal entities are translated at transaction date rates or approximated average exchange rates. Balance sheet items are translated at the exchange rates at the balance sheet date. Exchange adjustments arising on the translation of the opening equity and exchange adjustments arising from the translation of the income statements at the exchange rates at the balance sheet date are recognised directly in equity. The value of share-based payment, including share option and warrant plans that do not involve an outflow of cash and cash equivalents, offered to the Executive Board and a number of senior employees is not recognised in the income statement. The most significant conditions of the share option plans are disclosed in the notes. Revenue from the sale of goods for resale and finished goods is recognised in the income statement when the sale is considered effected based on the following criteria:• delivery has been made before year end;• a binding sales agreement has been made;• the sales price has been determined; and• payment has been received or may with reasonable certainty be expected to be received. Contract work in progress (construction contracts) is recognised at the rate of completion, which means that revenue equals the selling price of the work completed for the year (percentage-of-completion method). This method is applied when total revenues and expenses in respect of the contract and the stage of completion at the balance sheet date can be measured reliably, and it is probable that the economic benefits, including payments, will flow to the Group. The stage of completion is determined on the basis of the ratio between the expenses incurred and the total expected expenses of the contract. Services are recognised at the rate of completion of the service to which the contract relates by using the percentage-of-completion method, which means that revenue equals the selling price of the service completed for the year. This method is applied when total revenues and expenses in respect of the service and the stage of completion at the balance sheet date can be measured reliably, and it is probable that the economic benefits, including payments, will flow to the Group. The stage of completion is determined on the basis of the ratio between the expenses incurred and the total expected expenses of the service. Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales. Direct expenses primarily include operating expenses for the year. Other external expenses comprise expenses for premises, sales as well as office expenses, etc. With reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue, other operating income, direct expenses and other external expenses. Staff costs include wages and salaries including compensated absence and pensions as well as other social security contributions etc. made to the entity's employees. The item is net of refunds made by public authorities. Amortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment. Other operating income and other operating expenses comprise items of a secondary nature to the main activities of the Group, including gains and losses on the sale of intangible assets and property, plant and equipment. Dividends from subsidiaries are recognised as income in the income statement when adopted at the General Meeting of the subsidiary. However, dividends relating to earnings in the subsidiary before it was acquired by the Parent Company are set off against the cost of the subsidiary. Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Tax for the year consists of current tax for the year and deferred tax for the year. The tax attributable to the profit for year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. Any changes in deferred tax due to changes to tax rates are recognised in the income statement. The Company is jointly taxed with SLP Holding 2016 ApS. The tax effect of the joint taxation with the subsidiaries is allocated to Danish enterprises showing profits or losses in proportion to their taxable incomes (full allocation with credit for tax losses). Goodwill acquired is measured at cost less accumulated amortisation. Goodwill is amortised on a straight-line basis over its useful life, which is assessed at 10 year. Patents and licences are measured at the lower of cost less accumulated amortisation and recoverable amount. Patents are amortised over the remaining patent period, and licences are amortised over the licence period; however not exceeding 3 year. Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses. Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are: Other fixtures and fittings, tools and equipment 3-5 years Leasehold improvements The fixed assets’ residual values are determined at nil. 5-8 years Depreciation period and residual value are reassessed annually. The carrying amounts of intangible assets and property, plant and equipment and investments are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation. The recoverable amount of the asset is calculated as the higher of net selling price and value in use. Where a recoverable amount cannot be determined for the individual asset, the assets are assessed in the smallest group of assets for which a reliable recoverable amount can be determined based on a total assessment. Investments in subsidiaries are measured at cost. Where cost exceeds the recoverable amount, write-down is made to this lower value. Investments which are not traded in an active market are measured at the lower of cost and recoverable amount. Other fixed asset investments consist of deposits. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. Contract work in progress is measured at selling price of the work performed calculated on the basis of the stage of completion. The stage of completion is measured by the proportion that the contract expenses incurred to date bear to the estimated total contract expenses. Where it is probable that total contract expenses will exceed total revenues from a contract, the expected loss is recognised as an expense in the income statement. Where the selling price cannot be measured reliably, the selling price is measured at the lower of expenses incurred and net realisable value. Payments received on account are set off against the selling price. The individual contracts are classified as receivables when the net selling price is positive and as liabilities when the net selling price is negative. Expenses relating to sales work and the winning of contracts are recognised in the income statement as incurred. Prepayments comprise prepaid expenses concerning rent, insurance premiums and subscriptions. Deferred tax is recognised in respect of all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised in respect of temporary differences concerning goodwill not deductible for tax purposes and other items - apart from business acquisitions - where temporary differences have arisen at the time of acquisition without affecting the profit for the year or the taxable income. Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. In cases where the computation of the tax base may be made according to alternative tax rules, deferred tax is measured on the basis of the intended use of the asset and settlement of the liability, respectively. Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities. Deferred tax assets and liabilities are offset within the same legal tax entity. Current tax receivables and liabilities are recognised in the balance sheet at the amount calculated on the basis of the expected taxable income for the year adjusted for tax on taxable incomes for prior years. Tax receivables and liabilities are offset if there is a legally enforceable right of set-off and an intention to settle on a net basis or simultaneously. Debts are measured at amortised cost, substantially corresponding to nominal value. Provisions are recognised when - in consequence of an event occurred before or on the balance sheet date - the Group has a legal or constructive obligation and it is probable that economic benefits must be given up to settle the obligation. Deferred income comprises payments received in respect of income in subsequent years. Gross margin Gross profit x 100 / Revenue Profit margin Profit before financials x 100 / Revenue Return on assets Profit before financials x 100 / Total assets at year end Solvency ratio Equity at year end x 100 / Total assets at year end Return on equity Net profit for the year x 100 / Average equity