20456078 2023-08-01 2024-07-31 20456078 2023-08-01 2024-07-31 0 20456078 2023-08-01 2024-07-31 0 20456078 2023-08-01 2024-07-31 1 20456078 2023-08-01 2024-07-31 2 20456078 2022-08-01 2023-07-31 20456078 2021-08-01 2022-07-31 20456078 2020-08-01 2021-07-31 20456078 2019-08-01 2020-07-31 20456078 2024-07-31 20456078 2023-07-31 20456078 2022-07-31 20456078 2021-07-31 20456078 2020-07-31 20456078 2023-08-01 fsa:ContributedCapitalMember 20456078 2023-08-01 fsa:RetainedEarningsMember 20456078 2023-08-01 20456078 2023-08-01 2024-07-31 fsa:ContributedCapitalMember 20456078 2023-08-01 2024-07-31 fsa:RetainedEarningsMember 20456078 2024-07-31 fsa:ContributedCapitalMember 20456078 2024-07-31 fsa:RetainedEarningsMember 20456078 2023-08-01 fsa:FixturesFittingsToolsAndEquipmentMember 20456078 2023-08-01 fsa:LeaseholdImprovementsMember 20456078 2023-08-01 2024-07-31 fsa:FixturesFittingsToolsAndEquipmentMember 20456078 2023-08-01 2024-07-31 fsa:LeaseholdImprovementsMember 20456078 2024-07-31 fsa:FixturesFittingsToolsAndEquipmentMember 20456078 2024-07-31 fsa:LeaseholdImprovementsMember 20456078 2023-08-01 2024-07-31 0 20456078 2023-08-01 2024-07-31 1 iso4217:DKK xbrli:pure 2023-08-01 2024-07-31 Cisco Systems Danmark ApS Lautrupsgade 7, 7. 2100 Copenhagen 20456078 2024-12-18 Lisette Kuijs <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement by the Board of Directors and the Executive Board</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Board of Directors and the Executive Board have today reviewed and approved the annual report of Cisco Systems Danmark ApS for the financial year 1 August 2023 - 31 July 2024.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The annual report has been prepared in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, the company financial statements give a true and fair view of the company's financial position at 31 July 2024 and of the results of the company's operations for the financial year 1 August 2023 - 31 July 2024.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Further, in our opinion, the Management's review gives a fair review of the development in the company's operations and financial matters and the results of the company's operations and financial position.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We recommend that the annual report be approved at the annual general meeting.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent Auditor's Report</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the shareholder of Cisco Systems Danmark ApS</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Opinion</td></tr><tr><td colspan="1">In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 July 2024, and of the results of the Company's operations for the financial year 1 August 2023 - 31 July 2024 in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">We have audited the Financial Statements of Cisco Systems Danmark ApS for the financial year 1 August 2023 - 31 July 2024, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies ("Financial Statements").</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for opinion</td></tr><tr><td colspan="1">We conducted our audit in accordance with International Standards on Auditing (ISAs) and the 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 Company 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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on Management's Review</td></tr><tr><td colspan="1">Management is responsible for Management’s Review.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the Financial Statements, our responsibility is to read Management’s 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.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, in our view, Management’s Review 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 in Management’s Review.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management's Responsibilities for the Financial Statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of Financial Statements that give a true and fair view in 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.</td></tr><tr><td colspan="1">In preparing the Financial Statements, Management is responsible for assessing the 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 Company or to cease operations, or has no realistic alternative but to do so.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Auditor's Responsibilities for the Audit of the Financial Statements</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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</td></tr><tr><td colspan="1">• 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.</td></tr><tr><td colspan="1">• 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 Company’s internal control.</td></tr><tr><td colspan="1">• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.</td></tr><tr><td colspan="1">• 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 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 Company to cease to continue as a going concern.</td></tr><tr><td colspan="1">• 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.</td></tr><tr><td colspan="1">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.</td></tr></table> Hellerup 2024-12-18 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="6">Financial highlights for the Group</td></tr><tr><td /><td>2023/24</td><td>2022/23</td><td>2021/22</td><td>2020/21</td><td colspan="2">2019/20</td></tr><tr><td /><td>KDKK</td><td>KDKK</td><td>KDKK</td><td>KDKK</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">Financial ratios are calculated in accordance with the Danish Finance Society's guidelines on the calculation of financial ratios, "Recommendations and ratios".</td></tr><tr><td colspan="2">The financial ratios stated under "Financial highlights" have been calculated as follows</td></tr><tr><td>Return on assets</td><td>Profit/loss from operating activities / Average assets x 100</td></tr><tr><td>Solvency ratio</td><td>Equity at year end x 100 / Total equity and liabilities at year end</td></tr><tr><td>Return on equity</td><td>Profit/loss for the year after tax x 100 / Average equity</td></tr></table> 264066000 27445000 102000 28878000 660000 0.104 0.144 0.561 0.298 144 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Business review</td></tr><tr><td colspan="1">The Cisco Systems Group manufactures and sells networking and communications products and provides services associated with the equipment and its use. Our products are installed in companies, public institutions, telecommunication companies, commercial businesses as well as at private individuals. Cisco Systems provides a broad line of products for transporting data, voice, and video in buildings, across campuses, and around the world.</td></tr><tr><td colspan="1">Cisco Systems Danmark ApS provides commercial and technical sales support related to network and communication products on behalf of the parent company's activities with customers in the Danish market. Additionally, the company carries on activities in the field of public relations and marketing in Denmark on behalf of Cisco International Ltd. The Danish company resides in Copenhagen.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial review</td></tr><tr><td colspan="1">The result of 2023/24 is consistent with the expected development, referring to the published Financial Statements for 2022/23. The cost plus mark up is consistent with prior year and the underlying transfer pricing agreement in force during the year.</td></tr><tr><td colspan="1">The income statement for 2023/24 shows a profit of KDKK 28.878 against a profit of KDKK 52.523 last year, and the balance sheet at 31 July 2024 shows equity of KDKK 111.497</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Foreign branches</td></tr><tr><td colspan="1">The company has no branches to report.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Intellectual capital resources</td></tr><tr><td colspan="1">Cisco fosters an environment where all employees can innovate and thrive, full details can be obtained from corporate social responsibility site:-</td></tr><tr><td colspan="1">https://www.cisco.com/c/en/us/about/csr/leading-conscious-culture.html</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Recognition and measurement uncertainties</td></tr><tr><td colspan="1">The company generates income on a cost plus basis from Cisco Systems Inc. The cost plus revenue is based on sales and marketing costs and contract R&amp;D costs plus 10%. Therefore, from the perspective of the company, the principal risks and uncertainties are integrated with the principal risks of the Cisco Systems Inc. group and are not managed separately. The principal risks and uncertainties of the Cisco Systems Inc. group, which include those of the company are disclosed in the group's annual report (10 K filling) which does not form part of this report but which is publicly available. The directors do not believe that there is a significant material exposure to liquidity risks as the company is primarily funded by equity.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Research and development activities</td></tr><tr><td colspan="1">The company undertakes research &amp; development work on behalf of the Cisco group, the expense is recognised as operating expense as incurred. The expense is compensated as part of the cost plus income as outlined above.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">External environment</td></tr><tr><td colspan="1">Whilst global events have had a negative impact on the Cisco group sales activities with its customers and supply chain, the impact to Cisco Systems Danmark ApS operation &amp; profitability remains unchanged as the company is compensated on cost plus basis and funded via other group companies and a letter of financial support has been received from the ultimate parent Cisco Systems Inc.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Outlook</td></tr><tr><td colspan="1">Cisco Systems Danmark ApS is well positioned for a transformational year, marked by strategic advancements and a steadfast commitment to excellence. In June 2024, Cisco Denmark became part of a new country cluster with Norway and Iceland, led by Managing Director Trine Strømsnes. This strategic alignment is designed to leverage synergies across the region, enhancing operational efficiency and fostering innovation. By sharing resources and expertise, the cluster can deliver more comprehensive solutions, streamline operations, and enhance customer experiences across the Nordic region.</td></tr><tr><td colspan="1">The integration of Splunk was finalized November 2024 and significantly boosts our capabilities in data analytics and security, providing unparalleled visibility and insights across our customers' digital landscapes. This move solidifies our position as a leader in the IT landscape, underscoring our key differentiators: industry-leading technology innovations in networking, security, and observability.</td></tr><tr><td colspan="1">Our world-class partner ecosystem remains a cornerstone of our success, enabling us to deliver tailored solutions to meet the unique needs of our customers in Denmark. The trust and confidence of our Danish customers across all verticals is a testament to our commitment to delivering high-quality, reliable services, and it empowers us to continue innovating and expanding our offerings, ultimately strengthening our position as a leading provider in the market.</td></tr><tr><td colspan="1">Cisco Denmark was in February 2024 named the #1 Best IT Workplace and the #2 Best Place to Work in Denmark by Great Place to Work Danmark. This recognition is a testament to our unwavering commitment to fostering a supportive and inclusive work environment, with an impressive 97% employee satisfaction rate. We are dedicated to supporting work-life balance and ensuring that every team member feels valued and empowered to thrive, both in the office and remotely.</td></tr><tr><td colspan="1">Looking ahead, Cisco Systems Danmark ApS remains focused on supporting our customers' digital journeys. We are committed to securely connecting everything to make anything possible, driving innovation, and powering an inclusive future for all. With the increasing role of AI and IoT, we anticipate further investments in technology to enhance digitization in Denmark, reinforcing our position as a leader in the IT industry. Our strong portfolio, spanning products, geographies, and customer segments, positions us well to support this momentum. We are eager to continue our journey with our customers and partners, driving innovation and creating value together.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial outlook</td></tr><tr><td colspan="1">Cisco Systems Danmark ApS expected profit net before financials for the current year 2024/25 is anticipated to be in line with prior year results based on the cost plus margin supported by the underlying transfer pricing agreement in place for the year.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Operating risk</td></tr><tr><td colspan="1">Cisco Systems Danmark ApS is a wholly owned subsidiary of Cisco Systems Inc. group and has in place a financial letter of support that guarantees continued financial support for one year from the date of these financial statements.</td></tr><tr><td colspan="1">The company is compensated for its operating expenses by way of cost plus income from Cisco Systems Inc. the ultimate parent and funded each month for its operating cash requirements.</td></tr><tr><td colspan="1">Financial management of Cisco Systems Danmark ApS is managed as part of the wider group and not by individual entity and reference to any forward looking statements should be referred to at our investor relations site at www.cisco.com where the group SEC fillings may be obtained.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Accounting policies</td></tr></table> Regnskabsklasse C, mellemstor virksomhed <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Cisco Systems Danmark ApS' annual report for 2023/24 has been prepared in accordance with the provisions, which apply to medium-sized reporting class C entities under the Danish Financial Statements Act.</td></tr></table> true <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The financial statements are presented in Danish Kroner (KDKK).</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Omission of a cash flow statement</td></tr><tr><td colspan="1">With reference to section 86(4) of the Danish Financial Statements Act, no cash flow statement is prepared. The entity's cash flows are part of the consolidated cash flow for the parent company, Cisco Systems Inc. USA.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Foreign currency translation</td></tr><tr><td colspan="1">On initial recognition, transactions denominated in foreign currencies are translated at the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses.</td></tr><tr><td colspan="1">Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rate at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the most recent financial statements is recognised in the income statement as financial income or financial expenses.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Leases</td></tr><tr><td colspan="1">Leases that do not transfer substantially all the risks and rewards incident to the ownership to the Company are classified as operating leases. 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 "Contingent liabilities".</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Income statement</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Revenue</td></tr><tr><td colspan="1">Revenue from the sale of service to Cisco Systems Inc. is recognized in the income statement when they are rendered. Revenue is recognized exclusive of VAT and net of discounts relating to sales.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Gross margin</td></tr><tr><td colspan="1">The items revenue, other external expenses and other operating income have been aggregated into one item in the income statement called gross margin in accordance with section 32 of the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Other external expenses include the year's expenses relating to the Company's core activities, including expenses relating to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Staff costs</td></tr><tr><td colspan="1">Staff 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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">Depreciation</td></tr><tr><td colspan="2">The item comprises depreciation of property, plant and equipment.</td></tr><tr><td colspan="2">The basis of depreciation, which is calculated as cost less any residual value, which is re-evaluated on an annual basis, is depreciated on a straight line basis over the expected useful life. The expected useful lives of the assets are as follows</td></tr><tr><td>Other fixtures and fittings, tools and equipment</td><td>1-5 years</td></tr><tr><td>Leasehold improvements</td><td>1-5 years</td></tr><tr><td colspan="2">Income from investments in group entities</td></tr><tr><td colspan="2">Dividend income from investments in group entities is recognised in the income statements at the amount that concern the financial year.</td></tr><tr><td colspan="2">Other operating income and expense</td></tr><tr><td colspan="2">Other operating income and expense comprise items of a secondary nature to the main activities of the company, including gains and losses on the sale of intangible assets and property, plant and equipment.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial income and expenses</td></tr><tr><td colspan="1">Financial income and expenses are recognised in the income statements at the amounts that concern the financial year. Net financials include interest income and expenses as well as allowances and surcharges under the advance-payment-of-tax scheme, etc.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Tax</td></tr><tr><td colspan="1">Tax for the year includes current tax on the year's expected taxable income 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.</td></tr><tr><td colspan="1">The Company and its Danish group entities are jointly taxed. The Danish income tax charge is allocated between profit making and loss making Danish entities in proportion to their taxable income.</td></tr><tr><td colspan="1">The company is jointly taxed with Cisco Technology Denmark ApS.</td></tr><tr><td colspan="1">Jointly taxed entities entitled to a tax refund are reimbursed by the management company based on the rates applicable to interest allowances, and jointly taxed entities which have paid too little tax pay a surcharge according to the rates applicable to interest surcharges to the management company.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Balance sheet</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Property, plant and equipment</td></tr><tr><td colspan="1">Items of property, plant and equipment are measured at cost less accumulated 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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Investments in subsidiaries</td></tr><tr><td colspan="1">Investments in subsidiaries and associates are measured at cost. Dividends received that exceed the accumulated earnings in the subsidiary or the associate during the period of ownership are treated as a reduction in the cost of acquisition.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Other securities and investments</td></tr><tr><td colspan="1">Other securities and investments are measured at fair value if the other securities and investments are listed. The fair value is made up at the market value at the balance sheet date. Unlisted other securities and investments are measured at cost.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Receivables</td></tr><tr><td colspan="1">Receivables are measured at amortised cost.</td></tr><tr><td colspan="1">An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis.</td></tr><tr><td colspan="1">Receivables in respect of which there is no objective evidence of individual impairment are assessed for objective evidence of impairment on a portfolio basis. The portfolios are primarily based on the country of domicile and credit ratings of the debtors in accordance with the Group's credit risk management policy. The objective evidence applied to portfolios is determined based on historical loss experience.</td></tr><tr><td colspan="1">Impairment losses are calculated as the difference between the carrying amount of the receivables and the net present value of the expected cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Prepayments</td></tr><tr><td colspan="1">Prepayments recognised under "Assets" comprise prepaid expenses regarding subsequent financial reporting years.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Cash and cash equivalents</td></tr><tr><td colspan="1">Cash and cash equivalents comprise cash and short term securities which are readily convertible into cash and subject only to minor risks of changes in value.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Equity</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Dividend</td></tr><tr><td colspan="1">Dividend proposed for the year is recognised as a liability at the date when they are adopted at the annual general meeting (declaration date). Dividend expected to be distributed for the year is disclosed as a separate item under equity.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Income taxes</td></tr><tr><td colspan="1">Current tax payables and receivables are recognised in the balance sheet as the estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account.</td></tr><tr><td colspan="1">Deferred tax is measured according to the liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is not deductible for tax purposes and on office premises and other items where temporary differences, apart from business combinations, arise at the date of acquisition without affecting either profit/loss for the year or taxable income. 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.</td></tr><tr><td colspan="1">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 expected value of their utilisation; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Changes in deferred tax due to changes in the tax rate are recognised in the income statement.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Trade payables</td></tr><tr><td colspan="1">Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.</td></tr></table> 236292000 329000 9506000 439000 337000 37053000 8175000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Staff costs</td></tr></table><br><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Management and other employees are included in Cisco Systems Inc's share based compensation program. Warrants are granted with a vesting period of 3 years. There are performance conditions in connection with the program, all expenses are recognized in the income statement of the ultimate parent, and not in Cisco Systems Denmark ApS.</td></tr></table> 217043000 18850000 399000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Remuneration to executive management and board of directors</td></tr><tr><td /><td>.Salary and bonuses</td><td>3.793</td><td>2.124</td></tr><tr><td /><td>.Pension</td><td>262</td><td>163</td></tr><tr><td /><td>.Other social security costs</td><td>4</td><td>1</td></tr><tr><td /><td>.Share-based incentive</td><td>6</td><td>0</td></tr><tr><td /><td>Total remuneration</td><td>4.065</td><td>2.288</td></tr></table><br><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>As in the prior period the directors received no remuneration in respect of their services to the company as their services as directors to the company were incidental to the other services within the Cisco group of companies (2023: nil).</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Average number of full-time employees is calculated as full year average of physical employees at each month end.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="33%" ></td><td width="33%" colspan="1" align="center" valign="middle" >2023/24</td><td width="34%" colspan="1" align="center" valign="middle" >2022/23</td></tr><tr><td width="33%" ></td><td width="33%" colspan="1" align="left" valign="middle" ><b>KDKK</b></td><td width="34%" colspan="1" align="left" valign="middle" ><b>KDKK</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Amortisation, depreciation and impairment losses</b></td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >.Property, plant and equipment</td><td width="33%" align="right" valign="middle" >329</td><td width="34%" align="right" valign="middle" >252</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Total amortisation, depreciation and impairment losses</td><td width="33%" align="right" valign="middle" >329</td><td width="34%" align="right" valign="middle" >252</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Income from investments in group entities</b></td></tr><tr><td width="33%" ></td><td width="33%" colspan="1" align="right" valign="middle" >2023/24</td><td width="34%" colspan="1" align="right" valign="middle" >2022/23</td></tr><tr><td width="33%" ></td><td width="33%" colspan="1" align="left" valign="middle" ><b>KDKK</b></td><td width="34%" colspan="1" align="left" valign="middle" ><b>KDKK</b></td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Dividends from group entities</td><td width="33%" align="right" valign="middle" >9.506</td><td width="34%" align="right" valign="middle" >38.786</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Total income from investments in group entities</td><td width="33%" align="right" valign="middle" >9.506</td><td width="34%" align="right" valign="middle" >38.786</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Financial income</td></tr></table> 0 439000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Financial expenses</td></tr></table> 302000 23000 12000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Tax for the year</td></tr></table> 6066000 31000 2078000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Property, plant and equipment</td></tr></table> 660000 610000 329000 -171000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" >Investments</td></tr><tr><td width="33%" ></td><td width="33%" colspan="1" align="left" valign="middle" ><b>Other securities and investments</b></td><td width="34%" colspan="1" align="left" valign="middle" ><b>Other securities and investments</b></td></tr><tr><td width="33%" ></td><td width="33%" colspan="1" align="right" valign="middle" >2023/24</td><td width="34%" colspan="1" align="right" valign="middle" >2022/23</td></tr><tr><td width="33%" ></td><td width="33%" colspan="1" align="left" valign="middle" ><b>KDKK</b></td><td width="34%" colspan="1" align="left" valign="middle" ><b>KDKK</b></td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Cost at 1 August 2023</td><td width="33%" align="right" valign="middle" >4.811</td><td width="34%" align="right" valign="middle" >4.811</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Costs at 31 July 2024</td><td width="33%" align="right" valign="middle" >4.811</td><td width="34%" align="right" valign="middle" >4.811</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Value adjustments at 31 July 2024</td><td width="33%" align="right" valign="middle" >0</td><td width="34%" align="right" valign="middle" >0</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" ><b>Carrying amount at 2023/24</b></td><td width="33%" align="right" valign="middle" >4.811</td><td width="34%" align="right" valign="middle" >4.811</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Minority investment of 1,37% in Cisco Systems (India) Private Limited.</td></tr><tr><td colspan="3"></td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Other receivables</b></td></tr><tr><td width="33%" ></td><td width="33%" colspan="1" align="right" valign="middle" >2023/24</td><td width="34%" colspan="1" align="right" valign="middle" >2022/23</td></tr><tr><td width="33%" ></td><td width="33%" colspan="1" align="left" valign="middle" ><b>KDKK</b></td><td width="34%" colspan="1" align="left" valign="middle" ><b>KDKK</b></td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Cost at 1 August 2023</td><td width="33%" align="right" valign="middle" >2.511</td><td width="34%" align="right" valign="middle" >2.379</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Additions (disposal)</td><td width="33%" align="right" valign="middle" >66</td><td width="34%" align="right" valign="middle" >132</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" ><b>Cost at 31 July 2024</b></td><td width="33%" align="right" valign="middle" >2.577</td><td width="34%" align="right" valign="middle" >2.511</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Deferred tax</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The deferred tax assets are estimated to be utilized in the forthcoming 1-3 years.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Deferred tax assets are specified as follows</td></tr><tr><td colspan="3"></td></tr><tr><td width="33%" ></td><td width="33%" colspan="1" align="right" valign="middle" >2023/24</td><td width="34%" colspan="1" align="right" valign="middle" >2022/23</td></tr><tr><td width="33%" ></td><td width="33%" colspan="1" align="left" valign="middle" ><b>KDKK</b></td><td width="34%" colspan="1" align="left" valign="middle" ><b>KDKK</b></td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Tangible assets</td><td width="33%" align="right" valign="middle" >209</td><td width="34%" align="right" valign="middle" >240</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Investments in group entities</td><td width="33%" align="right" valign="middle" >-40</td><td width="34%" align="right" valign="middle" >-40</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Total deferred tax</td><td width="33%" align="right" valign="middle" >169</td><td width="34%" align="right" valign="middle" >200</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Contractual obligations and contingencies, etc.</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Other financial obligations</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Other rent and lease liabilities</td></tr><tr><td width="33%" ></td><td width="33%" colspan="1" align="right" valign="middle" >2023/24</td><td width="34%" colspan="1" align="right" valign="middle" >2022/23</td></tr><tr><td width="33%" ></td><td width="33%" colspan="1" align="right" valign="middle" >KDKK</td><td width="34%" colspan="1" align="right" valign="middle" >KDKK</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Rent and lease liabilities</td><td width="33%" align="right" valign="middle" >12.106</td><td width="34%" align="right" valign="middle" >11.902</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Rent and lease liabilities include the following</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >- Interminable rent agreements totalling DKK 7.615 (2022/23: 7.183).</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >- Operating leases for cars, totalling DKK 4.491 (2022/23: 4.719).</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Other contingent liabilities</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The Danish group companies are jointly and severally liable for tax on the Group's jointly taxed income for the income year 2023/24.</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Collateral</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Company has not provided any security or other collateral in assets at 31 July 2024.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Related party transactions</b></td></tr><tr><td width="33%" ></td><td width="33%" colspan="1" align="center" valign="middle" >2023/24</td><td width="34%" colspan="1" align="center" valign="middle" >2022/23</td></tr><tr><td width="33%" ></td><td width="33%" colspan="1" align="left" valign="middle" ><b>KDKK</b></td><td width="34%" colspan="1" align="left" valign="middle" ><b>KDKK</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>By business area</b></td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Technical sales support & marketing services & R&D</td><td width="33%" align="right" valign="middle" >309.171</td><td width="34%" align="right" valign="middle" >318.557</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Payables to group companies</td><td width="33%" align="right" valign="middle" >-11.121</td><td width="34%" align="right" valign="middle" >-10.094</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Accounts receivable</td><td width="33%" align="right" valign="middle" >141.754</td><td width="34%" align="right" valign="middle" >127.309</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Intercompany interest (payable) / receivable</td><td width="33%" align="right" valign="middle" >-302</td><td width="34%" align="right" valign="middle" >1.048</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" ><b>Total related party transactions</b></td><td width="33%" align="right" valign="middle" >439.502</td><td width="34%" align="right" valign="middle" >436.820</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >All transactions have been carried out on an arm’s length basis.</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Cisco Systems Inc. is the ultimate parent company controlling interest in the Company.</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The address of Cisco Systems Inc. is</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >170 West Tasman Drive</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >San Jose</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >California</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >USA</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >95134-1706</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >www.cisco.com.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The company is included in the Group Annual Report of the ultimate parent company</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Cisco Systems Inc.</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Place of registered office</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >170 West Tasman Drive</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >San Jose</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >California</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >USA</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >95134-1706</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >www.cisco.com.</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The Group Annual Report of Cisco Systems Inc. may be obtained at the following address</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >170 West Tasman Drive</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >San Jose</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >California</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >USA</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >95134-1706</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >www.cisco.com.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Events after the balance sheet date</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >No events materially affecting the Company's financial position have occurred subsequent to the financial year end.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Appropriation of profit</td></tr></table> 28878000 Årsrapport 30700228 EY Godkendt revisionspartnerselskab Cortex Park Vest 3 5230 Odense M xWizard version 1.1.1305.0, by EasyX Aps. www.easyx.eu 2022-08-01 2023-07-31 Revisionspåtegning Grundlag for konklusion Konklusion Trine Stroemsnes General Manager Evan Barry Sloves Chairman Sajaid Rashid Director Jonas Allan Edebäck Director 276514000 28314000 499000 52523000 525000 0.102 0.167 0.452 0.932 141 247948000 252000 38786000 1065000 566000 67599000 15076000 230867000 16540000 541000 1048000 17000 0 566000 0 6319000 67000 8690000 52523000 266050000 27778000 -225000 21470000 282000 0.104 0.186 0.192 0.377 152 267070000 25368000 -135000 19627000 203000 0.095 0.17 0.588 0.265 152 248585000 25493000 -100000 20195000 519000 0.103 0.143 0.413 0.263 146 198755000 111497000 460000 460000 4811000 2577000 7388000 7848000 141754000 169000 141923000 48984000 190907000 500000 110997000 1816000 11121000 7710000 66611000 87258000 87258000 198755000 35474000 35014000 182773000 82619000 568000 568000 4811000 2511000 7322000 7890000 127309000 200000 127509000 47374000 174883000 500000 82119000 1300000 10094000 8163000 80597000 100154000 100154000 182773000 156449000 47773000 142615000 83865000 155625000 64238000 500000 82119000 82619000 35424000 34856000 0 28878000 500000 110997000 16379000 15811000 19045000 19045000 660000 610000 329000 -171000 0 0 0 0 16429000 15969000 460000 19045000 19045000 0 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Martin Lunden State Authorised Public Accountant mne32209 Lone Vindbjerg Larsen State Authorised Public Accountant mne34548 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab