Årsrapport16119040BUUS JENSEN, Statsautoriserede revisorerLersø Parkalle, 1122100, København Ø2020-01-012020-12-312021-01-012021-12-3135839348SAM Productions ApSLille Strandstræde20 C, 3.1254Copenhagen2014-04-25KøbenhavnBUUS JENSEN, Statsautoriserede revisorerBUUS JENSEN, Statsautoriserede revisorer1611904016119040Arne SørensenPeter Leth KellerStatsautoriseret revisorStatsautoriseret revisormne27757mne47790Lersø ParkalleLersø Parkalle11211221002100København ØKøbenhavn ØDanmarkDanmark39 29 08 0039 29 08 00Buusjensen@buusjensen.dkBuusjensen@buusjensen.dk2022-07-19Meta Louise Foldager SørensenRegnskabsklasse C, mellemstor virksomhedRevisionspåtegningRevisorgruppen DanmarkkapitalejerneKøbenhavn2022-07-19Copenhagen2022-07-19Grundlag for konklusionKonklusion991366899785036685533204784719848286692482923580692836526525703820312083277124154824112771241423855711649662147013111193782200248200285660111058183491613793467000929482447052140490199172024408215729713944237114928581461386096538032548391268623832414262697546113958468806620113724346956257113724346956257085040403674385558740221393210187432442139321055587402222436141874324421760648194843025233811948430252338119484302523381194843025233810040000132948115940211594021159402115940211594021159402119940212923505869523425926397218910762557637954574321462074081074933534971222285373184822228537318482200708212886886730440000042145400624602334803303201811178285237278427271635694627271625685235992166077721873220285293708843641053182224665903041283021500106100974842100188463524413595858854215967007612611486074332435841649213258340666686666866668666680051662626832719354485512405270530265519172266283551521924119373354984492412601515876982557000213400025570000950000095000015876983507000213400035070000380735110003911360391136038464647039113644012984372336416180372336902761086609027610858917842581966596317842581966596310675345994163991197367508411000223662557626937172005576269371720028348260283482600015271806843844110795643379334940613250749357151384781334638915138477122567159600238403669998656140770122567159984884873669998656531906159670076126114860743324358416492111395846880662039288047070166-4028390-4539692911296260-295201431110581834915128803099171111118811-2967693935974049134810759071-301682873430078337920079499261124167104844314835610879-766461881083516167803472923325040-326329585523293018590690703507032300454186049763748947223579301860898340962906223579304105318222466590-90276-10866078423099786747806569946161892564332152836287322630303282755711222976200689538885369178286692482923580692836526525703843453533143794434535331437944345353314379443453533143794103102868314049019917202440821572971404901991720244082157297494682424638584946824246385840964202096420431515190032418889177406494682424638582139321021393210359366871459318163590540026945569399218849834106590106590106590106590555874021874324438334573833457499261499261433271843327181310075131007510742131074213238428823842881948430194843025800001175760250000003757625800002580000-2447052-37576-92948-2409476-2540000-244705240000132948Friheden II ApSApSCopenhagen100-4470-97418Elvira ApSApSCopenhagen1006123927881115940211594021159402115940211594021159402-133222987-147169312-133222987-147169312004161800666686666866668666686666866668666686666800683271900-1666457-232897400516626224052705152460851722662879413971139584688066201137243469562570016664572328974354485512405270530265519172266282557000-1220002557000-122000-9693022679000-4230002679000158769825570002134000255700020312083277124-1110581-834916140978699172025483912686238-950000950000-592337-52828969-32783527771173-157701-339133Today, the Board of Directors and the Executive Board have approved the annual report of SAM Productions ApS for the financial year 1 January - 31 December 2021. The annual report has been prepared in accordance with the Danish Financial Statements Act. We consider the chosen accounting policy to be appropriate, and 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 2021, and of the results of the Group and the Company's operations as well as the consolidated cash flows for the financial year 1 January – 31 December 2021. Further, in our opinion, the Management's review gives a true and fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the Annual General Meeting. Meta Louise Foldager SørensenSøren SveistrupAdam PriceMeta Louise Foldager SørensenFrancoise GuyonnetSøren SveistrupAdam PriceWe have audited the consolidated financial statements and the parent company financial statements of SAM Productions ApS for the financial year 1 January to 31 December 2021, which comprise income statement, balance sheet, statement of changes in equity, notes and a summary of significant accounting policies for both the Group the Parent Company, as well as consolidated statement of cash flows. The consolidated financial statements and the parent company financial statements are prepared under the Danish Financial Statements Act. 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 2021, and of the results of the Group and the Company's operations as well as the consolidated cash flows for the financial year 1 January - 31 December 2021 in accordance with the Danish Financial Statements Act. 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 Consolidated Financial Statements and the Parent Company 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 consolidated financial statements and parent company financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements and the parent company financial statements, Management is responsible for assessing the Group´s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the consolidated financial statements and the parent company financial statements unless Management either intends to liquidate the Group or the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and the parent company 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 consolidated financial statements and parent company financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the consolidated financial statements and the parent company financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. 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 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 consolidated financial statements and the parent company 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 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 consolidated financial statements and the parent company financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and the Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the consolidated financial statements and the parent company financial statements, including the disclosures, and whether the consolidated financial statements and the parent company 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. Statement on Management’s Review Management is responsible for Management’s Review. Our opinion on the consolidated financial statements and the parent company 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 consolidated financial statements and the parent company financial statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the consolidated financial statements and the parent company 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, we conclude that Management’s Review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of Management’s Review. 439520001689000-294000-157000-1060005550006807600049900012420002170000153130005310000-167350006537000186050003749000-4889000Pengestrømme i altPengestrømme i altPengestrømme i altPengestrømme i altPengestrømme i alt5382.4166.964.1LikviditetsgradLikviditetsgradLikviditetsgradLikviditetsgradLikviditetsgrad22.219.122.538.244.77.2The key figures appearing from the survey have been calculated as follows: Acid test ratio Current assets x 100 / Short term liabilities other than provisions Solvency ratio Equity, closing balance x 100 / Total assets, closing balance Return on equity Net profit or loss for the year x 100 / Average equityThe principal activities of the group The Group and the Company’s aim is to develop and produce Tv-series, and buy and sell rights within the same line of business. Unusual matters Similar to prior year Covid-19 has influenced both the development work and especially the production of Tv-series. Uncertainties about recognition or measurement There are no uncertainties as to recognition or measurement. Development in activities and financial matters The gross profit for the year totals 85.533 T.DKK against 78.472 T.DKK last year. The result from ordinary activities after tax totals 11.372 T.DKK against 6.956 T.DKK last year. Despite the challenges with Covid-19 as described in above section ‘Unusual matters’ we have succeeded in increasing both gross profit and net result compared to prior year. Accordingly, management consider the results satisfactory. Know how resources The Group and the Company have some of the most highly demanded persons with high-end creative, managerial, technical, and administrative skills within the ownership, as well as within employees and associates. Research and development activities The group has a large development department, which is continuously engaged in a number of development activities in relation to new Tv-series. The expected developments Group management expects a positive result for 2022 despite of the current development and production stop due to the conflict between the broadcasters, the Danish Producers’ Association and Create Denmark, and even though this development and production stop has had severe negative consequences on the activities and projects in the pipeline. Events subsequent to the financial year No events materially affecting the Group's and Company's financial position have occured subsequent to the financial year-end. Group Parent 31/12 2021 31/12 2020 31/12 2021 31/12 2020 15. Provisions for deferred tax Provisions for deferred tax 1 January 2021 2.557.000 -122.000 2.557.000 -122.000 Deferred tax of the results for the year -969.302 2.679.000 -423.000 2.679.000 1.587.698 2.557.000 2.134.000 2.557.000 19. Charges and security The Parent Fixtures, fittings, tools, and equipment representing a carrying amount of 326 T.DKK at 31 December 2021, cf. note 8 have been financed by means of finance leases. At 31 December 2021, this lease liability totals 416 T.DKK. The Group: As security for debt to credit institutions, 43.597 T.DKK, a mortgage has been granted on the rights attached completed TV series rights, whose carrying amount per. 31 December 2021 is 0 T.DKK.. Fixtures, fittings, tools, and equipment representing a carrying amount of 326 T.DKK at 31 December 2021, cf. note 8, have been financed by means of finance leases. At 31 December 2021, this lease liability totals 416 T.DKK. 20. Contingencies Contingent liabilities The Group and the Parent: T.DKK. Lease liabilities 427 Rent liabilities 2.580 Total contingent liabilities 3.007 The Parent: The company has submitted a statement of support to the company's subsidiaries, Elvira ApS and Friheden II ApS. The company has stated that it will support the subsidiaries future operations and investments and provide the necessary liquidity to ensure that the companies can pay their obligations as they fall due. The statement of support is valid until 1 July 2024. Joint taxation The Group and the Parent: The company acts as administration company for the group of companies subject to the Danish scheme of joint taxation and is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, to pay the total corporation tax. The total tax payable under the joint taxation scheme totals 2.835 T.DKK. The company is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for any obligations to withhold tax on interest, royalties, and dividends. The liability relating to obligations in connection with withholding tax on dividends, interest, and royalties represents an estimated maximum of 0 T.DKK. Any subsequent adjustments of corporate taxes or withholding taxes, etc., may result in changes in the company's liabilities. 21. Related parties Controlling interest Studiocanal SA, France Shareholder Søren Sveistrup Holding ApS, Denmark Shareholder Price Fiktion ApS, Denmark Shareholder Meta Film Holding ApS, Denmark Shareholder Other related parties Friheden 2 ApS 100% owned subsidiary Elvira ApS 100% owned subsidiary Transactions Transactions with related parties are not disclosed, as all transactions have been completed on normal market terms. Consolidated financial statements None of the company's parent companies present consolidated financial statements. The annual report for SAM Productions ApS has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class C enterprises (medium sized enterprises). The accounting policies are unchanged from last year, and the annual report is presented in DKK. Recognition and measurement in general Income is recognised in the income statement concurrently with its realisation, including the recognition of value adjustments of financial assets and liabilities. Likewise, all costs are recognised in the income statement, including depreciations amortisations, writedowns for impairment, provisions, and reversals due to changes in estimated amounts previously recognised in the income statement. Assets are recognised in the statement of financial position when it seems probable that future economic benefits will flow to the group and the value of the asset can be reliably measured. Liabilities are recognised in the statement of financial position when it is seems probable that future economic benefits will flow out of the group and the value of the liability can be reliably measured. Assets and liabilities are measured at cost at the initial recognition. Hereafter, assets and liabilities are measured as described below for each individual accounting item. Certain financial assets and liabilities are measured at amortised cost, allowing a constant effective interest rate to be recognised during the useful life of the asset or liability. Amortised cost is recognised as the original cost less any payments, plus/less accrued amortisations of the difference between cost and nominal amount. In this way, capital losses and gains are allocated over the useful life of the liability. Upon recognition and measurement, allowances are made for such predictable losses and risks which may arise prior to the presentation of the annual report and concern matters that exist on the reporting date. Foreign currency translation Transactions in foreign currency are translated by using the exchange rate prevailing at the date of the transaction. Differences in the rate of exchange arising between the rate at the date of transaction and the rate at the date of payment are recognised in the profit and loss account as an item under net financials. If currency positions are considered to hedge future cash flows, the value adjustments are recognised directly in equity in a fair value reserve. Receivables, payables, and other foreign currency monetary items are translated using the closing rate. The difference between the closing rate and the rate at the time of the occurrence or initial recognition in the latest financial statements of the receivable or payable is recognised in the income statement under financial income and expenses. Fixed assets acquired and paid for in foreign currency are measured at the exchange rate prevailing at the date of the transaction. Group enterprises abroad, associates, and equity investments are considered to be independent entities. The income statements are translated at an average exchange rate for the month, and the balance sheet items are translated at the closing rates. Currency translation differences, arising from the translation of the equity of group enterprises abroad at the beginning of the year to the closing rate and from the translation of income statements from average prices to the closing rate, are recognised directly in equity in the fair value reserve. This also applies to differences arising from translation of income statements from average exchange rate to closing rate. Gross profit Gross profit comprises the revenue, work performed for own account and capitalised, production costs, other operating income, and external costs. The revenue includes sales of Tv-series, royalties and other related services for productions of Tv-series and movies. As an interpretation for the recognition of revenue, the company has chosen IAS 11 for the sale of Tv-series productions for external revenue and IAS 18 for other revenue. Revenue is recognised in the income statement if delivery and passing of risk to the buyer have taken place before the end of the year and if the income can be determined reliably and inflow is anticipated. Recognition of revenue is exclusive of VAT and taxes and less any discounts relating directly to sales. Contract work in progress concerning construction contracts is recognised in the revenue concurrently with the production process. Thus, the revenue corresponds to the selling price of the total yearly production (the production method). The revenue is recognised when the total income and costs of the contract and the stage of completion on the reporting date can be reliably validated and it is deemed probable that the financial benefits will flow to the company. When the results of a contract cannot be reliably validated, the revenue is recognised solely on a cost basis to the extent that it seems probable that the costs will be recovered. Work for own account, recognised under assets Own account work and assets included personnel costs incurred in connection with proprietary assets that are capitalized under intangible assets during the year. Production costs Production costs comprise costs incurred in generating revenue for the year. Other operating income Other operating income comprise accounting items of secondary nature in proportion to the principal activities of the enterprise. Other external costs Other external expenses comprise expenses incurred for distribution, sales, advertising, administration, premises, loss on receivables, and operational leasing costs. Depreciation, amortisation, and writedown for impairment Depreciation, amortisation, and writedown for impairment comprise depreciation, amortisation, and writedown for the year and profit and loss on the disposal of intangible and tangible assets. Financial income and expenses Financial income and expenses are recognised in the income statement with the amounts concerning the financial year. Financial income and expenses comprise interest income and expenses, financial expenses from financial leasing, realised and unrealised capital gains and losses relating to securities, debt and transactions in foreign currency, amortisation of financial assets and liabilities as well as surcharges and reimbursements under the advance tax scheme, etc. Results from investments in subsidiaries Dividend from investments in subsidiaries is recognised in the financial year in which the dividend is declared. Tax on net profit or loss for the year Tax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity. The parent and the Danish group enterprises are subject to Danish rules on compulsory joint taxation of Danish group enterprises. The parent acts as an administration company in relation to the joint taxation. This means that the total Danish income tax payable by the Danish group companies is paid to the tax authorities by the company. The current Danish income tax is allocated among the jointly taxed companies proportional to their respective taxable income (full allocation with reimbursement of tax losses). Property, plant, and equipment Property, plant, and equipment are measured at cost less accrued depreciation and writedown for impairment. The depreciable amount is cost less any expected residual value after the end of the useful life of the asset. The amortisation period and the residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, the depreciation is discontinued. If the amortisation period or the residual value is changed, the effect on amortisation will, in future, be recognised as a change in the accounting estimates. The cost comprises acquisition cost and costs directly associated with the acquisition until the time when the asset is ready for use. The cost of a total asset is divided into separate components. These components are depreciated separately, the useful lives of each individual components differing, and the individual component representing a material part of the total cost. Depreciation is done on a straight-line basis according to an assessment of the expected useful life and the residual value of the individual assets: Other fixtures and fittings, tools and equipment Useful life 3-5 years Residual value 0-10 % Minor assets with an expected useful life of less than 1 year are recognised as costs in the income statement in the year of acquisition. Profit or loss derived from the disposal of property, land, and equipment is measured as the difference between the sales price less selling costs and the carrying amount at the date of disposal. Profit or loss is recognised in the income statement under depreciation. As regards self-constructed assets, the cost comprises direct costs for materials, components, deliveries from subsuppliers, payroll costs, and borrowing costs from specific and general borrowing concerning the construction of each individual asset. Investments in subsidiaries Investments in subsidiaries aremeasured at cost. If the recoverable amount is lower than the cost, writedown for impairment is done to match this lower value. Deposits Deposits are measured at amortised cost and represent lease deposits, etc. Receivables Receivables are measured at amortised cost, which usually corresponds to nominal value. In order to meet expected losses, impairment takes place at the net realisable value. The company has chosen to use IAS 39 as a basis for interpretation when recognising impairment of financial assets, which means that impairments must be made to offset losses where an objective indication is deemed to have occurred that an account receivable or a portfolio of accounts receivable is impaired.If an objective indication shows that an individual account receivable has been impaired, an impairment takes place at individual level. Accounts receivable for which there is no objective indication of impairment at the individual level are evaluated at portfolio level for objective indication of impairment. The portfolios are primarily based on the debtors' domicile and credit rating in accordance with the company's and the group's credit risk management policy. Determination of the objective indicators applied for portfolios are based on experience with historical losses. Impairment losses are calculated as the difference between the carrying amount of accounts receivable and the present value of the expected cash flows, including the realisable value of any securities received. The effective interest rate for the individual account receivable or portfolio is used as the discount rate. Prepayments Prepayments recognised under assets comprise incurred costs concerning the following financial year. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and on hand. Equity Share premium Share premium comprises premium payments made in connection with the issue of shares. Costs incurred for carrying through an issue are deducted from the premium. The premium reserve can be used for dividend, for issuing bonus shares, and for covering losses. Reserve for development costs The reserve for development costs comprises recognised development costs less related deferred tax liabilities. The reserve cannot be used as dividends or for covering losses. The reserve is reduced or dissolved if the recognised development costs are amortised or abandoned. This is done by direct transfer to the distributable reserves of the equity. Dividend Dividend expected to be distributed for the year is recognised as a separate item under equity. Income tax and deferred tax As administration company, SAM Productions ApS is liable to the tax authorities for the subsidiaries' corporate income taxes. Current tax liabilities and current tax receivable are recognised in the statement of financial position as calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and for tax paid on account. The company is jointly taxed with consolidated Danish companies. The current corporate income tax is distributed between the jointly taxed companies in proportion to their taxable income and with full distribution with reimbursement as to tax losses. The jointly taxed companies are comprised by the Danish tax prepayment scheme. Joint taxation contributions payable and receivable are recognised in the statement of financial position as ”Income tax receivable” or “Income tax payable”. Deferred tax is measured on the basis of temporary differences in assets and liabilities with a focus on the statement of financial position. Deferred tax is measured at net realisable value. Adjustments take place in relation to deferred tax concerning elimination of unrealised intercompany gains and losses. Deferred tax is measured based on the tax rules and tax rates applying under the legislation prevailing in the respective countries on the reporting date when the deferred tax is expected to be released as current tax. Changes in deferred tax due to changed tax rates are recognised in the income statement, except for items included directly in the equity. Deferred tax assets, including the tax value of tax losses allowed for carryforward, are recognised at the value at which they are expected to be realisable, either by settlement against tax of future earnings or by set-off in deferred tax liabilities within the same legal tax unit. Any deferred net tax assets are measured at net realisable value. Provisions Provisions comprise expected costs of warranty commitments, loss on work in progress, restructuring, etc. Provisions are recognised when the group has a legal or actual commitment resulting from a previously occurred event and when it is probable that the settlement of the liability will result in consumption of the financial resources of the group. Provisions are measured at net realisable value or at fair value. If the fulfilment of a liability is expected to take place far in the future, the liability is measured at fair value. Guarantee liabilities comprise liabilities for repairs within the guarantee period of 1-5 years. Provisions for warranty commitments are measured on basis of the obtained experience with guarantee work. Provisions with an expected due date later than 1 year from the reporting date are discounted at a rate reflecting risk and maturity of the liability. On the acquisition of entities, provisions for restructuring within the acquired entity are included in the acquisition cost, and thereby in the goodwill or the consolidated goodwill, to the extent that they have been recognised in the financial statements of the acquired entity in advance of the acquisition. Provisions for restructuring are included to the extent that they have been decided at the date of acquisition at the latest and that the process have been commenced. When it is likely that the total costs will exceed the total income of contract work in progress, the total expected loss on the contract work in progress will be recognised as provisions for liabilities. The provision is recognised under production costs. Liabilities other than provisions Financial liabilities other than provisions related to borrowings are recognised at the received proceeds less transaction costs incurred. In subsequent periods, the financial liabilities are recognised at amortised cost, corresponding to the capitalised value when using the effective interest rate. The difference between the proceeds and the nominal value is recognised in the income statement during the term of the loan. Mortgage loans and bank loans are thus measured at amortised cost which, for cash loans, corresponds to the outstanding payables. For bond loans, the amortised cost corresponds to an outstanding payable calculated as the underlying cash value at the date of borrowing, adjusted by amortisation of the market value on the date of the borrowing effectuated over the repayment period. Also, capitalised residual leasing liabilities associated with financial leasing contracts are recognised in the financial liabilities. Other liabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value. Deferred income Deferred income includes payments received relating to income in subsequent years and prepayments received from relating to external and public financing of Tv-series under development. Intangible assets Completed development of Tv-series Completed development of Tv-series includes completed Tv-series rights. The rights are recognised as Completed development of Tv-series when the Tv-series under development is completed. Completed development of Tv-series are amortized according to a revenue-based method over the period in which it is expected to generate revenue in the relevant market and the media in question will not exceed 5 years. Writedowns are made considering the individual's individual future earnings opportunities. Gain and loss from the sale of acquired Completed development of Tv-series as the difference between the sales price with deduction of sales costs and the book value at the time of the sale. Gain or loss are recognised in the profit and loss account as other operating income or other operating expenses respectively. Completed development of Tv-series recognised in the balance sheet are measured at cost with deduction of accrued depreciation and writedown. Tv-series under development Tv-series under development comprise costs, salaries, wages, and amortisation which directly and indirectly refer to the development activities. Clearly defined and identifiable ongoing projects are recognised as intangible fixed assets provided that the technical feasibility, sufficient resources, and a potential market or a development opportunity can be demonstrated, and provided that it is the intention to produce, market or utilise the productions. It is, however, a condition that the cost can be calculated reliably and that a sufficiently high degree of certainty indicates that future earnings will cover the costs for production, sales, and administration. Other development costs are recognised in the profit and loss account concurrently with their realisation. Tv-series under development costs recognised in the balance sheet are measured at cost with deduction of accrued depreciation and writedown. Tv-series under development is transferred to Completed development of Tv-series when the productions of the Tv-series is completed. 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