18296799 2022-02-01 2023-01-31 18296799 2022-02-01 2023-01-31 1 18296799 2022-02-01 2023-01-31 1 18296799 2023-01-31 18296799 2022-02-01 2023-01-31 101 18296799 2022-02-01 2023-01-31 102 18296799 2021-02-01 2022-01-31 18296799 2021-02-01 2022-01-31 1 18296799 2022-01-31 18296799 2021-02-01 2022-01-31 101 18296799 2021-02-01 2022-01-31 102 18296799 2020-02-01 2021-01-31 18296799 2020-02-01 2021-01-31 1 18296799 2021-01-31 18296799 2020-02-01 2021-01-31 101 18296799 2020-02-01 2021-01-31 102 18296799 2019-02-01 2020-01-31 18296799 2019-02-01 2020-01-31 1 18296799 2020-01-31 18296799 2019-02-01 2020-01-31 101 18296799 2019-02-01 2020-01-31 102 18296799 2018-02-01 2019-01-31 18296799 2018-02-01 2019-01-31 1 18296799 2019-01-31 18296799 2018-02-01 2019-01-31 101 18296799 2018-02-01 2019-01-31 102 18296799 2022-01-31 fsa:ContributedCapitalMember 18296799 2022-02-01 2023-01-31 fsa:ContributedCapitalMember 18296799 2023-01-31 fsa:ContributedCapitalMember 18296799 2022-01-31 fsa:RetainedEarningsMember 18296799 2022-02-01 2023-01-31 fsa:RetainedEarningsMember 18296799 2023-01-31 fsa:RetainedEarningsMember 18296799 2022-01-31 fsa:ProposedDividendRecognisedInEquityMember 18296799 2022-02-01 2023-01-31 fsa:ProposedDividendRecognisedInEquityMember 18296799 2023-01-31 fsa:ProposedDividendRecognisedInEquityMember 18296799 2022-01-31 fsa:OtherReservesMember 18296799 2022-02-01 2023-01-31 fsa:OtherReservesMember 18296799 2023-01-31 fsa:OtherReservesMember 18296799 2022-02-01 2023-01-31 1 18296799 2022-02-01 2023-01-31 1 18296799 2022-02-01 2023-01-31 2 18296799 2022-02-01 2023-01-31 3 iso4217:DKK xbrli:pure Tina Øster Larsen Management’s Statement on the Annual ReportThe Board of Directors and Executive Board have today considered and adopted the annual report of Dell A/S for the Financial Year 1 February 2022 - 31 January 2023.The Annual Report was prepared in accordance with the Danish Financial Statements Act. In our opinion, the Financial Statements give a true and fair view of the financial position at 31 January 2023 of the Company and of the results of the Company’s operations for the Financial Year 1 February 2022 - 31 January 2023.In our opinion, Management’s review includes a true and fair account of the matters addressed in the Review. We recommend that the Annual Report be adopted at the Annual General Meeting. Copenhagen Marianne Lindhard Moe Nicolai Johan Moresco Chairman Marianne Lindhard Moe Ann Sophie Elisabeth Rönnertz Palebo Independent Auditor’s Report To the Shareholders of Dell A/S OpinionIn our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 January 2023, and of the results of the Company’s operations for the financial year 1 February 2022 - 31 January 2023 in accordance with the Danish Financial Statements Act.We have audited the Financial Statements of Dell A/S for the financial year 1 February 2022 – 31 January 2023, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (“the Financial Statements”). Basis for OpinionWe 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’ Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Statement on Management’s ReviewManagement is responsible for Management’s Review.Our opinion on the financial statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon.In connection with our audit of the financial statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act.Based on the work we have performed, in our view, Management’s Review is in accordance with the 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. Management’s Responsibilities for the Financial StatementsManagement is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing the financial statements, Management is responsible for assessing the 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. Auditor’s Responsibilities for the Audit of the Financial StatementsOur objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.• Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the 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.• 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.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. Copenhagen Martin Lunden State Authorised Public Accountant Dell A/S Arne Jacobsens Allé 17 DK-2300 København S Denmark +45 32 87 50 00 +45 32 87 50 01 www.dell.dk Copenhagen PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 DK-2900 Hellerup Denmark CitibankSEB Financial HighlightsSeen over a five-year period the development can be described by the following financial highlights:The ratios have been prepared in accordance with the recommendations and guidelines issued by the Danish Society of Financial Analysis. For definitions, see under accounting policies. 1708116000 1605130000 1741499000 333348000 337484000 334819000 14333000 28503000 26713000 -23092000 -1821000 14701000 -2704000 -1471000 Profit/(loss) before tax Profit/(loss) before tax Profit/(loss) before tax Profit/(loss) before tax Profit/(loss) before tax 72524000 33747000 29034000 25799000 25242000 21089000 18175000 19625000 1147811000 888891000 720178000 143184000 110330000 87128000 4477000 815000 833000 2308000 1814000 223 225 248 265 249 0.16 0.16 0.20 0.21 0.19 Profit margin Profit margin Profit margin Profit margin Profit margin 0.04 0.02 0.01 0.02 0.01 Return on net assets Return on net assets Return on net assets Return on net assets Return on net assets 0.08 0.03 0.01 0.03 0.04 0.09 0.16 0.12 0.12 0.12 0.38 0.16 0.17 0.18 0.25 Management’s Review The objects of the CompanyAs in previous year the business model is limited risk distributor resulting in increased turnover.Development in the financial yearThe company has a profit after tax of DKK 57,102,094 compared to a result of DKK 26,121,345 last year. As a global company with customers operating in a broad range of businesses and industries, our performance is affected by global economic conditions and the demand for technology products and services in international markets. Adverse economic conditions may negatively affect customer demand, and could result in postponed or decreased spending amid customer concerns over unemployment or slowing demand for their products, reduced asset values, volatile energy costs, geopolitical issues, the availability and cost of credit, and the stability and solvency of financial institutions, financial markets, businesses, local and state governments, and sovereign nations. Despite of the global situation the Company successfully continued in transforming customerneeds from home office to collaboration from anywhere. During the fiscal 2023 the company has achieved the results within the expected range from prior year. As a result, the Management finds the results satisfactory. The company growth in Customer Solutions Group (CSG) was achieved by +13% YoY, where increase was primarily driven by revenue distributorALSO A/S. It is a partner of Dell A/S focusing on wholesale of computers, computer peripherals, equipment and software. Within Infrastructure Solutions Group (ISG) the Company has achieved +24% YoY increase driven by strong performance in Public, Corporate and Medium Business. (MB). Overall, the company during fiscal 2023 had the strongest revenue and growth higher than 40% over 3 years on its Product Business Units (PBUs): CSG, Storage, Server, VMware.The Company’s impact on external environmentIn its overall operations, the company takes into account laws relating to the protection of the environment (environmental laws). The Company considers that it meets the requirements of such laws and that it carries out procedures designed to encourage compliance and ensure that such requirements are met.The company has adopted the necessary measures with respect to the protection and improvement of the environment and the minimisation, if applicable, of environmental impact, meeting the requirements of current environmental legislation. Research and DevelopmentDuring the year ended 31 January 2023, the company has not carried out any Research & Development activity. Those R&D activities are carried out at international manufacturing facilities of Dell Technologies Group. Knowledge resourcesPeople and teams and talent management are an integral part of the company's business and are key to continuing progress. Competition for talent is significant both within the industry and beyond it. The company attracts and retains its people through provision of on-going opportunity for career progression, training initiatives and continually identifying emerging managers and leaders within the company including talent management and graduate recruitment programs.Principal risks and uncertaintiesThere are number of risks and uncertainties that can impact the performance of the company, some of which are beyond the control of the company and its directors. Market risk – Risks are resulting from the competitive nature of the IT hardware business, the shift from desktops and notebooks to tablets and smartphones as well as the continuing adoption of public cloud offerings. The development towards an IT solution company with the expansion of the product portfolio especially in the area of storage, services and software will address those market developments.Currency risk – The objective of company in managing its exposures to foreign currency exchange rate fluctuations is to reduce the impact of adverse fluctuations associated with foreign currency exchange rate changes on earnings and cash flows. The company closely monitors its foreign currency exchange exposures to ensure the overall effectiveness of its foreign currency hedge positions. Compliance risk – The Company has implemented a comprehensive compliance management system to ensure regulatory compliance. Credit risk – It is the Company’s policy that all the customers who wish to trade on credit terms are subject to credit verification procedures. The company only offers these terms to recognized, creditworthy third parties. In addition, receivables balances are monitored on an ongoing basis with the result that the Company’s history of bad debt losses is not significant.The company uses a range of information technology and decision support systems for provision of key services, control procedures and financial management. These systems are constantly reviewed and updated to meet the needs of the company. The expected developmentThe company’s vision is to become the most essential technology company for the data era. We seek to address our customers’ evolving needs and their broader digital transformation objectives as they embrace today’s hybrid multi-cloud environment. We intend to execute on our vision by focusing on two overarching strategic priorities:• Grow and modernize our core offerings in the markets in which we predominantly compete• Pursue attractive new growth opportunities such as Edge, Telecom, data management, andas-a-Service consumption modelsWe believe that we are uniquely positioned in the data and multi-cloud era and that our results will benefit from our competitive advantages. We intend to continue to execute our business model to position our company for long-term success while balancing liquidity, profitability, and growth.The expectation of the future growth continues being conservative. The company outlooks slowdown in the market with longer approval times and budget restrains with our customers for fiscal 2024. Due to such implications on the market, the expectations for the course of sales for the next financial year ranges from DKK 2,118M to DKK 2,591M with slower growth trend in market share +3%. Profit Before Tax is estimated for the next fiscal year to be within the range from DKK 35M to DKK 50M.General risk assessmentWeak or unstable global economic conditions, including those attributable to international conflicts, such as the War in Ukraine, international trade protection measures and disputes, such as those between the United States and China, or public health issues, such as the outbreak of COVID-19, also could harm our business by contributing to product shortages or delays, supply chain disruptions, insolvency of key suppliers, customer and counterparty insolvencies, increased product costs and associated price increases, reduced global sales, and other adverse effects on our operations. Any such effects could have a negative impact on our net revenue and profitability.Future prospectsWe are monitoring and responding to effects of the ongoing war in Ukraine. When Russia invaded Ukraine, DELL TECHNOLOGIES INC. (“DELL”) made the decision to not sell, service, or support products in Russia, Belarus, and restricted regions of Ukraine. During Fiscal 2023, DELL has resumed product sales to non-sanctioned areas in Ukraine, focusing on providing products and support to Ukrainian customers as they rebuild infrastructure and restore businesses and the financial sector.The war and the related economic sanctions are impacting markets worldwide. Our business may be adversely affected by effects of the war and such sanctions, including supply chain disruptions, product shipping delays, macroeconomic impacts resulting from the exclusion of Russian financial institutions from the global banking system, volatility in foreign exchange rates and interest rates, inflationary pressures, and heightened cybersecurity and data theft threats. The full impact of the war on our business operations and financial performance will depend on future developments. We will continue to monitor and assess the related restrictions and other effects and pursue prudent decisions for our team members, customers, and business.Subsequent eventsNo events materially affecting the assessment of the Annual Report have occurred after the balance sheet date.Significant eventsThe company did not have during the financial year ended 31 January 2023 any events considered as significant by their substance.Uncertainty regarding measurement and recognitionRecognition and measurement in the Annual Report have not been subject to any uncertainty. Environmental, Social, and Governance – sections 99a and 99d of Danish Financial Statement ActDell Technologies is committed to driving human progress by putting our technology and expertise to work where it can do the most good for both people and the planet. We recognize that all of our stakeholders — shareholders, customers, suppliers, employees, and communities — as well as the environment and society, are essential to our business.Dell Technologies is committed to progressing towards the goals set forth in our plan for 2030 and beyond (our “2030 Goals”). Our 2030 Goals represent an extension of our purpose as a company — to create technologies that drive human progress. We are using these goals to build our impact strategies over the next decade. Our 2030 Goals have four critical areas of focus:• Advancing Sustainability — We believe we have a responsibility to protect and enrich our planet together with our customers, suppliers, and communities. We continue to prioritize sustainability across our business ecosystem, valuing natural resources and seeking to minimize our impact. With the power of our global supply chain, Dell Technologies pursues the highest standards of sustainability and ethical practices.• Cultivating Inclusion — We view diversity and inclusion as a business imperative that will enable us to build and empower our future workforce and we strive to cultivate inclusion for our team members, customers, and communities. It is essential that our workforce be fully representative of the diversity in our global customer base. Further, we believe that diversity of leadership increases innovation and ensures that company decisions reflect a wide variety of perspectives.• Transforming Lives — We believe our scale, support, and the innovative application of our portfolio can play an important role in advancing fundamental human rights and addressing complex societal challenges, including improving health, education, and economic opportunities for the underserved. We endeavor to harness the power of technology to create a future that is capable of realizing human potential.• Upholding Trust — Trust is at the root of all we do. Security, privacy, and ethics are core to establishing and maintaining trusted relationships. We are committed to keeping our customers’ data safe and earning their trust through transparency. We respect the privacy of our employees, customers and partners and we require our third-party partners to acknowledge their commitment to the same. We are committed to ensuring that all team members align to our culture of integrity and ethical behavior. Sustaining, improving, and increasing the level of trust for our team members, customers and partners is essential in everything Dell Technologies does. We are working to earn confidence and to uphold trust in everything we do.Dell Technologies measures progress against our 2030 Goals in our annually released reports available on our website at FY23 ESG report under following link:In its operations, the Company considers the legislative and regulatory framework of the country on all matters, including Environmental, Social and Governance. The Company considers that it meets the requirements of such laws and that it carries out procedures designed to encourage compliance and ensure that such requirements are met. https://www.dell.com/en-us/dt/corporate/social-impact/esg-resources/reports/fy23-esg-report.htm?hve=read+report#scroll=off&pdf-overlay=//www.delltechnologies.com/asset/en-us/solutions/business-solutions/briefs-summaries/delltechnologies-fy23-esg-report.pdf Gender composition in Management, both in the executive board and in other management levels of The Danish Financial Statements Act § 99b It is the company's objective that the Board of Directors and management represent different educational backgrounds as well as both genders.The Company meets the requirement to have a balanced representation of men and women in the Board of Directors.Managerial positions were covered by 45% women and 55% men.Dell Technologies is dedicated to attracting and developing people who identify as women across our global operations – and especially in technical positions and leadership roles, where they remain underrepresented throughout our industry. We foster a place where people want to work, and team members feel they belong, and our inclusive values reflect those of our customers and our communities. One of the main goal of Dell Technologies is that by 2030, 50% of our global workforce and 40% of our global people leaders will be team members who identify as women. FY23 ESG report is available on the Ultimate Parent company Dell Technologies Inc. website: https://www.dell.com/en-us Accounting PoliciesBasis of accountingThe Annual Report of Dell A/S for 2022/2023 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to large enterprises of reporting Class C.The Financial Statements for 2022/2023 are presented in DKK.Accounting policies, leasesA lease asset and a corresponding lease liability are recognised in the balance sheet when a lease has been concluded and the lease asset has been made available. The lease asset is initially measured at cost equivalent to the value of the lease liability added any prepaid lease payments. The lease liability is initially measured at the net present value of future lease payments discounted at the Company’s marginal borrowing rate. Subsequently, the asset is measured at cost less accumulated depreciation and impairment losses. The lease asset is depreciated over the lease term. Depreciation is recognised on a straight-line basis in the income statement.Short-term leases and leases of low-value assetsLeases with terms of less than 12 months are not recognised in the balance sheet. This also applies to leases of low-value assets. Lease payments are instead recognised in the income statement on a straight-line basis over the lease term.Stock compensation planThe Company’s ultimate holding corporation, Dell Technologies Inc. (“Dell Tech”), operates an equity-settled, share-based compensation plan and granted restricted stock units (“RSUs”) to the Company’s employees via the “Dell Technologies Inc. 2013 Stock Incentive Plan (As Amended and Restated as of July 9, 2019)”. The value of the employee services received in exchange for the grant RSUs is recognised on a graded acceleration basis net of estimated forfeitures as an expense with a corresponding increase in the share capital over the vesting period. The total amount to be recognised over the vesting period is determined by reference to the fair value of the RSUs granted on grant date. Non-market vesting conditions are included in the estimation of the number of RSUs that are expected to become exercisable on the vesting date.Variable paymentsLease contracts contain variable payment terms that are linked to expenses related to maintenance of the rented properties (electricity, heating, etc.) which are measured based on actual expenditure. Variable lease payments that depend on actual expenditure are recognized in profit or loss in the period in which the condition that triggers those payments occurs. Variable lease payment terms are used for a variety of reasons, and the primary reason is to reflect the actual usage of the underlying asset.Lease term and extensionWhen assessing the expected lease term, the non-cancellable lease term is identified. If the lease includes an extension option which Management is reasonably certain to exercise, this is added to the non-cancellable lease term.Management has assessed that the expected lease term equals the non-cancellable lease term and that no leases have been concluded in respect of which a potential extension option is expected to be exercised. Discount rateWhen discounting lease payments to net present value, Management has chosen to apply the alternative borrowing rate, which is the cost of raising external financing for a similar asset with terms and conditions similar to those applying to the lease asset. Recognition and measurementThe net turnover is recognised in the profit and loss account when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services. The company allocates the contract value within the arrangement to the identified performance obligations based on its standalone selling price and recognizes revenue for the performance obligation when the customers obtains control of the promised asset at a point in time. Assets are recognized in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably.Liabilities are recognized in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably.Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below.Certain financial assets and liabilities are measured at amortised cost, which involves the recognition of a constant effective interest rate over the maturity period. Amortised cost is calculated as original cost less any deductions and with addition/deduction of the cumulative amortisation of any difference between cost and the nominal amount. In this way, capital losses and gains are allocated over the maturity period.Recognition and measurement take into account predictable losses and risks occurring before the presentation of the Annual Report which confirm or invalidate affairs and conditions existing at the balance sheet date.Translation of foreign currenciesDuring the year transactions in foreign currencies are translated at the rate of exchange as at the transaction date. Realised and unrealised exchange rate adjustments are included in the income statement under financial items.Debtors, liabilities and other items in foreign currencies which are unsettled on the balance sheet date are translated at the exchange rate as at the balance sheet date. Realised and unrealised exchange rate adjustments are included in the income statement under financial items.Corporation tax and deferred taxTax for the year consists of current tax for the year and deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity entries is recognised directly in equity. Any share of the tax reported in the income statement arising from profit/loss on extraordinary activities for the year is attributed to such activities, whereas the remaining share is attributed to profit/loss on ordinary activities for the year.Current tax liabilities and current tax receivable are recognised in receivables in the balance sheet in the event of overpayment of tax on account, and in debt in the event of underpayment of tax on account.Deferred tax is measured under the balance sheet liability method in respect of all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised in respect of temporary differences concerning items where temporary differences have arisen at the time of acquisition without affecting the profit for the year or the taxable income. In cases where the computation of the tax base may be made according to alternative tax rules, deferred tax is measured on the basis of the intended use of the asset or settlement of the liability, respectively. Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities.Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement.Income StatementRevenueThe net turnover is recognized in the profit and loss account when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services in accordance with IFRS 15 Revenue from Contracts with Customer. The following applies to the elements included in revenue.• Installation HW DeferralsInstallation hardware is recognized in accordance with IFRS 15 for those contracts where collection requirements or business practices are capable of being distinct and for which the control over the goods has been transferred to the customer. • Software and Peripherals (S&P)3rd party licenses and PCS are separate performance obligations and have separate values. 3rd party licenses are recognized at the point of sale. PCS (Post Contract Support) is recognized over time. • Returns ProvisionsReturns Provisions is recognized and presented in provisions. • Services – Extended Warranty Discount AllocationDiscounts are allocated across all performance obligations of the contract.• Costs to obtainIncremental costs of obtaining a contract, such as sales commissions, are capitalized if they are expected to be recovered and amortized over a period of time. For those obligations with revenue that are recognized over 12 months or more commissions are recognized as deferred costs. For those obligations with revenue that are recognized 12 months or less commissions are recognized upfront.• RebatesRebates attributable to revenue recognized over more than 12 months are recognized as deferred costs. Cost of goods soldCosts of goods sold comprise the procured products consumed to achieve the revenue for the year.Other external expensesOther external expenses comprise expenses for premises, marketing expenses, travel as well as office expenses, etc.Staff expensesStaff expenses comprise wages and salaries as well as payroll expenses.Depreciation and impairment lossesDepreciation and impairment losses comprise depreciation and impairment of tangible assets as well as gains and losses from current replacement of fixed assets.Financial income and expensesFinancial income and expenses comprise interest, realised and unrealised exchange adjustments, as well as extra payments and repayment under the on-account taxation scheme.Balance sheetTangible fixed assetsOther fixtures, fittings and equipment are valued at cost less accumulated depreciation. Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use.Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are:Other fixtures, fitting and equipment 2-5 yearsLeasehold improvements 5 yearsDepreciation period and residual value are reassessed annually.Gains and losses on current replacement of property, plant and equipment are recognised in “Depreciation and impairment loss”.Impairment of fixed assetsThe carrying amounts of tangible assets are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by depreciation. If so, the asset is written down to its lower recoverable amount. The recoverable amount of the asset is calculated as the higher of net selling price and value in use. InventoriesInventories are measured at the lower of cost under FIFO method and net realisable value.The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses. The net realisable value is determined allowing for marketability, obsolescence and development in expected selling price.The cost of goods for resale equals landed cost.ReceivablesReceivables are recognised in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. Provisions for bad debts are determined on the basis of an individual assessment of each receivable.PrepaymentsPrepayments include expenses incurred in respect of subsequent financial years. Such expenses are typically prepaid expenses concerning rent, insurance premiums, subscriptions and interest.EquityDividendDividend is recognised as a liability at the time of adoption at the Annual General Meeting. Dividend expected to be distributed for the year is disclosed as a separate equity item.DebtsDebts are measured at amortised cost, substantially corresponding to nominal value.Deferred incomeDeferred income comprises payments received in respect of income in subsequent years.Statement of changes in equityStatement of changes in equity details the change in owners’ equity over an accounting period by presenting the movement in reserves comprising the shareholders’ equity. Movement in shareholders’ equity comprises the following elements: - Net profit or loss during the accounting period attributable to shareholders- Increase or decrease in share capital reserves- Dividend payments to shareholders- Gains and losses recognized directly in equity- Effect of changes in accounting policies- Effect of correction of prior period errorFinancial highlights The financial highlights have been calculated as follows:Gross profit x 100Gross margin =RevenueProfit before financials x 100Profit margin =RevenueProfit before financials x 100Return on net assets =Total assetsEquity at year end x 100Solvency ratio =Total assetsNet profit for the year x 100Return on equity =Average equity true Cash flow statementWith reference to section 86(4) of the Danish Financial Statements Act and to the cash flow statement included in the consolidated financial statements of Dell Technologies Inc., the Company has not prepared a cash flow statement. 2491361341 2026172672 2014656095 1630626300 73639591 67651554 403065655 327894818 300410347 284393453 7039612 7932655 95615696 35568711 49880082 8898770 72972190 10720094 72523588 33747387 15421494 7626042 57102094 26121345 4739757 1664722 372603 448687 7877057 12972667 233543262 179711968 246532679 194798044 6618355 130001 296560027 295374371 518464020 552813231 178315347 126690747 12374632 7043115 232387 342373 1005946413 982263837 5229663 18980066 1017794431 1001373904 1264327110 1196171948 501000 501000 57503539 34779931 55000000 150000000 4114263 2012169 117118802 187293100 22505310 17797869 411020240 387821512 2400363 6892672 413420603 394714184 22613196 28616300 182835437 206397875 6766907 3769423 82289614 67557551 411639084 284417909 5138157 5607737 711282395 596366795 1124702998 991080979 1264327110 1196171948 501000 2012169 150000000 34779931 0 0 150000000 0 150000000 0 2102094 55000000 0 0 0 0 22723608 22723608 501000 4114263 55000000 57503539 1 RevenueThe distribution of revenue on activities with geographical segmentation is specified as follows:Sale to country 2022/2023 2021/2022DKK DKKSales of products Denmark 2,311,054,978 1,826,611,900 Norway 22,205,630 26,363,260 Sweden 105,710,725 111,257,659 Third party maintenance recharge, other Ireland 48,418,302 52,750,572 Norway 576,027 598,247 Sweden 2,729,578 7,504,279 Services provided Denmark 652,081 312,702 Sweden 0 8,322 United States 14,020 765,732 2,491,361,341 2,026,172,672 2 Staff expenses 2022/2023 2021/2022 DKK DKKStaff expenses is specified as follows:Wages and salaries275,731,204 260,140,681Pensions23,272,100 22,862,632Other social security expenses1,407,043 1,390,140300,410,347 284,393,453Expenses related to compensation plan are included in "Staff expenses" by 22.7M DKK (2021/2022: 18M DKK). Under compensation plan are the employees, consultants, non-employee directors and other service providers to Dell or its affiliates eligible for share based payment awards in the form of stock options, restricted stock units (“RSUs”), restricted stock awards (“RSAs”), Performance stock units (“PSUs”), stock appreciation rights (“SARs”), Deferred Stock Units (“DSUs”) or dividend equivalents.Remuneration to the Executive Board and Board of Directors have not been disclosed in accordance with section 98 B(3) of the Danish Financial Statements Act.The Board of Directors are not remunerated for their function as Board of Directors.Number of unitsNumber of units2022/20232021/2022Non-vested restricted stock units at the beginning of the financial year199,893 97,413Transferred during the financial year 1,510 0Granted during the financial year 76,748 235,905Vested during the financial year 86,433 28,804Forfeited during the financial year 2,459 104,621Non-vested restricted stock units at the end of the financial year 186,239 199,893Close price at period end per 1 RSU: $42.24 $56.24At the end of the financial year, there were 186,239 (2021/2022: 199,893) Dell Tech non-vested restricted stock units. 3 Depreciation and impairment loss 2022/2023 2021/2022DKK DKKDepreciation and impairment loss is specified as follows:Depreciation on tangible fixed assets1,405,5901,446,452Depreciation on right-of-use assets6,527,0655,593,1607,039,612 7,932,655 4 Financial incomeFinancial income is specified as follows:2022/2023 2021/2022DKK DKKInterest received from group enterprises3,744,732 3,349,823Exchange rate differences13,017,363 5,316,667Other financial income33,117,987 232,28049,880,082 8,898,770 5 Financial expensesFinancial expenses are specified as follows:2022/2023 2021/2022DKK DKKOther financial expenses414,662 398,947Exchange rate differences72,557,528 10,284,775Interest paid to group enterprises0 36,37272,972,190 10,720,094 6 Tax on profit/(loss) for the yearThe corporation tax expensed is specified as follows:2022/2023 2021/2022DKK DKKCurrent tax for the year20,588,707 11,393,902Deferred tax for the year (5,331,517) (3,901,183) Current tax Adjustment concerning previous years164,304 133,323Total tax for the year 15,421,494 7,626,042During the year DKK 13,821,802 has been prepaid as tax on account related to current year. 8 Tangible fixed assetsInvestments in and depreciation of tangible fixed assets are specified as follows:Fixtures,fittings and Leasehold Totalequipment improvementsDKK DKK DKKCost at 1 February1,530,190 8,081,8006,551,610Additions for the year 4,476,511 0 4,476,511Disposals for the year (1,780,152) (1,780,152) 0Cost at 31 January 9,247,969 1,530,190 10,778,1594,886,888 1,081,503 5,968,391Depreciation and impairment loss at 1 February1,370,368 76,084 1,446,452Depreciation and impairment loss for the yearReversal of depreciation and impairment of disposed assets (1,780,152) 0 (1,780,152) 31,108Retirements for the year0 31,108Depreciation and impairment loss at 31 January 4,508,212 1,157,587 5,665,7994,739,757 372,603 5,112,360Carrying amount at 31 January 2023 9 Deferred tax JANUARY 2023 JANUARY 2022DKK DKKBeginning of the year3,141,931 7,043,115 Amounts recognized in the income statement for the year5,331,517 3,901,183End of the year7,043,11512,374,632Deferred tax assets comprises of:Fixed Assets 284,729 (424,450) Lease assets (1,732,953) (2,853,987) Prepayments (4,655,563) (3,611,215) Provisions 16,819,945 11,191,672 Lease liabilities 1,658,474 2,750,090 Other temporary differences 0 (8,995) Total 12,374,632 7,043,115There are no particular factors in relation to the utilization of the deferred tax asset exists. 10 EquityThe share capital consists of 501 shares of a nominal value of DKK 1,000. No shares carry any special rights. 11 Provisions JANUARY 2023 JANUARY 2022DKK DKKRebates12,938,051 8,358,456Warranty Provision - Non-Current5,400,522 4,421,336Warranty Provision - Current4,166,737 5,018,07722,505,310 17,797,869The company records warranty liabilities at the time of sale for the estimated costs that may be incurred under limited warranty. The specific warranty term and conditions vary depending upon the product sold, but generally includes technical support, parts and labor over a period ranging from one to three years. Factors that affect the company’s warranty liability include the number of installed units currently under warranty, historical and anticipated rate of warranty claim on these units, and costs per claim to satisfy the company’s warranty obligation. 12 Deferred revenue JANUARY 2023 JANUARY 2022DKK DKKDue after 5 years811,129 683,492Due between 1 and 5 years410,209,111 387,138,021Deferred revenue - Non Current411,020,240 387,821,512Deferred revenue - Current411,639,084 284,417,909822,659,324 672,239,421Deferred revenue is derived from sales of warranty contracts and amortised under the straight-line method based in contract lives. Revenue which will be recognized in the next year is stated under current liabilities. 13 Fee to auditors appointed at the general meeting 2022/2023 2021/2022TDKK TDKKAudit fee to PricewaterhouseCoopers616 530Other Services15 10631 540 14 LeasingThe balance sheet shows the following amounts relating to IFRS 16IFRS 16leases: 31 January 2023 31 January 2022Amounts recognized in the balance sheet: right-of-use assetsDKK DKKProperties6,257,848 10,129,829Vehicles 1,619,209 2,842,839Total right-of-use assets 7,877,057 12,972,667Vehicles and Buildingsmachinery TotalOpening amount as at 31 January 2022 10,129,829 2,842,839 12,972,667Modifications in lease contracts527,3300 527,330Other adjustments0 (29,780) (29,780) Depreciation for the year (3,871,981) (1,721,179) (5,593,160) Closing balance as at 31 January 2023 6,257,848 1,619,209 7,877,057IFRS 16IFRS 16 31 January 2023 31 January 2022Amounts recognized in the balance sheet: lease liabilities DKK DKK6,892,672Non-current 2,400,363Current 5,138,157 5,607,737 Total 7,538,520 12,500,409The statement of profit or loss shows the following amounts relating to leases:IFRS 16IFRS 16 31 January 2023 31 January 2022Amounts recognized in the statement of profit or loss DKK DKKDepreciation of right-of-use assetsProperties 3,871,981 4,639,460Vehicles 1,721,179 1,887,605Total depreciation of right-of-use assets 5,593,160 6,527,065Interest expense (included in Finance costs) 142,175 150,063Expense relating to variable lease payments not included in lease liabilities (included in Administrative expenses)1,155,731 1,770,994Total expenses related to leases 6,891,066 8,448,122 15 Related parties and ownershipControlling interest BasisEMC Ireland Holdings Unlimited Company Immediate ParentOvensCounty CorkIrelandDell Technologies Inc.Ultimate Parent Company251 Little Falls DriveWilmingtonDE 19808-1674USAGroup Annual ReportThe Company is included in the Group Annual Report of Dell Technologies Inc.A copy of the Group Annual Report can be obtained from 251 Little Falls Drive, Wilmington, DE 19808-1674, USA.Related parties transactionsWith reference to section 98C(7) of the Danish Financial Statements Act, the Company have only disclosed transactions which are not prepared in accordance with the arms-lenght princple. In the financial year there have not been transactions with related parties which have not been entered in accordance with the arms-lenght principle. 16 Subsequent eventsNo events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2022-02-01 2023-01-31 2021-02-01 2022-01-31 2023-07-18 Reporting class C, large enterprise 18296799 2023-07-17 18296799 Dell A/S Arne Jacobsens Allé 17 2300 København S Opinion Basis for Opinion 2023-07-17 mne32209 33771231 2102094 -123878655