18296799 2021-02-01 2022-01-31 18296799 2021-02-01 2022-01-31 0 18296799 2021-02-01 2022-01-31 0 18296799 2021-02-01 2022-01-31 1 18296799 2021-02-01 2022-01-31 2 18296799 2021-02-01 2022-01-31 3 18296799 2021-02-01 2022-01-31 cmn:PreviousYearMember 18296799 2021-02-01 2022-01-31 cmn:TwoYearsAgoMember 18296799 2021-02-01 2022-01-31 cmn:ThreeYearsAgoMember 18296799 2021-02-01 2022-01-31 cmn:FourYearsAgoMember 18296799 2021-02-01 2022-01-31 0 18296799 2021-02-01 2022-01-31 cmn:PreviousYearMember 1 18296799 2021-02-01 2022-01-31 cmn:TwoYearsAgoMember 2 18296799 2021-02-01 2022-01-31 cmn:ThreeYearsAgoMember 3 18296799 2021-02-01 2022-01-31 cmn:FourYearsAgoMember 4 18296799 2022-01-31 18296799 2022-01-31 cmn:PreviousYearMember 18296799 2022-01-31 cmn:TwoYearsAgoMember 18296799 2022-01-31 cmn:ThreeYearsAgoMember 18296799 2022-01-31 cmn:FourYearsAgoMember 18296799 2021-02-01 2022-01-31 5 18296799 2021-02-01 2022-01-31 cmn:PreviousYearMember 6 18296799 2021-02-01 2022-01-31 cmn:TwoYearsAgoMember 7 18296799 2021-02-01 2022-01-31 cmn:ThreeYearsAgoMember 8 18296799 2021-02-01 2022-01-31 cmn:FourYearsAgoMember 9 18296799 2021-02-01 2022-01-31 10 18296799 2021-02-01 2022-01-31 cmn:PreviousYearMember 11 18296799 2021-02-01 2022-01-31 cmn:TwoYearsAgoMember 12 18296799 2021-02-01 2022-01-31 cmn:ThreeYearsAgoMember 13 18296799 2021-02-01 2022-01-31 cmn:FourYearsAgoMember 14 18296799 2020-02-01 2021-01-31 18296799 2021-01-31 18296799 2021-02-01 2022-01-31 fsa:RetainedEarningsMember 18296799 2020-02-01 2021-01-31 fsa:RetainedEarningsMember 18296799 2021-02-01 2022-01-31 fsa:ProposedDividendRecognisedInEquityMember 18296799 2020-02-01 2021-01-31 fsa:ProposedDividendRecognisedInEquityMember 18296799 2021-02-01 2022-01-31 0 18296799 2021-02-01 2022-01-31 1 iso4217:DKK xbrli:pure Regnskabsklasse C, stor virksomhed 2021-02-01 2022-01-31 Dell A/S Arne Jacobsens Allé 17 DK-2300 København S Denmark 18296799 2022-07-06 Tina Øster Larsen +45 32 87 50 00 +45 32 87 50 01 www.dell.dk Copenhagen Bech-Bruun Langelinie Allé 35 2100 København Ø Denmark <p xmlns="http://www.w3.org/1999/xhtml">Citibank</p><p xmlns="http://www.w3.org/1999/xhtml">SEB</p> <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 Statement on the Annual 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">The Board of Directors and Executive Board have today considered and adopted the annual report of Dell A/S for the Financial Year 1 February 2021 - 31 January 2022.</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 was 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 Financial Statements give a true and fair view of the financial position at 31 January 2022 of the Company and of the results of the Company’s operations for the Financial Year 1 February 2021 - 31 January 2022.</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, Management’s review includes a true and fair account of the matters addressed in the 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">We recommend that the Annual Report be adopted at the Annual General Meeting.</td></tr></table> Copenhagen 2022-07-06 <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 Shareholders of Dell A/S</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 January 2022, and of the results of the Company’s operations for the financial year 1 February 2021 - 31 January 2022 in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">We have audited the Financial Statements of Dell A/S for the financial year 1 February 2021 – 31 January 2022, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (“the 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’ 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.</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 judgment and maintain professional skepticism 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> Copenhagen 2022-07-06 2026172672 327894818 35568711 -1821000 26121345 815000 225 0.162 0.157 0.158 <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 Review</td></tr><tr><td colspan="1">The objects of the Company</td></tr><tr><td colspan="1">As in previous year the business model is limited risk distributor resulting in increased turnover.</td></tr><tr><td colspan="1">Development in the financial year</td></tr><tr><td colspan="1">The company has a profit after tax of DKK 26,121,345 compared to a result of DKK 21,088,720 last year.</td></tr><tr><td colspan="1">During Fiscal 2022, the COVID-19 pandemic continued to present global challenges that directly impacted Dell companies, most notably in relation to supply chain impacts. As a result of the global economic recovery coupled with industry-wide constraints on the supply of limited-source components, we experienced demand which outpaced supply across many of our product offerings. The supply chain impacts led to an increase in orders pending fulfilment and extended lead times for our customers. We continue to closely monitor the impacts of COVID-19 and keep the health of our employees, customers, business partners, and communities as our primary focus.</td></tr><tr><td colspan="1">Despite constraints resulting to product backlog as mentioned above, the company was successful with transforming the customer needs from home office working to collaboration from any anywhere. The company growth in Customer Solutions Group (CSG) was achieved by +34% YoY increase which was 12% over the forecast with significant share of DKK 57.4M driven by revenue distributor ALSO. Overall, the company during fiscal 2022 had the strongest revenue performance since Fiscal 2020 within its Product Business Units (PBUs): CSG, Storage, Server, VMware.</td></tr><tr><td colspan="1">The Company’s impact on external environment</td></tr><tr><td colspan="1">In 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.</td></tr><tr><td colspan="1">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.</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">Research and Development</td></tr><tr><td colspan="1">During the year ended 31 of January 2022, the company has not carried out any Research &amp; Development activity. Those R&amp;D activities are carried out at international manufacturing facilities of Dell Technologies Group.</td></tr><tr><td colspan="1">Knowledge resources</td></tr><tr><td colspan="1">People 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.</td></tr><tr><td colspan="1">Principal risks and uncertainties</td></tr><tr><td colspan="1">There 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.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">Compliance risk – The Company has implemented a comprehensive compliance management system to ensure regulatory compliance.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">The expected development</td></tr><tr><td colspan="1">The 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</td></tr><tr><td colspan="1">• Grow and modernize our core offerings in the markets in which we predominantly compete</td></tr><tr><td colspan="1">• Pursue attractive new growth opportunities such as Edge, Telecom, data management, and as-a-Service consumption models</td></tr><tr><td colspan="1">We 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.</td></tr><tr><td colspan="1">We are seeing an accelerated rate of change in the IT industry and increased demand for simpler, more agile IT as companies leverage multiple clouds in their IT environments. COVID-19 has accelerated the introduction and adoption of new technologies to ensure productivity and collaboration from anywhere.</td></tr><tr><td colspan="1">The expectation of the future growth is conservative. The company outlooks slowdown in the market for fiscal 2023, but keeping overall rising trend in CSG, Server, Storage. If the company keeps market share at the same level as during fiscal 2022, the IDC predicts revenue slowdown for all PBUs to DKK 2,108M. Provided, the company increases its market share, the forecasted revenue will move to DKK 2,728M.</td></tr><tr><td colspan="1">General risk assessment</td></tr><tr><td colspan="1">Weak or unstable global economic conditions, including those attributable to international conflicts, such as the conflict 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.</td></tr><tr><td colspan="1">Future prospects</td></tr><tr><td colspan="1">We are monitoring and responding to the escalating conflict in Ukraine and the associated sanctions and other restrictions. As of the date of this report, as a result of the conflict, we are not selling, servicing or supporting products in Russia, Belarus, and the Donetsk and Luhansk regions of Ukraine. The full impact of the conflict on our business operations and financial performance remains uncertain and will depend on future developments, including the severity and duration of the conflict and its impact on regional and global economic conditions. We will continue to monitor the conflict and assess the related restrictions and other effects and pursue prudent decisions for our team members, customers, and business.</td></tr><tr><td colspan="1">Subsequent events</td></tr><tr><td colspan="1">No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date.</td></tr><tr><td colspan="1">Significant events</td></tr><tr><td colspan="1">The company did not have during the financial year ended 31 January 2022 any events considered as significant by their substance.</td></tr><tr><td colspan="1">Uncertainty regarding measurement and recognition</td></tr><tr><td colspan="1">Recognition and measurement in the Annual Report have not been subject to any uncertainty.</td></tr></table> https://www.dell.com/en-us/dt/corporate/social-impact/esg-resources/reports/fy22-esg-report.htm <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">Corporate Social Responsibility cf. section 99a of the Danish Financial Statement Act</td></tr><tr><td colspan="1">The company participates in Dell group´s global guidelines. Dell strive to be a global leader in every aspect of our business and to do so with the utmost integrity and ethics. We are proud to share our progress in the following link, where we demonstrate how we’re innovating at Dell to put our technology and expertise to work, creating new possibilities for our customers, partners, neighbors, team and planet: https://www.dell.com/en-us/dt/corporate/social-impact/esg-resources/reports/fy22-esg-report.htm#pdf-overlay=//www.delltechnologies.com/asset/en-us/solutions/business-solutions/briefs-summaries/delltechnologies-fy22-esg-report.pdf</td></tr><tr><td colspan="1">FY22 Progress Made Real report is available on the Ultimate Parent company Dell Technologies Inc. website: https://www.dell.com/en-us</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">Gender composition in Management, both in the executive board and in other management levels of The Danish Financial Statements Act § 99b</td></tr><tr><td colspan="1">It is the company’s objective that the Board of Directors and management represent different educational backgrounds as well as both genders.</td></tr><tr><td colspan="1">The company fulfils the requirement for not having an under-represented gender in the Board.</td></tr><tr><td colspan="1">In the process of recruiting employees, priorities are professional and personal competences in relation to the right candidate for the position. If candidates have a similar level of competences, the candidate whose gender is under-represented in the management group will be preferred.</td></tr><tr><td colspan="1">The company has a great focus on diversity hiring. Managerial positions were covered by 39% women and 61% men. We will continue our focus on diversity hiring in next financial years.</td></tr><tr><td colspan="1">It is our policy to increase the number of women in other management levels and we will strive for a more positive attitude towards promoting/hiring women.</td></tr><tr><td colspan="1">The company is committed to developing women across its global operations. We offer formal training, networking, mentoring and other resources to effectively advance our women around the globe. Professional development is important to our team members, which makes it a priority for us. That’s why we’re focused on preparing our female employees at all levels with the skills they need to advance in the workplace through mentoring, training, networking and more.</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">Data Ethics cf. section 99d of the Danish Financial Statement Act</td></tr><tr><td colspan="1">Ethics and privacy are essential to building trust, upholding integrity and establishing a foundation for positive social impact. We embed our ethical culture and values in the way we conduct business not because it is required, but because it’s the right thing to do. Full statement on the policy for data ethics is available in Progress Made Real report on the following link</td></tr><tr><td colspan="1">https://www.dell.com/en-us/dt/corporate/social-impact/esg-resoureport.htm#pdf-overlay=//www.delltechnologies.com/asset/en-usolutions/briefs-summaries/delltechnologies-fy22-esg-report.pdf,</td></tr><tr><td colspan="1">FY22 Progress Made Real report is available on the Ultimate Parent company Dell Technologies Inc. website: https://www.dell.com/en-us</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 of Dell A/S for 2021/2022 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to large enterprises of reporting Class C.</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">Except for reclassifications of other receivables short-term and other receivables long-term for the comparative figures, the accounting policies applied remain unchanged from last year. The Financial Statements for 2021/2022 are presented in DKK.</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">Recognition and measurement</td></tr><tr><td colspan="1">The 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.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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.</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, leases</td></tr><tr><td colspan="1">A 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.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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.</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">Short-term leases and leases of low-value assets</td></tr><tr><td colspan="1">Leases 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.</td></tr><tr><td colspan="1">Variable payments</td></tr><tr><td colspan="1">Lease 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.</td></tr><tr><td colspan="1">Lease term and extension</td></tr><tr><td colspan="1">When 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.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">Discount rate</td></tr><tr><td colspan="1">When 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.</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">Stock compensation plan</td></tr><tr><td colspan="1">The 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.</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">Translation of foreign currencies</td></tr><tr><td colspan="1">During 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.</td></tr><tr><td colspan="1">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.</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">Corporation tax and deferred tax</td></tr><tr><td colspan="1">Tax 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.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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.</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">The 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.</td></tr><tr><td colspan="1">· Installation HW Deferrals</td></tr><tr><td colspan="1">Installation 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.</td></tr><tr><td colspan="1">· Software and Peripherals (S&amp;P)</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">· Returns Provisions</td></tr><tr><td colspan="1">Returns Provisions is recognized and presented in provisions.</td></tr><tr><td colspan="1">· Services – Extended Warranty Discount Allocation</td></tr><tr><td colspan="1">Discounts are allocated across all performance obligations of the contract.</td></tr><tr><td colspan="1">· Costs to obtain</td></tr><tr><td colspan="1">Incremental 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.</td></tr><tr><td colspan="1">· Rebates</td></tr><tr><td colspan="1">Rebates attributable to revenue recognized over more than 12 months are recognized as deferred costs.</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">Cost of goods sold</td></tr><tr><td colspan="1">Costs of goods sold comprise the procured products consumed to achieve the revenue 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">Other external expenses</td></tr><tr><td colspan="1">Other external expenses comprise expenses for premises, marketing expenses, travel as well as office expenses, 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 expenses</td></tr><tr><td colspan="1">Staff expenses comprise wages and salaries as well as payroll 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">Depreciation and impairment losses</td></tr><tr><td colspan="1">Depreciation and impairment losses comprise depreciation and impairment of tangible assets as well as gains and losses from current replacement of fixed assets.</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 comprise interest, realised and unrealised exchange adjustments, as well as extra payments and repayment under the on- account taxation scheme.</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">Tangible fixed assets</td></tr><tr><td colspan="2">Other fixtures, fittings and equipment are valued at cost less accumulated depreciation.</td></tr><tr><td colspan="2">Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use.</td></tr><tr><td colspan="2">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</td></tr><tr><td>Other fixtures, fitting and equipment</td><td>2-5 years</td></tr><tr><td>Leasehold improvements</td><td>5 years</td></tr><tr><td colspan="2">Depreciation period and residual value are reassessed annually.</td></tr><tr><td colspan="2">Gains and losses on current replacement of property, plant and equipment are recognised in “Depreciation and impairment loss”.</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">Impairment of fixed assets</td></tr><tr><td colspan="1">The 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.</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">Inventories</td></tr><tr><td colspan="1">Inventories are measured at the lower of cost under FIFO method and net realisable value.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">The cost of goods for resale equals landed 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 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.</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 include expenses incurred in respect of subsequent financial years. Such expenses are typically prepaid expenses concerning rent, insurance premiums, subscriptions and interest.</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><tr><td colspan="1">Dividend</td></tr><tr><td colspan="1">Dividend 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.</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">Statement of changes in equity</td></tr><tr><td colspan="1">Statement 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</td></tr><tr><td colspan="1">- Net profit or loss during the accounting period attributable to shareholders</td></tr><tr><td colspan="1">- Increase or decrease in share capital reserves</td></tr><tr><td colspan="1">- Dividend payments to shareholders</td></tr><tr><td colspan="1">- Gains and losses recognized directly in equity</td></tr><tr><td colspan="1">- Effect of changes in accounting policies</td></tr><tr><td colspan="1">- Effect of correction of prior period error</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">Debts</td></tr><tr><td colspan="1">Debts are measured at amortised cost, substantially corresponding to nominal 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">Deferred income</td></tr><tr><td colspan="1">Deferred income comprises payments received in respect of income in subsequent 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 flow statement</td></tr><tr><td colspan="1">With reference to section 86(4) of the Danish Financial Statements Act and to the cash flow statement included in the consolidated financial statements of Dell Technologies Inc., the Company has not prepared a cash flow 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">The financial highlights have been calculated as follows</td></tr><tr><td colspan="1">Gross margin = Gross profit x 100 / Revenue</td></tr><tr><td colspan="1">Profit margin = Profit before financials x 100 / Revenue</td></tr><tr><td colspan="1">Return on net assets = Profit before financials x 100 / Total assets</td></tr><tr><td colspan="1">Solvency ratio = Equity at year end x 100 / Total assets</td></tr><tr><td colspan="1">Return on equity = Net profit for the year x 100 / Average equity</td></tr></table> 1630626300 67651554 284393453 7932655 8898770 10720094 33747387 7626042 <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="6" align="left" valign="middle" >Statement of Changes in Equity</td></tr><tr><td width="21%" ></td><td width="10%" colspan="1" align="right" valign="middle" >Share capital</td><td width="14%" colspan="1" align="right" valign="middle" >Retained earnings</td><td width="21%" colspan="1" align="right" valign="middle" >Proposed dividend for the year</td><td width="21%" colspan="1" align="right" valign="middle" >Reserve for compensations plans</td><td width="13%" colspan="1" align="right" valign="middle" >Total</td></tr><tr><td width="21%" ></td><td width="10%" colspan="1" align="right" valign="middle" >DKK</td><td width="14%" colspan="1" align="right" valign="middle" >DKK</td><td width="21%" colspan="1" align="right" valign="middle" >DKK</td><td width="21%" colspan="1" align="right" valign="middle" >DKK</td><td width="13%" colspan="1" align="right" valign="middle" >DKK</td></tr><tr><td width="21%" colspan="1" align="left" valign="middle" >Equity at 1 February 2021</td><td width="10%" align="right" valign="middle" >501.000</td><td width="14%" align="right" valign="middle" >125.890.824</td><td width="21%" align="right" valign="middle" >0</td><td width="21%" align="right" valign="middle" >16.792.063</td><td width="13%" align="right" valign="middle" >143.183.887</td></tr><tr><td width="21%" colspan="1" align="left" valign="middle" >Net profit/(loss) for the year</td><td width="10%" align="right" valign="middle" >0</td><td width="14%" align="right" valign="middle" >-123.878.655</td><td width="21%" align="right" valign="middle" >150.000.000</td><td width="21%" align="right" valign="middle" >0</td><td width="13%" align="right" valign="middle" >26.121.345</td></tr><tr><td width="21%" colspan="1" align="left" valign="middle" >Restricted Stock Unit (RSU)</td><td width="10%" align="right" valign="middle" >0</td><td width="14%" align="right" valign="middle" >0</td><td width="21%" ></td><td width="21%" align="right" valign="middle" >17.987.868</td><td width="13%" align="right" valign="middle" >17.987.868</td></tr><tr><td width="21%" colspan="1" align="left" valign="middle" >Equity at 31 January 2022</td><td width="10%" align="right" valign="middle" >501.000</td><td width="14%" align="right" valign="middle" >2.012.169</td><td width="21%" align="right" valign="middle" >150.000.000</td><td width="21%" align="right" valign="middle" >34.779.931</td><td width="13%" align="right" valign="middle" >187.293.100</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="4" align="left" valign="middle" ></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Revenue</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >The distribution of revenue on activities with geographical segmentation is specified as follows</td></tr><tr><td width="39%" ></td><td width="21%" colspan="1" align="left" valign="middle" >Sale to country</td><td width="19%" colspan="1" align="right" valign="middle" >2021/2022</td><td width="21%" colspan="1" align="right" valign="middle" >2020/2021</td></tr><tr><td width="39%" ></td><td width="21%" ></td><td width="19%" colspan="1" align="right" valign="middle" >DKK</td><td width="21%" colspan="1" align="right" valign="middle" >DKK</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Sales of products</td><td width="21%" colspan="1" align="left" valign="middle" >Denmark</td><td width="19%" align="right" valign="middle" >1.826.611.900</td><td width="21%" align="right" valign="middle" >1.525.732.170</td></tr><tr><td width="39%" ></td><td width="21%" colspan="1" align="left" valign="middle" >Norway</td><td width="19%" align="right" valign="middle" >26.363.260</td><td width="21%" align="right" valign="middle" >27.434.168</td></tr><tr><td width="39%" ></td><td width="21%" colspan="1" align="left" valign="middle" >Sweden</td><td width="19%" align="right" valign="middle" >111.257.659</td><td width="21%" align="right" valign="middle" >82.303.483</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Third party maintenance recharge, other</td><td width="21%" colspan="1" align="left" valign="middle" >Ireland</td><td width="19%" align="right" valign="middle" >52.750.572</td><td width="21%" align="right" valign="middle" >71.563.051</td></tr><tr><td width="39%" ></td><td width="21%" colspan="1" align="left" valign="middle" >Norway</td><td width="19%" align="right" valign="middle" >598.247</td><td width="21%" align="right" valign="middle" >0</td></tr><tr><td width="39%" ></td><td width="21%" colspan="1" align="left" valign="middle" >Sweden</td><td width="19%" align="right" valign="middle" >7.504.279</td><td width="21%" align="right" valign="middle" >0</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Services provided</td><td width="21%" colspan="1" align="left" valign="middle" >Denmark</td><td width="19%" align="right" valign="middle" >312.702</td><td width="21%" align="right" valign="middle" >183.773</td></tr><tr><td width="39%" ></td><td width="21%" colspan="1" align="left" valign="middle" >Sweden</td><td width="19%" align="right" valign="middle" >8.322</td><td width="21%" align="right" valign="middle" >0</td></tr><tr><td width="39%" ></td><td width="21%" colspan="1" align="left" valign="middle" >United States</td><td width="19%" align="right" valign="middle" >765.732</td><td width="21%" align="right" valign="middle" >899.468</td></tr><tr><td width="39%" ></td><td width="21%" ></td><td width="19%" align="right" valign="middle" >2.026.172.672</td><td width="21%" align="right" valign="middle" >1.708.116.114</td></tr><tr><td colspan="4"></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" >Staff expenses</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Staff expenses is specified as follows</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >Wages and salaries</td><td width="26%" align="right" valign="middle" >260.140.681</td><td width="25%" align="right" valign="middle" >283.459.588</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >Pensions</td><td width="26%" align="right" valign="middle" >22.862.632</td><td width="25%" align="right" valign="middle" >23.945.198</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >Other social security expenses</td><td width="26%" align="right" valign="middle" >1.390.140</td><td width="25%" align="right" valign="middle" >2.268.683</td></tr><tr><td width="49%" ></td><td width="26%" align="right" valign="middle" >284.393.453</td><td width="25%" align="right" valign="middle" >309.673.469</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Expenses related to compensation plan are included in "Staff expenses" by 18M DKK (2020/2021:11.7M 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.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >including remuneration to the Executive Board of</td></tr><tr><td width="75%" colspan="2" align="left" valign="middle" >Executive Board</td><td width="25%" align="right" valign="middle" >5.165.150</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Remuneration to the Executive Board has not been disclosed for the financial year 2021/22 in accordance with section 98 B(3) of the Danish Financial Statements Act.</td></tr><tr><td colspan="3"></td></tr><tr><td width="49%" ></td><td width="26%" colspan="1" align="right" valign="middle" >Number of units</td><td width="25%" colspan="1" align="right" valign="middle" >Number of units</td></tr><tr><td width="49%" ></td><td width="26%" colspan="1" align="right" valign="middle" >2021/2022</td><td width="25%" colspan="1" align="right" valign="middle" >2020/2021</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Non-vested restricted stock units at the beginning</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >of the financial year</td><td width="26%" align="right" valign="middle" >97.413</td><td width="25%" align="right" valign="middle" >28.497</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >Granted during the financial year</td><td width="26%" align="right" valign="middle" >235.905</td><td width="25%" align="right" valign="middle" >77.921</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >Vested during the financial year</td><td width="26%" align="right" valign="middle" >28.804</td><td width="25%" align="right" valign="middle" >7.748</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >Forfeited during the financial year</td><td width="26%" align="right" valign="middle" >104.621</td><td width="25%" align="right" valign="middle" >1.257</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >Non-vested restricted stock units at the end of the financial year</td><td width="26%" align="right" valign="middle" >199.893</td><td width="25%" align="right" valign="middle" >97.413</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >Close price at period end per 1 RSU</td><td width="26%" colspan="1" align="right" valign="middle" >$ 56,24</td><td width="25%" colspan="1" align="right" valign="middle" >$ 72,89</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >At the end of the financial year, there were 199,893 (2020/2021:97,413) Dell Tech non-vested restricted stock units.</td></tr><tr><td colspan="3"></td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >Average number of employees,</td><td width="26%" align="right" valign="middle" >225</td><td width="25%" align="right" valign="middle" >248</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="49%" colspan="1" align="left" valign="middle" >Depreciation and impairment loss</td><td width="26%" colspan="1" align="right" valign="middle" >2021/2022</td><td width="25%" colspan="1" align="right" valign="middle" >2020/2021</td></tr><tr><td width="49%" ></td><td width="26%" colspan="1" align="right" valign="middle" >DKK</td><td width="25%" colspan="1" align="right" valign="middle" >DKK</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Depreciation and impairment loss is specified as follows</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >Depreciation on tangible fixed assets</td><td width="26%" align="right" valign="middle" >1.405.590</td><td width="25%" align="right" valign="middle" >1.742.911</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >Depreciation on right-of-use assets</td><td width="26%" align="right" valign="middle" >6.527.065</td><td width="25%" align="right" valign="middle" >7.598.941</td></tr><tr><td width="49%" ></td><td width="26%" align="right" valign="middle" >7.932.655</td><td width="25%" align="right" valign="middle" >9.341.852</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" >Financial income</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Financial income is specified as follows</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >Interest received from group enterprises</td><td width="26%" align="right" valign="middle" >3.349.823</td><td width="25%" align="right" valign="middle" >3.985.469</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >Exchange rate differences</td><td width="26%" align="right" valign="middle" >5.316.667</td><td width="25%" align="right" valign="middle" >16.561.307</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >Other financial income</td><td width="26%" align="right" valign="middle" >232.280</td><td width="25%" align="right" valign="middle" >443.337</td></tr><tr><td width="49%" ></td><td width="26%" align="right" valign="middle" >8.898.770</td><td width="25%" align="right" valign="middle" >20.990.113</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" >Financial expenses</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Financial expenses are specified as follows</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >Other financial expenses</td><td width="26%" align="right" valign="middle" >398.947</td><td width="25%" align="right" valign="middle" >1.294.865</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >Exchange rate differences</td><td width="26%" align="right" valign="middle" >10.284.775</td><td width="25%" align="right" valign="middle" >4.943.745</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >Interest paid to group enterprises</td><td width="26%" align="right" valign="middle" >36.372</td><td width="25%" align="right" valign="middle" >50.460</td></tr><tr><td width="49%" ></td><td width="26%" align="right" valign="middle" >10.720.094</td><td width="25%" align="right" valign="middle" >6.289.070</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" >Tax on profit/(loss) for the year</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The corporation tax expensed is specified as follows</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >Current tax for the year</td><td width="26%" align="right" valign="middle" >11.393.902</td><td width="25%" align="right" valign="middle" >8.944.539</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >Deferred tax for the year</td><td width="26%" align="right" valign="middle" >-3.901.183</td><td width="25%" align="right" valign="middle" >-2.454.537</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >Current tax Adjustment concerning previous years</td><td width="26%" align="right" valign="middle" >133.323</td><td width="25%" align="right" valign="middle" >597.314</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >Deferred tax adjustment concerning previous years</td><td width="26%" align="right" valign="middle" >0</td><td width="25%" align="right" valign="middle" >857.894</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >Total tax for the year</td><td width="26%" align="right" valign="middle" >7.626.042</td><td width="25%" align="right" valign="middle" >7.945.212</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >During the year DKK 8,620,481 has been prepaid as tax on account related to current year.</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="4" align="left" valign="middle" >Tangible fixed assets</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Investments in and depreciation of tangible fixed assets are specified as follows</td></tr><tr><td colspan="4"></td></tr><tr><td width="39%" ></td><td width="21%" colspan="1" align="right" valign="middle" >Fixtures, fittings and equipment</td><td width="19%" colspan="1" align="right" valign="middle" >Leasehold improvements</td><td width="21%" colspan="1" align="right" valign="middle" >Total</td></tr><tr><td width="39%" ></td><td width="21%" colspan="1" align="right" valign="middle" >DKK</td><td width="19%" colspan="1" align="right" valign="middle" >DKK</td><td width="21%" colspan="1" align="right" valign="middle" >DKK</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Cost at 1 February</td><td width="21%" align="right" valign="middle" >8.160.795</td><td width="19%" align="right" valign="middle" >1.404.814</td><td width="21%" align="right" valign="middle" >9.565.609</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Additions for the year</td><td width="21%" align="right" valign="middle" >689.765</td><td width="19%" align="right" valign="middle" >125.376</td><td width="21%" align="right" valign="middle" >815.141</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Disposals for the year</td><td width="21%" align="right" valign="middle" >-2.298.950</td><td width="19%" align="right" valign="middle" >0</td><td width="21%" align="right" valign="middle" >-2.298.950</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Cost at 31 January</td><td width="21%" align="right" valign="middle" >6.551.610</td><td width="19%" align="right" valign="middle" >1.530.190</td><td width="21%" align="right" valign="middle" >8.081.800</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Depreciation and impairment loss at 1 February</td><td width="21%" align="right" valign="middle" >5.863.899</td><td width="19%" align="right" valign="middle" >997.852</td><td width="21%" align="right" valign="middle" >6.861.751</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Depreciation and impairment loss for the year</td><td width="21%" align="right" valign="middle" >1.321.939</td><td width="19%" align="right" valign="middle" >83.650</td><td width="21%" align="right" valign="middle" >1.405.590</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Reversal of depreciation and impairment of disposed assets</td><td width="21%" align="right" valign="middle" >-2.298.950</td><td width="19%" align="right" valign="middle" >0</td><td width="21%" align="right" valign="middle" >-2.298.950</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Depreciation and impairment loss at 31 January</td><td width="21%" align="right" valign="middle" >4.886.888</td><td width="19%" align="right" valign="middle" >1.081.503</td><td width="21%" align="right" valign="middle" >5.968.391</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Carrying amount at 31 January 2022</td><td width="21%" align="right" valign="middle" >1.664.722</td><td width="19%" align="right" valign="middle" >448.687</td><td width="21%" align="right" valign="middle" >2.113.409</td></tr><tr><td colspan="4"></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="4" align="left" valign="middle" >Leasing</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >The balance sheet shows the following amounts relating to leases</td><td width="21%" colspan="1" align="right" valign="middle" >IFRS 16</td><td width="19%" colspan="1" align="right" valign="middle" >IFRS 16</td><td width="21%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="39%" ></td><td width="21%" colspan="1" align="right" valign="middle" >31 January 2022</td><td width="19%" colspan="1" align="right" valign="middle" >31 January 2021</td><td width="21%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Amounts recognized in the balance sheet: right-of-use assets</td><td width="21%" colspan="1" align="right" valign="middle" >DKK</td><td width="19%" colspan="1" align="right" valign="middle" >DKK</td><td width="21%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Properties</td><td width="21%" align="right" valign="middle" >10.129.829</td><td width="19%" align="right" valign="middle" >2.971.408</td><td width="21%" ></td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Vehicles</td><td width="21%" align="right" valign="middle" >2.842.839</td><td width="19%" align="right" valign="middle" >4.788.827</td><td width="21%" ></td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Total right-of-use assets</td><td width="21%" align="right" valign="middle" >12.972.667</td><td width="19%" align="right" valign="middle" >7.760.235</td><td width="21%" ></td></tr><tr><td colspan="4"></td></tr><tr><td width="39%" ></td><td width="21%" colspan="1" align="right" valign="middle" >Buildings</td><td width="19%" colspan="1" align="right" valign="middle" >Vehicles and machinery</td><td width="21%" colspan="1" align="right" valign="middle" >Total</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Opening amount as at 31 January 2021</td><td width="21%" align="right" valign="middle" >2.971.408</td><td width="19%" align="right" valign="middle" >4.788.827</td><td width="21%" align="right" valign="middle" >7.760.235</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Modifications in lease contracts</td><td width="21%" align="right" valign="middle" >0</td><td width="19%" align="right" valign="middle" >270.885</td><td width="21%" align="right" valign="middle" >270.885</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Other adjustments</td><td width="21%" align="right" valign="middle" >11.797.881</td><td width="19%" align="right" valign="middle" >-329.269</td><td width="21%" align="right" valign="middle" >11.468.612</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Depreciation for the year</td><td width="21%" align="right" valign="middle" >-4.639.460</td><td width="19%" align="right" valign="middle" >-1.887.605</td><td width="21%" align="right" valign="middle" >-6.527.065</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Closing balance as at 31 January 2022</td><td width="21%" align="right" valign="middle" >10.129.829</td><td width="19%" align="right" valign="middle" >2.842.839</td><td width="21%" align="right" valign="middle" >12.972.667</td></tr><tr><td colspan="4"></td></tr><tr><td width="39%" ></td><td width="21%" colspan="1" align="right" valign="middle" >IFRS 16</td><td width="19%" colspan="1" align="right" valign="middle" >IFRS 16</td><td width="21%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="39%" ></td><td width="21%" colspan="1" align="right" valign="middle" >31 January 2022</td><td width="19%" colspan="1" align="right" valign="middle" >31 January 2021</td><td width="21%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Amounts recognized in the balance sheet: lease liabilities</td><td width="21%" colspan="1" align="right" valign="middle" >DKK</td><td width="19%" colspan="1" align="right" valign="middle" >DKK</td><td width="21%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Non-current</td><td width="21%" align="right" valign="middle" >6.892.672</td><td width="19%" align="right" valign="middle" >2.936.110</td><td width="21%" ></td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Current</td><td width="21%" align="right" valign="middle" >5.607.737</td><td width="19%" align="right" valign="middle" >4.748.158</td><td width="21%" ></td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Total</td><td width="21%" align="right" valign="middle" >12.500.409</td><td width="19%" align="right" valign="middle" >7.684.268</td><td width="21%" ></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >The statement of profit or loss shows the following amounts relating to leases</td></tr><tr><td colspan="4"></td></tr><tr><td width="39%" ></td><td width="21%" colspan="1" align="right" valign="middle" >IFRS 16</td><td width="19%" colspan="1" align="right" valign="middle" >IFRS 16</td><td width="21%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="39%" ></td><td width="21%" colspan="1" align="right" valign="middle" >31 January 2022</td><td width="19%" colspan="1" align="right" valign="middle" >31 January 2021</td><td width="21%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Amounts recognized in the statement of profit or loss</td><td width="21%" colspan="1" align="right" valign="middle" >DKK</td><td width="19%" colspan="1" align="right" valign="middle" >DKK</td><td width="21%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Depreciation of right-of-use assets</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Properties</td><td width="21%" align="right" valign="middle" >4.639.460</td><td width="19%" align="right" valign="middle" >5.054.171</td><td width="21%" ></td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Vehicles</td><td width="21%" align="right" valign="middle" >1.887.605</td><td width="19%" align="right" valign="middle" >2.544.770</td><td width="21%" ></td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Total depreciation of right-of-use assets</td><td width="21%" align="right" valign="middle" >6.527.065</td><td width="19%" align="right" valign="middle" >7.598.941</td><td width="21%" ></td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Interest expense (included in Finance costs)</td><td width="21%" align="right" valign="middle" >150.063</td><td width="19%" align="right" valign="middle" >375.412</td><td width="21%" ></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Expense relating to variable lease payments not included in lease liabilities</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >(included in Administrative expenses)</td><td width="21%" align="right" valign="middle" >1.770.994</td><td width="19%" align="right" valign="middle" >1.831.406</td><td width="21%" ></td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Total expenses related to leases</td><td width="21%" align="right" valign="middle" >8.448.122</td><td width="19%" align="right" valign="middle" >9.805.759</td><td width="21%" ></td></tr><tr><td colspan="4"></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="49%" colspan="1" align="left" valign="middle" >Deferred tax</td><td width="26%" colspan="1" align="right" valign="middle" >jan-22</td><td width="25%" colspan="1" align="right" valign="middle" >jan-21</td></tr><tr><td width="49%" ></td><td width="26%" colspan="1" align="right" valign="middle" >DKK</td><td width="25%" colspan="1" align="right" valign="middle" >DKK</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >Beginning of the year</td><td width="26%" align="right" valign="middle" >3.141.931</td><td width="25%" align="right" valign="middle" >1.545.290</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >Amounts recognized in the income statement for the year</td><td width="26%" align="right" valign="middle" >3.901.183</td><td width="25%" align="right" valign="middle" >2.454.536</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >Prior year deferred tax adjustment</td><td width="26%" align="right" valign="middle" >0</td><td width="25%" align="right" valign="middle" >-857.894</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >End of the year</td><td width="26%" align="right" valign="middle" >7.043.115</td><td width="25%" align="right" valign="middle" >3.141.931</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Deferred tax assets comprises of</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >Fixed Assets</td><td width="26%" align="right" valign="middle" >-424.450</td><td width="25%" align="right" valign="middle" >429.385</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >Lease assets</td><td width="26%" align="right" valign="middle" >-2.853.987</td><td width="25%" align="right" valign="middle" >-1.707.252</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >Prepayments</td><td width="26%" align="right" valign="middle" >-3.611.215</td><td width="25%" align="right" valign="middle" >-2.707.617</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >Provisions</td><td width="26%" align="right" valign="middle" >11.191.672</td><td width="25%" align="right" valign="middle" >6.294.770</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >Lease liabilities</td><td width="26%" align="right" valign="middle" >2.750.090</td><td width="25%" align="right" valign="middle" >1.690.539</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >Other temporary differences</td><td width="26%" align="right" valign="middle" >-8.995</td><td width="25%" align="right" valign="middle" >-857.894</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >Total</td><td width="26%" align="right" valign="middle" >7.043.115</td><td width="25%" align="right" valign="middle" >3.141.931</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >There are no particular factors in relation to the utilization of the deferred tax asset exists.</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" >Equity</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The share capital consists of 501 shares of a nominal value of DKK 1,000. No shares carry any special rights.</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="49%" colspan="1" align="left" valign="middle" >Provisions</td><td width="26%" colspan="1" align="right" valign="middle" >jan-22</td><td width="25%" colspan="1" align="right" valign="middle" >jan-21</td></tr><tr><td width="49%" ></td><td width="26%" colspan="1" align="right" valign="middle" >DKK</td><td width="25%" colspan="1" align="right" valign="middle" >DKK</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >Rebates</td><td width="26%" align="right" valign="middle" >8.358.456</td><td width="25%" align="right" valign="middle" >4.019.538</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >Warranty Provision - Non-Current</td><td width="26%" align="right" valign="middle" >4.421.336</td><td width="25%" align="right" valign="middle" >4.171.667</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >Warranty Provision - Current</td><td width="26%" align="right" valign="middle" >5.018.077</td><td width="25%" align="right" valign="middle" >4.572.237</td></tr><tr><td width="49%" ></td><td width="26%" align="right" valign="middle" >17.797.869</td><td width="25%" align="right" valign="middle" >12.763.442</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The 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.</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" >Deferred revenue</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >Due after 5 years</td><td width="26%" align="right" valign="middle" >683.492</td><td width="25%" align="right" valign="middle" >437.828</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >Due between 1 and 5 years</td><td width="26%" align="right" valign="middle" >387.138.021</td><td width="25%" align="right" valign="middle" >228.727.818</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >Deferred revenue - Non Current</td><td width="26%" align="right" valign="middle" >387.821.512</td><td width="25%" align="right" valign="middle" >229.165.645</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >Deferred revenue - Current</td><td width="26%" align="right" valign="middle" >284.417.909</td><td width="25%" align="right" valign="middle" >316.824.940</td></tr><tr><td width="49%" ></td><td width="26%" align="right" valign="middle" >672.239.421</td><td width="25%" align="right" valign="middle" >545.990.586</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Deferred 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.</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" >Fee to auditors appointed at the general meeting</td></tr><tr><td width="49%" ></td><td width="26%" colspan="1" align="right" valign="middle" >2021/2022</td><td width="25%" colspan="1" align="right" valign="middle" >2020/2021</td></tr><tr><td width="49%" ></td><td width="26%" colspan="1" align="right" valign="middle" >TDKK</td><td width="25%" colspan="1" align="right" valign="middle" >TDKK</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >Audit fee to PricewaterhouseCoopers</td><td width="26%" align="right" valign="middle" >530</td><td width="25%" align="right" valign="middle" >530</td></tr><tr><td width="49%" colspan="1" align="left" valign="middle" >Other Services</td><td width="26%" align="right" valign="middle" >10</td><td width="25%" align="right" valign="middle" >0</td></tr><tr><td width="49%" ></td><td width="26%" align="right" valign="middle" >540</td><td width="25%" align="right" valign="middle" >530</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="2" align="left" valign="middle" >Related parties and ownership</td></tr><tr><td width="64%" colspan="1" align="left" valign="middle" >Controlling interest</td><td width="36%" colspan="1" align="right" valign="middle" >Basis</td></tr><tr><td width="64%" colspan="1" align="left" valign="middle" >EMC Ireland Holdings Unlimited Company</td><td width="36%" colspan="1" align="right" valign="middle" >Immediate Parent</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Ovens</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >County Cork</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Ireland</td></tr><tr><td width="64%" colspan="1" align="left" valign="middle" >Dell Technologies Inc.</td><td width="36%" colspan="1" align="right" valign="middle" >Ultimate Parent Company</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >251 Little Falls Drive</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Wilmington</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >DE 19808-1674</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >USA</td></tr><tr><td colspan="2"></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Group Annual Report</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >The Company is included in the Group Annual Report of Dell Technologies Inc.</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >A copy of the Group Annual Report can be obtained from 251 Little Falls Drive, Wilmington, DE 19808-1674, USA.</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Related parties transactions</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >With 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.</td></tr><tr><td colspan="2"></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" >Subsequent events</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date.</td></tr></table> Årsrapport 18296799 Dell A/S Arne Jacobsens Allé 17 2300 København S xWizard version 1.1.1127.0, by EasyX Aps. www.easyx.eu 2020-02-01 2021-01-31 Revisionspåtegning Grundlag for konklusion Konklusion Marianne Lindhard Moe Nicolai Johan Moresco Chairman Marianne Lindhard Moe Robert Linn Potts Anna Anja Monrad 1708116000 333348000 14333000 14701000 21089000 833000 248 0.195 0.125 0.166 1605130000 337484000 28503000 -2704000 18175000 2308000 265 0.21 0.124 0.184 1741499000 334819000 26713000 -1471000 19625000 1814000 249 0.192 0.121 0.254 1265916000 303732000 19979000 -3409000 12742000 1848000 251 0.24 0.11 0.208 Profit/(loss) before tax 33747000 Profit/(loss) before tax 29034000 Profit/(loss) before tax 25799000 Profit/(loss) before tax 25242000 Profit/(loss) before tax 16570000 1196171948 187293100 https://www.dell.com/en-us/dt/corporate/social-impact/esg-resoureport.htm 1664722 448687 12972667 179711968 194798044 130001 295374371 552813231 126690747 7043115 342373 982263837 18980066 1001373904 501000 34779931 150000000 2012169 17797869 387821512 6892672 394714184 28616300 206397875 3769423 67557551 284417909 5607737 596366795 991080979 1196171948 1147811000 143184000 888891000 110330000 720178000 87128000 611605000 67504000 Profit margin 0.018 Profit margin 0.008 Profit margin 0.018 Profit margin 0.015 Profit margin 0.016 Return on net assets 0.03 Return on net assets 0.012 Return on net assets 0.032 Return on net assets 0.037 Return on net assets 0.033 1708116114 1310112482 64655423 333348209 309673469 9341852 14332889 20990113 6289070 29033932 7945212 21088720 2296896 406962 7760235 114692021 125156114 18714705 248090174 658002152 66269039 3141931 372642 975875939 28064439 1022655082 1147811196 501000 16792063 0 125890824 143183887 12763442 229165645 2936110 232101755 23248359 259505156 3217547 152217952 316824940 4748158 759762112 991863867 1147811196 -123878655 21088720 150000000 0 Strandvejen 44 DK-2900 Hellerup Denmark PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Martin Lunden State Authorised Public Accountant mne32209 Josephine Kilsgaard Holm State Authorised Public Accountant mne44114 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab