41308877 2022-01-01 2022-12-31 41308877 2022-01-01 2022-12-31 0 41308877 2022-01-01 2022-12-31 1 41308877 2021-01-01 2021-12-31 41308877 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 41308877 2021-01-01 2021-12-31 fsa:RetainedEarningsMember 41308877 2022-12-31 41308877 2021-12-31 41308877 2022-01-01 2022-12-31 0 iso4217:DKK 2022-01-01 2022-12-31 2023-06-23 Henry Harris Roosevelt Services Denmark ApS 2100 København Ø Harbour House Sundkrogsgade 21 41308877 BNP Paribas S.A. Denmark, Filial AF <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 Executive Board has today considered and approved the annual report of Roosevelt Services</td></tr><tr><td colspan="1">Denmark ApS for the financial year 01.01.2022 - 31.12.2022.</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 is 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 entity's financial position at</td></tr><tr><td colspan="1">31.12.2022 and of the results of its operations for the financial year 01.01.2022 - 31.12.2022.</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">We believe that the management commentary contains a fair review of the affairs and conditions referred</td></tr><tr><td colspan="1">to therein.</td></tr><tr><td colspan="1">We recommend the annual report for adoption at the Annual General Meeting.</td></tr></table> København 2023-06-23 <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 extended review report on 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">To the shareholders of Roosevelt Services Denmark ApS</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Conclusion</td></tr><tr><td colspan="1">We have performed an extended review of the financial statements of Roosevelt Services Denmark ApS</td></tr><tr><td colspan="1">for the financial year 1. January – 31. December 2022 comprising income statement, balance sheet,</td></tr><tr><td colspan="1">statement of changes in equity and notes, including accounting policies. The financial statements are</td></tr><tr><td colspan="1">prepared in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on the work performed, it is our opinion that the financial statements give a true and fair view of</td></tr><tr><td colspan="1">the Company's assets, liabilities and financial position at 31. December 2022 and of the results of the</td></tr><tr><td colspan="1">Company's operations for the financial year 1. January – 31. December 2022 in accordance with the</td></tr><tr><td colspan="1">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">Basis for opinion</td></tr><tr><td colspan="1">We conducted our extended review in accordance with the Danish Business Authority's Assurance</td></tr><tr><td colspan="1">Standard for Small Enterprises and FSR – Danish Auditors' standard on extended review of financial</td></tr><tr><td colspan="1">statements prepared in accordance with the Danish Financial Statements Act. Our responsibilities under</td></tr><tr><td colspan="1">those standards and requirements are further described in the "Auditor's responsibility for the extended</td></tr><tr><td colspan="1">review of the financial statements" section of our report.</td></tr><tr><td colspan="1">We are independent of the Company in accordance with the International Ethics Standards Board for</td></tr><tr><td colspan="1">Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional</td></tr><tr><td colspan="1">ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in</td></tr><tr><td colspan="1">accordance with these requirements and the IESBA Code.</td></tr><tr><td colspan="1">We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our</td></tr><tr><td colspan="1">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">Management's responsibility 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</td></tr><tr><td colspan="1">accordance with the Danish Financial Statements Act, and for such internal control that Management</td></tr><tr><td colspan="1">determines is necessary to enable the preparation of financial statements that are free from material</td></tr><tr><td colspan="1">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</td></tr><tr><td colspan="1">continue as a going concern, disclosing, as applicable, matters related to going concern and using the</td></tr><tr><td colspan="1">going concern basis of accounting in preparing the financial statements unless Management either</td></tr><tr><td colspan="1">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 responsibility for the extended review of the financial statements</td></tr><tr><td colspan="1">Our responsibility is to express a conclusion on the financial statements. This requires that we plan and</td></tr><tr><td colspan="1">perform procedures in order to obtain limited assurance for our conclusion on the financial statements</td></tr><tr><td colspan="1">and in addition perform specifically required supplementary procedures in order to obtain further</td></tr><tr><td colspan="1">assurance for our conclusion.</td></tr><tr><td colspan="1">An extended review comprises procedures primarily consisting of making enquiries of Management and</td></tr><tr><td colspan="1">others within the entity, as appropriate, applying analytical procedures and the specifically required</td></tr><tr><td colspan="1">supplementary procedures, and evaluating the evidence obtained.</td></tr><tr><td colspan="1">The procedures performed in an extended review are less than those performed in an audit, and</td></tr><tr><td colspan="1">accordingly, we do not express an audit opinion on these 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">Statement on the Management's review</td></tr><tr><td colspan="1">Management is responsible for the Management's review.</td></tr><tr><td colspan="1">Our conclusion on the financial statements does not cover the Management's review, and we do not</td></tr><tr><td colspan="1">express any form of assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our extended review of the financial statements, our responsibility is to read the</td></tr><tr><td colspan="1">Management's review and, in doing so, consider whether the Management's review is materially</td></tr><tr><td colspan="1">inconsistent with the financial statements or our knowledge obtained during the extended review, or</td></tr><tr><td colspan="1">otherwise appears to be materially misstated.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether the Management's review provides the information</td></tr><tr><td colspan="1">required under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, we conclude that the Management's review is in accordance with</td></tr><tr><td colspan="1">the financial statements and has been prepared in accordance with the requirements of the Danish</td></tr><tr><td colspan="1">Financial Statement Act. We did not identify any material misstatement of the Management's review.</td></tr></table> Aarhus 2023-06-23 <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></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">Primary activities</td></tr><tr><td colspan="1">The Company's main activity is selling and operating Data Center services in Denmark.</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">Development in activities and finances</td></tr><tr><td colspan="1">Loss for fiscal year end 2022 was 13,341,427 DKK as compared to a loss of 4,804,919 DKK for period</td></tr><tr><td colspan="1">end 2021.</td></tr><tr><td colspan="1">Assets as of 2022 were 61,218,420 DKK compared to 35,910,827 DKK as of 2021.</td></tr><tr><td colspan="1">Equity as of 2022 was 1,374,231 DKK compared to 14,715,658 DKK as of 2021.</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">Uncertainty relating to recognition and measurement</td></tr><tr><td colspan="1">Roosevelt Services Denmark ApS has no areas where there is material uncertainty in recognition and</td></tr><tr><td colspan="1">measurement, other then what’s disclosed in the paragraph related to principal risks and uncertainties.</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">Unusual circumstances affecting recognition and measurement</td></tr><tr><td colspan="1">There have been no unusual circumstances that have impacted recognition and measurement.</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">Principal risks and uncertainties</td></tr><tr><td colspan="1">Forward-looking statements are not guarantees of future performance and involve certain risks,</td></tr><tr><td colspan="1">uncertainties and assumptions that are difficult to predict. The following factors, among others, could</td></tr><tr><td colspan="1">affect our financial performance and could cause actual results to differ materially from those expressed</td></tr><tr><td colspan="1">or implied in any of the forward-looking statements</td></tr><tr><td colspan="1">• our market share may be negatively impacted by increasing competition and pricing pressures</td></tr><tr><td colspan="1">from companies with products competitive with ours;</td></tr><tr><td colspan="1">• our inability to successfully implement our strategic plans could have a negative impact on our</td></tr><tr><td colspan="1">growth and profitability;</td></tr><tr><td colspan="1">• our failure to protect our reputation could have a material adverse effect on our brand;</td></tr><tr><td colspan="1">• our business could suffer if our information technology systems are disrupted or cease to operate</td></tr><tr><td colspan="1">effectively;</td></tr><tr><td colspan="1">• we may be exposed to risks and costs associated with cyber-attacks and identity theft that would</td></tr><tr><td colspan="1">cause us to incur unexpected expenses and reputation loss;</td></tr><tr><td colspan="1">• fluctuations in foreign currency exchange rates could adversely impact our financial condition and</td></tr><tr><td colspan="1">results of operations;</td></tr><tr><td colspan="1">• fluctuations in our tax obligations and effective tax rate may result in volatility in our operating</td></tr><tr><td colspan="1">results;</td></tr><tr><td colspan="1">• our facilities, systems and store are vulnerable to natural disasters, pandemic disease and other</td></tr><tr><td colspan="1">unexpected events, any of which could result in an interruption to our business and adversely</td></tr><tr><td colspan="1">affect our operating results;</td></tr><tr><td colspan="1">• the impact of war or acts of terrorism could have a material adverse effect on our operating</td></tr><tr><td colspan="1">results and financial condition;</td></tr><tr><td colspan="1">• changes in the regulatory or compliance landscape could adversely affect our business and</td></tr><tr><td colspan="1">results of operations; and,</td></tr><tr><td colspan="1">• compliance with changing regulations and standards for accounting, corporate governance and</td></tr><tr><td colspan="1">public disclosure could adversely affect our business, results of operations and reported financial</td></tr><tr><td colspan="1">results</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">Events after the balance sheet date</td></tr><tr><td colspan="1">After the balance sheet date, no significant events have taken place.</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">Expected development in 2023</td></tr><tr><td colspan="1">There are no significant changes planned that would impact Company’s operations in the foreseeable</td></tr><tr><td colspan="1">future.</td></tr></table> 25686146 2992782 35112410 -12419046 8590 930971 -13341427 0 -13341427 <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="5" align="left" valign="middle" ><b>Statement of changes in equity</b></td></tr><tr><td width="46%" align="right" valign="middle" >2022</td><td width="15%" ></td><td width="13%" ></td><td width="10%" ></td><td width="16%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="46%" ></td><td width="15%" colspan="1" align="right" valign="middle" ><b>Share capital</b></td><td width="13%" colspan="1" align="right" valign="middle" ><b>Retained earnings</b></td><td width="10%" colspan="1" align="right" valign="middle" ><b>Share Premium</b></td><td width="16%" colspan="1" align="right" valign="middle" ><b>Total</b></td></tr><tr><td width="46%" ></td><td width="15%" colspan="1" align="right" valign="middle" ><b>DKK</b></td><td width="13%" colspan="1" align="right" valign="middle" ><b>DKK</b></td><td width="10%" colspan="1" align="right" valign="middle" ><b>DKK</b></td><td width="16%" colspan="1" align="right" valign="middle" ><b>DKK</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" ><b>Equity at the beginning of the year</b></td><td width="15%" align="right" valign="middle" ><b> 5.000.000 </b></td><td width="13%" align="right" valign="middle" ><b> 9.715.658 </b></td><td width="10%" align="right" valign="middle" ><b> - </b></td><td width="16%" align="right" valign="middle" ><b> 14.715.658 </b></td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >Net profit/(loss) for the year</td><td width="15%" align="right" valign="middle" > - </td><td width="13%" align="right" valign="middle" >- 13.341.427 </td><td width="10%" align="right" valign="middle" > - </td><td width="16%" align="right" valign="middle" ><b>- 13.341.427 </b></td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >Other equity movements</td><td width="15%" align="right" valign="middle" > - </td><td width="13%" ></td><td width="10%" ></td><td width="16%" align="right" valign="middle" ><b> - </b></td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" ><b>Equity at end of the year</b></td><td width="15%" align="right" valign="middle" ><b> 5.000.000 </b></td><td width="13%" align="right" valign="middle" ><b>- 3.625.769 </b></td><td width="10%" align="right" valign="middle" ><b> - </b></td><td width="16%" align="right" valign="middle" ><b> 1.374.231 </b></td></tr></table> Regnskabsklasse B <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Accounting Policies</td></tr><tr><td /><td>Reporting class</td></tr><tr><td /><td>This annual report has been presented in accordance with the provisions of the Danish Financial</td></tr><tr><td /><td>Statements Act governing reporting class B enterprises with addition of certain provisions for reporting</td></tr><tr><td /><td>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 /><td>Recognition and measurement</td></tr><tr><td /><td>Assets are recognised in the balance sheet when it is probable as a result of a prior event that future</td></tr><tr><td /><td>economic benefits will flow to the Entity, and the value of the asset can be measured reliably.</td></tr><tr><td /><td>Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a</td></tr><tr><td /><td>result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the</td></tr><tr><td /><td>value of the liability can be measured reliably.</td></tr><tr><td /><td>On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial</td></tr><tr><td /><td>recognition is effected as described below for each financial statement item.</td></tr><tr><td /><td>Anticipated risks and losses that arise before the time of presentation of the annual report and that</td></tr><tr><td /><td>confirm or invalidate affairs and conditions existing at the balance sheet date are considered at</td></tr><tr><td /><td>recognition and measurement.</td></tr><tr><td /><td>With reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a</td></tr><tr><td /><td>summary of revenue, other operating income, cost of sales and other expenses.</td></tr><tr><td /><td>Changes in accounting policies</td></tr><tr><td /><td>The accounting policies applied to prepare the annual report for 2022 are similar to the ones used for 2021.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Reporting currency</td></tr><tr><td /><td>The financial statements are presented in Danish kroner.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Foreign currency translation</td></tr><tr><td /><td>On initial recognition, transactions denominated in foreign currencies are translated at the exchange rates</td></tr><tr><td /><td>at the transaction date.</td></tr><tr><td /><td>Receivables and payables and other monetary items denominated in foreign currencies are translated</td></tr><tr><td /><td>into Danish kroner at the exchange rates at the balance sheet date. The difference between the exchange</td></tr><tr><td /><td>rates at the balance sheet date and at the date at which the receivable or payable arose or was</td></tr><tr><td /><td>recognised in the latest financial statements is recognised in the income statement as financial income or</td></tr><tr><td /><td>financial expenses.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>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 /><td>Gross margin</td></tr><tr><td /><td>With reference to section 32 of the Danish Financial Statements Act, the items ‘Revenue’, ‘Cost of sale’,</td></tr><tr><td /><td>‘Other external expenses’ and ‘Other operating income’ are consolidated into one item designated ‘Gross</td></tr><tr><td /><td>margin’.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Other external costs</td></tr><tr><td /><td>Other external costs include the year’s expenses relating to the entity’s core activities including costs</td></tr><tr><td /><td>relating to distribution, sales, advertising, administration, premises, loss on bad debts, operating lease</td></tr><tr><td /><td>expenses and similar 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 /><td>Depreciation and impairment losses</td></tr><tr><td /><td>The item comprises depreciation of property, plant and equipment. Straight-line depreciation is provided</td></tr><tr><td /><td>on the basis of an assessment of the expected useful lives of the assets and their residual value. The</td></tr><tr><td /><td>estimated useful lives are as follows</td></tr><tr><td /><td>- Other fixtures and fittings, tools and equipment, 3-35 years.</td></tr><tr><td /><td>- Software, 6 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 /><td>Financial income and expenses</td></tr><tr><td /><td>Financial income and expenses are recognized in the income statement at the amounts that relate to the</td></tr><tr><td /><td>financial year. Financial income and expenses include interest income and expenses, realized and</td></tr><tr><td /><td>unrealized gains and losses arising from current investments, debt and transactions in foreign currencies,</td></tr><tr><td /><td>amortization of mortgage credit loans as well as charges and allowances under the tax-on-account</td></tr><tr><td /><td>scheme etc.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Tax for the year</td></tr><tr><td /><td>The tax for the year, which consists of the current tax for the year and changes in deferred tax, is</td></tr><tr><td /><td>recognised in the income statement by the portion that can be attributed to the profit 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 /><td>Balance sheet</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Intangible fixed assets</td></tr><tr><td /><td>Other intangible assets are measured at cost less accumulated amortisation and impairment losses.</td></tr><tr><td /><td>Other intangible assets are amortised on a straight-line basis over the expected useful lives.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Tangible fixed assets</td></tr><tr><td /><td>Other plants, fixtures and equipment are measured at cost less accumulated depreciation and impairment</td></tr><tr><td /><td>losses.</td></tr><tr><td /><td>The cost includes the acquisition price and costs incurred directly in connection with the acquisition until</td></tr><tr><td /><td>the time when the asset is ready to be used.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Impairment of fixed assets</td></tr><tr><td /><td>Every year, property, plants and equipment are reviewed for impairment. Where there is indication for</td></tr><tr><td /><td>impairment, an impairment test is made for each individual asset or group of assets, respectively,</td></tr><tr><td /><td>generating independent cash flows. The assets are written down to the higher of the value in use and the</td></tr><tr><td /><td>net selling price for the asset or the group of assets (recoverable amount) if it is lower than the carrying</td></tr><tr><td /><td>amount. Where an impairment loss is recognised on a group of assets, a lost must first be allocated to</td></tr><tr><td /><td>goodwill and then to the other assets in a pro rata basis</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Accounts receivables</td></tr><tr><td /><td>Receivables are measured at amortised cost, usually equalling nominal value, less write-downs for bad</td></tr><tr><td /><td>and doubtful debts.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Accruals</td></tr><tr><td /><td>Accruals recognized as assets include costs incurred relating to the subsequent financial 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 /><td>Prepayments</td></tr><tr><td /><td>Prepayments comprise costs incurred concerning subsequent financial 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 /><td>Provisions</td></tr><tr><td /><td>A provision is recognized when the Company has a present legal or constructive obligation as a result of</td></tr><tr><td /><td>a past event, it is probable that the obligation will have to be settled, and the amount of the obligation</td></tr><tr><td /><td>can be reliably estimated. Provisions are measured at the present value required in order to cover the</td></tr><tr><td /><td>obligation.</td></tr><tr><td /><td>The present value factor used in the calculation of the present value is selected so that it represents the</td></tr><tr><td /><td>market insight into the time value of money and liability-related risks at the time of the assessment.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Deferred income</td></tr><tr><td /><td>Deferred income recognized as liabilities includes income relating to the subsequent financial 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 /><td>Other financial liabilities</td></tr><tr><td /><td>Other financial liabilities are measured at amortised cost, which usually corresponds 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 /><td>Cash and cash equivalents</td></tr><tr><td /><td>Cash comprises cash balances and bank balances or constructive obligation and it is probable that an</td></tr><tr><td /><td>outflow of resources embodying economic benefits will be required to settle the obligation.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Going Concern</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Roosevelt Services Denmark ApS is a new starter company and the equity was re-established in 2021 in</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >connection with the transfer of data center services activities (one site in Copenhagen) from its previous</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >parent company Colt Technology Services A/S.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Roosevelt Services Denmark ApS is in a net loss position, however, it is generating positive operating</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >cash flow excluding the corporate overhead charges. Further, it has sufficient access to financial</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >resources within the AtlasEdge group to meet its financial obligations in the event of a severe but</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >plausible downside scenario. Lastly, the company will start to benefit from a more attentive commercial</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >and customer-focused management team which will increase profitability in the longer term. For these</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >reasons, we do not believe that there is substantial doubt regarding the company’s ability to continue as a</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >going concern.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Financial income</b></td></tr><tr><td width="74%" ></td><td width="11%" align="right" valign="middle" ><b>2022</b></td><td width="15%" align="right" valign="middle" ><b>2021</b></td></tr><tr><td width="74%" ></td><td width="11%" colspan="1" align="right" valign="middle" ><b>DKK</b></td><td width="15%" colspan="1" align="right" valign="middle" ><b>DKK</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >Financial income arising from group enterprises</td><td width="11%" align="right" valign="middle" > 1.007 </td><td width="15%" align="right" valign="middle" > - </td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >Exchange rate adjustments</td><td width="11%" align="right" valign="middle" > 7.583 </td><td width="15%" align="right" valign="middle" > - </td></tr><tr><td width="74%" ></td><td width="11%" align="right" valign="middle" ><b> 8.590 </b></td><td width="15%" align="right" valign="middle" ><b> - </b></td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Financial expenses</b></td></tr><tr><td width="74%" ></td><td width="11%" align="right" valign="middle" ><b>2022</b></td><td width="15%" align="right" valign="middle" ><b>2021</b></td></tr><tr><td width="74%" ></td><td width="11%" colspan="1" align="right" valign="middle" ><b>DKK</b></td><td width="15%" colspan="1" align="right" valign="middle" ><b>DKK</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >Financial expenses from group enterprises</td><td width="11%" align="right" valign="middle" > 348.676 </td><td width="15%" align="right" valign="middle" > 5.205 </td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >Interest expenses</td><td width="11%" align="right" valign="middle" > 313.365 </td><td width="15%" align="right" valign="middle" > 456 </td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >Other financial expenses</td><td width="11%" align="right" valign="middle" > 268.930 </td><td width="15%" align="right" valign="middle" > 4.299 </td></tr><tr><td width="74%" ></td><td width="11%" align="right" valign="middle" ><b> 930.971 </b></td><td width="15%" align="right" valign="middle" ><b> 9.960 </b></td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Intangible assets</b></td></tr><tr><td width="74%" ></td><td width="11%" align="right" valign="middle" ><b>2022</b></td><td width="15%" align="right" valign="middle" ><b>2021</b></td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" ><b>Software</b></td><td width="11%" colspan="1" align="right" valign="middle" ><b>DKK</b></td><td width="15%" colspan="1" align="right" valign="middle" ><b>DKK</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >Cost at 1 January 2022</td><td width="11%" align="right" valign="middle" > 103.647 </td><td width="15%" align="right" valign="middle" > 103.647 </td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >Additions</td><td width="11%" align="right" valign="middle" > - </td><td width="15%" align="right" valign="middle" > - </td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" ><b>Cost at 31 December 2022</b></td><td width="11%" align="right" valign="middle" ><b> 103.647 </b></td><td width="15%" align="right" valign="middle" ><b> 103.647 </b></td></tr><tr><td colspan="3"></td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >Amortisation and impairment losses at 1 January 2022</td><td width="11%" align="right" valign="middle" >- 28.791 </td><td width="15%" align="right" valign="middle" > - </td></tr><tr><td width="85%" colspan="2" align="left" valign="middle" >Merger Additions</td><td width="15%" align="right" valign="middle" >- 14.396 </td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >Amortisation for the year</td><td width="11%" align="right" valign="middle" >- 34.549 </td><td width="15%" align="right" valign="middle" >- 14.395 </td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" ><b>Amortisation and impairment losses at 31 December 2022</b></td><td width="11%" align="right" valign="middle" ><b>- 63.340 </b></td><td width="15%" align="right" valign="middle" ><b>- 28.791 </b></td></tr><tr><td colspan="3"></td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" ><b>Carrying amount at 31 December 2022</b></td><td width="11%" align="right" valign="middle" ><b> 40.307 </b></td><td width="15%" align="right" valign="middle" ><b> 74.856 </b></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" ><b>Tangible assets</b></td></tr><tr><td width="68%" ></td><td width="10%" colspan="1" align="right" valign="middle" ><b>Property, plant and equipment in progress</b></td><td width="12%" colspan="1" align="right" valign="middle" ><b>Other fixtures and fittings, tools and equipment</b></td><td width="10%" colspan="1" align="right" valign="middle" ><b>Total</b></td></tr><tr><td width="68%" ></td><td width="10%" colspan="1" align="right" valign="middle" ><b>DKK</b></td><td width="12%" colspan="1" align="right" valign="middle" ><b>DKK</b></td><td width="10%" colspan="1" align="right" valign="middle" ><b>DKK</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="68%" colspan="1" align="left" valign="middle" >Cost at 1 January 2022</td><td width="10%" align="right" valign="middle" > 377.936 </td><td width="12%" align="right" valign="middle" > 85.696.391 </td><td width="10%" align="right" valign="middle" > 86.074.327 </td></tr><tr><td width="68%" colspan="1" align="left" valign="middle" >Transfers</td><td width="10%" align="right" valign="middle" > - </td><td width="12%" align="right" valign="middle" >- 28.791 </td><td width="10%" align="right" valign="middle" >- 28.791 </td></tr><tr><td width="68%" colspan="1" align="left" valign="middle" >Additions</td><td width="10%" align="right" valign="middle" > 13.548.940 </td><td width="12%" align="right" valign="middle" > 370.045 </td><td width="10%" align="right" valign="middle" > 13.918.985 </td></tr><tr><td width="68%" colspan="1" align="left" valign="middle" ><b>Cost at 31 December 2022</b></td><td width="10%" align="right" valign="middle" ><b> 13.926.876 </b></td><td width="12%" align="right" valign="middle" ><b> 86.037.645 </b></td><td width="10%" align="right" valign="middle" ><b> 99.964.521 </b></td></tr><tr><td colspan="4"></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Depreciation and impairment losses at 1</td></tr><tr><td width="68%" colspan="1" align="left" valign="middle" >January 2022</td><td width="10%" align="right" valign="middle" > - </td><td width="12%" align="right" valign="middle" > 66.864.876 </td><td width="10%" align="right" valign="middle" > 66.864.876 </td></tr><tr><td width="68%" colspan="1" align="left" valign="middle" >Depreciation for the year</td><td width="10%" align="right" valign="middle" > - </td><td width="12%" align="right" valign="middle" > 2.958.233 </td><td width="10%" align="right" valign="middle" > 2.958.233 </td></tr><tr><td width="68%" colspan="1" align="left" valign="middle" >Transfers</td><td width="10%" align="right" valign="middle" > - </td><td width="12%" align="right" valign="middle" >- 28.791 </td><td width="10%" align="right" valign="middle" >- 28.791 </td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" ><b>Depreciation and impairment losses at</b></td></tr><tr><td width="68%" colspan="1" align="left" valign="middle" ><b>31 December 2022</b></td><td width="10%" align="right" valign="middle" > - </td><td width="12%" align="right" valign="middle" > 69.794.318 </td><td width="10%" align="right" valign="middle" > 69.794.318 </td></tr><tr><td colspan="4"></td></tr><tr><td width="68%" colspan="1" align="left" valign="middle" ><b>Carrying amount at 31 December 2022</b></td><td width="10%" align="right" valign="middle" ><b> 13.926.876 </b></td><td width="12%" align="right" valign="middle" ><b> 16.243.327 </b></td><td width="10%" align="right" valign="middle" ><b> 30.170.203 </b></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" ><b>Equity</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="74%" ></td><td width="11%" align="right" valign="middle" ><b>2022</b></td><td width="15%" align="right" valign="middle" ><b>2021</b></td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >Analysis of share capital</td><td width="11%" colspan="1" align="right" valign="middle" ><b>DKK</b></td><td width="15%" colspan="1" align="right" valign="middle" ><b>DKK</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >Equity at 1/1</td><td width="11%" align="right" valign="middle" > 5.000.000 </td><td width="15%" align="right" valign="middle" > 40.000 </td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >Capital increase</td><td width="11%" align="right" valign="middle" > - </td><td width="15%" align="right" valign="middle" > 4.960.000 </td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >Equity at 31/12</td><td width="11%" align="right" valign="middle" ><b> 5.000.000 </b></td><td width="15%" align="right" valign="middle" ><b> 5.000.000 </b></td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The entity was incorporated on 20 April 2020, and the capital upon formation was DKK 40,000.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Equity was re-established in 2021. The share capital consists of 5,000,000 shares of a nominal value of</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >DKK 1.</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Contingent liabilities</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Other contingent liabilities (Leasing commitments)</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="74%" ></td><td width="11%" align="right" valign="middle" ><b>2022</b></td><td width="15%" align="right" valign="middle" ><b>2021</b></td></tr><tr><td width="74%" ></td><td width="11%" colspan="1" align="right" valign="middle" ><b>DKK</b></td><td width="15%" colspan="1" align="right" valign="middle" ><b>DKK</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >To be paid during the next financial period</td><td width="11%" align="right" valign="middle" > 5.687.734 </td><td width="15%" align="right" valign="middle" > 5.687.734 </td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >As per the lease agreement, both the landlord and the tenant has the option to cancel the leasing</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >arrangement with 12 months notice hence, the leasing commitment has been determined to be applicable</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >only for 12 months after the end of the current reporting period.</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Related parties and ownership</b></td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Roosevelt Services Denmark ApS related parties comprise the following</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Parties exercising control</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Roosevelt Lux Holding S.à.r.l. (parent company)</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >AE Group S.a.r.l. (ultimate parent company)</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Ownership</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The following shareholder is registered in the Company's register of shareholders as holding 100% of the</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >share capital</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Roosevelt Lux Holding S.à.r.l.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >2a Rue Albert Borschette, K2 Building</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >1246 Luxembourg</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Luxembourg</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Company’s immediate parent is Roosevelt Lux Holding S.à.r.l., a company incorporated in and</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >registered in Luxembourg.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The ultimate parent entity undertaking and controlling party is AE Group S.a.r.l., a company incorporated</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >and registered in Luxembourg.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Both the smallest and largest group of which the Company is a member and for which Group financial</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >statements are drawn up is that of AE Group S.a.r.l. Copies of the Annual Report are not available to the</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >public.</td></tr></table> Årsrapport 21625744 Intertrust Denmark A/S Sundkrogsgade 21 2100 København Ø xWizard version 1.1.1209.2, by EasyX Aps. www.easyx.eu 2021-01-01 2021-12-31 Erklæring om udvidet gennemgang Grundlag for konklusion Konklusion Henry Harris Natalie West 18194014 4217346 18771627 -4794959 0 9960 -4804919 0 -4804919 -13341427 -4804919 40307 40307 16243327 13926876 30170203 8656307 8656307 38866817 6788238 9026502 15814740 6536863 22351603 61218420 5000000 -3625769 1374231 6101085 6101085 618673 110311 728984 21951714 29211173 1851233 0 53014120 61218420 74856 74856 18831515 377936 19209451 4785924 4785924 24070231 5468676 0 5468676 6371920 11840596 35910827 5000000 9715658 14715658 5508748 5508748 1009434 219287 1228721 4398925 7927863 1780010 350902 14457700 35910827 KPMG Statsautoriseret Revisionspartnerselskab Frederiks plads. 42 DK-8600 Aarhus 25578198 Michael E.K. Rasmussen State Authorised Public Accountant mne41364