25315545 2022-01-01 2022-12-31 25315545 2022-01-01 2022-12-31 0 25315545 2022-01-01 2022-12-31 0 25315545 2022-01-01 2022-12-31 1 25315545 2022-01-01 2022-12-31 2 25315545 2021-01-01 2021-12-31 25315545 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 25315545 2021-01-01 2021-12-31 fsa:RetainedEarningsMember 25315545 2022-12-31 25315545 2021-12-31 25315545 2022-01-01 fsa:ContributedCapitalMember 25315545 2022-01-01 fsa:RetainedEarningsMember 25315545 2022-01-01 25315545 2022-01-01 2022-12-31 fsa:ContributedCapitalMember 25315545 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 25315545 2022-12-31 fsa:ContributedCapitalMember 25315545 2022-12-31 fsa:RetainedEarningsMember 25315545 2022-01-01 fsa:AcquiredIntangibleAssetsMember 25315545 2022-12-31 fsa:AcquiredIntangibleAssetsMember 25315545 2022-01-01 2022-12-31 fsa:AcquiredIntangibleAssetsMember 25315545 2022-01-01 fsa:FixturesFittingsToolsAndEquipmentMember 25315545 2022-01-01 2022-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 25315545 2022-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 25315545 2022-01-01 fsa:DepositsLongtermInvestmentsAndReceivablesMember 25315545 2022-01-01 2022-12-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember 25315545 2022-12-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember 25315545 2022-01-01 2022-12-31 0 iso4217:DKK xbrli:pure Regnskabsklasse B 2022-01-01 2022-12-31 <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">Today, the Board of Directors and the Executive Board have discussed and approved the annual report of SITA WORKBRIDGE A/S (the “Company”) for the financial year 1 January - 31 December 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 financial position of the Company at 31 December 2022 and of the results of the Company's operations for the financial year 1 January - 31 December 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">Further, in our opinion, the Management's review gives a fair review of the matters discussed in the 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">We recommend that the annual report be approved at the annual general meeting.</td></tr></table> Copenhagen 2023-06-26 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent auditor's report</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the shareholder of SITA WORKBRIDGE 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 December 2022, and of the results of the Company’s operations for the financial year 1 January – 31 December 2022 in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">We have audited the Financial Statements of SITA WORKBRIDGE A/S for the financial year 1 January – 31 December 2022, which comprise an income statement, balance sheet, statement of changes in equity and notes, including 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 Standard Board for Accountant’s International Code of Ethics for Professional Accountant (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on 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 opinion on the financial Statements does not cover the Management’ 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 the Management’s Review and, in doing so, consider whether the 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 the Management’s Review provides the information required under the Danish Financial Statement 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 the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of the 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 the 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 the 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 as to 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 decision of users taken on the basis of the 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 procedure 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 disclosers 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 concluded 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 auditors’ 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 note disclosure, 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 audit findings, including any significant deficiencies in internal control that we identify during our audit.</td></tr></table> Copenhagen 2023-06-26 <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">General information</td></tr><tr><td colspan="1">The Company is a wholly owned subsidiary of SITA B.V. incorporated under the laws of the Netherlands, having its registered office in Rotterdam, the Netherlands. The ultimate beneficial owner is Société Internationale de Télécommunications Aéronautiques SC (“SITA SC”), a cooperative company incorporated in Belgium. In these financial statements, “SITA Group” or the “Group” refer to SITA SC together with its branches and subsidiaries.</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">Business review</td></tr><tr><td colspan="1">The Company's primary activities include sale of management and IT consultancy services as well as development and sale of software to control a number of mobile labor forces mainly in the aviation industry.</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 the year and financial matters</td></tr><tr><td colspan="1">The income statement for 2022 shows a profit of DKK 340.228 against a profit of DKK 960.689 last year, and the balance sheet at 31 December 2022 shows a negative equity of DKK 29.400.607.</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">Significant events on SITA business</td></tr><tr><td colspan="1">In 2022, the Global Air Traffic accelerated its recovery after COVID-19 crisis with global flight numbers at end of the year reaching approximately 78% of the 2019 numbers. This allowed the SITA Group, despite some loss of revenue due to sanctions against Russia, to be profit-making in 2022 and to increase revenue by 4% and cash and cash equivalents by 26% compared to 2021. Furthermore, despite uncertainties linked to higher energy prices, rising inflation, pressure on costs and the continued war in Ukraine, SITA management expects the Group revenue to grow in future years, not only through volume recovery, but also through increased new business from transformational products.</td></tr><tr><td colspan="1">As a result, SITA management can confirm that the SITA Group will be able to continue as a going concern and financially support its subsidiaries and branches across the world.</td></tr><tr><td colspan="1">The Company has no direct exposure on Russia or Ukraine.</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">Subsequent events</td></tr><tr><td colspan="1">There are no subsequent events after reporting period.</td></tr></table> SITA Workbridge A/S 1799 København Ø Ny Carlsbergvej 80 25315545 Sergio Colella 2023-06-26 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Accounting policies</td></tr></table> <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 SITA WORKBRIDGE A/S for 2022 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to reporting class B entities and elective choice of certain provisions applying to reporting class C entities.</td></tr></table> true <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis of recognition and measurement</td></tr><tr><td colspan="1">Income is recognised in the income statement as and when it is earned, including recognition of value adjustments of financial assets and liabilities. Any costs, including depreciation, amortisation and write down, are also recognised in the income statement.</td></tr><tr><td colspan="1">Assets are recognised in the balance sheet when it is likely that future economic benefits will flow to the company and the value of the asset can be measured reliably.</td></tr><tr><td colspan="1">Liabilities are recognised in the balance sheet when it is likely that future economic benefits will flow from the company and the value of the liability can be measured reliably.</td></tr><tr><td colspan="1">The initial recognition measures assets and liabilities at cost. Subsequently, assets and liabilities are measured as described in the following for each item.</td></tr><tr><td colspan="1">Certain financial assets and liabilities are measured at amortised cost, recognising a constant effective interest over the term. Amortised cost is stated at initial cost less any deductions and with addition/deduction of the accumulated amortisation of the difference between cost and nominal amount.</td></tr><tr><td colspan="1">The recognition and measurement take into account predictable losses and risks arising before the year-end reporting and which prove or disprove matters that existed at the balance sheet date.</td></tr><tr><td colspan="1">The carrying amount of intangible and tangible fixed assets should be estimated annually to determine if there is any indication of impairment in excess of the amount reflected by normal amortisation or depreciation. If this is the case, write-down should be made to the lower recoverable amount.</td></tr><tr><td colspan="1">Reporting currency</td></tr><tr><td colspan="1">The financial statements are presented in Danish kroner (DKK).</td></tr><tr><td colspan="1">Foreign currency translation</td></tr><tr><td colspan="1">Transactions in foreign currencies are translated at the rate of exchange on the transaction date. Exchange differences arising between the rate on the transaction date and the rate on the payment date are recognised in the income statement as a financial income or expense.</td></tr><tr><td colspan="1">If the foreign exchange position is considered to hedge future cash flows, the unrealised exchange adjustments are recognised directly in the equity.</td></tr><tr><td colspan="1">Accounts receivable, payable and other monetary items in foreign currencies that are not settled on the balance sheet date are translated at the exchange rate on the balance sheet date. The difference between the exchange rate on the balance sheet date and the exchange rate at the time of occurrence of the receivable or payable is recognised in the income statement as financial income or expenses.</td></tr><tr><td colspan="1">Fixed assets acquired in foreign currencies are translated at the rate of exchange on the transaction 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">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 revenue from sale is recognised in the income statement if supply and risk transfer to purchaser has taken place before the end of the year. Net revenues are recognised exclusive of VAT, duties and less discounts related to the sale.</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">Gross profit</td></tr><tr><td colspan="1">The items revenue, external expenses and other operating income have been aggregated into one item in the income statement called gross margin in accordance with section 32 of the Danish Financial Statements Act.</td></tr></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 include the year's expenses relating to the Company's core activities, including expenses relating to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Staff costs</td></tr><tr><td colspan="1">Staff costs include wages and salaries, including compensated absence and pension to the Company's employees, as well as other social security contributions, etc. The item is net of refunds from public authorities.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">Amortisation/depreciation</td></tr><tr><td colspan="2">The item comprises amortisation/depreciation of intangible assets and property, plant and equipment.</td></tr><tr><td colspan="2">The basis of depreciation, which is calculated as cost less any residual value, is depreciated on a straight line basis over the expected useful life. The expected useful lives of the assets are as follows</td></tr><tr><td>Fixtures and fittings, other plant and equipment</td><td>5 years</td></tr><tr><td>Leasehold improvements</td><td>3-7 years</td></tr><tr><td>Completed development projects</td><td>5 years</td></tr><tr><td>Acquired intangible assets</td><td>3-5 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">Other operating income and expenses</td></tr><tr><td colspan="1">Other operating income and other operating expenses comprise items of a secondary nature to the main activities of the Company, including gains and losses on the sale of intangible assets and property, plant and equipment.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial income and expenses</td></tr><tr><td colspan="1">Financial income and expenses include interest income and expenses and transactions in foreign currencies, amortisation of financial assets and liabilities as well as charges and allowances under the tax-on-account scheme etc. Financial income and expenses are recognised in the income statement by the amounts that relate to the 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 colspan="1">Tax</td></tr><tr><td colspan="1">Tax for the year includes current tax on the year's expected taxable income and the year's deferred tax adjustments. The portion of the tax for the year that relates to the profit/loss for the year is recognised in the income statement, whereas the portion that relates to transactions taken to equity is recognised in equity.</td></tr><tr><td colspan="1">The Company is jointly taxed with Danish group enterprises. The tax effect of the joint taxation with the Group enterprises is allocated to enterprises showing profits or losses in proportion to their taxable incomes (full allocation with credit for tax losses).</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Balance sheet</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Intangible assets</td></tr><tr><td colspan="1">Acquired intangible assets consist of contractual rights, software and regulatory approvals and are measured initially at cost. Cost includes the acquisition price and costs directly related to the acquisition until the time at which the asset is ready for use. After initial recognition, intangible assets are carried at cost less accumulated amortization and impairment losses. Any subsequent costs are included 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">Property, plant and equipment</td></tr><tr><td colspan="1">Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Cost includes the acquisition price and costs directly related to the acquisition until the time at which the asset is ready for use.</td></tr><tr><td colspan="1">The basis of depreciation is based on the residual value of the asset and is reduced by impairment losses, if any. The depreciation period and the residual value are determined at the time of acquisition and are reassessed every year. Where the residual value exceeds the carrying amount of the asset, no further depreciation charges are recognised.</td></tr><tr><td colspan="1">Gains or losses are calculated as the difference between the selling price less selling costs and the carrying amount at the date of disposal.</td></tr><tr><td colspan="1">Gains and losses from the disposal of property, plant and equipment are recognised in the income statement as other operating income or other operating 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">Investments</td></tr><tr><td colspan="1">Deposits include rental deposits which are recognised and measured at amortised cost. Deposits are not depreciated.</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 amount of intangible assets, property, plant and equipment and investments is assessed for impairment on an annual basis.</td></tr><tr><td colspan="1">Impairment tests are conducted on assets or groups of assets when there is evidence of impairment. The carrying amount of impaired assets is reduced to the higher of the net selling price and the value in use (recoverable amount).</td></tr><tr><td colspan="1">The recoverable amount is the higher of the net selling price of an asset and its value in use. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the group of assets and the expected net cash flows from the disposal of the asset or the group of assets after the end of the useful life.</td></tr><tr><td colspan="1">Previously recognised impairment losses are reversed when the reason for recognition no longer exists.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Receivables</td></tr><tr><td colspan="1">Receivables are measured at amortised cost. An impairment loss is recognised if there is objective evidence that a receivable is impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis.</td></tr></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 comprise prepaid expenses concerning rent at insurance premiums.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Income taxes and deferred tax</td></tr><tr><td colspan="1">Current tax liabilities and receivable current tax are recognised in the balance sheet as the calculated tax on the taxable income for the year, adjusted for tax on the taxable income for previous years and taxes paid on account.</td></tr><tr><td colspan="1">Deferred tax is measured on the temporary differences between the carrying amount and the tax value of assets and liabilities.</td></tr><tr><td colspan="1">Deferred tax assets, including the tax value of tax loss carry-forwards, are measured at the expected realisable value of the asset, either by set-off against tax on future earnings or by set-off against deferred tax liabilities within the same legal tax unit.</td></tr><tr><td colspan="1">Deferred tax is measured on the basis of the tax rules and tax rates that under the legislation in force on the balance sheet date would be applicable when the deferred tax is expected to crystallise as current tax. A change in the deferred tax, which is a result of changes to tax rates, is recognised in the income statement with the exception of items that are taken directly to equity.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Liabilities</td></tr><tr><td colspan="1">Liabilities are measured at amortised cost equal 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 recognised as a liability comprises payments received concerning income in subsequent financial reporting years</td></tr></table> 2975802 2346978 127346 501478 54427 582392 -26487 -366715 340228 <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" ></td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >Going concern uncertainties</td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >The Company's cumulative losses exceed its share capital. The Company expects to reestablish the share capital through future profits. The Parent has issued a letter of support covering the next 12 months after the approval of the 2022 financial statements. On this basis Management presents the financial statements on a going concern basis.</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 /><td>Staff costs</td></tr></table> 2163800 144626 38552 2 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Financial income</td></tr></table> 54291 136 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Financial expenses</td></tr></table> 559698 22694 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Tax for the year</td></tr></table> -366715 <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 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 /><td>.Property, plant and equipment</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Investments</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" >.Deferred tax assets</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Due to the Company's group structure and transfer pricing it is possible to estimate future annual profits for a foreseeable future period. On this basis, in 2022 the deferred tax asset has been recognised with DKK 1 million.</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" >.Share capital</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Company's share capital has remained DKK 500.000 over the past 5 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 width="100%" colspan="1" align="left" valign="middle" >Contractual obligations and contingencies, etc.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Other contingent liabilities</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Joint liabilities</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Company is jointly and severally liable together with the branch SITA B.V. for tax on the jointly taxed income and for certain possible withholding taxes such as dividend tax and royalty tax, and for the joint registration of VAT.</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" >Related parties</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Information about consolidated financial statements</td></tr><tr><td colspan="3"></td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" ><b>Parent</b></td><td width="33%" colspan="1" align="left" valign="middle" ><b>Domicile</b></td><td width="34%" colspan="1" align="left" valign="middle" ><b>Requisitioning of the parent company's consolidated financial statements</b></td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >SITA B.V.</td><td width="33%" colspan="1" align="left" valign="middle" >Blaak 555,</td><td width="34%" colspan="1" align="left" valign="middle" >Blaak 555,</td></tr><tr><td width="33%" ></td><td width="33%" colspan="1" align="left" valign="middle" >3011 GB Rotterdam, Holland</td><td width="34%" colspan="1" align="left" valign="middle" >3011 GB Rotterdam, Holland</td></tr></table> Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Cortex Park Vest 3 5230 Odense M xWizard version 1.1.1165.0, by EasyX Aps. www.easyx.eu 2021-01-01 2021-12-31 Revisionspåtegning Grundlag for konklusion Konklusion Alain Maurice Brodeur Executives Board Sergio Colella Chairman Alain Maurice Brodeur Director Nicolas Emmanuel Husson Director 2901444 1897682 338367 665395 236461 358857 542999 -417690 960689 1700174 118472 79036 2 236461 0 315611 43246 -417690 340228 960689 5220 5220 0 0 0 0 5220 2666792 1000000 207424 0 3874216 3173274 7047490 7052710 500000 -29900607 -29400607 129593 33349810 2973914 0 36453317 7052710 12675 12675 119891 119891 571255 571255 703821 1500392 1000000 133834 2141 2636367 3564622 6200989 6904810 500000 -30240835 -29740835 213148 35243807 798241 390449 36645645 6904810 500000 -30240835 -29740835 0 340228 500000 -29900607 67887 55212 67887 62667 5220 7455 1329811 1209920 1259151 119891 -1259151 70660 70660 0 571255 571255 0 0 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Thomas Lauritsen State Authorised Public Accountant mne34342