21264644 2021-01-01 2021-12-31 21264644 2021-01-01 2021-12-31 0 21264644 2021-01-01 2021-12-31 1 21264644 2021-01-01 2021-12-31 0 21264644 2021-01-01 2021-12-31 fsa:AllTypesOfRelationsNumberOfEmployeesMember 21264644 2020-01-01 2020-12-31 fsa:AllTypesOfRelationsNumberOfEmployeesMember 21264644 2021-12-31 21264644 2020-12-31 21264644 2020-01-01 2020-12-31 21264644 2021-01-01 2021-12-31 fsa:RetainedEarningsMember 21264644 2020-01-01 2020-12-31 fsa:RetainedEarningsMember 21264644 2021-01-01 2021-12-31 0 iso4217:DKK xbrli:pure 2021-01-01 2021-12-31 21264644 2022-05-23 Qamar Ul Arfeen Qadeer Lumen Technologies Denmark ApS 2600 Glostrup Sydvestvej 100 +31 208083900 www.lumen.com <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</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 Executive Board and Board of Directors has prepared the Annual Report of Lumen</td></tr><tr><td colspan="1">Technologies Denmark ApS for the year ended 31 December 2021. The Annual Report was</td></tr><tr><td colspan="1">discussed and approved on 23 May 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 has been 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">We consider the accounting policies used are appropriate and the accounting estimates made are</td></tr><tr><td colspan="1">reasonable. The Directors believe that the Annual Report includes information which is relevant</td></tr><tr><td colspan="1">for an assessment of the Company’s financial position. It is the opinion of the Directors that the</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">Annual Report gives a true and fair view of the Company’s assets and liabilities, financial</td></tr><tr><td colspan="1">position and results for the year ended 31 December 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">We recommend that the Annual Report is approved at the Annual General Meeting.</td></tr></table> Glostrup 2022-05-23 <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">THE 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 Lumen Technologies 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">Opinion</td></tr><tr><td colspan="1">We have audited the financial statements of Lumen Technologies Denmark ApS for the financial</td></tr><tr><td colspan="1">year 1 January to 31 December 2021, which comprise accounting policies used, profit and loss</td></tr><tr><td colspan="1">account, balance sheet and notes. The financial statements are prepared in accordance with the</td></tr><tr><td colspan="1">Danish Financial Statements Act.</td></tr><tr><td colspan="1">In our opinion, the financial statements give a true and fair view of the financial position of the</td></tr><tr><td colspan="1">Company at 31 December 2021, and of the results of the Company's operations for the financial</td></tr><tr><td colspan="1">year 1 January – 31 December 2021 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">Basis for opinion</td></tr><tr><td colspan="1">We conducted our audit in accordance with International Standards on Auditing (ISAs) and the</td></tr><tr><td colspan="1">additional requirements applicable in Denmark. Our responsibilities under those standards and</td></tr><tr><td colspan="1">requirements are further described in the “Auditor’s Responsibilities for the Audit of the</td></tr><tr><td colspan="1">Financial Statements” section of our report. We are independent of the Company in accordance</td></tr><tr><td colspan="1">with the International Ethics Standards Board for Accountants’ International Code of Ethics for</td></tr><tr><td colspan="1">Professional Accountants (IESBA Code) and the additional ethical requirements applicable in</td></tr><tr><td colspan="1">Denmark, and we have fulfilled our other ethical responsibilities in accordance with these</td></tr><tr><td colspan="1">requirements and the IESBA Code. We believe that the audit evidence we have obtained is</td></tr><tr><td colspan="1">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">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</td></tr><tr><td colspan="1">view in accordance with the Danish Financial Statements Act, and for such internal control as</td></tr><tr><td colspan="1">Management determines is necessary to enable the preparation of financial statements that are</td></tr><tr><td colspan="1">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</td></tr><tr><td colspan="1">ability to continue as a going concern, disclosing, as applicable, matters related to going concern</td></tr><tr><td colspan="1">and using the going concern basis of accounting in preparing the financial statements unless</td></tr><tr><td colspan="1">Management either intends to liquidate the Company or to cease operations, or has no realistic</td></tr><tr><td colspan="1">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="3">Auditor’s responsibilities for the audit of the annual accounts</td></tr><tr><td colspan="3">Our objectives are to obtain reasonable assurance about whether the financial statements as a</td></tr><tr><td colspan="3">whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s</td></tr><tr><td colspan="3">report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a</td></tr><tr><td colspan="3">guarantee that an audit conducted in accordance with ISAs and the additional requirements</td></tr><tr><td colspan="3">applicable in Denmark will always detect a material misstatement when it exists. Misstatements</td></tr><tr><td colspan="3">can arise from fraud or error and are considered material if, individually or in the aggregate, they</td></tr><tr><td colspan="3">could reasonably be expected to influence the economic decisions of users taken on the basis of</td></tr><tr><td colspan="3">these financial statements.</td></tr><tr><td colspan="3">As part of an audit conducted in accordance with ISAs and the additional requirements applicable</td></tr><tr><td colspan="3">in Denmark, we exercise professional judgment and maintain professional skepticism throughout</td></tr><tr><td colspan="3">the audit. We also</td></tr><tr><td /><td>•</td><td>Identify and assess the risks of material misstatement of the financial statements, whether</td></tr><tr><td /><td /><td>due to fraud or error, design and perform audit procedures responsive to those risks, and</td></tr><tr><td /><td /><td>obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.</td></tr><tr><td /><td /><td>The risk of not detecting a material misstatement resulting from fraud is higher than for</td></tr><tr><td /><td /><td>one resulting from error as fraud may involve collusion, forgery, intentional omissions,</td></tr><tr><td /><td /><td>misrepresentations, or the override of internal control.</td></tr><tr><td /><td>•</td><td>Obtain an understanding of the internal control relevant to the audit in order to design</td></tr><tr><td /><td /><td>audit procedures that are appropriate in the circumstances, but not for the purpose of</td></tr><tr><td /><td /><td>expressing an opinion on the effectiveness of the company’s internal control.</td></tr><tr><td /><td>•</td><td>Evaluate the appropriateness of accounting policies used by the management and the</td></tr><tr><td /><td /><td>reasonableness of accounting estimates and related disclosures made by the management.</td></tr><tr><td /><td>•</td><td>Conclude on the appropriateness of the management’s preparation of the annual accounts</td></tr><tr><td /><td /><td>being based on the going concern principle and, based on the audit evidence obtained,</td></tr><tr><td /><td /><td>whether a material uncertainty exists related to events or conditions that may raise</td></tr><tr><td /><td /><td>significant doubt about the company’s ability to continue as a going concern. If we</td></tr><tr><td /><td /><td>conclude that a material uncertainty exists, we are required to draw attention in our</td></tr><tr><td /><td /><td>auditor’s report to the related disclosures in the annual accounts or, if such disclosures</td></tr><tr><td /><td /><td>are inadequate, to modify our opinion. Our conclusions are based on the audit evidence</td></tr><tr><td /><td /><td>obtained up to the date of our auditor’s report. However, future events or conditions may</td></tr><tr><td /><td /><td>cause the company to cease to continue as a going concern.</td></tr><tr><td /><td>•</td><td>Evaluate the overall presentation, structure and contents of the annual accounts, including</td></tr><tr><td /><td /><td>the disclosures in the notes, and whether the annual accounts reflect the underlying</td></tr><tr><td /><td /><td>transactions and events in a manner that gives a true and fair view.</td></tr><tr><td colspan="3">We communicate with those charged with governance regarding, among other matters, the</td></tr><tr><td colspan="3">planned scope and timing of the audit and significant audit findings, including any significant</td></tr><tr><td colspan="3">deficiencies in the internal control that we identify during our audit.</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">Statement on the management's review</td></tr><tr><td colspan="2">The management is responsible for the management's review.</td></tr><tr><td colspan="2">Our opinion on the financial statements does not cover Management’s Review, and we do not</td></tr><tr><td colspan="2">express any form of assurance conclusion thereon.</td></tr><tr><td>In connection with our</td><td>audit of the financial statements, our responsibility is to read</td></tr><tr><td colspan="2">Management’s Review and, in doing so, consider whether Management’s Review is materially</td></tr><tr><td colspan="2">inconsistent with the financial statements or our knowledge obtained during the audit, or</td></tr><tr><td colspan="2">otherwise appears to be materially misstated.</td></tr><tr><td colspan="2">Moreover, it is our responsibility to consider whether Management’s Review provides the</td></tr><tr><td colspan="2">information required under the Danish Financial Statements Act.</td></tr><tr><td colspan="2">Based on the work we have performed, we conclude that Management’s Review is in</td></tr><tr><td colspan="2">accordance with the financial statements and has been prepared in accordance with the</td></tr><tr><td colspan="2">requirements of the Danish Financial Statement Act. We did not identify any material</td></tr><tr><td colspan="2">misstatement of Management’s Review.</td></tr></table> Copenhagen 2022-05-23 <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 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="2">Principal Activity</td></tr><tr><td colspan="2">The principal activity of Lumen Technologies Denmark ApS (“the Company”) is the provision</td></tr><tr><td colspan="2">of national and international telecommunications services.</td></tr><tr><td colspan="2">The Directors present their report and financial statements for Lumen Technologies Denmark</td></tr><tr><td colspan="2">ApS (“the Company”) for the year ended 31 December 2021.</td></tr><tr><td colspan="2">The Company is a member of the Lumen Group of Companies (“the Group” or “Lumen”), an</td></tr><tr><td colspan="2">international facilities-based communications company engaged primarily in providing an</td></tr><tr><td colspan="2">integrated array of services to business and residential customers. The communications services</td></tr><tr><td colspan="2">include local and long-distance voice, virtual private network ("VPN") data network, private line</td></tr><tr><td colspan="2">(including business data services), ethernet, information technology, wavelength, broadband,</td></tr><tr><td colspan="2">colocation and data centre services, managed services, professional and other services provided</td></tr><tr><td colspan="2">in connection with selling equipment, network security and various other ancillary services. A</td></tr><tr><td colspan="2">facilities-based provider is one that owns or leases a substantial portion of the property, plant and</td></tr><tr><td colspan="2">equipment necessary to provide its services. The Group network is an international</td></tr><tr><td>communications network that has</td><td>been created by constructing its own assets through a</td></tr><tr><td colspan="2">combination of purchasing other companies and purchasing or leasing facilities from others. The</td></tr><tr><td colspan="2">Group network is designed to provide communications services that employ and take advantage</td></tr><tr><td colspan="2">of rapidly improving underlying optical, internet Protocol (“IP”), computing and storage</td></tr><tr><td colspan="2">technologies.</td></tr><tr><td colspan="2">The Group is currently focusing its attention on a number of operational and financial objectives,</td></tr><tr><td colspan="2">including: (1) growing free cash flow per share as it believes that it has the ability to drive that</td></tr><tr><td colspan="2">growth, first through synergy achievement, and then through ongoing efficiencies and profitable</td></tr><tr><td colspan="2">revenue growth over the long term; (2) continuing growth in adjusted EBITDA; (3) strong free</td></tr><tr><td colspan="2">cashflow generation; (4) achieving the expected operating expense and capital cost savings; (5)</td></tr><tr><td colspan="2">investing in the products, services and customer experience platforms necessary to meet the</td></tr><tr><td colspan="2">connectivity and managed services needs of the business market; (6) focusing on customers’</td></tr><tr><td colspan="2">needs and improving overall customer experience; (7) concentrating its capital expenditures on</td></tr><tr><td colspan="2">those technologies and assets that enable the Group to increase its Core Network Services</td></tr><tr><td colspan="2">revenue; and (8) managing the Wholesale Voice Services for margin contribution.</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">Review of the business</td></tr><tr><td colspan="1">The Company made a loss of DKK 6k during the year (2020: a profit of DKK 7k). The Company</td></tr><tr><td colspan="1">continues to trade in the same market segments as in prior years, with a competitive</td></tr><tr><td colspan="1">telecommunications market limiting the Company’s ability to significantly increase revenues or</td></tr><tr><td colspan="1">margins.</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">Ownership</td></tr><tr><td colspan="1">The Company is a wholly owned subsidiary of Level 3 International Services, Inc., a company</td></tr><tr><td colspan="1">registered in the United States of America. The results of the Company are consolidated, into</td></tr><tr><td colspan="1">Lumen Technologies, Inc., whose group financial statements can be obtained from Investor</td></tr><tr><td colspan="1">Relations, 100 CenturyLink Drive, Monroe, Louisiana, 71203, United States of America.</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>NOTES</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Principal activity</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The principal activity of Lumen Technologies Denmark ApS (“the Company”) is the provision</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >of national and international telecommunications services.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Company is a member of the Lumen Group of Companies (“the Group” or “Lumen”).</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>Total revenue</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Group’s international network consists of telecommunications services provided by Lumen</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >entities operating in different jurisdictions to form a single combined and integrated world-wide</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >telecommunications network. The Company is in the business of providing telecommunications</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >services in its country of operation as part of the Group’s international network.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Company entered into the Intercompany Telecommunications Services Agreement with</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >effect from 1 January 2013 (“ITSA”). The agreement centralises the administrative functions</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >relating to intercompany telecommunications services in CenturyLink Communications PEC</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Services Europe Limited (“PEC SEL”), a Lumen entity incorporated in Ireland. The ITSA also</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >details the terms upon which the Company procures or sells telecommunications services with</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >other members of the Group.</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>Average number of employees</b></td></tr><tr><td width="46%" ></td><td width="17%" ></td><td width="17%" align="right" valign="middle" ><b>2021</b></td><td width="20%" align="right" valign="middle" ><b>2020</b></td></tr><tr><td width="63%" colspan="2" align="left" valign="middle" >Average number of employees</td><td width="17%" align="right" valign="middle" >5</td><td width="20%" align="right" valign="middle" >5</td></tr><tr><td colspan="4"></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >No member of the Executive Board of Directors received remuneration from the Company</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >during 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 width="100%" colspan="4" align="left" valign="middle" ><b>Net financial expense</b></td></tr><tr><td width="46%" ></td><td width="17%" ></td><td width="17%" align="right" valign="middle" ><b>2021</b></td><td width="20%" align="right" valign="middle" ><b>2020</b></td></tr><tr><td width="46%" ></td><td width="17%" ></td><td width="17%" colspan="1" align="right" valign="middle" ><b>DKK’000</b></td><td width="20%" colspan="1" align="right" valign="middle" ><b>DKK’000</b></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" ><b>Other financial income</b></td></tr><tr><td width="63%" colspan="2" align="left" valign="middle" >Foreign exchange gains</td><td width="17%" colspan="1" align="right" valign="middle" >-</td><td width="20%" align="right" valign="middle" > 1.080 </td></tr><tr><td width="46%" ></td><td width="17%" ></td><td width="17%" colspan="1" align="right" valign="middle" ><b>-</b></td><td width="20%" align="right" valign="middle" ><b> 1.080 </b></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" ><b>Other financial expenses</b></td></tr><tr><td width="63%" colspan="2" align="left" valign="middle" >Interest payable on capital lease and other</td><td width="17%" align="right" valign="middle" >- 2.056 </td><td width="20%" align="right" valign="middle" >- 1.433 </td></tr><tr><td width="63%" colspan="2" align="left" valign="middle" >Interest payable to affiliated entities</td><td width="17%" colspan="1" align="right" valign="middle" >-</td><td width="20%" align="right" valign="middle" >- 2 </td></tr><tr><td width="63%" colspan="2" align="left" valign="middle" >Foreign exchange losses</td><td width="17%" align="right" valign="middle" >- 30 </td><td width="20%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="46%" ></td><td width="17%" ></td><td width="17%" align="right" valign="middle" ><b>- 2.086 </b></td><td width="20%" align="right" valign="middle" ><b>- 1.435 </b></td></tr><tr><td width="63%" colspan="2" align="left" valign="middle" ><b>Total net financial expense</b></td><td width="17%" align="right" valign="middle" ><b>- 2.086 </b></td><td width="20%" align="right" valign="middle" ><b>- 355 </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="4" align="left" valign="middle" ><b>Tax on profit or loss of the year</b></td></tr><tr><td width="46%" ></td><td width="17%" ></td><td width="17%" align="right" valign="middle" ><b>2021</b></td><td width="20%" align="right" valign="middle" ><b>2020</b></td></tr><tr><td width="46%" ></td><td width="17%" ></td><td width="17%" colspan="1" align="right" valign="middle" ><b>DKK’000</b></td><td width="20%" colspan="1" align="right" valign="middle" ><b>DKK’000</b></td></tr><tr><td width="63%" colspan="2" align="left" valign="middle" >Adjustment for the year of deferred tax</td><td width="17%" align="right" valign="middle" >-210</td><td width="20%" align="right" valign="middle" >-410</td></tr><tr><td width="46%" ></td><td width="17%" ></td><td width="17%" align="right" valign="middle" ><b>-210</b></td><td width="20%" align="right" valign="middle" ><b>-410</b></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="5" align="left" valign="middle" ><b>Property, plant and equipment</b></td></tr><tr><td width="39%" ></td><td width="15%" ></td><td width="15%" colspan="1" align="right" valign="middle" ><b>Network</b></td><td width="15%" colspan="1" align="right" valign="middle" ><b>Other</b></td><td width="16%" colspan="1" align="right" valign="middle" ><b></b></td></tr><tr><td width="39%" ></td><td width="15%" ></td><td width="15%" colspan="1" align="right" valign="middle" ><b>facility and</b></td><td width="15%" colspan="1" align="right" valign="middle" ><b>fixtures,</b></td><td width="16%" colspan="1" align="right" valign="middle" ><b></b></td></tr><tr><td width="39%" ></td><td width="15%" ></td><td width="15%" colspan="1" align="right" valign="middle" ><b>leasehold</b></td><td width="15%" colspan="1" align="right" valign="middle" ><b>fittings,</b></td><td width="16%" colspan="1" align="right" valign="middle" ><b></b></td></tr><tr><td width="39%" ></td><td width="15%" ></td><td width="15%" colspan="1" align="right" valign="middle" ><b>improveme</b></td><td width="15%" colspan="1" align="right" valign="middle" ><b>tools &</b></td><td width="16%" colspan="1" align="right" valign="middle" ><b></b></td></tr><tr><td width="39%" ></td><td width="15%" colspan="1" align="right" valign="middle" ><b>Land</b></td><td width="15%" colspan="1" align="right" valign="middle" ><b>nts</b></td><td width="15%" colspan="1" align="right" valign="middle" ><b>equipment</b></td><td width="16%" colspan="1" align="right" valign="middle" ><b>Total</b></td></tr><tr><td width="39%" ></td><td width="15%" colspan="1" align="right" valign="middle" ><b>DKK’000</b></td><td width="15%" colspan="1" align="right" valign="middle" ><b>DKK’000</b></td><td width="15%" colspan="1" align="right" valign="middle" ><b>DKK’000</b></td><td width="16%" colspan="1" align="right" valign="middle" ><b>DKK’000</b></td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Cost at 1 January 2021</td><td width="15%" align="right" valign="middle" > 459 </td><td width="15%" align="right" valign="middle" > 548.135 </td><td width="15%" align="right" valign="middle" > 5.001 </td><td width="16%" align="right" valign="middle" > 553.595 </td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Additions</td><td width="15%" colspan="1" align="left" valign="middle" ><b>-</b></td><td width="15%" align="right" valign="middle" > 5.226 </td><td width="15%" colspan="1" align="right" valign="middle" ><b>-</b></td><td width="16%" align="right" valign="middle" > 5.226 </td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Retirements</td><td width="15%" colspan="1" align="left" valign="middle" ><b>-</b></td><td width="15%" colspan="1" align="right" valign="middle" ><b>-</b></td><td width="15%" colspan="1" align="right" valign="middle" ><b>-</b></td><td width="16%" colspan="1" align="right" valign="middle" ><b>-</b></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Cost at 31 December</b></td></tr><tr><td width="39%" align="right" valign="middle" ><b>2021</b></td><td width="15%" align="right" valign="middle" ><b> 459 </b></td><td width="15%" align="right" valign="middle" ><b> 553.361 </b></td><td width="15%" align="right" valign="middle" ><b> 5.001 </b></td><td width="16%" align="right" valign="middle" ><b> 558.821 </b></td></tr><tr><td colspan="5"></td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Accumulated depreciation</td><td width="15%" align="right" valign="middle" > 376 </td><td width="15%" align="right" valign="middle" > 503.987 </td><td width="15%" align="right" valign="middle" > 5.001 </td><td width="16%" align="right" valign="middle" > 509.364 </td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >and impairment at</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >1 January 2021</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Depreciation</td><td width="15%" colspan="1" align="left" valign="middle" ><b>-</b></td><td width="15%" align="right" valign="middle" > 8.444 </td><td width="15%" colspan="1" align="right" valign="middle" ><b>-</b></td><td width="16%" align="right" valign="middle" > 8.444 </td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Retirements</td><td width="15%" colspan="1" align="left" valign="middle" ><b>-</b></td><td width="15%" align="right" valign="middle" >- 16 </td><td width="15%" colspan="1" align="right" valign="middle" ><b>-</b></td><td width="16%" align="right" valign="middle" >- 16 </td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Accumulated</b></td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" ><b>depreciation and</b></td><td width="15%" align="right" valign="middle" ><b> 376 </b></td><td width="15%" align="right" valign="middle" ><b> 512.415 </b></td><td width="15%" align="right" valign="middle" ><b> 5.001 </b></td><td width="16%" align="right" valign="middle" ><b> 517.792 </b></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>impairment at</b></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>31 December 2021</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Net carrying amount at</b></td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" ><b>31 December 2021</b></td><td width="15%" align="right" valign="middle" ><b> 83 </b></td><td width="15%" align="right" valign="middle" ><b> 40.946 </b></td><td width="15%" colspan="1" align="right" valign="middle" >-</td><td width="16%" align="right" valign="middle" ><b> 41.029 </b></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Net carrying amount at</b></td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" ><b>31 December 2020</b></td><td width="15%" align="right" valign="middle" ><b> 83 </b></td><td width="15%" align="right" valign="middle" ><b> 44.148 </b></td><td width="15%" colspan="1" align="right" valign="middle" >-</td><td width="16%" align="right" valign="middle" ><b> 44.231 </b></td></tr><tr><td colspan="5"></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>Balances due from/(to) affiliated entities</b></td></tr><tr><td width="46%" ></td><td width="17%" ></td><td width="17%" align="right" valign="middle" ><b>2021</b></td><td width="20%" align="right" valign="middle" ><b>2020</b></td></tr><tr><td width="46%" ></td><td width="17%" ></td><td width="17%" colspan="1" align="right" valign="middle" ><b>DKK’000</b></td><td width="20%" colspan="1" align="right" valign="middle" ><b>DKK’000</b></td></tr><tr><td width="63%" colspan="2" align="left" valign="middle" >CenturyLink Communications PEC Services Europe</td><td width="17%" align="right" valign="middle" > 5.299 </td><td width="20%" align="right" valign="middle" > 2.358 </td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Limited</td></tr><tr><td width="63%" colspan="2" align="left" valign="middle" >Other</td><td width="17%" align="right" valign="middle" > 391 </td><td width="20%" align="right" valign="middle" > 1.009 </td></tr><tr><td width="63%" colspan="2" align="left" valign="middle" ><b>Short-term receivables due from affiliated</b></td><td width="17%" align="right" valign="middle" ><b> 5.690 </b></td><td width="20%" align="right" valign="middle" ><b> 3.367 </b></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" ><b>companies</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="63%" colspan="2" align="left" valign="middle" >Level 3 Holdings B.V.</td><td width="17%" align="right" valign="middle" >- 20.196 </td><td width="20%" align="right" valign="middle" >- 17.216 </td></tr><tr><td width="63%" colspan="2" align="left" valign="middle" >Lumen Technologies UK Limited</td><td width="17%" align="right" valign="middle" >- 3.479 </td><td width="20%" align="right" valign="middle" >- 4.011 </td></tr><tr><td width="63%" colspan="2" align="left" valign="middle" >Level 3 International Services, Inc.</td><td width="17%" align="right" valign="middle" >- 2.562 </td><td width="20%" align="right" valign="middle" >- 2.562 </td></tr><tr><td width="63%" colspan="2" align="left" valign="middle" >Other</td><td width="17%" align="right" valign="middle" >- 778 </td><td width="20%" align="right" valign="middle" >- 2 </td></tr><tr><td width="63%" colspan="2" align="left" valign="middle" ><b>Short-term payables due to affiliated companies</b></td><td width="17%" align="right" valign="middle" ><b>- 27.015 </b></td><td width="20%" align="right" valign="middle" ><b>- 23.791 </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="4" align="left" valign="middle" ><b>Prepayments</b></td></tr><tr><td width="46%" ></td><td width="17%" ></td><td width="17%" align="right" valign="middle" ><b>2021</b></td><td width="20%" align="right" valign="middle" ><b>2020</b></td></tr><tr><td width="46%" ></td><td width="17%" ></td><td width="17%" colspan="1" align="right" valign="middle" ><b>DKK’000</b></td><td width="20%" colspan="1" align="right" valign="middle" ><b>DKK’000</b></td></tr><tr><td width="63%" colspan="2" align="left" valign="middle" >Prepaid netex</td><td width="17%" align="right" valign="middle" > 1.130 </td><td width="20%" align="right" valign="middle" > 332 </td></tr><tr><td width="63%" colspan="2" align="left" valign="middle" >Prepaid leases</td><td width="17%" align="right" valign="middle" > 446 </td><td width="20%" align="right" valign="middle" > 907 </td></tr><tr><td width="63%" colspan="2" align="left" valign="middle" >Other</td><td width="17%" align="right" valign="middle" > 98 </td><td width="20%" align="right" valign="middle" > 559 </td></tr><tr><td width="46%" ></td><td width="17%" ></td><td width="17%" align="right" valign="middle" ><b> 1.674 </b></td><td width="20%" align="right" valign="middle" ><b> 1.798 </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="1" align="left" valign="middle" ><b>Share capital</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The share capital consists of 3.100 shares at DKK 100. The shares are not divided into classes.</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" >Lease liability</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Lumen Technologies Denmark ApS and CenturyLink Communications Sweden AB entered into</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >a “Supply and Services Agreement” with “Oresundbro Konsortiet” regarding the supply of</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >optical fibre cables and the provision of operation and maintenance services. The “Oresundbro</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Konsortiet” will in the period of the contract (25 years) own the portion of the cable system</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >installed on the “coast to coast" fixed link. The Company acquired the cable system on an</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >indefeasible right of use basis during the term of the agreement (25 years) and obtained operation</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >and maintenance services from the “Oresundbro Konsortiet”. In accordance with the agreement</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >the fee of DKK 51.558k is being paid over the term of the contract. The net debt owing as of</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >December 31, 2021 was DKK 7.753k of which DKK 1.873k falls due for payment in 2022.</td></tr><tr><td width="57%" ></td><td width="21%" align="right" valign="middle" ><b>2021</b></td><td width="22%" align="right" valign="middle" ><b>2020</b></td></tr><tr><td width="57%" ></td><td width="21%" colspan="1" align="right" valign="middle" ><b>DKK’000</b></td><td width="22%" colspan="1" align="right" valign="middle" ><b>DKK’000</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Expiration</td></tr><tr><td width="57%" colspan="1" align="left" valign="middle" ><b>Short-term lease liability</b></td><td width="21%" align="right" valign="middle" ><b> 1.873 </b></td><td width="22%" align="right" valign="middle" ><b> 2.282 </b></td></tr><tr><td width="57%" colspan="1" align="left" valign="middle" >Between 1 and 5 years</td><td width="21%" align="right" valign="middle" > 5.880 </td><td width="22%" align="right" valign="middle" > 7.756 </td></tr><tr><td width="57%" colspan="1" align="left" valign="middle" >After 5 years</td><td width="21%" colspan="1" align="left" valign="middle" >-</td><td width="22%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="57%" colspan="1" align="left" valign="middle" ><b>Long-term lease liability</b></td><td width="21%" align="right" valign="middle" ><b> 5.880 </b></td><td width="22%" align="right" valign="middle" ><b> 7.756 </b></td></tr><tr><td width="57%" colspan="1" align="left" valign="middle" ><b>Total lease liability</b></td><td width="21%" align="right" valign="middle" ><b> 7.753 </b></td><td width="22%" align="right" valign="middle" ><b> 10.038 </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>Other payables</b></td></tr><tr><td width="46%" ></td><td width="17%" ></td><td width="17%" align="right" valign="middle" ><b>2021</b></td><td width="20%" align="right" valign="middle" ><b>2020</b></td></tr><tr><td width="46%" ></td><td width="17%" ></td><td width="17%" colspan="1" align="right" valign="middle" ><b>DKK’000</b></td><td width="20%" colspan="1" align="right" valign="middle" ><b>DKK’000</b></td></tr><tr><td width="63%" colspan="2" align="left" valign="middle" >Wages, salaries and social security</td><td width="17%" align="right" valign="middle" > 623 </td><td width="20%" align="right" valign="middle" > 654 </td></tr><tr><td width="63%" colspan="2" align="left" valign="middle" >Holiday pay obligation</td><td width="17%" align="right" valign="middle" > 116 </td><td width="20%" align="right" valign="middle" > 116 </td></tr><tr><td width="63%" colspan="2" align="left" valign="middle" >Accrued rent</td><td width="17%" align="right" valign="middle" > 2.128 </td><td width="20%" align="right" valign="middle" > 863 </td></tr><tr><td width="63%" colspan="2" align="left" valign="middle" >Other costs payable</td><td width="17%" align="right" valign="middle" > 671 </td><td width="20%" align="right" valign="middle" > 1.598 </td></tr><tr><td width="63%" colspan="2" align="left" valign="middle" ><b>Total other payables</b></td><td width="17%" align="right" valign="middle" ><b> 3.538 </b></td><td width="20%" align="right" valign="middle" ><b> 3.231 </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="4" align="left" valign="middle" ><b>Contractual obligations</b></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Annual commitments under non-cancellable operating leases and rental agreements are as</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >follows</td></tr><tr><td width="46%" ></td><td width="17%" ></td><td width="17%" align="right" valign="middle" ><b>2021</b></td><td width="20%" align="right" valign="middle" ><b>2020</b></td></tr><tr><td width="46%" ></td><td width="17%" ></td><td width="17%" colspan="1" align="right" valign="middle" ><b>DKK’000</b></td><td width="20%" colspan="1" align="right" valign="middle" ><b>DKK’000</b></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Expiration</td></tr><tr><td width="63%" colspan="2" align="left" valign="middle" >Within 1 year</td><td width="17%" align="right" valign="middle" > 8.454 </td><td width="20%" align="right" valign="middle" > 7.941 </td></tr><tr><td width="63%" colspan="2" align="left" valign="middle" >Between 2 and 5 years</td><td width="17%" align="right" valign="middle" > 16.759 </td><td width="20%" align="right" valign="middle" > 24.465 </td></tr><tr><td width="63%" colspan="2" align="left" valign="middle" >After 5 years</td><td width="17%" colspan="1" align="right" valign="middle" >-</td><td width="20%" colspan="1" align="right" valign="middle" >-</td></tr><tr><td width="46%" ></td><td width="17%" ></td><td width="17%" align="right" valign="middle" ><b> 25.213 </b></td><td width="20%" align="right" valign="middle" ><b> 32.406 </b></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="1" align="left" valign="middle" ><b>Contingent liabilities</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >There are no contingent liabilities to disclose in 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 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 immediate shareholders hold more than 5% of the Company’s share capital</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Level 3 International Services, Inc., 1209 Orange Street, Wilmington, Delaware 19801, United</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >States of America.</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" >Related parties</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Related parties with a controlling interest in Lumen Technologies Denmark ApS</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Level 3 International Services, Inc., 1209 Orange Street, Wilmington, Delaware 19801, United</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >States of America.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Transactions between other affiliated entities and Lumen Technologies Denmark ApS in 2021</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >During the year, the Company did not sell to, purchase goods from or incur financial expenses</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >from either its immediate parent, Level 3 International Services, Inc., or from other affiliated</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >entities, unless otherwise disclosed elsewhere in 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 width="100%" colspan="1" align="left" valign="middle" ><b>Consolidation</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The ultimate parent company is Lumen Technologies, Inc., a company registered in the United</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >States of America. The results of the Company are consolidated, into Lumen Technologies, Inc.,</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >whose accounts can be obtained from Investor Relations, 100 CenturyLink Drive, Monroe,</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Louisiana, 71203, United States of America.</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="5" align="left" valign="middle" ><b>EQUITY STATEMENT</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" ></td><td width="12%" colspan="1" align="right" valign="middle" ><b>Share</b></td><td width="15%" colspan="1" align="right" valign="middle" ><b>Retained</b></td><td width="14%" colspan="1" align="right" valign="middle" ><b>Proposed</b></td><td width="18%" colspan="1" align="right" valign="middle" ><b></b></td></tr><tr><td width="41%" ></td><td width="12%" colspan="1" align="right" valign="middle" ><b>Capital</b></td><td width="15%" colspan="1" align="right" valign="middle" ><b>Earnings</b></td><td width="14%" colspan="1" align="right" valign="middle" ><b>Dividends</b></td><td width="18%" colspan="1" align="right" valign="middle" ><b>Total</b></td></tr><tr><td width="41%" ></td><td width="12%" colspan="1" align="right" valign="middle" ><b>DKK’000</b></td><td width="15%" colspan="1" align="right" valign="middle" ><b>DKK’000</b></td><td width="14%" colspan="1" align="right" valign="middle" ><b>DKK’000</b></td><td width="18%" colspan="1" align="right" valign="middle" ><b>DKK’000</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" ><b>Equity at 31 December 2019</b></td><td width="12%" align="right" valign="middle" ><b> 310 </b></td><td width="15%" align="right" valign="middle" ><b> 14.629 </b></td><td width="14%" colspan="1" align="right" valign="middle" ><b>-</b></td><td width="18%" align="right" valign="middle" ><b> 14.939 </b></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Profit for the year</td><td width="12%" colspan="1" align="right" valign="middle" ><b>-</b></td><td width="15%" align="right" valign="middle" > 7 </td><td width="14%" colspan="1" align="right" valign="middle" ><b>-</b></td><td width="18%" align="right" valign="middle" ><b> 7 </b></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" ><b>Equity at 31 December 2020</b></td><td width="12%" align="right" valign="middle" ><b> 310 </b></td><td width="15%" align="right" valign="middle" ><b> 14.636 </b></td><td width="14%" colspan="1" align="right" valign="middle" ><b>-</b></td><td width="18%" align="right" valign="middle" ><b> 14.946 </b></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" >Loss for the year</td><td width="12%" colspan="1" align="right" valign="middle" ><b>-</b></td><td width="15%" align="right" valign="middle" >- 6 </td><td width="14%" colspan="1" align="right" valign="middle" ><b>-</b></td><td width="18%" align="right" valign="middle" ><b>- 6 </b></td></tr><tr><td width="41%" colspan="1" align="left" valign="middle" ><b>Equity at 31 December 2021</b></td><td width="12%" align="right" valign="middle" ><b> 310 </b></td><td width="15%" align="right" valign="middle" ><b> 14.630 </b></td><td width="14%" colspan="1" align="right" valign="middle" ><b>-</b></td><td width="18%" align="right" valign="middle" ><b> 14.940 </b></td></tr></table> 33159000 20520000 12639000 1905000 10734000 8444000 0 2086000 204000 210000 -6000 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 colspan="1">ACCOUNTING POLICIES</td></tr><tr><td colspan="1">The Annual Report has been prepared in accordance with the provisions of the Danish Financial</td></tr><tr><td colspan="1">Statements Act governing reporting class B, including provisions from reporting class C.</td></tr><tr><td colspan="1">The accounting policies applied for this Annual Report are consistent with those applied last</td></tr><tr><td colspan="1">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">General provisions in recognition and measurement</td></tr><tr><td colspan="1">Assets are recognised in the Balance sheet when it is probable that future economic benefits will</td></tr><tr><td colspan="1">flow to the Company, and the value of the assets can be measured reliably.</td></tr><tr><td colspan="1">Liabilities are recognised in the Balance sheet when the Company has a legal or constructive</td></tr><tr><td colspan="1">obligation as a result of a prior event, and it is probable that future economic benefits will flow</td></tr><tr><td colspan="1">out of the Company, and the value of the liabilities can be measured reliably.</td></tr><tr><td colspan="1">On initial recognition assets and liabilities are measured at cost. Measurement subsequent to</td></tr><tr><td colspan="1">initial recognition is effected as described below for each item.</td></tr><tr><td colspan="1">Anticipated risks and losses that arise before the time of presentation of the Annual Report and</td></tr><tr><td colspan="1">that confirm or invalidate affairs and conditions existing at the Balance sheet date are considered</td></tr><tr><td colspan="1">at recognition and measurement.</td></tr><tr><td colspan="1">Income is recognised in the Income statement when earned and costs are recognised by the</td></tr><tr><td colspan="1">amounts attributable to this financial year. Valuation adjustments to financial assets or liabilities</td></tr><tr><td colspan="1">are recorded in the Income statement as financial income or 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 colspan="1">Foreign currency translation</td></tr><tr><td colspan="1">On initial recognition, foreign currency transactions are translated applying the exchange rate at</td></tr><tr><td colspan="1">the transaction date. Receivables, payables and other monetary items denominated in foreign</td></tr><tr><td colspan="1">currencies that have not been settled at the Balance sheet date are translated using the exchange</td></tr><tr><td colspan="1">rate at the Balance sheet date. Exchange differences that arise between the rate at the transaction</td></tr><tr><td colspan="1">date and the one in effect at the payment date, or the rate at the Balance sheet date, are recognised</td></tr><tr><td colspan="1">in the Income statement as financial income or financial expenses. Fixed assets purchased in</td></tr><tr><td colspan="1">foreign currencies are translated using historical rates.</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">Revenue from the provision of services is recognised in the Income statement when delivery is</td></tr><tr><td colspan="1">made and risk has passed to the buyer. Revenue is recognised net of VAT, duties and sales</td></tr><tr><td colspan="1">discounts.</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">Administrative expenses</td></tr><tr><td colspan="1">Administrative expenses comprise expenses incurred for management and administration of the</td></tr><tr><td colspan="1">Company, including expenses for the staff and management and office supplies.</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">These items comprise interest income and expenses, the interest portion of finance lease</td></tr><tr><td colspan="1">payments, realised and unrealised capital gains and losses on payables and transactions in foreign</td></tr><tr><td colspan="1">currencies, and cash discounts, 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">Income taxes</td></tr><tr><td colspan="1">Tax for the year, which consists of current tax for the year and changes in deferred tax, is</td></tr><tr><td colspan="1">recognised in the Income statement by the portion attributable to the profit for the year.</td></tr><tr><td colspan="1">The current tax payable or receivable is recognised in the Balance sheet, stated as tax calculated</td></tr><tr><td colspan="1">on this year’s taxable income, adjusted for prepaid tax.</td></tr><tr><td colspan="1">Deferred tax is recognised and measured applying the liability method on all temporary</td></tr><tr><td colspan="1">differences between the carrying amount and tax-based value of assets and liabilities. The tax-</td></tr><tr><td colspan="1">based value of the assets is calculated based on the planned use of each asset.</td></tr><tr><td colspan="1">Deferred tax assets, including the tax base of tax loss carry forwards, are recognised in the</td></tr><tr><td colspan="1">Balance sheet at their estimated realisable 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">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="2">Property, plant and equipment</td></tr><tr><td colspan="2">Network as well as other fixtures and fittings, tools and equipment are measured at cost less</td></tr><tr><td colspan="2">accumulated depreciation and impairment losses.</td></tr><tr><td colspan="2">Cost comprises the acquisition price, costs directly attributable to the acquisition, and preparation</td></tr><tr><td colspan="2">costs of the asset until the time when it is ready to be put into operation. For assets held under</td></tr><tr><td colspan="2">finance lease, cost is the lower of the asset’s fair value and the present value of future lease</td></tr><tr><td colspan="2">payments.</td></tr><tr><td colspan="2">Interest expenses on loans for financing the manufacture of property, plant and equipment are</td></tr><tr><td colspan="2">included in cost if they relate to the manufacturing period. All other financing costs are</td></tr><tr><td colspan="2">recognised in the Income statement.</td></tr><tr><td colspan="2">The basis of depreciation is cost less estimated residual value after the end of useful life.</td></tr><tr><td colspan="2">Straight-line depreciation is made on the basis of the following estimated useful lives of the</td></tr><tr><td colspan="2">assets</td></tr><tr><td>Network facility and leasehold improvements</td><td>2-50 years</td></tr><tr><td>Other fixtures, fittings, tools and equipment</td><td>3-7 years</td></tr><tr><td colspan="2">Land is not depreciated. Property, plant and equipment are written down to the lower of</td></tr><tr><td colspan="2">recoverable amount and carrying amount.</td></tr><tr><td colspan="2">Property, plant and equipment (continued)</td></tr><tr><td colspan="2">Profits and losses from the sale of property, plant and equipment are calculated as the difference</td></tr><tr><td colspan="2">between selling price less selling costs and carrying amount at the time of sale. Profits and losses</td></tr><tr><td colspan="2">are recognised in the Income statement together with depreciation and impairment losses or</td></tr><tr><td colspan="2">under other operating income if the selling price exceeds original 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 measured at amortised cost, usually equalling nominal value, less provisions for</td></tr><tr><td colspan="1">any bad 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 colspan="1">Prepayments</td></tr><tr><td colspan="1">Prepayments comprise incurred costs relating to subsequent financial years. Prepayments are</td></tr><tr><td colspan="1">measured at amortised cost, which usually corresponds to the 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">Equity</td></tr><tr><td colspan="1">Dividends are recognised as a liability at the time of adoption at the general meeting. The</td></tr><tr><td colspan="1">proposed dividends for the financial year are disclosed as a separate item under 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="2">Lease commitments</td></tr><tr><td colspan="2">Lease commitments relating to assets held under finance leases are recognised in the Balance</td></tr><tr><td>sheet as liabilities other than provisions,</td><td>and are measured at amortised cost after initial</td></tr><tr><td colspan="2">recognition. The interest portion of lease payments is recognised over the term of the contracts</td></tr><tr><td colspan="2">as financial costs 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">Financial liabilities</td></tr><tr><td colspan="1">At the time of borrowing, financial liabilities are measured at the proceeds received less</td></tr><tr><td colspan="1">transaction costs incurred, and subsequently measured at amortised cost, corresponding to the</td></tr><tr><td colspan="1">capitalised value using the effective interest method.</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">Other financial liabilities</td></tr><tr><td colspan="1">Other financial liabilities are recognised at amortised cost, which usually corresponds to nominal</td></tr><tr><td colspan="1">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">Other provisions</td></tr><tr><td colspan="1">Other provisions are recognised and measured as the best estimate of the expenses required to</td></tr><tr><td colspan="1">settle the liabilities at the Balance sheet date. Any provisions estimated to mature more than one</td></tr><tr><td colspan="1">year after the Balance sheet date would be discounted at the average bond yields.</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 received income for recognition in subsequent financial years.</td></tr><tr><td colspan="1">Deferred income is measured at amortised cost, which usually corresponds to nominal value.</td></tr></table> Årsrapport 34209936 Grant Thornton, Statsautoriseret Revisionspartnerselskab Stockholmgade 45 2100 København Ø xWizard version 1.1.1126.0, by EasyX Aps. www.easyx.eu 2020-01-01 2020-12-31 Revisionspåtegning Grundlag for konklusion Konklusion Hans Zabell Abildstrom Qamar Ul Arfeen Qadeer Qamar Ul Arfeen Qadeer 5 5 83000 40946000 41029000 68000 3188000 3256000 44285000 5333000 5690000 672000 1674000 13369000 688000 14057000 58342000 310000 14630000 14940000 5880000 1320000 7200000 3081000 27015000 3538000 695000 1873000 36202000 43402000 58342000 83000 44148000 44231000 42000 3398000 3440000 47671000 1124000 3367000 1056000 1798000 7345000 323000 7668000 55339000 310000 14636000 14946000 7756000 1400000 9156000 1265000 23791000 3231000 668000 2282000 31237000 40391000 55339000 27244000 15802000 11442000 1937000 9505000 8733000 1080000 1435000 417000 410000 7000 -6000 7000 Grant Thornton State Authorised Public Accountants 2100 Copenhagen Stockholmsgade 45 34209936 Jacob Helly Juell-Hansen State Authorized Public Accountant mne36169