36424141 2023-02-01 2024-01-31 36424141 2023-02-01 2024-01-31 0 36424141 2023-02-01 2024-01-31 1 36424141 2022-02-01 2023-01-31 36424141 2021-02-01 2022-01-31 36424141 2020-02-01 2021-01-31 36424141 2019-02-01 2020-01-31 36424141 2023-02-01 2024-01-31 0 36424141 2022-02-01 2023-01-31 1 36424141 2021-02-01 2022-01-31 2 36424141 2020-02-01 2021-01-31 3 36424141 2019-02-01 2020-01-31 4 36424141 2023-02-01 2024-01-31 5 36424141 2022-02-01 2023-01-31 6 36424141 2021-02-01 2022-01-31 7 36424141 2020-02-01 2021-01-31 8 36424141 2019-02-01 2020-01-31 9 36424141 2024-01-31 36424141 2023-01-31 36424141 2022-01-31 36424141 2021-01-31 36424141 2020-01-31 36424141 2023-02-01 2024-01-31 10 36424141 2022-02-01 2023-01-31 11 36424141 2021-02-01 2022-01-31 12 36424141 2020-02-01 2021-01-31 13 36424141 2019-02-01 2020-01-31 14 36424141 2023-02-01 2024-01-31 0 iso4217:DKK xbrli:pure 2023-02-01 2024-01-31 36424141 2024-07-31 Shaun Robert Gareth Redgrave <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 has today considered and adopted the annual report of Workday Denmark ApS (the</td></tr><tr><td colspan="1">‘Company’) for the financial year 1 February 2023 - 31 January 2024.</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 and management's review give a true and fair view of the financial</td></tr><tr><td colspan="1">position of the Company at 31 January 2024 and of the results of the Company's operations for the period</td></tr><tr><td colspan="1">1 February 2023 - 31 January 2024.</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 adopted at the Annual General Meeting.</td></tr></table> Copenhagen 2024-07-31 <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">Independent auditor's report</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the Shareholders of Workday 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 Workday Denmark ApS for the financial year 1 February</td></tr><tr><td colspan="1">2023 - 31 January 2024, which comprise a summary of significant accounting policies, income statement,</td></tr><tr><td colspan="1">balance sheet and notes, for the Company. The financial statements are prepared under the Danish</td></tr><tr><td colspan="1">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 Company</td></tr><tr><td colspan="1">at 31 January 2024, and of the results of the Company's operations for the financial year 1 February 2023</td></tr><tr><td colspan="1">- 31 January 2024 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 Financial</td></tr><tr><td colspan="1">Statements” section of our report. We are independent of the Company in accordance with the</td></tr><tr><td colspan="1">International Ethics Standards Board for Accountants’ International Code of Ethics for Professional</td></tr><tr><td colspan="1">Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have</td></tr><tr><td colspan="1">fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.</td></tr><tr><td colspan="1">We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for</td></tr><tr><td colspan="1">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 view in</td></tr><tr><td colspan="1">accordance with the Danish Financial Statements Act, and for such internal control as Management</td></tr><tr><td colspan="1">determines is necessary to enable the preparation of financial statements that are free from material</td></tr><tr><td colspan="1">misstatement, whether due to fraud or error.</td></tr><tr><td colspan="1">In preparing the financial statements, Management is responsible for assessing the Company’s ability to</td></tr><tr><td colspan="1">continue as a going concern, disclosing, as applicable, matters related to going concern and using the</td></tr><tr><td colspan="1">going concern basis of accounting in preparing the financial statements unless Management either</td></tr><tr><td colspan="1">intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Auditor’s Responsibilities for the Audit of the Financial Statements</td></tr><tr><td colspan="1">Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are</td></tr><tr><td colspan="1">free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that</td></tr><tr><td colspan="1">includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an</td></tr><tr><td colspan="1">audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will</td></tr><tr><td colspan="1">always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are</td></tr><tr><td colspan="1">considered material if, individually or in the aggregate, they could reasonably be expected to influence</td></tr><tr><td colspan="1">the economic decisions of users taken on the basis of these financial statements.</td></tr><tr><td colspan="1">As part of an audit conducted in accordance with ISAs and the additional requirements applicable in</td></tr><tr><td colspan="1">Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit.</td></tr><tr><td colspan="1">We also</td></tr><tr><td colspan="1">• Identify and assess the risks of material misstatement of the financial statements, whether due to</td></tr><tr><td colspan="1">fraud or error, design and perform audit procedures responsive to those risks, and obtain audit</td></tr><tr><td colspan="1">evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not</td></tr><tr><td colspan="1">detecting a material misstatement resulting from fraud is higher than for one resulting from error</td></tr><tr><td colspan="1">as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override</td></tr><tr><td colspan="1">of internal control.</td></tr><tr><td colspan="1">• Obtain an understanding of internal control relevant to the audit in order to design audit</td></tr><tr><td colspan="1">procedures that are appropriate in the circumstances, but not for the purpose of expressing an</td></tr><tr><td colspan="1">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</td></tr><tr><td colspan="1">estimates and related disclosures made by Management.</td></tr><tr><td colspan="1">• Conclude on the appropriateness of Management’s use of the going concern basis of accounting</td></tr><tr><td colspan="1">in preparing the financial statements and, based on the audit evidence obtained, whether a</td></tr><tr><td colspan="1">material uncertainty exists related to events or conditions that may cast significant doubt on the</td></tr><tr><td colspan="1">Company’s ability to continue as a going concern. If we conclude that a material uncertainty</td></tr><tr><td colspan="1">exists, we are required to draw attention in our auditor’s report to the related disclosures in the</td></tr><tr><td colspan="1">financial statements or, if such disclosures are inadequate, to modify our opinion. Our</td></tr><tr><td colspan="1">conclusions are based on the audit evidence obtained up to the date of our auditor’s report.</td></tr><tr><td colspan="1">However, future events or conditions may cause the Company to cease to continue as a going</td></tr><tr><td colspan="1">concern.</td></tr><tr><td colspan="1">• Evaluate the overall presentation, structure and contents of the financial statements, including the</td></tr><tr><td colspan="1">disclosures, and whether the financial statements represent the underlying transactions and events</td></tr><tr><td colspan="1">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</td></tr><tr><td colspan="1">and timing of the audit and significant audit findings, including any significant deficiencies in internal</td></tr><tr><td colspan="1">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="1">Statement on Management’s Review</td></tr><tr><td colspan="1">Management is responsible for Management’s Review.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not cover Management’s Review, and we do not express</td></tr><tr><td colspan="1">any form of assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the financial statements, our responsibility is to read Management’s</td></tr><tr><td colspan="1">Review and, in doing so, consider whether Management’s Review is materially inconsistent with the</td></tr><tr><td colspan="1">financial statements or our knowledge obtained during the audit, or otherwise appears to be materially</td></tr><tr><td colspan="1">misstated.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether Management’s Review provides the information</td></tr><tr><td colspan="1">required under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, we conclude that Management’s Review is in accordance with</td></tr><tr><td colspan="1">the financial statements and has been prepared in accordance with the requirements of the Danish</td></tr><tr><td colspan="1">Financial Statement Act. We did not identify any material misstatement of Management’s Review.</td></tr></table> Copenhagen 2024-07-31 Workday Denmark ApS Nybrogade 12 1203 Copenhagen K <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 HIGHLIGHTS</td></tr><tr><td colspan="1">The development of the Company over the last five year period, is described by the following financial</td></tr><tr><td colspan="1">highlights</td></tr></table> 164911867 165080000 -79000 546000 1.001 0.643 <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 above financial highlights should be read in conjunction with the accompanying notes.</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 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">Key activities</td></tr><tr><td colspan="1">The principal activity of the Company is the provision of marketing support and professional services to</td></tr><tr><td colspan="1">affiliated companies. The Company’s ultimate holding company is Workday, Inc., with its headquarters in</td></tr><tr><td colspan="1">Pleasanton, California, USA. Workday, Inc., delivers a new generation of Software as a Service (SaaS)</td></tr><tr><td colspan="1">Enterprise Software solutions designed to meet the needs of today’s dynamic and global enterprise. There</td></tr><tr><td colspan="1">was no significant change in the nature of the Company’s principal activity 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 colspan="1">Development in the period</td></tr><tr><td colspan="1">The net turnover of the Company for the year ended 31 January 2024 is DKK 164,911,867 (2023: DKK</td></tr><tr><td colspan="1">145,364,948). The net results for the year ended 31 January 2024 from ordinary activities after tax is a profit</td></tr><tr><td colspan="1">of DKK 11,311,504 (2023: DKK 15,805,027).</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">Future developments</td></tr><tr><td colspan="1">The directors are optimistic that the Company will achieve satisfactory growth in the foreseeable future.</td></tr><tr><td colspan="1">It is the intention of the Company to continue to provide marketing support and professional services to</td></tr><tr><td colspan="1">affiliated companies.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Principal risks and uncertainties</td></tr><tr><td colspan="1">The principal risks and uncertainties currently facing the business include the threat of competition and</td></tr><tr><td colspan="1">challenges associated with recruitment and retention of highly skilled employees.</td></tr><tr><td colspan="1">Management has considered its exposure to the following risks and does not consider the Company to have</td></tr><tr><td colspan="1">significant exposures in respect of these risks.</td></tr><tr><td colspan="1">The Company’s principal financial assets include cash, other debtors and amounts due from group</td></tr><tr><td colspan="1">undertakings. The credit risk associated with cash is limited. There is also limited risk with amounts due from</td></tr><tr><td colspan="1">group undertakings. Exposure to credit risk is monitored on an ongoing basis.</td></tr><tr><td colspan="1">Currency risk is the risk that the fair value of the future cash flow of a financial instrument will fluctuate</td></tr><tr><td colspan="1">because of changes in foreign exchange rates. Exposure to currency risk is monitored on an ongoing basis.</td></tr><tr><td colspan="1">These risks are managed in accordance with policies approved by the directors.</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">Uncertainty relating to recognition and measurement</td></tr><tr><td colspan="1">In preparing these financial statements, management has made certain judgements, estimates and</td></tr><tr><td colspan="1">assumptions in line with the Company's accounting policies. Management has not identified any material</td></tr><tr><td colspan="1">uncertainties relating to recognition and measurement.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">External environment</td></tr><tr><td colspan="1">The Company currently has no formal assessment of its environmental impact. As a software service</td></tr><tr><td colspan="1">provider, our business activities are not considered to be carbon intensive.</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">Subsequent events</td></tr><tr><td colspan="1">There have been no significant events affecting the Company since the year end that required adjustment to</td></tr><tr><td colspan="1">or disclosure in the financial statement.</td></tr></table> 168024 165079890 153359017 10682230 79125 10603105 -708399 11311504 <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>STATEMENT OF CHANGES IN EQUITY</b></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" ><b>Financial Year Ended 31 January 2024</b></td></tr><tr><td width="35%" ></td><td width="21%" colspan="1" align="right" valign="middle" >Share</td><td width="21%" colspan="1" align="right" valign="middle" >Retained</td><td width="23%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="35%" ></td><td width="21%" colspan="1" align="right" valign="middle" >capital</td><td width="21%" colspan="1" align="right" valign="middle" >earnings</td><td width="23%" colspan="1" align="right" valign="middle" >Total</td></tr><tr><td width="35%" ></td><td width="21%" colspan="1" align="right" valign="middle" >DKK</td><td width="21%" colspan="1" align="right" valign="middle" >DKK</td><td width="23%" colspan="1" align="right" valign="middle" >DKK</td></tr><tr><td colspan="4"></td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Equity at 1 February 2022</td><td width="21%" align="right" valign="middle" > 50.000 </td><td width="21%" align="right" valign="middle" > 12.135.248 </td><td width="23%" align="right" valign="middle" > 12.185.248 </td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >'Net profit for the year</td><td width="21%" align="right" valign="middle" > - </td><td width="21%" align="right" valign="middle" > 15.805.027 </td><td width="23%" align="right" valign="middle" > 15.805.027 </td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" ><b>Equity at 31 January 2023</b></td><td width="21%" align="right" valign="middle" > 50.000 </td><td width="21%" align="right" valign="middle" > 27.940.275 </td><td width="23%" align="right" valign="middle" > 27.990.275 </td></tr><tr><td colspan="4"></td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Equity at 1 February 2023</td><td width="21%" align="right" valign="middle" > 50.000 </td><td width="21%" align="right" valign="middle" > 27.940.275 </td><td width="23%" align="right" valign="middle" > 27.990.275 </td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >'Net profit for the year</td><td width="21%" align="right" valign="middle" > - </td><td width="21%" align="right" valign="middle" > 11.311.504 </td><td width="23%" align="right" valign="middle" > 11.311.504 </td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" ><b>Equity at 31 January 2024</b></td><td width="21%" align="right" valign="middle" > 50.000 </td><td width="21%" align="right" valign="middle" > 39.251.779 </td><td width="23%" align="right" valign="middle" > 39.301.779 </td></tr><tr><td colspan="4"></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >The above statement of changes in equity should be read in conjunction with the accompanying notes.</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>Accounting policies</td></tr><tr><td /><td>The annual report of Workday Denmark ApS for 2024 has been prepared in accordance with the</td></tr><tr><td /><td>provisions in the Danish Financial Statements Act applying to enterprises of reporting class C.</td></tr><tr><td /><td>The accounting policies applied remain unchanged from prior year.</td></tr><tr><td /><td>The financial statements for 2024 are presented in DKK.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Cash flow statement</td></tr><tr><td /><td>With reference to section 86(4) of the Danish Financial Statements Act and to the cash flow</td></tr><tr><td /><td>statement included in the consolidated financial statements of Workday, Inc., the Company has not</td></tr><tr><td /><td>prepared a cash flow statement.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Translation policies</td></tr><tr><td /><td>Upon initial recognition, foreign currency transactions are translated by applying the exchange rate</td></tr><tr><td /><td>at the transaction date. Receivables, payables and other monetary items denominated in foreign</td></tr><tr><td /><td>currencies that have not been settled at the balance sheet date are translated using the exchange</td></tr><tr><td /><td>rate at the balance sheet date.</td></tr><tr><td /><td>Exchange differences that arise between the rate at the transaction date and the rate in effect at the</td></tr><tr><td /><td>payment date or the rate at the balance sheet date are recognised in the income statement as</td></tr><tr><td /><td>financial income or financial expenses.</td></tr><tr><td /><td>Property, plant and equipment, intangible assets, inventories and other non-monetary assets that</td></tr><tr><td /><td>have been purchased in 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 /><td>Income statement</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Revenue</td></tr><tr><td /><td>The Company has selected IAS 18 as its interpretation for revenue recognition. Income from the</td></tr><tr><td /><td>sale of marketing support and professional services is recognised in revenue when the most</td></tr><tr><td /><td>significant rewards and risks have been transferred to the buyer, the income can be measured</td></tr><tr><td /><td>reliably and payment is expected to be received.</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 expenses</td></tr><tr><td /><td>Staff expenses are comprised of wages and salaries, including holiday allowance and pensions</td></tr><tr><td /><td>and other social security costs for the Company's employees. Refunds received from public</td></tr><tr><td /><td>authorities are deducted from staff costs.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Administrative expenses</td></tr><tr><td /><td>Other operating expenses comprise of cost of sales, advertisement, administration, facility costs</td></tr><tr><td /><td>and loss on debtors.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Financial income and expenses</td></tr><tr><td /><td>Other financial income comprises interest income, including net capital or exchange gains on</td></tr><tr><td /><td>securities, payables and transactions in foreign currencies, amortisation of financial assets as</td></tr><tr><td /><td>well as tax relief under the Danish Tax Prepayment Scheme etc.</td></tr><tr><td /><td>Other financial expenses comprise interest expenses, including net capital or exchange losses on</td></tr><tr><td /><td>securities, payables and transactions in foreign currencies, amortisation of financial liabilities as</td></tr><tr><td /><td>well as tax surcharge under the Danish Tax Prepayment Scheme etc.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Tax for the year</td></tr><tr><td /><td>Tax for the year which consists of current tax for the period and changes in deferred tax, is</td></tr><tr><td /><td>recognised in the income statement by the portion attributable to the profit for the year and</td></tr><tr><td /><td>recognised directly in equity by the portion attributable to entries directly in 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 /><td>Balance sheet</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Leases</td></tr><tr><td /><td>The Company has selected IAS 17 as interpretation for classification and recognition of leases.</td></tr><tr><td /><td>On initial recognition, leases for assets that transfer substantially all the risk and rewards incident</td></tr><tr><td /><td>to ownership to the Company (finance leases) are measured in the balance sheet at the lower of</td></tr><tr><td /><td>fair value and the net present value of future lease payments. In calculating the net present</td></tr><tr><td /><td>value, the interest rate implicit in the lease or the incremental borrowing rate is used as the</td></tr><tr><td /><td>discount factor. Assets held under finance leases are subsequently accounted for as the</td></tr><tr><td /><td>Company’s other assets.</td></tr><tr><td /><td>The capitalised residual lease liability is recognised in the balance sheet as a liability and the</td></tr><tr><td /><td>interest element of the lease payment is recognised in the statement of profit and loss over the</td></tr><tr><td /><td>term of the lease.</td></tr><tr><td /><td>All other leases are considered operating leases. Payments relating to operating leases and</td></tr><tr><td /><td>other leases are recognised in the statement of profit and loss over the term of the lease. The</td></tr><tr><td /><td>Company’s total liabilities relating to operating leases and other leases are disclosed in</td></tr><tr><td /><td>contingencies, etc.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Property, plant and equipment</td></tr><tr><td /><td>Land and buildings, plant and machinery, other fixtures and fittings, tools and equipment are</td></tr><tr><td /><td>measured at cost less accumulated depreciation and impairment losses. Land is not depreciated.</td></tr><tr><td /><td>The cost comprises the acquisition price, costs directly attributable to the acquisition and</td></tr><tr><td /><td>preparation costs of the asset until the time when it is ready to be put into operation. The cost of</td></tr><tr><td /><td>self-constructed assets comprises direct and indirect costs of materials, components, sub-</td></tr><tr><td /><td>suppliers and wages and salaries as well as borrowing costs relating to specific and general</td></tr><tr><td /><td>borrowing directly attributable to the construction of the individual asset.</td></tr><tr><td /><td>Interest expenses on loans to finance the production of items of property, plant and equipment</td></tr><tr><td /><td>and which relate to the production period, are recognised as cost. All other borrowing costs are</td></tr><tr><td /><td>recognised in the income statement.</td></tr><tr><td /><td>Where individual components of an item of property, plant and equipment have different useful</td></tr><tr><td /><td>lives, they are accounted for as separate items, which are depreciated separately.</td></tr><tr><td /><td>The basis of depreciation is cost less estimated residual value after the end of useful life.</td></tr><tr><td /><td>Straight-line depreciation is made on the basis of the following estimated useful lives of the</td></tr><tr><td /><td>assets</td></tr><tr><td /><td>Plant and machinery</td><td>2-3 years</td></tr><tr><td /><td>Leasehold improvements</td><td>10 years or the lease term, whichever is shorter</td></tr><tr><td /><td>Estimated useful lives and residual values are reassessed annually.</td></tr><tr><td /><td>The basis of depreciation is based on the residual value of the asset at the end of its useful life</td></tr><tr><td /><td>and is reduced by impairment losses, if any. The depreciation period and the residual value are</td></tr><tr><td /><td>determined at the time of acquisition and are reassessed every year. Where the residual value</td></tr><tr><td /><td>exceeds the carrying amount of the asset, no further depreciation are recognised.</td></tr><tr><td /><td>In cases of changes in the depreciation period or the residual value, the effect on the</td></tr><tr><td /><td>amortisation charges is recognised prospectively as a change in accounting estimates.</td></tr><tr><td /><td>Depreciation is recognised in the income statement as production costs, distribution costs and</td></tr><tr><td /><td>administrative expenses, respectively.</td></tr><tr><td /><td>Gains and losses on the disposal of property, plant and equipment are determined as the</td></tr><tr><td /><td>difference between the selling price less costs to sell and the carrying amount at the date of</td></tr><tr><td /><td>disposal. Gains and losses are recognised in the income statement as other operating income or</td></tr><tr><td /><td>other operating expenses, respectively.</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>Receivables</td></tr><tr><td /><td>Receivables are measured at amortised cost. The Company has selected IAS 39 as</td></tr><tr><td /><td>interpretation for impairment write-down of financial receivables.</td></tr><tr><td /><td>Write-down for bad and doubtful debts is made when there is objective evidence that a</td></tr><tr><td /><td>receivable or a portfolio of receivables has been impaired. If there is objective evidence that an</td></tr><tr><td /><td>individual receivable has been impaired, an impairment loss is recognised on an individual basis.</td></tr><tr><td /><td>Receivables in respect of which there is no objective evidence of individual impairment are tested</td></tr><tr><td /><td>for objective evidence of impairment on a portfolio basis.</td></tr><tr><td /><td>Impairment losses are calculated as the difference between the carrying amount of the</td></tr><tr><td /><td>receivables and the present value of the expected cash flows, including the realisable value of</td></tr><tr><td /><td>any collateral received. The effective interest rate of the individual receivable or portfolio is used</td></tr><tr><td /><td>as discount rate.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Prepayments</td></tr><tr><td /><td>Prepayments comprise incurred costs relating to subsequent financial years. Prepayments are</td></tr><tr><td /><td>measured at 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 /><td>Deferred tax assets and liabilities</td></tr><tr><td /><td>Deferred income tax is measured using the balance sheet liability method in respect of temporary</td></tr><tr><td /><td>differences arising between the tax bases of assets and liabilities and their carrying amounts for</td></tr><tr><td /><td>financial reporting purposes on the basis of the intended use of the asset and settlement of the</td></tr><tr><td /><td>liability, respectively.</td></tr><tr><td /><td>Deferred tax assets are measured at the value at which the asset is expected to be realised,</td></tr><tr><td /><td>either by elimination in tax on future earnings or by set-off against deferred tax liabilities within</td></tr><tr><td /><td>the same legal tax entity.</td></tr><tr><td /><td>Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under</td></tr><tr><td /><td>the legislation at the balance sheet date when the deferred tax is expected to crystallise as</td></tr><tr><td /><td>current tax. Any changes in deferred tax due to changes to tax rates are recognised in the</td></tr><tr><td /><td>income statement or in equity if the deferred tax relates to items recognised in 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 /><td>Current tax receivables and liabilities</td></tr><tr><td /><td>Current tax payable or receivable is recognised in the balance sheet, stated as tax computed on</td></tr><tr><td /><td>this period’s taxable income, adjusted for prepaid tax.</td></tr><tr><td /><td>The Company acts as administration company for the group companies subject to the Danish</td></tr><tr><td /><td>scheme of joint taxation and is unlimitedly, jointly and severally liable, along with other jointly</td></tr><tr><td /><td>taxed companies, for the total corporation tax.</td></tr><tr><td /><td>The Company is unlimitedly, jointly and severally liable, along with other jointly taxed companies,</td></tr><tr><td /><td>for any obligations to withhold tax on interest, royalties and dividends.</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>Liabilities</td></tr><tr><td /><td>Financial liabilities are initially recognised at fair value less costs paid. On subsequent</td></tr><tr><td /><td>recognition, financial liabilities are measured at amortised cost, corresponding to the capitalised</td></tr><tr><td /><td>value, using the effective interest rate. Accordingly, the difference between the proceeds and the</td></tr><tr><td /><td>nominal value is recognised in the income statement over the term of the loan.</td></tr><tr><td /><td>Financial liabilities also include the capitalised residual lease liability in respect of finance leases.</td></tr><tr><td /><td>Other liabilities are measured at net 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 /><td>Financial highlights</td></tr><tr><td /><td>Explanation of financial ratios</td></tr><tr><td /><td>'Gross margin</td><td>Gross profit x 100</td></tr><tr><td /><td /><td>'Revenue</td></tr><tr><td /><td>Net margin</td><td>Net profit/loss for the year x100</td></tr><tr><td /><td /><td>'Revenue</td></tr><tr><td /><td>Solvency ratio</td><td>Equity at year end x100</td></tr><tr><td /><td /><td>Total assets at year end</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Staff costs</b></td></tr><tr><td width="39%" ></td><td width="39%" align="right" valign="middle" >2024</td><td width="22%" align="right" valign="middle" >2023</td></tr><tr><td width="39%" ></td><td width="39%" colspan="1" align="right" valign="middle" >DKK</td><td width="22%" colspan="1" align="right" valign="middle" >DKK</td></tr><tr><td colspan="3"></td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Salaries</td><td width="39%" align="right" valign="middle" > 125.488.096 </td><td width="22%" align="right" valign="middle" > 108.438.425 </td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Pensions</td><td width="39%" align="right" valign="middle" > 11.236.475 </td><td width="22%" align="right" valign="middle" > 9.771.495 </td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Other staff costs</td><td width="39%" align="right" valign="middle" > 3.090.498 </td><td width="22%" align="right" valign="middle" > 1.604.732 </td></tr><tr><td width="39%" ></td><td width="39%" align="right" valign="middle" > 139.815.069 </td><td width="22%" align="right" valign="middle" > 119.814.652 </td></tr><tr><td colspan="3"></td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Average number of employees</td><td width="39%" align="right" valign="middle" >119</td><td width="22%" align="right" valign="middle" >109</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Staff costs are included in the administration expenses in the income statement.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Remuneration to the Executive Board has not been disclosed in accordance with section 98 B(3) of the</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Danish Financial Statements Act.</td></tr><tr><td colspan="3"></td></tr></table> 119 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Tax on profit for the year</b></td></tr><tr><td width="39%" ></td><td width="39%" align="right" valign="middle" >2024</td><td width="22%" align="right" valign="middle" >2023</td></tr><tr><td width="39%" ></td><td width="39%" colspan="1" align="right" valign="middle" >DKK</td><td width="22%" colspan="1" align="right" valign="middle" >DKK</td></tr><tr><td colspan="3"></td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Current tax</td><td width="39%" align="right" valign="middle" >- 859.076 </td><td width="22%" align="right" valign="middle" > - </td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Change in deferred tax</td><td width="39%" align="right" valign="middle" > 10.404.335 </td><td width="22%" align="right" valign="middle" >- 7.350.148 </td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Adjustment to tax prior year</td><td width="39%" align="right" valign="middle" >- 10.253.658 </td><td width="22%" align="right" valign="middle" > - </td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Interest</td><td width="39%" align="right" valign="middle" > - </td><td width="22%" align="right" valign="middle" >- 1.191 </td></tr><tr><td width="39%" ></td><td width="39%" align="right" valign="middle" >- 708.399 </td><td width="22%" align="right" valign="middle" >- 7.351.339 </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 /><td>Distribution of profit</td></tr><tr><td /><td /><td>2024</td><td>2023</td></tr><tr><td /><td /><td>DKK</td><td>DKK</td></tr></table><br><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 /><td>Proposed distribution of the results</td></tr></table> 11311504 <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 colspan="5"></td></tr><tr><td width="28%" ></td><td width="28%" colspan="1" align="right" valign="middle" >Leasehold</td><td width="14%" colspan="1" align="right" valign="middle" >Construction in</td><td width="17%" colspan="1" align="right" valign="middle" >Other fixtures and</td><td width="13%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="28%" ></td><td width="28%" colspan="1" align="right" valign="middle" >improvements</td><td width="14%" colspan="1" align="right" valign="middle" >progress</td><td width="17%" colspan="1" align="right" valign="middle" >fittings, tools and</td><td width="13%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="28%" ></td><td width="28%" ></td><td width="14%" ></td><td width="17%" colspan="1" align="right" valign="middle" >equipment</td><td width="13%" colspan="1" align="right" valign="middle" >Total</td></tr><tr><td width="28%" ></td><td width="28%" colspan="1" align="right" valign="middle" >DKK</td><td width="14%" colspan="1" align="right" valign="middle" >DKK</td><td width="17%" colspan="1" align="right" valign="middle" >DKK</td><td width="13%" colspan="1" align="right" valign="middle" >DKK</td></tr><tr><td colspan="5"></td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" >Cost at 1 February</td><td width="28%" align="right" valign="middle" > 1.608.010 </td><td width="14%" align="right" valign="middle" > - </td><td width="17%" align="right" valign="middle" > 1.119.045 </td><td width="13%" align="right" valign="middle" > 2.727.055 </td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" >Additions</td><td width="28%" align="right" valign="middle" > - </td><td width="14%" align="right" valign="middle" > 479.559 </td><td width="17%" align="right" valign="middle" > 66.072 </td><td width="13%" align="right" valign="middle" > 545.631 </td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" >Transfers</td><td width="28%" align="right" valign="middle" > - </td><td width="14%" align="right" valign="middle" >- 142.628 </td><td width="17%" align="right" valign="middle" >- 153.693 </td><td width="13%" align="right" valign="middle" >- 296.321 </td></tr><tr><td colspan="5"></td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" ><b>Cost at 31 January</b></td><td width="28%" align="right" valign="middle" > 1.608.010 </td><td width="14%" align="right" valign="middle" > 336.931 </td><td width="17%" align="right" valign="middle" > 1.031.424 </td><td width="13%" align="right" valign="middle" > 2.976.365 </td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Depreciation and</td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" >impairment losses at 1</td><td width="28%" align="right" valign="middle" > 841.401 </td><td width="14%" align="right" valign="middle" > - </td><td width="17%" align="right" valign="middle" > 252.813 </td><td width="13%" align="right" valign="middle" > 1.094.214 </td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >February</td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" >Depreciation</td><td width="28%" align="right" valign="middle" > 448.747 </td><td width="14%" align="right" valign="middle" > - </td><td width="17%" align="right" valign="middle" > 123.183 </td><td width="13%" align="right" valign="middle" > 571.930 </td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Depreciation and</b></td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" ><b>impairment losses at</b></td><td width="28%" align="right" valign="middle" > 1.290.148 </td><td width="14%" align="right" valign="middle" > - </td><td width="17%" align="right" valign="middle" > 375.996 </td><td width="13%" align="right" valign="middle" > 1.666.144 </td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>31 January</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" ><b>Carrying amount at 31</b></td><td width="28%" align="right" valign="middle" > 317.862 </td><td width="14%" align="right" valign="middle" > 336.931 </td><td width="17%" align="right" valign="middle" > 655.428 </td><td width="13%" align="right" valign="middle" > 1.310.221 </td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>January</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="3" align="left" valign="middle" ><b>Deposits</b></td></tr><tr><td width="39%" ></td><td width="39%" align="right" valign="middle" >2024</td><td width="22%" align="right" valign="middle" >2023</td></tr><tr><td width="39%" ></td><td width="39%" colspan="1" align="right" valign="middle" >DKK</td><td width="22%" colspan="1" align="right" valign="middle" >DKK</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Deposits at 1 February</td><td width="39%" align="right" valign="middle" > 1.246.447 </td><td width="22%" align="right" valign="middle" > 1.214.906 </td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Additions</td><td width="39%" align="right" valign="middle" > - </td><td width="22%" align="right" valign="middle" > 31.542 </td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Disposals</td><td width="39%" align="right" valign="middle" >- 1.246.447 </td><td width="22%" align="right" valign="middle" > - </td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" ><b>Deposits at 31 January</b></td><td width="39%" align="right" valign="middle" > - </td><td width="22%" align="right" valign="middle" > 1.246.448 </td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Other receivables</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Other receivables relate to prepayments for which the period between payment and transfer of services is</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >greater than 1 year.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Deferred tax asset</b></td></tr><tr><td width="39%" ></td><td width="39%" align="right" valign="middle" >2024</td><td width="22%" align="right" valign="middle" >2023</td></tr><tr><td width="39%" ></td><td width="39%" colspan="1" align="right" valign="middle" >DKK</td><td width="22%" colspan="1" align="right" valign="middle" >DKK</td></tr><tr><td colspan="3"></td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Deferred tax asset at 1 February</td><td width="39%" align="right" valign="middle" > 10.404.334 </td><td width="22%" align="right" valign="middle" > 3.054.186 </td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Amounts recognised in the income statement for the year</td><td width="39%" align="right" valign="middle" > 708.399 </td><td width="22%" align="right" valign="middle" > 7.350.148 </td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >NOL Utilised to offset Peakon ApS taxable income</td><td width="39%" align="right" valign="middle" >- 11.112.733 </td><td width="22%" align="right" valign="middle" > - </td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" ><b>Deferred tax asset at 31 January</b></td><td width="39%" align="right" valign="middle" > - </td><td width="22%" align="right" valign="middle" > 10.404.334 </td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The company has a non-recognized tax asset representing a value of 7,637 TDKK, related to tax losses</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >available for carry forward.</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Prepayments</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Prepayments relate to prepaid rent, insurance, marketing, software subscriptions, etc.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Long-term debt</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Payments due within 1 year are recognised in short-term debt. Other debt is recognised in long-term</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >debt.</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The debt falls due for payment as specified below</td></tr><tr><td width="39%" ></td><td width="39%" align="right" valign="middle" >2024</td><td width="22%" align="right" valign="middle" >2023</td></tr><tr><td width="39%" ></td><td width="39%" colspan="1" align="right" valign="middle" >DKK</td><td width="22%" colspan="1" align="right" valign="middle" >DKK</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Credit institutions</b></td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Between 1 and 5 years</td><td width="39%" align="right" valign="middle" > - </td><td width="22%" align="right" valign="middle" > - </td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Long-term part</td><td width="39%" align="right" valign="middle" > - </td><td width="22%" align="right" valign="middle" > - </td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Within 1 year</td><td width="39%" align="right" valign="middle" >- 517.597 </td><td width="22%" align="right" valign="middle" >- 194.470 </td></tr><tr><td width="39%" ></td><td width="39%" align="right" valign="middle" >- 517.597 </td><td width="22%" align="right" valign="middle" >- 194.470 </td></tr><tr><td colspan="3"></td></tr><tr><td width="39%" ></td><td width="39%" align="right" valign="middle" >2024</td><td width="22%" align="right" valign="middle" >2023</td></tr><tr><td width="39%" ></td><td width="39%" colspan="1" align="right" valign="middle" >DKK</td><td width="22%" colspan="1" align="right" valign="middle" >DKK</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Leases</b></td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Within 1 year</td><td width="39%" align="right" valign="middle" >- 1.499.881 </td><td width="22%" align="right" valign="middle" >- 2.523.560 </td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Between 1 and 5 years</td><td width="39%" align="right" valign="middle" > - </td><td width="22%" align="right" valign="middle" >- 1.499.881 </td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Long-term part</td><td width="39%" align="right" valign="middle" > - </td><td width="22%" align="right" valign="middle" > - </td></tr><tr><td width="39%" ></td><td width="39%" align="right" valign="middle" >- 1.499.881 </td><td width="22%" align="right" valign="middle" >- 4.023.441 </td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Contingent assets, liabilities and other financial obligations</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="39%" ></td><td width="39%" align="right" valign="middle" >2024</td><td width="22%" align="right" valign="middle" >2023</td></tr><tr><td width="39%" ></td><td width="39%" colspan="1" align="right" valign="middle" >DKK</td><td width="22%" colspan="1" align="right" valign="middle" >DKK</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Rental and lease obligations</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Lease obligations under operating leases. Total future lease</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >payments</td></tr><tr><td width="39%" colspan="1" align="left" valign="middle" >Rental and lease agreements until maturity</td><td width="39%" align="right" valign="middle" > 1.499.933 </td><td width="22%" align="right" valign="middle" > 4.023.779 </td></tr><tr><td width="39%" ></td><td width="39%" align="right" valign="middle" > 1.499.933 </td><td width="22%" align="right" valign="middle" > 4.023.779 </td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="2" align="left" valign="middle" ><b>Related parties</b></td></tr><tr><td colspan="2"></td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="right" valign="middle" ><b>Basis</b></td></tr><tr><td colspan="2"></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" ><b>Controlling interest</b></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Workday Limited, The King's Building,</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >May Lane, Dublin 7, Ireland</td><td width="50%" colspan="1" align="right" valign="middle" >Parent company</td></tr><tr><td colspan="2"></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Workday, Inc., The Corporation Trust Company</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Corporation Trust Center, 1209 Orange Street</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Wilmington, DE 19801, USA</td><td width="50%" colspan="1" align="right" valign="middle" >Ultimate parent company</td></tr><tr><td colspan="2"></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" ><b>Transactions</b></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >During the year, the Company had the following transactions with related parties</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >All transactions with related parties are entered into at arm's length.</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Sale of services to group companies</td></tr><tr><td colspan="2"></td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Workday, Inc.</td><td width="50%" colspan="1" align="right" valign="middle" >TDKK 0 (2023: TDKK 0)</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Other related parties</td><td width="50%" colspan="1" align="right" valign="middle" >TDKK 165,859 (2023: TDKK 145,365)</td></tr><tr><td colspan="2"></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Purchase of services</td></tr><tr><td colspan="2"></td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Workday, Inc.</td><td width="50%" colspan="1" align="right" valign="middle" >TDKK 365 (2023: TDKK 838)</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Other related parties</td><td width="50%" colspan="1" align="right" valign="middle" >TDKK 35 (2023: TDKK -1,519)</td></tr><tr><td colspan="2"></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >The following balances are outstanding at the end of the reporting year in relation to transactions with</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >related parties</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Receivables</td></tr><tr><td colspan="2"></td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Workday, Inc.</td><td width="50%" colspan="1" align="right" valign="middle" >TDKK 0 (2023: TDKK 0)</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Other related parties</td><td width="50%" colspan="1" align="right" valign="middle" >TDKK 35,754 (2023: TDKK 183,808)</td></tr><tr><td colspan="2"></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Payables</td></tr><tr><td colspan="2"></td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Workday, Inc.</td><td width="50%" colspan="1" align="right" valign="middle" >TDKK 80 (2023: TDKK 292)</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Other related parties</td><td width="50%" colspan="1" align="right" valign="middle" >TDKK 2,941 (2023: TDKK 159,242)</td></tr><tr><td colspan="2"></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" ><b>Consolidated Financial Statements</b></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >The immediate parent company and controlling party is Workday Limited, a limited company incorporated</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >in the Republic of Ireland with its registered office at at The King’s Building, May Lane, Dublin 7, Republic</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >of Ireland.</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >The ultimate parent company and controlling party is Workday, Inc., a company incorporated in the United</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >States of America with its registered office at The Corporation Trust Company, Corporation Trust Center,</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >1209 Orange Street, Wilmington, DE 19801, United States of America.</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >The smallest and largest group into which the results of Workday Denmark ApS are consolidated is</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Workday, Inc. The consolidated financial statements are available from the ultimate parent company’s</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >website at www.workday.com/en-us/company/investor-relations.html.</td></tr><tr><td colspan="2"></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Name</td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >Place of registered office</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Workday, Inc.</td><td width="50%" colspan="1" align="left" valign="middle" >The Corporation Trust Company</td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >Corporation Trust Center, 1209 Orange Street</td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >Wilmington, DE 19801, USA</td></tr></table> Årsrapport 34209936 Grant Thornton, Statsautoriseret Revisionspartnerselskab Stockholmgade 45 2100 København Ø xWizard version 1.1.1272.2, by EasyX Aps. www.easyx.eu 2022-02-01 2023-01-31 Revisionspåtegning Grundlag for konklusion Konklusion Reporting class C, medium-size enterprise Shaun Robert Gareth Redgrave Brian Stephen Montgomery 145364948 145365000 -746000 1723000 1 0.135 0 145364948 133603029 9199690 746002 8453688 -7351339 15805027 109 15805027 104122000 104122000 -146000 1893000 1 0.128 25171000 25171000 -4000 0 1 0.289 20675000 20675000 -35000 0 1 0.337 Operating profit/loss 10682000 Operating profit/loss 9200000 Operating profit/loss 5871000 Operating profit/loss 1228000 Operating profit/loss 1025000 Net profit/loss for the period/year 11312000 Net profit/loss for the period/year 15805000 Net profit/loss for the period/year 8772000 Net profit/loss for the period/year 950000 Net profit/loss for the period/year 749000 61078692 39301779 317862 655428 336931 1310221 0 134098 1444319 2130562 35754156 0 43000 389 2111894 40040001 19594372 59634373 50000 39251779 517597 0 517597 889700 3021388 17348228 21259316 21776913 61078692 0 207429885 27990275 766609 866232 0 1632841 1246448 1733794 4613083 989034 183808191 10404334 118000 445203 1174741 196939503 5877299 202816802 50000 27940275 194470 615760 810230 1356002 159533781 17739597 178629380 179439610 207429885 0 94899000 12185000 11815000 3413000 7322000 2464000 Net margin 0.069 Net margin 0.109 Net margin 0.084 Net margin 0.038 Net margin 0.036 Grant Thornton Certified Public Accountants 34209936 Jacob Helly Juell-Hansen State Authorised Public Accountant mne36169 Stockholmsgade 45 2100 Copenhagen