iso4217:DKK258132862021-01-012021-12-31258132862021-01-012021-12-311258132862021-01-012021-12-311258132862021-01-012021-12-312258132862021-01-012021-12-313258132862021-01-012021-12-312258132862021-01-012021-12-31258132862020-01-012020-12-31258132862021-01-012021-12-31fsa:RetainedEarningsMember258132862021-01-012021-12-31fsa:RetainedEarningsMember258132862020-01-012020-12-31fsa:RetainedEarningsMember258132862021-12-31258132862020-12-31258132862021-01-01fsa:RetainedEarningsMember258132862021-01-01258132862021-12-31fsa:RetainedEarningsMember258132862021-01-012021-12-31fsa:ShorttermDeferredIncomeMemberGrundlag for konklusionKonklusionRegnskabsklasse C, mellemstor virksomhed2020-01-012020-12-3133963556København S23006WeidekampsgadeDeloitte Statsautoriseret RevisionspartnerselskabKøbenhavnKøbenhavn S2300Revisionspåtegning2021-12-312021-01-01 139HolmbladsgadeMIT TELE I/S25813286339635562300 København SWeidekampsgade 6Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapportDanske BankHolmens Kanal 2-121092 København CThe Board of Directors has today considered and approved the annual report of MIT TELE I/S for the financial year 01.01.2021 - 31.12.2021.The annual report is presented in accordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2021 and of the results of its operations for the financial year 01.01.2021 - 31.12.2021.We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.We recommend the annual report for adoption at the Annual General Meeting.Copenhagen2022-06-30Ole StenkilBrian Zack ChristensenZornitsa Radkova-LundChairmanTo the shareholders of MIT TELE I/SWe have audited the financial statements of MIT TELE I/S for the financial year 01.01.2021 - 31.12.2021, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2021 and of the results of its operations for the financial year 01.01.2021 - 31.12.2021 in accordance with the Danish Financial Statements Act.We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor’s responsibilities for the audit of the financial statements" section of this auditor’s report. We are independent of the Entity in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Entity’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so.Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Entity’s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial statements, and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Entity to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures in the notes, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.Management is responsible for the management commentary. Our opinion on the financial statements does not cover the management commentary, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the management commentary and, in doing so, consider whether the management commentary is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the management commentary provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the management commentary is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the management commentary. Copenhagen2022-06-30Christian SanderhageHenrik Hartmann Olesenmne23347mne34143State Authorised Public AccountantState Authorised Public AccountantFinancial highlights2021 DKK'0002020 DKK'0002019 DKK'0002018 DKK'0002017 DKK'000Key figuresRevenue125,443157,200227,129285,613332,513Gross profit/loss60,78365,76879,024110,54197,214Operating profit/loss60,78365,76878,923107,57594,247Net financials4295295065Profit/loss for the year60,82565,86378,952107,62594,312Total assets106,739118,034144,166171,810129,310Equity100,955105,994119,082147,75594,312RatiosGross margin (%)48.4541.8434.7938.7029.24EBIT margin (%)48.4541.8434.7537.6628.34Net margin (%)48.4941.9034.7637.6828.36Return on equity (%)58.7858.5359.1888.9296.90Equity ratio (%)94.5889.8082.6086.0072.93Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark.Gross margin (%) :Gross profit/loss * 100 RevenueEBIT margin (%):Operating profit/loss * 100 RevenueNet margin (%) :Profit/loss for the year * 100 RevenueReturn on equity (%) :Profit/loss for the year * 100 Average equityEquity ratio (%) :Equity * 100 Total assetsPrimary activitiesThe partnership's primary activities are to carry on business on the market for mobile and fixed-line telephony, internet, broadband, and television as well as other related activities.Development in activities and financesResults for 2021 shows a profit before tax of DKK 60.825 thousand which is considered satisfactory. As a result of organisational structures and activity a new agreement of cost allocation between the owners and the company has been made. The profit of the year is affected by the increased intercompany costs and as a result the profit of the year has decreased compared to 2020.Profit/loss for the year in relation to expected developmentsThe development in the profit for the year is as the management expects as the management is expecting a decrease in activity. OutlookManagements expects a lower result for the year 2022 compared to 2021.Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report.1254430001572000005200100066018000126590002541400060783000657680004300095000100006082500065863000608250006082500065863000141080001590200087810000971000004694000500000010661200011800200012700032000106739000118034000106739000118034000100955000105994000100955000105994000105994000105994000100955000236700071940002824000398900058400085500090002000578400012040000578400012040000106739000118034000-65864000-658640001 Proposed distribution of profit and loss2021 DKK'0002020 DKK'000Retained earnings 60,82565,863 60,82565,8632 PrepaymentsPrepayments consist of prepaid expenses concerning subscriptions.3 Deferred incomeDeferred income consist of other deferred revenues.4 Related parties with controlling interestRelated parties with controlling interest consists of Telia Company AB, Solna, Sweden. In Denmark Telia Company AB, Solna Sweden has primarialy activities via its branch Telia Danmark, branch of Telia Company AB. 5 Transactions with related partiesAll transactions with related parties have occurred on normal market conditions in the financial year 2021.This annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (medium).The accounting policies applied to these financial statements are consistent with those applied last year.falseRecognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic benefits will flow to the Entity, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial recognition is effected as described below for each financial statement item. Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and measurement. Income is recognised in the income statement when earned, whereas costs are recognised by the amounts attributable to this financial year.RevenueIncome from telephony is recognised at the time when the call is made. Income from subscriptions and fixedprice consumption-related services is recognised over the perod of the subscription. Income from the sale of equipment is recognised at the time of delivery. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed.Costs of raw materials and consumablesCosts of raw materials and consumables comprise the consumption of raw materials and consumables for the financial year after adjustment for changes in inventories of these goods from the beginning to the end of the year. This item includes shrinkage, if any, and ordinary writedowns of the relevant inventories.Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities, including expenses for premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of receivables recognised in current assets.Other financial incomeOther financial expenses comprise interest income and is recognised in the income statement by the amounts related to the financial year. Other financial expensesOther financial expenses comprise interest expenses and is recognised in the income statement by the amounts related to the financial year. ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and doubtful debts.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost.CashCash comprises cash in hand and bank deposits.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Deferred incomeDeferred income comprises income received for recognition in subsequent financial years. Deferred income is measured at cost.Cash flow statementPursuant to section 86(4) of the Danish Financial Statements Act, the partnership has not prepared any cash flow statement as the Partnership is included in the cash flow statement for TeliaSonera AB, Sweden2022-06-30Brian Zack Christensen