Annual Report 2022
74
Consolidated
Financial
Statements 2022
09
TRIFORK GROUP
Annual Report 2022
75
Trifork Group Consolidated Financial Statements
Contents
Consolidated Income Statement .........................................................................................................76
Consolidated Statement of Comprehensive Income
...............................................................76
Consolidated Statement of Financial Position
..............................................................................77
Consolidated Statement of Changes in Shareholders' Equity
............................................ 78
Consolidated Statement of Cash Flows
.......................................................................................... 79
Notes to the Consolidated Financial Statements
....................................................................... 80
Statutory Auditor's Report
....................................................................................................................... 127
Consolidated financial statements
Annual Report 2022
76
Trifork Group Consolidated Financial Statements
Consolidated Income Statement
for the year ended 31 December
Consolidated Statement of Comprehensive Income
for the year ended 31 December
(in EURk) Notes 2022 2021
(in EURk) 2022 2021
Revenue from contracts with customers 2.1/2 184,936 158,525 Net income 18,100 32,696
Rental income 1,181 473
Other operating income 4.2 492 22,923 Items that may be reclassified to profit or loss, after tax
Operating income 186,609 181,921 Currency translation adjustment for foreign operations 1,164 3,006
Currency translation adjustment reclassified to profit or loss - - 1
Cost of goods and services purchased 2.3 -37,514 -29,294
Personnel costs 3.1 -97,762 -87,702 Items that will not be reclassified to profit or loss, after tax
Other operating expenses 2.4 -20,890 -17,549 Remeasurements of the net defined benefit liabilities 510 339
Operating expenses -156,166 -134,545
Other comprehensive income 1,674 3,344
Earnings before financial items, tax, depreciation
and amortization
30,443 47,376
Total comprehensive income 19,774 36,040
Depreciation, amortization and impairment 2.5 -12,102 -11,769
Earnings before financial items and tax 18,341 35,607 Attributable to shareholders of Trifork Holding AG 16,878 32,618
Attributable to non-controlling interests 2,896 3,422
Fair value adjustments on investments in Trifork Labs 5.1 6,154 5,022
Share of results from associated companies 4.5 8 114
Other financial income 2.6 615 145
Other financial expenses 2.6 -1,897 -2,038
Result on foreign exchange 2.6 -975 -2,194
Financial result 3,905 1,049
Earnings before tax 22,246 36,656
Income tax expense 2.7 -4,146 -3,960
Net income 18,100 32,696
Attributable to shareholders of Trifork Holding AG 15,211 29,349
Attributable to non-controlling interests 2,889 3,347
Earnings per share of Trifork Holding AG, basic (in EUR) 2.8 0.77 1.52
Earnings per share of Trifork Holding AG, diluted (in EUR) 2.8 0.77 1.52
Annual Report 2022
77
Trifork Group Consolidated Financial Statements
Consolidated Statement of Financial Position
for the year ended 31 December
Assets
(in EURk) Note 2022 2021
Liabilities and shareholders' equity
(in EURk) Note 2022 2021
Intangible assets 4.6 73,838 76,288 Share capital 7.1 1,663 1,663
Right-of-use assets 4.7 33,001 23,295 Treasury shares 7.1 -1,635 -994
Property, plant and equipment 4.8 7,914 9,117 Retained earnings 112,000 107,696
Investments in Trifork Labs 5.1 60,312 47,259 Currency translation adjustment 2,601 1,433
Investments in associated companies 4.5 5 21
Equity attributable to shareholders of
Trifork Holding AG
114,629 109,798
Other non-current financial assets 4.9 2,125 2,897
Deferred tax assets 2.7 194 193 Non-controlling interests 8.2 780 938
Total non-current assets 177,389 159,070 Total shareholders' equity 115,409 110,736
Trade receivables 6.1 35,441 36,066 Non-current financial liabilities 7.3 37,718 60,405
Contract assets 6.1 1,438 1,883 Other non-current liabilities 3.3 2,153 2,670
Other current financial assets 4.9 - 343 Deferred tax liabilities 2.7 4,978 5,264
Other current receivables 663 825 Total non-current liabilities 44,849 68,339
Prepaid expenses 2,752 2,415
Work in progress 939 434 Current financial liabilities 7.3 63,149 35,753
Cash and cash equivalents 30,652 44,628 Trade payables 5,544 7,262
Total current assets 71,885 86,594 Contract liabilities 3,637 6,726
Current tax liabilities 4,178 2,322
Assets 249,274 245,664 Other current liabilities 6.2 12,508 14,526
Total current liabilities 89,016 66,589
Total liabilities 133,865 134,928
Liabilities and shareholders' equity 249,274 245,664
Annual Report 2022
78
Trifork Group Consolidated Financial Statements
Consolidated Statement of Changes in Shareholders' Equity
for the year ended 31 December
(in EURk) Share capital Treasury shares
Retained
earnings
Currency transla-
tion adjustment
Equity attributable
to the shareholders of
Trifork Holding AG
Non-controlling
interests Total equity
1 January 2021 1,562 -524 81,043 -1,587 80,494 2,702 83,196
Net income - - 29,349 - 29,349 3,347 32,696
Other comprehensive income - - 339 2,930 3,269 75 3,344
Total comprehensive income - - 29,688 2,930 32,618 3,422 36,040
Capital increase 101 - 18,845 - 18,946 - 18,946
Costs related to capital increase - - -1,559 - -1,559 - -1,559
Dividends - - -10,871 - -10,871 -2,147 -13,018
Transactions with treasury shares - -977 2 - -975 - -975
Additions from business combinations
- 11 1,912 - 1,923 - 1,923
Disposal / loss of control of a Group company
- - - - - -608 -608
Acquisition of non-controlling interests, net - 496 -1,735 - -1,239 -294 -1,533
Changes in liabilities towards non-controlling interests - - -9,876 90 -9,786 -2,137 -11,923
Share-based payments - - 247 - 247 - 247
31 December 2021 1,663 -994 107,696 1,433 109,798 938 110,736
Net income - - 15,211 - 15,211 2,889 18,100
Other comprehensive income - - 510 1,157 1,667 7 1,674
Total comprehensive income - - 15,721 1,157 16,878 2,896 19,774
Dividends
- - -7,624 - -7,624 -3,295 -10,919
Transactions with treasury shares - -641 -202 - -843 - -843
Changes in liabilities towards non-controlling interests - - -4,203 11 -4,192 241 -3,951
Share-based payments - - 612 - 612 - 612
31 December 2022 1,663 -1,635 112,000 2,601 114,629 780 115,409
Annual Report 2022
79
Trifork Group Consolidated Financial Statements
Consolidated Cash Flow Statement
for the year ended 31 December
(in EURk) Notes 2022 2021
Net income 18,100 32,696
Adjustments for:
Depreciation, amortization and impairment 2.5 12,102 11,769
Non-cash other operating income -32 -22,268
Fair value adjustment from investments in Trifork Labs 5.1 -6,154 -5,022
Share of result from associated companies 4.5 -8 -114
Other financial result 2.6 2,257 4,087
Income tax expense 2.7 4,146 3,960
Adjustment for other non-cash items 580 217
Changes in net working capital -6,028 -9,607
Payment to Employees' Holiday Funds 3.3 - -3,289
Income taxes paid -2,869 -4,654
Cash flow from operating activities 22,094 7,775
Acquisition of Group companies, net of cash acquired 4.1 - -1,630
Acquisition of Group companies, settlement of contingent
consideration liabilities
4.3 -789 -216
Sale of Group companies, net of cash disposed 4.2 - 2,063
Purchase of intangible assets 4.6 -1,274 -756
Sale of intangible assets - 150
Purchase of property, plant and equipment 4.8 -4,724 -4,946
Sale of property, plant and equipment 3,681 250
Dividends received from associated companies 4.5 24 107
Purchase of investments in Trifork Labs 5.1 -9,628 -5,645
Sale of investments in Trifork Labs 5.1 3,279 58,756
Dividends received from investments in Trifork Labs 5.1 287 688
Loans granted -899 -775
Repayment loans granted 812 1,478
Interest received 28 131
Cash flow from investing activities -9,203 49,655
(in EURk) Notes 2022 2021
Proceeds from borrowings 7.3 11,566 4,925
Repayment of borrowings 7.3 -11,937 -32,012
Payment of lease liabilities 7.3 -5,856 -4,986
Proceeds from capital increase - 18,946
Costs related to capital increase - -1,559
Interest paid -1,392 -1,549
Acquisition of non-controlling interests 4.3/8.2 -7,481 -2,481
Purchase of treasury shares 7.1 -843 -727
Sale of treasury shares 7.1 - 55
Dividends paid -10,919 -13,018
Cash flow from financing activities -26,862 -32,406
Exchange differences on cash and cash equivalents -5 1,647
Change in cash and cash equivalents -13,976 26,671
Cash and cash equivalents at the beginning of the period 44,628 17,957
Cash and cash equivalents at the end of the period 30,652 44,628
Annual Report 2022
80
Trifork Group Consolidated Financial Statements
SECTION 1
SECTION 2
SECTION 3
SECTION 4
Basis of preparation 82
1.1 General information ....................................................................... 82
1.2 Changes in accounting policies ..................................................83
1.3 Management estimates, assumptions and judgments ..........84
Results for the year 85
2.1 Segment information .....................................................................85
2.2 Revenue from contracts with customers .................................... 87
2.3 Cost of goods and services purchased ......................................88
2.4 Other operating expenses ............................................................88
2.5 Depreciation, amortization and impairment .............................88
2.6 Other financial result .....................................................................89
2.7 Income taxes ...................................................................................90
2.8 Earnings per share .........................................................................93
Remuneration 94
3.1 Personnel costs ...............................................................................94
3.2 Share-based payments ................................................................ 95
3.3 Pension and similar obligations ................................................... 96
Capital investments 99
4.1 Acquisition of businesses .............................................................. 99
4.2 Businesses disposed/loss of control ...........................................101
4.3 Contingent consideration liabilities ...........................................102
4.4 Redemption amount of put-options ..........................................103
4.5 Investments in associated companies ...................................... 103
4.6 Intangible assets ...........................................................................104
4.7 Right-of-use assets .......................................................................107
4.8 Property, plant and equipment ...................................................108
4.9 Other financial assets ................................................................... 109
The notes are grouped into eight sections related to key areas. The sections contain the relevant
financial information as well as a description of the significant accounting estimates, assumptions
and judgments and the accounting policies applied for the topics of the individual notes.
Contents
Notes to the Consolidated Financial Statements
Annual Report 2022
81
SECTION 5
SECTION 6
SECTION 7
SECTION 8
Investments in Trifork Labs 110
5.1 Investments in Trifork Labs ............................................................110
Working capital items 112
6.1 Trade receivables and contract assets ...................................... 112
6.2 Other current liabilities ..................................................................113
Capital structure and financing 114
7.1 Shareholders’ equity ...................................................................... 114
7.2 Financial instruments ....................................................................115
7.3 Financial liabilities .......................................................................... 117
7.4 Guarantees and pledged assets .................................................118
7.5 Financial risk management .......................................................... 119
Other disclosures 122
8.1 Related parties ............................................................................... 122
8.2 Non-controlling interests ............................................................. 123
8.3 Government grants ....................................................................... 125
8.4 Fees to independent Group auditor ...........................................125
8.5 Events after the reporting date ................................................... 125
8.6 Trifork Group companies .............................................................. 126
Notes to the Consolidated Financial Statements
Contents
Trifork Group Consolidated Financial Statements
1
Annual Report 2022
82
Section 1 - Basis of preparation
NOTE 1.1
General information
Trifork Holding AG (“the Company”)
is a company incorporated in
Switzerland with its registered offices
at Neuhofstrasse 10, 8834 Schindellegi
(Feusisberg).
The Company is the parent company of
Trifork Group (“Group”).
The Group's principal activities are divid-
ed into two segments:
“Trifork” focuses on software develop-
ment and operations of IT-systems,
including conferences and trainings.
“Trifork Labs” focuses on investments
in tech startup companies and is the
Group's driver for R&D innovation.
These consolidated financial statements
of the Trifork Group have been pre-
pared in accordance with International
Financial Reporting Standards (IFRS)
issued by the International Accounting
Standards Board (IASB).
The historical cost principle is applied,
except for certain financial instruments
(investments in Trifork Labs, contingent
consideration liabilities).
The consolidated financial statements
are presented in Euro and all amounts
are in thousand (EURk), unless other-
wise stated. Due to rounding, numbers
presented throughout this report may
not add up precisely to the totals and
percentages may not precisely reflect
the absolute figures.
Apart from changes due to the imple-
mentation of new or amended stand-
ards and interpretations as described
in note 1.2, accounting policies as
described below and in the respective
notes are unchanged from last year.
The registered shares of the Company
are traded on the NASDAQ Copenhagen.
§
Accounting Policies
The overall accounting policies applied
to the consolidated financial statements
as a whole are described below. The ac-
counting policies related to specific line
items are described in the notes to which
they relate. The description of accounting
policies in the notes forms part of the
overall description of Trifork's accounting
policies:
2.2 Revenue from contracts with
customers
2.3 Cost of goods and services
purchased
2.7 Income taxes
3.1 Personnel costs
3.2 Share-based payments
3.3 Pension and similar
obligations
4.1 Acquisition of businesses
4.2 Business disposed/loss of
control
4.4 Redemption amount of
put-options
4.5 Investments in associated
companies
4.6 Intangible assets
4.7 Right-of-use assets
4.8 Property, plant and
equipment
4.9 Other financial assets
5.1 Investments in Trifork Labs
6.1 Trade receivables and
contract assets
7.1 Shareholders equity
7.2 Financial instruments
7.3 Financial liabilities
Consolidation
The consolidated financial statements
are prepared based on the financial
statements of Trifork Holding AG and its
subsidiaries as of 31 December 2022, all
of which are prepared in accordance
with uniform accounting principles. The
consolidated financial statements of the
Trifork Group include all companies in
which the Group holds more than 50% of
voting rights, or which it controls in some
other way.
The list of the principal subsidiaries is
provided in the Note 8.6 Trifork Group
companies.
Changes in the scope of consolidation
are disclosed in Notes 4.1 Acquisition
of businesses and Note 4.2 Businesses
disposed/loss of control.
All assets and liabilities, equity, income,
expenses and cash flows relating to
transactions between Group companies
are eliminated in full on consolidation.
SECTION 1
Basis of
preparation
This section introduces the general
accounting policies and significant ac-
counting estimates, assumptions and
judgments of the Trifork Group.
The detailed description of account-
ing policies and significant estimates,
assumptions and judgments related to
reported amounts is presented in the
respective notes.
The purpose is to provide transparen-
cy on the disclosed amounts and to
describe the relevant accounting policy,
and significant estimates, assumptions
and judgments for each note.
Annual Report 2022
83
Section 1 - Basis of preparation
NOTE 1.1
General information (continued)
Foreign currencies
The Group's consolidated financial state-
ments are presented in EUR, which is the pri-
mary currency for the Group's activities. The
parent company's functional currency is CHF.
For each entity, the Group determines the
functional currency and items included in
the financial statements of each entity are
measured using that functional currency.
TRANSACTIONS AND BALANCES
Transactions in foreign currencies are
initially recorded by Group entities at their
respective functional currency spot rates
at the date the transaction first qualifies for
recognition.
Monetary assets and liabilities denominated
in foreign currencies are translated at the
functional currency spot rates at the report-
ing date.
Differences arising on settlement or trans-
lation of monetary items are recognized in
profit or loss with the exception of monetary
items that are considered as part of the
Group's net investment in a foreign opera-
tion. These are recognized in OCI until the net
investment is disposed of, at which time, the
cumulative amount is reclassified to profit
or loss.
Exchange rates at period end Average exchange rates for the period
Unit 2022 2021 2022 2021
DKK 1 0.1345 0.1345 0.1344 0.1345
CHF 1 1.0155 0.9680 0.9957 0.9250
GBP 1 1.1275 1.1901 1.1733 1.1629
USD 1 0.9376 0.8829 0.9509 0.8454
Non-monetary items that are measured in
terms of historical cost in a foreign currency
are translated using the exchange rates at
the dates of the initial transactions.
Non-monetary items measured at fair value
in a foreign currency are translated using
the exchange rates at the date when the fair
value is determined. The gain or loss arising
on translation of non-monetary items meas-
ured at fair value is treated in line with the
recognition of the gain or loss on the change
in fair value of the item.
TRANSLATION OF FOREIGN OPERATIONS
On consolidation, the assets and liabilities
of foreign operations are translated into EUR
at the rate of exchange prevailing at the
reporting date and income and expenses
are translated at the average rates for the
period, as an approximation of exchange
rates prevailing at the dates of the transac-
tions. The exchange differences arising on
translation for consolidation are recognized
in OCI. On disposal of a foreign operation,
the component of OCI relating to that par-
ticular foreign operation is reclassified to
profit or loss.
The following exchange rates are used for
the translation into EUR for the Group's most
relevant currencies:
NOTE 1.2
Changes in accounting policies
The accounting policies adopted in these
consolidated financial statements 2022 are
consistent with those applied in 2021 except
as outlined below:
Adoption of new and revised IFRS
standards
The Group has applied new and amended
International Financial Reporting Standards
(IFRS) on 1 January 2022:
Standard Subject
IFRS 3 Reference to the concep-
tual framework
(amendment)
IAS 37 Onerous contracts - Costs
of fulfilling a contract
(amendment)
Annual im-
provements
Collective standard with
amendments to various
IFRS with the primary goal
of eliminating incon-
sistencies and clarifying
terminology
The changes do not materially impact the
financial position and performance or cash
flow of the Trifork Group nor have they led
to additional disclosures in these financial
statements.
Other minor changes in IFRS also became
effective but are not relevant for the Group.
The IASB has issued amendments to stand-
ards that are not yet effective. The Group has
not early adopted any of these. The follow-
ing changes are potentially relevant and
applicable for reporting periods from 2022
onwards:
Standard Subject
IAS 1 Disclosure of accounting
policies (amendment -
2023)
Classification of liabilities
as current and non-cur-
rent (2024)
IAS 8 Definition of accounting
estimates (amendment
- 2023)
IAS 12 Deferred tax related to as-
sets and liabilities arising
from a single transaction
(amendment - 2023)
No material impact on the financial po-
sition and performance or cash flow of
the Trifork Group are expected from these
amendments.
Annual Report 2022
84
Section 1 - Basis of preparation
NOTE 1.3
Accounting estimates, assumptions and judgments
Determining the carrying value of certain
assets and liabilities requires estimates,
assumptions and judgments regarding
future events. These are based on historical
experience and other factors that man-
agement considers reasonable under the
circumstances, but which are uncertain and
unpredictable.
Assumptions may be incomplete or inaccu-
rate, and unanticipated events or circum-
stances may arise. It may be necessary to
change previous estimates due to changes
in the facts underlying the previous esti-
mates, or because of new information.
Furthermore, the Group is subject to risks
and uncertainties that may cause the actual
outcome to differ from these estimates. The
key assumptions concerning the future and
other key sources of estimation uncertainty
at the reporting date, that have a significant
risk of causing a material adjustment to the
carrying amounts of assets and liabilities
within the next financial year, are described
in the notes to which they relate.
!
Significant accounting
estimates, assumptions and
judgments
2.7 Income taxes
4.3 Contingent consideration
liabilities
4.4 Redemption amounts of
put-options
4.6 Intangible assets
5.1 Investment in Trifork Labs
2
Annual Report 2022
85
Section 2 - Results of the year
NOTE 2.1
Segment information
The business and operations of the
Trifork Group comprise of the two main
segments, Trifork and Trifork Labs. Trifork
is further divided into the three sub-seg-
ments Inspire, Build and Run the results
of which are reported to the Executive
Management (Chief operating decision
maker) for performance measurement
and resource allocation and represent
operating segments. Trifork has there-
fore concluded that it has four operating
segments, namely Inspire, Build and Run,
which are aggregated into the Trifork
column, and Trifork Labs.
The results of the segments are mon-
itored by the Executive Management
at the level of Earnings before financial
items, taxes, depreciation and amortiza-
tion (Trifork) and of EBT (Trifork Labs).
2022 (in EURk) Inspire Build Run Other Trifork Labs Elimination Total
Revenue
- from external customers 5,736 139,749 38,816 635 184,936 - - 184,936
- from other segments - - - 1,466 1,466 - -1,466 -
Total segment revenue 5,736 139,749 38,816 2,101 186,402 - -1,466 184,936
Earnings before financial items, tax,
depreciation and amortization
-37 29,273 6,488 -3,800 31,924 -1,481 - 30,443
Depreciation and amortization -295 -6,376 -4,056 -1,302 -12,029 - -12,029
Impairment -73 -73 - -73
Earnings before financial items
and tax
-332 22,897 2,359 -5,102 19,822 -1,481 - 18,341
Financial result n/a n/a n/a n/a -1,933 5,838 - 3,905
Earnings before tax (EBT) n/a n/a n/a n/a 17,889 4,357 - 22,246
Average number of employees 18 685 172 92 967 3 - 970
Trifork
Trifork is focused on delivering services
to the customers of Trifork. The services
are delivered within three sub-seg-
ments: Inspire (organizing conferences
and trainings on software develop-
ment), Build (development of innovative
software in customer projects) and
Run (delivery and operation of soft-
ware products and related services for
customers).
'Other' mainly comprise of general
corporate costs, management services
to individual Labs investments and IPO-
preparation costs in 2021.
Trifork Labs
Trifork Labs is focused on founding new
tech start-ups and investing in selected
tech companies that are at the forefront
of the technological development with
new and innovative software products.
For internal management reporting and
performance measurement, all Trifork
Labs investments are monitored on a fair
value basis with changes recognized in
profit or loss and thus presented as such
in the segment reporting.
SECTION 2
Results for
the year
This section covers notes related to
the performance for the financial year,
including segment information showing
operating segment and sub-segment
revenues and operating results.
Annual Report 2022
86
Section 2 - Results of the year
NOTE 2.1
Segment information (continued)
2021 (in EURk) Inspire Build Run Other Trifork Labs Elimination Total
Revenue
- from external customers 2,390 122,980 32,650 505 158,525 - - 158,525
- from other segments - 1,426 1,426 - -1,426 -
Total segment revenue 2,390 122,980 32,650 1,931 159,951 - -1,426 158,525
Earnings before financial items, tax, de-
preciation and amortization
-640 48,146
1
7,438 -6,065 48,879 -1,503 - 47,376
Depreciation and amortization -288 -6,382 -3,546 -1,456 -11,672 - - -11,672
Impairment - - -97 - -97 - - -97
Earnings before financial items
and tax
-928 41,764 3,795 -7,521 37,110 -1,503 - 35,607
Financial result n/a n/a n/a n/a -3,757 4,806 - 1,049
Earnings before tax (EBT) n/a n/a n/a n/a 33,353 3,303 - 36,656
Average number of employees 19 626 154 79 878 2 - 880
1 Including gain of EURk 22,131 from the deconsolidation of Dawn Holding ApS (refer to Note 4.2).
GEOGRAPHICAL INFORMATION
(in EURk)
Revenue
from
external
customers
1
Non-current
assets
2
2022
Denmark 129,087 88,643
UK 11,807 8,775
Netherlands 7,599 6,884
USA 6,775 1,033
Switzerland 9,834 7,812
Others 19,834 1,606
Total 184,936 114,753
2021
Denmark 112,563 82,719
UK 10,006 9,412
Netherlands 8,242 7,221
USA 4,337 1,031
Switzerland 4,113 6,781
Others 19,264 1,536
Total 158,525 108,700
1 The geographical information is based on the
locations of the customers.
2 Intangible assets, right-of-use assets and
property, plant and equipment.
Annual Report 2022
87
Section 2 - Results of the year
NOTE 2.2
Revenue from contracts with customers
A. Revenue streams
(in EURk) 2022 2021
Inspire 5,736 2,390
Build 139,749 122,980
Run:
- Licenses and support 11,702 7,824
- Hardware 1,416 4,782
- Hosting and security 25,698 20,044
Other 635 505
Total revenue from contracts with customers 184,936 158,525
B. Revenue by business area
(in EURk) 2022 2021
Inspire 5,736 2,390
Digital health 19,356 16,026
Smart enterprise 84,296 76,560
Smart building 6,297 4,191
Cloud operations 29,899 24,739
Cyber protection 15,623 10,793
Fintech 23,094 23,321
Others 635 505
Total revenue from contracts with customers 184,936 158,525
C. Timing or revenue recognition
(in EURk) 2022 2021
Goods and services transferred at a point in time 8,582 6,957
Services transferred over time 176,354 151,568
Total revenue from contracts with customers 184,936 158,525
D. Contract liabilities
All contract liabilities at the beginning of
the period are recognized as revenue in the
reporting period, as:
for Inspire: Prepayments for GOTO and
YOW! conferences are made only for the
next upcoming conference, and;
for Build: Trifork Group delivers its services
to customers following the agile-approach
(short-term and numerous independent
cycles), and;
for Licenses and support/Hosting and
security: Although having long-term con-
tracts with customers, (pre-)payments are
only requested for short-term periods.
§
Accounting policies
Revenue from contracts with customers is
recognized when the performance obliga-
tion in the contract has been satisfied either
at a point in time or over time as control of
the goods or services is transferred to the
customer, at an amount that reflects the
consideration to which the Group expects
to be entitled in exchange for those goods
or services. The Group distinguishes three
classes of revenues:
1. Inspire revenue represents revenues for
organizing conferences and delivering
trainings. Revenues from events held
are recognized over the period of the
events. Amounts received in advance
of the event are presented as contract
liabilities.
2. Build revenue. The Group recognizes rev-
enue from customer specific fixed price
software development and consultancy
services over time, as determined by
the percentage of costs incurred to date
compared to the total estimated costs
of a contract. For time and materials
contracts, the Group recognizes revenue
as services are rendered.
3. Run revenue represents revenue earned
from providing customers with the fol-
lowing goods or services:
a. Licenses and support. The Group
recognizes revenue from right-to-use
software licenses at the point in time
when the customer obtains control over
the software. Revenue from support and
right-to-access licenses is recognized
over the period during which such items
are delivered comprising software up-
dates, upgrades, enhancements as well
as technical support.
b. Hardware. Revenue from the sale of
hardware is recognized when control
of the goods passes to the customer,
usually on delivery of the goods.
c. Hosting and security. The Group pro-
vides hosted managed services to its
customers offering server hosting, server
maintenance and security among
others. The Group hosts these services
and recognizes revenue on a straight-
line basis over the contractual service
period which typically ranges from 12 to
36 months.
Annual Report 2022
88
Section 2 - Results of the year
NOTE 2.3
Costs of goods and services purchased
(in EURk) 2022 2021
Costs of goods and services purchases -37,514 -29,294
§
Accounting policies
Costs of goods and services purchased from
external providers assist in the
fulfilment of the performance obligations
from contracts with customers (e.g. subcon-
tractors).
NOTE 2.4
Other operating expenses
(in EURk) 2022 2021
Sales and marketing expenses -4,323 -3,139
Service cost for leased property -3,009 -2,252
- of which lease cost of short term and low value contracts -49 -32
Administration expenses -13,532 -12,033
- of which IPO-preparation costs, net
1
- -1,847
Others -26 -125
Total other operating expenses -20,890 -17,549
1 As per IPO, Trifork became compensated for the preparation costs by other selling shareholders in the amount of
EURk 1,629.
NOTE 2.5
Depreciation, amortization and impairment
(in EURk) Note 2022 2021
Depreciation of property, plant and equipment 4.8 -2,399 -2,194
Depreciation of right-of-use assets 4.7 -5,697 -5,454
Amortization of intangible assets 4.6 -3,933 -4,024
Impairment of intangible assets 4.6 -73 -97
Total depreciation, amortization and impairment -12,102 -11,769
Annual Report 2022
89
Section 2 - Results of the year
NOTE 2.6
Other financial result
A. Other financial income
(in EURk) 2022 2021
Interest income 112 132
Reversal of impairment losses on other financial assets 2 4
Fair value adjustments on contingent
consideration liabilities
501 9
Total other financial income 615 145
The impact of the fair value adjustments on
contingent consideration liabilities in 2022
comes from earn-out agreements from
business combinations with performance
not living up to the expectations (see Note
4.3).
B. Other financial expenses
(in EURk) 2022 2021
Interest expenses -1,393 -1,545
- of which lease interests -631 -504
- of which net interest for defined benefit plans -3 -3
Fair value adjustments on contingent consideration liabilities - -292
Impairment losses on other financial assets -504 -201
Total other financial expenses -1,897 -2,038
In 2022, the impairment loss on other fi-
nancial assets mainly results from a loan to
ComplyTeq AG, that is not recoverable as the
company plans to cease its activities (see
Note 5.1).
In 2021, due to updated result estimation and
realization for SAPBASIS ApS, the amounts
for due and expected earn out payments
increased (see Note 4.3).
C. Result of foreign exchange
(in EURk) 2022 2021
Foreign exchange gains 3,531 1,392
Foreign exchange losses -4,506 -3,586
Total result on foreign exchange -975 -2,194
Annual Report 2022
90
Section 2 - Results of the year
NOTE 2.7
Income taxes
A. Income tax recognized in profit or loss and other comprehensive income
(in EURk) 2022 2021
Tax expense recorded in the income statement
Current income tax expense -4,532 -4,636
Deferred tax (expense)/income 386 676
Total tax expense recorded in the
income statement
-4,146 -3,960
Tax effect recorded in other comprehensive income
Deferred income tax from remeasurement of defined benefit plans -68 -41
Total tax effect recorded in other
comprehensive income
-68 -41
TAX EXPENSE ANALYSIS
The Group operates in various countries
with differing tax laws and tax rates. As a
result, the expected and actual income tax
expense each year depends on the spe-
cific countries to which profits or losses are
attributed. The change in the expected tax
rate mainly relates to the change in the mix
of pre-tax results achieved by the individual
companies.
(in EURk) 2022 2021
Earnings before tax 22,246 36,656
Weighted applicable tax rate 22.2% 24.7%
Expected income tax expense -4,929 -9,063
Effect of changes in tax rates -2 2
Non-taxable income
- from investments 1,178 5,768
- others 131 164
Non-deductible expenses -501 -752
Unrecognized tax losses from current period -290 -485
Recognized tax losses from earlier periods 330 397
Others -63 9
Actual income tax expense -4,146 -3,960
Effective tax rate 18.6% 10.8%
The following analysis explains the main
differences between the expected and
actual income tax expense (calculated
using the weighted average tax rates based
on the earnings before tax of each Group
company).
Annual Report 2022
91
Section 2 - Results of the year
NOTE 2.7
Income taxes (continued)
B. Deferred tax assets and liabilities
DEFERRED TAX ASSETS/(LIABILITIES), NET
(in EURk) 2022 2021
1 January -5,071 -5,356
Net deferred tax recognized in profit or loss 386 676
Net deferred tax recognized in other comprehensive income -68 -41
Additions from business combinations - -296
Exchange differences -31 -54
31 December -4,784 -5,071
RECOGNIZED IN THE STATEMENT OF FINANCIAL POSITION AS:
(in EURk) 2022 2021
Deferred tax asset 194 193
Deferred tax liability -4,978 -5,264
Total -4,784 -5,071
!
Significant accounting
estimates, assumptions and judgments
Some Group companies have tax losses
that can be carried forward. These lapse
after seven years in Switzerland and in most
other countries there is no limitation period.
Deferred tax assets are recognized on tax
loss carry forwards if it is probable that they
can be offset against future taxable profits. If
there is uncertainty as to the future develop-
ment of earnings at a given Group company,
no deferred tax assets are recognized.
UNRECOGNIZED TAX LOSSES CARRIED FORWARD
(in EURk) 2022 2021
Expiry in:
- 1 year - -
- 2 to 5 years 1,635 560
- more than 5 years 2,591 2,238
- do not expire 4,261 5,473
Total unrecognized tax losses carried forward 8,487 8,271
Annual Report 2022
92
Section 2 - Results of the year
NOTE 2.7
Income taxes (continued)
DEFERRED TAX ASSETS/(LIABILITIES) RELATE TO THE FOLLOWING ITEMS:
2022 2021
(in EURk)
Deferred tax
assets
Deferred tax
liabilities
Deferred tax
assets
Deferred tax
liabilities
Intangible assets and property, plant and equipment 100 -4,927 101 -5,333
Leases (net) 355 -74 282 -55
Trade receivables 20 - 52 -
Other current assets - - - -3
Current liabilities 43 -281 17 -301
Defined benefit liabilities 60 - 138 -
Other non-current liabilities - -80 - -
Tax losses carried forward - - 31 -
Total deferred tax assets/(liabilities) 578 -5,362 621 -5,692
Offsetting -384 384 -428 428
Total deferred tax assets/(liabilities), net 194 -4,978 193 -5,264
Deferred tax assets of EURk 0 (2021: EURk 31)
were recognized in respect of available tax
losses carried forward of EURk 0 (2021: EURk
205). Tax losses carried forward are only
recognized to the extent that it is probable
that future taxable profits will be available
against which they can be utilized.
For expected dividends from Group compa-
nies, deferred tax liabilities of EURk 80 (2021:
EURk 0) were recognized, as non-refundable
withholding tax will apply.
§
Accounting policy
Current income tax assets and liabilities
are measured at the amount expected to
be recovered from or paid to the taxation
authorities. The tax rates and tax laws used
to compute the amounts are those that are
enacted or substantively enacted at the re-
porting date in the countries where the Group
operates and generates taxable income.
Current income tax relating to items recog-
nized directly in equity or in OCI is recognized
in equity or in OCI and not in profit or loss.
Deferred tax is provided using the liability
method on temporary differences between
the tax bases of assets and liabilities and
their carrying amounts for financial reporting
purposes at the reporting date.
Deferred tax assets are recognized for de-
ductible temporary differences, the carry for-
ward of unused tax credits and any unused
tax losses to the extent that it is probable that
taxable profit will be available against which
the deductible temporary differences, and
the carry forward of unused tax credits and
unused tax losses can be utilized.
However, no deferred tax is recognized
on temporary differences relating to
non-tax-deductible goodwill and other items
where temporary differences - excluding
business combinations – have occurred at
the time of initial recognition without affect-
ing profit or taxable income.
Deferred income tax liabilities are provided for
taxable temporary differences arising from
investments in subsidiaries and associ-
ates, except for deferred tax liabilities where
the timing of the reversal of the temporary
difference is controlled by the Group and it is
probable that the temporary difference will
not reverse in the foreseeable future.
Annual Report 2022
93
Section 2 - Results of the year
NOTE 2.8
Earnings per share
2022 2021
Net income attributable to the shareholders of Trifork
Holding AG (in EURk)
15,211 29,349
Weighted average number of shares issued 19,744,899 19,331,752
Weighted average number of treasury shares -55,781 -47,646
Number of shares used for calculating basic earnings per share 19,689,118 19,284,106
Average number of shares from outstanding RSU 42,384 20,791
Number of shares used for calculating diluted earnings per share 19,731,502 19,304,897
Earnings per share of Trifork Holding AG, basic (in EUR) 0.77 1.52
Earnings per share of Trifork Holding AG, diluted (in EUR) 0.77 1.52
3
Annual Report 2022
94
Section 3 - Remuneration
NOTE 3.1
Personnel costs
(in EURk) Note 2022 2021
Wages and salaries -91,521 -82,377
Share-based payments 3.2 -612 -247
Social security costs -2,872 -2,632
Pension expense related to defined contribu-
tion plans
-4,328 -3,877
Pension expense related to defined benefit
plans
3.3 -195 -110
Government grants on personnel costs 326 498
Salary refunds received 678 478
Personnel costs capitalized as development
projects and work in progress
1
762 565
Total personnel costs -97,762 -87,702
Average number of employees 970 880
1 Development projects EURk 603 (2021: EURk 565) / work in progress EURk 159 (2021: EURk 0)
§
Accounting policy
Personnel costs comprises wages, sal-
aries (including bonus arrangements),
related social security expenses and
pension benefits. Costs for short-term
employee benefits are recognized as the
related service is received.
SECTION 3
Remuneration
The employees of Trifork Group form
the backbone of all revenue generat-
ing activities.
In this section, details regarding the
employee remuneration are outlined.
Annual Report 2022
95
Section 3 - Remuneration
NOTE 3.2
Share-based payments
Trifork Group maintains a share-based pay-
ment scheme for selected employees (incl.
Executive Management) in order to focus
part of the remuneration on the long-term
development of the Group. With this scheme
the employees are remunerated with
restricted share units (RSU) that will even-
ly convert into shares of Trifork Holding AG
after one, two and three years if the selected
employees are employed with the Group at
these vesting dates. One RSU will convert into
one share.
The number of RSU allocated per employee
is calculated by dividing the eligible RSU
amount by the average price of the last
three trading days of the share of the year.
There are two ways of participating in the
program:
Bonus: The RSU are granted on the first
day of the month following the publication
of the annual results (after finalization
of bonus calculation based on achieve-
ment of individual targets) for Executive
Managment and on 1 April of the follow-
ing year for all others. The grant date fair
value for the RSU is the market price of the
share at grant minus expected dividends
in the vesting period.
Salary increase: Employees may receive
their salary increase in RSU. The RSU are
granted 1 January and the grant date fair
value is the market price of the share at
this date minus expected dividends in the
vesting period.
Grant
date
Number of
RSU
Average
fair value
per RSU
Fair value
of grant
(in EURk)
Other employees - RSU 2021 01/01 1,436 39.24 56
Executive Management - RSU 2021 01/04 27,050 28.30 765
Granted in 2022 28,486 28.82 821
Executive Management - RSU 2020 01/04 30,032 17.50 526
Granted in 2021 30,032 17.50 526
For this scheme, EURk 612 were recorded in
personnel expenses for share-based pay-
ments in 2022 (2021: EURk 247).
The remaining weighted average contrac-
tual life of the outstanding RSU is 1.03 years
(2021: 1.25 years).
§
Accounting policy
Selected employees receive equity-settled
share-based payments. A share-based pay-
ment is measured at fair value as of the date
on which it is granted. The amount is record-
ed in personnel expenses on a straight-line
basis over the vesting period based on the
number of equity instruments that manage-
ment estimates will vest.
Number of RSU 2022 2021
1 January 30,032 -
Granted 28,486 30,032
Converted into shares -10,010 -
31 December 48,508 30,032
Annual Report 2022
96
Section 3 - Remuneration
NOTE 3.3
Pension and similar obligations
(in EURk) 2022 2021
Defined benefit liabilities 438 1,015
Non-current liability for holiday funds payable 1,686 1,643
Other non-current liabilities 29 12
Other non-current liabilities 2,153 2,670
A. Pension
The Group's pension plan in Switzerland
qualifies as defined benefit plan. All other
plans are defined contribution plans.
Swiss pension funds are subject to regula-
tory supervision and are governed by the
BVG [Swiss Federal Act on Occupational
Retirement, Survivors and Disability Pension
Plans]. This requires pension plans to be
managed by a separate and legally in-
dependent entity. The governing body of
the pension plan is responsible for general
management, drafting the pension fund
regulations, defining the investment strategy
and determining how the benefits will be
funded. It comprises employee and employ-
er representatives.
The plan beneficiaries are insured against
the economic consequences of old age,
disability and death. Benefits paid to the
beneficiaries are governed by the pension
fund regulations but minimum benefits
are also prescribed by the law (BVG). The
benefits paid are based on the retirement
savings capital of the insured person, which
is accrued through annual contributions
and interest. Annual contributions are made
by the employer and the employee and
depend on the insured salary and the age of
the plan participant. Upon retirement, plan
participants can choose between receiving
a life time annuity or a lump sum payment of
savings capital.
The pension arrangements for employees in
Switzerland are covered by a multi-employer
plan administered by Swiss Life and AXA.
The pension plan contains a cash bal-
ance benefit which is essentially contribu-
tion-based with certain minimum guaran-
tees. Due to these minimum guarantees,
this plan is treated as a defined benefit plan,
although it has many of the characteristics
of a defined contribution plan.
The major risks for the pension fund are the
investment risk, interest rate risk, disability
risk and risk of longevity. The pension funds
have partly re-insured these risks.
In 2022, the plan at Swiss Life lowered the
conversion rates for the 2024 and the fol-
lowing years. This resulted in negative past
service costs of EURk 38.
In 2021, the plan at Swiss Life lowered the
conversion rates for the 2022 and the fol-
lowing years. This resulted in negative past
service costs of EURk 73.
Annual Report 2022
97
Section 3 - Remuneration
NOTE 3.3
Pension and similar obligations (continued)
THE FOLLOWING WEIGHTED ACTUARIAL ASSUMPTIONS WERE APPLIED IN DETERMINING THE
DEFINED BENEFIT OBLIGATION (DBO):
(in EURk) 2022 2021
Discount rate 2.3% 0.4%
Estimated future salary increases 1.5% 1.5%
Mortality assumptions BVG 2020 GT BVG 2020 GT
THE NET DEFINED BENEFIT LIABILITIES DEVELOPED AS FOLLOWS:
(in EURk) 2022 2021
1 January 1,015 1,042
Cost of defined benefit plans, in profit and loss 199 113
Remeasurement, in other comprehensive income -578 -380
Employer contributions -236 -140
Additions from business combination - 331
Exchange differences 38 49
31 December 438 1,015
Breakdown of the net defined benefit liability
Present value of the DBO 4,321 4,283
Fair value of plan assets -3,883 -3,268
Net defined benefit liability/(asset) 438 1,015
PRESENT VALUE OF THE DBO
(in EURk) 2022 2021
1 January 4,283 3,519
Current service cost 233 184
Interest expense 15 9
Ordinary employee contributions 202 119
Additional contributions by plan participants 850 118
Benefits paid -895 -528
Past service cost -38 -73
Additions from business combination - 979
Actuarial (gains)/losses -536 -249
Exchange differences 207 205
31 December 4,321 4,283
FAIR VALUE OF PLAN ASSETS
(in EURk) 2022 2021
1 January 3,268 2,477
Interest income at discount rate 12 6
Ordinary employer contributions 235 141
Ordinary employee contributions 202 119
Additional contributions by plan participants 850 118
Benefits paid -895 -528
Additions from business combination - 648
Return on plan assets (excluding interest income at discount rate) 42 131
Exchange differences 169 156
31 December 3,883 3,268
Annual Report 2022
98
Section 3 - Remuneration
NOTE 3.3
Pension and similar obligations (continued)
COMPONENTS OF DEFINED BENEFIT COST IN PROFIT OR LOSS
(in EURk) 2022 2021
Service cost in personnel costs -195 -110
Net interest in financial expenses -3 -3
Total -198 -113
REMEASUREMENT OF THE NET DEFINED BENEFIT LIABILITIES IN OTHER COMPREHENSIVE INCOME
(in EURk) 2022 2021
Remeasurement of the net defined benefit liabilities
- Actuarial gain/(loss) from changes in demographic assumptions - 111
- Actuarial gain/(loss) from changes in financial assumptions 912 58
- Actuarial gain/(loss) from experience adjustments -376 80
Return on plan assets (excluding interest income at discount rate) 42 131
Total 578 380
The Macaulay duration is 14.8 years (2021: 17.1 years).
SENSITIVITY
(in EURk) 2022 2021
Increase of discount rate by 0,5% -285 -289
Decrease of discount rate by 0,5% 322 332
BREAKDOWN OF THE FAIR VALUE OF PLAN ASSETS BY INVESTMENT CATEGORY
(in EURk) 2022 2021
Receivables from an insurance company
(collective foundation)
3,883 3,268
The Trifork Group expects employer contributions of EURk 226 for 2023.
§
Accounting policy
Expenses for defined contribution schemes
are recognized in profit or loss in the period
the Group receives the related employee
services and a corresponding liability is rec-
ognized in the statement of financial position
under other current liabilities.
The cost of defined benefit plans is deter-
mined using actuarial valuations and record-
ed as follows:
Service cost (current and past service
costs from plan amendments, gains
and losses from curtailments and
settlements): in profit and loss, within
personnel costs
Net interest on the net defined benefit
liabilities or assets: in profit and loss,
within financial result
Remeasurements of the net defined
benefit liability (asset) comprising
actuarial gains and losses, the return on
plan assets (less interest at the discount
rate, which is included in net interest) as
well as the effects of any asset ceiling: in
other comprehensive income|
B. Holiday funds payable
In 2019, the Danish Holiday Act was modern-
ized with the introduction of the concept of
“concurrent holiday”, meaning that employ-
ees may take holidays in the same year as
when the holiday is accrued.
Holidays earned in the transitional period
were frozen and either maintained in the
Group statement of financial position or
paid into the Employees’ Holiday Funds. The
amount not paid out is subject to annual
indexation determined by government.
The respective liability of total EURk 1,686
(2021: EURk 1,643) is included in the statement
of financial position. In 2022, the Group trans-
ferred EURk 0 to the Employees’ Holiday Funds
(2021: EURk 3,289).
§
Accounting policy
The indexation of the frozen holiday funds
started at the same time as the accrual
period of the frozen holiday funds ended, and
the new holiday law entered into force on 1
September 2020.
Once a year, the companies will be noti-
fied by the government of which indexation
applies for a backward period for the frozen
holiday funds that have not yet been paid
into the fund. The indexation reflects the ad-
dition of interest and is, therefore, presented
as other financial expenses in the income
statement.
The indexing is calculated per commenced
month in which the holiday funds have not
been paid into the Employees' Holiday Funds
but retained by the company.
4
Annual Report 2022
99
Section 4 - Capital investments
NOTE 4.1
Acquisition of businesses
2022
No businesses were acquired.
2021
In 2021, the Group acquired control (100%
of the share capital) of Vilea GmbH,
Zurich and Vilea Austria GmbH, Vienna
(“Vilea Group”) and Strongminds ApS,
Aarhus. Other acquisitions are not
material.
The purchase price allocations are final
as at 31 December 2022. The assessed
fair values of assets identified and
liabilities assumed of companies as at
acquisition date are as follows and are
unchanged from the amounts disclosed
in 2021:
(in EURk) Vilea Group Strongminds ApS Other Total
Intangible assets 1,671 652 75 2,398
Right-of-use assets 179 - - 179
Property, plant and equipment 12 3 - 15
Other non-current assets - 7 1 8
Trade receivables 212 171 30 413
Other current assets 945 75 56 1,076
Deferred tax liabilities, net -136 -144 -16 -296
Other non-current liabilities -473 - - -473
Current liabilities -182 -135 -80 -397
Net assets acquired, attributable to shareholders of Trifork
Holding AG
2,228 629 66 2,923
Goodwill 3,157 540 - 3,697
Purchase price 5,384 1,169 67 6,620
- of which contingent consideration 1,945 336 - 2,281
- of which Trifork shares transferred 1,923 - - 1,923
- of which cash consideration 1,516 833 67 2,416
Acquired cash and cash equivalents -711 -74 -6 -791
Foreign exchange impact on purchase price payments 5 - - 5
Net outflow of cash and cash equivalents 810 759 61 1,630
SECTION 4
Capital
investments
This section focuses on the capital in-
vestments of Trifork Group that support
the organic and acquisitional growth.
Additionally, also liabilities related to
acquisitional activities are part of this
section in order to understand the
transactions as a whole.
Annual Report 2022
100
Section 4 - Capital investments
VILEA GROUP
The acquisition took place at the end of
April 2021. EURk 1,590 of customer relation-
ships have been recognized as intangible
assets and are amortized over an estimated
useful life of 10 years. Further, EURk 81 of order
backlog have been recognized as intangi-
ble assets and are amortized by contract
fulfilment. Goodwill of EURk 3,157 is justified
by the expertise of the Vilea Group in its
specific field of action for Smart Enterprise
solutions and assumed synergies and is not
tax deductible.
The fair value of the 102.073 Trifork shares
transferred amounts to EURk 1.923 and has
been determined by using the Trifork treas-
ury shares price model.
The contingent consideration payments are
subject to achieving operational results in
the financial years 2021 – 2023 (refer to Note
4.3).
Of the cash consideration of EURk 1,516 an
amount of EURk 994 was paid as per acqui-
sition date and the remainder of EURk 527
(including a foreign exchange impact of
EURk 5) subsequently in 2021.
In 2021, Vilea Group contributed revenue of
EURk 1,459 and earnings before tax of EURk
218 to Trifork Group. If the acquisition had
taken place on 1 January 2021, the total rev-
enue of the Trifork Group would have been
EURk 703 higher and the earnings before tax
for the period would have increased by EURk
256.
Transaction costs related to the acquisition
amount to EURk 31 and are included in other
operating expenses.
STRONGMINDS APS
The acquisition took place at the beginning
of November 2021. EURk 602 of custom-
er relationships have been recognized as
intangible assets and are amortized over an
estimated useful life of 10 years. Further, EURk
50 of order backlog have been recognized
as intangible assets and are amortized by
contract fulfilment. Goodwill of EURk 540
is justified by the expertise of Strongminds
ApS in its specific field of action for Smart
Enterprise solutions and assumed synergies
and is not tax deductible.
The contingent consideration payments are
subject to achieving operational results in
the financial years 2022 – 2024 (refer to Note
4.3).
In 2021, Strongminds ApS contributed reve-
nue of EURk 139 and earnings before tax of
EURk 5 to Trifork Group. If the acquisition had
taken place on 1 January 2021, the total rev-
enue of the Trifork Group would have been
EURk 746 higher and the earnings before tax
for the period would have increased by EURk
62.
Transaction costs related to the acquisition
are immaterial.
OTHER
The other acquisition was merged with
Trifork Smart Enterprise A/S.
§
Accounting policy
Subsidiaries are consolidated from the date
that control is obtained. The acquisition
method is applied. The cost of an acquisi-
tion is the aggregate of the consideration
transferred, measured at acquisition date fair
value and the amount of any non-controlling
interests in the acquired business. For each
business combination, the non-controlling
interests in the acquiree are measured either
at fair value or at the proportionate share of
the acquiree's identifiable net assets.
In business combinations the identifiable as-
sets, liabilities and contingent liabilities of a
subsidiary are measured at acquisition-date
fair value. Goodwill is not amortized but
tested on an annual basis for impairment. A
bargain purchase, which arises when the fair
value of the identified net assets exceeds the
consideration transferred on the acquisi-
tion date, is recorded directly in the income
statement.
Annual Report 2022
101
Section 4 - Capital investments
NOTE 4.2
Businesses disposed / loss of control
2022
No businesses were disposed.
2021
DAWN HEALTH A/S
In the second half 2021, Trifork Group com-
pleted the strategic review for its subsidiary
Dawn Health A/S to bring in new external
capital for financing and to further acceler-
ate growth in the rapidly expanding market
for digital therapeutics and software as a
medical device. After a share-swap into
shares of Dawn Holding ApS, a 6% stake in
the shares of the company was sold for EURk
2,466, reducing the Group’s shareholding to
45%. This led to a loss of control and decon-
solidation of the company from the Trifork
segment on 30 November 2021 and transfer
of the retained investment to the Trifork Labs
segment at an initial fair value of EURk 20,297.
A capital round by other investors subse-
quent to the deconsolidation diluted the
interest of Trifork Group in Dawn Holding ApS
to 33%.
The transaction resulted in a gain from
disposal of Group Companies of EURk 22,131,
included in “other operating income” of EURk
22,923.
In 2021, Dawn Health A/S contributed with a
revenue of EURk 4,405 and earnings before
tax of EURk 548 to Trifork Group.
(in EURk)
Carrying amount of assets and
liabilities disposed
Property, plant and equipment 85
Right-of-use assets 327
Other non-current assets 68
Trade receivables 704
Other current assets 1,271
Non-current liabilities -218
Current liabilities -996
Net assets disposed 1,241
Non-controlling interests derecognized -608
Dawn Holding ApS shares retained as Trifork Labs investment -20,297
Consideration received in cash -2,466
Currency translation adjustment reclassified to profit or loss -1
Gain from disposal of Group companies -22,131
Cash and cash equivalents disposed -403
Consideration received in cash 2,466
Net inflow of cash and cash equivalents 2,063
§
Accounting policy
If the Group loses control over a subsidiary,
it derecognizes the related assets (including
goodwill), liabilities, non-controlling interests
and other components of equity, while any
resulting gain or loss is recognized in profit or
loss. Any investment retained is recognized at
fair value.
Annual Report 2022
102
Section 4 - Capital investments
NOTE 4.3
Contingent consideration liabilities
(in EURk) Level 3
1 January 2021 5,378
Additions from business combinations 2,281
Settlements -1,157
Fair value adjustments recognized in profit or loss 283
Exchange differences 131
31 December 2021 6,916
Settlements -789
Fair value adjustments recognized in profit or loss -501
Exchange differences 59
31 December 2022 5,685
The Group classifies the fair value of its
financial instruments in the following hi-
erarchy, based on the inputs used in their
valuation:
Level 3 – Inputs to the valuation are unob-
servable and significant to overall fair value
measurement. The inputs to the determina-
tion of fair value require significant man-
agement judgment or estimation. Positions
that are included in this category include
investments in Trifork Labs and contingent
consideration liabilities.
An amount of EURk 4,084 (2021: EURk 4,084)
relates to the acquisition of Nine A/S:
As part of the transaction Trifork entered into
a put-option arrangement with the sell-
ers of Nine A/S for the 191,000 Trifork shares
delivered at acquisition date. The sellers
are entitled to put back 50% of the shares
to Trifork at a fixed price of EUR 21 per share
and 50% of the shares between EUR 0 and
EUR 21 per share, depending on the accu-
mulated EBIT of Nine A/S for the period 2021
- 2022. The put option can be exercised in
early 2023. The weighted average cost of the
Trifork shares delivered has been transferred
to retained earnings at the acquisition date.
Should the put-option on the Trifork shares
expire unexercised, the put-option liabili-
ty will be reclassified to retained earnings.
Trifork Group assumes the targets to be met.
The maximum to be paid is EURk 4,084.
An amount of EURk 1,397 (2021: EURk 2,065)
relates to the acquisition of Vilea Group:
The contingent consideration arrangement
comprises a total pay-out of up to EURk
2,065 in 2022, 2023, 2024 in case the com-
pany meets defined EBIT-targets for 2021 to
2023.
If the target is missed by more than 43.8%,
there will be no pay-out. Based on the results
for 2021, 84% of the maximum amount was
paid out in 2022 (EURk 573) and based on
the results for 2022, 93% of the maximum
amount is due. Considering business plan-
ning, Trifork Group expects that for 2023 the
maximum amount becomes due.
An amount of EURk 204 (2021: EURk 336) re-
lates to the acquisition of Strongminds ApS:
The contingent consideration arrangement
comprises a target pay-out of total EURk 269
and a maximum pay-out of up to EURk 336 in
2023, 2024, 2025 in case the company meets
or exceeds defined EBIT-targets for 2022 to
2024.
If the targets are missed by more than 9.8%
(2022), 19.5% (2023) or 28.1% (2024), there
will be no pay-out. Based on the results for
2022, 2% of the maximum amount is due.
Considering business planning, Trifork Group
expects that for the remaining period the
maximum amount becomes due.
An amount of EURk 0 (2021: EURk 431) relates
to the acquisition of SAPBASIS ApS:
The contingent consideration arrangement
comprises a total pay-out of up to EURk 215
in 2023 in case the company meets defined
EBIT-targets for 2022. If the target is missed
by more than 10%, there will be no pay-out.
The targets were not met in 2022.
For 2021, the EBIT-target was met and the
amount of EURk 216 was paid out in 2022.
For 2020, the EBIT-target was met and the
amount of EURk 216 was paid out in 2021.
An earn-out agreement relating to the
acquisition of the remaining non-controlling
interests (49%) of Trifork Smart Enterprise A/S
was settled in 2021 by the payment of EURk
941.
An earn-out agreement relating to the ac-
quisition of software products (completed
development projects) ended in 2021 not
resulting in any payments.
Fair value adjustments recognized in profit
or loss form part of other financial income or
expense, refer to Note 2.6.
!
Significant accounting
estimates, assumptions and judgments
In connection with determination of the pur-
chase price of acquired subsidiaries man-
agement has to determine the fair value of
any contingent consideration arrangement
at the acquisition date and at each reporting
date until settlement or expiry. The fair value
measurement is usually based on significant
unobservable inputs (level 3) and may signif-
icantly change over time.
§
Accounting policy
Refer to accounting policy in Note 7.2.
Annual Report 2022
103
Section 4 - Capital investments
NOTE 4.4
Redemption amount of put-options
(in EURk) 2022 2021
1 January 36,163 24,240
Addition - 9,283
Exercise of put-options -7,457 -1,260
Adjustment recognized in equity 3,951 3,890
Exchange differences 521 10
31 December 33,178 36,163
The Group entered into a call/put-option
agreement for 43.6% non-controlling inter-
ests in Erlang Solutions Ltd. with a third-party
as of 27 April 2021. Based on this agreement,
a first acquisition of 10.6% was made in 2021
and a second (8.1%) and third acquisition
(11.9%) were made in 2022 (refer to Note 8.2).
Based on the result achieved by the compa-
nies having put-options on non-controlling
interest and its pricing mechanism, the
redemption amount was adjusted.
!
Significant accounting
estimates, assumptions and judgments
As the Group has a contractual obligation
to acquire additional shares in case defined
financial conditions are met and the put-op-
tions are exercised by the sellers, it must
estimate the respective financial liabilities.
Estimating future cash flows based on
contractually agreed option prices formulas
requires management to make assumptions
about relevant input parameters such as
future results and may result in significant
changes to recognized liabilities in future
periods.
§
Accounting policy
In the case of acquisitions, it is common
practice for the Group to acquire call options
and to write put options for the remaining
interests that were not acquired. Shares of
the profits or losses continue to be allocated
to the non-controlling interests when the
Group has not acquired a present ownership
interest in these interests. The non-con-
trolling interests subject to put-options are
derecognized at each reporting date as if
acquired. Liabilities from written put-options
are measured at the present value of the
redemption amount. These financial liabilities
are remeasured at each reporting date and
the resulting differences are recorded in
retained earnings without any impact on the
income statement.
NOTE 4.5
Investments in associated companies
(in EURk) 2022 2021
1 January 21 15
Share of result from associated companies 8 114
- of which share of result applying the equity method 8 114
Dividends received -24 -107
Exchange differences - -1
31 December 5 21
The associated companies are considered
individually immaterial.
§
Accounting policy
An associated company is an entity over
which the Group has significant influence.
Significant influence is the power to partic-
ipate in the financial and operating policy
decisions of the investee, but is not control or
joint control over those policies.
Associated companies in the Trifork segment
are recognized using the equity method.
Under the equity method, the investment in
an associate is initially recognized at cost.
The carrying amount of the investment is
adjusted to recognize changes in the Group's
share of net assets of the associate since the
acquisition date.
Annual Report 2022
104
Section 4 - Capital investments
NOTE 4.6
Intangible assets
(in EURk) Goodwill
Com-
pleted
devel-
opment
projects
Ongoing
devel-
opment
projects
Cus-
tomer
relation-
ships/
order
backlog
Others
(IP rights
and
brand) Total
(in EURk) Goodwill
Com-
pleted
devel-
opment
projects
Ongoing
devel-
opment
projects
Cus-
tomer
relation-
ships/
order
backlog
Others
(IP rights
and
brand) Total
Acquisition cost Accumulated amortization and impairment
1 January 2021 44,662 14,114 317 32,014 - 91,107 1 January 2021 - -11,209 - -6,908 - -18,117
Additions - - 565 - 191 756 Amortization - -1,012 - -3,011 - -4,023
Additions from business
combinations
3,697 - - 2,398 - 6,095 Impairment - -97 - - - -97
Disposals - -875 - - - -875 Disposals - 802 - - - 802
Transfers - 373 -373 - - - Exchange differences - 82 - -159 - -7 7
Exchange differences 368 -51 - 400 - 717 31 December 2021 - -11,434 - -10,078 - -21,512
31 December 2021 48,727 13,561 509 34,812 191 97,800
Amortization - -933 - -2,962 -38 -3,933
Additions - - 603 - 671 1,274 Impairment - -73 - - - -73
Transfers - 829 -829 - - - Exchange differences - 5 - -59 - -54
Exchange differences 156 9 - 185 -14 336 31 December 2022 - -12,435 - -13,099 -38 -25,572
31 December 2022 48,883 14,399 283 34,997 848 99,410
Net carrying amount as
of 31 December 2021
48,727 2,127 509 24,734 191 76,288
Net carrying amount as
of 31 December 2022
48,883 1,964 283 21,898 810 73,838
Expenditure on research and development
recognized in the income statement (per-
sonnel costs) amounts to EURk 1,106 (2021:
EURk 2,121).
In 2022, Trifork Group acquired the confer-
ence brand YOW! for EURk 657. The brand has
been assessed as having an indefinite life as
there is no foreseeable limit of the time asset
is expected to generate net cash inflows.
ONGOING DEVELOPMENT PROJECTS
Additions to ongoing development projects
relate to internal development costs (cap-
italization of personnel costs). Refer also to
Note 3.1.
Ongoing development projects are allocat-
ed across multiple cash-generating units
(CGUs).
Annual Report 2022
105
Section 4 - Capital investments
NOTE 4.6
Intangible assets (continued)
GOODWILL
As of 31 December, goodwill is allocated the following CGU's:
in EURk 2022 2021
Build sub-segment
Trifork A/S 224 224
Trifork Public A/S 577 577
Trifork B.V. 3,756 3,756
Erlang Solutions Group 1,263 1,201
Open Credo Ltd. 1,263 1,333
Duckwise ApS 5 5
Testhuset A/S 4,056 4,056
Trifork Smart Enterprise A/S 1,308 1,308
SAPBASIS ApS 587 587
Trifork Smart Device ApS 51 51
Nine A/S 25,976 25,976
Vilea Group 3,517 3,353
Strongminds ApS 540 540
Total 43,123 42,967
Run sub-segment
Netic A/S 5,760 5,760
Total Goodwill 48,883 48,727
IMPAIRMENT TEST
The recoverable amount of each CGU to
which goodwill has been allocated, has
been determined based on value in use
calculations using cash flow projections the
business plans approved by senior manage-
ment covering a 5-year period. Cash flows
beyond this five-year period (terminal value
period) are extrapolated using a growth rate
of 1 - 2% which does not exceed the long-
term growth rate for the respective market in
which the CGU is active.
The pre-tax discount rates applied to the
cash flow projections represents the current
market assessment of the risks specific to
each CGU, taking into consideration the
time value of money and individual risk of
the underlying assets that have not been
incorporated in the cash flow estimates. The
discount rate is derived from the weighted
average cost of capital (WACC).
!
Significant accounting
estimates, assumptions and judgments
Management estimates relate to the de-
termination of discount rates, growth rates
and expected changes in sales prices and
production cost in the budgets and terminal
value periods. Management considers the
projected cash flows to be realistic and built
around historical experience and reasonable
expectations for future market developments.
Management considers that reasonably
possible changes in key assumptions will not
cause the recoverable amounts of CGU's to
become inferior to their carrying amount.
Annual Report 2022
106
Section 4 - Capital investments
NOTE 4.6
Intangible assets (continued)
§
Accounting policy
Intangible assets acquired separately are
measured on initial recognition at cost.
Following initial recognition, intangible assets
are carried at cost less any accumulated
amortization and accumulated impairment
losses. Development expenditure on individ-
ual projects is recognized as an intangible
asset only when the Group can demonstrate
the technical feasibility, its intention and
ability to complete the project, the availa-
bility of resources, its ability to measure the
costs reliably and how the asset will generate
future economic benefits.
The cost of development projects covers
expenses, including wages and depreciation,
which can be allocated directly to the devel-
opment projects, and which are considered
necessary to finish the project, from the time
the development project for the first time
meets the criteria for recognition as an asset.
All capitalized development projects are
tested for impairment annually.
The useful life of intangible assets is assessed
as either finite or indefinite. Intangible assets
with finite life are amortized on a straight-
line basis over the estimated useful life and
assessed for impairment whenever there is
an indication that the intangible asset may
be impaired.
Amortization:
Capitalized development cost 2-5 years
Acquired customer
relationships 5-20 years
Order backlog in accordance
with contract terms
Other (IP rights) 5 years
2022 2021
CAGR Net
sales
Average
EBITDA
margin
Pre-tax
discount
rate
CAGR Net
sales
Average
EBITDA
margin
Pre-tax
discount
rate
Build sub-segment
Trifork A/S 4.3% 15.1% 12.2% 9.2% 15.8% 11.9%
Trifork Public A/S 7.4% 20.5% 12.2% 8.0% 20.6% 11.9%
Trifork B.V. 5.4% 10.3% 12.1% 4.2% 15.8% 11.8%
Erlang Solutions Group 11.4% 16.5% 13.8% 11.6% 14.6% 12.8%
Open Credo Ltd. 12.2% 9.2% 13.8% 12.3% 10.7% 12.8%
Duckwise ApS 11.6% 9.9% 12.2% 14.8% 11.6% 11.9%
Testhuset A/S 12.6% 10.5% 12.2% 5.9% 10.4% 11.9%
Trifork Smart Enterprise A/S 8.8% 14.1% 12.2% 9.6% 15.3% 11.9%
SAPBASIS ApS 8.9% 33.7% 12.2% 16.8% 26.0% 11.9%
Trifork Smart Device ApS 2.9% 13.5% 12.2% 35.8% 9.8% 11.9%
Nine A/S 9.2% 21.3% 12.2% 8.3% 20.7% 11.9%
Vilea Group 9.4% 28.6% 11.0% 29.5% 20.0% 11.3%
Strongminds ApS 9.7% 18.5% 12.2% 16.5% 20.0% 11.8%
Run sub-segment
Netic A/S 5.3% 9.4% 12.2% 11.5% 12.6% 11.9%
Annual Report 2022
107
Section 4 - Capital investments
NOTE 4.6
Intangible assets (continued)
The amortization periods and the amortiza-
tion methods are reviewed at least at the end
of each reporting period.
Intangible assets with indefinite life are as-
sessed for impairment at least annually.
Goodwill is initially measured at cost, being
the excess of the aggregate of the consider-
ation transferred and the amount recognized
for the non-controlling interest over the net
identifiable assets acquired and liabilities
assumed.
Goodwill is not amortized but subject to an
impairment test annually and whenever
there are indications of possible impairment.
Any impairment of goodwill is not subse-
quently reversed.
At each reporting date, the Group assesses
whether there is any indication that an in-
tangible asset (other than Goodwill) may be
impaired. If any such indication exists, the re-
coverable amount of such asset is estimated.
Where it is not possible to determine the re-
coverable amount of an individual intangible
asset, the Group estimates the recoverable
amount of the smallest cash generating unit
to which the asset belongs.
The recoverable amount is the higher of an
asset's or cash generating unit's fair value
less costs of disposal and its value in use. If
the recoverable amount is estimated to be
less than the carrying amount, the carry-
ing amount is reduced to the recoverable
amount. Impairment losses are recognized
immediately in profit or loss.
Where an impairment loss subsequently re-
verses, the carrying amount of the intangible
asset (other than Goodwill) or cash generat-
ing unit is increased to the revised estimate
of its recoverable amount.
However, this increased amount cannot
exceed the carrying amount that would have
been determined if no impairment loss had
been recognized for that asset or cash gen-
erating unit in prior periods.
NOTE 4.7
Right-of-use assets
(in EURk) Note Offices
Operation
centers
IT-
Hardware Cars Total
2022
Additions 13,092 4,059 1,113 730 18,994
Depreciation 2.5 -4,201 -177 -876 -443 -5,697
Net carrying amount as of
31 December
24,173 5,416 2,473 939 33,001
2021
Additions 4,051 1,539 1,931 527 8,048
Depreciation 2.5 -4,329 -13 -754 -358 -5,454
Net carrying amount as of
31 December
18,649 1,526 2,350 770 23,295
For the expense relating to short-term leases
and variable lease payment not included in
the measurement of lease liabilities refer to
Note 2.4. For the incurred interest expense
on lease liabilities refer to Note 2.6. For the
maturity analysis of lease liabilities refer to
Note 7.5.
Total cash outflow for leases amounted to
EURk 6,537 (2021: EURk 5,522), refer to Notes
2.4 (for short-term and low value leases), 2.6
(for the interest part) and 7.3 (for the finan-
cial liability part).
§
Accounting policy
The Group assesses whether a contract is or
contains a lease at its inception.
The Group recognizes a right-of-use asset
(ROU asset) and a lease liability at the lease
commencement date, except for leases with
a duration of less than 12 months and leases
of low value assets as well as variable lease
payments not depending on an index or rate
which are expensed in the income statement
when incurred.
The lease liability is initially measured at
the present value of the lease payments,
discounted using the interest rate implicit in
the lease and if not readily determinable an
incremental borrowing rate which is the ag-
gregation of the risk-free rate, increased by
an individual risk factor and adjusted for the
respective currency and lease duration.
The lease payments are apportioned
between the amortization part and the
interest expense, that is included in financial
expenses.
At inception, the ROU asset comprises the
initial lease liability, initial direct costs and
any obligation to refurbish the asset, less any
incentives granted by the lessor. The ROU
is depreciated over the shorter of the lease
term or the useful life of the underlying asset.
Annual Report 2022
108
Section 4 - Capital investments
NOTE 4.8
Property, plant and equipment
(in EURk)
Real
estate
Leasehold
improve-
ments
Other
equipment,
fixtures and
fittings
Assets
under
construc-
tion Total
(in EURk)
Real
estate
Leasehold
improve-
ments
Other
equipment,
fixtures and
fittings
Assets
under
construc-
tion Total
Acquisition cost Accumulated depreciation and impairments
1 January 2021 1,114 4,171 10,463 - 15,748 1 January 2021 -49 -2,310 -7,245 - -9,604
Additions - 1,417 2,208 1,321 4,946 Depreciation -13 -420 -1,761 - -2,194
Additions from business
combinations
- - 15 - 15
Disposals - - 390 - 390
Disposals - - -702 - -702 Disposals of Group companies - 1 96 - 97
Disposals of Group
companies
- -5 -177 - -182 Transfers
1
- - -822 - -822
Transfers
1
- - 1,323 - 1,323 Exchange differences - -54 -147 - -201
Exchange differences - 106 196 1 303 31 December 2021 -62 -2,783 -9,489 - -12,334
31 December 2021 1,114 5,689 13,326 1,322 21,451
Depreciation -18 -439 -1,942 - -2,399
Additions 776 319 2,064 1,565 4,724 Disposals - 638 - 638
Disposals - -704 -687 -2,886 -4,277 Transfers
1
- -820 - -820
Transfers
1
- - 953 - 953 Exchange differences - 40 -116 - -76
Exchange differences - -67 122 -1 54 31 December 2022 -80 -3,182 -11,729 - -14,991
31 December 2022 1,890 5,237 15,778 - 22,905
Net carrying amount as of 31
December 2021
1,052 2,906 3,837 1,322 9,117
Net carrying amount as of 31
December 2022
1,810 2,055 4,049 - 7,914
1 Trifork Group has acquired cars and hardware from lease contracts. Before, the Group accounted for these items as right-of-use assets.
Annual Report 2022
109
Section 4 - Capital investments
NOTE 4.8
Property, plant and equipment (continued)
§
Accounting policy
Leasehold improvements, other equipment,
fixtures and fittings and real estate are stated
at cost less accumulated depreciation and
impairment. Cost comprises the purchase
price and any costs directly attributable to
the acquisition until the date the asset is
ready for use.
Straight-line depreciation is calculated
based on the following estimated useful lives:
Real estate (except land) 30 years
Leasehold improvements, etc. 7 years
Other equipment, fixtures
and fittings 3-7 years
For real estate, the Group assumes a residual
value of 45% of cost.
The residual values, useful lives and methods
of depreciation are reviewed at least at the
end of each reporting period and adjusted
prospectively, if appropriate.
Gains and losses on the disposal of property,
plant and equipment are determined as the
difference between the net disposal pro-
ceeds and the carrying amount of the assets
and is recognized as other operating income/
expense.
At each reporting date, the Group assesses
whether there is any indication that an item
of property, plant and equipment may be
impaired. If any such indication exists, the
recoverable amount of such asset is deter-
mined. Where it is not possible to estimate
the recoverable amount of an individual
property, plant and equipment asset, the
Group estimates the recoverable amount of
the smallest cash generating unit to which
the asset belongs. The recoverable amount
is the higher of an asset's or cash generating
unit's fair value less costs of disposal and
its value in use. If the recoverable amount
is estimated to be less than the carrying
amount, the carrying amount is reduced to
the recoverable amount. Impairment losses
are recognized immediately in profit or loss.
Where an impairment loss subsequently
reverses, the carrying amount such asset
or cash generating unit is increased to the
revised estimate of its recoverable amount.
However, this increased amount cannot
exceed the carrying amount that would have
been determined if no impairment loss had
been recognized for asset or cash generating
unit in prior periods.
NOTE 4.9
Other financial assets
(in EURk) Note 2022 2021
Loans to investments in Trifork Labs
1
753 1,994
Deposits for lease contracts 1,377 1,254
Expected credit loss allowance -5 -8
Total financial assets 2,125 3,240
- of which non-current 2,125 2,897
- of which current - 343
1 This line item includes convertible loans to investments in Trifork Labs of EURk 538 (2021: EURk 335).
The maximum positive effect from the execution of the implied call-options (which allow to participate in a
capital round at a discounted or fixed price) is EUR k 57 (2021: EURk 64).
§
Accounting policy
Refer to accounting policies in Note 7.2.
5
Annual Report 2022
110
Section 5 - Investment in Trifork Labs
NOTE 5.1
Investments in Trifork Labs
(in EURk) Level 1 Level 3 Total
1 January 2021 236 75,625 75,861
Acquisitions - 5,713 5,713
Additions from deconsolidation - 20,297 20,297
Disposals -59,059 -59,059
Fair value adjustments -127 5,149 5,022
- of which realized - 2,858 2,858
- of which unrealized -127 2,291 2,164
Dividends received - -688 -688
Exchange differences - 113 113
31 December 2021 109 47,150 47,259
Acquisitions - 10,415 10,415
Disposals - -3,279 -3,279
Fair value adjustments -48 6,202 6,154
- of which realized - 1,864 1,864
- of which unrealized -48 4,338 4,290
Dividends received - -287 -287
Exchange differences - 50 50
31 December 2022 61 60,251 60,312
The Group classifies the fair value of its
financial instruments in the following
hierarchy, based on the inputs used in
their valuation:
Level 1 – Inputs to the valuation are quot-
ed prices available in active markets.
The type of investments listed under
Level 1, include securities listed in active
and liquid markets.
Level 3 – Inputs to the valuation are
unobservable and significant to overall
fair value measurement. The inputs to
the determination of fair value require
significant management judgment or
estimation.
In certain cases, the inputs used to
measure fair value may fall into differ-
ent levels of the fair value hierarchy. In
such cases an investment's level within
the fair value hierarchy is based on the
lowest level of input that is significant to
the fair value measurement.
The line item disposal includes the fair
value of the investments disposed at
the time of disposal, after revaluation to
fair value. Fair value adjustments for the
current year are recorded in line item
“fair value adjustments on investments
in Trifork Labs” in the income statement.
SECTION 5
Investment in
Trifork Labs
The investments in Trifork Labs are a
speciality of Trifork and form the venture
funded research and development of
the Group.
Relevant items, such as new acquisi-
tions, exits and valuation adjustments
are outlined in this section.
Annual Report 2022
111
Section 5 - Investment in Trifork Labs
NOTE 5.1
Investments in Trifork Labs (continued)
The realized fair value adjustments are
in relation to exits from investments and
dividend income. The unrealized fair value
adjustments are in relation to new funding
rounds with different valuation of invested
companies, updated business plans leading
to a new valuation or - for Level 1 instruments
- change in market prices.
The fair value of Level 3 investments is de-
rived from DCF-valuation models or recent
transactions (new capital investments by
third parties).
2022
In 2022, new investments were made in
Promon A/S, Feats ApS, TSBThree ApS and
Fauna ApS and existing investments in Arkyn
Studios Ltd., Dryp A/S, Kashet Group AG,
Visikon ApS, &Money ApS and Edia B.V. were
increased. For this, EURk 9,628 were invested
in cash and EURk 787 by conversion of loans.
In the reporting period, the Container
Solutions Group started a reorganization. In
this process, Trifork Group exited its in-
vestment in Programmable Infrastructure
Solutions AG, the former Holding company
of the Group, at the carrying amount of EURk
1,553 (cash consideration) and will keep a
shareholding of approximately 6.2% in the
succeeding Holding company.
In 2022, Trifork Group has received final pay-
ments subsequent to the exit of Humio Ltd. in
2021 of EURk 1,635.
In addition, Atomist Inc. was dissolved and a
payment of EURk 91 was received.
Further, the investment in ComplyTeq AG was
fully impaired as it expects to cease its ac-
tivities. In connection with this, Trifork Group
has also impaired its loan to ComplyTeq AG.
2021
The cash proceeds from the sale of Humio
Ltd. of EURk 57,846 were received at the
beginning of March 2021. As the amount
was fixed in USD the Group recognized an
additional fair value adjustment of EURk 1,740
from foreign exchange gains.
Later in 2021, a payment of EURk 203 for
the sale of Humio Ltd. was received based
on updated calculations as per date of
disposal. This cash in was not expected by
the Group and is recognized as realized fair
value adjustment.
In 2021, the investments in Supertrends AG
and Programmable Infrastructure Solutions
AG were (partially) exited at carrying
amounts of EURk 26 and EURk 350 and
Testlab ApS, Dawn Labs A/S and XCI Holding
A/S were (partially) exited at EURk 634 (of
which EURk 303 were received in treasury
shares).
During 2021, new investments were made
in &Money ApS, Visikon ApS and Develco
A/S and existing investments in Dryp A/S,
Upcycling Forum ApS and Kashet Group AG
were increased , including an execution of a
convertible note in the amount of EURk 68.
Subsequent to the loss of control and
deconsolidation of Dawn Health A/S, the re-
tained investment was transferred to Trifork
Labs segment as of 30 November 2021 (refer
to Note 4.2).
There were no transfers between fair value
measurements levels in 2022 and 2021.
In addition, there are also convertible loans
outstanding with investments in Trifork Labs,
refer to Note 4.3)
!
Significant accounting estimates,
assumptions and judgments
The fair value of level 3 equity investments is
determined based on DCF-valuation models
and/or valuations derived from recent trans-
actions by external parties that have invested
new capital in these companies. A sensitivity
analysis has been performed on this in Note
7.5. Because of the inherent uncertainty of
valuation of private equity in general, the
estimate fair value may differ from the values
that would have been used had an active
market existed for the investments and the
difference regarding individual investments
could be material. Any gain or loss arising
from a change in fair value of investments is
included in separate line item in the income
statement.
§
Accounting policy
Equity investments held by Trifork Labs (the
Group's driver for R&D innovation) are classi-
fied as financial assets at fair value through
profit in accordance with IFRS 9 and the
amendment to IAS 28. Exemptions from Ap-
plying the Equity Method. These venture cap-
ital equity investments are accounted for at
fair value through profit or loss as the Group
elects at initial recognition of the investments
to apply IFRS 9 rather than the equity method
under IAS 28.
Changes in fair value are recognized and
presented separately in the income state-
ment as fair value adjustments on invest-
ments in Trifork Labs.
6
Annual Report 2022
112
Section 6 - Working capital items
NOTE 6.1
Trade receivables and contract assets
(in EURk) 2022 2021
Trade receivables - third parties 33,957 36,422
Trade receivables - related parties 1,712 311
Expected credit loss allowance -228 -667
Total trade receivables 35,441 36,066
Estimates on expected credit losses have
been updated in 2020 due to potential
impacts of the Covid-19 pandemic and
were not changed in 2021 nor 2022.
Trade receivables are non-interest bear-
ing and are generally on terms of 20 to
60 days.
An impairment analysis is performed
at each reporting date using a provi-
sion matrix to measure expected credit
losses. The provision matrix is a com-
bination of two approaches; review of
individual receivables and a portfolio
approach where the provision rates are
based on days past due for groupings of
various customer segments with similar
loss patterns (i.e. startup companies and
other than startup companies). The cal-
culation reflects the probability-weight-
ed outcome, the time value of money
and reasonable and supportable infor-
mation that is available at the reporting
date about past events, current condi-
tions and forecasts of future economic
conditions.
The provision matrix is initially based on
the Group's historical observed default
rates. The Group calibrates the matrix to
adjust the historical credit loss expe-
rience with forward-looking informa-
tion. For instance, if forecast economic
conditions are expected to deteriorate
over the next year, which can lead to an
increased number of defaults, the histor-
ical default rates are adjusted. At every
reporting date, the historical observed
default rates are updated and changes
in the forward-looking estimates are
analyzed.
SECTION 6
Working
capital
items
This section provides information relat-
ed to the Group's working capital items,
especially current receivables and
payables.
2022 2021
Gross carry-
ing amount
Expected
credit loss
allowance Total
Gross carry-
ing amount
Expected
credit loss
allowance Total
Trade receivables
Not due 25,367 -53 25,314 25,901 -367 25,534
Due < 30 days 7,902 -30 7,872 6,879 -40 6,839
Due 30 - 90 days 996 -20 976 2,203 -81 2,122
Due > 90 days 1,404 -125 1,279 1,750 -179 1,571
Total trade receivables 35,669 -228 35,441 36,733 -667 36,066
Contract assets 1,440 -2 1,438 1,885 -2 1,883
Total 37,109 -230 36,879 38,618 -669 37,949
Annual Report 2022
113
Section 6 - Working capital items
NOTE 6.1
Trade receivables and contract assets (continued)
EXPECTED CREDIT LOSS ALLOWANCE
(in EURk) 2022 2021
1 January -669 -312
Addition -842 -712
Utilization 452 103
Reversal 832 279
Disposal of Group companies - 10
Exchange differences -3 -37
31 December -230 -669
One-off debtor loss of EURm 0.5 was recog-
nized in the Build sub-segment. Trifork Group
was indirectly affected by the war in Ukraine
because a UK-customer was unable to ob-
tain further funding due to EU sanctions and
was forced to go into administration.
§
Accounting policy
Refer to accounting policy in Note 7.2.
NOTE 6.2
Other current liabilities
(in EURk) 2022 2021
Liabilities to government authorities (VAT, social security, etc.) 3,527 5,614
Other liabilities 3,177 3,514
Accrued personnel expenses 5,804 5,398
Total 12,508 14,526
To take into account the effects of the
Covid-19 pandemic, the government au-
thorities in Denmark extended their payment
terms in 2020 and 2021. This had an initial ef-
fect of increasing of the respective liabilities
and levelled-out again in 2021 and 2022.
7
Annual Report 2022
114
Section 7 - Capital structure and financing
NOTE 7.1
Shareholders' equity
A. Number of shares (CHF 0.1 nominal value, issued and fully paid-in)
2022 2021
Issued shares as per 31 December 19,744,899 19,744,899
Treasury shares -65,009 -45,019
Outstanding shares as per 31 December 19,679,890 19,699,880
B. Authorized capital
The extraordinary General Meeting of 19
December 2019 authorized the Board of
Directors to increase the share capital
of the company at any time up to 19
December 2021.
The available authorized capital as per
1 January 2021 amounted to CHFk 136
(EURk 125), equating to 1,362,770 reg-
istered shares. With effective date as
of 16 April 2021 the Board of Directors
exercised an authorized share capital
increase by 167,436 shares (EURk 15). A
premium of EURk 3,156 was recognized in
the retained earnings.
The ordinary General meeting of 29 April
2021 replaced the authorized capital by
the extraordinary General meeting as
19 December 2019 and authorized the
Board of Directors to increase the share
capital of the company at any time up to
29 April 2023 by an amount not exceed-
ing CHFk 373 (EURk 340) through the
issue of up to 3,727,446 registered shares,
payable in full, each with a nominal val-
ue of CHF 0.10 (EUR 0.09) and excluding
shareholders' subscription rights.
With effective date as of 28 May 2021
the Board of Directors increased share
capital from authorized share capital in
an amount of EURk 86 (940,233 shares). A
premium of EURk 18,860 was allocated to
the retained earnings.
The available authorized capital as of 31
December 2021 and 31 December 2022
amounts to CHFk 279 (EURk 283). This
equates to 2,787,213 registered shares
(nominal value of CHF 0.10 (EUR 0.10) per
registered share).
C. Conditional capital
The extraordinary General Meeting of 19
December 2019 authorized the con-
ditional capital of CHFk 50 (EURk 51) by is-
suing a maximum of 500,000 registered
shares with a nominal value of CHF 0.10
(EUR 0.10) each, to be fully paid up, ex-
cluding shareholders' subscription rights.
D. Dividend
The General Meeting of 20 April 2022
approved a dividend of EUR 0.38 per reg-
istered share (2021: EUR 0.58) to be paid
from retained earnings. The dividend of
EURk 7,624 was paid out on 25 April 2022
(2021: EURk 10,871).
The Board of Directors will submit a pro-
posal to the Annual General Meeting of
Trifork Holding AG on 12 April 2023 to pay
a dividend for the reporting period of EUR
0.14 per registered share.
SECTION 7
Capital
structure and
financing
This section includes notes related to
capital structure and financing, includ-
ing financial risks.
As a consequence of its operations, in-
vestments and financing, Trifork Group
is exposed to a number of financial
risks that are monitored, managed and
addressed.
Annual Report 2022
115
Section 7 - Capital structure and financing
NOTE 7.1
Shareholders' equity (continued)
E. Treasury shares
Number of shares
Total amount
(in EURk)
1 January 2021 31,093 524
Acquisitions 46,851 1,030
Capital increase 167,436 -
Disposals -2,570 -53
Acquisition of Group companies -102,073 -11
Acquisition of non-controlling interests -95,718 -496
31 December 2021 45,019 994
Acquisitions 30,000 843
Conversion of vested RSU -10,010 -202
31 December 2022 65,009 1,635
In 2022, the impact of the transactions with
treasury shares in retained earnings is EURk
-202 (2021: EURk 2).
§
Accounting policy
Share capital equals the nominal value of all
shares issued.
Treasury shares are measured at cost and
deducted from shareholders equity. Gains or
losses from the disposal of treasury shares
are recognized directly in retained earnings.
NOTE 7.2
Financial instruments
Financial assets
(in EURk) 2022 2021
Other financial assets 2,125 3,240
Trade receivables 35,441 36,066
Other current receivables 663 825
Cash and cash equivalents 30,652 44,628
Total - at amortized cost
1
68,881 84,759
Investments in Trifork Labs - at fair value through profit or loss (Level 1
and 3, see Note 5.1)
60,312 47,259
Total financial assets 129,193 132,018
Financial liabilities
(in EURk) 2022 2021
Redemption amount of put-options 33,178 36,163
Borrowings from financial institutions 26,982 27,528
Lease liabilities 34,252 24,606
Trade payables 5,544 7,262
Other 770 945
Total - at amortized cost
2
100,726 96,504
Contingent consideration liabilities - at fair value
through profit and loss (Level 3)
5,685 6,916
Total financial liabilities 106,411 103,420
1 The fair value of short-term financial assets at amortized costs approximate their carrying amounts.
2 The fair value of financial liabilities at amortized costs approximate their carrying amounts due to being either
of short-term nature or by virtue of floating interest rates that are regularly reset.
The carrying amount of redemption amount of put-options is also considered to be an approximation of fair
value as the strike prices are variable amounts based on the performance of the underlying company.
Annual Report 2022
116
Section 7 - Capital structure and financing
NOTE 7.2
Financial instruments (continued)
Financial instruments through
profit and loss
For details of investments in Trifork Labs refer
to Note 5.1.
For details of contingent consideration liabil-
ities refer to Note 4.3.
§
Accounting policy
Financial assets
Initial recognition and measurement
The Group classifies its financial assets, at
initial recognition, in the following categories:
subsequently measured at amortized
cost and,
fair value through profit or loss.
The classification depends on the financial
asset's contractual cash flow character-
istics and the Group's business model for
managing them. With the exception of trade
receivables that do not contain a significant
financing component or for which the Group
has applied the practical expedient, the
Group initially measures a financial asset at
its fair value plus, in the case of a financial
asset not at fair value through profit or loss,
transaction costs. Trade receivables that do
not contain a significant financing compo-
nent or for which the Group has applied the
practical expedient are initially measured at
the transaction price determined under IFRS
15.
Regular way purchases or sales of financial
assets are recognized on the date the Group
makes a commitment to buy or sell the asset.
Financial assets are derecognized when the
rights to the cash flows have expired or if
the right to receive the cash flows has been
transferred and the Group has substantially
transferred all risks and rewards incidental to
ownership.
Financial assets are classified as current if
payment is due within one year or less. If not,
they are presented as non-current financial
assets.
Subsequent measurement
For purposes of subsequent measurement,
Trifork Group has financial assets at amor-
tized cost (debt instruments) as well as finan-
cial assets at fair value through profit or loss
(Trifork Labs investments in equity securities).
Trifork measures financial assets at amor-
tized cost if both of the following conditions
are met:
The financial asset is held within a
business model with the objective to
hold financial assets in order to collect
contractual cash flows, and
The contractual terms of the financial
asset give rise on specified dates to
cash flows that are solely payments of
principal and interest on the principal
amount outstanding
Financial assets at amortized cost are subse-
quently measured using the effective interest
(EIR) method and are subject to impairment.
Gains and losses are recognized in profit or
loss when the asset is derecognized, modi-
fied or impaired.
Trifork Labs focuses on investing in new
technology start-up activities and invests in
selected technology companies that are at
the forefront of technological development
with new and innovative software products.
These venture capital equity investments are
accounted for at fair value through profit or
loss as the Group elects at initial recognition
of the investments to apply IFRS 9 rather than
the equity method under IAS 28.
Changes in fair value are recognized and
presented separately in the income state-
ment as fair value adjustments on invest-
ments in Trifork Labs.
Impairment of financial assets
The Group recognizes an allowance for
expected credit losses (ECLs) for all debt
instruments not held at fair value through
profit or loss. ECLs are based on the differ-
ence between the contractual cash flows due
in accordance with the contract and all the
cash flows that the Group expects to receive,
discounted at an approximation of the origi-
nal effective interest rate. The expected cash
flows will include cash flows from the sale of
collateral held or other credit enhancements
that are integral to the contractual terms.
For trade receivables and contract assets,
the Group applies the simplified approach in
calculating ECLs. Therefore, the Group does
not track changes in credit risk, but instead
recognizes a loss allowance based on life-
time ECLs at each reporting date. The Group
has established a provision matrix that is
Annual Report 2022
117
Section 7 - Capital structure and financing
based on its historical credit loss experience
the business knowledge, adjusted for for-
ward-looking factors specific to the debtors
and the economic environment.
For other financial assets, such as loans to
investments in Trifork Labs, the Group has
established a provision matrix based on for-
ward-looking factors specific to the debtors
nature and the economic environment.
Cash and cash equivalents
The position includes cash on hand, accounts
at financial institutions and short-term bank
deposits with original maturities of three
months or less.
Financial liabilities
Initial recognition and measurement
The Group classifies financial liabilities, at
initial recognition, as:
financial liabilities at fair value through
profit or loss
financial liabilities subsequently meas-
ured at amortized costs
All financial liabilities are recognized initially
at fair value and, in the case of instruments
not subsequently measured at fair value
through profit or loss, net of directly attributa-
ble transaction costs.
Subsequent measurement
Contingent consideration liabilities are
subsequently measured at fair value through
profit or loss.
All other financial liabilities are subsequently
measured at amortized cost using the effec-
tive interest method.
Trade payables and financial liabilities are
classified as current liabilities if payment is
due within one year or less. If not, they are
presented as non-current liabilities.
NOTE 7.3
Financial liabilities
(in EURk) 2022 2021
Borrowings from financial institutions 26,982 27,528
Lease liabilities 34,252 24,606
Other 770 945
Financial liabilities related to financing activities 62,004 53,079
Contingent consideration liabilities 5,685 6,916
Redemption amount of put-options 33,178 36,163
Financial liabilities related to business combination and acquisition
of non-controlling interests
38,863 43,079
Total financial liabilities, as presented in the statement of financial
position
100,867 96,158
- of which non-current 37,718 60,405
- of which current 63,149 35,753
For details on contingent consideration lia-
bilities, refer to Note 4.3.
For details on the redemption amount of
put-options, refer to Note 4.4.
Annual Report 2022
118
Section 7 - Capital structure and financing
NOTE 7.3
Financial liabilities (continued)
CHANGES IN LIABILITIES ARISING FROM FINANCING ACTIVITIES
(in EURk)
Current borrow-
ings from finan-
cial institutions
and other
Current lease
liabilities
Non-current
borrowings from
financial institu-
tions and other
Non-current
lease liabilities Total
1 January 2021 34,548 4,592 21,158 17,259 77,557
Cash flows (net) -27,599 -4,986 511 - -32,074
New leases - 709 - 7,339 8,048
New leases from business combinations - 36 - 142 178
Cancellation of lease contracts - -38 - -566 -604
Disposal of Group companies - -142 - -218 -360
Reclassifications 12,143 4,876 -12,143 -4,876 -
Exchange differences -309 -12 164 491 334
31 December 2021 18,783 5,035 9,690 19,571 53,079
Cash flows (net) -4,044 -5,856 3,673 - -6,227
New leases - 2,040 - 16,950 18,990
Cancellation of lease contracts - -563 - -2,635 -3,198
Reclassifications 4,657 5,263 -4,657 -5,263 -
Exchange differences -60 -46 -290 -244 -640
31 December 2022 19,336 5,873 8,416 28,379 62,004
§
Accounting policy
Refer to accounting policy in Note 7.2.
NOTE 7.4
Guarantees and pledged assets
To secure interest-bearing liabilities of
EURk 8,021 (2021: EURk 12,023) the Group has
pledged the shares held in Nine A/S until full
repayment of the liabilities.
To secure interest-bearing liabilities of EURk
13,426 (2021: EURk 15,358) the Group has en-
tered into negative pledge agreements for
the assets in Trifork Holding AG, Trifork Smart
Enterprise A/S, Nine A/S and SAPBASIS ApS
until full repayment of the liabilities.
Furthermore, the usual general terms and
conditions of the financial institutions may
include options for offsetting credit against
open obligations.
Annual Report 2022
119
Section 7 - Capital structure and financing
NOTE 7.5
Financial risk management
The Trifork Group is, as a result of its opera-
tions, its investing and financing activities,
exposed to a variety of financial risks, includ-
ing market risk (currency, interest and equity
price risk), credit risks and liquidity risks.
The Group manages its financial risks cen-
trally. The overall framework for the financial
risk management is defined in the Group’s
financial policy and approved by the Board
of Directors.
The Group’s financial management is
solely to manage and reduce the financial
risks that are a direct result of the Group’s
operations and its investing and financing
activities. The Group continuously calculates
current financial positions related to both
financial and non-financial assets. Monthly,
Management reviews the Group’s risk expo-
sure in areas such as customers, backlogs,
currencies, etc. in relation to budgets and
forecasts.
Market risks
CURRENCY RISKS
The major currencies that the different
business units in the Group operate in are
EUR, CHF, DKK, USD and GBP. The nature of all
Group Companies is that they most often
invoice their customers and are invoiced
by vendors in the same currency as their
functional currency and thus they have
only minor positions of either receivables or
liabilities in other currencies than the func-
tional currency and the respective risk is not
considered significant.
At all times the Group monitor the net expo-
sure to different currencies other than EUR,
which is the reporting currency in the Group
and netting any net exposure internally
between the business units within the Group
before using any other financial instru-
ments. In the financial years 2022 and 2021
the Group did not cover any currency risks
through derivative financial instruments.
INTEREST RISK
Trifork has, as a result of the Group’s invest-
ing and financing activities, a risk exposure
related to fluctuations in interest rates in
Europe and abroad. The primary interest rate
exposure is related to fluctuations in CIBOR
and EURIBOR.
The Group’s credit facilities are all at a vari-
able interest rate. All interest rates are fixed
every three months and all rates are tied to
the development of the general market rate
for each currency.
For the Group’s bank deposits, liabilities with
financial institutions, variable lease liabilities
and other liabilities with variable interests,
an increase of 1%-points, compared to the
balance sheet interest rates, would have
a negative impact on earnings before tax
and shareholders’ equity of EURk -37 (2021:
EURk -171). A similar decrease in interest rates
would result in a corresponding positive
impact.
EQUITY PRICE RISK
With its investments in Trifork Labs the Group
is exposed to equity price risks of the individ-
ual investments. Changes in valuations can
have an impact on earnings before tax.
The investments are exposed to a variety
of market risk factors, which may change
significantly over time. As a result, measure-
ment of such exposure at any given point in
time may be difficult given the complexity
and limited transparency of the underlying
investments. Therefore, a sensitivity analysis
is deemed to be of limited explanatory value
for investments in Trifork Labs.
In order to demonstrate the sensitivity, the
average change in the OMX Copenhagen
SmallCap index for the reporting period is
calculated and used as input to the sensitiv-
ity analysis. The result of this is a change of
-6.8% in 2022. If the value of the continuing
investments (based on year-end values)
had increased or decreased by the same
percentage with all other variables held
constant, the impact on earnings before tax
would have been EURk -3,227 in 2022 (2021:
+37.1%, EURk +7,327).
On actual terms, Trifork Group accounts for
fair value gains for the investments in Trifork
Labs in 2022 of EURk 6,154 (2021: EURk 5,022).
The maximum values at risk for Trifork Labs
are the total amounts of the individual
investments.
Annual Report 2022
120
Section 7 - Capital structure and financing
NOTE 7.5
Financial risk management (continued)
Liquidity risk
It is the Group’s policy in connection with
credit facilities to ensure maximum flexibility
by diversifying borrowing on maturity, rene-
gotiation dates and counter parties, taking
pricing into account. The Group’s liquidity
reserve consists of cash and cash equiv-
alents and unutilized credit facilities. The
Group aims to have sufficient cash resourc-
es to continue to act appropriately in case of
unforeseen demands for liquidity.
The following table includes the contractual-
ly agreed cash flows (principal and inter-
est) of the Group’s financial liabilities in the
corresponding time span.
The maximum amounts at risk for contingent
consideration liabilities is EURk 0 (maximal
contractual payments vs. carrying amount).
(in EURk) Carrying amount
Contractual
payments < 1 year 1-5 years > 5 years
2022
Redemption amount of put-options 33,178 33,178 33,178 - -
Contingent consideration liabilities 5,685 5,685 4,761 924 -
Borrowings from financial institutions 26,982 27,398 19,257 8,141 -
Lease liabilities 34,252 38,455 6,957 23,645 7,853
Trade payables 5,544 5,544 5,544 - -
Other 770 810 210 587 13
Total financial liabilities 106,411 111,070 69,907 33,297 7,866
2021
Redemption amount of put-options 36,163 36,163 10,895 25,268 -
Contingent consideration liabilities 6,916 6,916 1,038 5,878 -
Borrowings from financial institutions 27,528 28,613 18,917 9,692 4
Lease liabilities 24,606 26,285 5,547 17,264 3,474
Trade payables 7,262 7,262 7,262 - -
Other 945 995 177 762 56
Total financial liabilities 103,420 106,233 43,836 58,863 3,534
Annual Report 2022
121
Section 7 - Capital structure and financing
NOTE 7.5
Financial risk management (continued)
The liquidity situation breaks down as follows as of the reporting date:
(in EURk) 2022 2021
Cash and cash equivalents 30,652 44,628
Committed credit lines 28,987 27,613
Borrowings from financial institutions -26,982 -27,528
Total 32,657 44,713
Management considers capital resources
and access to new credit facilities to be
reasonable in relation to the current need for
financial flexibility.
The Group is not subject to any collateral se-
curity other than deposits already paid and
pledged shares of Nine A/S.
Credit risk
Credit risks arise from the possibility that the
counterparty to a transaction may not be
able or willing to discharge its obligations,
thereby causing the Group to suffer a finan-
cial loss. These risks are primarily related to
receivables, contract assets, cash and other
financial assets. The management of credit
risk is based on internal credit limits for cus-
tomers and counter parties.
RECEIVABLES AND CONTRACT ASSETS
Trade receivables and contract assets are
subject to active risk management. Doubtful
accounts are assessed for impairment
individually. Indications of possible impair-
ment include significant financial difficulty
or insolvency of the customer as well as
situations where financial restructuring is
probable or the customer has already de-
faulted. Due to the varied customer struc-
ture, there are no generally applicable credit
limits across the Group. However, customers'
creditworthiness is tested systematically,
considering the financial situation, past ex-
perience and/or other factors. The likelihood
of risk concentrations in this area is limited
by the fact that the Group's customer base
is broad, geographically diversified and
spread across different business units.
The Group does not hold any specific col-
lateral for trade receivables and contract
assets as of year-end 2022 (2021: none).
Management does not expect any material
losses from receivables and contract assets
in excess of the allowances recognized. The
maximum risk of default is the total carrying
amount of the non-current financial assets
and receivables set out in Notes 4.9 and 6.1.
Note 6.1 contains disclosures on maturities,
expected credit loss calculation and allow-
ance development of trade receivables and
contract assets.
CASH AND CASH EQUIVALENTS
Current bank balances are held exclusively
with banks that have a solid credit rating.
The risk of default is mitigated by maintain-
ing business relationships with a number of
banks and other financial institutions and by
monitoring the credit risk continuously.
Capital management
Capital management at the Trifork Group
focuses on safeguarding the Group’s ability
to long-term profitable growth and healthy
development, generating an appropriate re-
turn for shareholders and optimizing finan-
cial ratios while considering cost of capital.
The Group can adjust the dividend payout,
return capital to shareholders or issue new
shares to reach these targets and increase
or reduce external financing.
No adjustments or changes were made to
the capital management objectives or poli-
cies in the reporting periods 2021 and 2022.
The Group uses equity ratio to monitor the
capital structure. The equity ratio expresses
shareholders’ equity as a percentage of total
capital. It is a long-term goal of the Trifork
Group to keep a conservative self-financing
ratio. Equity ratios as of 31 December are:
(in EURk) 2022 2021
Equity attributable to the shareholders
of Trifork Holding AG
114,629 109,798
Total assets 249,274 245,664
Equity ratio 46.0% 44.7%
Further, Management reviews also net-debt-
to-EBITDA-ratio for its financial leverage
management. The net debt-to-EBITDA ratio
is a debt ratio that shows how many years
it would take for a company to pay back its
debt if net debt and EBITDA are held con-
stant. Ratios as of 31 December are:
(in EURk) 2022 2021
Borrowings from financial institutions 26,982 27,528
Cash and cash equivalents -30,652 -44,628
Net (cash)/debt -3,670 -17,100
EBITDA 30,443 47,376
Net-debt-to-EBITDA-ratio (x) -0.12x -0.36x
8
Annual Report 2022
122
Section 8 - Other disclosures
NOTE 8.1
Related parties
Business relationships exist between
Trifork Holding AG and its subsidiaries
as well as members of the Executive
Management. Furthermore, related par-
ties include entities, in which the afore-
mentioned circle of people have control,
joint control or significant influence,
associated companies and investments
in Trifork Labs. All business transactions
with related parties are carried out at
arm's length.
Group companies
An overview of consolidated subsidiar-
ies is provided in Note 8.6. Transactions
between Trifork Holding AG and its
subsidiaries as well as between subsidi-
aries of the Group were eliminated in the
consolidated financial statements.
Trifork A/S and Trifork AG are responsible
for certain administrative and staff-re-
lated assignments for subsidiaries, asso-
ciated companies and Labs investments,
including IT-operations, maintenance,
bookkeeping, a shared sales organi-
zation and management tasks. These
assignments are invoiced at fixed prices
to the related parties.
Remuneration of the Board of Directors and Executive Management
(in EURk) 2022 2021
Board of Directors
Short-term benefits 390 360
Executive Management
Short-term benefits 2,082 2,566
Share-based payments 575 247
Post-employment benefits 156 145
Total Executive Management 2,812 2,958
Total 3,202 3,318
Transactions with related parties
(in EURk)
Amounts
owed by
related
parties
Services
provided
to related
parties
Services
received
from relat-
ed parties
1
Leases
from
related
parties
Assets sold
to related
parties
2022
Associated companies 576 468 - - -
Investments in Trifork Labs 1,872
2
3,250 796 - -
Executive Management 16 10 15 384 -
Total 2,464 3,728 811 384 -
2021
Associated companies 546 405 - - -
Investments in Trifork Labs 1,275 1,067 111 - 350
Executive Management 16 14 8 236 89
Total 1,837 1,486 119 236 439
1 Excluding remuneration of the Board of Directors and Executive Management.
2 In addition, Trifork A/S capitalized work-in-progress of EURk 639 for a project with an investment in Trifork
Labs.
Disclosure of transactions and balances related to investments in Trifork Labs includes
only those entities in which the Group has significant influence.
SECTION 8
Other
disclosures
This section includes other disclo-
sures required by IFRS, but which are of
secondary importance to the under-
standing of the financial performance
of Trifork Group.
Annual Report 2022
123
Section 8 - Other disclosures
NOTE 8.2
Non-controlling interests
A. Acquisition of non-controlling
interests
2022
In two separate transactions in 2022, the
Group acquired shares in Erlang Solutions
Ltd for EURk 7,481 (8.1% and 11.9%). The total
shareholding in the company is at 86.2%.
In the second quarter 2022, Erlang Solutions
Ltd paid out a dividend based on the
ownership as of the end of 2021. EURk 189 of
dividend paid to the previous owners of the
8.1% stake acquired by the Group in the first
quarter, was debited to retained earnings of
the parent.
In the third quarter 2022, Erlang Solutions Ltd
paid out a dividend based on the ownership
as of the end of second quarter 2022. EURk
189 of dividend paid to the previous owners
of the 11.9% stake acquired by the Group in
the third quarter, was debited to retained
earnings of the parent.
2021
In two stages, the Group acquired shares in
Erlang Solutions Ltd for EURk 726 for 65’953
treasury shares, valued at EUR 19.0/share
and brought the total shareholding in the
company to 66.3%.
Further, in the third quarter 2021, Erlang
Solutions Ltd paid out a dividend based
on the ownership as of the end of the first
quarter 2021. EURk 86 of dividends paid to the
previous owners of the 10.6% stake acquired
by the Group in the second quarter, was
debited to retained earnings of the parent.
In two stages, the Group acquired 11.4% of the
shares in Testhuset A/S for EURk 318. The total
shareholding in the company is at 81.4%.
The Group acquired 25% of the shares in
Duckwise ApS for a cash payment of EURk
505 and 29’765 treasury shares, valued at
EUR 19.0/share. The total shareholding in the
company is at 100%.
The Group sold 10% of the shares in Trifork
Operations AG for EURk 9 and brought the
total shareholding in the company to 90%.
B. Disclosure of significant
non-controlling interests
The Group companies Netic A/S, Aalborg
(DK), Testhuset A/S, Ballerup (DK) and Nine
A/S, Copenhagen (DK) which all operate
primarily in Denmark and are controlled
by Trifork Group, have significant non-con-
trolling interests.
For non-controlling interests in Netic A/S,
Testhuset A/S and Nine A/S put options
exists. Therefore, Trifork has derecognized
the non-controlling interests at the report-
ing date and accounts for the difference
between the amount derecognized and the
present value of the redemption liability for
put-options in retained earnings.
(in EURk) Netic A/S Testhuset A/S Nine A/S
2022
Non-controlling interests
1
12.0% 18.6% 30.0%
Share of net income 29 135 1,361
Share of shareholders' equity
2
841 329 4,711
2021
Non-controlling interests
1
12.0% 18.6% 30.0%
Share of net income 127 195 1,071
Share of shareholders' equity
2
974 319 4,762
1 Voting rights equal capital share.
2 Non-controlling interests are subject to put-options, amount represents accumulated non-controlling interests
prior to derecognition.
Annual Report 2022
124
Section 8 - Other disclosures
NOTE 8.2
Non-controlling interests (continued)
Condensed financial information of the re-
spective companies, including goodwill and
fair value adjustments recognized on acqui-
sition of the Group companies, but before
elimination of inter-company transactions:
2022 2021
(in EURk) Netic A/S Testhuset A/S Nine A/S Netic A/S Testhuset A/S Nine A/S
Income statement
Revenue 31,745 9,808 32,347 24,350 8,615 29,576
Net income 242 727 4,522 1,070 721 3,570
Total comprehensive income 242 727 4,524 1,063 718 3,570
Statement of financial position
Current assets 5,909 2,477 12,255 7,414 2,340 12,114
Non-current assets 24,735 4,915 36,454 22,892 4,955 37,518
Total assets 30,644 7,392 48,709 30,306 7,295 49,632
Current liabilities 7,806 1,047 4,712 9,035 1,067 5,648
Non-current liabilities 10,076 519 4,023 7,407 458 3,827
Total liabilities 17,882 1,566 8,735 16,442 1,525 9,475
Net assets 12,762 5,826 39,974 13,864 5,770 40,157
Cash flow statement
Cash flow from operating activities 2,019 157 7,484 1,435 226 3,225
Change in cash and cash equivalents 48 -627 2,179 -3,495 278 695
Dividends paid to non-controlling interests -161 -125 -1,411 -226 - -605
Other non-controlling interests are
individually not material.
Annual Report 2022
125
Section 8 - Other disclosures
NOTE 8.3
Government grants
(in EURk) 2022 2021
Research and development - WBSO (NL) 326 424
Research and development expenditure credit (UK) 315 241
Covid-19 related grants - 106
Others 81 -
Total government grants 722 771
Recognized in the income statement as:
(in EURk) 2022 2021
Personnel costs 326 498
Other operating income 396 273
Total government grants 722 771
NOTE 8.4
Fees to independent Group auditor
(in EURk) 2022 2021
Statutory audit 401 315
Audit related engagements 28 856
Total audit-related services 429 1,171
Tax consultancy 8 23
Total non-audit services 8 23
Total fees to independent Group auditor 437 1,194
NOTE 8.5
Events after the balance sheet date
The 2022 consolidated financial statements
were reviewed by the Audit & Risk Committee
on 27 February 2023 and approved and
released for publication by the Board of
Directors on 28 February 2023.
The financial statements are subject to
approval by the Annual General Meeting
scheduled for 12 April 2023.
Between 31 December 2022 and the date
on which these consolidated financial
statements were approved by the Board of
Directors the following event took place:
As announced on 19 December 2022 (com-
pany announcement #17/2022), Trifork Group
signed a share purchase agreement to ac-
quire 60% of the share in its partner Institut
für Bildungsevaluation AG. This agreement
was closed as of 6 January 2023.
The acquisition price was EURk 2,861 and
resulted in a net cash outflow of EURk 816.
The company is a specialist in digital
solutions to schools (online learning and
testing platforms). In fiscal year 2022, total
revenue of Institut für Bildungsevaluation AG
amounted to approx. EUR 5.3m.
Annual Report 2022
126
Section 8 - Other disclosures
NOTE 8.6
Trifork Group companies
2022 2021
Company
1
Registered office Activity
Share capital in
local currency
Trifork A/S Aarhus, Denmark
DKK 18,000,000 100% 100%
Trifork Public A/S Aarhus, Denmark
DKK 737,000 100% 100%
Netic A/S Aalborg, Denmark
DKK 500,000 88% 88%
Testhuset A/S Ballerup, Denmark
DKK 509,259 81% 81%
Trifork Smart Enterprise A/S Copenhagen, Denmark
DKK 500,000 100% 100%
SAPBASIS ApS Ballerup, Denmark
DKK 81,000 50% 50%
Trifork Smart Device ApS Aarhus, Denmark
DKK 158,335 70% 70%
Nine A/S Copenhagen, Denmark
DKK 500,000 70% 70%
Trifork AG Schindellegi, Switzerland
CHF 920,000 100% 100%
Trifork Academy Inc. San Francisco, USA
USD 3 100% 100%
Trifork Ltd. London, United Kingdom
GBP 1 100% 100%
Open Credo Ltd. London, United Kingdom
GBP 1,522 100% 100%
Code Node Space & Events Ltd. London, United Kingdom
GBP 100 100% 100%
The Perfect App Ltd. London, United Kingdom
GBP 10,000 100% 100%
Trifork B.V. Amsterdam, Netherlands
EUR 18,000 100% 100%
Trifork Eindhoven B.V. Eindhoven, Netherlands
EUR 1,000 100% 100%
Trifork Germany GmbH Berlin, Germany
EUR 25,000 100% 100%
Erlang Solutions Ltd. London, United Kingdom
GBP 103,218 86% 66%
Erlang Solutions AB Stockholm, Sweden
SEK 100,000 86% 66%
Erlang Solutions Inc. Newcastle, USA
USD 100 86% 66%
Erlang Solutions SP. Z O.O. Krakow, Poland
PLN 5,000 86% 66%
Erlang Solutions Hungary Kft. Budapest, Hungary
EUR 15,000 86% 66%
Duckwise ApS Aarhus, Denmark
DKK 163,265 100% 100%
Trifork Academy and Software Solutions SL Palma, Spain
EUR 3,000 100% 100%
Trifork Smart Enterprise SL Barcelona, Spain
EUR 3,000 100% 100%
Trifork Labs AG Schindellegi, Switzerland
CHF 100,000 100% 100%
Trifork Labs ApS Aarhus, Denmark
DKK 367,647 100% 100%
Trifork Operations AG Schindellegi, Switzerland
CHF 100,000 90% 90%
Vilea GmbH Zurich, Switzerland
CHF 40,000 100% 100%
Vilea Austria GmbH Vienna, Austria
EUR 35,000 100% 100%
Strongminds ApS Aarhus, Denmark
DKK 300,000 100% 100%
Trifork Portugal LDA Lisbon, Portugal
EUR 5,000 95% n/a
Trifork Academy Pty Ltd.
2
Brisbane, Australia AUD 120 100% n/a
Software development
Sales
Service Company
Academy
Subholding company
1 List includes active companies only
2 Incorporation in progress
Bold - Directly held by Trifork Holding AG
Regular - Indirectly held subsidiaries
Annual Report 2022
127
Trifork Group Consolidated Financial Statements
To the General Meeting of Trifork Holding AG, Feusisberg
Report of the statutory auditor
Report on the audit of the consolidated financial statements
Opinion
We have audited the consolidated financial statements of Trifork Holding AG and its
subsidiaries (the Group), which comprise the consolidated statement of financial
position as at 31 December 2022, the consolidated statement of income, the consoli-
dated statement of comprehensive income, the consolidated statement of changes
in equity and the consolidated statement of cash flows for the year then ended, and
notes to the consolidated financial statements, including a summary of significant
accounting policies.
In our opinion, the consolidated financial statements (pages 76 to 126) give a true
and fair view of the consolidated financial position of the Group as at 31 December
2022 and of its consolidated financial performance and its consolidated cash
flows for the year then ended in accordance with International Financial Reporting
Standards (IFRS) and comply with Swiss law.
Basis for opinion
We conducted our audit in accordance with Swiss law, International Standards on
Auditing (ISA) and Swiss Standards on Auditing (SA-CH). Our responsibilities under
those provisions and standards are further described in the “Auditor's responsibil-
ities for the audit of the consolidated financial statements” section of our report.
We are independent of the Group in accordance with the provisions of Swiss law,
together with the requirements of the Swiss audit profession, as well as those of the
International Ethics Standards Board for Accountants’ International Code of Ethics for
Professional Accountants (including International Independence Standards) (IESBA
Code), and we have fulfilled our other ethical responsibilities in accordance with
these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the consolidated financial statements of the current
period. These matters were addressed in the context of our audit of the consolidated
financial statements as a whole, and in forming our opinion thereon, and we do not provide
a separate opinion on these matters. For each matter below, our description of how our audit
addressed the matter is provided in that context.
We have fulfilled the responsibilities described in the “Auditor's responsibilities for the audit of
the consolidated financial statements” section of our report, including in relation to these mat-
ters. Accordingly, our audit included the performance of procedures designed to respond to
our assessment of the risks of material misstatement of the consolidated financial statements.
The results of our audit procedures, including the procedures performed to address the mat-
ters below, provide the basis for our audit opinion on the consolidated financial statements.
Revenue recognition
Risk The Group’s revenues amounted to CHF 185 million as of 31 December
2022. The Group recognizes revenue from contracts with customers as
disclosed in Note 2.2 of the consolidated financial statements. For cer-
tain contracts related to new service offerings, significant judgement is
required to determine the appropriate accounting, including identify-
ing performance obligations and the timing of the transfer of control
of goods or services for each of those performance obligations. Due to
the level of judgment involved in the revenue assessment and because
revenue is material to the financial statements this matter was consid-
ered significant to our audit.
Our audit response We assessed the Group’s internal controls over revenue recognition
and managements' process of evaluating the appropriate accounting
for contracts with customers. We inspected a sample of new contracts
and evaluated management’s judgement in relation to identifying
performance obligations and the timing of the transfer of control. We
performed data analytics procedures and analyzed revenue trends
month over month as well as year over year. Our audit procedures did
not lead to any reservations regarding revenue recognition.
Zurich, 28 February 2022
Ernst & Young Ltd
Annual Report 2022
128
Trifork Group Consolidated Financial Statements
Impairment of Goodwill
Risk Goodwill represents 20% of the Group’s total assets and 42% of the
Group’s total shareholders’ equity as of 31 December 2022. As stated in
Note 4.6 to the consolidated financial statements, goodwill is subject
to an annual impairment test or whenever impairment indicators are
present. The Group performed its annual impairment test of goodwill in
the fourth quarter of 2022 and determined that there was no impair-
ment. In determining the value in use of cash-generating units, the
Group must apply judgment in estimating – amongst other factors –
future net sales and EBITDA margins covering a 5-year period, long-
term growth and discount rates. Due to the significance of the carry-
ing amount of goodwill and the judgment involved in performing the
impairment test, this matter was considered significant to our audit.
Our audit response We assessed the Group’s internal controls over its annual impairment
test and key assumptions applied. We involved valuation specialists to
assist in examining the Group’s valuation model and in analyzing the
underlying key assumptions, including long-term growth and discount
rates. We evaluated the composition of management’s cash flow fore-
casts and the process by which they were derived, including testing the
mathematical accuracy of the underlying calculations. We assessed
the assumptions regarding future net sales and EBITDA margins, his-
torical accuracy of the Group’s estimates and considered its ability to
produce accurate long-term forecasts. We evaluated the sensitivity in
the valuation resulting from changes to the key assumptions applied
(e.g., CAGR net sales, average EBITDA margin) and compared these
assumptions to market data. Our audit procedures did not lead to any
reservations concerning the impairment test for goodwill.
Valuation of investments in Trifork Labs
Risk Investments in Trifork Labs amounted to CHF 60 million as of 31
December 2022. As described in Note 5.1 to the consolidated financial
statements, investments in Trifork Labs are accounted for at fair value
through the income statement. The fair value of Level 1 investments is
based on quoted prices in active and liquid markets whereas the fair
value of Level 3 investments is determined using discounted cash flow
models or valuations derived from recent transactions. For certain such
Level 3 investments, significant estimates and judgements are required
to determine the valuation and the timing of the fair value adjustments.
Due to the significance of the carrying amount of investments in Trifork
Labs and the level of judgment involved in the overall fair value meas-
urement, this matter was considered significant to our audit.
Our audit response We evaluated the Trifork Labs valuation process through walkthrough
procedures and assessing underlying controls to determine manage-
ments' process of identifying and recording fair value adjustments. We
obtained the valuation reports prepared by management and tested
them against recent transactions or contracts. For investments which
are valued by using the discounted cash flow model we performed
procedures to evaluate the valuation model applied as well as the
projected financial information used for the valuation, including com-
paring it to budgeted information presented to the Board of Directors.
Our audit procedures did not lead to any reservations regarding the
valuation of the investments in Trifork Labs
Annual Report 2022
129
Trifork Group Consolidated Financial Statements
Other information
The Board of Directors is responsible for the other information. The other information
comprises the information included in the annual report, but does not include the
consolidated financial statements, the stand-alone financial statements, the remu-
neration report and our auditor’s reports thereon.
Our opinion on the consolidated financial statements does not cover the other infor-
mation and we do not express any form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsi-
bility is to read the other information and, in doing so, consider whether the other in-
formation is materially inconsistent with the consolidated financial statements or our
knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report that fact. We have
nothing to report in this regard.
Board of Directors’ responsibilities for the consolidated
financial statements
The Board of Directors is responsible for the preparation of the consolidated financial
statements, which give a true and fair view in accordance with IFRS and the provi-
sions of Swiss law, and for such internal control as the Board of Directors determines
is necessary to enable the preparation of consolidated financial statements that are
free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the Board of Directors is respon-
sible for assessing the Group’s ability to continue as a going concern, disclosing, as
applicable, matters related to going concern, and using the going concern basis of
accounting unless the Board of Directors either intends to liquidate the Group or to
cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the consolidated financial
statements
Our objectives are to obtain reasonable assurance about whether the consolidated
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 assur-
ance is a high level of assurance, but is not a guarantee that an audit conducted in accord-
ance with Swiss law, ISA and SA-CH 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 consolidated financial statements.
A further description of our responsibilities for the audit of the consolidated financial state-
ments is located on EXPERTsuisse’s website at: https://www.expertsuisse.ch/en/audit-report.
This description forms an integral part of our report.
Report on other legal and regulatory requirements
In accordance with Art. 728a para. 1 item 3 CO and PS-CH 890, we confirm that an in-
ternal control system exists, which has been designed for the preparation of the con-
solidated financial statements according to the instructions of the Board of Directors.
We recommend that the consolidated financial statements submitted to you be
approved.
Tobias Meyer
Licensed audit expert
(Auditor in Charge)
Nicole Meister
Licensed audit expert
Annual Report 2022
130
Financial
Statements 2022
10
TRIFORK HOLDING AG
Annual Report 2022
131
Trifork Holding AG Financial Statements
MANAGEMENT REVIEW
2022 - Strengthening
the investment portfolio
Trifork Holding AG is the parent company
of Trifork Group. Its purpose and activities
are the holding of the investments (Group
companies) and to manage respective cash
flows.
After the challenge of the listing process in
2021, Trifork Holding AG focused itself in 2022
to strengthen its investment portfolio. For
this, eyes were on the buy-out of minorities
as well as the addition of new investments in
the strategic markets.
The main events for Trifork Holding AG in 2022
were the following:
Acquisition of 8.1% of the shares of Erlang
Solutions Ltd. in February, bringing the total
shareholding to 74.4%
Acquisition of 11.9% of the shares of Erlang
Solutions Ltd. in July, bringing the total
shareholding to 86.2%
Divestment of Programmable
Infrastructure Solutions AG and transfer
of the remaining investment to the Labs
organization.
Acquisition of 60% of the shares in Institut
für Bildungsevaluation AG (IBE) with sign-
ing of the agreement in 2022 and closing
in 2023.
From a financial perspective, the highlights
of the Company were as follows:
Dividend income of CHFm 4.1, mainly from
additional proceeds of the sale of Humio
Ltd.
Gain from sale of investments of CHFm 1.3
Net income for the year of CHFm 2.0
Acquisition of shares in investments for
CHFm 7,5 and earn-out payment of CHFm
0.6, all paid in cash
As of 31 December 2021, shareholders'
equity is at CHFm 104.7
Dividend paid to the shareholders Trifork
Holding AG in the amount of CHFm 7.8 (CHF
0.39 per share)
(Due to its nature, the Company has the
ability to direct the cash flows to and from its
investments.)
Annual Report 2022
132
Trifork Holding AG Financial Statements
Following dialogue with the Danish Financial Supervisory Authority, Trifork Holding AG ("the Company") has been given dispensation to provide the separate financial statements for 2022 prepared
in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and additional requirements according to the Danish
Financial Statements Act ("Separate Financial Statements") and therefore, the Company provides its statutory financial statements.
The statutory financial statements of Trifork Holding AG are prepared in accordance with the requirements of the Swiss Code of Obligations ("Swiss GAAP") and are submitted to the Annual General
Meeting for approval. The statutory financial statements are the basis for decisions on dividend distributions and for assessing the Company's compliance with legal requirements related to equity.
Reconciliation of the parent financial statements
In order to provide a comprehensive understanding for the statutory financial statements, an overall illustrative comparison is presented to separate financial statements prepared in accordance
with IFRS as issued by the IASB and additional requirements as per the Danish Financial Statements Act.
As it appears from the above there is very limited monetary differences in the reported primary financial statements to IFRS as issued by the IASB and consequently to Danish GAAP.
Furthermore, the parent financial statements prepared in accordance with IFRS as issued by the IASB and additional requirements as per the Danish Financial Statements Act would include a cash
flow statement as required by IFRS as issued by the IASB and certain other additional disclosures compared to the parent financial statements issued in accordance with Swiss GAAP.
(in CHFk)
Net income 2022 according
to the statement of income
Total assets as of 31 De-
cember 2022 according to
the statement of financial
position
Total shareholders' equity
as of 31 December 2022 ac-
cording to the statement of
financial position
Separate financial statements as per Swiss GAAP 1,992 110,503 104,690
Difference in accounting for net unrealized foreign exchange gains 236 - 337
Separate financial statements as per IFRS as issued by IASB and additional
requirements according to the Danish Financial Statements Act
2,228 110,503 105,027
133
Annual Report 2022
Trifork Holding AG Financial Statements
Income statement ...................................................................................................................................... 134
Statement of financial position
...........................................................................................................134
Statement of changes in shareholders' equity
...........................................................................135
Notes to the financial statements
...................................................................................................... 136
Appropriation of available earnings
.................................................................................................140
Statutory auditor's report
......................................................................................................................... 141
Financial statements
Contents
Annual Report 2022
134
Trifork Holding AG Financial Statements
Income Statement
for the year ended 31 December
Statement of Financial Position
for the year ended 31 December
(in CHFk) Notes 2022 2021 (in CHFk) Note 2022 2021
Dividend income 4,075 46,094 Cash and cash equivalents 2,162 11,353
Other financial income 1 455 257 Other current receivables
Gain from sale of investments 4 1,279 376 - from third parties 55 114
Total income 5,809 46,727 - from investments 125 378
Loans to investments - 1,125
Administrative expenses 2 -2,320 -4,290 Accruals 26 20
Financial expenses 3 -189 -374 Total current assets 2,368 12,990
Result on foreign exchange -1,308 -1,486 Investments 4 80,676 72,650
Total expenses -3,817 -6,150 Loans to investments 27,459 30,545
Total non-current assets 108,135 103,195
Earnings before tax 1,992 40,577
ASSETS 110,503 116,185
Income tax - -
Interest-bearing current liabilities
Net income 1,992 40,577 - to third parties 1,283 -
- to investments - 3,301
Other current liabilities
- to third parties 8 8
- to investments 426 1,346
Accrued liabilities and deferred income 513 369
Total current liabilities 2,230 5,024
Interest-bearing non-current liabilities 3,583 -
Total non-current liabilities 3,583 -
Total liabilities 5,813 5,024
Share capital 5 1,974 1,974
Capital contribution reserve 6 23,928 23,928
Other capital reserve 21,861 21,861
General legal reserve 410 410
Retained earnings 58,250 64,070
Treasury shares 9 -1,733 -1,082
Shareholders' equity 104,690 111,161
LIABILITIES AND SHAREHOLDERS' EQUITY 110,503 116,185
Annual Report 2022
135
Trifork Holding AG Financial Statements
Statement of Changes in Shareholders' Equity
for the year ended 31 December
(in CHFk) Share capital
Capital contri-
bution reserve
Other capital
reserve
General legal
reserve Retained earnings Treasury shares Total equity
1 January 2021 1,864 11 23,349 410 35,338 -569 60,403
Net income - - - - 40,577 - 40,577
Capital increases 110 24,177 - - - - 24,287
Costs related to capital increases - -260 -1,488 - - - -1,748
Dividends - - - - -11,926 - -11,926
Transactions with treasury shares - - - - 81 -513 -432
31 December 2021 1,974 23,928 21,861 410 64,070 -1,082 111,161
Net income - - - - 1,992 - 1,992
Dividends - - - - -7,785 - -7,785
Transactions with treasury shares - - - - -27 -651 -678
31 December 2022 1,974 23,928 21,861 410 58,250 -1,733 104,690
Annual Report 2022
136
Trifork Holding AG Financial Statements
Notes to the Financial Statements
Company information
Trifork Holding AG (“the Company”) is incor-
porated in Switzerland with its registered of-
fices at Neuhofstrasse 10, 8834 Schindellegi
(Feusisberg).
The Company is the parent company of
Trifork Group. The registered shares of
the Company are traded on the NASDAQ
Copenhagen.
§
Accounting policies
General
These financial statements are prepared
in accordance with Swiss law (32
nd
title of
the Swiss Code of Obligations). Where not
prescribed by law, the significant account-
ing and valuation principles applied are
described below.
Investments
Investments in subsidiaries are recognised
and measured at cost. Dividend is recog-
nised as income when the right is finally
obtained.
The carrying amount of investments in sub-
sidiaries is examined at the balance sheet
date in order to determine if there is any
indication of impairment.
Loans to investments
Loans granted in foreign currency are meas-
ured at the exchange rate prevailing as of the
reporting date.
Interest-bearing liabilities
Interest-bearing liabilities are measured at
their nominal value. Maturities of less than
one year are disclosed as current liabilities,
while those longer than one year are dis-
closed as non-current liabilities.
Interest-bearing liabilities in foreign cur-
rencies are measured at the exchange rate
prevailing as of the reporting date.
Treasury shares
As of the time of acquisition, treasury shares
are recognized as a deduction of sharehold-
ers’ equity measured at initial cost. In case of
a later divestment the gain or loss is recog-
nized in retained earnings in accordance with
the FIFO principle.
Principle of imparity
For long-term financial assets and liabilities,
unrealized foreign exchange losses are rec-
ognized in the income statements while un-
realized foreign exchange gains are deferred.
Non-disclosure of the cash flow statement
and additional notes information
Trifork Holding AG prepares consolidated
financial statements in accordance with
generally accepted accounting standards
(IFRS). Therefore, and following the legal
requirements, it does not present a state-
ment of cash flows or notes with regard to
interest-bearing liabilities and audit fees.
Update of presentation
To improve the comprehensibility for the
readers, the presentation of the income
statement has been revised. Comparable
information and notes have been updated
accordingly.
NOTE 1
Other financial income
(in CHFk) 2022 2021
Interest income
- from investments 455 257
Total other financial income 455 257
NOTE 2
Administrative expenses
(in CHFk) 2022 2021
Board of Director fees -392 -375
Management fees from investments -809 -764
Consultancy services
- from investments -189 -265
- from third parties -631 -676
IPO-related costs - -1,997
Others -299 -213
Total administrative expenses -2,320 -4,290
NOTE 3
Financial expenses
(in CHFk) 2022 2021
Interest expenses
- to third parties -74 -104
- to investments -12 -48
Fees to financial institutions -103 -222
Total financial expenses -189 -374
Annual Report 2022
137
Trifork Holding AG Financial Statements
NOTE 4
Investments
The list of Group companies held directly
and indirectly by Trifork Holding AG with the
percentage of the capital share/voting rights
is included in the consolidated financial
statements of Trifork Group in Note 8.6.
In addition, Trifork Holding AG has sold its
interest in Programmable Infrastructure
Solutions AG, Schindellegi (Switzerland)
in 2022, realizing a net gain of CHFk 1’279
(2021: interest of 19.5%). The Container
Solutions Group, of which Programmable
Infrastructurce Solutions AG was the former
holding company, is currently under reor-
ganization and the Company has a right to
receive 6.2% interest in the new organization.
NOTE 5
Share capital
The share capital of CHFk 1,974 (2021: CHFk
1,974) consists of 19,744,899 (2021: 19,744,899)
registered shares with a par value of CHF 0.10
(2021: CHF 0.10) each.
The share capital is fully paid up. The shares
are registered under ISIN: CH1111227810.
All shares have identical rights and there is
only one share class.
NOTE 6
Authorized capital
The extraordinary General Meeting of 19
December 2019 authorized the Board of
Directors to increase the share capital of the
company at any time up to 19 December
2021. The available authorized capital as
per 1 January 2021 amounted to CHFk 136,
equating to 1,362,770 registered shares. With
effective date as of 16 April 2021 the Board
of Directors exercised an authorized capital
increase by 167,436 shares (CHFk 17). A net
premium of CHFk 3,448 was allocated to the
capital contribution reserve.
The ordinary General meeting of 29 April
2021 replaced the authorized capital from
the extraordinary General meeting as 19
December 2019 and authorized the Board of
Directors to increase the share capital of the
company at any time up to 29 April 2023 by
an amount not exceeding CHFk 373 through
the issue of up to 3,727,446 registered shares,
payable in full, each with a nominal value of
CHF 0.10 and excluding shareholders' sub-
scription rights.
With effective date as of 28 May 2021 the
Board of Directors increased share capital
from authorized share capital in an amount
of CHFk 94 (940,233 shares). A net premi-
um of CHFk 20,469 was allocated to the
capital contribution reserve. In addition,
transaction costs CHFk 1,488 were deducted
from the other capital reserve for the same
transaction.
The available authorized capital as of 31
December 2021 and 31 December 2022
amounts to CHFk 279. This equates to
2,787,213 registered shares.
NOTE 7
Conditional capital
The extraordinary General Meeting as of 19
December 2019 authorized the conditional
capital by a maximum amount of CHFk 50
by issuing a maximum of 500,000 registered
shares with a par value of CHF 0.10 each,
to be fully paid up, excluding shareholders'
subscription rights.
NOTE 8
Dividend
The Annual General Meeting of 20 April
2022 approved a dividend of CHF 0.39 per
registered share to be paid from the retained
earnings. The dividend of CHFk 7,785 was
paid out on 22 April 2022.
The Annual General Meeting of 29 April 2021
approved a dividend of CHF 0.64 per reg-
istered share to be paid from the retained
earnings. The dividend of CHF k 11.926 was
paid out on 5 May 2021.
NOTE 9
Treasury shares
Units
Total amount
(in CHFk)
1 January 2021 31,093 569
Acquisitions 46,851 1,121
Capital increase 167,436 -
Disposals -2,570 -53
Acquisition of Group companies -102,073 -12
Acquisition of non-controlling interests -95,718 -624
Result from transactions with treasury shares
transferred to retained earnings
81
31 December 2021 45,019 1,082
Acquisitions 30,000 872
Conversion of RSU -10,010 -194
Result from transactions with treasury shares
transferred to retained earnings
-27
31 December 2022 65,009 1,733
NOTE 10
Full time equivalents
Trifork Holding AG does not have any em-
ployees (2021: 0).
NOTE 11
Guarantees
Trifork Holding AG issued guarantees in
favour of financial institutions to cover the
interest-bearing liabilities of Group compa-
nies of CHFk 8,779 as per 31 December 2022
(2021: CHFk 17,727).
Trifork Holding AG subordinated loans to
Group companies in the amount of CHFk
2,911 (2021: CHFk 2,882).
Annual Report 2022
138
Trifork Holding AG Financial Statements
NOTE 12
Pledged assets
To secure interest-bearing liabilities of CHFk
4,441 as of 31 December 2022, the company
negatively pledged its assets until full amor-
tization of the loan (2021: CHFk 0).
NOTE 13
Significant shareholders
The following shareholders reported an
interest of 5% or more (directly and/or indi-
rectly) in the share capital of Trifork Holding,
as AG recorded in the commercial register
as of the reporting date:
2022 2021
Jørn Larsen 19.7% 19.5%
Ferd AS
1
10.0% 10.0%
Kresten Krab Thorup
2
6.6% 6.6%
Chr. Augustinus Fabrikker A/S
2
5.1% 5.1%
1 As per company announcement #19/2021 as of
3 June 2021
2 As per company announcement #15/2021 as of
27 May 2021
NOTE 14
Interests held by the members of the Board of Directors and Executive Management
2022 2021
Number of
registered
shares as of
31 December
Number of
restricted
share units
(RSU) as of
31 December
(Potential)
share of voting
rights
Number of
registered
shares as of
31 December
Number of
restricted
share units
(RSU) as of
31 December
(Potential)
share of voting
rights
Julie Galbo (Chairperson) 4,190 - 0.0% 3,940 - 0.0%
Olivier Jaquet (Vice-Chairperson) 64,145 - 0.3% 64,145 - 0.3%
Maria Hjorth (Member) 3,940 - 0.0% 3,940 - 0.0%
Christoffer Holten (Member)
1
2,000 - 0.0% n/a n/a n/a
Casey Rosenthal (Member) 2,058 - 0.0% 2,058 - 0.0%
Lars Lunde (Member)
2
n/a n/a n/a 3,747 - 0.0%
Jørn Larsen (Member and CEO)
3
3,880,868 28,224 19.8% 3,847,374 17,983 19.6%
Kristian Wulf-Andersen (Member and CFO)
3
230,616 18,848 1.3% 224,100 12,049 1.2%
1 Member since 20 April 2022
2 Representing GRO Holding I ApS until 27 May 2021
3 Members until 29 April 2021
NOTE 15
RSU granted in the reporting period
RSU on registered shares of Trifork Holding
AG are granted as part of the perfor-
mance-related variable compensation for
members of Executive Management. Each
RSU is associated with the right to convert
into one share. The RSU were valued at the
share price at grant date and conversion of
the RSU depends upon the vesting condi-
tions being met (e.g. ongoing employment):
Number
Value
(in CHFk)
2022 27,050 798
2021 30,032 581
The RSU granted are recognized through
profit or loss over the vesting period in the
Group company that is the contractual em-
ployer of the respective member of Executive
Management.
Annual Report 2022
139
Trifork Holding AG Financial Statements
NOTE 16
Fees to independent Group auditor
(in EURk) 2022 2021
Statutory audit 184 125
Audit related engagements 28 836
Total audit-related services 212 961
Tax consultancy 4 9
Total non-audit services 4 9
Total fees to independent Group auditor 216 970
NOTE 17
Events after the balance sheet date
The acquisition of Institut für
Bildungsevaluation AG, announced on 19
December 2022 (company announcement
#17/2022), was closed as of 6 January 2023.
The 2022 financial statements were re-
viewed by the Audit & Risk Committee on 27
February 2023 and approved and released
for publication by the Board of Directors on
28 February 2023.
The financial statements are subject to
approval by the Annual General Meeting
scheduled for 12 April 2023.
Annual Report 2022
140
Trifork Holding AG Financial Statements
Proposal of the Board of
Directors for the appropriation of the
capital contribution reserve and the
of retained earnings
(in CHFk) 2022
Capital contribution reserve
Balance carried forward from prior year 23,928
Retained earnings at the discretion of the General Meeting 23,928
Dividend proposed -2,689
Balance carried forward to new account of the retained earnings 21,239
Retained earnings
Balance carried forward from prior year 64,070
Dividends paid -7,785
Transactions with treasury shares -27
Net income 1,992
Retained earnings at the discretion of the General Meeting 58,250
Dividend proposed -
Balance carried forward to new account of the retained earnings 58,250
The Board of Directors proposes to pay a dividend of EUR 0.14 gross per share (repayment from
the capital contribution reserve), resulting in a total dividend amount of up to CHFk 2,689.
(The CHF amount will be determined by applying the exchange rate at the date of the AGM.)
The total dividend amount payable depends on the number of treasury shares held on the
record date as treasury shares are not eligible for dividends.
Annual Report 2022
141
Trifork Holding AG Financial Statements
To the General Meeting of Trifork Holding AG, Feusisberg
Report of the statutory auditor
Report on the audit of the financial statements
Opinion
We have audited the financial statements of Trifork Holding AG (the Company), which
comprise the statement of financial position as at 31 December 2022, the statement
of income for the year then ended and notes to the financial statements, including a
summary of significant accounting policies.
In our opinion, the financial statements (pages 134 to 140) comply with Swiss law and
the Company’s articles of incorporation.
Basis for opinion
We have audited the financial statements of Trifork Holding AG (the Company), which
comprise the statement of financial position as at 31 December 2022, the statement
of income for the year then ended and notes to the financial statements, including a
summary of significant accounting policies.
In our opinion, the financial statements (pages 134 to 140) comply with Swiss law and
the Company’s articles of incorporation.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the financial statements of the current period. These
matters were addressed in the context of our audit of the financial statements as a
whole, and in forming our opinion thereon, and we do not provide a separate opinion
on these matters. For each matter below, our description of how our audit addressed
the matter is provided in that context.
We have fulfilled the responsibilities described in the “Auditor's responsibilities for the
audit of the financial statements” section of our report, including in relation to these
matters. Accordingly, our audit included the performance of procedures designed
to respond to our assessment of the risks of material misstatement of the financial
statements. The results of our audit procedures, including the procedures performed
to address the matters below, provide the basis for our audit opinion on the financial
statements.
Valuation of investments
Risk As of 31 December 2022, investments represented 73% of the
Company’s total assets and amounted to CHF 81 million.
Investments are valued at cost on an individual basis in
accordance with the Swiss Code of Obligations. Due to the
significance of the carrying amount of the investments and
the judgment involved in the assessment of the valuation of
certain investments, this matter was considered significant
to our audit.
Our audit response Depending on the Company’s valuation approach, we
examined the Company’s valuation assessment including
underlying key assumptions or performed our own cal-
culations. We also assessed the historical accuracy of the
Company’s estimates and considered its ability to produce
accurate long-term forecasts for certain investments. Our
audit procedures did not lead to any reservations regarding
the valuation of investments.
Other information
The Board of Directors is responsible for the other information. The other information
comprises the information included in the annual report, but does not include the
consolidated financial statements, the stand-alone financial statements, the remu-
neration report and our auditor’s reports thereon.
Our opinion on the financial statements does not cover the other information 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 other information and, in doing so, consider whether the other information is ma-
terially inconsistent with the financial statements or our knowledge obtained in the
Zurich, 28 February 2023
Ernst & Young Ltd
Annual Report 2022
142
Trifork Holding AG Financial Statements
audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report that fact. We have
nothing to report in this regard.
Board of Directors’ responsibilities for the financial statements
The Board of Directors is responsible for the preparation of the financial statements in
accordance with the provisions of Swiss law and the Company's articles of incorpo-
ration, and for such internal control as the Board of Directors determines is neces-
sary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the Board of Directors is responsible for
assessing the Company’s ability to continue as a going concern, disclosing, as
applicable, matters related to going concern, and using the going concern basis of
accounting unless the Board of Directors either intends to liquidate the Company or
to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Auditor's responsibilities for the audit of the financial statements
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 assur-
ance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with Swiss law and SA-CH will always detect a material misstate-
ment 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 state-
ments.
A further description of our responsibilities for the audit of the financial statements is
located on EXPERTsuisse’s website at: https://www.expertsuisse.ch/en/audit-report.
This description forms an integral part of our report.
Report on other legal and regulatory requirements
In accordance with Art. 728a para. 1 item 3 CO and PS-CH 890, we confirm that an
internal control system exists, which has been designed for the preparation of the
financial statements according to the instructions of the Board of Directors.
Furthermore, we confirm that the proposed appropriation of available earnings com-
plies with Swiss law and the Company’s articles of incorporation. We recommend
that the financial statements submitted to you be approved.
Tobias Meyer
Licensed audit expert
(Auditor in Charge)
Nicole Meister
Licensed audit expert
Annual Report 2022
143
Ratios and Key Figures
The financial highlights have been prepared on the basis of the CFA Society
Denmark “Recommendations & Ratios”, using the following definitions:
EBITDA margin
EBITA margin
EBIT margin
Free cash flow
Equity ratio
Return on equity
Basic earnings per
share (EPS basic)
Diluted earnings per
share (EPS diluted)
Dividend yield
Net-debt-to-EBITDA-
ratio
Earnings before financial items, taxes,
depreciation and amortization x 100
Revenue
Earnings before financial items, taxes,
and amortization x 100
Revenue
Earnings before financial items
and taxes x 100
Revenue
Cash flow from operations Capex
Equity excl.NCI x 100
Total assets
Net income excl.NCI x 100
Average equity excl.NCI
Net income excl.NCI x 100
Average number of shares outstanding
Net income excl.NCI x 100
Average number of shares diluted
Dividend x 100
Net income excl.NCI
Interest-bearing debt - cash and cash
equivalents
Earnings before financial items, taxes,
depreciation and amortization
Annual Report 2022
144
Structure
11
TRIFORK GROUP
8945004BYZKXPESTBL362022-01-012022-12-318945004BYZKXPESTBL362021-01-012021-12-318945004BYZKXPESTBL362022-12-318945004BYZKXPESTBL362021-12-318945004BYZKXPESTBL362020-12-31ifrs-full:IssuedCapitalMember8945004BYZKXPESTBL362021-01-012021-12-31ifrs-full:IssuedCapitalMember8945004BYZKXPESTBL362021-12-31ifrs-full:IssuedCapitalMember8945004BYZKXPESTBL362020-12-31ifrs-full:TreasurySharesMember8945004BYZKXPESTBL362021-01-012021-12-31ifrs-full:TreasurySharesMember8945004BYZKXPESTBL362021-12-31ifrs-full:TreasurySharesMember8945004BYZKXPESTBL362020-12-31ifrs-full:RetainedEarningsMember8945004BYZKXPESTBL362021-01-012021-12-31ifrs-full:RetainedEarningsMember8945004BYZKXPESTBL362021-12-31ifrs-full:RetainedEarningsMember8945004BYZKXPESTBL362020-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember8945004BYZKXPESTBL362021-01-012021-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember8945004BYZKXPESTBL362021-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember8945004BYZKXPESTBL362020-12-31ifrs-full:EquityAttributableToOwnersOfParentMember8945004BYZKXPESTBL362021-01-012021-12-31ifrs-full:EquityAttributableToOwnersOfParentMember8945004BYZKXPESTBL362021-12-31ifrs-full:EquityAttributableToOwnersOfParentMember8945004BYZKXPESTBL362020-12-31ifrs-full:NoncontrollingInterestsMember8945004BYZKXPESTBL362021-01-012021-12-31ifrs-full:NoncontrollingInterestsMember8945004BYZKXPESTBL362021-12-31ifrs-full:NoncontrollingInterestsMember8945004BYZKXPESTBL362020-12-318945004BYZKXPESTBL362022-01-012022-12-31ifrs-full:IssuedCapitalMember8945004BYZKXPESTBL362022-12-31ifrs-full:IssuedCapitalMember8945004BYZKXPESTBL362022-01-012022-12-31ifrs-full:TreasurySharesMember8945004BYZKXPESTBL362022-12-31ifrs-full:TreasurySharesMember8945004BYZKXPESTBL362022-01-012022-12-31ifrs-full:RetainedEarningsMember8945004BYZKXPESTBL362022-12-31ifrs-full:RetainedEarningsMember8945004BYZKXPESTBL362022-01-012022-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember8945004BYZKXPESTBL362022-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember8945004BYZKXPESTBL362022-01-012022-12-31ifrs-full:EquityAttributableToOwnersOfParentMember8945004BYZKXPESTBL362022-12-31ifrs-full:EquityAttributableToOwnersOfParentMember8945004BYZKXPESTBL362022-01-012022-12-31ifrs-full:NoncontrollingInterestsMember8945004BYZKXPESTBL362022-12-31ifrs-full:NoncontrollingInterestsMemberiso4217:EURiso4217:EURxbrli:shares