The annual report was presented and approved at the
Company's annual general meeting
on 28 September 2022
__________________________________________
chairman of the annual general meeting
Thordin ApS
Niels Jernes Vej 10
9220 Aalborg Øst
Denmark
CVR no. 39 57 74 45
Annual report for the financial year 1 July 2021 - 30 June
2022
Thordin ApS
Annual report for the financial year 1 July 2021 - 30 June 2022
CVR no. 39 57 74 45
1
Contents
Statement by the Executive Board 2
Independent auditor's report 3
Management's review 6
Company details 6
Financial highlights 7
Operating review 8
Financial statements 1 July 2021 – 30 June 2022 9
Income statement 9
Statement of comprehensive income 9
Balance sheet 10
Statement of changes in equity 11
Cash flow statement 12
Overview of notes 13
Notes 14
Thordin ApS
Annual report for the financial year 1 July 2021 - 30 June 2022
CVR no. 39 57 74 45
2
Statement by the Executive Board
The Executive Board have today discussed and approved the annual report of Thordin ApS for the financial
year 1 July 2021 – 30 June 2022.
The annual report has been prepared in accordance with International Financial Reporting Standards as
adopted by the EU and additional Danish disclosure requirements.
In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and
financial position at 30 June 2022 and of the results of the Company's operations and cash flows for the
financial year 1 July 2021 – 30 June 2022.
Further, in our opinion, the Management's review gives a fair review of the development in the Company's
activities and financial matters, of the results for the year and of the Company's financial position.
We recommend that the annual report be approved at the annual general meeting.
Aalborg, 28 September 2022
Executive Board:
Søren Agersbæk Jensen
Søren Bondo Andersen
3
Independent auditor's report
To the shareholders of Thordin ApS
Opinion
In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and
financial position at 30 June 2022 and of the results of the Company's operations and cash flows for the
financial year 1 July 2021 - 30 June 2022 in accordance with the International Financial Reporting Standards
as adopted by the EU and additional requirements in the Danish Financial Statements Act.
Audited financial statements
Thordin ApS' financial statements for the financial year 1 July 2021 - 30 June 2022 comprise the income
statement, statement of comprehensive income, balance sheet, statement of changes in equity, cash flow
statement and notes, including summary of significant accounting policies (the financial statements). The
financial statements are prepared in accordance with the International Financial Reporting Standards as
adopted by the EU and additional requirements in the Danish Financial Statements Act.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional
requirements applicable in Denmark.
Our responsibilities under those standards and requirements are further described in the "Auditor's
responsibilities for the audit of the financial statements" section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Independence
We are independent of the Company in accordance with the International Ethics Standards Board for
Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional
ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in
accordance with these requirements and the IESBA Code.
Statement on the Management's review
Management is responsible for the Management's review.
Our opinion on the financial statements does not cover the Management's review, and we do not express
any form of assurance conclusion thereon.
4
Independent auditor's report
In connection with our audit of the financial statements, our responsibility is to read the Management's review
and, in doing so, consider whether the Management's review is materially inconsistent with the financial
statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.
Moreover, it is our responsibility to consider whether the Management's review provides the information
required under the Danish Financial Statements Act.
Based on the work we have performed, we conclude that the Management's review is in accordance with
the financial statements and has been prepared in accordance with the requirements of the Danish Financial
Statement Act. We did not identify any material misstatement of the Management's review.
Management's responsibility for the financial statements
Management is responsible for the preparation of financial statements that give a true and fair view in
accordance with the International Financial Reporting Standards as adopted by the EU and additional
requirements in the Danish Financial Statements Act and for such internal control that Management
determines is necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, Management is responsible for assessing the 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 Management 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
Our objectives are to obtain reasonable assurance as to whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes
our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit
conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect
a material misstatement when it exists. Misstatements may arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial statements.
As part of an audit conducted in accordance with ISAs and the additional requirements applicable in
Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit.
We also:
— identify and assess the risks of material misstatement of the financial statements, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error as fraud may involve
collusion, forgery, intentional omissions, misrepresentations or the override of internal control.
5
Independent auditor's report
— obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company's internal control.
— evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by Management.
— conclude on the appropriateness of Management's use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Company's ability to continue as a going concern. If
we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report
to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify
our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's
report. However, future events or conditions may cause the Company to cease to continue as a going
concern.
— evaluate the overall presentation, structure and contents of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events in
a manner that gives a true and fair view.
We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.
Aalborg, 28 September 2022
KPMG
Statsautoriseret Revisionspartnerselskab
CVR no. 25 57 81 98
Steffen S. Hansen
State Authorised
Public Accountant
mne32737
Thordin ApS
Annual report for the financial year 1 July 2021 - 30 June 2022
CVR no. 39 57 74 45
6
Management's review
Company details
Thordin ApS
Niels Jernes Vej 10
9220 Aalborg Øst
Denmark
CVR no. 39 57 74 45
Established: 16 May 2018
Registered office: Aalborg
Financial year: 1 July – 30 June
Executive Board
Søren Agersbæk Jensen
Søren Bondo Andersen
Auditor
KPMG
Statsautoriseret Revisionspartnerselskab
Østre Havnegade 22D
DK-9000 Aalborg
Annual general meeting
The annual general meeting will be held on 28 September 2022.
Thordin ApS
Annual report for the financial year 1 July 2021 - 30 June 2022
CVR no. 39 57 74 45
7
Management's review
Financial highlights
USD'000
1/7 2020-
30/6 2021
1/7 2019-
30/6 2020
1/7 2018-
30/6 2019
Revenue
4,840
1,334
979
Operating profit
4,371
874
454
Profit/loss from finance income and finance
costs
45
-43
-68
Profit for the year
3,443
646
301
Total assets
4,685
2,397
2,396
Equity
3,519
2,193
2,131
Cash flows from operating activities
4,184
740
278
Cash flows from investing activities
0
0
0
Cash flows from financing activities
-3,252
-1,279
1
Total cash flows
932
-539
279
Thordin ApS
Annual report for the financial year 1 July 2021 - 30 June 2022
CVR no. 39 57 74 45
8
Management's review
Operating review
Principal activities
The principal activity of the Company is trading in financial derivatives on the regulated US power markets.
All tasks of the Company are performed by the Parent Company’s employees on an arm’s length basis.
Development in activities and financial position
Management is satisfied with the financial performance of the Company.
Events after the balance sheet date
No events have occurred after the balance sheet date to this date that would influence the assessment and
evaluation of this annual report in any substantial way.
Thordin ApS
Annual report for the financial year 1 July 2021 - 30 June 2022
CVR no. 39 57 74 45
9
Financial statements 1 July 2021 – 30 June 2022
Income statement
USD
Note
2020/21
Revenue
3
4,840,077
Staff costs
4
0
Administrative expenses
-469,492
Operating profit
4,370,585
Finance income
5
58,246
Finance costs
6
-12,834
Profit before tax
4,415,997
Tax on profit for the year
7
-973,324
Profit for the year
3,442,672
Statement of comprehensive income
USD
2020/21
Profit for the year
3,442,672
Total comprehensive income
3,442,672
Thordin ApS
Annual report for the financial year 1 July 2021 - 30 June 2022
CVR no. 39 57 74 45
10
Financial statements 1 July 2021 – 30 June 2022
Balance sheet
USD
Note
30/6 2021
ASSETS
Current assets
Receivables
Trade receivables
8
282,532
Amounts owed by the Parent Company
8
1,842,321
Deferred tax assets
10
1,733
Other receivables
8
51,232
Total receivables
2,177,818
Cash and cash equivalents
11
2,507,572
Total current assets
4,685,390
TOTAL ASSETS
4,685,390
EQUITY AND LIABILITIES
Equity
12
Contributed capital
469,293
Retained earnings
3,049,476
Total equity
3,518,769
Current liabilities
Trade payables
0
Income tax payable
1,161,827
Other payables
4,794
Total current liabilities
13
1,166,621
TOTAL EQUITY AND LIABILITIES
4,685,390
Thordin ApS
Annual report for the financial year 1 July 2021 - 30 June 2022
CVR no. 39 57 74 45
11
Financial statements 1 July 2021 – 30 June 2022
Statement of changes in equity
USD
Contri-
buted
capital
Retained
earnings
Total
equity
Equity at 1 July 2020
469,293
1,723,601
2,192,894
Comprehensive income
Effect of profit appropriation
0
3,442,672
3,442,672
Total comprehensive income
0
3,442,672
3,442,672
Transactions with owners
Extraordinary dividends
0
-2,116,797
-2,116,797
Total transactions with owners
0
-2,116,797
-2,116,797
Equity at 1 July 2021
469,293
3,049,476
3,518,769
Comprehensive income
Effect of profit appropriation
0
7,550,053
7,550,053
Total comprehensive income
0
7,550,053
7,550,053
Transactions with owners
Extraordinary dividends
0
-5,201,998
-5,201,998
Total transactions with owners
0
-5,201,998
-5,201,998
Equity at 30 June 2022
469,293
5,397,532
5,866,825
Thordin ApS
Annual report for the financial year 1 July 2021 - 30 June 2022
CVR no. 39 57 74 45
12
Financial statements 1 July 2021 – 30 June 2022
Cash flow statement
USD
Note
2020/21
Profit for the year
3,442,672
Other adjustments of non-cash operating items
14
931,959
Cash generated from operations before changes in working
capital
4,374,631
Changes in working capital
15
-236,161
Cash generated from operations
4,138,470
Paid net finance income/finance costs
45,412
Paid taxes during the year
0
Cash flows from operating activities
4,183,882
Cash flows from investing activities
0
Dividends
-2,116,797
Change in intercompany receivable
-1,135,464
Cash flows from financing activities
-3,252,261
Cash flows for the year
931,621
Cash and cash equivalents at the beginning of the year
1,575,951
Cash and cash equivalents at year end
11
2,507,572
Thordin ApS
Annual report for the financial year 1 July 2021 - 30 June 2022
CVR no. 39 57 74 45
13
Financial statements 1 July 2021 – 30 June 2022
Overview of notes
Note
1
2
Accounting policies
Estimation uncertainties and judgements
3
Revenue
4
Staff costs
5
Finance income
6
Finance costs
7
Tax on profit for the year
8
Trade receivables and other receivables
9
Related party disclosures
10
Deferred tax asset
11
Cash and cash equivalents
12
Contributed capital and capital management
13
14
Current liabilities
Other adjustments of non-cash operating items
15
Changes in working capital
16
Derivative financial instruments
17
Contractual obligations, contingencies, etc.
18
Financial risks and the use of derivative financial instruments
19
Events after the balance sheet
Thordin ApS
Annual report for the financial year 1 July 2021 - 30 June 2022
CVR no. 39 57 74 45
14
Financial statements 1 July 2021 – 30 June 2022
Notes
1 Accounting policies
The annual report of for the financial year 1 July 2021 – 30 June 2022 has been prepared in accordance
with International Financial Reporting Standards as adopted by the EU and additional Danish disclosure
requirements. The Company is classified as reporting class B according to the Danish Financial Statements
Act.
The accounting policies set out below have been used consistently in respect of the financial year.
The functional currency is USD, as the principal activities are carried out in USD and the annual report is
presented in USD.
Foreign currency translation
Transactions in foreign currencies are translated into the Company's functional currency at the exchange
rates on the transaction date.
Monetary assets and liabilities denominated in foreign currencies are translated into functional currency at
the exchange rates on the reporting date.
Non-monetary items denominated in foreign currencies are translated at the exchange rates at the balance
sheet date. Those measured at fair value in a foreign currency are translated into the functional currency at
the exchange rate when the fair value was determined. Those that are measured based on historical cost in
foreign currency are translated at the exchange rate at the date of the transaction.
Foreign currency differences are generally recognised in profit and loss except for certain equity instruments
available for sale, financial liabilities and hedging instruments.
Derivative financial instruments
Derivative financial instruments are initially recognised at fair value on the date on which a derivative contract
is entered into and are subsequently remeasured at fair value.
Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the
fair value is negative.
The sales and purchase contracts that qualify for accounting as derivatives are recognised in the statement
of profit or loss as net income/loss from financial instruments. Consequently, any gains or losses arising
from changes in the fair value of derivatives are taken directly to profit or loss. Trading costs and other costs
directly related to the net income are recognised correspondingly.
Income statement
Revenue – sale of power (electricity)
Sales of physical and financial electricity to customers and counterparties are included and accrued in full
after delivery.
Revenue is measured at the contractually agreed price exclusive of VAT and taxes.
Purchase of power (electricity)
Purchases of physical and financial electricity from customers and counterparties are included and accrued
in full after delivery. Trading costs and other costs are recognised correspondingly.
Thordin ApS
Annual report for the financial year 1 July 2021 - 30 June 2022
CVR no. 39 57 74 45
15
Financial statements 1 July 2021 – 30 June 2022
Notes
1 Accounting policies (continued)
Net income from financial instruments
The sales and purchase contracts that qualify for accounting as derivatives are recognised in the income
statement as net income/loss from financial instruments. Consequently, any gains or losses arising from
changes in the fair value of derivatives are taken directly to profit or loss. Trading costs and other costs
directly related to net income are recognised correspondingly.
Administrative expenses
Administrative expenses comprise expenses incurred during the year for management and administration
of the Company, including expenses for administrative staff, management, office premises, office expenses
and depreciation.
Finance income and costs
Finance income and costs comprise interest income and expense, payables and transactions denominated
in foreign currencies, amortisation of financial assets and liabilities as well as surcharges and refunds under
the on-account tax scheme, etc.
Tax on profit for the year
Tax for the year comprises current tax for the year and changes in deferred tax, including changes in tax
rates. The tax expense relating to the profit for the year is recognised in the income statement at the amount
attributable to the profit for the year and directly in equity at the amount attributable to entries directly in
equity.
Balance sheet
Receivables
Receivables are measured at amortised cost.
Write-downs are made to counter losses on the basis of projected losses using the simplified expected credit
loss model.
Receivables are monitored on an ongoing basis in accordance with the Company's risk policy.
Prepayments
Prepayments comprise prepayment of costs incurred relating to subsequent financial years.
Equity
Dividends
The expected dividend payment for the year is disclosed as a separate item under equity.
Thordin ApS
Annual report for the financial year 1 July 2021 - 30 June 2022
CVR no. 39 57 74 45
16
Financial statements 1 July 2021 – 30 June 2022
Notes
1 Accounting policies (continued)
Corporation tax and deferred tax
Current tax payable and receivable is recognised in the balance sheet as tax computed on the taxable
income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account.
Deferred tax is measured using the balance sheet liability method on all temporary differences between the
carrying amount and the tax value of assets and liabilities measured on the planned use of the asset or
settlement of the liability, respectively.
Deferred tax assets, including the tax value of tax loss carryforwards, are recognised at the expected value
of their utilisation within the foreseeable future; either as a set-off against tax on future income or as a set-
off against deferred tax liabilities in the same legal tax entity. Any deferred net assets are measured at net
realisable value.
Deferred tax is measured in accordance with the tax rules and at the tax rates applicable at the balance
sheet date when the deferred tax is expected to crystallise as current tax. Changes in deferred tax as a
result of changes in tax rates are recognised in the income statement, statement of other comprehensive or
equity, respectively.
Liabilities
Financial liabilities are recognised at the date of borrowing at fair value, corresponding to the proceeds
received less transaction costs paid. In subsequent periods, the financial liabilities are measured at
amortised cost, corresponding to the capitalised value using the effective interest rate. Accordingly, the
difference between cost and the nominal value is recognised in the income statement over the term of the
loan together with interest expenses.
Other liabilities are measured at amortised cost, which usually corresponds to nominal value.
Cash flow statement
The cash flow statement shows the Company's cash flows from operating, investing and financing activities
for the year, the year's changes in cash and cash equivalents as well as the Company's cash and cash
equivalents at the beginning and end of the year.
Cash flows from operating activities
Cash flows from operating activities are calculated as the profit for the year adjusted for non-cash operating
items, changes in working capital and corporation tax paid.
Cash flows from investing activities
Cash flows from investing activities comprise payments in connection with acquisitions and disposals of
entities and activities, intangible assets, property, plant and equipment and investments.
Cash flows from financing activities
Cash flows from financing activities comprise changes in size or composition of the Company's contributed
capital and costs in this respect as well as raising of loans, instalments on interest-bearing debt and
distribution of dividends to owners.
Thordin ApS
Annual report for the financial year 1 July 2021 - 30 June 2022
CVR no. 39 57 74 45
17
Financial statements 1 July 2021 – 30 June 2022
Notes
1 Accounting policies (continued)
Cash and cash equivalents
Cash and cash equivalents comprise cash and short-term marketable securities with a short term, which are
easily convertible into cash and which are subject to only an insignificant risk of changes in value.
Fair value measurement
The Company uses fair value for certain disclosures and measurement of financial instruments. Fair value
is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date.
The fair value measurement is based on the assumption that the transaction to sell the asset or transfer the
liability takes place either in the principal market for the asset or liability or, in the absence of a principal
market, in the most advantageous market for the asset or liability. The fair value of an asset or a liability is
measured using the assumptions that market participants would use when pricing the asset or liability,
presuming that they are acting in their economic best interest.
The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient
data are available to measure fair value, thus maximising the use of relevant observable inputs and
minimising the use of unobservable inputs. All assets and liabilities for which fair value is measured or
disclosed are categorised within the fair value hierarchy (levels 1, 2 and 3), on the basis of the lowest level
input that is significant to the fair value measurement as a whole.
2 Estimation uncertainties and judgements
Fair value of financial derivatives
Fair value of open financial derivative positions on the balance sheet date is recognised in accordance with
the principles of fair value measurement.
Level 1 measurement is based on pricing set by the relevant marketplace on the balance sheet date (end of
business).
Level 2 measurement is based on the latest traded price on the relevant marketplace before the balance
sheet date. The Level 2 measurement is only applicable if the timespan between the latest traded price and
the balance sheet date is insignificant, and no new relevant market information has come to light in such a
timespan.
Level 3 measurement is based on the most qualified estimate made by the Company, based on all relevant
market information.
Level 2 measurement can be chosen over Level 1 measurement in cases where the difference in fair value
is immaterial to the financial statements.
Thordin ApS
Annual report for the financial year 1 July 2021 - 30 June 2022
CVR no. 39 57 74 45
18
Financial statements 1 July 2021 – 30 June 2022
Notes
USD
2020/21
3 Revenue
Net income from trading in financial derivatives in US
4,840,077
All revenue derives from derivatives and are settled.
4 Staff costs
Remuneration
0
Pensions (defined contribution plan)
0
Other social security costs
0
0
Average number of full-time employees
0
5 Finance income
Other interest income measured at amortised cost
125
Exchange rate adjustments, net
58,122
58,246
6 Finance costs
Other interest expense measured at amortised cost
12,834
Exchange rate adjustments, net
0
Other financial costs
0
12,834
Thordin ApS
Annual report for the financial year 1 July 2021 - 30 June 2022
CVR no. 39 57 74 45
19
Financial statements 1 July 2021 – 30 June 2022
Notes
USD
2021/22
2020/21
7 Tax on profit for the year
Current tax for the year (recognised in the income statement)
2,090,321
973,324
Deferred tax adjustment for the year (recognised in the income statement)
1,723
0
2,092,044
973,324
Reconciliation of tax rate
Tax according to the Danish tax rate, 22.0%
2,121,261
971,519
Tax effect of:
Non-taxable and deductible costs including adjustments
-29,217
1,805
2,092,044
973,324
Effective tax rate
21.7%
22.0%
8 Trade receivables and other receivables
The credit risk of financial receivables corresponds to the values recognised on the balance sheet.
Counterparties comprise Independent System Operators and Regional Transmission Organisations, which
are the regulated marketplace for power trading.
No historical loss has occurred, and no provision for loss was recognised at 30 June 2022 and at 30 June
2021.
Thordin ApS
Annual report for the financial year 1 July 2021 - 30 June 2022
CVR no. 39 57 74 45
20
Financial statements 1 July 2021 – 30 June 2022
Notes
9 Related party disclosures
Thordin ApS' related parties comprise its Executive Board as well as their close family members and
controlled companies, and the Parent Company, Yggdrasil Commodities ApS, which is controlled by the
following holding companies:
Søren Bondo Andersen Holding ApS (controlled by Søren Bondo Andersen)
Leharparken 85
9200 Aalborg SV
Denmark
SAJ Finans ApS (controlled by Søren Agersbæk Jensen)
Klarup Kirkevej 34
9270 Klarup
Denmark
Related parties also include the following sister companies:
Nidhog ApS, Dvalin ApS and Asgard ApS
Niels Jernes Vej 10
9220 Aalborg Øst
Denmark
Valhall GK, Future Electricity Trading (GK), Japan Power Trading (GK) and Raijin Energy (GK)
Japan
Related party transactions
Related party transactions include management fee to parent company Yggdrasil Commodities ApS for
2021/22 at an amount of USD 533 thousand (2020/21: USD 427 thousand) and remuneration of the
Executive Board (see note 4).
Amounts owed by group entities for 2021/22 at an amount of USD 3,302 thousand (2020/21: USD 1,842
thousand) compromise receivable from paretYggdrasil ApS.
10 Deferred tax asset
USD
2021/22
2020/21
Deferred tax at 1 July 2021
1,733
2,116
Deferred tax adjustment for the year in the income statement
-1,733
0
Exchange rate adjustments to prior year deferred tax
0
-383
0
1,733
Deferred tax relates to:
Depreciation differences on equipment
0
1,733
0
1,733
Thordin ApS
Annual report for the financial year 1 July 2021 - 30 June 2022
CVR no. 39 57 74 45
21
Financial statements 1 July 2021 – 30 June 2022
Notes
11 Cash and cash equivalents
USD
2021/22
2020/21
Cash and cash equivalents at 30 June comprise:
Cash
586,725
726,923
Counterparty deposits which can be released with a short timeframe
3,313,357
1,780,649
Cash and cash equivalents at 30 June 2022
3,900,082
2,507,572
12 Contributed capital and capital management
Contributed capital (all fully paid in) consists of:
A shares of nom. DKK 1.500.000 each
B shares of nom. DKK 1.500.000 each (no voting rights)
The current level of contributed capital is deemed to be sufficient and appropriate to support the principal
activities of the Company.
13 Current liabilities
Current liabilities include accrued costs and will all be paid within 1 year.
USD
2021/22
2020/21
14 Other adjustments of non-cash operating items
Finance income
-6,379
-58,246
Finance costs
82,295
12,834
Tax on profit for the year
2,092,044
973,324
Exchange rate adjustments on tax payables
0
4,047
2,167,960
931,959
15 Changes in working capital
Change in trade and other receivables
-296,686
-221,555
Change in trade and other payables
-317
-14,606
-297,003
-236,161
Thordin ApS
Annual report for the financial year 1 July 2021 - 30 June 2022
CVR no. 39 57 74 45
22
Financial statements 1 July 2021 – 30 June 2022
Notes
16 Derivative financial instruments
Fair values of open financial trading derivatives at 30 June 2022 and 30 June 2021 are not recognised as
fair value based on level 2 estimate is assessed to be immaterial due to positions opened close to year end
and settled at 1 July 2022 and 1 July 2021.
17 Contractual obligations, contingencies, etc.
The Company is jointly taxed with other Danish companies in the Group. As a jointly taxed company, the
Company has joint unlimited liability for Danish corporation taxes and withholding taxes on dividends,
interest and royalties within the joint taxation unit. Any subsequent corrections of income subject to joint
taxation or withholding taxes could result in an increased liability for the Company.
18 Financial risks and the use of derivative financial instruments
As a result of its operations, the Company is exposed to a number of financial risks, including market, liquidity
and credit risks.
The Company has a comprehensive risk framework in place to manage the risks in the Company. The risk
framework has been approved by the Executive Board.
Market risk
There is a risk that the fair value of future cash flows from a financial instrument will fluctuate due to changes
in market prices. The risk is low due to short-term positions. See further disclosures in note 11.
The currency risk is low due to trading in USD, and therefore no hedging is performed.
Liquidity risks
There is a risk that the Group will encounter difficulties in meeting obligations associated with financial
liabilities.
The Company will ensure the highest possible degree of flexibility by maintaining a capital structure with
strong equity financing.
Credit risks
There is a risk that a counterparty to a financial instrument is unable to fulfil its obligations and thereby will
inflict a loss on the Company.
No significant risks due to the type of counterparties. See further disclosures in note 8.
Classification of financial assets and liabilities
All financial receivables and liabilities are measured at amortised cost, and consequently no financial assets
are measured at fair value.
19 Events after the balance sheet date
No events have occurred after the balance sheet date to this date that would influence the assessment and
evaluation of this annual report in any substantial way.
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