Type af revisorbistand:Auditor's report on audited financial statements
Navn på revisionsvirksomhed:EY Godkendt Revisionspartnerselskab
Revisionsvirksomhedens CVR-nr.:30700228
Beskrivelse af revisor:State Authorised Public Accountant
Virksomhedens regnskabsklasse:Reporting class C, medium-size enterprise
Grundlag for konklusion (revision):We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the audit of the financial statements" section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Konklusion (revision):We have audited the financial statements of Verizon Denmark A/S for the financial year 1 January – 31 December 2022, which comprise income statement, balance sheet, statement of changes in equity, cash flow statement and notes, including accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2022 and of the results of the Company's operations and cash flows for the financial year 1 January – 31 December 2022 in accordance with the Danish Financial Statements Act.
Udtalelse om ledelsesberetningen (revision):Management is responsible for the Management's review. Our opinion on the financial statements døs not cover the Management's review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the Management'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. Financial ratiosFinancial ratios are calculated in accordance with the Danish Society of Financial Analysts' guidelines on the calculation on financial ratios 'Recommendations Financial Ratios', cf. below and Definition of financial ratios:Gross margin:Gross margin / Revenue*100EBIT margin:Profit/loss from ordinary operating activities / Revenue*100Equity ratio:Closing equity / Equity &liabilities at year-end*100Return on equity:Profit/loss for the year / Average equity*100The company is a provider of internationally managed IT infrastructure services and IT security services for large companies and global organisations. The business comprises the sale and marketing of IT security and telecommunication solutions, hosting LAN as well as WAN services, and the full transformation as well as maintenance for the service in operation for these services. Financial review The revenue of Verizon Denmark A/S has increased from DKKt 104,805 in 2021 to DKKt 109,737 in 2022. In our outlook in the previous annual report we had expected the revenue to decline by 5. 3%. Contributing factor for better than expected revenue was greater demand for the provision of Internet, Managed Network and Network Pro Services. The company's income statement for the year ended 31 December 2022 shows a net profit of DKKt 27,384. The assets and the balance sheet at 31 December 2022 show equity of DKKt 297,113. Outlook The Directors expect revenue pressure on core legacy services to persist as a result of technology migrations, increased competitive intensity (from established global telco providers, system integrators and new entrants) and global macrøconomic and geopolitical uncertainty. The Company will continue to focus on innovation and growing strategic services such as security, network as a service, advanced communications, customer experience, advisory consulting services to expand market penetration, acquire new customers and increase wallet share within the existing base. Due to the above scenario, the company expects the revenue and operating profit to decline by 5-7% next year. Subsequent events No events have occurred after the financial period end which could significantly affect the companys’s financial position. Price risks The company is exposed to price risks to the same extent as other companies in the industry. Currency risks The currency risk is considered low, since most of the receivables and payables are done in DKK, EUR and USD Interest rate risks The interests rate risks are not very material specific to the company. To the extent interest rate movements impact the wider economy, the company is affected indirectly like any other company in the industry. Knowledge resources The company acknowledges the importance of hiring, retaining, training and up skilling human resources so that it can remain competitive in the telecom and technology industry which is knowledge intensive. There is continued focus on best HR practices, scope of on job training and skill improvement, career progression and attractive compensation scheme to attract and retain talent.
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