MCGRAW-HILL EDUCATION (DENMARK) ApS - CVR: 29213550

2022, DKK

01.11.2023

Bruttoresultat

7.162'

Primær drift

1.262'

Årets resultat

-2.938'

Aktiver

194''

Kortfristede aktiver

194''

Egenkapital

-9.038'

Afkastningsgrad

1 %

Soliditetsgrad

-5 %

Likviditetsgrad

96 %

Resultat

01.11.2023

Årsrapport	2022 01.11.2023	2021 06.10.2022	2020 01.09.2020	2019 01.09.2020	2018 20.06.2019	2017 22.06.2018	2016 20.06.2017	2015 01.06.2016
Nettoomsætning
Bruttoresultat	7.162.000	80.011.000	24.006.780	74.236.576	65.263.893	63.959.407	59.647.011	0
Resultat af primær drift	1.262.000	73.674.000	22.235.141	67.098.874	60.178.750	59.796.336	55.707.546	0
Indtægter af kapitalandele (tilknyttede og associerede)	0	0	0	0	0	0	0	0
Finansielle indtægter	0	6.212.000	3.392.585	4.246.166	4.065.012	4.202.269	6.398.048	3.929.833
Finansieringsomkostninger	-3.861.000	-339.000	0	0	-732	-20.601.684	0	-22.577
Andre finansielle omkostninger	0	0	0	0	0	0	0	0
Resultat før skat	-2.599.000	79.547.000	25.627.726	71.345.040	64.243.030	43.396.921	62.752.973	48.474.232
Resultat	-2.938.000	54.794.000	18.530.842	51.406.569	64.037.383	43.152.438	62.333.408	47.460.052
Forslag til udbytte	0	0	0	0	-109.000.000	0	-127.000.000	0

Aktiver

01.11.2023

Årsrapport	2022 01.11.2023	2021 06.10.2022	2020 01.09.2020	2019 01.09.2020	2018 20.06.2019	2017 22.06.2018	2016 20.06.2017	2015 01.06.2016
Kortfristede varebeholdninger	0	0	0	0	0	0	0	0
Kortfristede tilgodehavender fra salg og tjenesteydelser	190.172.000	163.394.000	96.622.797	72.062.812	116.728.516	38.659.983	124.980.829	78.377.835
Likvider	4.269.000	1.427.000	1.525.161	1.492.375	1.330.501	8.107.935	5.327.218	6.449.003
Kortfristede aktiver	194.441.000	164.821.000	98.147.958	73.555.187	118.059.017	46.767.918	130.308.047	84.826.838
Immaterielle aktiver og goodwill	0	0	0	0	0	0	0	0
Finansielle anlægsaktiver	0	0	0	0	0	0	0	0
Materielle aktiver	10.000	161.000	465.346	54.801	63.407	28.020	10.002	0
Langfristede aktiver	10.000	161.000	465.346	54.801	63.407	28.020	10.002	0
Aktiver	194.451.000	164.982.000	98.613.304	73.609.988	118.122.424	46.795.938	130.318.049	84.826.838

Aktiver

01.11.2023

Passiver

01.11.2023

Årsrapport	2022 01.11.2023	2021 06.10.2022	2020 01.09.2020	2019 01.09.2020	2018 20.06.2019	2017 22.06.2018	2016 20.06.2017	2015 01.06.2016
Forslag til udbytte	0	0	0	0	109.000.000	0	127.000.000	0
Egenkapital	-9.038.000	109.724.000	11.666.397	-6.864.445	109.890.967	45.853.584	129.701.146	67.367.738
Hensatte forpligtelser	0	0	80.479.242	79.020.458	0	0	0	0
Langfristet gæld til banker	0	0	0	0	0	0	0	0
Anden langfristet gæld	0	0	0	0	0	0	0	0
Leverandører af varer og tjenesteydelser	1.153.000	1.010.000	441.216	164.512	117.328	142.743	95.520	123.748
Kortfristede forpligtelser	203.489.000	55.258.000	6.197.964	1.453.975	8.231.457	942.354	616.903	17.459.100
Gældsforpligtelser	203.489.000	55.258.000	6.467.665	1.453.975	8.231.457	942.354	616.903	17.459.100
Forpligtelser	203.489.000	55.258.000	6.467.665	1.453.975	8.231.457	942.354	616.903	17.459.100
Passiver	194.451.000	164.982.000	98.613.304	73.609.988	118.122.424	46.795.938	130.318.049	84.826.838

Passiver

01.11.2023

Nøgletal

01.11.2023

Årsrapport	2022 01.11.2023	2021 06.10.2022	2020 01.09.2020	2019 01.09.2020	2018 20.06.2019	2017 22.06.2018	2016 20.06.2017	2015 01.06.2016
Afkastningsgrad	0,6 %	44,7 %	22,5 %	91,2 %	50,9 %	127,8 %	42,7 %	Na.
Dækningsgrad	Na.	Na.	Na.	Na.	Na.	Na.	Na.	Na.
Resultatgrad	Na.	Na.	Na.	Na.	Na.	Na.	Na.	Na.
Varelagerets omsætningshastighed	Na.	Na.	Na.	Na.	Na.	Na.	Na.	Na.
Egenkapitals-forretning	32,5 %	49,9 %	158,8 %	-748,9 %	58,3 %	94,1 %	48,1 %	70,4 %
Payout-ratio	Na.	Na.	Na.	Na.	170,2 %	Na.	203,7 %	Na.
Gældsdæknings-nøgletal	32,7 %	21.732,7 %	Na.	Na.	8.221.140,7 %	290,2 %	Na.	Na.
Soliditestgrad	-4,6 %	66,5 %	11,8 %	-9,3 %	93,0 %	98,0 %	99,5 %	79,4 %
Likviditetsgrad	95,6 %	298,3 %	1.583,6 %	5.058,9 %	1.434,2 %	4.962,9 %	21.122,9 %	485,9 %

Resultat

01.11.2023

Gæld

01.11.2023

Årsrapport

01.11.2023

Nyeste:01.04.2022- 31.03.2023(offentliggjort: 01.11.2023)

Information om virksomhedens regnskabsklasse:The annual report of McGraw-Hill Education (Denmark) ApS for 2021/22 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to reporting class B entities and elective choice of certain provisions applying to reporting class C entities.

Oplysning om eventualaktiver:As mentioned within accounting policies and management review, the Company have made corrections of material misstatement from prior year. Correction of revenue for the period 1 January - 31 December 2019 are part of the total material misstatement that have been corrected. Management have assessed not to recognize receivable income tax related to corrections in the above-mentioned period, as the period is part of the ongoing tax case as mentioned in note 3. Management will however pursue the receivable income tax in respect hereof amounting to DKK 3,262 thousand as of 31 March 2023.

Beretning

01.11.2023

Dato for ledelsens godkendelse af årsrapporten:2023-11-01

Beskrivelse af usikkerhed ved indregning eller måling:Recognition and measurement uncertainties relates to "Deferred tax assets" and "Income taxes receivable", and occurs due to a dispute with the Danish Tax Authorities: In August 2017, the Danish Tax Authorities initiated an audit of the Company’s transfer pricing agreements in the period between 2014-2019. The tax-audit relates to two topics; - Taxation of Royalty-income - Exit taxation. In September 2021 the Danish Tax Authorities released their ruling regarding the royalty income for period 2014-2016 and the Exit-taxation, which stated that both topics was subject to tax. The company disagrees with ruling from September 2021 by the Danish Tax Authorities and has in December 2021, appealed the ruling to the Danish Tax Appeals Agency and challenged the positions of the Danish Tax Authorities. In February 2022, the company deposited the full tax claim and paid interest related to the ruling, due to interest charges that apply to the claim during deferral. As of September 2023, the court date for the appeal have not been set. The company døs not expect the appeal to be concluded within a year from 31 March 2023. Accounts affected by the uncertainties from the tax dispute: - Deferred tax assets: As of 31 March 2023, the full deposited tax claims remain unchanged from prior year and amounts to DKK 148. 7 million (deposited in February 2022). - Income taxes receivable: According to section below "Unusual matters having affected the financial statements", the company have in the current financial year identified and corrected material misstatements from prior years. Tax in relation to these corrections amounts to DKK 26,9 million, which have been capitalized within Income taxes receivable. Furthermore - within Income taxes receivable - the company has capitalized DKK 7,1 million relating to an objection from the company regarding the ruling of Taxation of Royalty-income. The outcome of the appeal is in its nature connected with uncertainty, and recognition and measurement of above mentioned, is therefore associated with uncertainty, as management assess that the appeal of the tax dispute will influent all tax matters mentioned above.

Beskrivelse af usædvanlige forhold, der kan have påvirket indregningen eller målingen:During the current financial year, the Company has identified the following material misstatements from prior years: 1. Revenue for the period 2018-2021/22 has been recognised incorrectly. 2. Intercompany payable has been recognised with an incorrect amount. The revenue misstatements relate to royalty income from group-related company, where revenue has been recognised based on usage of a specific software program owned by the Company. During the above-mentioned period, the software program has been continuously phased out, which has not been reflected in the recognised revenue. Thus, royalty income for the above-mentioned period is overstated. The misstatement regarding intercompany payable relates to misstatement in connection with change in ownership in 2014, where the Company have overstated intercompany payable. As a result of above mentioned, the Company's revenue, financials, tax for the year, intercompany payables and equity in prior financial years is overstated, and the financial statements for 2021/22 do not give a true and fair view. Therefore, the prior year misstatements have been corrected as a material misstatement by restating comparatives and in the opening equity figures in the current-year financial statements. As a consequence of above, the financial figures for 2021/22 have been changed with: - Gross profit for the financial year 2021/22 has been reduced by DKK 68. 506 thousand - Net financials for the financial year 2021/22 has been reduced by DKK 6. 099 thousand - Tax for the year for the financial year 2021/22 has been reduced by DKK 15. 071 thousand - Result for the year for the financial year 2021/22 has been reduced by DKK 59. 534 thousand - The equity at 1 April 2021 has been negatively affected by DKK 56. 290 thousand and negative affected by DKK 115. 824 thousand at 31 March 2022.

Oplysning om usædvanlige forhold:Due to correction of material misstatements, the Company has lost more than half of the share capital and is thus subject to the capital loss rules in section 119 of the Danish Companies Act. In October 2023, the equity has been reestablished with a debt conversion according to “Events after the balance sheet date” below. The parent company, McGraw-Hill LLC has furthermore submitted a letter of support in which they declare to provide the necessary capital to the company up to and including 31 March 2024. Based hereon, the executive board considers it is appropriate to present the annual report as going concern.

Statement by Management on the annual report

Identifikation af den godkendte årsrapport:Today, the Executive Board has discussed and approved the annual report of McGraw-Hill Education (Denmark) ApS for the financial year 1 April 2022 - 31 March 2023.

Management's review

Beskrivelse af virksomhedens væsentligste aktiviteter:The Company's primary activity is to provide services and consultancy activities to group related companies.