Dato for ledelsens godkendelse af årsrapporten:2023-07-13
Beskrivelse af usædvanlige forhold, der kan have påvirket indregningen eller målingen:Going concern to annual report FY2022
Polestar Denmark´s financial statements have been prepared on a basis that assumes Polestar Denmark will continue as a going concern and the ordinary course of business will continue in alignment with Polestar Group management’s 2023-2027 business plan.
Polestar Denmark is dependent on Polestar group for its funding requirements via transfer pricing arrangements with the Polestar group. Taking into account these funding requirements, management have a reasonable expectation that Polestar Denmark has adequate resources to continue to trade for the foreseeable future, being a period of at least 12 months from the balance sheet date and approving these financial statements. Accordingly, management have continued to adopt the going concern basis when preparing this Annual Report and Financial Statements.
However, attention is drawn to the Consolidated financial statements and annual report for Polestar Group, ultimate parent for Polestar Denmark for the year ended December 31, 2022 in which the group’s executive directors describe that Polestar Group depends on additional financing that is expected to be funded via a combination of new short-term working capital loan arrangements, long-term loan arrangements, shareholder loans with related parties, and executing capital market transactions through offerings of debt and/or equity. The timely realization of these financing endeavors is crucial for Polestar Group’s ability to continue as a going concern. If Polestar Group is unable to obtain financing from these sources or if such financing is not sufficient to cover forecasted operating and investing cash flow needs, Polestar Group will need to seek additional funding through other means (e. g., issuing new shares of equity or issuing bonds). Group management has no certainty that Polestar Group will be successful in securing the funds necessary to continue operating and development activities as planned. This consequently impacts the earnings, sales via the transfer pricing arrangements and liquidity of Polestar Denmark given its reliance on Polestar Group for its funding requirements.
Considering substantial doubt about Polestar Group’s ability to continue as a going concern, management is of the opinion that substantial doubts exist at Polestar Denmark level in its ability to continue as going concern. Polestar Group has ongoing efforts in place at to mitigate the uncertainty. The financial statements of Polestar Group and Polestar Polestar Denmark do not include any adjustments to factor for the going concern uncertainty.
Statement by Management on the annual report
Identifikation af den godkendte årsrapport:Today, the Executive Board has discussed and approved the annual report of Polestar Automotive Denmark ApS for the financial year 1 January - 31 December 2022.
Management's review
Beskrivelse af virksomhedens væsentligste aktiviteter:As a sales company, it is focused on online sales of premium cars and accessories to end customers. The vehicles are being purchased on the basis of transfer price agreement from Polestar Performance AB and then sold in Denmark. Between Polestar Performance AB and Polestar Automotive Denmark all transactions are made at an arm´s length. Polestar Automotive Denmark has three categories of customers: end-customers, fleet customers and financial service providers to whom Polestar sells cars and the financial service providers in their turn having the contractual relationship with end customer.
Ownership structure
Polestar Automotive Denmark is 100% owned by Polestar Performance AB (PPAB) with headquarters in Gothenburg, which in turn is a subsidiary of Polestar Automotive (Singapore) Pte. Ltd based in Singapore. Polestar Automotive (Singapore) Pte. Ltd is in turn a subsidiary of Polestar Holding AB based in Sweden which in turn is a subsidiary of the ultimate parent company, Polestar Automotive Holding UK PLC, based in the United Kingdom. This parent company prepares consolidated accounts for the Polestar Group.
Polestar Automotive Holding UK PLC is 39,2% owned by PSD Investment Limited, a company controlled by Mr. Li Shufu. An additional 48,3 % is owned by Volvo Cars via its subsidiaries Snita Holding B. V. and PS Investment AB, both limited companies. The remaining 11,5% ownership is held by other shareholders.
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