January 1 – June 30, 2023
Interim
Report
2023
cBrain reports all-time high revenue growth of 39%
and earnings before tax (EBT) of 35%
Strong financial performance and new customer wins show the good progress
cBrain is making on the 2023 - 2025 growth plan. During the first half year cBrain has
also reached strategic milestones including the release of the F2 Service Builder
2 | Interim Report 2023
Contents
Management Review
cBrain reports all-time high revenue growth of
39% and earnings before tax (EBT) of 35%
Financial Highlights
Financial Remarks
Outlook
Our Business
Market and Value Proposition
The F2 Software
Customers and Growth Plan
Shareholders
Statement by the Board of Directors
and Executive Management
Interim Financial Statements
Statement of comprehensive income
Balance sheet
Statement of change in equity
Cash flow statement
Notes
4
7
9
11
14
17
19
23
24
26
27
28
29
30
31
4
Management Review
26
Interim Financial
Statements
13 Our Business
24
Statement by the
Board of Directors
3 | Interim Report 2023
Financial results for first half-year, 2023, show all-time
record high revenue growth and earnings, confirming that
cBrain is on track to execute the growth plan. Total revenue
grew from DKK 95 million to DKK 132 Million, up 39% year
over year. Net earnings before tax (EBT) grew from
DKK 24 to DKK 47 million, up 93% year over year, posting
a pre-tax profit margin (EBT) of 35%.
Results was led by strong software sales
In 2022 cBrain announced a next step 3-year growth
plan for 2023-2025, aiming to build a strong foundation
for long term growth. This includes two core elements.
Investing into “F2 Climate software”, thereby building a
strong international market position and a door opener
for export, and investing into the “F2-for-Partners”
concept, thereby building an ecosystem of F2 partners,
including customers as well as external partners.
cBrain expects that as partners take over more of
the delivery and implementation of F2 solutions, this
will accelerate software revenue and limit consulting
services revenue.
In line with the strategy, cBrain has re-directed internal
resources to support climate software export and the
partner initiative. We are therefore very pleased to see
that revenue growth was led by software sales which
grew from DKK 68 million to DKK 106 million, up 56%.
Meanwhile consulting services were down 4% from
DKK 27 million to DKK 26 Million, and consequently
software revenue grew to 80% of total revenue.
Solid export, building on a strong home market
position in Denmark
cBrain continues to win market shares in Denmark,
thereby securing the essential Danish reference position,
and in parallel cBrain successfully builds export.
During spring cBrain announced a number of new
government customers and orders in Denmark, adding
several new ministries and agencies to the customer
list. Export grew from DKK 35 Million to DKK 60 Million,
up 68% year over year, while announcing partners and
agreements in Germany, Ghana, Rumania, and Ukraine.
Export thereby grew to 45% of total revenue.
cBrain has established an international GovTech and
Climate Solutions team (GCS team). The GCS team lead
the export and climate software strategies. Currently
with employees in Australia, Emirates, France, Germany,
Kenya, and in the US, the GCS team are building global
presence and partnerships while targeting specific
climate action focus areas aligned with the SDG goals.
Water is a focus area that exemplifies the SDG based
approach. In March cBrain participated as speaker at
the first global United Nations Water conference in
New York. Now UN Water has adapted blueprints that
have been developed in close collaboration between
cBrain and the Danish Environmental Protection Agency,
and shared these as best practices for digital water
governance.
F2 Service Builder demonstrates the power
of standard software
In June cBrain released the first version of ”F2 Service
Builder”, achieving an important milestone related to the
F2-for-Partners strategy. F2 Service Builder is a new tool
that allows customers and/or external partners to build
their own government processes without any software
programming, and operating as a fully integrated part of
the F2 standard software.
F2 Service Builder allows the users to configure
their own government process simply by filling out
a spreadsheet. This dramatically reduces time and
resources to digitize government processes and it allows
government to regain control of process digitization.
We therefore describe F2 Service Builder as a disruptive
technology. It demonstrates the power of standard
software versus traditional big IT, with the potential to
redefine the market conditions. For cBrain it is a key
enabler to build an eco-system of partners. cBrain will
continue to invest into the Service Builder technology
and expects to announce product enhancements during
the autumn.
cBrain reports all-time high revenue growth of 39%
and earnings before tax (EBT) of 35%
4 | Interim Report 2023
The solid first-half year results put cBrain in a strong
position and enable further investments
For the fiscal year 2023, cBrain has guided revenue
growth of 15-20% and earnings before tax (EBT)
of 18-22%.
In the beginning of August cBrain revised the guidance
for year 2023 to revenue growth of 20-25% (up from
15-20%), and earnings before tax (EBT) of 20-25% (up
from 18-22%). The revised guidance is influenced by
fluctuations due to software revenue recognition and by
investments into the strategy plan.
cBrain’s software revenue consists of one-time licenses
and software subscriptions. Software subscriptions,
consisting of software maintenance and software rental,
count for approximately 50% of total company revenue.
As one-time software license revenue is recognized in
parallel with the delivery, software revenue will fluctuate
relative to speed of delivery and specific project
milestones. Part of the strong first year results is due
to such fluctuations, and cBrain therefore expects that
one-time software license revenue will be significantly
higher in first half year of 2023 than in the second half
year of 2023.
The solid first half-year results put cBrain in a strong
position. This allows cBrain to meet the financial goals
with limited second half year growth. cBrain would like
to utilize this. Therefore cBrain has allocated further
internal resources into growth plan investments, aware
that this may negatively effect revenue growth in the
short term.
Artificial Intelligence (AI)
for Government
In beginning of August,
cBrain announced its AI for
Government initiative, which
is part of the increased growth
plan investments.
The AI for Government initiative will
offer AI functionality, specialized for
government usage and fully integrated
within F2. The AI for Government is
developed as a core F2 technology. Fully
aligned with the 2025 strategy, it will support
the classic F2 business as well as the F2 Climate
software and the F2-for-Partners strategies.
Currently, cBrain has initiated work with a number of
Danish government organizations. Each project is based
on a sandbox approach, investigating how different
types of government organizations can benefit from
AI, while observing the boundaries of government
compliance. The sandbox learnings will feed into the
development and productizing the first AI functionality,
built into the F2 standard software.
The 2023-2025 plan is based on solid organic growth
and strong positive cash flow
In order to execute the next step growth plan, year
2023-2025, cBrain has allocated experts and resources
from consulting and project delivery to help build
a climate software market position and a partner
ecosystem.
U.S. Ambassador Alan Leventhal and
Professor Katherine Richardson speaking
at the cBrain International Climate
Action event, April 2023
This allocation is expected to have a negative impact
on growth and earnings during the investment period.
Consequently cBrain has set an ambition to reach 20%
revenue growth during the first 2 years, 2023-2024,
and to reach a 30% revenue growth in 2025. With this
ambition, cBrain will reach revenues of DKK 350 Million in
year 2025, thereby almost doubling total revenue during
the 3-year growth plan period.
The growth plan is solely based on organic growth. At the
same time cBrain is self-financing, and the results of first
half year 2023 show a positive cash flow from operating
activities of DKK 20 Million, up from DKK 7 Million year-
over-year.
5 | Interim Report 2023
Strong financial performance
and new customer wins show the
good progress cBrain is making on
the 2023 - 2025 growth plan. During
the first half year cBrain has also
reached strategic milestones
including the release of the
F2 Service Builder
cBrain therefore has the financial strength to execute its
plans, and cBrain expects to maintain solid earnings and
cash flow while executing the year 2023-2025 growth
plan.
Results are tailwind for the cBrain growth plan
We are very pleased with the solid first half-year 2023
results, including the financial results, the continued
business development, and reaching the first strategy
milestones such as the release of the F2 Service Builder.
cBrain has onboarded well on the growth plan for 2023-
2025, and with the recent upgrade of the 2023 fiscal
year financial guidance, cBrain is slightly ahead of the
2025 financial ambitions.
cBrain celebrates that the first half-year 2023 results
represent several financial milestones. For the first time,
cBrain reports revenue growth of 39%. It is the first time,
cBrain reports earnings before tax (EBT) of 35%, and by
growing software sales by 56%, it is the first time, half-
year software revenue exceeds DKK 100 Million.
Per Tejs Knudsen,
CEO
6 | Interim Report 2023
Financial Highlights
T.DKK 1H 2023 1H 2022 Full year 2022
FINANCIAL RATIOS
Revenue growth rate 39% 27% 22%
Profit margin (EBIT) 37% 25% 26%
Return of investment (ROI) 13% 10% 15%
EBT-margin 35% 25% 26%
Liquidity ratio 153% 254% 102%
Solvency ratio 55% 60% 53%
Return on equity 21% 14% 25%
STOCK MARKET RATIOS
Number of shares 1,000 pcs. 20.000 20.000 20.000
Book Value per Share (BVPS) 10,08 7,54 8,48
Basic EPS 1,81 0,95 1,92
Diluted EPS (DEPS) 1,85 0,97 1,96
ENVIRONMENTAL AND SOCIAL DATA
Average number of employees (FTEs) 164 137 152
Gender diversity, all employees 41% 38% 43%
Scope 1 & 2 CO
2
e emissions (tonnes) 33 35 99
T.DKK 1H 2023 1H 2022 Full year 2022
INCOME STATEMENT
Revenue 131.780 95.013 187.924
Operating profit (EBIT) 48.461 24.071 49.379
Depreciation and amortisation -10.353 -9.775 -18.853
Financial items, net -1.733 101 -451
Result before tax (EBT) 46.728 24.172 48.928
Profit for the period 36.196 19.052 38.383
FINANCIAL POSITION
Cash and cash equivalents 3.632 61.482 2.225
Trade receivables 77.064 67.818 40.516
Total assets 364.879 250.762 322.693
Total equity 201.566 150.837 169.502
CASH FLOWS
Cash flow from operating activities 19.635 7.321 62.312
Cash flow from investing activities -12.230 -13.315 -226.443
Investments in PPE, net -648 -1.815 -205.494
Cash flow from financing activities -5.998 -4.705 94.175
Amounts are presented in European format
7 | Interim Report 2023
REVENUE (DKK)
132m
REVENUE GROWTH
39%
EBT MARGIN
35%
SOFTWARE SALES
80%
EXPORT SALES
45%
SHARE OF REVENUE SHARE OF REVENUE
8 | Interim Report 2023
Key financial highlights:
Total revenue increased 39% or DKK 37 Million during the
first six months of 2023 compared to the same period in
2022, driven primarily by higher Exports and sales of
Software.
• Total revenue grew 39% to DKK 132 Million during
the first six months of 2023, compared to
DKK 95 Million in the same period in 2022.
• Exports increased 68% or DKK 24 Million during
the first six months of 2023 compared to the same
period in 2022. Exports now account for 45% or
DKK 60 Million of total revenue.
• Sales of Software increased 56% or DKK 37 Million
during the first six months of 2023 compared to
the same period in 2022. In the same period sales
of Services decreased -4%. Software sales now
account for 80% of total revenue.
• Profit before tax (EBT) increased 93% to
DKK 47 Million during the first six months of 2023,
compared to DKK 24 Million in the same period in
2022. As of June 30, 2023 the EBT-margin is 35%.
Property, plants and equipment (PPE)
In autumn 2022 cBrain entered into an agreement to
purchase the Utzon House as the new headquarter
located in Nordhavn, Copenhagen. As of June 30, 2023,
the property including improvements had a carrying
amount of DKK 200 Million.
Prior year as of June 30, 2022, cBrain was tenant of the
same property from a third-party lessor and the office
lease agreement was included in cBrain’s balance sheet
according to the accounting practice for leases with a
carrying amount of DKK 54 Million corresponding to
6 years discounted lease payments.
Liquidity and Capital Resources
In 2022 cBrain spent DKK 206 Million on investment in the
new headquarter including improvements and fixtures.
50% of the investments were paid by cash which reduced
cBrains cash balance by approx. DKK 100 Million.
cBrain believes its balance of cash and cash equivalents,
which totaled DKK 4 Million as of June 30, 2023, along
with trade receivables DKK 77 Million and cash generated
by ongoing operations will be sufficient to satisfy its
cash requirements over the next 12 month and beyond.
Debt and Interest Rate Risk
As of June 30, 2023, cBrain had outstanding variable-
rate mortgages loans (borrowings) with a total
carrying amount of DKK 97 Million, with repayments
of DKK 5 Million within the next 12 months.
Management regularly reviews its interest rate
exposures. The effect of expected higher interest
rates during the next 12 months is not expected to
significantly affect the financial statements.
cBrain has chosen to not fix the interest rate as the cost
of this is assessed to be higher than the expectations for
the cost of increased interest rates.
Shareholders’ Equity
During the six months ended June 30, 2023, cBrain
repurchased 3.335 treasury shares. Management is
authorized by the general meeting to repurchase up to
10% of its share capital.
Financial remarks
cBrain is pleased to report an all-time record in exports and sales of software
9 | Interim Report 2023
2018 2019 2020
2021 2022
2023
20.000
40.000
60.000
80.000
100.000
120.000
140.000
2018 2019 2020 2021 2022
40.000
80.000
120.000
160.000
200.000
2018 2019 2020 2021 2022 2023
10.000
20.000
30.000
40.000
50.000
REVENUE SPLIT BY SALES IN DENMARK VERSUS EXPORT
Full yearFirst half year
Sales in Denmark
Export
EARNINGS BEFORE TAX (EBT)
First half year
Full year
2018 2019 2020
2021 2022
2023
20.000
40.000
60.000
80.000
100.000
120.000
140.000
2018 2019 2020 2021 2022
40.000
80.000
120.000
160.000
200.000
2018 2019 2020 2021 2022 2023
10.000
20.000
30.000
40.000
50.000
10 | Interim Report 2023
Outlook - Expectations for the year
For the fiscal year 2023, cBrain guided revenue growth
of 15-20% and earnings before tax (EBT) of 18-22%.
August 7, 2023 cBrain announced that the preliminary
results for the first half of 2023 have exceeded
expectations with higher revenue growth and earnings.
As a result, the full-year revenue growth guidance for
2023 was revised and increased to 20-25%, up from the
previous range of 15-20%.
The higher than expected revenue growth is primarily
driven by increased software sales of F2 user licenses.
Consequently, cBrain anticipates a different split
between software revenue and services revenue, with a
higher percentage of software revenue.
Software revenue based on user licenses drives a higher
earnings margin than consulting services, and the
higher than expected revenue growth therefore has a
significant impact on earnings.
As a result, the full-year guidance for earnings before tax
(EBT) was revised and increased to 20-25%, up from the
previous range of 18-22%.
The robust first-half year development positions cBrain
favorably, and indicates that cBrain has successfully
embarked on its extended growth plan for 2023-2025.
Additionally, it enables cBrain to make further
investments to support the growth plan. Among these
investments is the launch of the AI for Government
initiative, which focuses on developing AI functionality
and seamlessly integrating it as a fully integrated part of
the F2 software.
Significant transactions with related parties
Apart from the management’s remuneration,
there have been no transactions with the
management and members of Board
of Directors.
Events after balance sheet date
From the balance sheet date until the date of the
submission of this interim report, no events of
significance for the interim report have occurred, that
are not recognized or referred to in the interim report.
cBrain Annual General Meeting, April 2023
11 | Interim Report 2023
Risk factors
The Company’s business, reputation, competition,
results of operations, financial condition and share
price can be affected by a number of factors, whether
currently known or unknown, including those described
in the Annual Report 2022 (Årsrapport 2022).
When any one or more of these risks materialize from
time to time, the Company’s business, reputation,
competition, results of operations, financial condition
and share price can be materially and adversely affected.
As none of the risk factors identified in the Annual
report 2022 have significantly changed, the detailed
argumentations for those risk factors are not repeated
here. Changes in the risk factors that management have
identified are described on the right.
An additional risk (#6) has been identified and is
described below: Legal risks entering new business
environments e.g., Asia and Africa. This discussion of risk
factors contains forward-looking statements.
Probability
Low High
Risk Factors
Financial impact
Insignificant Very large
1
3
6
4
5
2
1. Decline in demand
2. Cyber attack
3. Fail to retain and attract talent
4. Fail to build F2 expert centers
5. Competitors build standard
platforms for Government
6. Legal risk from entering new
geographical markets
Decline in demand
cBrain does not foresee a decline in
demand. On the contrary.
Cyber attack
Fail to retain and attract talent
Fail to build F2 expert centers
cBrain has launched F2 Service Builder.
It is expected that it will increase interest
in the market and thereby lower the risk for
failing in building F2 expert centers.
Competitors build standard platforms
for Government
It must be expected that standard platforms
for Government will show up at some point
and thereby increase competition.
Additional risk factor identified by management:
Legal risks from entering new geographical
markets
Cause: cBrain is increasingly entering into
new markets, where business and commercial
conditions are different and sometimes challenging.
Risk: cBrain fails to foresee and mitigate those risks
including compromising cBrains values and culture
and thereby facing reputational and financial risks.
Mitigation: cBrain has developed and implemented
policies and processes for due diligence and ethical
issues. Increased attention from audit committee.
Probability: Below medium due to strong culture,
education and training, proper process and
management awareness.
Changes in the risk factors that
management have identified
3
2
12 | Interim Report 2023
Our Business
13 | Interim Report 2023
Market and Value Proposition
cBrain has developed F2, a highly flexible digital platform
which can easily be configured to support all government
work processes, communication and case management.
With the F2 digital platform, cBrain offers government
organizations the opportunity to digitize based on
standard software instead of traditional custom-built
solutions. This eliminates a significant portion of the
IT work related to digital transformation and offers
government entities substantial business benefits through
cost reductions, faster delivery, and accelerated digital
transformation.
The F2 digital platform is a proven solution and it is based
on a model for digital bureaucracy and best practices, that
have been developed in close collaboration with Danish
government. Currently, more than 75 Danish government
entities, including most Danish ministries, use F2 as their
digital platform. Additionally, F2 has been successfully
implemented for government usage across 5 continents,
including countries such as Egypt, France, Germany,
Guyana, Kenya, The Emirates, UK, and USA.
The adoption of standard software represents a disruptive
and game-changing approach. It challenges the traditional
IT consulting industries that have relied on extensive
projects and hourly billing practices to establish their
business.
By challenging one of the largest industries, cBrain faces
a significant business opportunity. cBrain intends to
capitalize on this opportunity and execute an ambitious
international growth plan. Key elements of the growth plan
include investing in ”F2 Climate software,” which serves
as a door opener and accelerator for export, and investing
in the ”F2-for-Partners” concept, which allows cBrain to
further scale its business.
The growth plan is based on organic growth. cBrain
delivers solid growth and earnings with a strong positive
cash flow, thereby financing its business without the need
for loans.
Transforming government through digitization
represents a huge opportunity
Industry analysts estimate that by digitizing processes,
based on best practices and aligning the organization,
governments can enhance services, improve citizens’
quality of life, while generating savings of over $1 trillion
annually worldwide. In parallel, government digitization
is fundamental to achieving the 17 United Nations
Sustainable Development Goals (SDGs) and is a key tool to
combat climate change.
Governments around the world are therefore heavily
investing in digitization, making government digitization
one of the largest industries globally.
However, government organizations often struggle to
translate ambitious digitization plans into deliverables and
measurable results. This is primarily due to the traditional
digitization approach, relying on custom-built solutions
and software components, leading to large IT projects and
budget overruns.
The adoption of standard software
is a game-changing approach
Based on the F2 digital platform, cBrain radically
transforms this landscape. By leveraging the F2 standard
software and best practices developed through close
By leveraging standard software, cBrain offers government organizations fast digital transformation at scale
Configurable
Standard Software
Cost reductions, faster delivery,
and accelerated digital
transformation
14 | Interim Report 2023
collaboration with Danish government, cBrain offers
government fast digital transformation at scale while
effectively sidestepping the pitfalls of large-scale IT
projects and budget overruns.
The adoption of standard software is a disruptive and
game-changing approach. Digital transformation, based
on standard software instead of custom-built solutions,
eliminates a significant portion of IT-related project
tasks. The adoption of standard software brings massive
business benefits for government entities due to cost
reductions and faster delivery times. Additionally, it
poses a significant challenge to a substantial part of the
government IT industry, which currently heavily relies on
large projects and hourly billings.
At the core of digital transformation projects usually
lie three fundamental elements: process innovation,
organizational implementation, and the delivery of a new
IT system. However, many projects encounter major
impediments related to the delivery of a new IT system.
Projects based on custom-built are usually delayed and
often the IT-related work drains the majority of project
time and resources. At the same time leaving insufficient
capacity for crucial process innovation and organizational
efforts.
In contrast, leveraging standard software eliminates a large
portion of the IT-related work, and the transformation
process gains momentum, accompanied by substantial
reductions in costs and risks. As a result, ample time
and resources are liberated, empowering government
organizations to prioritize process innovation and
organizational enhancements, while successfully
transforming and meeting their strategic business goals.
Minimizing the IT work frees resources for process
innovation and organizational development
When undertaking digital transformation projects based
on custom-built software, the major portion of project
hours is allocated to IT development. This focus on IT
development often becomes a hindrance to digital
transformation, as process innovation, organizational
change, and implementation are given lower priorities
and inadequate resources.
The switch to digital transformation, based on standard
software instead of custom-built software, drastically
reduces the complexity and the hours used for IT.
Custom-built solutions can take years to design and
deliver, while standard software can be configured and
deployed as a ready-to-use solution within weeks or a
few months.
The adoption of standard software thereby changes
the industry. It not only accelerates the speed of digital
transformation but also enhances system quality while
significantly reducing costs. Moreover, it empowers
organizations to focus on the actual benefits of
digitalization, driven through process innovation and
organizational change.
Configurable standard software
enables continued digital transformation
Custom-built solutions are born legacy. Custom-built
solutions are by nature hardcoded and they normally
dictate large-scale organizational implementation
projects, thereby leaving minimal room for learning and
subsequent adjustments. In contrast, modern standard
software, represented by F2, is remarkably flexible and
can be readily re-configured, continuously adapting to
changing user requirements, organizational development
and process rethinking.
Leveraging standard software means that government
organizations are no longer burdened with the
constraints of legacy systems and large-scale
implementation projects. Instead, standard software
facilitates continued optimization and automation of
service delivery as a natural progression and seamlessly
extending beyond the initial project phase.
The adoption of standard software thereby enables
government organizations to redesign their traditional
highly risky large-scale approach into a digital
transformation journey at grand scale, based on many
small steps, agility, and continuous learning, that
are aligned with continued process innovation and
organizational adjustments.
The adoption of
standard software is a
game-changing approach.
It empowers organizations to
focus on the actual benefits
of digitalization, driven
through process innovation
and organizational change.
15 | Interim Report 2023
cBrain serves customers across 5 continents.
F2 has proven that the model for
digital bureacracy that was developed
in close collaboration with the Danish
government can be applied
worldwide.
cBrain solutions around the globe
cBrain HQ
Customers and Solutions
16 | Interim Report 2023
The F2 Software
F2 is built for government, based on Danish government
best practices and the model for digital bureaucracy
cBrain has developed F2 in close collaboration with
the Danish government, and today cBrain has invested
more than 400.000 hours into developing the F2 digital
platform.
The development began in 2006, with a focus on studying
government processes and resources that facilitate
service delivery. A groundbreaking realization was that
government organizations function in fundamentally
similar ways, based on the fundamental principles of
the bureaucracy described by German philosopher Max
Weber. This led to the development of generic model for
government work known as ”Digital bureaucracy.”
Being able to model government processes is a game-
changer. Based on the model for digital bureaucracy,
it has been possible to develop standard software for
government usage, that supports government processes
digital and replaces custom-built solutions.
One fully integrated digital platform, supporting all
government processes and compliance requirements
Built for government, F2 is a full stack and highly secure
digital platform. Accessible from PCs, tablets, and mobile
devices, F2 provides formal and informal communication
capabilities, meets all compliance and auditing
requirements related to case production and content
creation, and allows control of organizational roles and
responsibilities.
Additionally, F2 supports both generic workflows like
approvals, hearings, and Freedom of information (FOI)
request, as well as customer-specific workflows that
facilitate citizen-facing processes from self-service to
case processing and filing, along with long-term archiving.
F2 is a highly flexible digital platform which can easily be
configured to support all government work processes,
communication and case management. Based on the
built-in Administrator menu, privileged users can define
and set up support for customer specific organization,
routines and workflows. This includes a highly efficient
approach to process and workflow automation based
on a process library. Moreover, F2 is a fully open platform
that easily interfaces with other IT systems through
an extensive set of API’s (Application Programming
Interfaces).
F2 thereby represents a unique technology. F2 offers
government organizations the opportunity to digitize
based on standard software instead of traditional
custom-built solutions, and due to the flexibility and
configuration capabilities, F2 is suitable for nearly any type
of government organization, from ministries to agencies,
cities, and municipalities.
F2 can easily be configured to support any type of
government workflow and process
With F2, it is possible to define customer-specific
workflows, supporting both internal processes and external
citizen-facing processes end-to-end, without making any
change to the standard software. A workflow is described
by a process sheet, which is attached to a case type and
stored in the process library.
One fully
integrated platform
offers out-of-the-box all the functions
a government authority needs
to run it’s administration
Standard software
ready for operation without custom
coding, thereby minimizing risk and
implementation time while redusing a
lot of consultancy work
Process templates
Configured for individual mission
critical processes, covering all steps
from self-service to case processing,
filing and management reporting
17 | Interim Report 2023
The process sheet is open source and technically referred to as
a declaration. The process sheet functions in a manner similar
to a sheet in a spreadsheet, and the process sheet is stored
totally separated from the basic F2 standard software. It is
therefore possible, seamless and fully automated, to upgrade
F2 to new versions, regardless of how extensive F2 has been
configured.
For advanced users, complex workflow and process
declarations are built using the F2 toolchain. However, for
simpler workflows and processes, cBrain offers an interface
to the toolchain called F2 Service Builder. This allows users
with limited technical experience to define workflows easily by
simply filling out a spreadsheet.
F2 Service Builder allows users to digitize workflows
simply by filling out a spreadsheet
The F2 Service Builder allows business users and process
consultants to digitize workflows easily by filling out a
spreadsheet. This includes the definition of end-to-end
workflows, encompassing self-service, case processing, filing,
and even data extracts and dashboards for controlling and
management reporting.
Users simply input the process definition into a spreadsheet,
detailing all the necessary process steps, including checklists,
automated email and letter generation, and more. The
completed spreadsheet is then uploaded to the F2 standard
software. Should users wish to modify the process definition,
they can simply make changes to the spreadsheet and upload
the updated version, ready to run.
It may still take time to understand and design a government
process, but with the F2 Service Builder, the IT work involved
is significantly reduced or almost eliminated, allowing for the
rapid setup of well-functioning processes in just a few hours.
Additionally, process definitions can be easily reused by
copying an existing process, revising the copied sheet, and
uploading it as a new process.
As a result, the F2 Service Builder provides a unique and
efficient approach for government organizations seeking to
digitize a large number of processes at a high speed.
F2 Service Builder is a unique tool for both
customers and partners
By allowing organizations to develop and reuse smart
processes, the F2 Service Builder becomes an extremely
efficient tool for implementing best practices and driving
standardization throughout the organization.
This makes the F2 Service Builder a unique tool for external
partners who offer large-scale digital transformation to
government organizations. With this tool, consulting partners
specializing in process optimization and automation can deliver
fast and agile digital transformation solutions.
Thanks to its flexibility, the process sheets can be easily
modified to align with future changes in processes or
organizational structures. This enables external consulting
partners to offer government customers a truly agile
approach, focusing on step-by-step process innovation and
organizational development. Concurrently, they can build and
provide pre-configured process libraries for their government
customers, based on well-established best practices.
As a result, cBrain expects the F2 Service Builder to become a
pivotal tool within the F2 ecosystem of partners. Through close
collaboration with customers and partners, cBrain continuously
enhances the functionality of the F2 Service Builder.
F2 Service Builder.
Create, maintain and modify
workflows, from self-service
to case processing and
filing - simply by filling out a
spreadsheet.
18 | Interim Report 2023
Customers and Growth Plan
F2 is a proven solution
Today more than 75 Danish government organizations,
including almost all of the Ministries, use F2 as their
digital platform. They run on the exact same software
and they typically upgrade, fully automated, once a year
for new releases of the F2 software.
Additionally, F2 has been successfully implemented
for government usage across 5 continents, including
countries such as Egypt, France, Germany, Guyana,
Kenya, The Emirates, UK, and USA.
The cBrain business model is highly scalable
The adoption of standard software represents a
disruptive and game-changing approach. By adopting
standard software instead of custom-built solutions, it is
possible to eliminate a significant portion of the IT work
related to digital transformation.
This offers government entities substantial business
benefits through cost reductions, faster delivery, and
accelerated digital transformation, and in addition it
challenges the traditional IT consulting industries that
have relied on extensive projects and hourly billing
practices to establish their business.
With F2 cBrain challenges one of the largest industries
and faces a significant business opportunity.
cBrain intends to capitalize on this opportunity and
execute an ambitious international growth plan.
Key elements of the growth plan include investing in
”F2 Climate Software,” which serves as a door opener
and accelerator for export, and investing in the ”F2-for-
Partners” concept, which allows cBrain to further scale
its business.
The growth plan is based on organic growth. cBrain
delivers solid growth and earnings with a strong positive
cash flow, thereby financing its business without the
need for loans.
The business model is international and highly scalable,
due to F2 product and the partner strategy. Based on
generic government principles and the model for Digital
Bureaucracy, F2 digital platform has been proven itself to
support governments across the world. cBrain is building
an eco-system of international partners, who offers
government digital transformation by leveraging the F2
standard software. Thereby cBrain can grow without the
linear restrictions of building its own organization.
F2 Climate Software
The fight against climate change and global warming
is driven and funded by government, and by use of
legislation and financial incentives, politicians have a
very strong toolbox. However, political decisions must
be implemented by strong and accountable institutions.
The reality is therefore that it often take years to execute
decisions due to bureaucratic delays, fueled by the lack
of digitization and inefficient IT systems.
Climate software helps government organizations to
accelerate the deployment of climate action initiatives.
Highly transparent while minimizing costs, the software
supports a broad portfolio of processes from approvals
and grant management to inspections.
Climate software means speed of action. Closing the
time gap between political decision and bureaucratic
execution.
In November 2020 the Danish Parliament adopted
a new legislation to take carbon rich farmland out
of production. Already in February 2021, the Danish
Environmental Protection Agency (EPA) managed to run
the first round of the 300 million Euro program.
The Danish farmland program has a potential to reduce
CO
2
(Carbon Dioxide) emissions by up to 20%. By use
of government climate software, the Danish EPA has
documented fast track execution, and by executing
within months instead of years, Danish government is
now leading by example.
F2 Climate Software is standard software. It is based on
reusable open source configuration and best practices
developed in close collaboration with the Danish EPA.
Government climate software can therefore easily be
reused across the world, and Denmark has a strong
tradition in sharing best practices with other countries.
19 | Interim Report 2023
As an
example, a solution
designed for the Danish EPA, is now being replicated
and deployed by Guyana government to protect and
regulate the trade of endangered species and animals
in the Amazon rainforest. Thereby demonstrating how
governments across the world can reuse and work
together to protect and restore biodiversity.
Working with partners, cBrain can offer fast digital
transformation for governments across the world
A key element of the cBrain growth plan is the F2-for-
Partners concept, which enables a new generation of
government digital transformation partners.
Today the majority of government organizations are
served by a huge industry
of IT system integrators and
consulting firms, that have
established their business
and heavily rely on extensive
projects and hourly billing
practices.
While this industry continues
to deliver rigid legacy solutions
based on custom-built solutions and
software components, governments
struggle to convert ambitious digitization
plans into deliverables and measurable
results.
The F2-for-Partner concept allows government
themselves, or by help of external consulting firms, to
take over the configuration and implementation of F2.
By leveraging standard software, a large portion of the
IT-related work is eliminated. This frees up time and
resources, and empowers government organizations and
their digital transformation partners to prioritize process
innovation and organizational enhancements, while
successfully transforming and meeting their strategic
business goals.
With the F2-for-Partner concept, cBrain enables a
new generation of government digital transformation
firms, who based on in-depth understanding of
government best practices offer process innovation and
organizational enhancements.
By adopting standard software as the basis for digital
transformation, these new consulting firms will
enable government organizations to redesign their
traditional highly risky large-scale initiatives into digital
transformation journey at scale, based on many small
steps, agility, and continuous learning, that are aligned
with continued process innovation and organizational
adjustments.
cBrain continues to develop the
F2 standard software and best practices
This means happy users and low total cost of ownership.
Software continuously has to be maintained due to
changing user requirements and technology changes,
and custom-build solutions erode over time because
they are simply too costly and time consuming to
maintain.
With standard software this is very different. All
government organizations who use F2 are on a regular
basis upgraded to the latest version.The club of F2
government user organizations, with more than 100
members internationally, face significantly lower total
costs of ownership, while avoiding the high ongoing
costs of systems maintenance.
It often takes a very long time to develop custom-built
solutions. Custom-built solutions are therefore often
outdated already when they are delivered, because user
requirements or technical standards have changed while
the solution was built. At the same time, it is very hard to
maintain and upgrade custom-built solutions, the result
being that users have to live with the burden of outdated
IT-systems.
In contrast, standard software offers users continuous
Danish Minister of Environment Magnus
Heunicke speaking at The Great Danish Water
Day hosted by cBrain, May 2023
20 | Interim Report 2023
access to new and upgraded versions of the software.
With the ability to easily re-configure custom specific
processes and system setup, independently of upgrades,
the F2 standard software can be adapted to changing
user requirements.
Reusing best practices enables fast track
organizational deployment
The digital bureaucracy model is based on government
best practices, which is the foundation for the design
and functions of the F2 standard software. In parallel
with the F2 digital platform, cBrain has also developed
a best practice implementation method, called the “F2
Implementation Method”.
Digital transformation based on best practices and
reuse of standards drive and accelerate change. But
to ensure successful transformation, it is important
to take organizational readiness into account. The
F2 Implementation Method is therefore based on
transformation waves.
With this approach, organizational implementation
is orchestrated by deploying best practices and
functionality aligned with organizational change. This is
possible because it is easy to reconfigure the standard
software in parallel with process reengineering and
organizational development.
The wave model is based on 3 elements: a set of overall
best practice principles, deployment of generic routines
and driving departmental process digitization based on
case types.
The overall principles set the overall stage for digital
ambitions and the speed of change. The overall
principles guide the deployment of generic routines and
functionality, leading to a specific “Wave Scheme” which
directs both an organizational (business) project plan
and a technical project plan.
By learning from implementation projects across the
world, the F2 best practice implementation method is
continuously developed.
The F2 best practice implementation method is offered
for partners, as part of the F2-for-partners concept,
thereby allowing partners to offer global government
best practices as part of their digital transformation
services.
In collaboration with the Ministry of Foreign Affairs of Denmark, New Delhi,
cBrain hosted a Water Roundtable for Indian Minister Delegation, May 2023.
21 | Interim Report 2023
Applied Climate Software for Governments
Licensing of Trade
Endangered Species
(CITES)
Denmark & Guyana
Urban Roof-top
Gardening
Denmark
Climate
Forest Grants
Denmark
Wildlife
Regulation
Denmark
Protection of
Biodiversity
Access
Benefit Sharing
Nagoya-convention
Denmark
Circular
Economy
and Waste
Genetic
Resources
International Waste
Export and Import
Denmark
License and
Control of Genetically
Modified Organisms
Denmark
Extended Producer
Responsibility
Kenya
Clean water
and air
Protection
of Nature
Lake and Stream
Restoration
Denmark
Environmental
Support in the Arctic
Denmark
EU Natura 2000
Protected Areas
Denmark
Waste Water
Control
Denmark
Dredging
Denmark
Home Woodstove
Removal
Denmark
Sustainable
Land Initiative
USA
Energy
Efficiency
Sustainable
Land Use
Energy Efficiency
in Companies
Egypt
Climate
Lowlands
Denmark
Home
Energy Audit
Denmark
Heat Pump
Grant
Denmark
Inflation Cash
Assistance
Denmark
Drinking Water
Protection
Denmark
22 | Interim Report 2023
Stock information
cBrain is a Danish software company listed on NASDAQ
OMX Nordic (Symbol: CBRAIN) under the share code:
DK0060030286.
In total cBrain has 14.200 shareholders in 40 countries.
For additional information regarding shareholder
relations and in-depth information about cBrain visit
www.cbrain.com/investor
Financial Calendar
August 23, 2023 Interim Report 1H 2023
November 2, 2023 Announcement regarding Q3 2023
Contact
Inquiries regarding the company’s relationships with
investors and the market can be directed to:
Ejvind Jørgensen
CFO & Head of Investor Relations
E-mail: ir@cbrain.com
Shareholders
Company Announcements and Press Releases since January 1, 2023
In the period from January 1, 2023 onwards the publication of the interim report for 2023, cBrain has
published the following notices to Nasdaq Copenhagen. They can all be found on the company’s website
www.cbrain.com/investor
January 2, 2023
January 11, 2023
January 19, 2023
January 20, 2023
January 30, 2023
February 17, 2023
February 23, 2023
February 23, 2023
March 14, 2023
March 22, 2023
April 19, 2023
May 3, 2023
June 6, 2023
June 14, 2023
June 28, 2023
June 30, 2023
July 6, 2023
August 8, 2023
Copenhagen Municipality chooses cBrain F2 as the new grant administrative
system in the Culture and Leisure Administration
cBrain enters into an agreement with the Danish Immigration Service
cBrain adjusts earnings before tax (EBT) upwards
cBrain to deliver solutions for energy schemes (grants) at the Danish Energy Agency
cBrain has established a joint venture company in Ghana
cBrain has entered into an agreement in Ukraine supporting the reconstruction of
the municipal infrastructure in Makariv
International growth plan to pave the way for revenue growth of 30%
cBrain has successfully initiated the next steps in the international growth plan
cBrain enters into an important contract in Germany
Notice of general meeting
cBrain expects to release the first version of F2 Service Builder before the summer
holidays
cBrain enters into an agreement with the Ministry of the Interior and Health
cBrain has taken an important step on the growth journey and releases F2 Service
Builder
cBrain to deliver F2 for management services in Aarhus Municipality
cBrain enters into an agreement with the Agency for Labor Market and Recruitment
June 30, 2023 cBrain has entered into a partnership and won first order in Romania
cBrain to test F2 Climate Software with the Kenyan National Environmental
Management Authority (NEMA)
cBrain upgrades 2023 financial guidance
23 | Interim Report 2023
Statement
by the Board of Directors and the Executive Management
24 | Interim Report 2023
The Board of Directors and the Executive Board have
today discussed and approved the Interim Report of
cBrain A/S for the period January 1, 2023 to June 30,
2023.
The Interim Report has not been audited or reviewed by
the company’s independent auditors.
The interim financial report has been prepared in
accordance with IAS 34 Interim Financial Reporting as
adopted by the EU and additional requirements in the
Danish Financial Statements Act.
The accounting policies remain unchanged from the
annual report for 2022.
In our opinion, the interim consolidated financial
statements give a true and fair view of cBrain’s
consolidated assets, liabilities and financial position at
June 30, 2023 and of the results of cBrain’s consolidated
operations and cash flows for the period January 1, 2023
to June 30, 2023.
Furthermore, in our opinion, the Management review
includes a fair review of the development in cBrain’s
operations and financial conditions, the results for the
period, cash flows and financial position as well as a
description of the most significant risks and uncertainty
factors that cBrain faces, relative to the disclosures in
the annual report for 2022.
Copenhagen, August 23, 2023
Board of Directors
Executive Board
Management Statement
25 | Interim Report 2023
Financials
Interim Finacial Statements
for first half-year 2023
26 | Interim Report 2023
T.DKK Notes 1H 2023 1H 2022 Full year 2022
Revenue 3,4 131.780 95.013 187.924
Cost of services -824 -354 -1.083
External expenses -18.618 -13.028 -29.135
Personnel expenses -65.106 -59.285 -110.423
R&D costs capitalised 11.582 11.500 20.949
Depreciation and amortisation expense -10.353 -9.775 -18.853
Profit before Interest and income taxes (EBIT) 48.461 24.071 49.379
Financial income 310 645 720
Finance costs -2.043 -544 -1.171
Profit before Tax (EBT) 46.728 24.172 48.928
Income taxes -10.532 -5.120 -10.545
Profit for the period 36.196 19.052 38.383
Consolidated Statements of Comprehensive Income
T.DKK Notes 1H 2023 1H 2022 Full year 2022
Profit for the period 36.196 19.052 38.383
Other comprehensive income 0 0 0
Total comprehensive income for the year 36.196 19.052 38.383
T.DKK Notes 1H 2023 1H 2022 Full year 2022
EARNINGS PER SHARE
Basic EPS 1,81 0,95 1,92
Diluted EPS (DEPS) 1,85 0,97 1,96
INCOME STATEMENT STATEMENT OF COMPREHENSIVE INCOME
EARNINGS PER SHARE
27 | Interim Report 2023
T.DKK Notes
June 30,
2023
June 30,
2022
December 31,
2022
Intangible assets 5 58.224 53.165 55.144
Property, plants and equipment 6 213.049 13.140 215.081
Right-of-use assets 7 0 43.322 0
Other assets 511 7.398 511
Total non-current assets 271.784 117.025 270.736
Trade receivables 77.064 67.818 40.516
Contract assets 4.913 1.515 1.705
Other receivables 7.486 2.922 7.511
Receivables 89.463 72.255 49.732
Cash and cash equivalents 3.632 61.482 2.225
Total current assets 93.095 133.737 51.957
Total assets 364.879 250.762 322.693
T.DKK Notes
June 30,
2023
June 30,
2022
December 31,
2022
Share capital 5.000 5.000 5.000
Retained earnings 196.566 145.837 164.502
Total equity 201.566 150.837 169.502
Deferred tax liabilities 10.548 9.955 9.829
Lease liabilities 8 0 35.784 0
Provisions 0 1.450 0
Borrowings 9 91.739 0 92.669
Total non-current liabilities 102.287 47.189 102.498
Trade payables 4.639 2.771 5.418
Lease liabilities 8 0 6.588 0
Contract liabilities 17.815 23.665 10.467
Current tax liabilities 8.740 173 5.114
Borrowings 9 4.968 0 5.910
Other payables 24.864 19.539 23.784
Total current liabilities 61.026 52.736 50.693
Total liabilities and equity 364.879 250.762 322.693
Consolidated Statements of Financial Position
ASSETS EQUITY AND LIABILITIES
28 | Interim Report 2023
T.DKK Share capital Retained earnings Proposed dividend Total equity
Equity at January 1 5.000 160.302 4.200 169.502
Total comprehensive
income for the period
Net profit for the period 0 36.196 0 36.196
Transactions with owners
Share-based payments 0 235 0 235
Purchase of treasury shares 0 -985 0 -985
Sale of treasury shares 0 726 0 726
Dividends 0 92 -4.200 -4.108
Equity at June 30 5.000 196.566 0 201.566
T.DKK Share capital Retained earnings Proposed dividend Total equity
Equity at January 1 5.000 126.477 3.400 134.877
Total comprehensive
income for the period
Net profit for the period 0 19.052 0 19.052
Transactions with owners
Share-based payments 0 234 0 234
Dividends 0 74 -3.400 -3.326
Equity at June 30 5.000 145.837 0 150.837
Consolidated Statements of Changes in Equity
JUNE 30, 2023 JUNE 30, 2022
29 | Interim Report 2023
T.DKK Notes 1H 2023 1H 2022 Full year 2022
Operating profit (EBIT) 48.461 24.071 49.379
Depreciation and amortisation 10.353 9.775 18.853
Change i working capital
Change in trade and other receivables -36.523 -40.958 -12.521
Change in contract assets and -liabilities 4.140 18.972 5.584
Change in trade and other payables 301 1.605 8.497
Cash flow from operating profit 26.732 13.465 69.792
Share-based payments 235 234 234
Financial items, net -953 -245 -1.081
Income taxes paid -6.379 -6.133 -6.633
Cash flow from operating activities 19.635 7.321 62.312
T.DKK Notes 1H 2023 1H 2022 Full year 2022
Investments in intangible assets -11.582 -11.500 -20.949
Investments in property, plant and equipment -648 -1.815 -205.494
Cash flow from Investment activities -12.230 -13.315 -226.443
Repayment of lease liabilities 0 -1.379 -1.078
Borrowings 0 0 99.821
Repayment of borrowings -1.890 0 -1.242
Dividends paid, net -4.108 -3.326 -3.326
Cash flow from financing activities -5.998 -4.705 94.175
Cash and cash equivalents, beginning of period 2.225 72.181 72.181
Net cash flow for the period 1.407 -10.699 -69.956
Cash and cash equivalents, end of period 3.632 61.482 2.225
Consolidated Statements of Cash FlowsConsolidated Statements of Cash Flows
30 | Interim Report 2023
Notes
31 | Interim Report 2023
Note 1 - Accounting policies
Basis of preparation of the half-year report
cBrain is a listed company, headquartered in Denmark.
This unaudited condensed consolidated interim financial
report for the half-year reporting period ended June
30, 2023 comprises the interim financial statements
of the parent company cBrain A/S and any subsidiaries
controlled by cBrain.
The condensed interim financial report has been
prepared in accordance with Accounting Standard IAS
34 Interim Financial Reporting as adopted by the EU, and
further requirements in the Danish Financial Statements
Act for the presentation of interim reports by listed
companies.
The condensed consolidated interim financial report
does not include all the notes of the type normally
included in an annual financial report. Accordingly, this
report is to be read in conjunction with the annual report
for the year ended December 31, 2022 and any public
announcements made by cBrain during the interim
reporting period.
The accounting policies adopted are consistent with
those of the previous financial year and corresponding
interim reporting period and the adoption of new and
amended standards as set out below.
Implementation of new or changed accounting
standards and interpretations
IASB has issued amended standards which apply for the
first time in 2023. None of these amended standards
and interpretations are expected to have any significant
impact on the financial statements.
Note 2 - Significant accounting
estimates and judgements
The preparation of the interim financial statements
requires management to make accounting estimates
and judgments, which affect the application of
accounting policies for recognized assets, liabilities,
income, and costs. Actual results may differ from these
estimates.
The significant accounting
estimates and judgments are
consistent with those applied in
the annual report for 2022.
Note 3
- Segment information
Segments
cBrain has only one operating
segment, as there is no division
of the group’s activities in
internal reporting.
The included intangible and
tangible fixed assets on the
balance sheet can largely be
attributed to Denmark.
Market areas
cBrains’ F2-software solution
is a comprehensive product
consisting of a wide range of
software modules and libraries
that can be configured. The
software product is marketed
under the brand name F2.
Geographical areas
When presenting information regarding geographical
areas, information about the distribution of revenue
across geographical segments is calculated based on
customers’ geographical locations.
The following table shows revenue by reportable
segment for the six-month period ended ”June 30, 2023:
T.DKK 1H 2023 1H 2022 Full year 2022
PRODUCT AND SERVICES
Software 105.858 68.033 135.406
Services 25.922 26.980 52.518
131.780 95.013 187.924
TIMING OF REVENUE RECOGNITION
Over time 91.792 71.550 148.693
At a point in time 39.988 23.463 39.231
131.780 95.013 187.924
GEOGRAFICAL INFORMATION
Denmark 72.169 59.575 125.739
Other EU-countries 55.566 31.286 54.488
Countries outside the EU 4.045 4.152 7.697
131.780 95.013 187.924
SIGNIFICANT CUSTOMERS
Customer A* 57.872 48.355 104.274
Customer B 54.706 30.948 53.643
*Customers in the Danish State are to be calculated together
32 | Interim Report 2023
T.DKK 1H 2023 1H 2022 Full year 2022
REVENUE
Software 105.858 68.033 135.406
Services 25.922 26.980 52.518
131.780 95.013 187.924
Note 4 - Revenue
T.DKK Software
Software under
development Total
JUNE 30, 2023
Cost at January 1 156.298 2.233 158.531
Additions during the period 0 11.582 11.582
Cost at June 30, 2023 156.298 13.815 170.113
Amortisation af January 1 103.387 0 103.387
Amortisation for the period 8.502 0 8.502
Amortisation at June 30, 2023 111.889 0 111.889
Carrying amount June 30, 2023 44.409 13.815 58.224
JUNE 30, 2022
Cost at January 1 134.290 3.292 137.582
Additions during the period 0 11.500 11.500
Cost at June 30, 2022 134.290 14.792 149.082
Amortisation af January 1 88.363 0 88.363
Amortisation for the period 7.554 0 7.554
Amortisation at June 30, 2022 95.917 0 95.917
Carrying amount June 30, 2022 38.373 14.792 53.165
Note 5 – Intangible assets
T.DKK
Leasehold
improvements
Land and
buildings
Other
Equipment Total
JUNE 30, 2023
Cost at January 1 0 213.952 4.024 217.976
Additions during the period 0 523 353 876
Disposals during the period 0 0 -228 -228
Cost at June 30, 2023 0 214.475 4.149 218.624
Depreciation at January 1 0 2.216 679 2.895
Depreciation for the period 0 2.315 365 2.680
Depreciation at June 30 0 4.531 1.044 5.575
Carrying amount June 30, 2023 0 209.944 3.105 213.049
JUNE 30, 2022
Cost at January 1 957 11.193 461 12.611
Additions during the period 1.815 0 0 1.815
Cost at June 30, 2022 2.772 11.193 461 14.426
Depreciation at January 1 0 722 461 1.183
Depreciation for the period 0 103 0 103
Depreciation at June 30 0 825 461 1.286
Carrying amount June 30, 2022 2.772 10.368 0 13.140
Note 6 – Property, plant and equipment
33 | Interim Report 2023
T.DKK
Land and Buildings
Leased Total
JUNE 30, 2023
Cost at January 1 0 0
Cost at June 30, 2023 0 0
Depreciation at January 1 0 0
Depreciation at June 30 0 0
Carrying amount June 30, 2023 0 0
JUNE 30, 2022
Cost at January 1 47.901 47.901
Disposals during the period -4.579 -4.579
Cost at June 30, 2022 43.322 43.322
Depreciation at January 1 2.542 2.542
Depreciation for the period 2.037 2.037
Depreciation reversed on disposals during the period -4.579 -4.579
Depreciation at June 30 0 0
Carrying amount June 30, 2022 43.322 43.322
T.DKK June 30, 2023 June 30, 2022 December 31, 2022
UNDISCOUNTED LEASE LIABILITY
Within one year 0 6.868 0
1-3 years 0 14.151 0
3-5 years 0 14.722 0
More than 5 years 0 7.583 0
Total undiscounted lease liability 0 43.324 0
AMOUNTS RECOGNISED IN THE BALANCE SHEET
Current financial liabilities 0 6.588 0
Non-current financial liabilities 0 35.784 0
0 42.372 0
AMOUNTS RECOGNISED IN THE STATEMENT OF PROFIT OR LOSS
Lease payments 0 1.379 1656
Interest expenses related to lease liabilities 0 152 5
0 1.531 1661
Note 7 – Right-of-use assets Note 8 - Lease liabilities
The balance sheet shows the following amounts relating to leases:
34 | Interim Report 2023
T.DKK Coupon Rate
Effective
Interest Rate Currency Maturity
JUNE 30, 2023
Floating interest rate loans 3,12% 3,12% DKK 6 years
DECEMBER 31, 2022
Floating interest rate loans 1,12% 1,12% DKK 6 years
Note 9 - Borrowings
T.DKK 1H 2023 1H 2022 Full year 2022
Within one year 4.968 0 4.968
1-3 years 14.904 0 14.904
3-5 years 44.712 0 44.712
More than 5 years 32.123 0 33.995
Total contractual undiscounted cash flows 96.707 0 98.579
T.DKK June 30, 2023 June 30, 2022 December 31, 2022
Non-current liabilities 91.739 0 92.669
Current liabilities 4.968 0 5.910
Carrying amount 96.707 0 98.579
35 | Interim Report 2023
“The core of the Paustian Project, as described by Jørgen
Utzon himself in connection with Sydney, is that the
construction is the architecture, and that approach is also
evident today, where the house has been renovated in
connection with a new owner taking over the property.
With its interspersed decks and open spaces between
white columns, this house makes a strong impression and
should attract renewed attention in relation to questions
of durability (and equally sustainability), natural light and
simplicity of construction.”
Quotations from Arkitekten magazine, issue 04, 2023
The Utzon House in Nordhavn
- from showroom to cBrain’s Headquarters
36 | Interim Report 2023
