ANNUAL REPORT
2021
Address: Kalvebod Brygge 45, 3;1560 Copenhagen V
Company reg. no 39 46 78 36
(BidCo RelyOn Nutec A/S)
BidCo RelyOn Nutec A/S | Annual report 2021 2
Your global partner for safety critical industries
We support you saving lives and protecting the environment
BidCo RelyOn Nutec A/S | Annual report 2021 3
CONTENTS
www.relyonnutec.com
BidCo RelyOn Nutec A/S
Company reg. no. 39 46 78 36
Kalvebod Brygge 45, 3rd floor
1560 Copenhagen V
MANAGEMENT’S REVIEW
Introduction
2021 at a glance
5
Letter from the CEO
6
Financial review
8
Key figures and ratios
9
Our business
Our business and industries
11
Our solutions
12
Governance and risk
Corporate governance
22
Group Management
23
Board of Directors
24
Risk management
25
Sustainability
27
FINANCIAL STATEMENTS
Consolidated financial statements
Income statement and statement of comprehensive income
32
Statement of Financial position
33
Statement of changes in equity
34
Statement of cash flows
35
Notes
36
Parent company financial statements
Income statement and statement of changes in equity
71
Statement of Financial position
72
Notes
73
Management statement, auditor’s reports and definitions
Statement by the Board of Directors and the Executive Management
77
Independent auditor’s report
78
Other
Company information
81
Definitions
82
Q4 2021
Income statement and statement of comprehensive income
84
Statement of cash flows
85
4BidCo RelyOn Nutec A/S | Annual report 2021BidCo RelyOn Nutec A/S | Annual report 2021 4
INTRODUCTION
2021 at a glance 5
Letter from the CEO 6
Financial review 8
Key figures and ratios 9
BidCo RelyOn Nutec A/S | Annual report 2021 5
2021 at a glance
ASIA
~11% (~11%)
SEGMENTS
AMERICAS
~26% (~27%)
MIDDLE EAST
~4% (~4%)
EUROPE
~59% (~58%)
Per cent of revenue: 2021% (2020%)
DIGITAL PERFORMANCE
DIGITAL & BLENDED
LEARNING REVENUE
DKKm 76
OIL AND GAS
OTHER
RENEWABLES
MARITIME
564 331 420
69% 62% 64%
2019 2020 2021
58 57 71
7%
11% 11%
2019 2020 2021
2021
growth
27%
50 49 68
6% 9%
10%
2019 2020 2021
2021
growth
25%
2021
growth
39%
2021
growth
0%
147 98 98
18% 18% 15%
2019 2020 2021
INDUSTRIES
: Revenue % : Share of total revenue
819
535
657
2019 2020 2021
REVENUE
146
28
108
2019 2020 2021
EBITDA
23
(82)
18
2019 2020 2021
EBIT
88
8
3
2019 2020 2021
Trade Working Capital (TWC)
(21)
34
64
2019 2020 2021
FREE CASH FLOW
12
23
68
1% 4% 10%
2019 2020 2021
: Revenue % : Share of total revenue
DIGITAL LEARNING
COMPLETIONS
(Thousands)
8
33
134
2019 2020 2021
APPLICATION
USERS
(Thousands)
18
42
107
2019 2020 2021
DIGITAL PORT-
FOLIO VALUE
DKKm
6BidCo RelyOn Nutec A/S | Annual report 2021
LETTER FROM THE CEO
o Real traction on our digital services where we have
increased the digital revenue fivefold in only two years
and have experienced three-digit growth rates in both
digital learning completions and users on our
applications
o Renewable industry services grew by 39% in 2021
o Financial performance with an EBITDA of DKKm 108,
well within our guidance, and free cash flow nearly
doubled to DKKm 64
Strong performance recovery and growth
In the first two months of 2021, the activity recovery was still
held hostage by strict COVID-19 lockdowns in many
geographies. From early spring activity recovery took speed
month by month as COVID-19 restrictions were lifted.
Revenue rebound was realised across industries with
renewables growing 39%, maritime 25% and oil and gas
27%.
Revenue increased by 23% to DKKm 657 and EBITDA
increased by 286% to DKKm 108. The financial results
developed well within our guidance.
Remarkable growth in digital services
For 2021, the combined digital and blended revenue was
DKKm 68 (10% of revenue) compared to DKKm 23 last year
(4% of revenue), equivalent to a growth of 196%.
Users of our applications increased by +150% during 2021,
and digital learning completions increased by +300% to 134
thousand.
Our contract portfolio for digital services grew significantly
during the year. At the end of the year, the value of our
digital contracts amounted to DKKm 76.
We are proud that our digital transformation is getting real
traction and we are being noticed by international publishers
such as EME outlook as well as customers and partners.
Introduction | Letter from the CEO
In 2021, we entered into a strategic alliance with Area9
bringing adaptive learning technology to the energy sector
globally. It leaps us in front of any of our competitors – both
traditional training organisations and born-digital competitors.
We have successfully integrated the adaptive learning
technology, and the recent launch of our Business Portal
gives customers a seamless user experience from order to
completion of adaptive learning content. The portal is a one-
stop-shop for our B2B customers and gives full access to all
our training courses, digital learning content and blended
courses.
Strategic investments in growing markets
In 2021, we made several strategic investment decisions to
fuel the growth in the industries we serve. We opened an
office in Australia and a training facility in Great Yarmouth
(the UK). Further, new training facilities are being established
in Tampico (Mexico) and Eemshaven (the Netherlands).
In August, we acquired shares in the US-based safety
leadership and performance optimisation service company
CAVU International. They have a proven track record of
building strong revenue and EBITDA growth and fit naturally
into our existing customer base and services.
CO2 neutral growth
We measured our carbon footprint for the second time in
2021. Despite a 23% revenue growth, our CO2 emission
remains the same, which proves our commitment to reducing
the environmental footprint of our operations.
Outlook for 2022
Built on the expectation that the last COVID-19 restrictions
are likely to be lifted during 2022, we project a revenue in the
range between DKKm 750-800 and EBITDA between DKKm
140-160. The condemnable conflict between Russia and
Ukraine has let us to cease activities in Russia however this
will have no impact on our 2022 business activities.
“Financial performance well
within our guidance, again
doubling digital sales”
KEY HIGHLIGHTS
Bringing adaptive learning technology to the energy sector
.. Through a long-term strategic alliance with Area9
Read more about adaptive learning on pages 15-16
Expanding our footprint in high-growth markets
.. New facilities planned and in operation in the UK, Mexico and the Netherlands
Read more about the expansions on page 13
Added best-in-class safety leadership and performance optimisation
.. Through the acquisition of shares in CAVU international
Read more about the acquisition and CAVU on page 18
Further advancing our sustainability practices
.. Paving the way for diversity, inclusion, anti-corruption and CO2 reduction
Read more about our sustainability efforts on pages 27-30
DKKm
2022
Outlook
Revenue
750-
800
EBITDA
140-
160
TORBEN
HARRING
Group CEO
7BidCo RelyOn Nutec A/S | Annual report 2021 Introduction | Letter from the CEO
2) Disrupt workforce competence development by
applying advanced learning technologies
We have a unique footprint to service customers from our
30+ facilities across the globe.
We will use our advanced technologies to capture the strong
recovery in the oil and gas sector and continue expanding in
markets with rapid growth. We reconstruct and update in
Macaé, Brazil, upgrade in Ciudad del Carmen, Mexico, and
build new facilities in Tampico, Mexico.
We are continuing the rollout of our simulation-based
training services, blended learning and adaptive learning in
all markets.
1) Build unrivalled position in the renewable markets
We are the largest training provider in the wind training
market. The global energy transition is a strong opportunity
for us and a key priority.
In 2021, we launched a new wind training hub in Great
Yarmouth, the UK, and decided to establish a facility in
Eemshaven, the Netherlands, an important energy port of
Northwest Europe.
With the latest additions, we offer state-of-the-art wind
service facilities conveniently located along the North Sea.
This runs from Trondheim in the North to Ostend in the
South. On the other side of the North Sea, facilities can be
found in Great Yarmouth, Teesside and Aberdeen. We are
also accelerating our position in the rapidly growing US
market. The added facilities manifest our leading position
with a unique global footprint conveniently located to support
the growing offshore wind industry.
Teesside
Aberdeen
Kristiansand
Oslo
Stavanger
Trondheim
Bergen
Esbjerg
Bremerhaven
Amsterdam
Maasvlakte
Ostend
Eemshaven
Great Yarmouth
We offer state-of-the-art wind service facilities
conveniently located along the North Sea.
Outside Europe we have several wind facilities in the US,
Malaysia, Singapore and Brazil
Looking ahead
We have set realistic goals solidly founded on five key
pillars:
o Global leader in workforce development enabling
customers to protect their people, assets and the
environment supported by advanced sustainability
practices
o Unrivalled position in the renewable energy sector,
relentlessly supporting the energy transition
o Scalable digital platform, including workforce
management applications, adaptive learning and
mixed reality simulation
o Advanced learning practices bringing workforce
skills to mastery in sectors where consequences of
human error can be fatal
o Recurring and increasingly predictable revenue
profile, repeatably boosting digital revenue
We have defined three key priorities to reach the goals:
1) Build unrivalled position in the renewable markets
2) Disrupt workforce competence development by
applying advanced learning technologies
3) Accelerate digital services to support our customers’
efficiency and competence agendas
3) Accelerate digital services to support our customers’
efficiency and competence agendas
Since the start of our digital endeavours in 2019 our digital
offering has grown immensely.
Our advanced learning technologies and applications will
drive efficiencies for our customers while bringing their
workforces skills to mastery.
Our ability to create a digital handshake with customers
strengthens our services and allows us to convert to more
recurring and predictable revenue models.
8BidCo RelyOn Nutec A/S | Annual report 2021
FINANCIAL REVIEW
Realised expectations for 2021
In the interim report for the third quarter of 2021, we
expected EBITDA to reach the upper side of the
communicated outlook for the full year 2021 (DKKm 90 and
DKKm 110).
Further, we expected to more than double revenue within
digital services and applications during 2021.
The realised performance was in line with our recent
forecast.
Revenue
Revenue for 2021 was DKKm 657, which was DKKm 122
(23%) above 2020. The revenue increase was realised
across all our regions and industry segments except for
other safety critical industries which continue to be impacted
by public customers being reluctant to undertake training
during the pandemic.
Also, revenue growth is higher in the European region as the
recovery in Europe is progressing at a faster pace compared
to the rest of our regions.
Revenue from renewables increased by 39% compared to
last year, whereas oil and gas revenue increased by 27%.
Introduction | Financial review
The digital transformation continued in 2021 with combined
digital and blended revenue of DKKm 68 compared to
DKKm 23 in 2020, equivalent to a growth of 196%.
The digital revenue, including blended learning, accounted
for 10% of the revenue compared to 4% in 2020. Excluding
the blended learning, the digital revenue was 5% and 4%,
respectively.
Other income
Other income was DKKm 32 compared to DKKm 40 in 2020.
The decrease was driven by lower governmental grants from
various local government aid programmes available to
counter the negative impact from COVID-19.
EBITDA
EBITDA before special items ended at DKKm 108 compared
to DKKm 28 in 2020. The improvement was driven by
increased activity levels as outlined above. The EBITDA
margin landed at 16% compared to 5% in 2020.
EBITA
EBITA before special items ended at positive DKKm 45
compared to negative DKKm 47 in 2020.
Special items
Special items in 2021 amounted to DKKm 5 (DKKm 16) and
were mainly related to restructuring cost following the
outbreak of COVID-19.
EBIT
EBIT was improved by DKK 100m to DKKm 18 in 2021. The
EBITDA margin landed at 3% compared to 15% (negative)
in 2020.
Financial items, net
Net financial items amounted to DKKm 66 compared to
DKKm 75 in 2020. The decrease of DKKm 9 was driven by
reduced unrealised foreign exchange rate adjustments.
Result for the year
The result for 2021 was negative by DKKm 58 in 2021
(negative DKKm 175).
Trade working capital
Trade working capital came in at DKKm 3 (0.4% of revenue)
compared to DKKm 8 (1.5% of revenue) at the end of
December 2020. Despite a revenue growth of 23%, the
trade working capital remained at the same level as in 2020.
Free cash flow
Free cash flow for 2021 was positive by DKKm 64, i.e. an
improvement of DKKm 30 compared to 2020, driven by
improved cash flow from our operating activities.
CAPEX amounted to DKKm 42 or 6% of the revenue
compared to DKKm 45 or 8% of the revenue in 2020.
Equity
Equity as of 31
st
December 2021 amounted to DKKm
61 (DKKm 85). This reduction was mainly attributable to the
result for the year (DKKm 58), partly offset by positive
unrealised foreign currency adjustments (DKKm 25) and
addition of non-controlling interest of DKKm 9. The solvency
ratio was 5% (8%) at the end of December 2021.
2021
October
outlook
March
outlook
EBITDA before
special items
(DKKm)
108
Upper range
90 -
110
Digital revenue
growth (%)
196%
+100%
100%
Net interest-bearing debt (NIBD)
At the end of December 2021, NIBD was DKKm 723
compared to DKKm 705 at the end of December 2020. The
change was primarily driven by deferral of bond interest until
March 2021.
Capital resources
The Group’s liquidity reserves amounted to DKKm 106 at
the end of December 2021, of which DKKm 63 was an
unused RCF facility.
For further information, we refer to notes 4.4 and 5.3 to the
consolidated financial statements.
9BidCo RelyOn Nutec A/S | Annual report 2021 Our business | Key figures and ratios
KEY FIGURES AND RATIOS
Supplementary information
The financial ratios have been calculated in
accordance with the recommendations of the
Association of Danish Financial Analysts.
Figures in 2018 include figures from the
acquisition of Falck Safety Service Holding A/S from
20
th
September 2018 to 31
st
December 2018.
Comparative figures and key figures in the income
statements for 2019 and 2020 have been adjusted
for discontinued operations.
30.03 -
31.12.2018
DKKm
2021
2020
2019
Income
statement
Revenue
657
535
819
248
Operating result before depreciation, amortisation, impairment losses and special items (EBITDA)
108
28
146
35
Operating result before amortisation and special items (EBITA)
45
(47)
70
24
Operating result (EBIT)
18
(82)
23
(14)
Net
financials
(66)
(75)
(52)
(6)
Result
before tax
(48)
(157)
(29)
(20)
Result
for the year of continuing operations
(58)
(159)
(51)
(19)
Result
for the year
(58)
(175)
(49)
(19)
Statement
of financial position
Total assets
1,118
1,084
1,324
1,022
Property, plant and equipment
263
280
342
369
Total
equity
61
85
316
304
Trade
working capital
3
8
88
80
Net
interest-bearing debt (NIBD)
723
705
666
622
Statement
of cash flows
Operating
activities
108
68
102
(1)
Investing
activities
(44)
(34)
(123)
(483)
Hereof investments in tangible fixed assets
(21)
(32)
(47)
(19)
Free cash flow
64
34
(21)
(484)
Financing
activities
(93)
(38)
(18)
589
Net
cash flow for the year
(29)
(4)
(39)
105
Employees
Number
of employees for continuing operations
790
784
910
858
Number
of employees of which are employed in Denmark
58
54
57
45
Key
ratios
EBITDA
(%)
16%
5%
18%
14%
EBITA
(%)
7%
-
9%
9%
10%
EBIT
(%)
3%
-
15%
3%
-
6%
Solvency
ratio (%)
5%
8%
24%
30%
Trade
Working Capital Ratio (%)
0.4%
1.5%
10%
n.m
Cash
conversion
61%
92%
30%
n.m
10BidCo RelyOn Nutec A/S | Annual report 2021 10BidCo RelyOn Nutec A/S | Annual report 2021
OUR BUSINESS
Our business and industries 11
Our solutions 12
11BidCo RelyOn Nutec A/S | Annual report 2021 Our business | Our business and industries
THE INDUSTRIES WE SERVE
OUR BUSINESS AND
INDUSTRIES
We are a global business delivering safety and competence
services across the world, helping our customers protect
their people, assets and the environment.
With headquarters in Copenhagen and a global footprint, we
have a deep history in delivering compliance and
competence services going back over 50 years. Since our
beginning we have been leading the industry, and through
the intelligent application of leading-edge technology we
have developed into the preferred end-to-end partner for our
customers developing and maintaining a safe workplace
while protecting the environment.
Transforming industries with digital technology
Our market-leading suite of digital applications offers
customers in safety critical industries a modular approach to
managing safety across their business processes while
minimising risk. Utilising our innovative cloud-based
technology, our suite of applications is built to allow
customers to select from a range of applications to suit their
needs, revolutionising the way companies track workforce
safety, compliance and competence.
Pushing for sustainability
Our clients operate across a range of safety critical
industries, including those driving the transition to a more
sustainable energy supply, delivering state-of-the-art
technologies, services and training solutions that keep
people safe and protect the environment.
With safety in our DNA, all our services and solutions are
built for this purpose and cover the needs of our customers’
entire workforce from frontline operations to back office.
Safety delivered to the point
Complemented by our digital learning, leading training
simulators, and applications, we deliver safety and technical
training to customers across the world. Whether training is
remotely delivered from one of our applications, at one of
our global facilities or at our customers’ locations, we deliver
training to the point of need.
Developing workforces
We serve industries that perceive a high risk to the safety of
their people, their assets and the environment.
In short, what we do is:
o Manage people and workforces to ensure that people
are compliant and competent entering safety critical
environments via our managed service solution
o Develop, deliver, and maintain world-class
simulators to the place of our customers’ choice and
ensure up-to-date cloud-based applications
o Share our subject matter expertise to help our
customers build and sustain a safe workplace and
protect their assets and the environment
o Develop and provide state-of-the-art standalone
applications and technology that are developed and
tailored to meet the high safety and competence
requirements of safety critical industries
o Deliver training using our advanced simulation
technology, digitally via our fast-growing library of
adaptive learning and traditional e-learning courses or
practically at one of our facilities across the world
Safety is not only our business – it is in our DNA. Our
fundamental belief is that safety requires a 360 degree
perspective and mindset. Through the application of
technology, we help our customers develop and sustain
healthy and safe work environments ensuring that they have
the right skill set to stay safe in hazardous and potentially
life-threatening situations.
Oil and gas
Our customers include some of the
largest operators, contractors and service
companies. With subject matter experts in
the sector, we have knowledge and first-
hand experience that can be applied to
support customers
Other safety critical industries
A wide range of competence solutions for
industries such as construction, utilities,
manufacturing, production, industrial
emergency response public services,
aerospace, and aviation
Renewables
Our customers in the renewables industry
are primarily from the offshore wind
industry but also other growing industries
such as onshore wind, solar, and
hydrogen
Maritime
From cruise ships to bulk tankers and
fishing boats, the industry operates in
dangerous and harsh environments and
at significant distances from help. Our
maritime solutions offer what the industry
needs to operate safely and competently
BidCo RelyOn Nutec A/S | Annual report 2021 12
TRAINING
30+ training centres in 21 countries
MANAGED SERVICES
Outsourced training and competence management
DIGITAL LEARNING
Learning anywhere and at anytime
CONSULTANCY
High-risk industry subject matter expertise
APPLICATIONS
Cloud and on premise
SIMULATION
Cloud and on premise
OUR SOLUTIONS
built on the solid foundation of past experience
A globally connected digi-physical safety and competence house serving customers in safety critical industries
13BidCo RelyOn Nutec A/S | Annual report 2021
TRAINING
30+ training centres in 21 countries
Our training solutions are designed on the principle of
providing realistic and fully immersive training experiences.
Globally, our capability has developed beyond safety and
survival training to include more advanced and technical
training and corporate services to help companies better
manage their overall training and competence needs.
Knowledge and experience are transferable; and we play an
increasingly significant role in developing a safe workplace
helping customers in safety critical industries improve safety.
Customer across the world choose and trust us year after
year because we put reliability, competence and
sustainability first.
As our customers’ operations and people have become
more technical, we have invested in new digital ways of
learning, making the training experience increasingly realistic
– and increasingly efficient. We therefore offer blended
learning where the theoretical part of a course can be taken
via digital learning.
Our training facilities
Our modern training facilities are easily accessible to
delegates in the global energy and maritime hubs and they
play an important role in our offering. They are built to
simulate real-life environments, including modern
classrooms and training simulators.
State-of-the-art simulators
Our full-scale simulators are located in multiple training
centres across Europe, the US, the Middle East and Asia.
These fixed facilities are equipped with our full-size
simulators, offering our customers the opportunity to train
with the best solution on the market.
The combination of a world-class simulation development
team and our operationally experienced coaches is bringing
our unique solutions to the forefront of technical training.
Our training services
We have more than 750 courses delivered in more than 30
training facilities.
o Advanced firefighting: We have real-life experience in
the coordination of response to fire emergencies; and
our teams have first-hand firefighting experience from
careers as professional firefighters
Simulators are an increasing part of our training offering in
select geographies to mimic as close to real scenarios as it
can get.
Our customers
We are the trusted global safety partner to more than 10,000
companies and more than 250,000 people trained every
year in oil and gas, maritime, renewables and other safety
critical industries. We work at all levels of the organisation to
improve safety, from the executive suite to the worker on the
floor, helping organisations address safety with a 360
degree perspective and mindset.
Our people
Our people are the backbone of the organisation, rock solid
and dependable. Our capable people around the world
include experienced instructors with relevant safety
experience formed in safety critical industries.
We focus on helping people develop lifelong careers in our
organisation. Our expert instructors have personal
experience and insights that create an engaging and
powerful training experience.
o Lifting and crane operations: We offer world-leading
crane training and advanced crane simulation
technology, and decades of experience through our
technical and lifting trainers and subject matter experts
o Drilling and well control: We offer world-leading well
control training, advanced simulation technology, and
decades of experience with the full integration of the
Aberdeen Drilling Schools services into the global
RelyOn Nutec Network
o Crisis management and emergency response:
Combining consultancy and training, we give our
customers the confidence that if a crisis should occur,
they will be prepared and able to respond effectively
o Health and safety: We specialise in helping our
customers mitigate the potential for accidents and
reduce employee injury and illness
o Safety and survival: We deliver survival training for
safety critical industries accredited to internationally
recognised standards, including OPITO, STCW, and
GWO
Our business | Our solutions
EEMSHAVEN, NL, 2023
In general, the offshore wind and renewable energy
sectors will continue the impressive growth rates for at
least the next decade. Many of the offshore wind farms
being built will be serviced out of Eemshaven, the
Netherlands, that claims to be the “energy port of
Northwest Europe”. We are building a facility in the
harbour to service the promising demand for our services
in the area.
GREAT YARMOUTH, UK, 2022
A new wind industry training hub is being launched in
Great Yarmouth in partnership with Worley. The UK is the
epicentre for technical development in renewables, so as
a leader in safety training, we must be at the forefront of
working towards safety standardisation in the renewables
industry.
We are expanding our presence in Mexico to support the
rising demand for safety and technical services. We have
initiated the construction in Altamira, Tamaulipas, to
strengthen the delivery capability and support for the Gulf
of Mexico region. The addition of the new Tampico facility
complements our existing site in Ciudad del Carmen,
Mexico.
ALTAMIRA, TAMAULIPAS, MX, 2022
PLANNED EXPANSIONS
GEORGETOWN, GY, 2022
We have engaged with a local partner to establish a
Guyana facility jointly owned.
Guyana and Suriname are amongst the fastest-growing
new oil and gas geographíes in the world with a
production growth rate above 30% till 2030 and are by
that time estimated to be amongst the largest producers
in the world.
BidCo RelyOn Nutec A/S | Annual report 2021 14
21 Countries
+30 Training facilities
+250k Trained annually
+30 International certifications
Newfoundland
Nova Scotia
Macaé
Rio de Janeiro
Port of Spain
Ciudad del Carmen
Houma, Louisiana
Houston, Texas
Lafayette, Louisiana
Baku
Doha
Dubai
Prakern
Cherating
Tuas
Johor
Miri
Teesside
Aberdeen
Kristiansand
Oslo
Stavanger
Trondheim
Bergen
Esbjerg
Bremerhaven
Amsterdam
Maasvlakte
Ostend
Dammam
Jakarta
Perth
The world's largest provider of specialist safety training for safety critical industries
15BidCo RelyOn Nutec A/S | Annual report 2021
Adaptive learning technology is an
advanced type of e-learning. The
term adaptive learning refers to a
technology capable of evaluating
the student’s skills, knowledge,
and confidence levels. The
technology constantly assesses
how the student responds to the
material. That way, the student’s
learning material becomes much
more targeted since subjects that
do not require more attention are
filtered out, leaving more time to
focus on weaker areas.
The personalised course is a
much more tailor-made learning
experience compared to traditional
e-learning, which, in the end, will
enable students to achieve the
desired goals faster and more
efficiently.
o Consistent delivery: Unlike human instructors, digital
learning materials provide consistency of content and
presentation style; digital learning materials can provide
a consistent approach and message - and via different
language versions of the same materials taking into
account any cultural sensitivities in terms of the way
these materials are presented.
Portfolio
Our ever expanding digital learning portfolio provides the
ideal solution to upskill workforces in safety critical
industries.
We continuously expand a best-in-class digital learning
portfolio that caters for the needs of multiple safety critical
industries. In order to achieve this, systematic analyses and
justifications are heavily in place to ensure that our product
development is focused and aligned with industry
requirements.
The development of new content is constant. We are on
hand with extensive knowledge and experience to ensure
accuracy in order to generate focused learning objectives
and scripts. We are constantly finding new techniques and
use innovative technologies to ensure that our trainees get
the best learning experience.
Our developed content is meticulously written to current
data, statistics and legislation to remain relevant to learners.
Every course developed uses engaging, modern and a
refined mix of rich media, including animation, video,
illustration, and audio techniques.
Bespoke
We also create engaging, interactive digital learning, safety
videos or site inductions bespoke to our customers. Our
team creates the final product, adopting a strict but flexible
development process to ensure that quality standards,
timescales and budgets are met.
We screen and quality control our products to make sure
that the course content is accurate, visually appealing and
fulfils the technical requirements from the customer.
We ensure that methods and means of communication
match the target audience and take into account factors in
cultural and language such as literacy, age range, etc.
Translations
In addition to our standard services, we also offer multi-
language, bespoke courses and translation services. If
certain criteria are covered, all of our portfolio courses can
be translated on request. We can also translate any digital
material the customer might have.
Our digital learning services
Our digital learning services cover what you need to get an
end-to-end experience, including a wide portfolio of courses
for safety critical industries, LMS applications, bespoke
options as well as translated content.
DIGITAL LEARNING
Learning anywhere and at any time
Digital learning enables users to learn anywhere and at any
time. We provide our trainees with the ability to fit learning
around their lifestyle, effectively allowing the busiest person
to further a career and gain new skills.
Our extensive library of digital learning titles covers a wide
range of topics for safety critical industries.
We are continuously developing new courses to add to our
library of digital learning courses consisting of both
traditional e-learning courses and adaptive learning courses.
The benefits of digital learning
There are a number of benefits related to digital learning,
including:
o Faster delivery: E-learning reduces employee training
time. It typically requires less employee time than
learning in a traditional classroom setting. It enables
much faster delivery because trainees can access e-
learning material anytime they want and anywhere they
are, setting their own pace and training whenever they
have spare time
o Less costly: E-learning enables employees to train at
home. This translates into much lower costs related to
travel, training venues, learning material, and trainers,
and immediately leads to lower costs by speeding up
employee training
o Higher knowledge retention: Maximising knowledge
retention is one of the most rewarding benefits of e-
learning. E-learning provides employees with various
types of interactive content and multimedia, they can
retain much more of what they learn and improve their
skills and performance quickly
o Increase productivity: Self-paced online learning leads
to much higher productivity since employees can train at
home, and then focus on their core tasks while at work.
Learning in their free time will lead to better performance
and higher efficiency, especially because digital learning
software will enable them to revisit any information they
need, whenever they need it.
Our business | Our solutions
DIGITAL LEARNING
Digital learning is a broad term used to describe the use of technology that is applied to the learning process. In the digital
learning space, we offer adaptive learning, traditional e-learning and blended learning
BLENDED LEARNING
Blended learning merges a digital
learning element with traditional
classroom learning. Both teachers
and delegates meet for physical
classroom training and also online.
Blended learning allows delegates
to accelerate their individual
learning process while maintaining
a classroom “group” typesetting.
This is more scalable and caters
for individuals scheduling
constraints.
E-learning is learning conducted
via electronic media. It is really an
older term for digital learning.
However, e-learning is often used
more specifically to refer to
structured digital learning
programmes, comprised of specific
modules that learners complete in
a more traditional way than say
adaptive learning. E-Learning
generally refers to publicly
available, ready-made courses
that are delivered to address mass
consumer needs.
E-learning can be highly
interactive and usually includes
text, video, audio, quizzes, and
activities.
E-LEARNING ADAPTIVE LEARNING
16BidCo RelyOn Nutec A/S | Annual report 2021
How does it work?
The platform uses probing questions to test the learner’s
prior knowledge and confidence levels. The way the learner
answers the questions determines how the adaptive engine
adjusts in real time to take the learner on the most efficient
path to ensure mastery of the subject material. This
generates a one-on-one personal experience for the learner,
giving an engaging and balanced interaction that is neither
too easy or too difficult for the learner, as well as instant
feedback.
Unconsciously incompetent - believing you know when you
don’t
Learning is not simply about adding missing knowledge or
skills. For any given element of knowledge or skill, a learner
will be objectively competent or incompetent but may be
subjectively unaware of their level of competence. Together
with other cognitive biases, this is likely to play a significant
role as a source of errors on the job – especially critical
when safety is at stake – and this is most likely to occur
when people think they know what to do, when in fact they
don’t.
The importance of acting without thinking
Automaticity is the ability to do things without occupying the
mind with the low-level details required, becoming an
automatic response pattern or habit. It is usually the result of
learning, repetition, and practice.
When faced with stress, the human brain falls back on things
that are “second nature”. Those fallbacks must generate the
correct response. We do not need to achieve automaticity in
every skill or piece of knowledge. However, automaticity is a
requirement in areas such as core skills and safety critical
behaviour. Adaptive learning helps the learners achieve
automaticity when relevant by facilitating the practice and re-
practice on specific topics.
Data is actionable insights for both learners and instructors
One of the significant strengths of adaptive learning is the
highly granular data collected by the system. With learning
analytics, learners and instructors can gain insights that can
guide their learning.
Adaptive learning
Adaptive learning offers an entirely new approach to
learning. Adaptive learning is a technology-based approach
to learning. It combines theories of optimal learning with the
capabilities of algorithms and computers. The learner’s study
material will be tailored to his/her specific needs and
competences based on data.
The study material simply adapts to the learner, ensuring
that time is spent on the subjects that need most attention.
This significantly boosts the efficiency of the learning
process. At the same time, the process reveals blind spots,
perhaps unknown for the learner, that are important to
address - e.g. safety protocol and response.
Our digital learning solutions are powered by Area9
Rhapsode™, a state-of-the-art technology developed by our
partner Area9 Lyceum. The globally leading platform uses
artificial intelligence to deliver a customised, personalised,
and efficient approach driven by an individual’s specific
knowledge level and unique needs.
Benefits of adaptive learning
Adaptive learning is a unique learning tool. The technology’s
ability to discover blind spots in vital areas such as safety
makes the learning platform ideal for companies and
organisations which operate in high-risk scenarios. Based on
educational psychology and cognitive science, the approach
to adaptive learning is founded deeply in science and theory.
The benefits of adaptive learning, compared to traditional e-
learning or classroom training can be summarised as:
o Cuts training time in half: Provides higher proficiency
and retention and uncovers and fixes unconscious
incompetence
o Improves engagement and reduce frustration
o Rich learning analytics: Supports instructor with data
to focus efforts – ideal for blended programmes and it
helps guide the learner’s learning.
Our business | Our solutions
Data analytics is also used to gain insights into the course
content itself. It allows continuous and iterative
improvements based on learners’ feedback and data usage
at a very granular level.
The science behind adaptive learning
The adaptive learning approach relies on other well-
established concepts in educational psychology and
cognitive science – augmented by usage and data points
from real learners using the platform. Following are some of
these key concepts:
Bloom’s 2-sigma problem: How to learn the best.
Studies show that a combination of mastery learning and
individual tutoring allows learners to achieve their potential.
By combining the power of digital delivery with skilled
educators’ human insights and judgments, adaptive learning
technology can provide mastery learning and individualised
programmes for learners at scale. This technology allows
instructors to use their resources and time more effectively,
stimulating learner engagement and results.
Deliberate practice - making an effort pays off
Practising something difficult will eventually lead to success
in that arena. Optimally, the practice needs to be mindful,
supported by continuous feedback from a coach, and
planned to challenge the learners’ limits. Adaptive
technologies are designed to make this practice efficient,
constructive, and rewarding through intelligent and targeted
repetitions and self-assessment acting as formative
assessment.
Metacognition - a realistic look at capabilities
Metacognition is the ability to think about one’s thinking or
observe one’s learning. Adaptive learning can help learners
develop their metacognition by breaking down each skill into
its components. Hence, monitoring their progress towards
learning goals, repeating questions where they showed
lower confidence, and indicating discrepancies between self-
assessed certainty and actual performance on a task.
Retaining new knowledge
Adaptive learning technology is more than an efficient
learning tool. It also helps students retain new knowledge, a
key component in learning theory.
Theoretical work like the Ebbinghaus forgetting curve
mathematically models the rate at which people lose
information after first learning it.
This is used as the foundation to model the knowledge
decay and establish the best time for learners to review
information they have already learned, contributing to the
long-term retention of information.
Without the opportunity to put knowledge into practice, there
is a risk that the brain may view the information as
expendable because exposure only happened once. That
problem becomes severe when rarely used information is
critical — e.g. safety protocols in an emergency. Without
reinforcement, the information supposedly “learned” at the
safety course is not accessible when needed most.
17BidCo RelyOn Nutec A/S | Annual report 2021
MANAGED SERVICES
Outsourced training and competence management
Managed services customers have access to our world-
leading training and digital learning offering. With multiple
facilities in 21 countries, and more than 250,000 people
trained every year on +2,000 courses, we are the world’s
largest safety training provider.
With this network of RelyOn Nutec training facilities and a
large 3rd party supplier portfolio, we can ensure that our
customers’ workforce can train at a location of their choice
and at a time that suits them, while still delivering significant
cost savings.
Some of the benefits of managed services our customers
can expect:
o Reduced overall training spend
o Handling of training admin and associated logistics
o Flexible support service
o Simple financial administration
o Access to our sophisticated applications that automate
our service and integrate with their own systems
o One single point of supplier management with access to
thousands of courses globally
o Full compliance in line with approved training matrices
Our managed services focus on simplifying the operation so
our customers can focus on their core business.
We offer training management and competence
management.
Training management
We have more than 10 years of experience delivering
training management services to a growing portfolio of
global customers. We currently process the full suite of
training transactions to some of the biggest organisations in
safety critical industries.
Our team of training experts is an extension of our
customers’ business. Using our dedicated applications, our
team will identify and process all training bookings through
our own facilities or 3rd party providers.
We will manage all cancellations, amendments, no-shows,
last-minute changes and more, liaising directly with
individual employees and taking into account crew rotations,
holiday commitments and geographical location, to ensure
that the best option for training is selected.
Our team can handle all travel, accommodation and other
logistics associated with training. Using our customers’
preferred suppliers or our own extensive network of
providers, we deliver a seamless training experience from
beginning to end.
Our market-leading, cloud-based application which manages
training matrices, tracks training and certifications, and
improves compliance by automating manual tasks, providing
real-time dashboard and management reports on critical
business KPIs. With the ability to integrate with our
customers’ own software solutions and applications, it has
been designed to meet the needs of our customers,
delivering both cost and time efficiencies.
Current and predicted training compliance percentages are
visible in real time in our application, making it easy to
identify and remedy instances of non-compliance before any
deadlines are reached.
With over 100 years of combined experience and our global
footprint, our managed services team has a comprehensive
knowledge of the current training requirements of any safety
critical industry. We proactively provide support to the
management of our clients to make sure they are aware of
any regulatory changes, updates to any course catalogues
of RelyOn Nutec or approved 3rd party training providers.
Our software features performance dashboards displaying
customisable KPIs and a dedicated portal for our customers’
workforce, tracking compliance of training, checking
requirements, and generating a variety of reports at the click
of a button.
Competence management
A robust competence system will deliver real value to a
business by not only satisfying the expectations of clients
and regulators, but also providing a platform for continuous
improvement.
Our competence management services can help with all
aspects of keeping our customers’ workforce fully
competent. We ensure our customers develop the correct
framework and maintain that framework in line with
international standards. We can develop a full competence
framework or improve existing framework to be
internationally accredited by an accreditation body of choice.
Our network of subject matter experts help develop or
maintain job competence profiles in line with international
industry requirements and standards.
Our main competence management services
o Design or development of competence framework
○ Support with achieving (international) accreditation
○ Support organisations with the design, development and
maintenance of job competence profiles
○ Experienced assessors to perform assessments of
workforce or the verification of the assessment done
○ Support to oversee and continuously improve the
deployment of the competence framework within the
organisation
○ Provide audit services and improvement plans on
existing competence framework
Market-leading competence management application
Implementing our state-of-the-art competence management
application provides real-time visibility of the competence
status of the workforce, supports proactive planning of
assessments, maintains and provides a full record of all
assessments done, aligned to global accreditation body
requirements.
Our business | Our solutions
Key features
o Dynamic design which is configurable to competence
framework requirements
o Fully integrated with our training management system
and training delivery platform offering seamless access
to training compliance, digital learning, assessments and
booking via one portal
o Fully enabled online and offline assessments via a
dedicated app
o Allow for individual self-assessment and portfolio
building as well as assessor only
o Dedicated full assessment process, including verification
o Easy interfacing with our customers’ existing systems
o Provide highly efficient competence management
process delivering substantial cost savings
18BidCo RelyOn Nutec A/S | Annual report 2021
CONSULTANCY
High-risk industry subject matter expertise
We have for years helped organisations become competent,
compliant, sustainable and ultimately in saving lives and
protecting the environment.
With our consultancy service, we can help create a safety
culture which will reduce operational costs and deliver a
competent and efficient workforce.
Adding value through experience, best
practices and technology
Operating in safety critical industries requires substantial
knowledge, procedures, technology and leadership to
protect the people, the environment and the assets.
Industry standards and best practices exist, but
implementing them in an organisational context requires a
combination of industrial knowledge, practical experience
and an understanding of how technology can be a value-
add.
Rarely one size fits all and therefore we know that working in
these environments requires processes, procedures and
technology that meet our customers’ specific situation and
requirements.
Our consultancy services take safety a step further, bringing
together the expertise and experience that come from being
the world’s leading safety brand.
Our safety consultancy can consult in all aspects of safety
related to working in safety critical industries, including
processes, policy review, procedures, culture, equipment,
environment, risk management, preplanning, scenario
management, emergency planning, contingency planning
and other foreseen and unforeseen risks to safety that a
customer might face.
Our consultants are based all over the world and can
perform assessment and analysis onsite or where ever it is
most appropriate given the customer need.
Our footprint and client list ensure we keep up to date with
changing local and global requirements and practical and
digital trends in protecting employees, the environment and
assets.
We are on the forefront of and up to speed with the latest
trends and emerging technology developments.
We deliver tailored services and solutions to accommodate
our customers’ specific enquiries.
Our business | Our solutions
RelyOn Nutec acquires stake in CAVU International to bring
leadership and performance optimisation services
to our customers
On 23
rd
August 2021, we completed a strategic
acquisition of initially 25% of the ownership of CAVU
International.
CAVU International is a US-based leadership and
performance optimisation service company built on
unique and best-in-class leadership experience from the
US and International defence. CAVU has proven
capabilities in transforming underperforming teams,
implementing leadership foundations, and building
team cultures based on a continuous improvement cycle.
CAVU’s focus is on leadership, process, safety,
and culture, where the margins between success and
failure are narrow and the consequences of failure
can be fatal.
The aim is to use our global footprint and digital
infrastructure to fast track the internationalisation of
CAVU’s unique consultancy services and digital
leadership programmes.
The acquisition of an ownership share in CAVU adds to
our ongoing transformation and will allow us to offer best-
in-class leadership consulting services and performance
optimisation programmes to our customers. We want to
support our customers to further a healthy and safe work
environment, by improving team dynamics to reduce the
human factor behavioural risk element ultimately leading
to accident prevention and performance improvements.
The partnership offers organisations a unique opportunity
to accelerate teams’ training by integrating process
intelligence to improve technical performance where
the consequences of human error are unacceptable.
CAVU stands for “Ceiling And Visibility Unlimited”, which
in the aviation world, defines the perfect day to
fly. CAVU helps their clients define their “Perfect Day”
and then develop a deliberate approach to making it
repeatable.
19BidCo RelyOn Nutec A/S | Annual report 2021
APPLICATIONS
Cloud and on premise
Our applications are tailored towards safety critical
industries. They work independently; and by combining more
you achieve synergies in an unrivalled ecosystem of
applications. Our applications consist of:
o Rider
o Rhapsode
TM
o Worksafe®
o Business Portal
Rider
Rider is our employee performance management application
but also the application that supports our managed service
business. It consists of three modules:
o Training compliance: The training compliance system
offers full visibility and tracking of employees' training
compliance levels according to internal or external
regulations. Additionally, training requirements can be
efficiently managed preventing or resolving training
gaps, including the auto deployment of digital learning.
Financial tracking of training expenditure and forecasting
of future spend are also all available on demand.
o Competence management system: The competence
management system enables the digital and real-time
tracking for employees towards their competence
requirements as set by a competence framework. The
system offers end-to-end coverage of the assessment
process, including comprehensive data/evidence storage
and audit capabilities, all required by international
accreditation bodies.
o Digital Procedure Management System: The
procedure management system is used to digitise and
store all procedures required across the organisation.
Digital procedures can be assigned to those positions
involved, ensuring easy access for resources
responsible or required in a procedure.
All system allows real-time tracking verifying procedures
have been read, and acknowledges they were understood.
Rhapsode
TM
An integrated state-of-the-art adaptive learning platform,
allowing customers to build and deliver adaptive learning
content to their employees, and to access advance
reporting.
Rhapsode
TM
Curator
Rhapsode Curator™ is an advanced content curation
platform and provides a streamlined workflow that ensures a
fast, effective, and affordable content production process
as well as high-quality results.
It has several advanced content development features that
are based on artificial intelligence, including intelligent
suggestions of questions based on text, content analysis,
semantic search as well as terminology.
Rhapsode
TM
Learner
Area9 Rhapsode Learner™ delivers personalised content to
the learners by using proven algorithms and analytics. The
study material adapts to the learner, ensuring that time is
spent on the subjects that need the most attention. This
significantly boosts the efficiency of the learning process. At
the same time, the process reveals blind spots, perhaps
unknown for the learner, that are important to address.
Rhapsode
TM
Educator
Area9 Rhapsode Educator™ enables customers to enrol
learners to courses and learning plans and track their
performances. The adaptive approach generates an
enormous amount of granular data, and Educator makes it
actionable and structured with its reports.
Instructors and managers can get a much broader and more
granular review of their students’ performance, not just a
simple matter of questions right and wrong, but also whether
students understand their own lack of knowledge, whether
they are motivated and engaged, and whether certain
sections are particularly problematic.
A step-change when it comes to measuring impact of
learning.
WorkSafe®
Our control of work application, WorkSafe®, supports
organisations that operate in potentially hazardous work
environments in safety critical industries
The modules in WorkSafe® include:
o Task Risk Assessment (TRA) module enables clients
to identify hazards and implement controls to ensure
residual risk “As Low As Reasonably Practicable”
(ALARP)
o Permit to work is a formal recorded process used to
control work which is identified as potentially hazardous
and can be provided as a paper-based or electronic
solution
o Energy Isolations module ensures that hazardous
equipment is properly isolated and not able to be started
up again prior to the completion of maintenance or
servicing work
o Operational Risk Assessment (ORA) ensures that
robust arrangements are in place to identify and
evaluate major accident hazards
o Conflict Manager allows privileged system users to
avoid conflicting work activities by moving work to a
more suitable time
o Graphical Planner provides a multi-level visual overview
of permit and non-permit maintenance work to assist
with planning work to be undertaken and to minimise
conflicts
Business Portal
The Business Portal gives access for B2B customers to buy
and manage training for their employees. The portal gives
access to our full portfolio of training courses, including
classroom, adaptive learning, e-learning, blended, virtual,
etc.
The learning administrator can assign courses to learners,
monitor progress and access certificates.
Our business | Our solutions
20BidCo RelyOn Nutec A/S | Annual report 2021
SIMULATION
Cloud and on premise
Simulation in training is a proven method of enriching the
learning experience and increasing knowledge retention for
technical training delegates. Simulators allow the operator to
train and practice difficult and highly technical operational
procedures and challenges in a risk-free environment.
Benefits include:
o Reduced operational risk and increased efficiency:
Test processes and procedures and identify potential
issues prior to operations
o Increased competence: Accelerate workforce
development through training and competence
assessment in a safe and controlled environment
o Reduce non-productive time: Refine complex
operational procedures before putting them into practice
in the real world
o Supporting upskilling: Introduce new technologies or
equipment before operational use
At RelyOn Nutec, we develop our inhouse technology
towards our clients’ operational requirements, equipping our
global training centres with industry-leading simulation
technology that helps them support our international clients
locally. Our simulators increase the scope, complexity and
value of the training that our centres can undertake.
By utilising our simulators, clients can fully immerse their
teams into the real conditions they would experience on the
job – enabling them to react to changes as they happen and
take actions necessary in a safe training environment. The
simulators can mimic clients’ actual operations and
incorporate their actual data to create realistic scenarios.
With the ability to manipulate environmental conditions,
emulate rig facilities and specific wells, simulate different
cranes/offshore platforms/cargo type and recreate critical
events or failures, our simulators offer an optimal
environment in which the workforce can train to identify and
resolve any operational issues.
Focus on safety critical industries
Our simulation technology has been developed to support
our major clients in the safety critical offshore industries, with
a focus on drilling, lifting and crane operations.
The simulators vary in size, from full-size training centre
based simulators to portable mobile units that can be utilised
on remote operating locations. Each model, irrespective of
size, provides our hallmark high-quality on-screen
visualisation, realistic HMI controls and real-time data
analysis.
The full-size drilling simulators are fully immersive with cyber
chairs, emulated control systems and high-quality visuals
presented across multiple large display monitors. With
maximum visualisation, the software reacts to data input as
rapidly as you would expect to see during live operations.
The full-size offshore crane simulators are fully
representative of an offshore crane cabin, with
interchangeable panniers and a full-motion base allowing
realistic movement within high-quality visuals presented on
multiple display monitors images.
Our port and gantry crane simulators can be used to train
operators in moving huge volumes of cargo efficiently or as
a remote operating system, monitoring or manipulating
cranes from a safe and convenient location.
Our state-of-the-art technology is widely accepted as
industry-leading and the technology is capable of being
directed towards all of the safety critical industries that we
serve.
With our simulation solutions and highly experienced
operators, clients can simulate and optimise complex and
dangerous operations, improving safety, operational
efficiency, and reduce operating costs, all in the safety of our
training centres.
Our business | Our solutions
Accessing our advanced simulation
Developing the simulation technology in-house gives us the
opportunity to offer our customers the same world-class and
true-to-life training facilities wherever their operations are
located. By expanding our technology through or network of
global training centres, clients now have unparalleled access
to the most effective and realistic dynamic simulator
solutions available.
By having our simulators, programmers, instructors and
training courses under one roof, clients now have global
access to high-quality, highly effective, customisable and
interactive
o Technical training
o Competency assessment
o Real-time consultancy
21BidCo RelyOn Nutec A/S | Annual report 2021 21BidCo RelyOn Nutec A/S | Annual report 2021
GOVERNANCE
AND RISK
Corporate Governance 22
Group Management 23
Board of Directors 24
Risk Management 25
Sustainability 27
22BidCo RelyOn Nutec A/S | Annual report 2021 Governance and risk | Corporate governance
The General Meeting elects the members of the Board of
Directors
The Board of Directors shall annually revise and oversee the
overall strategy, business and action plan for RelyOn Nutec
and approve the annual budget for the next financial year.
The Board of Directors has decided not to establish an Audit
Committee however the Board of Directors handles the
tasks related to such an committee.
Outline of responsibility:
• Lay down general business and management principles
of the Company
• Decide on strategy and risk policies for the Company
• Supervise the performance of the Company, the
Executive Management and secure the proper
organisation of the Company
• Monitor the independence of the external auditors and
the planning, execution and the opinion of the external
auditors
• Review the Company’s financial position, capital
resources and reporting on financials and performance
• Appoint members of the Executive Management
The Board of Directors will convene at least four times per
year.
The Executive Management is appointed by the Board of
Directors and consists of the Chief Executive Officer
(Group CEO)
The Executive Management is responsible for RelyOn
Nutec’s day-to-day management of the Company in
accordance with the directions provided by the Board of
Directors, among others comprising:
Outline of responsibility:
• Develop the business and provide strategies for the
Company to be approved by the Board of Directors
• Implement the strategy for the Company and execute on
investments and divestments
• Develop the organisational structure of the Company
and allocate resources
• Drive and monitor the performance of the Company
• Prepare internal and external financial reporting
• Establish internal policies and procedures for relevant
topics such as accounting, finance, IT, etc.
• Oversee enterprise risk management
• Report to the Board of Directors
Shareholders
Board of Directors
Group Management Team
Global management team
Executive Management
Group CEO
Board of Directors
Executive Management
Group CEO
RECOMMENDATION OUTLINED BY ACTIVE OWNERS DENMARK
The ultimate owner is Polaris Private Equity IV K/S (Polaris). Polaris is a private equity company, owns 98.5% of BidCo RelyOn Nutec A/S (RelyOn Nutec) and is a member of Active Owners Denmark (formerly the “Danish Venture Capital Association” or
“DVCA”) and is therefore covered by Active Owners Denmark’s guidelines and recommendations for responsible ownership and corporate governance for private equity companies and their portfolio companies. Thus, RelyOn Nutec must disclose how it
addresses the recommendations, using a “comply or explain“ approach. RelyOn Nutec complies with all the recommendations of September 2019 except for recommendation 3.1. with respect to establishment of an Audit Committee. Considering the size and
structure of RelyOn Nutec, the Board of Directors has decided not to establish a formal Audit Committee. Instead, such tasks are undertaken by the Board of Directors. The complete Corporate Governance Statement for the financial year 2021 is available on
the corporate website at: https://relyonnutec.com/media/0sidthnv/corporate-governance-report-2021.pdf . For further information of the recommendations, please refer to www.aktivejere.dk.
CORPORATE GOVERNANCE
Partnerships &
new markets
Legal,
compliance
& HSEQ
OperationsFinance
Technical training
& simulation
solutions
Digital services
Central EuropeAsia Brazil
PartnershipsUnited Kingdom
ScandinaviaMiddle EastGulf of Mexico
23BidCo RelyOn Nutec A/S | Annual report 2021
GROUP MANAGEMENT
Governance and risk | Group management
TORBEN
HARRING
ANDERS
BOELSKIFT
ANNE
MELCHIORSEN
BIRGITTE
POULSEN
HARRY VAN DER
VOSSEN
COLIN
LEYDEN
JASON
GRANT
Group CEO Chief Financial Officer
(CFO)
Chief Operating Officer
(COO)
General Counsel VP, Digital Services VP, Partnerships and New
Markets
VP, Technical Training and
Simulation Solutions
Male Male Female Female Male Male Male
CEO since 2017 CFO since 2020 COO since 2021 General Counsel since 2019 VP since 2019 VP since 2013 VP since 2014
1972, Denmark 1972, Denmark 1975, Denmark 1980, Denmark 1961, the Netherlands 1968, Scotland 1973, Scotland
Executive MBA, MSc
MSc in Business
Administration
Executive MBA, MSc
Master of Law, INSEAD
Management Programme
HTS Mechanical Engineering Graduate Diploma BSc
PREVIOUSLY BEEN WITH:
Falck, Dong Energy (Now
Ørsted), DLG Group,
Rockwool and FMC
Corporation (Cheminova)
PREVIOUSLY BEEN WITH:
IC Group, Genmab,
Carlsberg and Ernst and
Young
PREVIOUSLY BEEN WITH:
Danske Bank and
PricewaterhouseCoopers
PREVIOUSLY BEEN WITH:
Falck, Bech-Bruun and A.P.
Moller – Maersk Group
PREVIOUSLY BEEN WITH:
Atlas Knowledge, Petroweb
Solutions and Shell
PREVIOUSLY BEEN WITH:
Norgren, IMI, Novar Systems
UK and Polaroid (UK) Ltd
PREVIOUSLY BEEN WITH:
Aberdeen Drilling School,
Scottish Development
International, Scottish
Enterprise
24BidCo RelyOn Nutec A/S | Annual report 2021
BOARD OF DIRECTORS
Governance and risk | Board of Directors
JAKOB BO
THOMASEN
JESPER TEDDY LOK HENRIK BONNERUP JAN DAMSGAARD MERETE SØBY
Chairman
Board member Board member Board member Board member
Male – Danish Male – Danish Male – Danish Male – Danish Female – Danish
Board member since 2018 Board member since 2018 Board member since 2018 Board member since 2019 Board member since 2021
Is regarded as independent Is regarded as independent
Represents Polaris A/S and is not
regarded as independent
Is regarded as independent Is regarded as independent
Experience with management of
global, listed shipping, oil and gas
companies, strategy, investment,
sale and purchase, financial issues
and risk management
Experience with general
management, shipping, finance,
internationalisation and business
insights
Experience with management, M&A,
finance and strategy
Experience with digital solutions,
digital transformations, innovation
and academic learning
Management of IT companies,
commercial excellence, experience
with digitally driven solutions and
digital transformation
OTHER DIRECTORSHIPS:
DHI A/S, Hovedstadens Letbane
I/S, Esvagt A/S and Lundin Energy
AB
OTHER DIRECTORSHIPS:
ALLIANCEPLUS HOLDING A/S,
CADELER A/S, Dagrofa ApS,
Gertsen & Olufsen, Nature Energy,
Pisiffik A/S, SILVERSTREAM
Technologies and Vestergaard
Company A/S
OTHER DIRECTORSHIPS:
ALLIANCEPLUS HOLDING A/S,
LINK LOGISTICS (HOLDING A/S
and A/S), Sinful Holdco A/S and
other Polaris related entities
OTHER DIRECTORSHIPS:
IoT Denmark A/S and PayProff A/S
OTHER DIRECTORSHIPS:
Blue Water Property A/S, Edlund
A/S, DHI A/S and Charlie Tango A/S
25BidCo RelyOn Nutec A/S | Annual report 2021 Governance and risk | Risk management
RISK MANAGEMENT
RelyOn Nutec consistently identifies, manages and monitors
risks globally and rapidly shares risk mitigation solutions
against critical risks.
RelyOn Nutec maintains a reporting and review process to
create an overview of risks and full transparency into
mitigating controls for the entire Group and its constituent
entities, divisions, and business streams.
The objective is to manage top risks in order to deliver the
best possible service to customers, protect the value of the
business, safeguard future earnings, and reduce costs
associated with risk events.
Risk is defined as “all threats to the current value of the
business and its future cash flows".
RISK MANAGEMENT PRINCIPLES
The Board of Directors assists the Executive Management in
overviewing the Company’s overall risk-taking while the
Executive Management is responsible for identifying and
analysing material risks and developing the Company’s risk
management.
FINANCIAL REPORTING AND INTERNAL
CONTROLS
The Board of Directors and the Executive Management
regularly assess material risks and internal controls in
connection with the Group’s financial reporting process. The
Board of Directors monitors the process of financial reporting
on an ongoing basis, as well as the adequacy and
effectiveness of the established internal controls.
The Board of Directors and the Executive Management
define the guidelines for procedures and internal controls to
which compliance must be kept.
The adopted policies, guidelines and procedures are
updated and communicated internally on a regular basis.
Any material weaknesses, inadequacies and violation of
adopted policies, business procedures and internal controls
are reported to the Board of Directors.
Identification
Identification is made in a joint effort between Group
functions and the local teams. Evaluation and control
are performed through the global risk management
platform.
Evaluation
All identified risks are evaluated through the global
risk management platform. Risk assessment is rated
for impact and likelihood.
Control
Risk response actions depend on the evaluation.
Response actions have the nature of control,
awareness, communication and/or other preventing
actions.
Report
Communication and monitoring are made through the
global risk management platform.
An overall report is presented to the management,
which includes risk assessment and risk response for
the following risks:
1. Global economic crisis
2. Material slowdown in the oil and gas industry
3. Safety incidents
4. Cybercrime and IT breakdown
The above risks are not prioritised or ranked.
Definition and mitigation of risks are outlined on page
26. Financial risk and capital management are
outlined in the section 4 and note 5.3, respectively.
Although the COVID-19 pandemic had a significant
impact on the world, a risk on ‘worldwide pandemic
disease’ is not included as a key risk. In general,
pandemic outbreaks are rare events and have
therefore not been rated highly on likelihood. The
COVID-19 pandemic is currently affecting businesses
and will continue to do so in 2022. The Group
Management Team will continue to monitor and
address potential business risks arising from the
COVID-19 situation.
The current situation in Ukraine is most unfortunate
but is not affecting our company. We have
insignificant business with Russian customers which
are being addressed.
Identification
EvaluationControl
Report
26BidCo RelyOn Nutec A/S | Annual report 2021 Governance and risk | Risk management
3
Safety incidents
Risk
An incident occurs where a student is
severely injured or even killed.
Mitigation
Safety instructions prior to the start of any
training sessions. Documentation of
incidents and close communication with
customers about any incidents.
1
Global economic crisis
Risk
Our operation and activities are global and
a global economic crisis could affect us by
customers cutting resources, lowering
activity and limit travel.
Mitigation
Variable and flexible cost base.
Distributed foot print and global multi-skilled
workforce.
2
Material slowdown in the
oil and gas industry
Risk
The majority of activities are related to the
oil and gas market. Profitability and cash
flow are dependent on the level of oil and
gas capital spending by such companies
who are dependent on the market price of
oil and gas.
Mitigation
Rollout of competence and workforce
management software and outsourced
TMS, which ensures volume, stickiness and
market intelligence.
Product development and entry into new
industries are ongoing, however, with a
decreased focus towards the oil and gas
market.
4
Cybercrime and IT
breakdown
Risk
The Group depends on information
technology to manage critical business
processes, including administrative and
financial functions.The increasing number
of cyber attacks or failure of the Group's
information technology systems could
cause transaction errors and loss of
customers, and could have an adverse
effect on the Group's business, earnings,
and financial position as well as future
prospects.
Mitigation
The Group has a dedicated IT Department
to monitor business critical applications.
The Group aims at using standard systems,
whenever possible and implementation of
additional cyber attack mitigation
measures. The purpose is to lower
exposure and increase the ability to receive
assistance from external resources.
RISK MANAGEMENT - continued
27BidCo RelyOn Nutec A/S | Annual report 2021
SUSTAINABILITY
For RelyOn Nutec, safety is not only our business – it is in
our DNA. Helping our customers to ensure a healthy and
safe work environment is our purpose, and we take pride in
ensuring that our delegates have the right skill set to stay
safe in hazardous and potentially life-threatening situations.
We are committed to protecting the health, safety, and
wellbeing of all employees, delegates, and visitors across
the entire organisation. We focus on minimising risks and
raising awareness about health and safety for our
employees.
We conduct our business based on compliance with
applicable anti-corruption laws and regulations, integrity, and
high ethical standards. We reduce the risk of corruption by
working actively to ensure that our employees have the right
knowledge and skills.
RelyOn Nutec continuously identifies, prevents or mitigates
its risks of adverse impacts on the core principles for
sustainability. The main risks related to our environmental
impact are through the emissions inevitable as part of our
physical training operations. We are committed to reducing
the environmental footprint of our operations through
efficient use of resources and continuous focus on reducing
our energy consumption and CO2 emissions.
We operate our business with respect for human and labour
rights everywhere and expect the same from our business
partners.
We are a global business delivering safety and competence
services across the world, helping our customers protect
their people, assets, and the environment. Our training
solutions are designed with the principle of providing realistic
and fully immersive training experiences. Globally, our
capability has developed beyond safety and survival training
to include more advanced and technical training and
corporate services to help companies better manage their
overall training and competence needs. Knowledge and
experience are transferable, and we play an increasingly
significant role in developing a safe workplace helping
customers in safety critical industries improve safety.
Governance and risk | Sustainability
Customers across the world choose and trust us year after
year because we put reliability, competence and
sustainability first.
Our responsibility and commitment to ensuring the safety of
our employees and those affected by our business, remain
core to our strategic commitment “safety is in our DNA”.
Understanding and managing our risks to avoid harm to
people, related to all our activities, stand firm and are
consistent with the United Nations Guiding Principles
(UNGPs) on Business and Human Rights and the outlined
ten principles. In 2021, we worked towards further
integrating the ten principles into our management system,
building capacity to address and manage risks, and
continued to embed environmental, economic and human
rights due diligence into our processes. The impact
assessments performed on human-, environmental- and
economic rights have showed that we are exposed to
impacts particularly regarding human rights, in the health
and safety area, which we mitigate through continuous
global and local initiatives.
The UN's Global Compact
The UN's Global Compact is the world's largest CSR
initiative. The registration obliges to prepare an annual
progress report, in which the participating companies
describe the work of translating the UN Global Compact's
ten principles into the company's strategy and actions.
As part of the initiative, we publish a Communication on
Progress (CoP) report every year, which constitutes the
company's progress report
https://relyonnutec.com/media/stgfhn21/communicationonprogress-
2021.pdf. The report describes our work to systematically act
responsibly in relation to the three bottom lines: social,
environmental, and economic sustainability.
EU Taxonomy
The EU Commission has established the EU Taxonomy as
an enabler to scale up sustainable investments. The
taxonomy is a catalogue of environmentally sustainable
economic activities, each with criteria to determine if they
substantially contribute towards a sustainable economy. In
June 2021, the Commission adopted the Climate Delegated
Act for the first two out of six environmental objectives of the
Taxonomy Regulation, namely climate change mitigation
and climate change adaptation, with the remaining four
expected during 2022.
We have assessed whether our activities can be identified in
the taxonomy and thereby be classified as taxonomy-
eligible. Our current assessment is, based on NACE codes
and analyses of our activities, that our primary activity is not
currently covered by the taxonomy and we will therefore
report revenue, OPEX and CAPEX as 0 with respect to the
taxonomy reporting this year.
We expect that this will change; and we therefore expect to
report on taxonomy-eligible revenue in the coming years.
We want to ensure that we live up to the criteria regarding
‘substantial contribution’ followed by ‘do no significant harm’
and minimum social safeguards, after which we can classify
our activities as taxonomy-aligned.
The framework for RelyOn Nutec’s commitment
We continued the dedicated work initiated in 2020.
Sustainability and Environmental Social Governance (ESG)
have been – and will continue to be one of the key areas of
focus. Our sustainability commitment is further outlined here:
https://relyonnutec.com/sustainability/
The backbone of our CSR strategy - now also called
Sustainability or ESG (Environmental, Social and
Governance) - is shaped by the ten principles of the UN
Global Compact. Our mission is to provide high-quality
services, while also influencing and strengthening the
compliance with internationally proclaimed principles for
Human Rights and Labour Standards, Environment and
Anti-corruption.
o We strive to monitor and manage the sustainability risks
associated with our business.
o We know that responsible business conduct provides
sustainable, long-term business results, and that
responsibility is a prerequisite for retaining our
customers’ trust and confidence.
o Addressing and working with the Sustainable
Development Goals (SDGs) give our company an
important voice.
Implementation and Due Diligence
RelyOn Nutec’s commitment is based on the agreed core
principles for sustainable development. We naturally comply
with local legislation wherever we operate.
Key focus areas and contributions
RelyOn Nutec works actively to support the United Nations
Sustainable Development Goals SDGs and shares the view that
business has a key role to play in implementing the goals. Our
business activities have both positive and negative impacts on
the SDGs. RelyOn Nutec supports all the 17 SDGs and
contributes in particular to the following four goals: Gender
equality, decent work and economic growth, climate action and
anti-corruption.
Below is a description of our focus areas.
REPORTING
Reporting on corporate social responsibility cf.
sections 99a and 99b of the Danish Financial Statement
Act
Our annual report meets the requirements of sections 99a and
99b of the Danish Financial Statements Act.
Reporting on Data Ethics cf. section 99d of the Danish
Financial Statement Act
The responsible use of data is a critical enabler for RelyOn
Nutec’s business. It is vital to manage the use of customers’
and employees’ data in an ethical, responsible and transparent
manner to avoid abuse and privacy infringement issues.
In 2021, a policy on data ethics with accompanying governance
measures was implemented in accordance with regulatory
requirements. The policy is published and implemented and is
available for all employees on the Group's QMS
In addition to this, our commitment means that we
continuously identify, prevent or mitigate our risk of adverse
impacts in relation to the core principles for sustainability. As
part of our commitment, we are performing continuous
impact assessments analysing our risk of possible impacts
on the areas covered by the UN Guidelines. The impact
assessments allow us the broadest picture of our business
risks as possible. For the vast majority of the risks, the
analysis showed that RelyOn Nutec already had efforts to
prevent or mitigate them, but the analysis led to focus areas
where the work with social responsibility could be concretely
clarified and optimised.
We will continuously seek to contribute proactively to
sustainable development, where it makes most sense and
where we can have the best impact.
28BidCo RelyOn Nutec A/S | Annual report 2021 Governance and risk | Sustainability
FOCUS AMBITIONS TARGETS PROGRESS IN 2021 AMBITION IN 2022
Sustainable
development
We strive to monitor and manage the sustainability risks
associated with our business, and communicate our
performance.
Ensuring continuously responsible and sustainable business
conduct to retain our customers’ trust and confidence.
Addressing and working with the Sustainable Development
Goals (SDGs) give our company an important voice.
o Perform 2 new impact analyses (IA) per year,
preferably in different continents (regions),
assessing our impacts on human-,
environmental- and economic rights
o Continue to reassess the former impact
assessments
In 2021, we managed to perform two IAs in different continents and have now performed
a total of 6 IAs on 4 countries.
We implemented a software solution to manage our operational level due diligence
process, to pull action reports from our impact assessments and to maintain an overview.
o Perform two new impact analyses (IA)
o Reassess the former impact assessments
o Communicate our efforts internally
Diversity
and
inclusion
2021 has been the year when gender equality was seriously put
on our agenda. We want to accelerate the share of women in
the organisation to meet our targets in 2025.
At RelyOn Nutec, we proactively work to ensure gender
diversity across the organisation with equal opportunities and
terms. We want to ensure all employees have an equal voice in
the workplace, including through adequate grievance
mechanisms and employee satisfaction feedback systems and
processes.
o Targets for females in the organisation in 2025
are:
o Employees: 40%
o Management: 30%
o Board: 40%
o Measure the gender equality performance
baseline through use of the Women’s
Empowerment Principles (WEP) Gender Gap
Analysis Tool
o A completion rate of > 80% on workplace
harassment and respect learning
The gender composition of employees, management, board and split into continents is on
the next page. In spite of significant initiatives, we did not reach our targets for gender
composition, e.g. one female board member was elected to the Board, however this was
not sufficient to achieve the target. Our efforts in this area will continue.
We participated in a “Target Gender Equality” (TGE) accelerator programme to raise the
share of women in the company. The programme helped us understand our current
gender equality performance to identify our challenges and opportunities. Our baseline
analysis showed we were on “beginner level”.
All employees were enrolled into e-learning on workplace harassment and respect, and
73% passed the course.
We have performed an equal pay screening as part of our IA, and in the 4 screened
countries, we did not have any gender-based pay gap.
o Targets for females in the organisation are:
o Employees, board, management: 40%
o The gender equality performance to be at “improver
level”
o Unconscious bias (and inclusion) training
o Implement policies on:
o Non-discrimination and equal opportunities in
recruitment, promotion, and pay
o Maternity and paternity schemes
o How to support parents and caregivers
o Work-life balance
o Equal pay screening in all our entities
Safety
We want to be our customers’ first choice as an “integrated
safety service provider” providing complete and lasting safety
competencies that go beyond compliance. We strive to extend
our global reach and be the preferred safety partner throughout
the world. We constantly push to set new standards of safety
that account for all risks and ensure that we deliver lasting
safety competences to our customers that go beyond
compliance.
We continuously work to minimise risks and raise awareness
about health and safety for our employees.
o Target of 1,00 LTIF* for employees and 0,50
LTIF* for delegates. (*Number of lost time
injury events per 1,000,000 hours
worked/trained)
o While LTls, in general, are difficult to eliminate
completely, RelyOn Nutec targets 0 fatalities
and 0 major incidents
In 2021, we had one LTI for delegates. No LTIs for employees.
We are holding Global HSEQ meetings 4 times a year to discuss incidents, the learning
outcome and how to prevent them.
All employees must complete digital or physical 1
st
aid training 4 times a year.
We have implemented an “easy-to-use” global reporting tool, to make it easier and fast to
report incidents for both employees and delegates. In that way we share all global
incidents to everyone as “learning opportunities” to increase the safety for all.
Each month all the reported cases are assessed to look for trends and consistency in
reports. If there are trends or cases of “global” interest, they will be shared globally.
o Continue the close monitoring of HSEQ cases
o Continue Global HSEQ meetings, network, and
knowledge sharing
o Update and include adaptive platform in the first aid
e-learning course
o Prepare e-learning on safety for all employees
o LTIF for both employees and delegates: 0,5
o Target 0 fatalities and 0 major incidents.
Employee
initiated
turnover
Maintain a competent and experienced workforce by
decreasing our employee turnover.
Address our targets in an employee engagement survey to
ensure good, safe work environment, inclusion and employee
engagement.
o Prepare questions for global employee
engagement survey
o Employee-initiated turnover < 8 %
Meet the target for employee turnover, we have commenced a number of initiatives. We
have created an HR forum for the HR responsible persons in the countries to knowledge
share on HR matters, and among other themes how to decrease the employee turnover.
o Implement the global employee engagement survey
in Q1 2022
o Analyse the data and create adequate actions to
increase employee satisfaction and decrease
employee turnover
CO
2
emission
Through our continuous efforts, reduce CO2 emissions, we are
preparing for a future that will be different. The need for energy
will be high as ever, however with far lower emissions.
We want to drive changes towards a future that will have to be
net zero. It sets a clear strategic direction and demonstrates
RelyOn Nutec’s continued commitment to long-term value
creation in line with environmentally responsible practices.
o Initial reduction strategy defined. Target for
scopes 1 & 2 has been set to be reduced by
25% by 2025. TCFD-aligned analysis has
been conducted and initiatives related to risks
and opportunities launched
o Comply with regulatory demands to reduce air
emission impacts and continue investing in
solutions that will enable this
As part of our efforts to reduce CO2 emissions and work to improve climate resilience of
operations, we are developing digital training solutions. In 2021, our digitalisation has
been accelerated and improved by an adaptive learning software. Furthermore, we are
continuously improving resource efficiency in our current training services.
o At HSEQ meetings continuous focus on sustainable
initiatives and spread the initiatives between centres
o Decrease CO2 emission by 25% by 2025
o Participate in Climate Ambition Accelerator
programme
o Measure part of scope 3 emissions
Anti-
corruption
With a large geographical spread where business practices
vary significantly, it is very important for RelyOn Nutec to
substantially reduce corruption and bribery in all their forms.
o All employees to be enrolled on e-learning
course on anti-bribery and corruption and
>80% must pass the course
We have implemented anti-corruption and anti-bribery policies (ABC) and have provided
proper digital learning to all our employees to identify and act against corruption and
bribery.
We have a gift and hospitality policy and a reporting tool. We did not succeed in
implementing the reporting tool; it is not yet in use.
o Update and implement the Gift and Hospitality Policy
and reporting tool
o ABC e-learning to all employees once a year
o Develop more detailed ABC procedures
BidCo RelyOn Nutec A/S | Annual report 2021 29
2021 Sustainability
CO2 EMISSION
EMPLOYEE INITIATED
TURNOVER
SAFETY
BOARD OF
DIRECTORS
GROUP
MANAGEMENT
AMERICAS EUROPE ASIA
MIDDLE
EAST
GENDER DIVERSITY
GROUP
100% 100%
80%
0% 0%
20%
2019 2020 2021
63% 63%
60%
37% 37%
40%
2019 2020 2021
80%
83%
71%
20%
17%
29%
2019 2020 2021
73%
74%
69%
27%
26%
31%
2019 2020 2021
56%
58%
60%
44%
42%
40%
2019 2020 2021
85%
73%
78%
15%
28%
22%
2019 2020 2021
66%
68%
65%
34%
32%
35%
2019 2020 2021
: Male : Female
EMPLOYEE
LTIF*
DELEGATE
LTIF*
1,1
1,2
0,0
2019 2020 2021
0,6
0,5
0,4
2019 2020 2021
*Number of lost time injury events per 1.000.000 hours worked for employees.
Number of lost time injury events per 1.000.000 hours trained for delegates (course participants)
Amounts in tonCO2/mDKK
*Scope 1; Fuels in operation and company cars
*Scope 2; Electricity, heat and cooling
Internal anti-bribery e-learning completions
ANTI-BRIBERY
Share of workforce
Completions
2021
112
10%
2019
81
8%
2020
42
4%
2021
6,4
4,6
3,3
3,5
9,8
8,1
2019 2020 2021
Scope 1 Scope 2
92%
5,233 5,296
Ton CO
2
Not
applicable
Governance and risk | Sustainability
Total number of employee-initiated separations (e.g., resignation and retirement) during the
reporting period, divided by the average number of workers during the year
30BidCo RelyOn Nutec A/S | Annual report 2021
AMERICAS
Free training for chaplaincy in order to
comply with offshore safety
requirements when travelling out to
mentally/morally support staff.
Online workshop offered to the
community about Fire Risks and Safety
at home.
Free first aid courses for mothers and
children from 8 years old.
EUROPE
Replace all bulbs with LED bulbs.
Waste sorting and recycling.
Replacement of plastic cutlery with
wooden cutlery.
MIDDLE EAST
Replacement of plastic items with
wooden cutlery.
Plastic cups replaced with mugs and
glasses.
Motion light sensors.
ASIA
All staff have an annual “sustainability
day” to perform voluntary work on ESG
projects, e.g; beach clean-ups, teach
first aid to local community, handymen
at orphanages etc.
Global
ESG initiatives
Governance and risk | Sustainability
31BidCo RelyOn Nutec A/S | Annual report 2021BidCo RelyOn Nutec A/S | Annual report 2021 31
Consolidated financial
statements 2021
1 January – 31 December
Consolidated income statement and
consolidated statement of
comprehensive income
32
Consolidated statement of financial
position
33
Consolidated statement of changes in
equity
34
Consolidated statement of cash flows
35
Notes
36
32BidCo RelyOn Nutec A/S | Annual report 2021 Consolidated financial statements | Income statement and statement of comprehensive income
CONSOLIDATED INCOME STATEMENT CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
DKKm
Notes
2021
2020
Revenue
2.1
657
535
Other income
2.2
32
40
Cost of sales
(200)
(164)
Staff costs
2.3, 2.4
(320)
(321)
Other
external costs
(61)
(62)
Operating result before depreciation,
amortisation,
impairment losses and special items (EBITDA)
108
28
Depreciation and impairment losses on property, plant and
equipment
2.5
(63)
(75)
Operating result before
amortisation and special items
(EBITA)
45
(47)
Amortisation of
intangible assets 2.5
(22)
(19)
Operating result before special items
23
(66)
Special items
2.6
(5)
(16)
Operating result (EBIT)
18
(82)
Financial income
2.7
6
7
Financial expenses
2.8
(72)
(82)
Result before tax
(48)
(157)
Income tax
2.9
(10)
(2)
Result for the year of continuing operations
(58)
(159)
Result for the year of discontinued operations
2.10
-
(16)
Result
for the year
(58)
(175)
Result for the year is attributable to:
Owners of BidCo RelyOn Nutec A/S
(58)
(176)
Non
-controlling interests
-
1
Total
(58)
(175)
2021
2020
DKKm
Result
for the year
(58)
(175)
Other comprehensive income
Exchange rate adjustments of foreign entities and intercompany loans classified
as part of net investment
25
(54)
Recycling of exchange rate reserve at time of disposal of foreign entities
-
7
Total comprehensive income for the year
(33)
(222)
Total comprehensive income for the year is attributable to:
Owners of BidCo RelyOn Nutec A/S
(33)
(215)
Non
-controlling interests
-
(7)
Total
(33)
(222)
33BidCo RelyOn Nutec A/S | Annual report 2021 Consolidated financial statements | Financial position
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 December
2021
31 December
2020
31 December
2021
31 December
2020
DKKm
Notes
DKKm
Notes
Goodwill
3.1
220
200
Share capital
3.7
2
2
Brands
3.1
54
51
Foreign currency translation reserve
(20)
(45)
Customer contracts
3.1
45
52
Retained earnings
75
124
Knowhow
3.1
18
20
Total equity attributable to owners of the parent company
57
81
Software
3.1
24
28
Non
-controlling interests
4
4
Other intangible assets
3.1
32
17
Total equity
61
85
Total Intangible assets
393
368
Property and plant
3.2
141
159
Bond
4.4
413
400
Equipment
3.2
88
87
Shareholder loan
4.4
35
31
Leasehold improvement
3.2
34
33
Credit facility
4.4
40
40
Asset under construction
3.2
-
1
Provisions
6.2
23
18
Total property, plant and equipment
263
280
Lease liabilities
3.3
246
274
Right
-of-use asset 3.3
221
221
Deferred tax liabilities
3.5
15
5
Deferred tax asset
3.5
45
26
Other payables
3.8
20
44
Other non
-current assets
15
16
Total non
-current liabilities
792
812
Total non
-current assets
937
911
Trade payables
4.4
103
70
Trade receivables
3.4
91
69
Deferred consideration
-
3
Contract assets
3.4
13
9
Lease liabilities
3.3
32
30
Prepayments
18
11
Other payables
3.8
130
84
Other receivables
3.6
16
14
Total current liabilities
265
187
Cash and cash equivalents
4.4
43
70
Total liabilities
1,057
999
Total current assets
181
173
Total equity and liabilities
1,118
1,084
Total assets
1,118
1,084
34BidCo RelyOn Nutec A/S | Annual report 2021 Consolidated financial statements | Statement of changes in equity
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Supplementary information
2021:
No Group contribution was made in 2021.
2020:
The Group contribution was made in cash by the
parent company, P-Holding RelyOn Nutec A/S.
Share capital
Foreign
currency
translation
reserve
Retained
earnings
Total equity
attributable to
owners of
Bidco RelyOn
Nutec A/S
Non-
controlling
interests
Total
DKKm
Equity at 01.01.2020
2
(6)
293
289
27
316
Result for the year
-
-
(176)
(176)
1
(175)
Other comprehensive income
-
(39)
-
(39)
(8)
(47)
Total comprehensive income for the year
-
(39)
(176)
(215)
(7)
(222)
Transactions with owners in their capacity as owners
Divestment
of non-controlling interests
-
-
-
-
(16)
(16)
Group
contribution
-
-
7
7
-
7
Total transactions with shareholders
-
-
7
7
(16)
(9)
Equity at 31.12.2020
2
(45)
124
81
4
85
Result for the year
-
-
(58)
(58)
-
(58)
Other comprehensive income
-
25
-
25
-
25
Total comprehensive income for the year
-
25
(58)
(33)
-
(33)
Transactions with owners in their capacity as owners
Non
-controlling interests on acquisition of subsidiary
-
-
-
-
9
9
Reclassification
-
-
9
9
(9)
-
Total transactions with shareholders
-
-
9
9
-
9
Equity at 31.12.2021
2
(20)
75
57
4
61
35BidCo RelyOn Nutec A/S | Annual report 2021 Consolidated financial statements | Statement of cash flows
CONSOLIDATED STATEMENT OF CASH FLOWS
DKKm
Notes
2021
2020
Operating result (EBITDA), continuing operations
108
28
Operating result (EBITDA), discontinued operations
2.10
-
(3)
Operating result before depreciation,
amortisation, impairment losses and special items (EBITDA)
108
25
Changes in net working capital
6.3
21
78
Income
taxes paid
(12)
(14)
Special items
paid
(9)
(21)
Net cash flow from operating activities
108
68
Purchase of property, plant and equipment
3.2
(21)
(32)
Purchase of intangible assets
3.1
(21)
(13)
Purchase of subsidiaries, net of cash
6.1
(2)
(2)
Proceed from sale of businesses
2.11
-
13
Net cash flow from investing activities
(44)
(34)
Free
cash flow
64
34
Interest
paid
(59)
(41)
Change of credit facilities
5.2
-
(2)
Installment on lease liabilities
3.3
(32)
(34)
Group
contribution
-
7
Proceeds from shareholder loan
5.2
-
30
Change in other financing activities
(2)
2
Cash flow from financing activities
(93)
(38)
Net cash flow for the year
(29)
(4)
Cash and cash equivalents, beginning of the period
70
77
Exchange rate impact
2
(3)
Change in cash and cash equivalents
(29)
(4)
Cash and cash equivalents at end of the year
4.4
43
70
36BidCo RelyOn Nutec A/S | Annual report 2021
Section 1: Basis of preparation
37
Note 1.1:
Accounting policies
38
Note 1.2:
Critical accounting estimates and judgements
40
Section 2: Consolidated income statement
41
Note 2.1:
Segments and revenue
42
Note 2.2:
Other income
43
Note 2.3:
Staff costs
44
Note 2.4:
Incentive
programme
44
Note 2.5:
Amortisation
, depreciation and impairment losses
44
Note 2.6:
Special items
45
Note 2.7:
Financial income
45
Note 2.8:
Financial expenses
45
Note 2.9:
Tax
46
Note 2.10:
Discontinued operations
47
Note 2.11:
Sale of businesses
48
Section 3: Financial position
49
Note 3.1:
Intangible assets
50
Note 3.2:
Property, plant and equipment
52
Note 3.3:
Leases
53
Note 3.4:
Trade receivables and contract assets
54
Note 3.5:
Deferred tax
55
Note 3.6:
Other receivables
55
Note 3.7:
Share capital
55
Note 3.8:
Other payables
55
Section 4: Financial risk management
56
Note 4.1:
Financial risk management
57
Note 4.2:
Market risk
57
Note 4.3:
Credit risk
58
Note 4.4:
Liquidity risk
59
Section 5: Capital structure
61
Note 5.1:
Measurement and fair value hierarchy
62
Note 5.2:
Changes in liabilities arising from financing activities
63
Note 5.3:
Capital management
63
Section 6: Other notes
64
Note 6.1:
Business combination
65
Note 6.2:
Provisions
67
Note 6.3:
Change in net working capital
67
Note 6.4:
Fee to auditors
68
Note 6.5:
Related parties
68
Note 6.6:
Commitments and contingent liabilities
68
Note 6.7:
Events after the balance sheet date
68
Note 6.8:
Group companies
69
Notes
Section 1:
Basis of preparation
Note 1.1: Accounting policies 38
Note 1.2: Critical accounting estimates and judgements 40
38BidCo RelyOn Nutec A/S | Annual report 2021 Consolidated financial statements | Notes | Section 1: Basis of preparation
Note 1.1
NOTE 1.1 - ACCOUNTING POLICIES
BidCo RelyOn Nutec A/S is a private limited company
incorporated in Denmark and is listed on Oslo Stock
Exchange (Oslo Børs) due to a bond issue.
The Consolidated Financial Statements have been
prepared in accordance with International Financial
Reporting Standards as adopted by the EU and
further requirements in the Danish Financial
Statements Act.
The Consolidated Financial Statements have been
prepared under the historical cost convention, except
that financial instruments are measured at fair value.
The financial statements are presented in Danish
Kroner (DKK), which is the parent company’s
functional currency. The Consolidated Financial
Statements are presented in DKK million.
In general, the accounting policies are described in
each of the specific notes to the Consolidated
Financial Statements, which also include additional
description of the most significant accounting
estimates and judgements.
Goodwill and contingent consideration related to non-
controlling interest (included in “Other payables”) have
been adjusted by DKKm 21m as put options related to
certain agreements were not recognised at the time of
acquisition. The comparative figures have been
adjusted. The income statement and equity have not
been impacted.
Except as outlined below, the accounting policies,
judgements and estimates are consistent with those
applied in the Consolidated Financial Statements for
2020.
Adoption of new and amended standards
The IASB has issued a number of new standards and
amendments (IFRS 9, IAS 39, IFRS 7 and IFRS 16)
with effect for the 2021 Consolidated Financial
Statements.
None of the new standards issued have any
significant impact on the Consolidated Financial
Statements for 2021.
New accounting regulations
The IASB has issued a number of new standards and
amendments (IAS 1, IAS 8, IAS 12 and IFRS 16) not
yet in effect or endorsed by the EU and therefore not
relevant for the preparation of the 2021 Consolidated
Financial Statements. RelyOn Nutec expects to
implement these standards when they take effect.
None of the new standards issued are currently
expected to have any significant impact on the
Consolidated Financial Statements when
implemented.
Basis of consolidation
The Consolidated Financial Statements include the
parent company, BidCo RelyOn Nutec A/S, and its
subsidiaries. Subsidiaries are entities that are
controlled by the Group. The Group controls an entity
when the Group is exposed to, or has rights to,
variable returns from its involvement with the entity
and has the ability to affect those returns through its
power to direct the activities of the entity. Subsidiaries
are fully consolidated from the date on which control is
transferred to the Group. They are deconsolidated
from the date that control ceases.
.
On consolidation, investments in subsidiaries, intra-
group income and expenses, intra-group balances
and dividends and realised and unrealised gains and
losses on transactions between Group entities are
eliminated. The line items of the financial statements
of subsidiaries are fully consolidated in the
consolidated financial statements. Accounting policies
of subsidiaries have been changed where necessary
to ensure consistency with the policies adopted by the
Group.
Non-controlling interests
Non-controlling interests in the results and equity of
subsidiaries are shown separately in the consolidated
statement of profit or loss, statement of
comprehensive income, statement of changes in
equity and balance sheet, respectively.
On initial recognition, non-controlling interests are
measured either at fair value (including the fair value
of goodwill related to non-controlling interests in the
acquiree) or as non-controlling interests’ proportionate
share of the acquiree’s identifiable assets, liabilities
and contingent liabilities measured at fair value
(excluding the fair value of goodwill related to non-
controlling interests’ share of the acquiree). The
measurement basis for non-controlling interests is
selected for each individual transaction.
When the Group assumes an obligation from a put
option to acquire shares from a non-controlling
interest, a financial liability is recognised, which is
measured at the present value of the expected
redemption amount. Where the significant risks and
rewards of the shares have been transferred to the
Group, no non-controlling interest is recognised, and
the liability related to the put option is treated as a
contingent consideration liability. If risks and rewards
related to the put option have not been transferred to
the Group, the non-controlling interest remains being
recognised, and a corresponding entry is made
against the Group's share of equity.
Foreign currency translation
Items included in the financial statements of each of
the Group’s entities are measured using the currency
of the primary economic environment in which the
entity operates (‘the functional currency’).
Transactions and balances
On initial recognition, transactions denominated in
foreign currencies are translated into the functional
currency at the exchange rates at the transaction
date.
Exchange differences arising between the exchange
rate at the transaction date and the exchange rate at
the date of actual payment are recognised in the
income statement under financial income or financial
expenses.
Receivables, payables and other monetary items in
foreign currency are translated into the functional
currency at the exchange rate at the balance sheet
date. The difference between the exchange rate at the
balance sheet date and the exchange rate at the date
when the receivable or payable arose or the exchange
rate applied in the most recent financial statements is
recognised in the income statement under financial
income or financial expenses.
39BidCo RelyOn Nutec A/S | Annual report 2021 Consolidated financial statements | Notes | Section 1: Basis of preparation
Notes 1.1
NOTE 1.1 - ACCOUNTING POLICIES - Continued
On recognition in the Consolidated Financial
Statements of entities with a functional currency other
than DKK, income and expenses for the statement of
comprehensive income are translated at the exchange
rates at the transaction date. Average exchange rates
for the month are used as the exchange rate at the
transaction date to the extent that this does not
significantly change the presentation of the underlying
transactions.
Assets and liabilities are translated at the exchange
rates at the closing rate of the balance sheet date. All
resulting exchange differences are recognised in other
comprehensive income and classified in equity in a
separate currency translation reserve.
Foreign exchange adjustments of receivables and
payables in foreign subsidiaries that form part of the
net investment are recognised under other
comprehensive income in the consolidated financial
statements and in the income statement of the parent
company financial statements.
Income statement
Cost of sales
Cost of sales comprises expenses related to course
material and subcontractors.
Other external costs
Other external costs comprise marketing, external
consultancy, facilities, etc.
Balance
Financial liabilities
Financial liabilities primarily comprise of bonds, banks
loans, trade payables, deferred considerations and
contingent consideration liabilities. Financial liabilities,
except for contingent liabilities, are initially recognised
at fair value less transaction costs. In subsequent
periods, financial liabilities are measured at amortised
cost.
Contingent consideration liabilities arising from
business combinations are subsequently measured at
fair value.
The initial fair value of the liability portion of the
shareholder loan was determined using a market
interest rate for an equivalent non-convertible loan at
the issue date. The liability is subsequently
recognised on an amortised cost basis until
extinguished on conversion or maturity of the loan.
The remainder of the proceeds is allocated to the
conversion option and recognised in shareholders’
equity, net of income tax, and not subsequently
remeasured.
Cash flow statement
The cash flow statement shows the Group's cash
flows for the year broken down by operating, investing
and financing activities, changes for the year in cash
and cash equivalents as well as the Group's cash and
cash equivalents at the beginning and end of the year.
Cash flows from operating activities are calculated as
the operating profit before depreciation, amortisation,
impairment losses and special items (EBITDA)
adjusted for changes in working capital and non-cash
operating items such as depreciation, amortisation
and impairment losses, and provisions.
Working capital comprises current assets less short-
term debt, excluding items included in cash and cash
equivalents.
Cash flows from investing activities comprise cash
flows from acquisitions and disposals of intangible
assets, property, plant and equipment as well as fixed
asset investments.
Cash flows from financing activities comprise interest
paid cash flows from the raising and repayment of
long-term debt, including payments related to lease
liabilities as well as payments to and from
shareholders and non-controlling interests.
Cash and cash equivalents comprise cash at bank
and in hand.
Key figures
The financial ratios have been calculated in
accordance with the recommendations of the
Association of Danish Financial Analysts.
Reporting under the ESEF Regulation
The Commission Delegated Regulation (EU)
2019/815 on the European Single Electronic Format
(ESEF Regulation) has introduced a single electronic
reporting format for the annual financial reports of
issuers with securities listed on the EU regulated
markets.
The ESEF Regulation sets out the following main
requirements: (1) issuers shall draw up and disclose
their annual financial reports using the XHTML format;
and (2) issuers that draw up their primary
consolidated financial statements in accordance with
IFRS as endorsed by the EU shall tag those
consolidated financial statements using inline
eXtensible Business Reporting Language (iXBRL) and
with effect from the 2022 annual report block tag the
notes to the Consolidated Financial Statements.
The combination of the XHTML format with the iXBRL
tags makes the annual financial reports both human-
readable and machine-readable, thus enhancing
accessibility, analysis and comparability of the
information included in the annual financial reports.
iXBRL tags shall comply with the ESEF taxonomy,
which is included in the ESEF Regulation and
developed based on the IFRS Taxonomy published by
the IFRS Foundation.
As part of the tagging process, financial statement line
items are marked up to elements in the ESEF
taxonomy. If a financial statement line item is not
defined in the ESEF taxonomy, an extension to the
taxonomy is created. Extensions must be anchored to
elements in the ESEF taxonomy, except for
extensions which are subtotals.
The annual report submitted to the Danish Financial
Supervisory Authority (The Officially Appointed
Mechanisms) consists of the XHTML document
together with some technical files all included in a ZIP
file named BidCoRelyOnNutec-2021-12-31-en.zip.
Key definitions
XHTML (eXtensible HyperText Markup Language) is a
text-based markup language used to structure and
mark up content such as text, images, and hyperlinks
in documents that are displayed as web pages in an
updated standard web browser like Chrome and
Internet Explorer.
40BidCo RelyOn Nutec A/S | Annual report 2021 Consolidated financial statements | Notes | Section 1: Basis of preparation
Notes 1.1 and 1.2
NOTE 1.1 - ACCOUNTING POLICIES - Continued
iXBRL tags (or Inline XBRL tags) are hidden meta-
information embedded in the source code of an
XHTML document in accordance with the Inline XBRL
1.1 specification, which enables the conversion of
XHTML-formatted information into a machine-
readable XBRL data record by appropriate software.
Taxonomy is an electronic dictionary of business
reporting elements used to report business data. A
taxonomy element is an element defined in a
taxonomy that is used for the machine-readable
labeling of information in an XBRL data record.
NOTE 1.2 - CRITICAL ACCOUNTING ESTIMATES
AND JUDGEMENTS
In the preparation of the Consolidated Financial
Statements according to IFRS, Management is
required to make certain estimates. Many financial
statement items cannot be reliably measured but must
be based on estimations as the value of assets and
liabilities often depends on future events that are
somewhat uncertain.
The judgements, estimates and assumptions made
are based on historical experience and other factors
that Management considers to be reliable, but which
by their very nature are associated with uncertainty
and unpredictability. These assumptions may prove
incomplete or incorrect, and unexpected events or
circumstances may arise. The most critical
judgements, estimates and assumptions for the
individual items are described below.
Critical accounting estimates and judgements related
to:
Accounting estimates:
• Deferred tax assets cf. notes 2.9 and 3.5
• Goodwill and brands, cf. note 3.1
• Business combination, cf. note 6.1
• Provisions, cf. note 6.2
Management judgements:
• Special items, cf. note 2.6
• Leases, cf. note 3.3
• Business combination, cf. note 6.1
The judgements and estimates made by Management
are specified in the relevant notes.
Re-assessment of useful lives and scrap values
With effect from 1
st
January 2021, the useful lives and
scrap values for certain tangible assets have been re-
assessed following updated industry knowledge and
own use and experience of the use of the assets. The
re-assessment has reduced the depreciations by
DKKm 4 in 2021.
Section 2:
Consolidated income statement
Note 2.1:
Segments and revenue
42
Note 2.2:
Other income
43
Note 2.3:
Staff costs
44
Note 2.4:
Incentive program
44
Note 2.5:
Amortisation
, depreciation and impairment losses 44
Note 2.6:
Special items
45
Note 2.7:
Financial income
45
Note 2.8:
Financial expenses
45
Note 2.9:
Tax
46
Note 2.10:
Discontinued
operations 47
Note 2.11:
Sale of
businesses 48
42BidCo RelyOn Nutec A/S | Annual report 2021
Note 2.1
NOTE 2.1 – SEGMENTS AND REVENUE
Consolidated financial statements | Notes | Section 2: Consolidated income statement
§ | Accounting policy
Segment
The accounting policies of the reportable segments are
the same as the Group’s accounting policies described
throughout the notes. Segment revenue and costs are
based on the internal reporting and comprise items that
can be directly referred to the individual segments.
Unallocated items mainly consist of costs related to
Group functions.
For the purpose of segment reporting, segment profit
has been identified as EBITDA.
When presenting geographical information, segment
revenue is based on the geographical location of the
individual subsidiary from which the sales transaction
originates.
Revenue
The Group generates revenue from delivering of safety
training services to its customers within the oil and gas,
renewables and maritime industry globally.
Revenue from providing services is recognised over
time and in the accounting period in which the services
are rendered.
The activity is pay-per-use, and the payment terms for
customers are normally up to 60 days, and invoicing is
shortly after completion of the courses. If the services
rendered exceed the payment, a contract asset is
recognised. If the payments exceed the services
rendered, a contract liability is recognised. A receivable
is recognised when the receipt of payment is
conditional on passage of time only. Where another
party is involved in providing the services to the
customer, the Group assesses on a contract-by-
contract basis whether the Group is acting as a
principal or as an agent. The Group is acting as a
principal when the nature of its promise is a
performance obligation to provide the specified
services itself. On the contrary, the Group is acting as
an agent when it is arranging for the services to be
provided by the other party.
When the Group obtains control over the specified
service before it is transferred to the customer, it is a
principal and thus recognises revenue on a gross
basis. When the Group is acting as an agent, the
commission rather than the gross income is recognised
as revenue.
Supplementary information
RelyOn Nutec is a global operator that operates in
more than 20 countries around the world.
Operations are generally managed based on a
geographical structure which can be aggregated
into 4 regions according to IFRS 8. An overview of
the grouping of countries into regions is presented
in note 6.8 - Group companies
The regions have been identified based on a key
principle of grouping countries that share market
conditions resulting in similar expectations in
respect of revenue growth, rates of return on assets
and capital investments. Management has based
the assessment that the 8 geographical areas can
be aggregated into 4 reportable primarily on the
following shared characteristics:
• The nature of the products is the same,
• The customers are within the same class,
primarily customers within the offshore oil
industry operating in the same geographical
area. They are subject to the same
macroeconomic development despite being
located in different countries.
The segment reporting is prepared in a manner
consistent with the Group’s internal management
and reporting structure. Transactions between
reportable segments are made on market terms.
Revenue and EBITDA can be reconciled directly to
the income statement. The remaining reconciliation
items to the loss for the year are disclosed directly
in the income statement.
*: EBITDA = Operating result before depreciation, amortisation, impairment losses and special items
DKKm
Americas
Asia
Europe
Middle East
Non-
allocated items
and elimination
Total
continuing
operations
2021
Revenue from external customers
174
69
386
28
-
657
EBITDA*
46
28
40
-
(6)
108
Non
-current assets
257
158
619
30
(127)
937
DKKm
Americas
Asia
Europe
Middle East
Non-
allocated items
and elimination
Total
continuing
operations
2020
Revenue from external customers
146
59
307
23
-
535
EBITDA*
20
16
12
(8)
(12)
28
Non
-current assets
228
141
595
29
(82)
911
SEGMENTS
43BidCo RelyOn Nutec A/S | Annual report 2021
Notes 2.1 and 2.2
NOTE 2.1 – SEGMENTS AND REVENUE - continued
Consolidated financial statements | Notes | Section 2: Consolidated income statement
Supplementary information
Geographies (except Denmark) with more than 10% of the Group
revenue:
NOTE 2.2 – OTHER INCOME
§ | Accounting policy
Government grants are recognised in the
income statement on a systematic basis over
the periods in which the Group recognises
expenses for the related costs for which the
grants are intended to compensate, which in
the case of grants related to assets requires
setting up the grant as deferred income or
deducting it from the carrying amount of the
asset.
Government grants are recognised in the
income statement when there is reasonable
assurance that Group will comply with the
conditions attached thereto.
Other operating income consists of
compensation received, income from the sub-
leasing of premises and other non-primary
income.
Supplementary information
Government grants are related to COVID-19 relief packages, where
the Group made use of certain governmental support packages in
different countries to mitigate the effects of COVID-19. The
government grants primarily relate to reimbursement of salaries to
employees, compensation of costs and negative effect from lost
revenue.
The Group has in total received DKKm 26 (DKKm 31), mainly in
Europe, the US and Canada. For some of the received grants, the
usage and obligations are uncertain as per the balance sheet date, and
accordingly the Group has only recognised the portion of the grants,
which is expected to meet the terms and conditions for the receipt of
the grants. The portion not expected to meet the terms and
conditions amounts to DKKm 6 (DKKm 6), which is recognised as
other payables.
2021
2020
DKKm
Government grants
26
31
Other operating income
6
9
Total other income
32
40
DKKm
2021
2020
United Kingdom
99
84
The
Netherlands
72
71
Norway
110
87
US
61
52
Denmark
56
38
Other
259
203
Total
657
535
DKKm
Oil and gas
Maritime
Renewables
Other safety critical
industries
Total continuing
operations
2021
Americas
140
15
1
18
174
Asia
54
2
3
10
69
Europe
200
54
64
68
386
Middle
East
26
-
-
2
28
Total
420
71
68
98
657
DKKm
Oil and gas
Maritime
Renewables
Other safety critical
industries
Total continuing
operations
2020
Americas
122
11
-
13
146
Asia
45
2
-
12
59
Europe
141
44
49
73
307
Middle
East
23
-
-
-
23
Total
331
57
49
98
535
REVENUE
Revenue split by services:
DKKm
2021
2020
Digital and blended learning
revenue
68
23
Non
-digital revenue
589
512
Total
657
535
44BidCo RelyOn Nutec A/S | Annual report 2021 Consolidated financial statements | Notes | Section 2: Consolidated income statement
NOTE 2.3 – STAFF COSTS
§ | Accounting policy
Staff costs comprise wages and salaries as well as expenses for payroll and pensions.
Notes 2.3, 2.4 and 2.5
NOTE 2.5 – AMORTISATION, DEPRECIATION AND IMPAIRMENT LOSSES
NOTE 2.4 – INCENTIVE PROGRAMME
The parent company P-Holding RelyOn Nutec A/S offered a share investment and a warrant programme to certain
key employees. Under the programme, participants made a combined share and warrant investment in P-Holding
RelyOn Nutec A/S. This Company holds all shares in Bidco RelyOn Nutec A/S and has no other activities. As of
31
st
December 2021, the outstanding number of shares amounts to 2.8% (2.8%) of the share capital in P-Holding
RelyOn Nutec A/S and the outstanding number of warrants amounts to potential shares equal to 0.05% (0.05%) of
the current share capital in P-Holding RelyOn Nutec A/S. Hereof, the Group Management holds shares of 1.5%
(1.5%) and warrants of 0.02% (0.02%) and the Board of Directors holds shares of 0.6% (0.6%) and warrants of
0.01% (0.01%).
The shares and warrants were acquired at fair value and consequently no cost is recognised.
The warrants are exercisable upon an exit event such as transfer of at least 50% of the share capital/voting rights
or an initial public offering. If no such exit event takes place before 20
th
September 2023, the participants are
entitled to exercise the warrants. The warrants are subject to customary leaver provisions.
Supplementary information
The Executive Management consisted of the Group CEO. With reference to the Danish Financial Statements
Act, section 98b, article 3, the remuneration to the Board of Directors and Executive Management has not
been disclosed separately.
No impairment losses have been recognised in 2021 and 2020.
2021
2020
DKKm
Depreciation on property, plant and equipment cf. note 3.2
(33)
(38)
Depreciation on property, plant and equipment
- right-of-use asset cf. note 3.3
(30)
(37)
Total
depreciation
(63)
(75)
Amortisation of intangible assets, cf. note 3.1
(22)
(19)
Total amortisation
(22)
(19)
2021
2020
DKKm
Wages
and salaries
(266)
(272)
Pensions,
defined contribution plans
(15)
(14)
Other social security costs
(20)
(23)
Other staff costs
(24)
(27)
Total staff costs
(325)
(336)
of which is classified as special items, cf. note 2.6
5
15
Total staff cost excl. special items
(320)
(321)
Average number of employees
790
784
Key Management Compensation
Key management consists of Board of Directors and Group Management (Executive Management and other key management). The
compensation paid or payable is shown below:
2021
2020
DKKm
Executive Management and Board of Directors:
Fee, wages and salaries, incl bonus and fringe benefits
(5,065)
(3,839)
Pensions
(348)
(334)
Other
key management:
Wages and salaries, including bonus
(8,801)
(5,839)
Pensions
483
(483)
Total management
compensation
(14,698)
(10,547)
of which is classified as special items, cf. note 2.6
147
-
Total management compensation excl. special items
(14,551)
(10,547)
45BidCo RelyOn Nutec A/S | Annual report 2021 Consolidated financial statements | Notes | Section 2: Consolidated income statement
Notes 2.6, 2.7 and 2.8
NOTE 2.8 – FINANCIAL EXPENSES
NOTE 2.7 – FINANCIAL INCOME
§ | Accounting policy
Financial income and expenses represent interest income and interest expense, realised and unrealised
exchange rate gains and losses, amortisation related to financial liabilities, including lease liabilities and fair
value adjustments of contingent consideration liabilities.
§ | Accounting policy
Special items are used in connection with the presentation of income statement for the year to distinguish
operating profit from non-recurring income and expenses, which by their nature are not related to the Group’s
ordinary operations, e.g. re-branding costs, restructuring costs relating to structural, procedural and
managerial re-organisation as well as transaction and restructuring costs relating to acquisition of businesses.
NOTE 2.6 – SPECIAL ITEMS
Special items reconciled to the income statement as specified in the table below:
≈ | Critical accounting judgements
The use of special items entails management judgement in the separation from the ordinary operations of the
Group. In the classification of special items, judgement is applied in ensuring that only exceptional items not
associated with the ordinary operations of the Group are included.
2021
2020
DKKm
Exchange rate
gains, net
2
-
Fair value adjustment of contingent consideration, non
-controlling interest cf. note 5.1
4
5
Other financial income
-
2
Total
6
7
2021
2020
DKKm
Bond interest
(31)
(34)
Lease liabilities, cf. note 3.3
(22)
(24)
Exchange rate losses, net
-
(10)
Other financial expenses
(19)
(14)
Total
(72)
(82)
2020
DKKm
2021
Transactions costs
2
(1)
Restructuring costs, termination benefits and severance payments etc.
following COVID
-19
(7)
(15)
Total
(5)
(16)
2021 2020
Before
Special
items
After
Before
Special
items
After
Revenue
657
-
657
535
-
535
Other
income
32
-
32
40
-
40
Cost of sales
(200)
-
(200)
(164)
-
(164)
Staff costs
(325)
5
(320)
(336)
15
(321)
Other external costs
(64)
3
(61)
(63)
1
(62)
Operating result before depreciation,
amortisation
, impairment losses and
special items (EBITDA)
100
8
108
12
16
28
Depreciation and impairment losses on
property, plant and equipment
(63)
-
(63)
(75)
-
(75)
Operating result before
amortisation and
special items (EBITA)
37
8
45
(63)
16
(47)
Amortisation of
intangible assets
(22)
-
(22)
(19)
-
(19)
Operating result before special items
15
8
23
(82)
16
(66)
Special items
-
(5)
(5)
-
(16)
(16)
Operating result (EBIT)
15
3
18
(82)
-
(82)
Financial income
9
(3)
6
7
-
7
Financial expenses
(72)
-
(72)
(82)
-
(82)
Result before tax
(48)
-
(48)
(157)
-
(157)
46BidCo RelyOn Nutec A/S | Annual report 2021 Consolidated financial statements | Notes | Section 2: Consolidated income statement
Note 2.9
NOTE 2.9 – TAX
§ | Accounting policy
BidCo RelyOn Nutec A/S and the Group’s Danish subsidiaries are jointly taxed. Danish corporation tax is
allocated among the jointly taxed companies according to the taxable income of these companies. Income tax
for the year, consisting of current tax for the year and changes in deferred tax, is recognised in profit for the
year with respect to the part that can be attributed to profit for the year and in other comprehensive income
with respect to the part that can be attributed to other comprehensive income or directly to equity.
Corporation tax payables include corporation taxes made up on the basis of estimated taxable income for the
financial year and prior year adjustments. Deferred tax is measured using the tax rate expected to apply when
timing differences are reversed.
Deferred tax is calculated according to the balance sheet liability method and is based on all timing
differences between the carrying amount and the tax base of assets and liabilities. Deferred tax is not
recognised on goodwill that is not tax deductible, and deferred tax is not recognised on undistributed profits in
subsidiaries and timing differences that arose at the time of recognition in the balance sheet other than for
acquisitions, if such differences will not affect profit or taxable income. When alternative tax rules can be
applied to determine the tax base, deferred tax is measured based on planned use of the asset or settlement
of the liability, respectively.
Deferred tax assets, including the tax base of tax losses carried forward, are recognised under other non-
current assets at the expected value of their utilisation, either as a set-off against tax on future income or as a
set-off against deferred tax liabilities within the same legal tax entity and jurisdiction. Deferred tax assets and
liabilities are offset within the same legal tax entity or jurisdiction. Changes in deferred tax as a result of
changed tax rates or tax rules are recognised in the income statement unless the deferred tax is attributable
to transactions which have been recognised previously under other comprehensive income or directly in
equity.
≈ | Accounting estimates
Deferred tax assets are measured
at the value at which they are
expected to be realised. Deferred
tax assets, including the tax base
of tax loss carryforwards are
recognised if it is assessed that
there will be sufficient future
taxable income against which the
temporary differences and
unutilised tax losses can be
utilised. This assessment is based
on budgets and business plans
for the following years, including
planned business initiatives.
The Group is subject to tax
legislation in the countries in
which it operates. Any significant
accounting estimates relating to
the statements of current tax,
deferred tax and pending tax
matters in the individual countries
have been provided.
2021
2020
DKKm
Current tax on result for the year
(5)
(13)
Deferred tax on result for the year and previous years
(5)
11
Total
income tax
(10)
(2)
Calculated 22% tax on result for the year for continuing operations
11
35
Tax
effects of:
Non
-taxable income
-
2
Non
-deductible expenses
-
-
Tax losses not
capitalised
(9)
-
Adjustment of tax relating to previous year
-
(1)
Revaluation of deferred tax assets
(4)
(41)
Difference in foreign tax rates
(6)
3
Others
(2)
-
Total
income tax
(10)
(2)
Effective tax rate
neg.
neg.
47BidCo RelyOn Nutec A/S | Annual report 2021 Consolidated financial statements | Notes | Section 2: Consolidated income statement
NOTE 2.10 – DISCONTINUED OPERATIONS
Note 2.10
§ | Accounting policy
Discontinued operations are geographical areas or major lines of businesses which have been divested. The
results of discontinued operations are presented as separate items in the income statement consisting of the
profit/loss after tax of the relevant operation and any gains or losses on fair value adjustment or sale of the
assets relating thereto.
Cash flow from discontinued operations has been included in the consolidated statement of cash flows under
cash flows from operating, investing and financing activities and has been explained in the notes.
2021:
There are no disposals of entities in 2021.
2020:
On 30
th
October 2020, BidCo RelyOn Nutec A/S entered into an agreement to sell two Nigerian subsidiaries to
current partner and co-shareholder. The final closing of the sale was completed on 30
th
October 2020 after
which the control of the operations and the acquired subsidiaries were transferred to the buyer. The
acquisition price has been paid in cash.
There are no assets and liabilities held for sale as the transition closed on 30
th
October 2020.
THE EFFECT OF DISCONTINUED OPERATIONS ON THE STATEMENT OF CASH FLOWS IS AS FOLLOWS:
DKKm
2021
2020
Cash flow from operating activities
-
(3)
Cash flow from investing activities, including sales proceeds
-
13
Cash flow from financing activities
-
-
DKKm
2021
2020
Revenue
-
19
Cost
of sales
-
(4)
Staff costs
-
(15)
Other external costs
-
(3)
Operating result before depreciation,
amortisation, impairment
losses and special items (EBITDA)
-
(3)
Depreciation and impairment losses on property, plant and equipment
-
(3)
Operating result (EBIT)
-
(6)
Financial expenses
-
-
Loss on sale of businesses, cf. note 2.11
-
(12)
Result before tax
-
(18)
Income tax
-
2
Result for the year of discontinued operations
-
(16)
The result is split as follows:
Owners of Bidco RelyOn Nutec A/S
-
(14)
Non
-controlling interests
-
(2)
Result for the year of discontinued operations
-
(16)
48BidCo RelyOn Nutec A/S | Annual report 2021 Consolidated financial statements | Notes | Section 2: Consolidated income statement
NOTE 2.11 – SALE OF BUSINESSES
Note 2.11
§ | Accounting policy
Businesses sold or liquidated are recognised up to the date of disposal or liquidation. The date of disposal is
the date when control of the business actually passes to a third party.
Gains or losses on disposal of subsidiaries are stated as the difference between the disposal amount and
the carrying amount of net assets, including goodwill at the date of disposal, accumulated foreign exchange
adjustments recognised under other comprehensive income and anticipated disposal costs. The disposal
amount is measured at the fair value of the consideration received.
DKKm
2021 2020
Cash flow
effect
Loss
on sale
- (12)
Value of net assets
- 27
Recirculation of accumulated exchange rate adjustment of subsidiary
- 7
Settlement of balance with BidCo RelyOn Nutec A/S
- 1
Disposed cash c.f. above
- (10)
Cash flow effect
recognised
in the statement of cash flow for the year
- 13
DKKm
2021 2020
Intangible assets
- 6
Tangible assets
- 22
Non
-current assets - 28
Trade receivable
- 10
Other receivables
- 5
Prepaid expenses
- 1
Cash and cash equivalents
- 10
Current assets
- 26
Trade payables
- 1
Other payable
- 10
Current liabilities
- 11
Carrying amount of sold net assets
- 43
Non
-controlling interest
- 16
Carrying amount of sold net assets, Rely On Nutec share
- 27
Payment in cash
- 22
Value of net assets cf. above
- (27)
Recirculation of accumulated foreign currency translation adjustments in respect of foreign
subsidiaries
- (7)
Loss on sale
- (12)
Section 3:
Statement of financial position
Note 3.1:
Intangible assets
50
Note 3.2:
Property, plant and equipment
52
Note 3.3:
Leases
53
Note 3.4:
Trade receivables and contract assets
54
Note 3.5:
Deferred tax
55
Note 3.6:
Other
receivables 55
Note 3.7:
Share capital
55
Note 3.8:
Other
payables 55
50BidCo RelyOn Nutec A/S | Annual report 2021 Consolidated financial statements | Notes | Section 3: Statement of financial position
Note 3.1
NOTE 3.1 – INTANGIBLE ASSETS
§ | Accounting policy
Goodwill
Goodwill is recognised in the balance sheet at cost of initial recognition as described under
“business combinations”, note 6.1. Goodwill is subsequently measured at cost less
accumulated impairment losses. Goodwill is not amortised but is tested for impairment at
least once a year.
On initial recognition, goodwill is allocated to those of the Group’s activities that generate
separate cash flows (cash-generating units) however not a higher level than operating
segments.
Brands
Brands acquired in a business combination are recognised at fair value at the acquisition
date. They have an indefinite useful life and are subsequently carried at cost less
accumulated impairment losses.
Customer contracts and knowhow
Customer contracts and knowhow acquired in a business combination are recognised at
fair value at the acquisition date. Knowhow is based on obtaining business required
certificates to perform the operation. They have a finite useful life and are subsequently
carried at cost less accumulated amortisation and impairment losses. Customer contracts
and knowhow are amortised over the expected economic life, estimated to be 10 years.
Software
Software acquired in a business combination is recognised at replacement cost at the
acquisition date. Software bought or developed for internal use is measured at the lower of
cost less accumulated amortisation and impairment losses and the recoverable amount.
Cost comprises payments for the software and other directly attributable expenses of
preparing the software for its intended use. Software is amortised over the expected
economic life, estimated to be 3 to 10 years.
Other intangible assets
Other intangible assets mainly include assets (software) under construction.
Supplementary information
Brands include active brands within RelyOn Nutec Group; RelyOn Nutec, Aberdeen Drilling School and MSTS. Nutec is our heritage. Nutec is dated back to 2004 and it is a symbol for safety training in multiple parts of the world.
Aberdeen Drilling School is a world-renowned brand to deliver well control training. MSTS is the local brand in the Asian region, which is associated with high-quality safety training. Know-How includes the knowledge for obtaining
business critical certificates, such as OPITO, GWO, ISO, etc.
Goodwill
Brand
Customer
contracts
Knowhow
Software
Other
intangible
assets
Total
DKKm
Cost
at 01.01.2020
211
57
68
27
56
8
427
Prior year adjustment
11
-
2
-
(18)
-
(5)
Disposal in connection with sale of
businesses for the year c.f. note 2.11
(5)
(1)
-
-
-
-
(6)
Additions
-
-
-
-
2
11
13
Exchange differences
(17)
(5)
-
(1)
(3)
-
(26)
At. 31.12.2020
200
51
70
26
37
19
403
Accumulated
amortisation and impairment
:
At 01.01.2020
-
-
(10)
(3)
(3)
-
(16)
Amortisation and
impairment for the year
-
-
(9)
(3)
(5)
(2)
(19)
Exchange differences
-
-
1
-
(1)
-
-
At 31.12.2020
-
-
(18)
(6)
(9)
(2)
(35)
Carrying
amount 31.12.2020
200
51
52
20
28
17
368
Cost
at 01.01.2021
200
51
70
26
37
19
403
Additions in connection with acquisition of
businesses, cf. note 6.1
10
-
-
-
-
-
10
Additions
-
-
-
-
-
21
21
Disposals
-
-
-
-
-
-
-
Transfers
-
-
-
-
8
(8)
-
Exchange differences
10
3
-
1
-
-
14
At. 31.12.2021
220
54
70
27
45
32
448
Accumulated
amortisation and impairment
:
At 01.01.2021
-
-
(18)
(6)
(9)
(2)
(35)
Amortisation and
impairment for the year
-
-
(9)
(3)
(7)
(3)
(22)
Transfers
-
-
-
-
(6)
6
-
Exchange differences
-
-
2
-
1
(1)
2
At 31.12.2021
-
-
(25)
(9)
(21)
-
(55)
Carrying
amount 31.12.2021
220
54
45
18
24
32
393
51BidCo RelyOn Nutec A/S | Annual report 2021 Consolidated financial statements | Notes | Section 3: Statement of financial position
Note 3.1
NOTE 3.1 – INTANGIBLE ASSETS - continued
Impairment test
Each year, the assets are reviewed in order to assess
whether there are indications of impairment. If such
indications exist, the recoverable amount, determined
as the higher amount of the fair value of the asset
adjusted for expected costs to sell and the value in
use of the asset, is calculated. The value in use is
calculated based on the estimated future cash flows,
discounted by using a pre-tax discount rate that
reflects current market assessments of the time value
of money and the risks specific to the asset.
If the recoverable amount of an asset or its cash-
generating unit is lower than the carrying amount, an
impairment charge is recognised in respect of the
asset. The impairment loss is recognised in the
income statement. In addition, for goodwill and other
intangible assets with indefinite useful lives, impair-
ment tests are performed at each balance sheet date,
regardless of whether there are any indications of
impairment. For acquisitions, the first impairment test
is performed before the end of the year of acquisition.
Goodwill and brands are monitored by Management
at an operating segment level. Goodwill and brands
are allocated to CGUs as per below.
Goodwill and brands with an indefinite life have been
tested for impairment at 31
st
December 2021.The
tests did not result in any impairment of carrying
amounts. The impairment test is based on value in
use.
For the year 2022 and projections for subsequent
years up to and including 2026, the expected future
net cash flows are determined based on budgets and
business plans approved by Management.
The table below provides an overview of the carrying
amount and key assumptions applied for each cash-
generating unit for which the carrying amount of
goodwill and brands is material.
The key assumptions for each cash-generating unit
are annual revenue growth and EBITDA margin as
well as net working capital and investments. The
assumptions are based on past experience, internal
as well external benchmarks and statistics,
Management’s expectations regarding the market
development, market trends and initiated digitalisation
projects and projects in general.
The discount rates applied are generally based
on the cost of capital applicable for RelyOnNutec.
The terminal growth rate is in line with industry
expectations.
≈ | Critical accounting estimates
Estimates are applied in the assessment of future
revenues, operating margins, discount rates and
growth expectations in the terminal period in the
impairment testing (value-in-use calculation). These
are based on an assessment of current and future
developments in the cash-generating units and on
historical data and assumptions of expected
future development.
Goodwill and brands have an indefinite lifetime since
there is no foreseeable limit to the period over which
goodwill and brands are expected to generate net
cash inflows. Goodwill and brands with indefinite
lifetime are not amortised, but subject to an
impairment test once a year. The Group tests whether
goodwill has suffered any impairment on an annual
basis.
Factors that played a significant role in determining
that brands have an indefinite useful lifetime; 1)
brands have existed in decades, 2) the strategy is
based on the brands, and 3) the brands have low
maintenance costs attached.
Supplementary information
The category ”other” contains operation in Brazil, Central Europe,
Middle East, Scandinavia and the United Kingdom as these are
assessed individually insignificant.
DKKm
Asia
Golf of Mexico
Partnerships
Portfolio
Other
Total
2021
Carrying
amount of goodwill
46
51
42
31
50
220
Carrying amount of brands
24
7
4
5
14
54
Annual revenue growth rate
8.0%
11.0%
31.0%
44.0%
8.0% -
10.0%
EBITDA margin
46.0%
23.0%
21.0%
21.0%
12.0% -
27.0%
Terminal
period growth rate
2.0%
1.5%
4.0%
1.5%
1.5% -
2.0%
Pre
-tax discount rate
7.6%
7.2%
7.0%
7.1%
6.5% -
10.0%
2020
Carrying amount of goodwill
40
47
17
33
63
200
Carrying amount of brands
23
6
3
4
15
51
Annual revenue growth rate
17.0%
14.0%
6.0%
50.0%
10.0%-
28.0%
EBITDA margin
37.0%
20.0%
33.0%
31.0%
9.0% -
29.0%
Terminal period growth rate
2.0%
1.5%
4.0%
1.5%
1.5% -
2.5%
Pre
-tax discount rate
8.8%
9.6%
8.4%
8.2%
7.9% -
13.2%
52BidCo RelyOn Nutec A/S | Annual report 2021 Consolidated financial statements | Notes | Section 3: Statement of financial position
Note 3.2
NOTE 3.2 – PROPERTY, PLANT AND EQUIPMENT
§ | Accounting policy
Property, plant and equipment are measured at cost less accumulated depreciation and impairment losses.
Cost includes direct costs related to the asset and the initial estimate of the costs related to dismantling and
removing the item and restoring the site on which it is located if the costs meet the definition of a liability. Cost
further includes borrowing costs from specific and general borrowings directly relating to the acquisition,
construction or development of the individual qualifying asset during the period that is required to complete and
prepare the asset for its intended use.
Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as
separate items.
Depreciations are calculated using the straight-line method to allocate their cost, net of their residual values over
their estimated useful lives, as follows:
The residual value and useful life are determined at the date of acquisition and revalued each year. Where the
residual value exceeds the carrying amount, the asset ceases to be depreciated.
Gains and losses on the disposal or scrapping of property, plant and equipment are determined as the difference
between the sales price less dismantling, selling and re-establishing costs and the carrying amount. Gains and
losses are recognised in the income statement as other operating income and expenses, respectively.
Each year, the assets are reviewed in order to assess whether there are any indicators of impairment, cf. note 3.1.
Supplementary information
Committed CAPEX amounted to DKKm 5 (DKKm 1) at the end of December 2021.
Buildings:
25
- 33 years
Equipment:
3
- 20 years
Leasehold improvements:
Term of lease
Land:
Not depreciated
*Of which continuing operations accounted for DKKm 38 and sale of businesses accounted for DKKm 3 cf. note
2.10.
Property
and plant
Equipment
Leasehold
improvement
Assets under
construction
Total
DKKm
Cost
:
At 01.01.2020
205
136
45
1
387
Additions
10
19
3
-
32
Reclassifications
4
3
-
-
7
Disposals
-
-
(3)
-
(3)
Disposals in connection with sale of businesses for the year c.f. note 2.11
(28)
(24)
-
-
(52)
Exchange difference
(27)
(6)
(12)
-
(45)
At 31.12.2020
164
128
33
1
326
Accumulated
depreciation and
impairment
:
At 01.01.2020
(9)
(29)
(7)
-
(45)
Depreciation
for the year*
(10)
(26)
(5)
-
(41)
Reversals
regarding disposals
-
-
1
-
1
Disposals in connection with sale of businesses for the year c.f. note 2.11
11
19
-
-
30
Transferred
-
(5)
5
-
-
Exchange differences
3
-
6
-
9
At 31.12.2020
(5)
(41)
-
-
(46)
Carrying
amount 31.12.2020
159
87
33
1
280
Cost
:
At 01.01.2021
164
128
33
1
326
Additions
2
15
2
2
21
Disposals
(2)
(8)
(2)
-
(12)
Transfers
(21)
(2)
5
(3)
(21)
Exchange difference
11
17
5
-
33
At 31.12.2021
154
150
43
-
347
Accumulated
depreciation and
impairment
:
At 01.01.2021
(5)
(41)
-
-
(46)
Depreciation
for the year
(10)
(20)
(3)
-
(33)
Disposals
-
5
2
-
7
Transfers
8
5
(5)
-
8
Exchange difference
(6)
(11)
(3)
-
(20)
At 31.12.2021
(13)
(62)
(9)
-
(84)
Carrying
amount 31.12.2021
141
88
34
-
263
53BidCo RelyOn Nutec A/S | Annual report 2021 Consolidated financial statements | Notes | Section 3: Statement of financial position
Note 3.3
NOTE 3.3 – LEASES
§ | Accounting policy
Lease assets
Lease assets are 'right-of-use assets' arising from a lease agreement. Lease assets are initially measured at cost
consisting of the amount of the initial measurement of the liability of the leases plus any lease payments made to
the lessor at or before the commencement date less any lease incentives received, and the initial estimate of
refurbishment costs and any initial direct costs incurred by RelyOn Nutec as the lessee.
RelyOn Nutec has primarily these types of leases: Rental of premises and equipment
The lease assets are depreciated on a straight-line basis over the lease term. The lease asset can be adjusted
due to modifications to the lease agreement or reassessment of lease term. Payments associated with short-term
leases and leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss.
Short-term leases are leases with a term of 12 months or less at inception. Low-value assets typically comprise IT-
equipment and small items of office furniture with an initial value of DKKT 35 or less. Each year, the assets are
reviewed in order to assess whether there are any indicators of impairment, cf. note 3.1
Lease liabilities
Lease liabilities arise from a lease agreement. Lease liabilities are initially equal to the present value of the lease
payments during the lease term that are not yet due. At initial recognition, RelyOn Nutec assesses for each
contract individually the likelihood of exercising a potential extension option in the contract. The option to extend
the contract period will be included in the calculation of the lease liability if it is reasonably likely that RelyOn Nutec
will exercise the option. When calculating the net present value, RelyOn Nutec uses a discount rate corresponding
to the incremental borrowing rate. The weighted average discount rate was 8.5% as of 1
st
January 2021 (2020:
8.5%). In order to calculate the incremental borrowing rate, reference interest rates were derived – for a period of
up to 4 years – from the yields of corporate bond.
In 2021, additions to right-of-use assets were DKKm 10 (DKKm 27).
Leases in the income statement
DKKm
2021
2020
Depreciation
of right-of-use assets:
Property and plant
(26)
(32)
Equipment
(4)
(5)
Total depreciation of right
-of-use assets
(30)
(37)
Interest on lease liabilities, cf. note 2.8
(22)
(24)
Expenses relating to leases of low
-value assets, excluding short-term leases
of low
-value assets
(1)
(1)
Total
(23)
(25)
Leases in the balance sheet
DKKm
2021
2020
Right
-of-use assets:
Property and plant
207
202
Equipment
14
19
Carrying amount of right
-of-use assets 31/12
221
221
Contractual maturity of lease liabilities:
< 1 year
42
34
1
-5 years
153
181
> 5 years
158
136
Total undiscounted lease liabilties 31/12
353
351
Current/non
-current classification (discounted):
Current
32
30
Non
-current
246
274
Leases in the statement of cash flows
DKKm
2021
2020
Installments on lease liabilities
(32)
(34)
Interest on lease liabilities, cf. note 2.8
(22)
(24)
Total
(54)
(58)
≈ | Accounting judgements
In accounting of lease contracts, various judgements are applied in determining right-of-use assets and lease
liabilities. Judgements include assessment of periods and applicable discount rates.
Supplementary information
At inspection of a contract, the Group assesses whether a contract contains a purchase, termination or
extension option. For the contracts that contain either purchase, termination or extension options, Management
has assessed it as reasonably certain to exercise the options. The Group reassesses whether it is reasonably
certain to exercise the options if there is a significant event or significant change in circumstances within its
control. The carrying out amount of the recognised extension and termination options on lease liabilities amouns
to DKKm 2 (DKKm 2) and on right-of-use assets DKKm 0 (DKKm 0).
2020: As a result of renegotiations of lease contracts in 2020, right-of-use assets and lease liabilities have been
reduced by DKKm 22.
54BidCo RelyOn Nutec A/S | Annual report 2021
≈ | Accounting estimates
To measure the expected credit losses, trade receivables have been grouped based on shared credit risk
characteristics and the days past due. The expected loss rates are based on the payment profiles of sales over a
12-month period and the corresponding historical credit losses experienced within this period. The historical loss
rates are adjusted to reflect current and forward-looking information affecting the ability of the customers to settle
the receivables.
Movement on the Group’s provision for impairment of trade receivables:
Consolidated financial statements | Notes | Section 3: Statement of financial position
Note 3.4
NOTE 3.4 – TRADE RECEIVABLES AND CONTRACT ASSETS
§ | Accounting policy
On initial recognition, receivables are measured at fair value. The Group holds the trade receivables with the
objective to collect the contractual cash flows and therefore measures them subsequently at amortised cost.
Trade receivables and contract assets are written down for expected credit losses. The Group applies the
simplified approach in IFRS 9 to measuring expected credit losses which use a lifetime expected loss allowance
for trade receivables and contract assets. The Group's impairment policies are further described in note 4.3.
A write-down is recognised in other external costs.
The Group has entered into trade receivables transfer agreements in which the buyer takes on credit risk whereas
the Group retains some late payment risk. Under the arrangements, the Group obtains an up-front payment of 80-
85% of the nominal value of the trade receivables transferred. As of 31
st
December 2021, outstanding trade
receivables in the amount of DKKm 22 (DKKm 11) have been transferred. Management has assessed that the
late payment risk in the transferred portfolio is limited, and consequently, that transfer of the credit risk results in
substantially all the risks and rewards that have been transferred to the counterpart. Consequently, the up-front
amounts received are treated as a reduction of the outstanding trade receivables.
The Group has recognised the following assets and liabilities related to contracts with customers
Expected loss
rate
Gross carrying
amount, trade
receivables
Expected
credit loss
Trade
receivables
As of 31
st
December 2020
Current
1%
41
-
41
More than 1 day past due
1%
26
-
26
More than 30 days past due
2%
7
(1)
6
More than 60 days past due
8%
3
(1)
2
More than 90 days past due
60%
3
(2)
1
More than 120 days past due
83%
8
(6)
2
88
(10)
78
As of 31
st
December 2021
Current
1%
59
-
59
More than 1 day past due
1%
27
-
27
More than 30 days past due
3%
10
(1)
9
More than 60 days past due
7%
4
(1)
3
More than 90 days past due
32%
5
(1)
4
More than 120 days past due
45%
4
(2)
2
109
(5)
104
Contracts
assets
Trade
receivables
DKKm
Balance at 31.12.2020
9
69
Balance at 31.12.2021
13
91
DKKm
2021
2020
Opening
balances
(10)
(8)
Change
during the year
5
(2)
Expected credit loss at 31 December
(5)
(10)
55BidCo RelyOn Nutec A/S | Annual report 2021 Consolidated financial statements | Notes | Section 3: Statement of financial position
Notes 3.5, 3.6, 3.7 and 3.8
NOTE 3.5 – DEFERRED TAX NOTE 3.6 – OTHER RECEIVABLES
Supplementary information
All shares have nominal value of DKK 1
All shares have the same rights, preferences and restrictions
All shares are fully paid up
§ | Accounting policy
Accounting policy is described in note 2.9.
Supplementary information
The Group has unrecognised tax losses to carry forward amounting to DKKm 113 (DKKm 103). With the
exception of losses capitalised in deferred tax, the Group is of the opinion that utilisation within 3-5 years is not
possible. The majority of the tax losses to carry forward have no expiry date.
Tax assets related to the tax loss carried forward have been recognised in countries where we expect to
generate positive taxable income from 2022 and with the amount expected to be utilised within 3-5 years.
The deferred tax assets are recognised if there is convincing evidence to support future taxable income against
which the Group expects to utilise those losses.
The share capital comprises:
Number of
shares
Nominal value
DKKm
Share capital 31.12.2020
2,321,925
2
Share capital 31.12.2021
2,321,925
2
NOTE 3.7 – SHARE CAPITAL
NOTE 3.8 – OTHER PAYABLES
DKKm
Asset
Liability
Deferred
tax at 01.01.2020
17
10
Addition of business
-
(3)
Deferred tax
recognised in the income statement
9
(2)
Deferred
tax at 31.12.2020
26
5
Deferred
tax at 01.01.2021
26
5
Addition of businesses, cf. note 6.1
-
-
Deferred tax
recognised in the income statement
19
10
Deferred
tax at 31.12.2021
45
15
Deferred tax at 31.12.2020 relates to:
Asset
Liability
Intangible
assets
1
4
Property, plant and
equipment
1
-
Tax
loss carry forwards
19
1
Other
5
-
Total
26
5
Deferred tax at 31.12.2021 relates to:
Intangible assets
-
14
Property, plant and
equipment
25
1
Tax
loss carry forwards
20
-
Total
45
15
2021
2020
DKKm
Non
-current liabilities
Contingent
consideration, non-controlling interest cf. note 5.1
-
26
Other
liabilities
20
18
Total
20
44
Current
liabilities
Employee related liabilities
65
48
Contingent consideration, non
-controlling interest cf. note 5.1
34
12
VAT
12
10
Income tax payable
2
1
Prepayments
9
7
Other
8
6
Total
130
84
2021
2020
DKKm
Reimbursement
of costs
2
1
Other receivables
14
13
Total
16
14
Section 4:
Financial Risk Management
Note 4.1:
Financial risk management
57
Note 4.2:
Market risk
57
Note 4.3:
Credit risk
58
Note 4.4:
Liquidity risk
59
57BidCo RelyOn Nutec A/S | Annual report 2021
NOTE 4.1 – FINANCIAL RISK MANAGEMENT
The Group’s activities give rise to exposure to a variety of financial risks, including market risk (currency and
interest risks), credit and liquidity risks. These financial risks are managed centrally by Group Finance.
Financial risks are described in the following sections:
• Market risk: note 4.2
• Credit risk: note 4.3
• Liquidity risk: note 4.4
It is the Group’s policy to mitigate risk exposure derived from its business activities. The Group policy does not
allow taking speculative positions in the financial markets.
As part of a global operation, the Group is exposed to cash flow in multiple different currencies. The Group has
adopted an expected credit loss model to calculate credit exposure relating to trade receivables. Liquidity risk
arises from the financing facility for the Group.
At 31
st
December 2021, the exposure to credit risk related to cash and cash positions equivalents was DKKm 43
(DKKm 70). It is the Group’s policy to upstream as much cash as possible to its relationship bank with a credit
rating A and keep local cash positions on a level only needed for the operations.
NOTE 4.2 – MARKET RISK
Currency risk
Fluctuating currency rates influence the Group’s reported income statement, balance sheet and value of future
cash flows denominated in foreign currencies. Changes in currency exchange rates result from various factors
such as macro-economic factors, speculative transactions and interventions by central banks and governments. In
addition, government and monetary authorities may impose exchange controls that could adversely affect an
applicable currency exchange rate.
Foreign exchange exposure in the Group consists of two types of risks (a) translation risk and (b) transaction risk.
The objective is to minimise the impact from change in exchange rates.
Translation risk arises from the translation of subsidiaries' income statement and net assets into the Group’s
functional currency DKK. The majority of the current cash position is within low-risk foreign currency. No hedges
were in place for currency translation risks at the end of 2021 and 2020.
Transaction risk arises from cash flows in currencies other than the functional currencies of the Group's
subsidiaries. This can be due to the contracts with limited number of customers or suppliers paying/requiring
payments in other currencies than functional currencies. The Group does not hedge with financial contracts
against transaction risk, although natural hedges (income and expenses in same currency) minimise the impact
on the profit and loss.
The internal borrowings/deposits are primarily made in local currencies.
The Group’s bond and credit facilities are in EUR. The Group considers both DKK and EUR as base currencies
due to the historically fixed currency band between DKK/EUR.
Sensitivity
The Group is primarily exposed to changes in GBP, MYR, NOK, USD, TTD and BRL exchange rates. The
sensitivity – as per below - to reasonably possible changes in the exchange rates and impact on profit and loss
and equity. The impact on profit after tax, intercompany balances and OCI is based on a 5% change to the year
end exchange rates applied in the Group.
Consolidated financial statements | Notes | Section 4: Financial Risk Management
Notes 4.1 and 4.2
Currencies exposure - sensitivity analysis
2021 2020
Main currency exposures
Impact on
profit/
loss after tax
Impact on IC
balances
profit/loss
Impact on OCI
Impact on
profit/
loss after tax
Impact on IC
balances
profit/loss
Impact on OCI
DKKm
5%
5%
5%
5%
5%
5%
DKK / GBP
-
5
7
-
4
7
DKK / MYR
-
-
6
-
-
5
DKK / NOK
-
-
2
-
-
1
DKK / USD
-
19
15
1
16
14
DKK / TTD
-
-
2
-
-
2
DKK / BRL
-
-
1
-
-
1
58BidCo RelyOn Nutec A/S | Annual report 2021
NOTE 4.2 – MARKET RISK - continued
Interest rate risk
Interest rates on bonds and revolving credit facility depend on several factors, one of the most significant over
time is the level of market interest. The interest rate on bonds and credit facilities is based on the 3M Euribor rate.
For further details on the applied margin, please refer to note 4.4.
Sensitivity analysis
The sensitivity of profit or loss is based on changes in the reference interest rates (EURIBOR) on the borrowings
on Group level only. Following a negative EURIBOR rate and the fact that the reference interest rate cannot be
less than 0%, the sensitively analysis only assumes an increase in EURIBOR. An increase of the reference
interest rate of 0.5% would result in an increase in the net finance cost of DKKm 2.3.
The analysis assumes a parallel shift in the relevant yield curves. The sensitivity analysis is based on annual
interest expenses. The interest rate on the shareholder loan is fixed.
The Group is not using hedging instruments to mitigate the risk.
NOTE 4.3 – CREDIT RISK
In accordance with IFRS 9, the Group is to recognise a loss allowance for expected credit loss ("ECL") on its trade
receivables.
The ECL for the Group’s "private and commercial" customers and "major oil companies or public companies"
customers are estimated separately in the model due to differences in the credit characteristics of these customer
segments. Expected credit losses are estimated on customers categorised as "private and commercial". Based on
experience, actual credit losses for customers categorised as "major oil companies or public companies" are
limited.
The impairment model is based on a roll rate method. The roll rate method is derived from the provision matrix
described in IFRS 9 as a historical credit loss matrix based on the number of days a trade receivable is overdue.
Probability of default (“PD”) is based on historical roll rate for each category and based on Moody's' country-
specific PDs.
“Loss Given Default” is estimated using a loss ratio calculated as the incurred loss divided by the outstanding
balance of trade receivables.
Notes 4.2 and 4.3
Consolidated financial statements | Notes | Section 4: Financial Risk Management
The risk is monitored locally, and a global follow-up as per development is outstanding. For further information on
the Group's credit loss allowance, refer to note 3.4.
Maximum credit risk is outlined below:
DKKm
Trade
receivables and
contract assets
Expected
credit
loss
Total
2021
Cash and cash equivalents
43
-
43
Trade receivables and contract assets:
Major oil companies or public companies
38
(1)
37
Private and commercial
71
(4)
67
Total
152
(5)
147
2020
Cash and cash equivalents
70
-
70
Trade receivables and contract assets:
Major oil companies or public companies
29
(1)
28
Private and commercial
59
(9)
50
Total
158
(10)
148
59BidCo RelyOn Nutec A/S | Annual report 2021
NOTE 4.4 - LIQUIDITY RISK
Liquidity risk results from the Group’s potential inability or difficulty in meeting the contractual obligations
associated with its financial liabilities due to insufficient liquidity.
Refinancing in 2020:
As announced in June 2020, Management secured additional financing of approximately DKKm 100 less
transaction costs of DKKm 7, to parry a potential liquidity shortfall. Please refer to the separate company
announcements of 29
th
May 2020 and 8
th
June 2020, respectively, for further information on the refinancing
elements and written resolution (https://relyonnutec.com/en/investor/). The refinancing had the following main
elements:
• An amendment of the terms for the EURm 100 bond facility to defer interest payments for the interest payment
date 11
th
June 2020 and a potential to defer three additional interest payments, in an aggregate amount of
approximately EURm 3.7 (DKKm 27). The interest payments from 11
th
September 2020 to 11
th
March 2021
were deferred. Deferred interest will be settled at a rate equivalent to the original interest rate 7 cent per
annum plus 2.00 per cent per annum (the "PIK Bonds") and shall be repaid no later than on the maturity date
of the bonds (11
th
September 2023).
• An additional working capital facility at the amount of EURm 5.35 (DKKm 40), which has been committed by
the Group’s existing working capital lender, and which will be guaranteed up to 70% by EKF, the Danish
Export Credit Agency. The facility expires on 31
st
July 2023. The existing working capital facility of EURm 9.0
(DKKm 67) has been extended to 31
st
July 2023 with a repayment of EUR 500,000 on a quarterly basis from
31
st
December 2021 until maturity date. Interest rate is EURIBOR + a margin of 4.8%.The margin was
changed from 4%.
• Subordinated shareholder convertible loan by the ultimate owners of the Group in an amount of DKKm 30,
which will be subordinated to the bonds and RCF. The maturity date is 31
st
December 2024. The loan is
installment-free and carries an interest rate of 10%. Interest payments are deferred until maturity date. The
lender is entitled to convert the loan amount into the same class of shares as the shares in the company
owned by the lender of the date of this loan note. The subscription rate shall in such case be par value. If the
lender chooses to convert the loan amount, the loan amount shall not be repaid.
Transaction costs associated with the 2020 refinancing amounted to approximately DKKm 7 of which DKK 1m
was expensed immediately as financial expenses. The remaining part has been amortised over the remaining
bond period.
Note 4.4
Consolidated financial statements | Notes | Section 4: Financial Risk Management
Liquidity reserves
The Group’s liquidity reserves mainly consist of liquid funds and unused credit facility. As of 31
st
December 2021,
the Group’s liquid reserves consisted of readily available liquid funds of DKKm 25 (DKKm 48) and unused
revolving credit facility of DKKm 63 (DKKm 67).
DKKm 18 (DKKm 22) of the total cash position at 31
st
December 2021 was placed on bank accounts in Trinidad
with limited availability due to the slow-moving nature of the cash.
In addition, the Group has a bond facility available (maximum of DKKm 744) which can be used for acquisitions.
The bond is listed on the Norwegian Stock Exchange (NO0010831373 named "BidCo nr. 2 af 15. marts 2018 A/S
FRN Senior Secured Callable Bonds 2018/2023“). As of 31
st
December 2021, DKKm 384 has been drawn.
The bond facility expires in 2023. Upon expiry the settlement of the bond is expected to be made with cash flow
from operating activities through re-refinancing or in connection with a sale of the company.
60BidCo RelyOn Nutec A/S | Annual report 2021
Note 4.4
Consolidated financial statements | Notes | Section 4: Financial Risk Management
NOTE 4.4 - LIQUIDITY RISK - continued
To centralise and optimise liquidity, the Group utilises cash pooling in most of the entities in Western Europe as
well as intercompany lending and borrowing between RelyOn Nutec Holding and subsidiaries.
Maturity analysis
The table below analyses the Group's financial liabilities into relevant maturity groupings based on the remaining
period at the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the
contractual undiscounted cash flows, including interest payments calculated under current conditions, and thus
summarise the gross liquidity risk.
The risk implied by the values reflects the one-sided scenario of cash outflows only. Trade payables and other
financial liabilities originate from the financing of assets in ongoing operations, such as property, plant and
equipment, and investments in working capital, for example trade receivables.
Financial assets and liabilities per measurement category
2021
2020
Financial assets
Financial assets at
amortised cost:
Trade
receivables
91
69
Contract
assets
13
9
Prepayments
18
11
Other
receivables
16
14
Cash and cash
equivalents
43
70
Total
181
173
Financial liabilities
Liabilities at amortised cost:
Bond
413
400
Shareholder loan
35
31
Trade payables
103
70
Credit facility
40
40
Deferred consideration
-
3
Lease liabilities
278
304
Other payables
116
90
985
938
Liabilities at fair value
Contingent consideration, non
-controlling interest (part of other liabilities in the balance
sheet)
34
38
Total
1,019
976
Less
than
1
year
Between 1
and 5 year
More
than
5
years
Total
Net book
value
Non
-derivatives
DKKm
2020
Bond
22
472
-
494
400
Shareholder
loan
-
44
-
44
31
Credit
facility
-
40
-
40
40
Deferred
consideration
3
-
-
3
3
Contingent
consideration, non-controlling
interest
12
26
-
38
38
Trade payables
70
-
-
70
70
Lease
liabilities
34
181
136
351
304
Other
payables
72
18
-
90
90
Total
213
781
136
1,130
976
2021
Bond
30
442
-
472
413
Shareholder loan
-
44
-
44
35
Credit
facility
-
40
-
40
40
Contingent
consideration, non-controlling
interest
34
-
-
34
34
Trade payables
103
-
-
103
103
Lease
liabilities
42
153
158
353
278
Other
payables
96
20
-
116
116
Total
305
699
158
1,162
1,019
Section 5:
Capital Structure
Note 5.1:
Measurement and fair value hierarchy
62
Note 5.2:
Changes in liabilities arising from financing activities
63
Note 5.3:
Capital management
63
62BidCo RelyOn Nutec A/S | Annual report 2021 Consolidated financial statements | Notes | Section 5: Capital structure
NOTE 5.1 – MEASUREMENT AND FAIR VALUE HIERARCHY
Financial instruments measured at fair value are shown in accordance with the following accounting hierarchy:
• Level 1: Observable market prices of identical instruments.
• Level 2: Valuation models primarily based on observable prices or trading prices of comparable instruments.
• Level 3: Valuation models primarily based on non-observable prices.
Note 5.1
§ | Accounting policy
Fair value is the price that would be received when an asset is sold or paid to transfer a liability in an orderly
transaction between market participants at the measurement date.
The fair value of financial instruments that are not traded in an active market is determined using generally
accepted valuation techniques based on observable inputs from active markets. For financial liabilities where
the fair value is disclosed, the fair value is estimated by discounting future contractual cash flows at the
current market interest rate.
Supplementary information
The Group has entered into contingent consideration arrangements and has put option liabilities related to
non-controlling interests treated as contingent consideration. The liabilities are measured at fair value and
based on unobservable input (level 3). The amounts to be paid are based on earnings multiples. Fair value is
determined on the basis of earnings forecasts for the respective subsidiaries. Fair value adjustment is
recognised in financial items cf. note 2.7. A 10 per cent increase or decrease in forecasted earnings will
increase or decrease the liability by DKKm 1.
Net interest
-bearing debt
DKKm
31.12.2021
31.12.2020
Cash and cash equivalents
43
70
Credit facilities
40
40
Bond
413
400
Shareholder loan
35
31
Lease liabilities
278
304
Total interest
-bearing debt
766
775
Net interest
-bearing debt
723
705
DKKm
Amount
Level 1
Level 2
Level 3
2020
Fair value
Contingent consideration, non
-controlling interest
38
-
-
38
Amortised
cost
Shareholder
loan
31
-
31
-
Bond
400
302
-
-
Total
financial liabilities
469
302
31
38
2021
Fair value:
Contingent consideration, non
-controlling interest
34
-
-
34
Amortised cost:
Shareholder loan
35
-
35
-
Bond
413
383
-
-
Total financial liabilities
482
383
35
34
2021
2020
Fair value level 3 development
01.01
38
43
Fair value adjustment in the income statement cf. note 2.7
(4)
(5)
31.12
34
38
63BidCo RelyOn Nutec A/S | Annual report 2021
NOTE 5.3 – CAPITAL MANAGEMENT
The overall objective is to ensure the ability to continue as a going concern, so entities can continue to provide
solid returns for shareholders and benefits for other stakeholders. The Group's objectives when managing capital
are to:
• Maintain an optimal capital structure on a global scale
• Cash pool is used within some areas to optimise cash position
• Cash flow forecasting on a bi-weekly frequency and accuracy analysis
• Full cash transparency on a daily basis
The capital structure of the Group consists of net interest-bearing debt and equity of the Group, comprising issued
capital, reserves and retained earnings. The Group is not subject to any externally imposed capital requirements.
The Group’s bond and credit facilities do not include specific covenant provisions. The agreements include
requirements about performing incurrence test if certain events arise.
The Group’s liquidity reserves amounted to DKKm 106 at the end of December 2021, of which DKKm 63 is an
unused RCF facility. At the end of January 2022, we drew DKKm 30 on the RCF facility.
Management assessed that the capital resources are sufficient.
Consolidated financial statements | Notes | Section 5: Capital structure
Notes 5.2 and 5.3
NOTE 5.2 – CHANGES IN LIABILITIES ARISING FROM FINANCING ACTIVITIES
DKKm
31.12.2019
Cash flows
Non-cash
changes
31.12.2020
Credit
facilities
42
(2)
-
40
Bond
371
30
30
431
Lease
liabilities
330
(34)
8
304
Total liabilities from financing activities
743
(6)
38
775
DKKm
31.12.2020
Cash flows
Non-
cash
changes
31.12.2021
Credit
facilities
40
-
-
40
Bond and
shareholder loan
431
-
17
448
Lease
liabilities
304
(32)
6
278
Total liabilities from financing activities
775
(32)
23
766
Section 6:
Other notes
Note 6.1:
Business combination
65
Note 6.2:
Provisions
67
Note 6.3:
Change in net working capital
67
Note 6.4:
Fee to auditors
68
Note 6.5:
Related parties
68
Note 6.6:
Commitments and contingent liabilities
68
Note 6.7:
Events after the balance sheet date
68
Note 6.8:
Group companies
69
65BidCo RelyOn Nutec A/S | Annual report 2021
NOTE 6.1 – BUSINESS COMBINATION
2021:
On 23
rd
August 2021, we acquired 25 per cent of the shares in CAVU International with an option to buy further
shares at a later stage. CAVU is a US-based safety leadership and performance optimisation service company
with unique and best-in-class leadership experience from the US and international defence. They have proven
capabilities to transform underperforming teams, implement leadership foundations and building a continuous
performance improvement team culture. They have a proven track record of building strong revenue and EBITDA
growth.
The acquisition is not material compared to the value of the Rely on Nutec Group. The purchase price allocations
are preliminary.
It has been determined that control exists in accordance with IFRS 10 “Consolidated Financial Statements” due to
rights from shareholders’ agreement and call options. Therefore, CAVU is subject to full consolidation with a non-
controlling interest of 75%. In accordance with our accounting policy non-controlling interests are measured either:
a) at fair value (including the fair value of goodwill related to non-controlling interests in the acquiree) or
b) as non-controlling interests’ proportionate share of the acquiree’s identifiable assets, liabilities and contingent
liabilities measured at fair value (excluding the fair value of goodwill related to non-controlling interests’ share
of the acquiree).
The measurement basis for non-controlling interests is selected for each individual transaction. In this transaction
the fair value method (a) is selected.
A goodwill amount of DKKm 10 has been recognised. The goodwill from the acquisition (25%) is amortised and
deducted for tax purposes. The value of the acquisition comes from the presence in geographical markets and
locations as a well as a skilled workforce and various synergies following the integration.
The transaction costs are DKKm 0.2 and are recognised in the income statement as special items in accordance
with our accounting policy.
The acquired entity has as from the date of acquisition contributed with revenue of DKKm 5 and loss before tax of
DKKm 0.3 If the entity had been acquired on 1st January 2021, the Group’s revenue would have been DKKm 661
and loss before tax DKKm 50.
Consolidated financial statements | Notes | Section 6: Other notes
Note 6.1
DKKm
Fair
value
Cash
4
Trade
receivables
2
Property, plant and
equipment
1
Other
assets
1
Non
-current liabilities
(5)
Other
current liabilities
(1)
Net
identifiable assets acquired
2
Non
-controlling interests
(9)
Goodwill
10
Total purchase
consideration
3
Cash flow from
acquisition
Cash
consideration
3
Settlement of acquired debt to seller
3
Less
cash acquired
(4)
Net
outflow of cash
2
The assets and liabilities recognised as a result of the acquisition are as follows:
2020:
No acquisitions have been made in 2020.
66BidCo RelyOn Nutec A/S | Annual report 2021 Consolidated financial statements | Notes | Section 6: Other notes
NOTE 6.1 – BUSINESS COMBINATION – continued
§ | Accounting policy
Businesses acquired from unrelated parties during the financial year are recognised as from the date of
acquisition, i.e. the date when the Group obtains control over the acquiree. The comparative figures are not
restated to reflect businesses acquired. The acquisition method is applied, i.e. identifiable assets, liabilities and
contingent liabilities of acquirees are recognised at their fair value at the date of acquisition.
Identifiable intangible assets are recognised if they are separable or derive from a contractual right. Deferred tax
on fair value adjustments is recognised. Fair values may be determined provisionally up until 12 months after the
acquisition date. Adjustments, if any within this period, are treated as prior period adjustments.
Any positive difference between the consideration and the value of non-controlling interests in the acquirer and the
fair value of any previously held interests in the acquirer, on the one hand, and the fair value of the identifiable
assets, liabilities and contingent liabilities, on the other hand, is recognised in the balance sheet as goodwill.
Goodwill is not amortised but is tested for impairment at least once a year. On acquisition, goodwill is allocated to
the cash-generating units which will subsequently form the basis for future impairment tests. Any negative
difference is recognised in the income statement on the date of acquisition.
The consideration for an entity consists of the fair value of the agreed purchase price. For business combinations
in which the agreement includes an adjustment of the consideration conditional on future events (contingent
consideration), the fair value of this part of the consideration is recognised at the date of acquisition. Any changes
in the fair value of the contingent consideration after initial recognition are recognised in the income statement
within financial items.
Businesses acquired from parties who are under common control with the Group are recognised at the
predecessor values as if the Group had owned the business as of the first day of the comparative period, however
no earlier than as of the date the selling party obtained control over the business.
Put options issued to minority shareholders in connection with acquisitions for them to sell their remaining shares
to the Group, the value of which is contingent on future events, will be recognised as part of the consideration at
the date of acquisition if risks and rewards have been transferred to the non-controlling interests. The put options
issued are subsequently measured at the present value of the expected exercise price. Any changes in the value
of the issued put options after initial recognition are recognised in the income statement within financial items.
Acquisition costs are recognised in the income statement as special items.
≈ | Critical accounting estimates
In connection with acquisitions, the identifiable net assets acquired from the seller are recognised at fair value.
This includes an assessment of the value of e.g. customer relations and customer contracts. The valuation thereof
is based on the ”Multi-Period Excess Earnings Method (MEEM method)” in which the value is calculated on the
basis of an expected future cash flow. The principal assumptions are expected lives of the existing agreements
and portfolios, earnings and contribution for using associated assets and employees.
Note 6.1
67BidCo RelyOn Nutec A/S | Annual report 2021
§ | Accounting policy
Provisions are recognised when, as a consequence of an event occurring before or on the balance sheet date, the
Group has a legal or constructive obligation, and it is probable that an outflow of resources will be required to
settle the obligation. The amount recognised as a provision is Management’s best estimate of the present value of
expenses required to settle the obligation.
Provisions for restructuring are recognised when a detailed, formal plan for the restructuring has been made
before or on the balance sheet date and has been announced to the parties involved.
Provisions for retained risks related to occupational injuries are recognised at the time of the claim and include an
estimate of claims incurred but not reported based on actuarial calculations.
Supplementary information
Provisions for refurbishment obligation are related to clean-up of the facilities within the Group. Refurbishment
provisions will be an obligation prior to relocation. Relocation is not very likely hence all provisions are non-
current.
NOTE 6.2 – PROVISIONS
NOTE 6.3 – Change in net working capital
Consolidated financial statements | Notes | Section 6: Other notes
Note 6.2 and 6.3
DKKm
31.12.2021
31.12.2020
Change in trade receivables and contract assets
(26)
105
Change in
trade payables
33
(27)
Change in other receivables
(9)
11
Change in other operating liabilities
22
(6)
Sale of businesses cf. note 2.11
-
(5)
Currency adjustments
1
-
Total change in working capital
21
78
Refurbishment
provision
Total
DKKm
At 01.01.2020
21
21
Reclassification
(2)
(2)
Exchange differences
(1)
(1)
At 31.12.2020
18
18
Additions
4
4
Exchange differences
1
1
At 31.12.2021
23
23
Of which is classified as non
-current
23
23
Supplementary information
A positive change in working capital is an expression of a decrease in working capital.
A negative change in working capital is an expression of an increase in working capital.
68BidCo RelyOn Nutec A/S | Annual report 2021
NOTE 6.6 - COMMITMENTS AND CONTINGENT LIABILITIES
Joint taxation scheme
The Danish Group companies are jointly and severally liable for tax on the jointly taxed income etc. of the Group.
The total amount of corporation tax payable by the Group is disclosed in the financial statements of P-RelyOn
Nutec 2018 A/S, which is the management company of the joint taxation. The Danish Group companies are jointly
and severally liable for the joint taxation liability. The joint taxation liability covers income taxes and withholding
taxes on dividends, royalties and interest.
Contingent liabilities and guaranties
As part of the bond agreement, share pledges have been issued. The total and aggregated carrying amount of the
net assets the subsidiaries pledged as at 31 December 2021 was DKKm 220 (DKKm 255).
NOTE 6.7 - EVENTS AFTER THE BALANCE SHEET DATE
The condemnable conflict between Russia and Ukraine has let us to cease activities in Russia however this will
have no impact on our 2022 business activities.
No other events materially affecting the assessment of the annual report have occurred after the balance sheet
date.
Consolidated financial statements | Notes | Section 6: Other notes
NOTE 6.5 – RELATED PARTIES
The Group is controlled by the following entities:
Note 6.8 includes information on the Group's structure and the Group's related parties. Information on key
management’s personnel remuneration is disclosed in note 2.3.
The following transactions occurred with the immediate other related parties:
Immediate parent entity:
P
-Holding RelyOn Nutec A/S
Ultimate parent entity and controlling party:
Polaris Private Equity IV K/S
Group contribution:
DKKm
0 (DKKm 7)
NOTE 6.4 – FEE TO AUDITORS
Notes 6.4, 6.5, 6.6 and 6.7
Supplementary information
2021:
Other services provided by PricewaterhouseCoopers, Statsautoriserede revisionspartnerselskab, amounted
to DKKm 1 in 2021 and were primarily related to general accounting and tax advisory.
2020:
Other services provided by PricewaterhouseCoopers, Statsautoriserede revisionspartnerselskab, amounted
to DKKm 1 in 2020 and were primarily related to general accounting and tax advisory.
2021
2020
DKKm
Audit
fee to PwC
(3.9)
(4.2)
Other
assurance engagements
-
(0.2)
Tax advisory services
(0.5)
(0.2)
Other
services
(0.2)
(0.6)
Total
(4.6)
(5.2)
69BidCo RelyOn Nutec A/S | Annual report 2021
*For these companies, the Group holds an equity interest of less than 50%. However, due to rights arising from shareholders' agreements, the Group has determined that it has control of those companies, which are thus classified as subsidiaries and fully consolidated.
**The shareholding will increase from 60% to 80% as of 31
st
January 2022.
Note 6.8
NOTE 6.8 – GROUP COMPANIES
Consolidated financial statements | Notes | Section 6: Other notes
Region
Country
Legal name
Equity interest
Region
Country
Legal name
Equity interest
Americas
Brazil
RelyOn Nutec Brasil Participacoes Ltda
100%
Asia
Thailand
RelyOn
Nutec (Thailand) Ltd
85%
Americas
Brazil
RelyOn Nutec Brasil Treinamentos em Segurança Marítima Ltda
100%
Europe
Belgium
RelyOn
Nutec Belgium BVBA
100%
Americas
Canada
RelyOn Nutec Canada Incorporated
68%
Europe
Denmark
Bidco
RelyOn Nutec A/S
100%
Americas
Canada
RelyOn
Nutec Canada (NL) Incorporated
68%
Europe
Denmark
RelyOn
Nutec Holding A/S
100%
Americas
Canada
3281875 Nova Scotia Limited
68%
Europe
Denmark
RelyOn
Nutec Denmark A/S
100%
Americas
Canada
Cavu
Canada (branch)*
25%
Europe
Denmark
RelyOn
Nutec Digital A/S
100%
Americas
Guyana
RelyOn
Nutec Guyana Inc.
100%
Europe
Germany
RelyOn
Nutec Germany GMBH
100%
Americas
Mexico
RelyOn
Nutec Holding de México, S.A. de C.V.
100%
Europe
Norway
RelyOn
Nutec Simulation AS
100%
Americas
Mexico
RelyOn
Nutec de México, S.A.P.I. de C.V.**
60%
Europe
Norway
RelyOn
Nutec Norway AS
100%
Americas
Trinidad & Tobago
RelyOn
Nutec Services Limited
100%
Europe
Norway
Cavu
Norway (branch)*
25%
Americas
Trinidad & Tobago
Haztec
Services Trinidad, Ltd. (Dormant)
100%
Europe
Russia
LLC
Cavu*
24,50%
Americas
USA
RelyOn
Nutec USA Holdings, LLC
100%
Europe
The Netherlands
RelyOn
Nutec Holding B.V.
100%
Americas
USA
RelyOn
Nutec Services, Inc.
100%
Europe
The Netherlands
RelyOn
Nutec Netherlands B.V.
100%
Americas
USA
RelyOn
Nutec USA, LLC
100%
Europe
The Netherlands
RelyOn
Nutec Digital B.V.
100%
Americas
USA
CAVU International LLC*
25%
Europe
United Kingdom
RelyOn
Nutec Ltd.
100%
Americas
USA
CAVU International I LLC*
25%
Europe
United Kingdom
Aberdeen
Drilling School Ltd
100%
Asia
Australia
RelyOn
Nutec Australia PTY LTD
100%
Europe
United Kingdom
RelyOn
Nutec Digital Ltd.
100%
Asia
Malaysia
MSTS Asia
Sdn. Bhd.
60%
Middle East
Azerbaijan
RelyOn
Nutec Azerbaijan LLC
100%
Asia
Malaysia
Risktec
(M) Sdn. Bhd. (Dormant)
60%
Middle East
Oman
Aberdeen Drilling International Co. LLC (Under liquidation)
70%
Asia
Malaysia
RelyOn
Bestari Healthcare Sdn Bhd*
49%
Middle East
Qatar
RelyOn
Nutec (Safety Training & Services) LLC*
49%
Asia
Malaysia
RelyOn
Nutec Malaysia Sdn. Bhd.
95%
Middle
East
Saudi Arabien
Aberdeen Drilling School LLC Co.
100%
Asia
Malaysia
Aberdeen
Drilling International (Malaysia) SDN BHD
100%
Middle
East
UAE
RelyOn
Nutec Safety Services LLC*
49%
Asia
Singapore
MSTS Asia (
S'pore) Pte. Ltd.
60%
Middle
East
UAE
Aberdeen
Drilling International Limited
100%
Asia
Thailand
RelyOn
Nutec Thailand Holding Ltd.
100%
70BidCo RelyOn Nutec A/S | Annual report 2021BidCo RelyOn Nutec A/S | Annual report 2021 70
Parent company
financial statements
Income statement and change in equity
71
Statement of financial position
72
Notes
73
71BidCo RelyOn Nutec A/S | Annual report 2021 Parent company financial statements | Income statement and changes in equity
INCOME STATEMENT STATEMENT OF CHANGES IN EQUITY
2021
2020
DKKm
Notes
Internal
revenue
7
6
Staff
costs 1.1
(7)
(7)
Other
external expenses
(2)
(3)
Operating
result (EBIT)
(2)
(4)
Financial
income
3
2
Financial
expenses
(39)
(42)
Result before tax
(38)
(44)
Income tax
2.3
-
-
Result for the year
(38)
(44)
Share capital
Retained earnings
Total
DKKm
Equity at 01.01.2020
2
322
324
Result for the year
-
(44)
(44)
Group contribution
-
7
7
Equity at 31.12.2020
2
285
287
Result for the year
-
(38)
(38)
Equity at 31.12.2021
2
247
249
72BidCo RelyOn Nutec A/S | Annual report 2021 Parent company financial statements | Statement of financial position
STATEMENT OF FINANCIAL POSITION
31 December
2021
31 December
2020
31 December
2021
31 December
2020
DKKm
Notes
DKKm
Notes
Investments in subsidiaries
2.1
650
650
Share capital
2.4
2
2
Receivables from subsidiaries
2.2
68
74
Retained earnings
247
285
Total non
-current assets
718
724
Total equity
249
287
Receivables
from subsidiaries
2.1
2
-
Bond
2.5
413
400
Other
receivables
1
-
Shareholder loan
2.5
35
31
Cash and cash
equivalents
4
-
Total non
-current liabilities
448
431
Total current assets
7
-
Total assets
725
724
Trade payables
1
1
Payables to subsidaries
22
1
Corporate income tax
-
-
Other payables
5
4
Total current liabilities
28
6
Total liabilities
476
437
Total equity and liabilities
725
724
73BidCo RelyOn Nutec A/S | Annual report 2021
Section 1: Income statement
Note 1.1:
Staff costs
74
Section 2: Statement of financial position
Note 2.1:
Investment in subsidiaries
74
Note 2.2:
Receivables from subsidiaries
74
Note 2.3:
Deferred tax asset
74
Note 2.4:
Share capital
75
Note 2.5:
Bond and shareholder loan
75
Section 3: Other notes
Note 3.1:
Related parties
75
Note 3.2:
Commitments and contingent liabilities
75
Note 3.3:
Events after the balance sheet date
75
Note 3.4:
Fee to auditors
75
Section 4: Basis of preparation
Note 4.1:
Accounting policies
75
Notes
74BidCo RelyOn Nutec A/S | Annual report 2021 Parent company financial statements | Notes
NOTE 1.1 – STAFF COSTS
Notes 1.1, 2.1, 2.2 and 2.3
NOTE 2.1 – INVESTMENTS IN SUBSIDIARIES
For remuneration of the Executive Management and the Board of Directors, see note 2.3 “staff costs”
to the consolidated financial statements.
NOTE 2.2 – RECEIVABLES FROM SUBSIDIARIES
NOTE 2.3 – DEFERRED TAX ASSET
Supplementary information
Deferred tax asset is mainly related to tax losses. The parent company has unrecognised tax losses to carry
forwards totalling DKKm 23 (DKKm 20). The Group is of the opinion that utilisation within 3-5 years is not
possible within a foreseeable future. There is no expiry date on the tax losses to carry forward.
2021
2020
DKKm
Cost:
At 1
st
January
650
650
At 31
st
December
650
650
Accumulated impairment:
At 1 January
-
-
Impairment for the year
-
-
At 31
st
December
-
-
Carrying
amount at 31.12
650
650
Subsidiaries comprise:
RelyOn
Nutec Holding A/S
100%
100%
2021
2020
DKKm
At 1
st
January
74
48
Changes
during the year
(4)
26
At 31
st
December
70
74
2021
2020
DKKm
Wages and salaries
(6)
(6)
Pensions,
defined contribution plans
(1)
(1)
Total
(7)
(7)
Average
number of employees
2
2
75BidCo RelyOn Nutec A/S | Annual report 2021
Note 2.4, 2.5, 3.1, 3.2, 3.3, 3.4, and 4.1
NOTE 2.4 – SHARE CAPITAL
Please refer to note 3.7 to the consolidated financial statements.
NOTE 2.5 – BOND AND SHAREHOLDER LOAN
Please refer to note 4.4 to the consolidated financial statements.
NOTE 3.1 – RELATED PARTIES
Please refer to note 6.5 to the consolidated financial statements.
The Company is included in the Consolidated Financial Statement of P-RelyOn Nutec 2018 A/S. The
Consolidated Financial Statements can be obtained on the following addresses:
Malmøgade 3, 2100 København Ø
NOTE 3.2 - COMMITMENTS AND CONTINGENT LIABILITIES
Joint taxation scheme
Please refer to note 6.6 to the consolidated financial statements.
Contingent liabilities and guaranties
Please refer to note 6.6 to the consolidated financial statements.
NOTE 3.3 - EVENTS AFTER THE BALANCE SHEET DATE
Please refer to note 6.7 to the consolidated financial statements.
NOTE 3.4 – FEE TO AUDITORS
NOTE 4.1 - ACCOUNTING POLICIES
BidCo RelyOn Nutec A/S prepares the parent company financial statements in accordance with the Danish
Financial Statements Act applying to enterprises of reporting class D.
The accounting policies of the parent company are identical with the policies for the consolidated financial
statements unless otherwise listed. The accounting policies, judgements and estimates are consistent with those
applied in the financial statements for 2020.
The financial statements are presented in DKK million.
Leases
IFRS 16 Leases is not applied in the financial statements for the parent company.
Investments in subsidiaries
Investments in subsidiaries are measured at cost. Where cost exceeds the recoverable amount, write-down is
made to this lower value.
Dividends from subsidiaries are recognised as income in the income statement when adopted at the general
meeting of the subsidiary.
Other
Foreign exchange adjustments of receivables and payables in foreign subsidiaries that form part of the net
investment are recognised under other comprehensive income in the consolidated financial statements and in the
income statement of the parent company financial statements.
The balance sheet has been presented in accordance with the current/non-current distinction in accordance with
IFRS, which is applicable after the Danish Financial Statements Act.
With reference to the provisions of the Danish Financial Statements Act, the parent company has refrained from
preparing a cash flow statement information in the parent company financial statements. For this information, see
the consolidated financial statements for BidCo RelyOn Nutec A/S.
DKKm
2021
2020
Audit fee to PwC
2
2
Other assurance services
-
-
Total
2
2
Parent company financial statements | Notes
76BidCo RelyOn Nutec A/S | Annual report 2021BidCo RelyOn Nutec A/S | Annual report 2021 76
Management statement,
auditor’s reports and
definitions
Statement by the Board of Directors and
the Executive Management
77
Independent auditor’s report
78
Company information
81
Definitions
82
77BidCo RelyOn Nutec A/S | Annual report 2021 Management statement, auditor’s reports and definitions | Statement by the Board of Directors and the Executive Management
The Board of Directors and the Executive Management
have today considered and adopted the Annual Report
of BidCo RelyOn Nutec A/S for the financial year 1
st
January – 31
st
December 2021.
The Consolidated Financial Statements have been
prepared in accordance with International Financial
Reporting Standards as adopted by the EU and further
requirements in the Danish Financial Statements Act.
The Parent Company Financial Statements and
Management Review have been prepared in
accordance with the Danish Financial Statements Act.
In our opinion, the Consolidated Financial Statements
and the Parent Company Financial Statements give a
true and fair view of the financial position as of 31
st
December 2021 of the Group and the Parent Company
and of the results of the Group and Parent Company
operations and consolidated cash flows for the financial
year 1
st
January – 31
st
December 2021.
In our opinion, the Management Review includes a true
and fair account of the development in the operations
and financial circumstances of the Group and the
Parent Company, of the results for the year and of the
financial position of the Group and the Parent Company
as well as a description of the most significant risks and
elements of uncertainty facing the Group and the Parent
Company.
In our opinion, the Annual Report of BidCo RelyOn
Nutec A/S for the financial year 1
st
January – 31
st
December 2021 with the file name BidCoRelyOnNutec-
2021-12-31-en.zip is prepared, in all material respects,
in compliance with the ESEF Regulation.
We recommend that the Annual Report is approved at
the Annual General Meeting.
Copenhagen, 9th March 2022
STATEMENT BY THE BOARD OF DIRECTORS AND
EXECUTIVE MANAGEMENT
Executive
Management
Torben Harring
Group CEO
Board of Directors
Jakob Thomasen Jesper Teddy Lok Merete Søby
Chairman
Henrik Bonnerup Jan Damsgaard
78BidCo RelyOn Nutec A/S | Annual report 2021
INDEPENDENT
AUDITOR’S REPORTS
To the shareholders of BidCo RelyOn Nutec A/S
REPORT ON THE AUDIT OF THE FINANCIAL
STATEMENTS
OUR OPINION
In our opinion, the Consolidated Financial Statements give a
true and fair view of the Group’s financial position at 31
st
December 2021 and of the results of the Group’s operations
and cash flows for the financial year 1
st
January to 31
st
December 2021 in accordance with International Financial
Reporting Standards as adopted by the EU and further
requirements in the Danish Financial Statements Act.
Moreover, in our opinion, the Parent Company Financial
Statements give a true and fair view of the Parent Company’s
financial position at 31
st
December 2021 and of the results of
the Parent Company’s operations for the financial year 1
st
January to 31
st
December 2021 in accordance with the Danish
Financial Statements Act.
Our opinion is consistent with our Auditor’s Long-form Report
to the Board of Directors.
What we have audited
The Consolidated Financial Statements of BidCo RelyOn
Nutec A/S for the financial year 1
st
January to 31
st
December
2021 comprise the consolidated income statement and
consolidated statement of comprehensive income, the
consolidated statement of financial position, the consolidated
statement of changes in equity, the consolidated cash flow
statement and the notes, including summary of significant
accounting policies.
The Parent Company Financial Statements of BidCo RelyOn
Nutec A/S for the financial year 1
st
January to 31
st
December
2021 comprise the income statement, the statement of
financial position, the statement of changes in equity and the
notes, including summary of significant accounting policies.
Collectively referred to as the “Financial Statements”.
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 Group 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. We have also fulfilled our other
ethical responsibilities in accordance with these
requirements and the IESBA Code.
To the best of our knowledge and belief, prohibited non-
audit services referred to in Article 5(1) of Regulation (EU)
No 537/2014 were not provided.
Appointment
Following the admission of bonds of BidCo Relyon Nutec
A/S for the listing on Oslo Stock Exchange, we were first
appointed auditors of BidCo Relyon Nutec A/S on 25
th
March
2020 for the financial year 2020. We have been reappointed
annually by shareholder resolution for a total period of
uninterrupted engagement of 2 years including the financial
year 2021.
KEY AUDIT MATTERS
Key audit matters are those matters that, in our professional
judgement, were of most significance in our audit of the
Financial Statements for 2021. These matters were
addressed in the context of our audit of the Financial
Statements as a whole, and in forming our opinion thereon,
and we do not provide a separate opinion on these matters.
.
Key audit matter
How our audit addressed the key audit matter
Goodwill and brands with indefinite lifetime
Goodwill and brands with indefinite lifetime might be impaired
due to for example increased competition in local markets,
changes in global economy and changes in the strategy of the
Group. No impairment charges have been recorded in 2021.
We focused on this area because the annual impairment test
of goodwill and brands with indefinite lifetime is subject to a
high degree of judgement and estimation uncertainty.
In estimating the recoverability of the carrying amount of
goodwill and brands with indefinite lifetime, significant
assumptions are determined by Management relating to future
cash flows for the year 2022, projections for subsequent years
up to and including 2026, long
-
term growth rates, margins and
discount rates applied.
Judgements relate to the definition of cash generating units
and the methodology applied for impairment testing.
Refer to notes 1.2 and 3.1 in the Consolidated Financial
Statements.
Our audit procedures included assessing the appropriateness
of the cash generating units defined by Management and the
methodology for impairment testing used by Management.
We examined the impairment tests prepared by Management,
including assessing and challenging the significant
assumptions relating to future cash flows for the year 2022,
projections for subsequent years up to and including 2026
according to budget and business plans approved by
Management, long
-term growth rates, margins and discount
rates applied.
We also examined the sensitivity analysis prepared by
Management.
To assess the historical reliability of Management’s accounting
estimates, we reviewed the outcome of previous estimates by
comparing budgeted amounts to actual amounts for the past
years.
We involved our specialists in assessing the applied discount
rates.
We evaluated the disclosures of impairment testing in the
notes.
Management statement, auditor’s reports and definitions | Independent Auditor’s report
79BidCo RelyOn Nutec A/S | Annual report 2021
STATEMENT ON MANAGEMENT’S REVIEW
Management is responsible for Management’s Review,
pages 4-30 and 83-85.
Our opinion on the Financial Statements does not cover
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 Management’s Review and, in doing
so, consider whether Management’s Review is materially
inconsistent with the Financial Statements or our knowledge
obtained in the audit, or otherwise appears to be materially
misstated.
Moreover, we considered whether Management’s Review
includes the disclosures required by the Danish Financial
Statements Act.
Based on the work we have performed, in our view,
Management’s Review is in accordance with the
Consolidated Financial Statements and the Parent Company
Financial Statements and has been prepared in accordance
with the requirements of the Danish Financial Statements
Act. We did not identify any material misstatement in
Management’s Review.
MANAGEMENT’S RESPONSIBILITIES FOR
THE FINANCIAL STATEMENTS
Management is responsible for the preparation of
consolidated financial statements that give a true and fair
view in accordance with International Financial Reporting
Standards as adopted by the EU and further requirements in
the Danish Financial Statements Act and for the preparation
of parent company financial statements that give a true and
fair view in accordance with the Danish Financial Statements
Act, and for such internal control as 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 Group’s and the Parent
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 Group or the
Parent 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 about
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 can 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 in accordance with ISAs and the
additional requirements applicable in Denmark, we exercise
professional judgement and maintain professional
scepticism throughout the audit. We also:
o 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.
o 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
Group’s and the Parent Company’s internal control.
Management statement, auditor’s reports and definitions | Independent Auditor’s report
From the matters communicated with those charged with
governance, we determine those matters that were of most
significance in the audit of the Financial Statements of the
current period and are therefore the key audit matters. We
describe these matters in our auditor’s report unless law or
regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a
matter should not be communicated in our report because
the adverse consequences of doing so would reasonably be
expected to outweigh the public interest benefits of such
communication.
o Evaluate the appropriateness of accounting policies
used and the reasonableness of accounting estimates
and related disclosures made by Management.
o 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 Group’s and the Parent
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 Group or the
Parent Company to cease to continue as a going
concern.
o Evaluate the overall presentation, structure and content
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.
o Obtain sufficient appropriate audit evidence regarding
the financial information of the entities or business
activities within the Group to express an opinion on the
Consolidated Financial Statements. We are responsible
for the direction, supervision and performance of the
group audit. We remain solely responsible for our audit
opinion.
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.
We also provide those charged with governance with a
statement that we have complied with relevant ethical
requirements regarding independence, and to communicate
with them all relationships and other matters that may
reasonably be thought to bear on our independence and,
where applicable, actions taken to eliminate threats or
safeguards applied.
80BidCo RelyOn Nutec A/S | Annual report 2021
REPORT ON COMPLIANCE WITH THE
ESEF REGULATION
As part of our audit of the Financial Statements we
performed procedures to express an opinion on whether the
annual report of BidCo RelyOn Nutec A/S for the financial
year 1st January to 31st December 2021 with the filename
BidCoRelyOnNutec-2021-12-31-en.zip is prepared, in all
material respects, in compliance with the Commission
Delegated Regulation (EU) 2019/815 on the European
Single Electronic Format (ESEF Regulation) which includes
requirements related to the preparation of the annual report
in XHTML format and iXBRL tagging of the Consolidated
Financial Statements.
Management is responsible for preparing an annual report
that complies with the ESEF Regulation. This responsibility
includes:
o The preparing of the annual report in XHTML format;
o The selection and application of appropriate iXBRL tags,
including extensions to the ESEF taxonomy and the
anchoring thereof to elements in the taxonomy, for all
financial information required to be tagged using
judgement where necessary;
o Ensuring consistency between iXBRL tagged data and
the Consolidated Financial Statements presented in
human-readable format; and
o For such internal control as Management determines
necessary to enable the preparation of an annual report
that is compliant with the ESEF Regulation.
Our responsibility is to obtain reasonable assurance on
whether the annual report is prepared, in all material
respects, in compliance with the ESEF Regulation based on
the evidence we have obtained, and to issue a report that
includes our opinion. The nature, timing and extent of
procedures selected depend on the auditor’s judgement,
including the assessment of the risks of material departures
from the requirements set out in the ESEF Regulation,
whether due to fraud or error.
The procedures include:
o Testing whether the annual report is prepared in XHTML
format;
o Obtaining an understanding of the company’s iXBRL
tagging process and of internal control over the tagging
process;
o Evaluating the completeness of the iXBRL tagging of the
Consolidated Financial Statements;
o Evaluating the appropriateness of the company’s use of
iXBRL elements selected from the ESEF taxonomy and
the creation of extension elements where no suitable
element in the ESEF taxonomy has been identified;
o Evaluating the use of anchoring of extension elements to
elements in the ESEF taxonomy; and
o Reconciling the iXBRL tagged data with the audited
Consolidated Financial Statements.
In our opinion, the annual report of BidCo RelyOn Nutec A/S
for the financial year 1st January to 31st December 2021
with the file name BidCoRelyOnNutec-2021-12-31-en.zip is
prepared, in all material respects, in compliance with the
ESEF Regulation.
Hellerup, 9th March 2022
PricewaterhouseCoopers
Statsautoriseret Revisionspartnerselskab
CVR No 3377 1231
Thomas Wraae Holm
State Authorised Public Accountant
mne30141
Allan Knudsen
State Authorised Public Accountant
mne29465
Management statement, auditor’s reports and definitions | Independent Auditor’s report
81BidCo RelyOn Nutec A/S | Annual report 2021
COMPANY INFORMATION
The company
BidCo RelyOn Nutec A/S
Kalvebod Brygge 45, 3rd floor
DK-1560 Copenhagen V
Phone +45 76 12 13 14
Legal registration no. 39 46 78 36
Financial year 01.01.2021 - 31.12.2021
Established 30th March 2018
Municipality of headquarter; Copenhagen
Website: www.relyonnutec.com
E-mail: info@relyonnutec.com
Board of Directors
Jakob Thomasen, Chairman
Jesper Teddy Lok
Merete Søby
Henrik Bonnerup
Jan Damsgaard
Executive Management
Torben Harring
Auditor
PriceWaterhouseCoopers
Statusautoriseret Revisionspartnerselskab
Strandvejen 44
DK-2900 Hellerup
Denmark
Management statement, auditor’s reports and definitions | Company information
Forward-looking statements
This annual report contains forward-looking statements, including statements regarding the Group’s future operating
profit, financial position, cash flows, strategy as well as plans for the future. Forward-looking statements include,
without limitation, any statement that may predict, indicate or imply future results, performance or achievements, and
may contain the words “believes”, “expects”, “estimates”, “projects”, “plans”, “anticipates”, “continues” and “intends”
or any variations of such words or other words with similar meaning. The statements are based on Management’s
reasonable expectations and forecasts at the time of disclosure of the annual report. Any such statements are
subject to risks and uncertainties, and a number of different factors of which many are beyond BidCo RelyOn Nutec
A/S’ control can mean that the actual development and actual result will differ significantly from the expectations
contained in the annual report. Without being exhaustive, such factors include general economics and commercial
factors, including market and competitive matters, supplier issues and financial issues. Accordingly, forward-looking
statements should not be relied on as a prediction of actual results.
82BidCo RelyOn Nutec A/S | Annual report 2021
DEFINITIONS
Management statement, auditor’s reports and definitions | Definitions
A
Americas
Comprise Brazil
, Canada, Mexico, Trinidad &
Tobago and
the US.
API
American Petroleum Institute. API is the only
national trade association representing all facets of the
natural gas and oil industry in the US.
Asia
Comprises, Australia, Indonesia, Malaysia,
Thailand and Singapore.
B
BML Brazilian Ministry of Labour. The Ministry of Labour
and Social Welfare (Portuguese:
Ministério do
Trabalho
e
Previdência Social, abbreviated MTPS) is a cabinet-
level federal ministry in Brazil.
C
CAA
Civil Aviation Authority. CAA is the statutory
corporation which oversees and regulates all aspects of
civil aviation in the United Kingdom.
CAPEX
Investments in intangible assets and property,
plant and equipment.
CCNSG
Client Contractor National Safety Group.
CCNSG is a formal sub
-committee of the Engineering
Construction Industry Training Board (ECITB) reporting
to the ECITB through the ECITB Management Board.
CITB
Construction Industry Training Board.
CGU
Cash Generating Units.
CSR
Corporate social responsibility.
D
DMA
Danish Maritime Authority. DMA is part of the
Ministry of Industry, Business and Financial Affairs. As
the responsible authority, the Danish Maritime Authority
determines the number of crew members and issues so-
called safe manning documents.
E
EBIT
Earnings before interest and tax.
EBITA
Earnings before interest, tax and amortisation.
EBITDA Earnings before interest, tax, depreciation and
amortisation.
ECITB
Engineering Construction Industry Training
Board. ECITB works with employers and training
providers to attract, develop and qualify the engineering
construction workforce in a wide range of craft, technical
and professional disciplines.
Europe
Comprises Belgium, Denmark, Germany,
Netherlands, Norway and United Kingdom.
F
FCPA
Foreign Corrupt Practices Act.
G
GWO The global industry standard in wind organisation
for safety, skills, and competence.
I
IADC
International Association of Drilling Contractors.
IADC is dedicated to enhancing the interests of oil
-and-
gas and geothermal drilling contractors worldwide.
IAS
International Accounting Standards.
IFRS
International Financial Reporting Standards.
ILO
International Labour Organization.
ISO
The International Organization for Standardisation
is an international standard
-setting body composed of
representatives from various national standards
organisations.
IMO
-STCW International Maritime Organisation -
Standards of Training, Certification and Watchkeeping
for Seafarers. The STCW Convention for Seafarers was
adopted in 1978 by conference at the International
Maritime Organisation (IMO) in London, and entered into
force in 1984 and was amended in 1995 & 2010.
IWCF International Well Control Forum. IWCF is the only
independent body focused on oil and gas well control
training, accreditation and certification.
J
JOIFF
. Joint Oil Industry Fire Forum. JOIFF is The
International Organisation for Industrial Emergency
Response and Fire Hazard Management.
L
LTM
Last Twelve Months
M
MCA
Maritime and Coastguard Agency.
Middle East Comprises Azerbaijan, Oman, Qatar, Saudi
Arabia and UAE.
MSTS
Malaysia Safety Training & Competence
Services.
N
NIBD
Net Interest Bearing Debt. Defined as all
liabilities
minus
current assets
NOGEPA
Netherlands Oil and Gas Exploration and
Production Association. In the Netherlands, the
association of companies licensed to research and
explore for oil and gas in the North Sea is called
NOGEPA. NOGEPA defines the safety standards of the
operations and related safety training.
NOROG
Norwegian Oil and Gas Association. The
NOROG is a professional body and employer’s
association for oil and supplier companies.
NSI National Security Inspectorate. NSI is a certification
body for the security and fire protection sectors in the
UK.
NUTEC
Norwegian Underwater Training Emergency
Centre.
O
OPITO
Offshore Petroleum Industry Training
Organisation. Since 1991 the organisation OPITO has
set the standards for safety training in the oil and gas
industry.
R
Return on assets
Ratio that shows the percentage of
profit a company earns in relation to its overall
resources.
RYA
Royal Yachting Association. The RYA is the
national body for dinghy, yacht and motor cruising, all
forms of sail racing, RIBs and sports boats, windsurfing
and personal watercraft and a leading representative for
inland waterways cruising.
S
Solvency ratio
Ratio used to measure the ability of a
company to meet its long
-term debt.
T
Trade Working Capital (TWC)
Trade receivables plus
inventory less trade payables.
U
UK Bribery Act
The UK Bribery Act 2010 establishes
company liability for corrupt acts committed by persons
acting on behalf of the company.
UN Global Compact
The UN's social charter for
enterprises, etc.
USCG
United States Coast Guard. The United States
Coast Guard is the coastal defence and maritime law
enforcement branch of the United States Armed Forces
and one of the country's seven uniformed services.
83BidCo RelyOn Nutec A/S | Annual report 2021BidCo RelyOn Nutec A/S | Annual report 2021 83
Quarterly report
Q4 2021
Q4 2021 - Consolidated income
statement and consolidated changes in
equity
84
Q4 2021 Consolidated statement of cash
flow
85
84BidCo RelyOn Nutec A/S | Annual report 2021 Quarterly report | Consolidated income statement and statement of comprehensive income
CONSOLIDATED INCOME STATEMENT CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
DKKm
Q4 2021
Q4 2020
2021 2020
Revenue
179
139
657
535
Other income
9
5
32
40
Cost of sales
(58)
(45)
(200)
(164)
Staff costs
(89)
(71)
(320)
(321)
Other external costs
(17)
(17)
(61)
(62)
Operating result before depreciation,
amortisation,
impairment losses and special items (EBITDA)
24
11
108
28
Depreciation and impairment losses on property, plant and
equipment
(16)
(19)
(63)
(75)
Operating result before amortisation and special items
(EBITA)
8
(8)
45
(47)
Amortisation of intangible assets
(5)
(3)
(22)
(19)
Operating result before special items
3
(11)
23
(66)
Special items
(2)
(4)
(5)
(16)
Operating result (EBIT)
(1)
(15)
18
(82)
Financial income
4
1
6
7
Financial expenses
(22)
(25)
(72)
(82)
Result before tax
(17)
(39)
(48)
(157)
Income tax
(3)
8
(10)
(2)
Result for the year of continuing operations
(20)
(31)
(58)
(159)
Result for the year of discontinued operations
-
-
-
(16)
Result for the year
(20)
(31)
(58)
(175)
Result for the period is attributable to:
Owners of BidCo RelyOn Nutec A/S
(21)
(30)
(58)
(176)
Non
-controlling interests
1
(1)
-
1
Total
(20)
(31)
(58)
(175)
DKKm
Q4 2021
Q4 2020
2021
2020
Result for the period
(20)
(31)
(58)
(175)
Other comprehensive income
Exchange rate adjustments of foreign entities and intercompany loans
classified as part of net investment
9
(7)
25
(54)
Recycling of exchange rate reserve at time of disposal of foreign
entities
-
7
-
7
Total comprehensive income for the period
(13)
(31)
(33)
(222)
Total comprehensive income for the period is attributable to:
Owners of BidCo RelyOn Nutec A/S
(13)
(30)
(33)
(215)
Non
-controlling interests
-
(1)
-
(7)
Total
(13)
(31)
(33)
(222)
85BidCo RelyOn Nutec A/S | Annual report 2021 Quarterly report | Statement of consolidated cash flow
STATEMENT OF CONSOLIDATED CASH FLOW
DKKm
Q4 2021
Q4 2020
2021
2020
Operating result (EBITDA), continuing operations
24
11
108
28
Operating result (EBITDA), discontinued operations
-
-
-
(3)
Operating result before depreciation,
amortisation, impairment losses and special items (EBITDA)
24
11
108
25
Changes in net working capital
22
3
21
78
Income taxes paid
(5)
(3)
(12)
(14)
Special items paid
(4)
2
(9)
(21)
Net cash flow from operating activities
37
13
108
68
Purchase of property, plant and equipment
(7)
(12)
(21)
(32)
Purchase of intangible assets
(6)
(2)
(21)
(13)
Purchase of subsidiaries, net of cash
(1)
-
(2)
(2)
Proceeds from sale of businesses
-
13
-
13
Net cash flow from investing activities
(14)
(1)
(44)
(34)
Free cashflow
23
12
64
34
Interests paid
(19)
(9)
(59)
(41)
Change of credit facilities
-
-
-
(2)
Installment on lease liabilities
(8)
(9)
(32)
(34)
Group
contribution
-
1
-
7
Proceeds
from shareholder loan
-
-
-
30
Change in other financing activities
(1)
3
(2)
2
Cash flow from financing activities
(28)
(14)
(93)
(38)
Net cash flow for the period
(5)
(2)
(29)
(4)
Cash and cash equivalents, beginning of the period
48
71
70
77
Exchange rate impact
-
1
2
(3)
Change in cash and cash equivalents
(5)
(2)
(29)
(4)
Cash and cash equivalents at end of the period
43
70
43
70
86BidCo RelyOn Nutec A/S | Annual report 2021 86
549300H0D90B41QTW7402021-01-012021-12-31cmn:ConsolidatedMember549300H0D90B41QTW7402021-01-012021-12-31549300H0D90B41QTW7402020-01-012020-12-31549300H0D90B41QTW7402021-12-31549300H0D90B41QTW7402020-12-31549300H0D90B41QTW7402019-12-31ifrs-full:IssuedCapitalMember549300H0D90B41QTW7402020-01-012020-12-31ifrs-full:IssuedCapitalMember549300H0D90B41QTW7402020-12-31ifrs-full:IssuedCapitalMember549300H0D90B41QTW7402019-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember549300H0D90B41QTW7402020-01-012020-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember549300H0D90B41QTW7402020-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember549300H0D90B41QTW7402019-12-31ifrs-full:RetainedEarningsMember549300H0D90B41QTW7402020-01-012020-12-31ifrs-full:RetainedEarningsMember549300H0D90B41QTW7402020-12-31ifrs-full:RetainedEarningsMember549300H0D90B41QTW7402019-12-31ifrs-full:EquityAttributableToOwnersOfParentMember549300H0D90B41QTW7402020-01-012020-12-31ifrs-full:EquityAttributableToOwnersOfParentMember549300H0D90B41QTW7402020-12-31ifrs-full:EquityAttributableToOwnersOfParentMember549300H0D90B41QTW7402019-12-31ifrs-full:NoncontrollingInterestsMember549300H0D90B41QTW7402020-01-012020-12-31ifrs-full:NoncontrollingInterestsMember549300H0D90B41QTW7402020-12-31ifrs-full:NoncontrollingInterestsMember549300H0D90B41QTW7402019-12-31549300H0D90B41QTW7402021-01-012021-12-31ifrs-full:IssuedCapitalMember549300H0D90B41QTW7402021-12-31ifrs-full:IssuedCapitalMember549300H0D90B41QTW7402021-01-012021-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember549300H0D90B41QTW7402021-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember549300H0D90B41QTW7402021-01-012021-12-31ifrs-full:RetainedEarningsMember549300H0D90B41QTW7402021-12-31ifrs-full:RetainedEarningsMember549300H0D90B41QTW7402021-01-012021-12-31ifrs-full:EquityAttributableToOwnersOfParentMember549300H0D90B41QTW7402021-12-31ifrs-full:EquityAttributableToOwnersOfParentMember549300H0D90B41QTW7402021-01-012021-12-31ifrs-full:NoncontrollingInterestsMember549300H0D90B41QTW7402021-12-31ifrs-full:NoncontrollingInterestsMember549300H0D90B41QTW7402020-01-012020-12-31cmn:ConsolidatedMember549300H0D90B41QTW7402021-01-012021-12-311cmn:ConsolidatedMember549300H0D90B41QTW7402021-01-012021-12-311cmn:ConsolidatedMember549300H0D90B41QTW7402021-01-012021-12-312cmn:ConsolidatedMember549300H0D90B41QTW7402021-01-012021-12-313cmn:ConsolidatedMember549300H0D90B41QTW7402021-01-012021-12-314cmn:ConsolidatedMember549300H0D90B41QTW7402021-01-012021-12-315cmn:ConsolidatedMember549300H0D90B41QTW7402021-01-012021-12-311cmn:ConsolidatedMember549300H0D90B41QTW7402021-01-012021-12-312cmn:ConsolidatedMemberiso4217:DKKxbrli:pureAnnual reportAuditor's report on audited financial statementsParsePort XBRL Converter2021-01-012021-12-312020-01-012020-12-31549300H0D90B41QTW740Reporting class D549300H0D90B41QTW74039467836BidCo Relyon Nutec A/SKalvebod Brygge 45, 31560 Copenhagen VOpinionBasis for Opinion