MapsPeople A/S
Stigsborgvej 60
9400 Nørresundby
Business Registration No. 84 05 95 28
Annual Report 2020
The Annual General Meeting adopted the Annual Report on / 2021
________________________
Chairman of the General Meeting
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Content page
____
Company information 1
Statement by Management 2
Independent auditor’s report 3
Management Commentary 6
Consolidated Financial Statements 11
Parent Company Financial Statements 50
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MapsPeople A/S
1
Company information
The Company
MapsPeople A/S
Stigsborgvej 60
DK-9400 Nørresundby
Business Registration No.: 84 05 95 28
Registered office: Nørresundby
Date of incorporation: 20.04.1978
Financial year: 01.01.2020 - 31.12.2020
Board of Directors
Lars Henning Brammer, Chairman
Michael Gram
Lars Rønn
Christian Samsø Dohn
Rasmus Mencke
Executive Board
Michael Gram, CEO
Auditors
Deloitte Statsautoriseret Revisionspartnerselskab
City Tower, Værkmestergade 2
8000 Aarhus C
Lead Client Service Partner: Mads Fauerskov
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2
Statement by Management
The Board of Directors and the Executive Board have today considered and adopted the Annual Report of
Mapspeople A/S for the financial year 1 January to 31 December 2020.
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, and the Parent
Company Financial Statements have been prepared in accordance with the Danish Financial Statements Act.
The Management Commentary has 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 at 31 December 2020 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 January
to 31 December 2020.
In our opinion, the Management Commentary includes a true and fair account of the development in the opera-
tions 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.
We recommend that the Annual Report be adopted at the Annual General Meeting.
Nørresundby, 20 March 2021
Executive Board
Michael Gram
CEO
Board of Directors
Lars Henning Brammer Michael Gram Christian Samsø Dohn
Chairman
Lars Rønn Rasmus Mencke
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MapsPeople A/S
3
Independent auditor’s report
To the shareholders of MapsPeople A/S
Opinion
We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of
MapsPeople A/S for the financial year 1 January to 31 December 2020, which comprise the statement of profit
or loss, statement of financial position, statement of changes in equity and notes, including a summary of signif-
icant accounting policies, for both the Group and the Parent Company, as well as the statement of comprehensive
income and cash flow statement for the Group (“financial statements”).
In our opinion, the Consolidated Financial Statements give a true and fair view of the Group’s financial position
at 31 December 2020, and of the results of its operations and cash flows for the financial year 1 January to 31
December 2020 in accordance with International Financial Reporting Standards as adopted by the EU and addi-
tion requirements under the Danish Financial Statements Act.
Further, in our opinion, the Parent Company Financial Statements give a true and fair view of the Parent Com-
pany’s financial position at 31 December 2020 and of the results of its operations for the financial year 1 January
to 31 December 2020 in accordance with the Danish Financial Statements Act.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional re-
quirements applicable in Denmark. Our responsibilities under those standards and requirements are further de-
scribed in the Auditor’s responsibilities for the audit of the consolidated financial statements and the parent
financial statements section of this auditor’s report. We are independent of the Group in accordance with the
International Ethics Standards Board of Accountants' Code of Ethics for Professional Accountants (IESBA
Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsi-
bilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our opinion.
Statement on the Management Commentary
Management is responsible for the Management Commentary.
Our opinion on the financial statements does not cover the Management Commentary, and we do not express
any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the Management Commen-
tary and, in doing so, consider whether the Management Commentary is materially inconsistent with the financial
statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.
Moreover, it is our responsibility to consider whether the Management Commentary provides the information
required under the Danish Financials Statements Act.
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Independent auditor’s report
Based on the work we have performed, we conclude that the Management Commentary 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 Statement Act. We did not identify any material mis-
statement in the Management Commentary.
Management's responsibilities for the Consolidated Financial Statements and the Parent Com-
pany 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 additional re-
quirements of the Danish Financial Statements Act as well as 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 Com-
pany’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and
using the going concern basis of accounting in preparing the financial statements 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 Consolidated Financial Statements and the Parent Company
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 conducted in accordance with ISAs and the additional requirements applicable in Denmark,
we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
• 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 misstate-
ment 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.
• 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.
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Independent auditor’s report
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by Management.
• Conclude on the appropriateness of Management’s use of the going concern basis of accounting in pre-
paring the financial statements 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 Com-
pany’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
and the Parent Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and contents of the financial statements, including the disclo-
sures in the notes, and whether the financial statements represent the underlying transactions and events
in a manner that gives a true and fair view.
• 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 re-
sponsible 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.
Aarhus, 20 March 2021
Deloitte
Statsautoriseret Revisionspartnerselskab
Business Registration No. 33 96 35 56
Mads Fauerskov Jens Lauridsen
State-Authorised Public Accountant State-Authorised Public Accountant
MNE-no. mne35428 MNE-no. mne34323
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Management Commentary
Key financial figures and ratios
DKK’000
2020
2019
Statement of profit or loss
Revenue
25,000
20,001
Gross profit
24,559
21,831
Gross profit margin
98.2%
109.2%
EBITDA
(9,582)
(14,572)
Operation profit/(loss)
(12,095)
(16,570)
Net financials
(3,779)
(3,619)
Profit/loss before tax
(15,874)
(20,189)
Net profit for the year
(13,237)
(17,752)
Statement of financial position
Investments in property, plant and equipment
758
603
Total assets
70,965
48,339
Equity
1,249
(26,698)
Software as a Service (SaaS)
Annual Recurring Revenue (ARR)
1
32.534
24.035
Since there were no consolidated financial statements for the MapsPeople Group prepared prior to these IFRS
financial statements there no financial figures from before 2019 are disclosed.
1
Annual Recurring Revenue (ARR), i.e. the annualised value of subscription agreements and transactions at the end of the actual reporting
period. The amount is contracted ARR, and cannot be directly compared to the revenue.
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Management Commentary
Primary activities
MapsPeople is a subscription-based SaaS (Software as a Service) company with two primary revenue streams:
• MapsIndoors is a proprietary generic platform for the global market, while
• Google Maps is primarily aimed at the northern European market based on a Premier Partnership
with Google.
MapsIndoors
MapsIndoors is a market-leading indoor mapping platform helping employees find a desk or colleague in large
corporate offices, assisting guests navigate to their seats at stadiums, displaying vacant parking lots, or avoiding
long queues. With the MapsIndoors platform, employee productivity is improved, fan experience reaches new
levels, and passengers do not miss flights or trains.
The MapsIndoors platform can easily be integrated into existing apps, and the solution is primarily built on
Google Maps, making the transition from outdoor to indoor completely seamless.
MapsIndoors is more than just an indoor mapping platform. MapsIndoors has all the necessary interfaces for
deep integration with internal and external live data sources and with the use of AI, deep learning, and data
visualization, the platform is a key element in the user's daily tools.
Since the launch of MapsIndoors, the indoor mapping platform has attracted some of the most well-known global
brands, and today, MapsIndoors has become a market leading indoor mapping platform. The MapsIndoors plat-
form has delivered growth rates of ~100% throughout the last three years and makes up more than 50% of
MapsPeople's total ARR (Annual Recurring Revenue). The ARR is distributed equally between Europe and the
US and covers more than 200 end-customers.
Google Maps
As a Google Premier Partner, MapsPeople provides Google Maps licenses and services for companies wishing
to integrate Google Maps in their own products, websites, apps or business systems, and our sales force supports
customers in benefiting most from their Google Maps setup.
MapsPeople is the only Google Maps Premier Partner in the Nordics and has more than ten years of experience
as a Google Partner and a customer base of more than 230 customers. The increased demand for digital mapping
and use of smartphones has resulted in an ever-increasing demand for Google Maps services.
Growth
Both MapsIndoors and Google Maps are standard SaaS with recurring revenue based on usually 12 months
subscription. Both business areas are characterized by high growth in ARR and low churn rates. MapsPeople is
investing in continued high growth rates to expand its position, with Investments focused on market develop-
ment, development of the partner-based sales channels and development of the MapsIndoors platform.
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Management Commentary
MapsPeople is headquartered in Nørresundby and with a sales office in Copenhagen, serving all customers in
EMEA and Asia. The subsidiary MapsPeople Inc. is located in Austin, Texas since 2018 and serves primarily
the North American market.
Financial insight
As a SaaS company we measure the growth as growth in ARR. In a difficult year of 2020 we managed to improve
total committed ARR with DKK 8.5 million equal to 35% in committed ARR growth (2019: 47%), which lead
to a revenue growth of 25,0%
The growth in committed ARR is detailed in the table below:
Committed ARR 2020 2019
MapsIndoors 89% 122%
Google Maps
7% 37%
Other Subscriptions -6% -8%
Growth in committed ARR 35% 47%
The future investments in MapsIndoors expects to increase the growth in committed ARR. This will secure
future growth in total recognised revenue.
In 2016 and 2017 MapsPeople tested the market in regard to “partner based growth” and at the end 2017 Map-
sPeople made a strategic decision to target Partners collaborations. The cost of acquiring a new partner is higher
compared to a single customer, but when the Partner is onboarded, the new customers they bring to the MapsIn-
doors Platform have a limited acquisition cost.
By this strategic investment in partnering we see the positive impact in 2020, where 70% of new committed
ARR in 2020 originates from our partner channel, resulting in 55% of total committed ARR was partner based
at the end of 2020.
The US market was hit by Covid-19 from the end of Q1 2020, but in EMEA we reached our revised forecasts.
2020 was in general a year with high investments and continued high growth.
Due to Covid-19 the financial results in 2020 were below the expectations, but with immediate actions from
Management, the financial results for the year were satisfactory. The loss in 2020 is an investment in growth for
the following years.
Based on the latest years' experiences, sales efforts are now focused and optimized within areas providing the
best future profitability and upside. Direct sales focus on corporate offices, which have the strongest traction and
most immense future potential. MapsPeople focuses on large corporations with a large building stock where the
MapsIndoors platform has significant potential to expand.
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Management Commentary
The partner-based sales will be strengthened and focused on OEM partners with substantial scaling potential.
MapsPeople will access all verticals through partner channels where MapsIndoors as a generic platform easily
can be integrated into any industry, including airports, universities, stadiums, shopping malls, hospitals, etc.
Multiple customers integrate MapsIndoors in their own customer solution. These deep integrations impact pos-
itively to our business as customers stay for a very long time and often increase their subscription during the
contract period.
The future growth is depending on current investments in the MapsIndoors platform, sales force, AI and autom-
atization. When adding a new sales resource, increasing the marketing spend, providing new add-ons to the
platform etc. we see the positive impact to recognized revenue later.
2020 proved our ability to adjust to the current market. When Covid-19 closed down, MapsPeople assessed the
market conditions and reduced the expectations accordingly. The operational part of MapsPeople was fully
online from home the next day and the closure had only a very limited impact on productivity efficiency.
Diversity
In MapsPeople we aim for diversity reflecting the different markets we operate in. When closing 2020, 64 people
were employed. 30% of these were female and 12 different nationalities were represented among our skilled
employees.
Development in activities and finances
MapsPeoples business model requires investments and funding to maximize the growth. In 2020 MapsPeople
succeeded in closing another funding round of DKK 38,9 million of new equity from existing and new investors
together with a DKK 15m loan commitment from The Danish Growth Fund. Only DKK 5m from the loan com-
mitment has been drawn in 2020.
Financial review
Statement of profit or loss
Net results for the financial year 2020 were a loss of DKK 13.2 million compared to a loss of DKK 17.8 million
in 2019. The decrease in losses is primarily due to increased revenue.
The Group has changed its accounting policies, and the Group's consolidated financial statements have been
prepared in accordance with International Financial Reporting Standards ("IFRS"), while the parant company as
a consequence of implementation of IFRS in the Consolidated Financial Statements, also has decided to align
the accounting policies applied to the Parent Company Financial Statements.
The effect of the changes in accounting policies is described in note 1. Other than the described changes there
has also been found material errors in previus years, with is corrected directly on the equity pr. 1.1.2020 and in
previus years. This is also described in note 1.
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Uncertainty in recognition and measurement
Management has assessed that no assertions in the financial statements have been affected by material uncer-
tainty in recognition and measurement.
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Consolidated Financial Statements
Consolidated statement of profit or loss and other comprehensive income
DKK’000
2020
2019
Revenue
5
25,000
20,001
Cost of sales
(441)
1,830
Gross profit
24,559
21,831
Other external expenses
(9,807)
(9,010)
Staff costs
6
(26,187)
(27,393)
Other operating income
7
1,853
0
Depreciation, amortisation and impairment losses
9
(2,513)
(1,998)
Operating profit/(loss)
(12,095)
(16,570)
Financial income
10
17
95
Financial expenses
11
(3,796)
(3,714)
Profit/(loss) before tax
(15,874)
(20,189)
Tax for the year
12
2,637
2,437
Profit/(loss) for the year from continuing operations
(13,237)
(17,752)
Other comprehensive income
Other
comprehensive income that may be reclassified to
profit or loss in subsequent periods (net of tax)
:
Exchange differences on translation of foreign operations
0
0
Other comprehensive income for the year, net of tax
0
0
Total comprehensive income for the year
(13,237)
(17,752)
Attributable to:
Shareholders of MapsPeople A/S
(13,237)
(17,752)
Earnings per share, basic (DKK)
19
(17.76)
(27.24)
Earnings per share, diluted (DKK)
19
(13.82)
(19.95)
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Consolidated Financial Statements
Consolidated statement of financial position
DKK’000
Note
31/12/20
31/12/19
01/01/19
Intangible assets
13
21,961
15,181
8,385
Property, plant and equipment
14
1,492
1,479
1,532
Contract costs
5
3,013
1,287
0
Right-of-use assets
15
3,976
3,248
3,855
Deposits
16
659
396
269
Deferred tax assets
12
3,150
2,720
2,165
Total non-current assets
34,251
24,311
16,206
Trade receivables
17
16,785
11,533
7,178
Contract assets
0
38
151
Contract costs
5
950
626
0
Income tax receivables
12
2,313
1,881
1,374
Receivable from affiliated companies
2
44
23
Other receivables
465
420
280
Prepayments
1,135
5,646
1,063
Cash
15,064
3,840
(1,334)
Total current assets
36,714
24,028
8,735
Total assets
70,965
48,339
24,941
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Consolidated Financial Statements
Consolidated statement of financial position
DKK’000
Note
31/12/20
31/12/19
01/01/19
Share capital
19
840
652
652
Retained earnings
409
(27,350)
(10,006)
Translation reserve
0
0
0
Total equity
1,249
(26,698)
(9,354)
Other provisions
0
63
0
Interest-bearing liabilites
20
15,375
14,927
6,625
Lease liabilities
15
3,117
2,678
3,119
Other payables
2,913
4,216
3,000
Total non-current liabilities
21,405
21,884
12,744
Interest-bearing liabilites
20
2,477
9,437
416
Contract liabilities
5
27,999
24,005
14,529
Lease liabilities
15
974
635
736
Trade payables
9,874
12,775
1,224
Payables to affiliated companies
150
155
108
Other payables
6,837
6,146
4,538
Total current liabilities
48,311
53,153
21,551
Total liabilities
69,716
75,037
34,295
Total equity and liabilities
70,965
48,339
24,941
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Consolidated Financial Statements
Consolidated statement of changes in equity
DKK’000
Share capital
Retained
earnings
Other
reserve
Total
2020
Balance at 1 January
652
(27,350)
0
(26,698)
Total comprehensive income
Net profit/(loss) for the period
(13,237)
0
(13,237)
Total comprehensive income for the year
0
(13,237)
0
(13,237)
Transactions with owners
Capital increase
118
26,333
0
26,451
Conversion of loan
70
12,452
0
12,522
Transaction costs
0
(1,425)
0
(1,425)
Other adjustments
0
3,310
0
3,310
Share-based payments
0
327
0
327
Total transactions with owners
188
40,997
0
41,185
Balance at 31 December
840
409
0
1,249
DKK’000
Share capital
Retained
earnings
Other
reserve
Total
2019
Balance at 1 January
652
(7,771)
8,993
1,874
Effect of consolidation
0
(2,870)
0
(2,870)
Effect of initially applying IFRS
0
(1,413)
0
(1,413)
Corrections of errors in prior period
0
2,048
(8,993)
(6,945)
Adjusted equity at 1 January
652
(10,006)
0
(9,354)
Total comprehensive income
Net profit/(loss) for the period
0
(17,752)
0
(17,752)
Total comprehensive income
0
(17,752)
0
(17,752)
Transactions with owners
Share-based payments
0
408
0
408
Total transactions with owners
0
408
0
408
Balance at 31 December
652
(27,350)
0
(26,698)
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MapsPeople A/S
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Consolidated Financial Statements
Cash flow statement
DKK’000
Note
2020
2019
Operating profit/loss
(12,096)
(16,569)
Depreciation, amortisation and impairment losses
2,513
1,998
Share-based payments expense
328
408
Change in provisions
(63)
63
Change in working capital
18
(2,280)
12,998
Financial income received
17
95
Financial expenses paid
(1,654)
(1,227)
Income taxes refunded/(paid)
1,776
1,465
Cash flow from operating activities
(11,459)
(769)
Investments in intangible assets
(7,626)
(7,475)
Investments in property plant and equipment
(758)
(603)
Deposits
(263)
(126)
Cash flow from investing activities
(8,647)
(8,204)
Proceeds from borrowings
22
7,328
14,871
Repayment of loans
22
(125)
(125)
Payment of principal portion of lease liabilities
22
(828)
(598)
Capital increase
24,956
0
Cash flow from financing activities
31,331
14,148
Change in cash and cash equivalents
Cash, 1 January
3,840
(1,334)
Net cash flow
11,224
5,174
Cash 31 December
15,064
3,840
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MapsPeople A/S
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Notes
1. Accounting policies
2. Adoption of new and amended standards
3. Critical accounting judgements and key sources of estimation uncertainty
4. Segment information
5. Revenue
6. Staff costs
7. Government grants
8. Share-based payments
9. Depreciation, amortisation and impairment losses
10. Financial income
11. Financial expenses
12. Tax for the year
13. Intangible assets
14. Property, plant and equipment
15. Leases
16. Deposits
17. Trade receivables
18. Working capital changes
19. Share capital and earnings per share
20. Interest-bearing liabilities
21. Financial risks
22. Liabilities arising from financing activities
23. Guarantees, contingent liabilities and collateral
24. Related parties
25. Events after the reporting period
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MapsPeople A/S
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Notes
1. Accounting policies
The Group's consolidated financial statements have been prepared in accordance with International Financial
Reporting Standards ("IFRS") as adopted by the EU and additional Danish disclosure requirements for the fi-
nancial statements of reporting class C enterprises, cf. the Danish Executive Order on Adoption of IFRSs ("IFRS-
bekendtgørelsen ") issued in accordance with the Danish Financial Statements Act ("DFSA").
Basis of preparation
The financial statements are presented in Danish kroner (DKK). All amounts have been rounded to the nearest
DKK thousand, unless otherwise indicated.
The financial statements have been prepared on a going concern basis and in accordance with the historical cost
convention, except where IFRS explicitly requires use of other values.
For the purpose of clarity, the financial statements and the notes to the financial statements are prepared using
the concepts of materiality and relevance. This means that line items not considered material in terms of quanti-
tative and qualitative measures or relevant to financial statement users are aggregated and presented together
with other items in the financial statements. Similarly, information not considered material is not presented in
the notes.
The accounting policies, except as described below, have been applied consistently during the financial year and
for the comparative figures.
Basis of consolidation
The Consolidated Financial Statements comprise the Financial Statements of MapsPeople A/S (the Parent Com-
pany) and subsidiaries which are entities controlled by MapsPeople A/S. The Group controls an entity when it
directly or indirectly owns more than 50% of the voting rights or may otherwise exercise a controlling influence.
Principles of consolidation
The Consolidated Financial Statements are prepared on the basis of the financial statements of the Parent Com-
pany and its subsidiaries.
The Consolidated Financial Statements are prepared by combining items of a uniform nature and subsequently
eliminating intercompany transactions, internal shareholdings and balances and unrealised intercompany gains
or losses. The financial statements used for consolidation are prepared in accordance with the Group’s account-
ing policies.
The line items of subsidiaries are recognised 100% in the Consolidated Financial Statements. Investments in
subsidiaries are offset by the interest’s share of subsidiaries’ net assets at the acquisition date at fair value.
Accounting policies are described in full in this note below.
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MapsPeople A/S
18
Notes
1. Accounting policies (continued)
First-time adoption of IFRS
The Group' financial statements have for the first time been prepared in accordance with International Financial
Reporting Standards (IFRS) as adopted by the EU and additional Danish requirements for the presentation of
financial statements. In previous years, the financial statements of the Parent Company were prepared in accord-
ance with the Danish Financial Statements Act for reporting class B enterprises. As a result of the transition to
IFRS, IFRS 1 First-time Adoption of International Financial Reporting Standards has been applied.
In accordance with IFRS 1, the statement of financial position at 31 December 2019 and comparative figures for
2019 have been prepared in accordance with IFRS/IAS and IFRIC/SIC applicable at 31 December 2020. The
statement of financial position at 1 January 2019 has been prepared in accordance with the same principles.
Exemptions applied
In the preparation of these first IFRS financial statements, the following exemptions have been applied:
Leases:
IFRS allows a first-time adopter to determine whether a contract existing at the date of transition to IFRS contains
a lease on the basis of facts and circumstances existing at that date. Also IFRS 1 allows a first-time adopter, that
is a lessee, to apply a single discount rate to a portfolio of leases with reasonably similar characteristics. We have
utilised this exemption to our lease contracts.
Cumulative translation differences:
IFRS allows a first-time adopter not to comply with the requirements in IAS 21 to recognise cumulative trans-
lation differences on foreign operations. If a first-time adopter uses this exemption then the cumulative transla-
tion differences for all foreign operations are deemed to be zero at the date of transition to IFRS. We have utilised
this exemption.
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MapsPeople A/S
19
Notes
1. Accounting policies (continued)
Changes in accounting policies
As a result of first time adoption of IFRS, the Group has changed its accounting policies for recognition of share-
based payments, leases and revenue from contracts with customers. The Group has adjusted for the changes in
accounting policies in the opening balance of equity at 1 January 2019.
A. Share-based payments
The Group has established shared-based incentive programmes comprising equity-settled programmes (war-
rants) for Key Management Personnel and other key employees. The purpose of these programmes is to ensure
common goals for Management, key employees and shareholders. According to DFSA, there is no requirement
for recognition and measurement of equity-settled programmes. Following the adoption of IFRS, IFRS 2 requires
that the warrant programmes be recognised at fair value of the equity instruments at the grant date. The fair value
excludes the effect of non-market-based vesting conditions. Details regarding the determination of the fair value
of equity-settled sharebased transactions are set out in note 8 Share-based payments.
The impact on the financial statements regarding the warrant programme from transition to IFRS is shown in the
tables on page 33.
B. Revenue
In the contracts with Google Maps the Group was appointed to act as an agent in these arrangements. Under
IFRS, the Group will need to record revenue at the net amount that it retains for its agency services. As a result,
the Group recognised a decrease of DKK 42,014 thousand of revenue and cost of sales.
C. Leases
Under DFSA, a lease is classified as a finance lease or an operating lease. Operating lease payments are recog-
nised as an operating expense in the statement of profit or loss on a straight-line basis over the lease term. Under
IFRS, a lessee applies a single recognition and measurement approach for all leases, except for short-term leases
and leases of low-value assets and recognises lease liabilities to make lease payments and right-of-use assets
representing the right to use the underlying assets.
At the date of transition to IFRS, the Group applied the transitional provision and measured lease liabilities at
the present value of the remaining lease payments, discounted using the lessee’s incremental borrowing rate at
the date of transition to IFRS. Right-of-use assets were measured at the amount equal to the lease liabilities
adjusted by the amount of any prepaid or accrued lease payments. As a result, the Group recognised an increase
of DKK 3,855 thousand (31 December 2019: DKK 3,313 thousand) of lease liabilities and DKK 3,855 thousand
(31 December 2019: DKK 3,248 thousand) of right-of-use assets. Additionally, depreciation increased by DKK
663 thousand and finance costs increased by DKK 139 thousand for the year ended 31 December 2019.
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MapsPeople A/S
20
Notes
1. Accounting policies (continued)
D. Sales commissions
Under DFSA, sales commissions are expensed in the year they occurred. Under IFRS, these commissions are
recognised as contract costs in the statement of financial position and amortised over five years (based on the
average duration of the underlying customer contracts). As a result, the Group recognised an increase of contract
costs end of December 2019 of DKK 1,913 thousand and a reduction in staff costs of DKK 2,072 thousand in
2019.
E. Development costs
Under DFSA, indirect costs of development projects were capitalised. Under IFRS, these indirect costs are ex-
pensed in the year they occurred. As a result, the Group recognised a decrease of intangible assets and an increase
in staff costs.
Material errors
F. Revenue
In previous years, revenue was recognised at a point in time, however, this was not in line with DFSA nor IFRS
as both require that the recognition of the subscriptions be over time, based on the licence being distinct and
giving a right to access. Furthermore, the Google Maps revenue was previously recognised when the usage was
billed rather when the underling licence was used.
As a result, the Group recognised a decrease of DKK 4,393 thousand in the opening balance retained earnings,
and a decrease in the reported profit before tax of DKK 10,443 thousand.
G. Convertible loans
In previous years, the convertible loans were recognised at amortised cost not factoring in the agreed discount
on the conversion. As the number of shares in the loan agreement is based on the market value of the underlying
shares, the conversion right does not meet the fix-for-fixed condition in IAS 32, and hence much be treated as a
debt component at fair value through profit or loss. This applies for both DFSA and IFRS.
H. Cash-settled share-based bonus agreement
The Company has entered into a cash-settled share-based bonus agreement with two key employees. As the
Company has an unconditioned obligation to pay the bonus in cash if the condition of the agreement is met, the
agreement is a debt contract under both DFSA and IFRS. As a result, the Group recognised a decrease of DKK
3,000 thousand in the opening balance retained earnings.
The correction of the error is shown in a separate column in the table below.
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21
Notes
1. Accounting policies (continued)
Since the Group has not previously prepared consolidated financial statements, but only the Parent Company
Financial Statements, the transition requirements in IFRS 1, include a reconciliation of equity reported under
previous GAAP based on the separate financial statements of the Parent Company:
Impact on statement of profit or loss and statement of comprehensive income 2019:
DKK’000
Note
2019
Parent
Reported
under
DFSA
Correction
of errors
in prior
period
Impact
from
adoption
of IFRS
Impact
from con-
solidation
2019
Group
under
IFRS
Revenue
BF
65,844
(10,504)
(46,724)
11,385
20,001
Cost of sales
D
(42,196)
0
46,565
(2,539)
1,830
Gross profit
23,648
(10,504)
(159)
8,846
21,831
Other external expenses
C
(7,864)
220
919
(2,285)
(9,010)
Staff costs
ADE
(21,496)
0
(11)
(5,886)
(27,393)
Other operating income
0
0
0
0
0
Depreciation, amortisation and
impairment losses
C (1,097)
0
(799)
(102)
(1,998)
Operating profit/loss
(6,809)
(10,284)
(50)
573
(16,570)
Net financials
C
(1,281)
(1,953)
(139)
(246)
(3,619)
Profit/(loss) before tax
(8,090)
(12,237)
(189)
327
(20,189)
Tax for the year
1,971
493
(27)
0
2,437
Profit/(loss) for the year
(6,119)
(11,744)
(216)
327
(17,752)
Other comprehensive income
0
0
0
0
0
Total comprehensive income
(6,119)
(11,744)
(216)
327
(17,752)
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Notes
1. Accounting policies (continued)
Impact on statement of financial position 2019:
DKK’000
Note
2019 Parent
Reported
under
DFSA
Correction
of errors
prior
period
Impact
from
adoption
of IFRS
Impact
from con-
solidation
2019
Group
under
IFRS
Intangible assets
E
20,893
0
(5,712)
0
15,181
Property, plant and equipment
986
0
0
493
1,479
Contract costs
D
0
0
1,287
0
1,287
Right-of-use assets
C
0
0
3,248
0
3,248
Investment in group enterprises
7
0
0
(7)
0
Deposits
236
0
0
160
396
Deferred tax
0
1,787
933
0
2,720
Total non-current assets
22,122
1,787
(244)
646
24,311
Trade receivables
23,682
(16,425)
0
4,276
11,533
Contract costs
D
0
0
626
0
626
Work in progress
4
34
38
Income tax receivables
1,881
0
0
0
1,881
Receivables from
affiliated
companies
7,383
0
0
(7,339)
44
Other receivables
420
0
0
0
420
Prepayments
A
5,006
0
640
0
5,646
Cash
1,895
(74)
0
2,019
3,840
Total current assets
40,271
(16,499)
1,266
(1,010)
24,028
Total assets
62,393
(14,712)
1,022
(364)
48,339
Share capital
652
0
0
0
652
Retained earnings
A,C,D,E
(4,898)
(17,621)
(2,291)
(2,540)
(27,350)
Total equity
(4,246)
(17,621)
(2,291)
(2,540)
(26,698)
Other provisions
0
0
0
63
63
Deferred tax
222
(222)
0
0
0
Interest-bearing liabilities
1,847
13,080
0
0
14,927
Lease liabilities
C
0
0
2,678
0
2,678
Other payables
H
11,798
(7,815)
0
233
4,216
Total non-current liabilities
13,867
5,043
2,678
296
21,884
Interest-bearing liabilities
9,822
(385)
0
0
9,437
Lease liabilities
C
0
0
635
0
635
Payables to affiliated companies
155
0
0
0
155
Trade payables
F
25,701
(13,896)
0
970
12,775
Other payables
6,146
0
0
0
6,146
Contract liabilities
F
10,948
12,147
0
910
24,005
Total current liabilities
52,772
(2,134)
635
1,880
53,153
Total liabilities
66,639
2,909
3,313
2,176
75,037
Total equity and liabilities
62,393
(14,712)
1,022
(364)
48,339
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MapsPeople A/S
23
Notes
1. Accounting policies (continued)
Foreign currency translation
Transactions denominated in currencies other than the functional currency are considered transactions in foreign
currency.
On initial recognition, transactions denominated in foreign currencies are translated to the functional currency
at the exchange rates at the transaction date. Foreign exchange rate adjustments arising between the transaction
date and at the date of payment are recognised in the statement of profit or loss in financial income or financial
expenses.
Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rates at the re-
porting date. The difference between the exchange rates at the reporting date and at the date of transaction or the
exchange rate in the latest financial statements is recognised in the statement of profit or loss in financial income
or financial expenses.
Cash flow statement
The cash flow statement is presented using the indirect method and shows cash flows from operating, investing
and financing activities for the year as well as the Group’s cash and cash equivalents at the beginning and end
of the financial year.
Cash flows from operating activities are calculated based on operating profit/loss, adjusted for the cash flow
effect of non-cash operating items, working capital changes, financial expenses paid and income tax paid.
Cash flows from investing activities comprise payments in connection with the acquisition and sale of non-
current intangible assets, property, plant and equipment, and financial assets.
Cash flows from financing activities comprise payments arising from changes in the size or composition of the
Group’s share capital and dividend paid. Cash and cash equivalents comprise cash at bank and in hand.
Statement of profit or loss
Revenue
The Group recognises revenue from the following major sources being subscriptions for Mapsindoors and
Google Maps subscription. Revenue is mainly derived from subscription fees charged for the Group’s software
licences. For software contracts, which are comprised of several components, the total contract sum is allocated
to the separate performance obligations for the purpose of revenue recognition.
Revenue recognition requires an agreement with the customer, which creates enforceable rights and obligations
between the parties, has commercial substance, and identifies payment terms. In addition, it must be probable
that the consideration determined in the contract will be collected.
Revenue is measured based on the consideration to which the Group expects to be entitled in a contract with a
customer and excludes amounts collected on behalf of third parties. The Group recognises revenue when it trans-
fers control of the licence or service to a customer. All revenue is derived from contracts with customers.
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MapsPeople A/S
24
Notes
1. Accounting policies (continued)
Fixed-term subscription agreements give the right to access the software for a determined period of time, which
can be extended at the end of the initial term. The standard perpetual software licences provide customers with
the access to the software whilst the contract remains in force and the contract is recognised over time until the
contract has expired or is terminated.
New subscription fees are comprised of income derived from new customers and additional subscription income
originating from supplementary sales to existing customers.
The main possible performance obligation related to subscription agreements has been identified as the right to
access the software. MapsPeople provides customers with the software licence and they have a right to access
the entity’s intellectual property as it exists throughout the licence period, including any changes to that intellec-
tual property. The intellectual property is updated on an ongoing basis while the customers are using the existing
software and having access to all improvement and changes in the system over the licence period. Therefore, the
licence gives a right to access and is recognised over time.
When another party is involved in providing goods or services to its customer, the Group determines whether it
is a principal or an agent in these transactions by evaluating the nature of its promise to the customer. The Group
is a principal and records revenue on a gross basis if it controls the promised goods or services before transferring
them to the customer. However, if the Group’s role is only to arrange for another entity to provide the goods or
services, then the Group is an agent and will need to record revenue at the net amount that it retains for its agency
services. In the contracts with Google Maps the Group was appointed to act as an agent in these arrangements.
Cost of sales
Cost of sales comprises costs incurred to achieve the year's revenue, including hosting and transaction costs.
Cost to obtain a contract
The Group pays sales commission to its employees for each contract that they obtain for sales of licences. The
commissions are recognised as contract costs in the statement of financial position and amortised over five years.
Capitalised contract costs are subject to an impairment assessment at the end of each reporting period. Impair-
ment losses are recognised in profit or loss, but the standard is silent on where to present such amounts within
the primary financial statements.
Other external expenses
Other external expenses comprise sales and marketing costs, external consultancy costs, other employee-related
costs, IT and software costs, investor relations costs, rent costs, expected credit losses on doubtful trade receiv-
ables and other administrative expenses.
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25
Notes
1. Accounting policies (continued)
Staff costs
Staff costs consist of salaries, sales commissions, bonuses, pensions and social costs, share-based payments,
vacation pay, and other benefits. Salaries, bonuses, pensions and social costs, share-based payments, vacation
pay, and other benefits are recognised in the year in which the associated services are rendered by the employees.
The Group has entered into retirement benefit schemes and similar agreements with employees. Contributions
to defined contribution plans are recognised in the statement of profit or loss in the period to which they relate
and any contributions outstanding are recognised in the statement of financial position as other liabilities.
Share-based payments
The Board of Directors, the Board of Management and other employees have been granted warrants. The war-
rants are measured at fair value at the grant date and are recognised as an expense in staff costs over the vesting
period. Expenses are set off against equity. The fair value of the warrants is measured using the Black-Scholes
valuation method or other generally accepted valuation techniques. The calculation takes into account the terms
and conditions under which the warrants are granted. Fair value is not subsequently remeasured. If subsequent
modifications to a warrant programme increase the value of the warrants granted, measured before and after the
modification, the increase is recognised as an expense. If the modification occurs before the vesting period the
increase in value is recognised as an expense over the period for services to be received. If the modification
occurs after the vesting date, the increase in value is recognised as an expense immediately. Consideration re-
ceived for warrants sold are recognised directly in equity.
Other operating income
Other operating income and other operating expenses comprise income and expenses of a secondary nature rel-
ative to the principal activities of the Group.
Government grants
Government grants relating to costs are deferred and recognised in profit or loss over the period necessary to
match them with the costs that they are intended to compensate. They are included in other operating income.
Financial income and financial expenses
Financial income and expenses include interest income, interest expense, amortisation of borrowing costs and
realised and unrealised exchange gains and losses.
Tax
Tax on the profit or loss for the year comprises the year’s current tax and changes in deferred tax. The tax expense
relating to the profit or loss for the year is recognised in the statement of profit or loss, and the tax expense
relating to items recognised in other comprehensive income and directly in equity, respectively, is recognised in
other comprehensive income or directly in equity. Exchange rate adjustments of deferred tax are recognised as
part of the adjustment of deferred tax for the year.
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Notes
1. Accounting policies (continued)
Current tax payable and receivable is recognised in the statement of financial position as the expected tax on the
taxable income for the year, adjusted for tax paid on account. The current tax charge for the year is calculated
based on the tax rates and rules enacted at the statement of financial position date.
Deferred tax is calculated using the liability method on all temporary differences between the accounting and
taxable values of assets and liabilities.
Deferred tax assets are assessed yearly and only recognised to the extent that it is more likely than not that they
can be utilised. Deferred tax assets, including the tax value of tax losses carried forward, are recognised as other
non-current assets and measured at the amount at which they are expected to be realised, either by setting off
deferred tax liabilities or by setting off tax on future earnings within the same legal entity or a jointly taxed
entity.
Deferred tax is measured based on the tax legislation and statutory tax rates in the respective countries that will
apply under the legislation in force on the statement of financial position date when the deferred tax asset is
expected to crystallise as current tax. Changes in deferred tax resulting from changes in tax rates are recognised
in the statement of profit or loss.
The Group recognises deferred tax assets relating to losses carried forward when Management finds that these
can be offset against taxable income in the foreseeable future. An assessment is made taking into consideration
the effect of restrictions in utilisation in local tax legislation. Future taxable income is assessed based on budgets
as well as Management’s expectations regarding growth and operating margin in the coming years.
The Group is included in national joint taxation with its Parent Company, Michael Gram Holding ApS. The tax
charge for the year is allocated between the Danish jointly taxed companies in proportion to their taxable income,
taking into account taxes paid.
Balance sheet
Intangible assets
Intangible assets with determinable useful lives comprise completed development projects and are measured at
cost less accumulated amortisation and impairment losses. Completed development projects by the Group are
recognised as an asset if the cost of development is reliably measurable and an analysis shows that future eco-
nomic benefits from using the software exceed the cost. Cost is defined as development costs incurred to make
the software ready for use and consists primarily of direct salaries and other directly attributable development
costs.
Once a software application has been developed the cost is amortised over the expected useful life on a straight-
line basis, which is five years.
Amortisation and impairment charges are recognised in the statement of profit or loss.
Expected useful lives are reassessed regularly. The Group regularly reviews the carrying amounts of its finite-
lived intangible assets to determine whether there is an indication of an impairment loss.
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27
Notes
1. Accounting policies (continued)
Property, plant and equipment
Property, plant and equipment comprise other fixtures and fittings, tools and equipment and are measured at cost
less accumulated depreciation and accumulated impairment losses. Other fixtures and fittings, tools and equip-
ment are depreciated on a straight-line basis over the expected useful lives of the finite-lived assets, which are
as follows:
Other fixtures and fittings, tools and equipment – 3-5 years
Leasehold improvements – 5 years
Property, plant and equipment are tested for impairment if indications of impairment exist. Property, plant and
equipment are written down to their recoverable amount, if the carrying amount exceeds the higher of the fair
value less costs to sell and the value in use. Depreciation and impairment charges are recognised in the statement
of profit or loss.
Leases
The right-of-use asset is depreciated on a straight-line basis over the shorter of the lease term and the useful life
of the asset.
The Group leases properties which include a service element in the payments to the lessor. This service is de-
ducted from the lease payment when measuring the lease obligation. Where the Group cannot reliably separate
lease and non-lease items, it is considered a single lease payment.
Short leases with a maximum lease term of 12 months and leases where the underlying asset has a low value are
not recognised in the statement of financial position.
The lease term is defined as the non-cancellable period of a lease together with periods covered by options to
extend the lease if it is reasonably certain that the options will be exercised and periods covered by options to
terminate the lease if it is reasonably certain that the options will not be exercised. A number of leases contain
extension and termination options in order to guarantee operational flexibility in managing the leases.
The lease obligation, which is recognised in “Lease liabilities”, is measured at the present value of the remaining
lease payments, discounted by the Group’s incremental loan interest rate, if the implicit interest rate is not stated
in the lease agreement or cannot reasonably be determined. The lease obligation is subsequently adjusted if:
• The value of the index or interest rate on which the lease payments are based changes.
• There is a change in the exercise of options to extend or shorten the lease period due to a material event
or material change in circumstances which are within the control of the lessee.
• The lease term is changed as a result of exercising an option to extend or shorten the lease term.
Subsequent adjustments of the lease obligation are recognised as a correction to the right-of-use asset. However,
if the right-of-use asset has a value of DKK 0, a negative reassessment of the right-of-use asset is recognised in
the statement of profit or loss.
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Notes
1. Accounting policies (continued)
Deposits
On initial recognition, deposits are measured at fair value and subsequently at amortised cost less impairment
losses, if any.
Trade receivables
Trade receivables are measured at amortised cost less allowance for lifetime expected credit losses.
To measure the expected credit losses, credit risk for trade receivables has been based on an individual assess-
ment. Trade receivables are written off when all possible options have been exhausted and there is no reasonable
expectation of recovery.
The cost of allowances for expected credit losses and write-offs for trade receivables are recognised in the state-
ment of profit or loss in other external expenses.
Prepayments
Prepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost.
Interest-bearing liabilities
Interest-bearing liabilities are measured at amortised cost.
Trade payables and other payables
Other payables include bonus and commission accruals, vacation pay obligations, payroll taxes and VAT. Pay-
ables are measured at cost.
Definition of Key Figures and Ratios
Annual Recurring Revenue
Annual Recurring Revenue (ARR) is the subscriptions at a given date, including transaction-based use, entered
into with the Company and converted to a monthly value multiplied by 12.
New subscriptions are included in ARR at the time of entering into the binding agreement, which would typically
occur at the time of signing the agreement.
For changes to existing subscriptions, ARR is included at the time that the change enters into force.
Subscriptions that are terminated or not renewed are reduced on ARR at the time that the agreement ceases to
exist.
Subscriptions are typically entered into with an irrevocable period of 12-36 months. Inclusion of ARR is con-
ducted in the following manner:
For 12-month subscriptions, ARR is included as 1 times the value of the agreement. For 24 month subscriptions,
ARR is included as ½ times the value of the agreement. For 36-month subscriptions, ARR is included as ⅓ times
the value of the agreement.
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29
Notes
1. Accounting policies (continued)
Monthly subscriptions are included in ARR as 12 times the actual monthly value of the subscription (MRR).
In addition to the value of subscriptions, the customers’ transaction-based subscription use, including e-mail and
SMS transactions, are also included in ARR.
The value of ARR from transaction-based use is calculated as the latest months actual transaction-based use.
From month to month, ARR is calculated as the value from the last day of the most recent month ARR adjusted
for changes until the last day of the current month.
The following elements are included in the calculation of the changes in ARR:
+ Additional sales to existing customers (subscription-based extensions/additional services)
+ Agreed-upon price adjustments to existing subscriptions
+ New sales of subscriptions
+ The change (+/-) in transaction use derived from the subscriptions
- Termination or contraction of subscriptions
= Change in ARR
ARR is calculated in Danish Kroner. When entering into an agreement in a foreign currency, a currency trans-
lation is conducted at the time of entering into the agreement.
Churn rate (%) - The value of terminated ARR for a 12-month period as a percentage of total ARR end of
reporting period.
Customer Acquisition Costs (CAC) - The sales and marketing cost (inclusive direct related cost, like travel
costs, personal IT costs, costs of office etc.) of acquiring one new customer.
Customer lifetime Average number of years from customers acquisition to customer churn calculated as 1 di-
vided by gross value churn rate.
Earnings per share (EPS) Net profit divided by the weighted average number of shares.
Earnings per share, diluted (DEPS) Net profit divided by the weighted average number of shares, including
the dilutive effect of stock options.
EBITDA Net profit before interest, tax, depreciation, amortisation and results from joint ventures.
EBIT Earnings before interest and tax.
Gross profit margin (%) Gross profit as a percentage of revenue.
Number of employees year end (FTE) Number of full-time equivalent employees (part-time employees trans-
lated into full-time employees) at the end of the year.
Years to recover CAC Average number of years to recover the costs of acquiring one new customer (CAC)
calculated as CAC divided by Average ARR per customer in the previous 6 months (ARPA – annual recurring
per account).
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30
Notes
2. Adoption of new and amended standards
The new and amended Standards and Interpretations that have been issued, but are not yet effective, up to the
date of issuance of the Group’s financial statements are disclosed below. The Group intends to adopt these new
and amended Standards and Interpretations, if applicable, when they become effective.
• Amendments to “References to the Conceptual Framwork in IFRS Standards”
• Amendments to IAS 1 and IAS 8 “Definition of Material”
• Amendments to IFRS 3 “Business Combinations”
• Amendment to IFRS 9, IAS 39 and IFRS 7 “Interest rate benchmark reform”
• Amendment to IFRS 16 “Rent concessions due to impact of COVID-19”.
The implementation has not had a significant impact on recognition, measurement or disclosures in the Annual
Report 2020 and is not expected to have significant impact on the financial reporting for future periods.
3. Critical accounting judgements and key sources of estimation uncertainty
As part of the preparation of the financial statements, Management makes a number of accounting estimates and
assumptions as a basis for recognising and measuring the Group’s assets, liabilities, income and expenses as
well as judgements made in applying the entity’s accounting policies. The estimates, judgements and assump-
tions made are based on experience gained and other factors that are considered prudent by Management in the
circumstances, but which are inherently subject to uncertainty and volatility.
The assumptions may be incomplete or inaccurate, and unforeseen events or circumstances may occur for which
reason the actual results may differ from the estimates and judgements made. The accounting policies are de-
scribed in detail in note 1 to the financial statements to which we refer.
Management considers the following accounting estimates and judgements to be significant in the preparation
of the financial statements:
Development costs
The Group capitalises costs for software development projects. Initial capitalisation of costs is based on Man-
agement’s judgement that technological and economic feasibility is confirmed, usually when a product develop-
ment project has reached a defined milestone according to an established project management model. In deter-
mining the amounts to be capitalised, Management makes assumptions regarding the expected future cash gen-
eration of the project and the expected period of benefits. At 31 December 2020, the carrying amount of capital-
ised development costs was DKK 21,961 thousand (2019: DKK 15,181 thousand).
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Notes
3. Critical accounting judgements and key sources of estimation uncertainty (continued)
Share-based payments
Estimating fair value for share-based payment transactions requires determination of the most appropriate valu-
ation model, which depends on the terms and conditions of the grant. This estimate also requires determination
of the most appropriate inputs to the valuation model including the expected life of the share option or appreci-
ation right, volatility and dividend yield and making assumptions about them. The assumptions and models used
for estimating fair value for share-based payment transactions are disclosed in note 8.
Deferred tax asset
At 31 December 2020, the net deferred tax assets amounted to DKK 3,150 thousand (2019: 2,721 thousand),
whereas the increase relates to tax loss carry-forward. Deferred tax assets have been set off against provisions in
the same legal tax jurisdiction. The tax losses can be carried forward indefinitely and have no expiry date. The
deferred tax assets have been recognised based on expected earnings for the next three-five years and the possi-
bility of utilising deferred tax assets to be offset against positive taxable income in each jurisdiction.
Management has concluded that the deferred tax assets will be recoverable using estimated future taxable income
based on business plans and budgets for MapsPeople.
4. Segment information
For management purposes, the Group is organised into business units based on its products and services and has
three reportable segments, as follows:
• The Google Maps segment, including revenues originating from the Google Maps platform, for
which MapsPeople Group represents a Premier Partner;
• The MapsIndoors segment, including revenues originating from the MapsIndoors platform, which pro-
vides a solution for any project that needs a map;
• The Other Subscription segment, which includes any additional service provided by MapsPeople A/S to
their customers.
The Executive Management is the Chief Operating Decision Maker (CODM), which is made up of the senior
leadership across the respective functional areas and is responsible for the strategic decision making. And for
the monitoring of the operating results of the operating segments for the purpose of performance assessment.
Segment performance is evaluated based on revenue and is measured consistently with revenue in the Consoli-
dated Financial Statements. The statement of profit or loss in management information is not separated into
segments, therefore no further information is disclosed. No customer generates more than 10% of the total rev-
enue. For the split of revenue per segment please refer to note 5.
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Notes
5. Revenue
DKK’000
2020
2019
Google Maps, gross
52,957
42,180
Netting due to agent principle
(42,014)
(33,744)
Google Maps, net
10,943
8,436
MapsIndoors
10,493
7,778
Other Subscriptions
3,564
3,787
Total
25,000
20,001
The following table shows the opening and closing balances of contract liabilities. There was no revenue recog-
nised in the current reporting period that related to performance obligations that were satisfied in a prior year.
Contract balances (liability)
DKK’000
2020
2019
Cost at 1 January
24,005
14,529
Additions
3,994
9,476
Cost at 31 December
27,999
24,005
Management expects that 36 percent of the transaction price allocated to the unsatisfied performance obligations
as of the year ended 2020 will be recognised as revenue during the next reporting period.
Contract costs
DKK’000
2020
2019
Cost to obtain contracts
3,963
1,913
Non-current
3,013
1,287
Current
950
626
Cost to obtain contracts relate to sales commissions.
These costs are amortised on a straight–line basis over the period of the underlying contracts (in general, five
years). In 2020, amortisation amounting to DKK 626 thousand (2019: DKK 159 thousand) was recognised as
part of cost of sales in the consolidated statement of profit or loss. There was no impairment in relation to the
costs capitalised.
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Notes
6. Staff costs
DKK’000
2020
2019
Salaries
22,411
23,421
Share-based payments
415
694
Pensions
2,998
2,831
Other social security costs
337
425
Other staff costs
26
22
Total
26,187
27,393
Average numbers of employees during the year
63
59
Board of Directors and Key Management Personnel
Remuneration
1,214
1,207
Pension
98
102
1,312
1,309
Employment contracts for members of the Key Management Personnel contain terms and conditions that are
common to those of their peers in similar companies including terms of notice and non-competitive clauses.
7. Government grants
As a result of COVID-19, the Group has received DKK 1,853 thousand in government aid in 2020, which is
included in Other operating income in accordance with IAS 20. This is presented separately and is not offset in
staff costs. The Group has not received any other government grants in 2020.
8. Share-based payments
DKK’000
2020
2019
Cost of share-based payments
415
694
Total
415
694
Costs of share-based payments are recognised as staff costs with a corresponding effect in equity. Consideration
received for warrants sold is recognised directly in equity.
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Notes
8. Share-based payments (continued)
Warrant programme:
The Board of Directors was authorised on 15 December 2017 to issue warrants to a number of the Company´s
board members, executive and key employees. The warrant terms entitles the warrant holders to subscribe for
up to a total of 65,161 class A shares of DKK 1.00 nominal.
Specification of outstanding warrants:
Number of warrants
Weighted
average
exercise price
DKK
Board of
Directors
Key
Management
Personnel
Employees
Total
Outstanding at 1 January 2019
99.75
6,516 40,551
0
47,067
Granted
161.14
0 8,145
0
8,145
Outstanding at 31 December
2019
6,516
48,696
0
55,212
Granted
253.86
0 7,258
0
7,258
Cancelled
0 (8,145)
0
(8,145)
Outstand
ing at 31 December
2020
6,516 47,809 0
54,325
Outstanding warrants have the following characteristics:
Warrants outstanding
Weighted
average
exercise
price DKK
Vesting period
Exercise period
2020
2019
Warrants granted in 2018
99.75
Jan 19 – Jun 22 Jan 19 – Jan 26
47,067
47,067
Warrants granted in 2019
161.14
Jan 20 – Jan 23 Jan 20 – Jan 27
0
8,145
Warrant
s granted in 2020
253.86
May 21 – Jan 25 May 21 – Nov 28
7,258
0
Outstanding at 31
December
54,325
55,212
2020
2019
Average remaining life of outstanding warrants at 31 December (years)
5,4
6,2
Exercise price for outstanding warrants at 31 December (DKK)
99.75 – 289.29
99.75 – 161.14
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Notes
8. Share-based payments (continued)
The fair value of the warrants issued is measured at calculated market price at the grant date based on the Black-
Scholes option pricing model. The calculation is based on the following assumptions at the grant date:
Warrants
granted in 2020
Warrants
granted in 2019
Warrants
granted in 2018
Average share price (DKK)
257.21
161.14
98.94
Expected volatility rate (% p.a.)
40%
40%
40%
InterRisk-free interest rate (% p.a.)
0.00
0.00
0.00
Expected warrant life (no. years)
3
4
5
Exercise price (DKK)
225.00 – 289.29
161.14
99.75
Fair value all warrants, after dilusion (DKK’000)
500
408
1.595
The expected volatility rate is applied based on the annualised volatility on relevant peer groups derived from
the standard deviation of daily observations over 12 months ending 2020.
9. Depreciation, amortisation and impairment losses
DKK’000
2020
2019
Amortisation of intangible assets
754
679
Depreciation of property, plant and equipment
744
656
L
oss from sale of intangible assets and property, plant and
equipment
138 0
Depreciation of right-of-use assets
877
663
Total
2,513
1,998
10. Financial income
DKK’000
2020
2019
Foreign exchange gains
17
92
Other financial income
0
3
Total
17
95
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Notes
11. Financial expenses
DKK’000
2020
2019
Interest on debts and borrowings
3,409
3,447
Foreign exchange losses and other adjustments
176
128
Other interest expenses
211
139
Total
3,796
3,714
12. Tax for the year
DKK’000
2020
2019
Current tax for the year income
2,313
1,881
Changes in deferred tax
324
556
2,637
2,437
Recognised as receivable tax credit
2,313
1,881
Income tax benefits for both the years 2020 and 2019 relate to tax credit for research and development expenses
at the applicable tax rate under the Danish Corporation Tax Act.
DKK’000
2020
2019
Tax calculated as 22% of profit/loss before tax
3,493
4,441
Non-capitalised tax assets US
(1,109)
(1,612)
Non
-deductible expenses related to share-based
payment and compound loan
(394) (582)
Extra deductible expenses related
to development
costs
647 190
Effective tax
2,637
2,437
Tax rate for the year (%)
17% 12%
Deferred tax liabilities, net
Deferred tax 1 January
2,721
2,165
Deferred tax for the year recognised in the
statement of
profit or loss
429 555
Other adjustments
0
0
Deferred tax 31 December
3,150
2,720
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Notes
12. Tax for the year (continued)
Deferred tax is recognised in the statement of financial position as follows:
Deferred tax (asset)
3,150
2,720
Deferred tax (liability)
0
0
Total
3,150
2,720
Deferred tax concerns:
DKK’000
2020
2019
Contract costs
(714)
(339)
Tangible assets other than contract costs
143
117
Liabilities
660
660
Intangible assets
(4,831)
(3,340)
Tax loss carried forward
7,892
5,622
Total
3,150
2,720
Description of deferred tax:
The deferred tax assets is significantly affected by the Danish tax incentive rules in relation to development
costs, under which companies can choose to deduct the capitalised cost when preparing the tax return. For 2020,
companies could furthermore deduct an additional 30%. Therefore Intangible assets and Tax loss carried forward
should be seen together given a net asset on the loss carried forward of DKK 3,061 thousand for 2020 (2019:
DKK 2,282 thousand)
When assessing the value of the deferred tax assets, Management has prepared a business case covering the next
three years.
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Notes
13. Intangible assets
DKK’000
Completed
development
projects
Development
projects in
progress
2020
Cost at 1 January
4,594
13,493
Additions
0
7,626
Transfers
18,556
(18,556)
Disposals
(227)
0
Cost at 31 December
22,923
2,563
Amortisation and impairment losses at 1 January
2,906
0
Amortisation during the year
754
0
Disposals during the year
(135)
0
Amortisation and impairment losses at 31 December
3,525
0
Carrying amount at 31 December
19,398
2,563
DKK’000
Completed
development
projects
Development
projects in
progress
2019
Cost at 1 January
3,108
7,505
Additions
0
7,475
Transfers
1,486
(1,486)
Cost at 31 December
4,594
13,494
Amortisation and impairment losses at 1 January
2,228
0
Amortisation during the year
679
0
Amortisation and impairment losses at 31 December
2,907
0
Carrying amount at 31 December
1,687
13,494
Completed development projects comprise software development costs related to the development of the existing
software platform. The software is under continuous development for the use of customers and is sold as a licence
to access the software for a given period. The user has access to upgrades and new functionalities during the
contract period.
Development costs for the year cover both development of the front-end and the back-end part of the software
solution. Both parts to increase the user experience and functionalities within the software in order to increase
the Group’s revenue by maintaining existing clients and acquire new customers.
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Notes
13. Intangible assets (continued)
It is Management's assessment that the expected useful lives of the finite-lived assets, as well as the expected
future revenue streams from the assets, are sufficient to cover the value of recognised developed software at the
reporting date.
In 2020, the Group expensed DKK 2.4 million (2019: 2.9 million) for development projects, primarily planning,
administrative and other general overhead expenditures not meeting the recognition criteria applicable to inter-
nally generated intangible assets.
14. Property, plant and equipment
DKK’000
Other fixtures
and fittings,
tools and
equipment
Leasehold
improvements
2020
Cost at 1 January
3,652
954
Additions
299
459
Cost at 31 December
3,951
1,413
Depreciation at 1 January
2,679
449
Depreciation during the year
545
199
Depreciation at 31 December
3,224
648
Carrying amount at 31 December
727
765
DKK’000
Other fixtures
and fittings,
tools and
equipment
Leasehold
improvements
2019
Cost at 1 January
3,288
715
Additions
364
239
Cost at 31 December
3,652
954
Depreciation at 1 January
2,189
282
Depreciation during the year
490
166
Depreciation at 31 December
2,679
448
Carrying amount at 31 December
973
506
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Notes
15. Leases
DKK’000
Offices
2020
Cost at 1 January
3,911
Adjustments and revaluations
1,605
Cost at 31 December
5,516
Depreciation at 1 January
663
Depreciation during the year
877
Depreciations at 31 December
1,540
Carrying amount at 31 December
3,976
DKK’000
Offices
2019
Cost at 1 January
3,855
Adjustments and revaluations
56
Cost at 31 December
3,911
Depreciation at 1 January
0
Depreciation during the year
663
Depreciations at 31 December
663
Carrying amount at 31 December
3,248
Carrying amounts of lease liabilities and movements during the period:
DKK’000
2020
2019
At 1 January
3,314
3,855
Additions
1,600
0
Accrual of interest
155
139
Payments
(983)
(736)
Adjustments
5
55
At 31 December
4,091
3,313
Non-current
3,117
2,678
Current
974
635
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Notes
15. Leases (continued)
The following amounts have been recognised in the statement of profit or loss:
DKK’000
2020
2019
Depreciation expense of right-of-use assets
877
663
Interest expense on lease liabilities
155
139
Expense relating to sh
ort-term leases (included in other
external expenses)
0 0
Total amount recognised in the
statement of profit or
loss
1,032
802
The Group had total a outflow for leases of DKK 983 thousand (2019: DKK 736 thousand).
The Group leases offices and lease terms are negotiated on an individual basis and contain different terms and
conditions. As part of COVID-19, no rent concession has been received.
16. Deposits
DKK’000
2020
2019
Cost at 1 January
396
269
Additions
263
127
Cost at 31 December
659
396
17. Trade receivables
DKK’000
31 December
2020
31 December
2019
1 January
2019
Trade receivables
16,946
11,701
7,418
Other receivables
216
(168)
(147)
Write-downs
(377)
0
(93)
Total
16,785
11,533
7,178
Trade receivables related to Google Maps revenue were DKK 10,335 thousand (2019: DKK 9,372 thousand).
As revenue for this segment is reported net in the statement of profit or loss, the gross receivables for this seg-
ment are five times the reported revenue.
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Notes
17. Trade receivables (continued)
Expected credit loss
The following table details the risk profile of trade receivables based on the Group’s expected loss on trade
receivables:
Not past
due
Overdue by
0-1 month
Overdue by
1-2 months
Overdue by
more than 2
months
Total
DKK'000
31 December 2020
Trade receivables
12,642
2,250
738
1,316
16,946
Lifetime expected credit losses
0
(23)
(74)
(658)
(755)
Expected credit loss rate
0%
1%
10%
50%
4%
31 December 2019
Trade receivables
8,641
2,325
659
76
11,701
Lifetime expected credit losses
0
(23)
(20)
(40)
(83)
Expected credit loss rate
0%
1%
3%
53%
1%
1 January 2019
Trade receivables
4,803
2,316
56
243
7,418
Lifetime expected credit losses
0
(23)
(6)
(137)
(166)
Expected credit loss rate
0%
1%
10%
56%
2%
18. Working capital changes
DKK’000
2020
2019
Change in receivables and prepayments
(2,755)
(10,899)
Change in trade payables and other debt etc
475
23,897
(2,280)
12,998
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Notes
19. Share capital and earnings per share
At 31 December 2020, the share capital consisted of 839,516 (2019: 651,610) shares with a nominal value of
DKK 1.
The shares are divided into class A and B shares as descripted in note 10 to the Parent Company Financial
Statements.
DKK’000
Issued and fully paid-up shares:
At 1 January 2019
652
Capital increase, 2020
188
Share capital at 31 December 2020
840
Earnings per share
DKK’000
2020
2019
The calculation of earnings per share is based on the following:
Profit/(loss) for the year
(13,238)
(17,752)
Effect of dilutive potential ordinary shares:
Interest
and fair value adjustments
on convertible loan notes (net of
tax)
1,675 2,577
Earnings for the purposes of diluted earnings per share
(11,563)
(15,175)
Weighted average number of ordinary shares for calculation of
earnings per share:
745,564
651,612
Effect of dilutive potential ordinary shares:
Share options
52,375
53,855
Convertible loan notes
38,846
55,043
Weighted average number of shares for
calculation of diluted
earnings per share:
836,785 760,510
Earnings per share, (EPS)
(17.76)
(27.24)
Earnings per share, diluted (DEPS)
(13.82)
(19.95)
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Notes
20. Interest-bearing liabilities
DKK’000
31 December
2020
31 December
2019
1 January
2019
Non-current borrowings
Debt to credit institutions
15,375
14,927
6,625
Total
15,375
14,927
6,625
Current borrowings
Debt to credit institutions
2,477
9,437
416
Debt to related parties
150
155
108
Total
2,627
9,592
524
Management has assessed the carrying amount to be equivalent to the fair value of the liabilities.
21. Financial risks
Capital management
The Group manages its capital to ensure that it will be able to continue as going concern while maximising the
return to shareholders through the optimisation of the debt and equity balances. The capital structure of the Group
consists of net debt and equity. Management reviews the capital structure continually to consider if the current
capital structure is in accordance with the Group's and shareholders’ interests.
Financial risk management
Due to the nature of its operations, investments, and financing, the Group is exposed to a number of financial
risks. It is Group policy to operate with a low risk profile, so that currency risk, interest rate risk and credit risk
only occur in commercial relationships. The scope and nature of the Group’s financial instruments appear from
the statement of profit or loss and statement of financial position in accordance with the accounting policies
applied. Provided below is information about factors that may influence amounts, time of payment, or reliability
of future payments, where such information is not provided directly in the financial statements. This note ad-
dresses only financial risks directly related to the Group's financial instruments.
Credit risk
Credit risk is the risk that a counterparty will not meet its obligations towards the Group, leading to a financial
loss. The Group is exposed to credit risk primarily related to its trade and other receivables, receivables from
group enterprises, contract assets and cash held at financial institutions.
The Gsroup asseses default when the accounts receivable are due more than 90 days, and the outstanding amount
is written off when there is a court order of bankruptcy from the counterparty. The maximum exposure to credit
risk at the reporting date is the carrying amount of each class of financial assets
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Notes
21. Financial risks (continued)
Foreign currency risk
Foreign currency risk is the risk that arises from changes in exchange rates and affects the Group’s results.
The general objective of the Group’s currency risk management is to limit and delay any adverse impact of
exchange rate fluctuations on earnings and cash flows and thus increase the predictability of the financial results.
The Group also aims at balancing incoming and outgoing payments in local currency as much as possible as
well as monitoring the development in exchange rates and adjust price lists when required.
The dominating foreign currency is EUR but since this is stabile, the greatest exposure in foreign currency is to
USD and in 2020, 25% (2019: 23%) of the Group’s revenue was denominated in USD. In order to minimise the
foreign currency risk related to transactions in USD, the Group holds cash deposits in USD.
The carrying amounts of the Group's foreign currency-denominated monetary assets and monetary liabilities at
the reporting date are as follows:
Assets
Liabilities
DKK’000
31 Dec 2020
31 Dec 2019
31 Dec 2020
31 Dec 2019
Currency
USD
4,353
4,372
5,361
5,970
EUR
20,289
10,624
51,815
48,624
Other
770
150
312
170
The current level of exposure to USD has limited effect on the reported profit before tax and pre-tax equity. The
below sensitivity analysis for profit before tax is based on the reported USD profit before tax, and the effect on
pre-tax equity is based on the above listed monetary assets and monetary liabilities at the reporting date.
DKK’000
2020
2019
Sensitivity to a 10% increase in USD exchange rate
Effect on profit before tax
292
240
Effect on pre-tax equity
(101)
(160)
Liquidity risk
The Group ensures sufficient liquidity resources by liquidity management. In order to limit the Group's counter-
party risk, deposits are only made in well-reputed banks. At 31 December 2020, the Group's cash and cash
equivalents amounted to DKK 15,064 thousand (2019: DKK 3,840 thousand). The cash reserve and expected
cash flow for 2021 are considered to be adequate to meet the obligations of the Group as they fall due.
Penneo dokumentnøgle: AZPLC-7JEG7-XDHJN-VQ463-J6C4Q-C7YK0
MapsPeople A/S
46
Notes
21. Financial risks (continued)
The table below summarises the maturity profile of the Group’s financial liabilities based on contractual undis-
counted payments which include estimated interest payments:
DKK’000
Less than
3 months
3 to 12
months
1 to 5
years
> 5 years
Total
Carrying
amount
Year ended 31 December
2020
Interest
-bearing loans and
borrowings
2,
336
2,383 14,721 2,029 21,469 17,852
Lease liabilities
64
850
3,526
0
4,440
4,091
Other payables
0
6,837
2,913
0
9,750
9,750
Trade payables
9,874
0
0
0
9,874
9,874
12,274
10,070
21,160
2,029
45,533
41,568
DKK’000
Less
than 3
months
3 to 12
months
1 to 5
years
> 5 years
Total
Carrying
amount
Year ended 31 December
2019
Interest
-bearing loans and
borrowings
3,740 10,000 11,309 2,107 27,156 24,363
Lease liabilities
207
775
2,530
306
3,819
3,313
Other payables
0
6,146
4,216
0
10,362
10,362
Trade payables
12,777
0
0
0
12,777
12,777
16,724
16,921
18,055
2,413
54,114
50,815
Interest rate risk
Interest rate risk arises in relation to interest-bearing assets and liabilities. The Group’s interest-bearing debt to
credit institutions of DKK 17,852 thousand at 31 December 2020 is subject to a floating rate of interest based
on a three-month CIBOR plus a premium.
If market interest rates increased by one percentage point, the interest rate sensitivity as calculated based on the
loan balance to credit institutions at year-end 2020 would lead to a yearly increase in interest expenses of DKK
179 thousand. A corresponding decrease in market interest rates would have the opposite impact.
Penneo dokumentnøgle: AZPLC-7JEG7-XDHJN-VQ463-J6C4Q-C7YK0
MapsPeople A/S
47
Notes
21. Financial risks (continued)
Financial instruments
DKK’000
2020
2019
Financial assets measured at amortised cost
Receivables from Parent Company
2
44
Deposits
659
396
Other receivables, current
466
420
Cash
15,064
3,840
Total
16,191
4,700
Financial liabilities measured at amortised cost
2020
2019
Interest-bearing loan, current
1,810
9,389
Trade payables
32,915
27,487
Other payables
4,979
6,146
Total
39,704
43,022
Classification of financial assets measured at amortised cost
Since the Group’s financial instruments measured at amortised cost are either short-term and/or exposed to float-
ing interest rates, Management has assessed that the carrying amount is a reasonable approximation of fair value.
22. Liabilities arising from financing activities
DKK’000
Other
borrowings
Compound
loans
Lease
liabilities
Total
2020
Liabilities at 1 January
12,925
11,438
3,313
27,676
Loans raised
4,828
2,500
1,605
8,933
Repayments
(125)
0
(828)
(953)
Fair value adjustment of compound loan
0
1,085
0
1,085
Accrued interest
223
879
0
1,102
Conversion of compound loan
0
(15,902)
0
(15,902)
Liabilities at 31 December
17,851
0
4,090
21,941
Penneo dokumentnøgle: AZPLC-7JEG7-XDHJN-VQ463-J6C4Q-C7YK0
MapsPeople A/S
48
Notes
22. Liabilities arising from financing activities (continued)
DKK’000
Other
borrowings
Compound
loans
Lease
liabilities
Total
2019
Liabilities at 1 January
7,041
3,855
10,896
Loans raised
5,991
8,861
56
14,908
Repayments
(125)
(598)
(723)
Fair value adjustments of compound loan
1,570
1,570
Accrued interest
1,007
1,007
Liabilities at 31 December
12,907
11,438
3,313
27,658
The Group had non-cash additions to right-of-use assets and lease liabilities of DKK 1,605 thousand in 2020
(DKK 56 thousand in 2019).
23. Guarantees, contingent liabilities and collateral
DKK’000
31 December
2020
31 December
2019
1 January
2019
The following assets are provided as collateral in fa-
vour of credit institutions in the Parent Company:
Intangible assets
21,961
15,181
8,385
Property, plant and equipment
1,050
986
1,213
Receivables
13,229
9,450
6,597
Total
36,240
25,617
16,195
Contingent liabilities
The Parent Company participates in a Danish joint taxation arrangement where Michael Gram Holding ApS
serves as the administration company.
According to the joint taxation provisions of the Danish Corporation Tax Act, the Parent Company is therefore
liable for income taxes etc for the jointly taxed entities, and for obligations, if any, relating to the withholding of
tax on interest, royalties and dividend for the jointly taxed entities. The jointly taxed entities' total known net
liability under the joint taxation arrangement is disclosed in the administration company's financial statements.
Penneo dokumentnøgle: AZPLC-7JEG7-XDHJN-VQ463-J6C4Q-C7YK0
MapsPeople A/S
49
Notes
24. Related parties
Shareholders Registered office Basis of influence
_________________________ _________________________ _________________________
Mapspeople DK Holding ApS Denmark 56.6 %
Vækstfonden Denmark 27.3 %
The immediate parent company is Mapspeople DK Holding ApS and the ultimate parent company is Michael
Gram Holding ApS.
Other related parties
Other related parties of MapsPeople A/S with a significant influence comprise the Board of Directors and the
Executive Board and their related parties. Remuneration is disclosed in note 6. There were no other related
parties identified.
25. Events after the reporting period
From the statement of financial position date and until today, no further matters, which would influence the
evaluation of the Annual Report has occurred.
Penneo dokumentnøgle: AZPLC-7JEG7-XDHJN-VQ463-J6C4Q-C7YK0
MapsPeople A/S
50
Parent Company Financial Statements
Parent company statement of profit or loss
DKK’000
Note
2020
2019
Gross profit
2
13,514
14,326
Staff costs
3
(18,961)
(21,909)
Depreciation, amortisation and impairment losses
(2,374)
(1,897)
Operating loss
(7,821)
(9,480)
Financial income
631
75
Financial expenses
(3,647)
(3,448)
Loss before tax
(10,837)
(12,853)
Tax for the year
2,637
2,437
Loss for the year
(8,200)
(10,416)
Proposed distribution of profit and loss
Reserve for development costs
5,288
5,301
Retained earnings
(13,488)
(15,717)
Profit/loss for the year
(8,200)
(10,416)
Penneo dokumentnøgle: AZPLC-7JEG7-XDHJN-VQ463-J6C4Q-C7YK0
MapsPeople A/S
51
Parent Company Financial Statements
Parent company statement of financial position
DKK’000
Note
2020
2019
Intangible assets
4
21,961
15,181
Property, plant and equipment
5
1,050
986
Right-of-use assets
3,976
3,248
Investment in subsidiaries
6
7
7
Deposits
7
499
236
Contract costs
2,466
1,037
Total non-current assets
29,959
20,695
Trade receivables
13,229
9,450
Receivable from group enterprises
16,628
11,073
Deferred tax assets
8
3,150
2,721
Income tax receivable
2,313
1,881
Other receivables
456
420
Prepayments
9
1,095
5,647
Contract assets
0
4
Contract costs
775
497
Cash
14,859
1,822
Total current assets
52,505
33,515
Total assets
82,464
54,210
Penneo dokumentnøgle: AZPLC-7JEG7-XDHJN-VQ463-J6C4Q-C7YK0
MapsPeople A/S
52
Parent Company Financial Statements
Parent company statement of financial position
DKK’000
Note
31/12/20
31/12/19
Share capital
10
840
652
Retained earnings
(978)
(28,485)
Reserve for capitalised development costs
17,130
11,841
Total equity
16,992
(15,992)
Interest-bearing liabilities
15,375
14,927
Lease liabilities
3,117
2,678
Other payables
2,913
3,983
Total non-current liabilities
11
21,405
21,588
Interest-bearing liabilities
11
2,477
9,437
Contract liabilities
24,000
20,434
Trade payables
9,863
11,806
Lease liabilities
11
974
636
Payable to affliated companies
150
155
Other payables
6,603
6,146
Total current liabilities
44,067
48,614
Total liabilities
65,472
70,202
Total equity and liabilities
82,464
54,210
Penneo dokumentnøgle: AZPLC-7JEG7-XDHJN-VQ463-J6C4Q-C7YK0
MapsPeople A/S
53
Parent Company Financial Statements
Parent company statement of changes in equity
DKK’000
Share
capital
Other
reserves
Retained
earnings
Total
Equity beginning of year
652
11,841
(28,485)
(15,992)
Capital increase
118
0
26,333
26,451
Transaction cost
0 0 (1,425)
(1,425)
Conversion of loan
70 0 12,452
12,522
Share
-based payments
0 0 327
327
Other adjustments
0
0
3,310
3,310
Profit/loss for the year
0
5,289
(13,490)
(8,201)
Equity end of year
840
17,130
(978)
16,992
Please refer to note 1 to the Consolidated Financial Statements for reconciliation of equity previously reported.
Penneo dokumentnøgle: AZPLC-7JEG7-XDHJN-VQ463-J6C4Q-C7YK0
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54
Notes
1. Accounting policies
2. Government grants
3. Staff costs
4. Intangible asstes
5. Property, plant and equipment
6. Investment in subsidiaries
7. Deposits
8. Deferred tax
9. Prepayments
10. Share capital
11. Non-current liabilities
12. Guarantees, contingent liabilities and collateral
13. Related parties
Penneo dokumentnøgle: AZPLC-7JEG7-XDHJN-VQ463-J6C4Q-C7YK0
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55
Notes
1. Summary of significant accounting policies
The separate Parent Company Financial Statements have been incorporated in the Annual Report because a
separate set of financial statements is required for the Parent Company under DFSA requirements for annual
reports of reporting class C enterprises. The Company is required to apply the requirements for reporting class
C enterprises in accordance to DFSA, where the requirements were previously applied for reporting class B
enterprises.
As a consequence of implementation of IFRS in the Consolidated Financial Statements, Management has de-
cided to align the accounting policies applied to the Parent Company Financial Statements as well. Other than
the descriped changes and material errors, the accounting policies applied are consistent with those applied in
previous years.
Change in accounting policies:
Revenue from contracts with customers
The Parent Company has decided to change its accounting policy for recognition of revenue.
To better achieve a true and fair view of the Company's activities, the Company has decided to change its ac-
counting policies and has from 1 January 2019 used the International Financial Reporting Standard IFRS 15
“Revenue from Contracts with Customers” when recognising revenue.
The basic principle in IFRS 15 is that revenue must be recognised in a way that reflects the transfer of control
over goods or services to the customer in an amount corresponding to what the Company expects to be entitled
to receive.
Leases
The Parent Company has decided to change its accounting policy for recognition of leases.
To better achieve a true and fair view of the Parent Company’s financial position and results, leases are recog-
nised in accordance with the accounting principles of the International Financial Reporting Standard IFRS 16
“Leases”, effective 1 January 2019. IFRS 16 does not distinguish between operating leases and finance leases
but requires the recognition of a lease asset (right-of-use asset) and a lease liability when entering into leases,
except for leases with a lease term ending within 12 months (short-term leases) and contracts to lease assets of
low value.
Development costs
Under DFSA, indirect costs of development projects were capitalised. Under IFRS, these indirect costs are ex-
pensed in the year they occurred. To align the accounting policies, Management has decided also to exclude
indirect cost under DFSA. As a result, the Parent Company recognised a decrease of intangible assets and an
increase in staff costs.
Share-based payment
Share-based payment is included as a cost in the Parent Company Financial Statements from 1 January 2019.
Penneo dokumentnøgle: AZPLC-7JEG7-XDHJN-VQ463-J6C4Q-C7YK0
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56
Notes
1. Summary of significant accounting policies (continued)
Material errors
In previous years, revenue was recognised at a point in time, however, this was not in line with DFSA nor IFRS
as both require that the recognition of the subscriptions be over time, based on the licence being distinct and
giving a right to access. Furthermore, the Google Maps revenue was previously recognised when the usage was
billed rather when the underling licence was used.
It has been found that the Parent Company has not previously recognised management fee and service level
agreement income from subsidiaries.
Monetary effect of changes in accounting policies and adjustments of material errors
The change in accounting policies and adjustments of material errors lead to a reduction in other external ex-
penses by DKK 409 thousand (2019: DKK 1,683 thousand), an increase in depreciation by DKK 1,072 thousand
(2019: DKK 799 thousand), a reduction in staff costs by DKK 897 thousand (2019: increase of DKK 413 thou-
sand), and an increase in interest expenses by DKK 2,206 thousand (2019: DKK 1,925 thousand). The total
effect of the change in accounting policies and adjustments of material errors amounts to a reduction in results
for the year before tax of DKK 5,899 thousand (2019: DKK 4,762 thousand). Tax for the year as a result of the
change in accounting policies and adjustments of material errors, consisting of an adjustment of deferred tax,
amounts to DKK 429 thousand (2019: DKK 465 thousand), after which results for the year after tax are reduced
by DKK 5,470 thousand (2019: DKK 4,297 thousand). The statement of financial position total is reduced by
DKK 9,607 thousand (2019: DKK 7,962 thousand) while equity is reduced by DKK 12,809 thousand (2019:
DKK 11,746 thousand) at 31 December 2020.
Change of presentation
The principle of presentation under the format requirements of DSFA has been changed to be aligned with the
presentation within the Consolidated Financial Statements so as to be split into current and non-current assets
and liabilities.
Cash flow statement
Referring to section 86(4) of DFSA, no cash flow statement have been prepared.
Statement of profit or loss
Gross profit
Gross profit or loss comprises revenue, own work capitalised, other operating income, cost of sales and external
expenses with reference to section 32 of DFSA.
Penneo dokumentnøgle: AZPLC-7JEG7-XDHJN-VQ463-J6C4Q-C7YK0
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57
Notes
1. Summary of significant accounting policies (continued)
Statement of financial position
Investments in subsidiaries
Investments in subsidiaries are measured at cost. In cases where cost exceeds net realisable value, it is written
down to this lower value.
Reserve for development costs
Reserve for development costs comprises recognised development costs net of related deferred tax liabilities.
The reserve cannot be used to pay out dividend or cover losses. The reserve is reduced or dissolved, if recognised
development costs are depreciated or dissolved from the Company's operations. This is done by transferring
development costs directly to the free reserve in equity.
2. Government grants
As a result of COVID-19, the Parent Company has received DKK 928 thousand in government aid in 2020
which is included in Other operating income in accordance with IAS 20. This is presented separately and is not
offset in staff costs. The Group has not received any other government grants in 2020.
3. Staff costs
DKK’000
2020
2019
Salaries
15,312
18,100
Shared-based payments
415
694
Pensions
2,897
2,668
Other social security costs
337
425
Other staff costs
0
22
Total
18,961
21,909
Average numbers of employees during the year
54
49
For information on remuneration to the Board of Directors and MapsPeople Management please refer to note 3
to the Consolidated Financial Statements. In conformity with section 98.b.3 of DFSA, the remuneration for the
management team is stated as one category for the whole management team. Remuneration to the Board of
Directors and the CEO is DKK 1.3 million in 2020 (2019: DKK 1.2 million).
Penneo dokumentnøgle: AZPLC-7JEG7-XDHJN-VQ463-J6C4Q-C7YK0
MapsPeople A/S
58
Notes
3. Staff costs(continued)
Employment contracts for members of the Key Management Personnel contain terms and conditions that are
common to those of their peers in similar companies including terms of notice and non-competitive clauses.
4. Intangible assets
DKK’000
Completed
development
projects
Development
projects in
progress
2020
Cost at 1 January
4,594
13,493
Additions
0
7,626
Transfers
18,556
(18,556)
Disposals
(227)
0
Cost at 31 December
22,923
2,563
Amortisation and impairment losses at 1 January
2,906
0
Amortisation during the year
754
0
Disposals during the year
(135)
0
Amortisation and impairment losses at 31 December
3,525
0
Carrying amount at 31 December
19,398
2,563
Please refer the description in note 13 to the Consolidated Financial Statements.
5. Property, plant and equipment
DKK’000
Other fixtures
and fittings,
tools and
equipment
Leasehold
improvements
2020
Cost at 1 January
3,221
750
Additions
246
423
Cost at 31 December
3,467
1,173
Depreciation at 1 January
2,557
428
Depreciation during the year
450
155
Depreciation at 31 December
3,007
583
Carrying amount at 31 December
460
590
Penneo dokumentnøgle: AZPLC-7JEG7-XDHJN-VQ463-J6C4Q-C7YK0
MapsPeople A/S
59
Notes
6. Investment in subsidiaries
DKK’000
2020
2019
Cost at 1 January
7
7
Cost at 31 December
7
7
Investment in subsidiaries
Registered in
Corporate form
Equity interest %
MapsPeople Inc
USA
Inc
100
7. Deposits
DKK’000
2020
2019
Cost at 1 January
236 236
Additions
263
0
Cost at 31 December
499
236
8. Deferred tax
DKK’000
2020
2019
Changes during the year
Beginning of year
2,721
2,165
Recognised in the statement of profit or loss
429
556
End of year
3,150
2,721
9. Prepayments
Prepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost.
10. Share capital
Number
Nominal value
Nominal value
in total
A-shares
500,000
DKK 1
DKK 500,000
B-shares
339,516
DKK 1
DKK 339,516
839,516
DKK 839,516
Penneo dokumentnøgle: AZPLC-7JEG7-XDHJN-VQ463-J6C4Q-C7YK0
MapsPeople A/S
60
Notes
10. Share capital (continued)
In any liquidity event, the remaining proceeds after incurrence of all related costs are to be distributed as follows:
Firstly, an amount equal to the subscription amount paid for the class B shares must be paid to the holders of
class B shares. Secondly, any exceeding proceeds must be paid to the holders of class A shares until these holders
have received an amount per share equivalent to the amount paid to the class B shares. Finally, any remaining
distribution of funds must be made on a pro rata basis among all the shareholders (according to nominal share
values).
11. Non-current liabilities
DKK’000
< 1 year
1 to 5
years
> 5 years
Total
Year ended 31 December 20
20
Interest
-bearing loans and borrowings
2,477 13,470 1,905 17,852
Lease liabilities
974
3,117
0
4,091
Other payables
6,603
2,913
0
9,516
10,054
19,500
1,905
31,459
12. Guarantees, contingent liabilities and collateral
DKK’000
2020
2019
The following assets are provided as collateral in favour
of credit institutions in the Parent Company
Intangible assets
21,961
15,181
Property, plant and equipment
1,050
986
Receivables
13,229
9,450
Total
36,240
25,617
Interest-bearing liabilities has been secured by way of a registered all-monies mortgage providing security in a
floating charge of DKK 27,000 thousand on the Company’s above listed intangible assets, property, plant and
equipment and receivables.
Contingent liabilities
The Parent Company participates in a Danish joint taxation arrangement where Michael Gram Holding ApS
serves as the administration company.
According to the joint taxation provisions of the Danish Corporation Tax Act, the Parent Company is therefore
liable for income taxes etc. for the jointly taxed entities, and for obligations, if any, relating to the withholding
of tax on interest, royalties and dividend for the jointly taxed entities. The jointly taxed entities' total known net
liability under the joint taxation arrangement is disclosed in the administration company's financial statements.
Penneo dokumentnøgle: AZPLC-7JEG7-XDHJN-VQ463-J6C4Q-C7YK0
MapsPeople A/S
61
Notes
13. Related parties
Related parties with controlling interest
Mapspeople DK Holding ApS, Stigsborgvej 60, DK-9400 Nørresundby, owns the majority of the shares within
the Company, thus having controlling influence thereon.
Related party transactions
Please refer to note 24 to the Consolidated Financial Statements.
Penneo dokumentnøgle: AZPLC-7JEG7-XDHJN-VQ463-J6C4Q-C7YK0
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Christian Samsø Dohn
Bestyrelsesmedlem
Serienummer: PID:9208-2002-2-517063158437
IP: 87.49.xxx.xxx
2021-03-20 11:34:52Z
Michael Gram
Adm. direktør
Serienummer: PID:9208-2002-2-533195596444
IP: 85.27.xxx.xxx
2021-03-20 11:38:15Z
Michael Gram
Bestyrelsesmedlem
Serienummer: PID:9208-2002-2-533195596444
IP: 85.27.xxx.xxx
2021-03-20 11:38:15Z
Lars Henning Brammer
Bestyrelsesformand
Serienummer: PID:9208-2002-2-196686077553
IP: 185.15.xxx.xxx
2021-03-20 11:51:37Z
Jens Lauridsen
Revisor
Serienummer: CVR:33963556-RID:84811611
IP: 83.151.xxx.xxx
2021-03-20 12:20:40Z
Lars Rønn
Bestyrelsesmedlem
Serienummer: PID:9208-2002-2-517687346460
IP: 80.167.xxx.xxx
2021-03-20 12:20:45Z
Rasmus Mencke
Bestyrelsesmedlem
Serienummer: PID:9208-2002-2-430539345007
IP: 176.22.xxx.xxx
2021-03-20 15:16:46Z
Mads Fauerskov
Revisor
Serienummer: CVR:33963556-RID:75967604
IP: 212.112.xxx.xxx
2021-03-20 20:19:21Z
Penneo dokumentnøgle: AZPLC-7JEG7-XDHJN-VQ463-J6C4Q-C7YK0
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