Sitecore Corporation A/S
Vester Farimagsgade 3, 5., 1606 Copenhagen V
CVR no. 26 03 25 12
Annual report 2021/22
Approved at the Company's annual general meeting on 31 January 2023
Chair of the meeting:
Jonas Persson
Contents
Statement by the Board of Directors and the Executive Board 2
Independent auditor's report 3
Management's review 5
Financial statements 1 July 2021 - 30 June 2022 9
Income statement 9
Balance sheet 10
Statement of changes in equity 12
Notes to the financial statements 13
Sitecore Corporation A/S
Annual report 2021/22
1
Statement by the Board of Directors and the Executive Board
Today, the Board of Directors and the Executive Board have discussed and approved the annual report of
Sitecore Corporation A/S for the financial year 1 July 2021 - 30 June 2022.
The annual report is prepared in accordance with the Danish Financial Statements Act.In our opinion, the
financial statements give a true and fair view of the financial position of the Company at 30 June 2022 and of
the results of the Company's operations for the financial year 1 July 2021 - 30 June 2022.
Further, in our opinion, the Management's review gives a fair review of the development in the Company's
operations and financial matters and the results of the Company's operations and financial position.
We recommend that the annual report be approved at the annual general meeting.
Copenhagen, 31 January 2023
Executive Board:
Efstathios Tzikakis
Chief Executive Officer
Peter David
Chief Financial Officer
Bertil Majer
Chief Legal Officer
Board of Directors:
Jonas Persson Marjorie Lao Bjarne Kock Hansen
Chair
Craig Allen Conway Carsten Oliver Thoma Bert Alfons Janssens
Darren Roos Matteo Thun
Sitecore Corporation A/S
Annual report 2021/22
2
Independent auditor's report
To the shareholder of Sitecore Corporation A/S
Opinion
We have audited the financial statements of Sitecore Corporation A/S for the financial year 1 July 2021 -
30 June 2022, comprising income statement, balance sheet, statement of changes in equity and notes, including
accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements
Act.
In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and
financial position at 30 June 2022 and of the results of the Company's operations for the financial year 1 July
2021 - 30 June 2022 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
requirements applicable in Denmark. Our responsibilities under those standards and requirements are further
described in the “Auditor's responsibilities for the audit of the financial statements” section of our report.
We are independent of the Company in accordance with the International Ethics Standards Board for
Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical
requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the IESBA Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Management's responsibility for the financial statements
Management is responsible for the preparation of financial statements that give a true and fair view in
accordance with the Danish Financial Statements Act and for such internal control that 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 Company's ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting in preparing the financial statements unless Management either intends to liquidate
the Company or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance as to 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 in Denmark will always detect a material misstatement when it
exists. Misstatements may 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 financial statement users
made 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 judgement and maintain professional scepticism throughout the audit. We also
• identify and assess the risks of material misstatement of the company 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
Sitecore Corporation A/S
Annual report 2021/22
3
misstatement resulting from fraud is higher than for one resulting from error as fraud may involve
collusion, forgery, intentional omissions, misrepresentations or the override of internal control.
• 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 Company's internal control.
• 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 preparing
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 Company's ability to continue as a
going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our
auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate,
to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditor's report. However, future events or conditions may cause the Company to cease to continue as a
going concern.
• evaluate the overall presentation, structure and contents of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events in a
manner that gives a true and fair view.
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.
Statement on the Management's review
Management is responsible for the Management's review.
Our opinion on the financial statements does not cover the Management's review, and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the Management's review
and, in doing so, consider whether the Management's review 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's review provides the information
required under the Danish Financial Statements Act.
Based on the work we have performed, we conclude that the Management's review is in accordance with the
financial statements and has been prepared in accordance with the requirements of the Danish Financial
Statement Act. We did not identify any material misstatement of the Management's review.
Copenhagen, 31 January 2023
KPMG P/S
Statsautoriseret Revisionspartnerselskab
CVR no. 25 57 81 98
Martin Melchior Eiler
State Authorised Public Accountant
mne32271
Sitecore Corporation A/S
Annual report 2021/22
4
Company details
Name
Sitecore Corporation A/S
Address, Postal code, City
Vester Farimagsgade 3, 5., 1606 Copenhagen V
CVR no.
26 03 25 12
Established
26 April 2001
Registered office
Copenhagen
Financial year
1 July 2021 - 30 June 2022
Website
www.sitecore.net
Telephone
+45 70 23 66 60
Board of Directors
Jonas Persson, Chair
Marjorie Lao
Bjarne Kock Hansen
Craig Allen Conway
Carsten Oliver Thoma
Bert Alfons Janssens
Darren Roos
Matteo Thun
Executive Board
Efstathios Tzikakis, Chief Executive Officer
Peter David, Chief Financial Officer
Bertil Majer, Chief Legal Officer
Auditors
KPMG P/S
Statsautoriseret Revisionspartnerselskab
Dampfærgevej 28, 2100 Copenhagen Ø
Sitecore Corporation A/S
Annual report 2021/22
Management's review
5
Financial highlights
DKK'000 2021/22 2020/21 2019/20 2018/19 2017/18
Key figures
Revenue 549,943 757,698 444,974 402,668 96,388
Earnings before interest, taxes, depreciation and
amortisation (EBITDA)
98,101 86,892 -71,760 170,960 -102,753
Operating profit / (loss) 39,736 22,842 -131,793 119,072 -144,868
Net financial income / (expenses) 87,936 -4,626 47,438 79,843 81,488
Profit / (loss) for the year 115,250 121,766 -121,597 98,799 -48,220
Non-current assets 2,056,969 1,644,629 1,610,427 2,841,184 2,375,577
Current assets 1,172,353 1,320,395 353,919 260,290 70,107
Total assets 3,229,322 2,965,024 1,964,346 3,101,474 2,445,684
Investments in property, plant and equipment 8,659 426 17,711 5,637 4,859
Share capital 10,473 10,473 10,473 10,473 10,473
Equity 2,404,569 2,161,468 1,031,616 2,600,749 1,647,756
Non-current liabilities 339,301 225,211 620,133 176,662 52,310
Current liabilities 485,452 578,345 312,597 324,063 745,618
Financial ratios
EBITDA-margin 17.8 % 11.5 % -16.1 % 42.5 % -106.6 %
Return on equity 5.0 % 7.6 % -6.7 % 4.7 % -2.9 %
Average number of full-time employees 84 88 115 112 116
For terms and definitions, please see the accounting policies.
Comparative figures for years 2019/20 and earlier have not been updated to reflect changes identified in Note 1.
Sitecore Corporation A/S
Annual report 2021/22
Management's review
6
Business review
The Sitecore Group (the “Group”) is a software company that predominantly provides customers with Web
Content Management (WCM) services through its software. Sitecore Corporation A/S (“Sitecore” or “the
Company”) is a legal or economic owner of the Group's legacy and organic intellectual property (“IP”), which it
distributed through its network of affiliated entities.
In connection with a change in the Group company’s operating model, effective 1 July 2021:
i. Sitecore USA Inc. and Sitecore Ireland Ltd have entered into agreements with Sitecore Corporation A/
S to have access to its historic IP in return for a license fee.
ii. Sitecore USA Inc. and Sitecore Ireland Ltd have entered into agreements with Sitecore Corporation A/
S to reimburse Sitecore Corporation A/S for the research and development (‘R&D’) and
Administration services performed by the company.
iii. The company terminated its previous agreements with the Group’s distribution and cost plus entities,
whereas in and from 2021/22, Sitecore USA Inc. and Sitecore Ireland Ltd, have entered into these
agreements.
The financial statements of the company also contain financial information from ‘Sitecore France (branch)’.
Adjustment of material prior period errors
During the year management identified material prior period errors related to the (i) valuation of investment in
Hedgehog Group; (ii) accounting entries relating to the Stylelabs acquisition; and (iii) deferred tax asset
associated with exit tax in subsidiary Sitecore Belgium NV. As a result, the Company has restated comparative
figures for 2020/21 and opening retained earnings as at 1 July 2020. For full details, please see Note 1.
Financial review
The Income statement for 2021/22 shows a profit of DKK’000 115,250 (profit of DKK’000 121,766 in
2020/21). The decrease in profit of DKK’000 6,515 is primarily due to changes in the Groups transfer pricing
arrangements:
• Revenue has decreased by DKK’000 207,755 (DKK’000 549,943 and 757,698 for 2021/22 and
2020/21 respectively) and other external expenses decreasing by DKK’000 -285,643 (DKK’000
-366,627 and -652,270 for 2021/22 and 2020/21 respectively). The financial performance is in line
with previously disclosed expectations for 2021/22.
At the balance sheet date, 30 June 2022, the company shows equity of DKK’000 2,404,569 (DKK ‘000
2,161,468 in 2020/21). The DKK’000 243,101 increase is equity is primarily due to the following factors:
• Profit during the year of DKK’000 115,250 and contributions to Investments in group enterprises in
excess of DKK’000 97,788 were received by the Company in fiscal year 2022 from its parent
company, which included shares of Moosend and inter-company loans. The inter-company loans are
recognized as the non-current Receivables from group enterprises. All Receivables from group
enterprises from prior year were either repaid or reclassified from non-current to current, as they relate
to inter-company trade receivables expected to be collected during the year, to the extent the related
entity has liquidity (see also note 3, Capital matters).
Financial risks
Sitecore Corporation A/S is subject to financial uncertainty and risks driven by external factors such as interest
rate, foreign exchange, credit risk and liquidity risk. These risks are managed at a Group level. The Group’s
overall risk management program focuses on the unpredictability of financial markets and seeks to minimize
potential adverse effects on the Group’s financial performance.
Sitecore Corporation A/S
Annual report 2021/22
Management's review
7
The Financial risks of the Group are managed centrally. The overall risk management guidelines and policies
have been approved by the board of directors. The board provides written principles for overall risk
management, as well as written policies covering specific areas, such as foreign exchange risk, interest rate risk,
credit risk, use of derivative financial instruments and non-derivative financial instruments, and investment of
excess liquidity. The CFO manages contracts and risk exposures and reports to the board of directors on a
regular basis.
Research and development activities
In 2021/22 Sitecore USA Inc. and Sitecore Ireland Ltd have entered into agreements with Sitecore Corporation
A/S to reimburse Sitecore Corporation A/S for the research and development (‘R&D’) activities performed by
the company.
Events after the balance sheet date
There were no significant events affecting the Company, which require adjustment to or disclosure in the
financial statements.
Outlook
Sitecore Corporation A/S intends to continue providing (i) R&D and administration services to the group along
with (ii) access to its legacy and organic IP in return for a license fee from group companies. The Company
expects profits in 2022/23 will be in line with 2021/22.
Corporate social responsibility statement
The Company is part of the Sitecore Holding II A/S consolidated financial statement (Group) and subject to the
policies on corporate social responsibility adopted by the parent company. Consequently, the Company does not
publish a separate corporate social responsibility statement. The parent company’s financial statements can be
found on the following link:
https://datacvr.virk.dk/enhed/virksomhed/37624071?fritekst=sitecore&sideIndex=0&size=10 ( Sitecore Holding
II A/S CVR no 37624071)
Statement on gender distribution in Management
The Company is part of the Group and subject to the goals and policies for gender quotation in Management
adopted by the parent company. Consequently, the Company does not publish a separate statement on gender
quotation in Management. The parent company’s financial statements can be found on the following link:
https://datacvr.virk.dk/enhed/virksomhed/37624071?fritekst=sitecore&sideIndex=0&size=10 (Sitecore Holding
II A/S CVR no 37624071)
Statement on data ethics
The Company is part of the Group and subject to the goals and policies for data ethics in Management adopted
by the parent company. Consequently, the Company does not publish a separate statement on data ethics. The
parent company’s financial statements can be found on the following link:
https://datacvr.virk.dk/enhed/virksomhed/37624071?fritekst=sitecore&sideIndex=0&size=10 (Sitecore Holding
II A/S CVR no 37624071)
Sitecore Corporation A/S
Annual report 2021/22
Management's review
8
Income statement
Note DKK'000 2021/22 2020/21
4
Revenue
549,943 757,698
5 Other external expenses -366,627 -652,270
6 Staff costs -85,215 -18,508
7,8
Amortisation/depreciation of intangible assets and property, plant
and equipment
-58,365 -64,050
9 Other operating expenses 0 -28
Profit/loss before net financials
39,736 22,842
Net reversal / write-down of investments and/or receivables in
group enterprises
4,092 57,105
10 Financial income 96,336 10,827
11 Financial expenses -8,400 -15,453
Profit/loss before tax
131,764 75,321
12 Tax for the year -16,513 46,445
13
Profit/loss for the year
115,250 121,766
Sitecore Corporation A/S
Annual report 2021/22
Financial statements 1 July 2021 - 30 June 2022
9
Balance sheet
Note DKK'000 2021/22 2020/21
ASSETS
Non-current assets
7
Intangible assets
Completed development projects 53,696 77,872
Patents, trademarks and product rights 0 4,115
Development projects in progress and prepayments for
intangible assets
0 23,504
53,696
105,491
8
Property, plant and equipment
Plant and machinery 4,667 2,994
Fixtures and fittings, other plant and equipment 1,032 317
Right-of-use assets 5,122 5,421
10,821 8,732
14
Financial assets
Investments in group enterprises 1,371,085 1,339,869
22 Receivables from group enterprises 619,983 190,210
Deposits, investments 0 327
1,991,068 1,530,406
Other non-current assets
Deferred expenses 1,384 0
1,384 0
Total non-current assets
2,056,969 1,644,629
Current assets
Receivables
Accounts receivable 116 20,212
22 Receivables from group enterprises 1,145,353 1,130,707
Tax credit receivable 4,977 4,977
Other receivables 649 921
15 Prepayments 4,097 4,512
1,155,192 1,161,329
Cash
17,161 159,066
Total current assets
1,172,353 1,320,395
TOTAL ASSETS 3,229,322 2,965,024
Sitecore Corporation A/S
Annual report 2021/22
Financial statements 1 July 2021 - 30 June 2022
10
Balance sheet
Note DKK'000 2021/22 2020/21
EQUITY AND LIABILITIES
Equity
16 Share capital 10,473 10,473
Reserve for development costs 41,883 79,075
Retained earnings 2,352,213 2,071,920
Total equity
2,404,569 2,161,468
Liabilities
17
Non-current liabilities
18 Deferred tax 100,117 221,756
Lease liabilities 1,701 1,960
22 Payables to group enterprises 237,478 0
Other payables 5 39
Deferred income 0 1,456
Total non-current liabilities
339,301 225,211
Current liabilities
Lease liabilities 3,387 3,761
Trade payables 70,539 12,072
22 Payables to group enterprises 353,006 508,682
Joint taxable contribution payable 4,600 1,044
Other payables 53,920 52,786
Total current liabilities
485,452 578,345
824,754 803,556
TOTAL EQUITY AND LIABILITIES
3,229,322 2,965,024
1 Accounting policies
2 Recognition and measurement uncertainties
3 Capital matters
13 Appropriation of profit
19 Contractual obligations and contingencies, etc.
20 Collateral
22 Related parties
Sitecore Corporation A/S
Annual report 2021/22
Financial statements 1 July 2021 - 30 June 2022
11
Statement of changes in equity
Note DKK'000 Share capital
Reserve for
development costs Retained earnings Total
1
Equity at 1 July 2020 10,473 70,819 950,324 1,031,616
Restatement due to Material Error 0 0 -67,960 -67,960
Restatement per equity at 1 July 2020
10,473 70,819 882,364 963,656
Group contribution 0 0 1,035,654 1,035,654
13
Transfer, see “Appropriation of profit/loss” 0 8,256 113,510 121,766
Exchange rate translation 0 0 585 585
Group share-based payment transactions 0 0 39,807 39,807
Equity at 1 July 2021
10,473 79,075 2,071,920 2,161,468
Group contribution 0
0
0 97,788 97,788
Other adjustments 0
0
0 -2,436 -2,436
13
Transfer, see “Appropriation of profit/loss” 0
0
-37,192 152,442 115,250
Group share-based payment transactions 0
0
0 32,499 32,499
Equity at 30 June 2022
10,473 41,883 2,352,213 2,404,569
Sitecore Corporation A/S
Annual report 2021/22
Financial statements 1 July 2021 - 30 June 2022
12
1 Accounting policies
The annual report of Sitecore Corporation A/S for 2021/22 has been prepared in accordance with the provisions
in the Danish Financial Statements Act applying to Class C (Large) entities. The accounting policies used in the
preparation of the financial statements are consistent with those of last year.
In accordance with section 112(1) of the Danish Financial Statements Act, the Company has not prepared
consolidated financial statements.
Changes in accounting estimate
Accounting estimates used in the preparation of the financial statements are consistent with those of last year
with the following exception:
Expected future benefits and obligations associated with Deferred tax liabilities (“DTL”) related to the adoption
of IFRS 15 in the 2018/19 annual report have been revised. As a result of the change in accounting estimates,
the ‘deferred tax liability’ has decreased DKK’000 23,198 and ‘tax for the year’ (income) has increased
DKK’000 23,198 within the 2021/22 annual report.
Changes in accounting policies
The accounting policies used in the preparation of the financial statements are consistent with those of last year.
Material prior period errors
Management has identified material prior period errors in the following areas that affect previously presented
annual reports,
i. In 2020/21 the value of the investment in the acquired entity ‘Hedgehog Group’ was incorrectly
recorded due to an incorrect foreign exchange rate. As a result, ‘investments in group enterprises’ and
‘retained earnings’ were overstated by DKK’000 7,426 in the annual reports for 2020/21 and as a result
do not give a true and fair view. This has been corrected as a material misstatement by restating
comparatives and opening equity figures in the current-year annual reports. In total the balance sheet
and equity at 30 June 2021 has been adversely affected by DKK’000 7,426.
ii. In 2019/20 and 2020/21 accounting entries relating to the Stylelabs acquisition were incorrectly
recorded in Sitecore Corporation A/S. This was corrected in 2021/22, which impacts the Company’s
previous annual reports. As a result the following comparative figures from 2020/21 have been
restated:
(a) Revenue has increased by DKK’000 34,829;
(b) Other external costs increased DKK’000 48,743;
(c) As a result of adjustments (a) and (b) retained earnings has decreased by DKK’000 13,914;
(d) Investments in group enterprises decreased DKK’000 92,145;
(e) payables to group enterprises decreased DKK’000 5,248;
(f) other payables decreased DKK’000 5,022;
(g) Opening equity has decreased by DKK’000 67,960
In total the balance sheet and equity at 30 June 2021 has been adversely affected by DKK’000 81,875.
Sitecore Corporation A/S
Annual report 2021/22
Financial statements 1 July 2021 - 30 June 2022
Notes to the financial statements
13
iii. In 2020/21 the value of the ‘deferred tax liability’ included a deferred tax asset (‘DTA’) of DKK’000
73,482 related to exit tax on subsidiary ‘Sitecore Belgium NV’. The DTA should not have been
recorded in 2020/21. As a result the ’deferred tax liability’ and ‘tax for the year’ were overstated by
DKK’000 73,482 in the annual report for 2020/21 and as a result did not give a true and fair view. This
has been corrected as a material misstatement by restating comparatives in the current-year annual
reports.
Income Statement
DKK'000 2020/21 (Original) Adjustment 2020/21 (Restated)
Revenue
722,869 34,829 757,698
Other external costs
-603,527 -48,743 -652,270
Tax for the year 119,927 -73,482 46,445
Profit for the year
209,162 -87,396 121,766
Balance Sheet
DKK'000 2020/21 (Original) Adjustment 2020/21 (Restated)
Assets
Investments in group enterprises 1,439,440 -99,571 1,339,869
DKK'000 2020/21 (Original) Adjustment 2020/21 (Restated)
Equity
Retained Earnings
2,234,702 -162,782 2,071,920
DKK'000 2020/21 (Original) Adjustment 2020/21 (Restated)
Liabilities
Deferred tax
148,274 73,482 221,756
Payables to group enterprises - short
513,930 -5,248 508,682
Other payables
57,808 -5,022 52,786
DKK'000 2020/21 (Original) Adjustment 2020/21 (Restated)
Breakout of Retained Earnings
Equity at 1 July 2020
950,324 -67,960 882,364
Group Contribution
1,043,080 -7,426 1,035,654
Transfer see " Appropriation of profit/loss"
200,906 -87,396 113,510
Exchange rate translation
585 — 585
Group share-based payment transactions
39,807 — 39,807
Equity at 30 June 2021
2,234,702 -162,782 2,071,920
Sitecore Corporation A/S
Annual report 2021/22
Financial statements 1 July 2021 - 30 June 2022
Notes to the financial statements
14
Omission of a cash flow statement
With reference to section 86(4) of the Danish Financial Statements Act, no cash flow statement has been
prepared. The Company's cash flows are reflected in the consolidated cash flow statement for the higher-ranking
parent company Sitecore Holding II A/S.
Omission of Audit fee note
With reference to section 96(3) of the Danish Financial Statements Act, no audit fee note has been prepared.
Reporting currency
The financial statements are presented in Danish kroner (DKK'000).
Foreign currency translation
On initial recognition, transactions denominated in foreign currencies are translated at the exchange rate at the
transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the
date of payment are recognised in the income statement as financial income or financial expenses.
Receivables and payables and other monetary items denominated in foreign currencies are translated at the
exchange rate at the balance sheet date. The difference between the exchange rates at the balance sheet date and
the date at which the receivable or payable arose or was recognised in the most recent financial statements is
recognised in the income statement as financial income or financial expenses.
Income statement
Revenue
The Company's revenue mainly consists of intercompany revenue from the Group's sales entities. The Group
have chosen IFRS 15 as interpretation for revenue recognition for which the accounting policies are as follows:
The Company recognizes revenue in accordance with IFRS 15 requirements, whereby revenue is recognized
when the ultimate customer has obtained control of the license or service and has the ability to use and obtain
substantially all of the benefits from the license or service.
Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of
third parties. All discounts and rebates granted are recognised in revenue.
Revenue to the Company is mainly derived from:
i. software licenses fees or royalties paid by affiliated entities for access to its historic IP.
ii. reimbursements from group companies for research and development (‘R&D’) and administration
costs incurred by Sitecore Corporation A.S.
Other external expenses
Other external expenses include costs incurred by the Company relating to sales, advertising, administration,
premises, research & development used in generating the year's intercompany revenue.
Staff costs
Staff costs include wages and salaries, including compensated absence and pension to the Company's
employees, as well as other social security contributions, etc. The item is net of refunds from public authorities.
Sitecore Corporation A/S
Annual report 2021/22
Financial statements 1 July 2021 - 30 June 2022
Notes to the financial statements
15
Share-based payments
The Sitecore Group operates equity-settled, share-based compensation plans, under which entities within the
group receive services from employees as consideration for equity instruments issued by the Company’s
ultimate parent, Sitecore Holdings II A/S. Equity-settled share-based payments granted to employees of a
subsidiary of the Company are recognised as a capital contribution from the Company’s ultimate parent and a
corresponding increase in the investment in subsidiary in an amount equal to the fair value of the employee
services received in exchange for the equity grant. The total amount is determined by reference to the grant date
fair value of the equity award. When the options are exercised, the Company’s ultimate parent issues new
shares.
Amortisation/depreciation and impairment
The item comprises amortisation/depreciation of intangible assets and property, plant and equipment.
The cost net of the expected residual value for completed development projects and acquired IP rights is
amortised over the expected useful life. Acquired IP rights include patents, rights and licences.
The basis of amortisation, which is calculated as cost less any residual value, is amortised on a straight line basis
over the expected useful life. The expected useful lives of the assets are as follows:
Completed development projects 3 years
Patents, trademarks and product rights 5 years
Depreciation is based on the residual value of the asset and is reduced by impairment losses, if any. The
depreciation period and the residual value are determined at the acquisition date and are reassessed annually.
Where the residual value exceeds the carrying amount of the asset, no further depreciation charges are
recognised.
In the case of changes in the depreciation period or the residual value, the effect on the depreciation charges is
recognised prospectively as a change in accounting estimates.
Where individual components of an item of property, plant and equipment have different useful lives, they are
accounted for as separate items, which are depreciated separately.
Plant and machinery 3-5 years
Fixtures and fittings, other plant and equipment 3-5 years
Right-of-use assets are depreciated using the straight-line method from the commencement date to the end of the
lease term. In addition, the right-of-use assets are periodically reduced by any impairment losses.
Depreciation is based on the residual value of the asset and is reduced by impairment losses, if any. The
depreciation period and the residual value are determined at the acquisition date and are reassessed annually.
Where the residual value exceeds the carrying amount of the asset, no further depreciation charges are
recognised.
In the case of changes in the depreciation period or the residual value, the effect on the depreciation charges is
recognised prospectively as a change in accounting estimates.
Other operating income and operating expenses
Other operating income and operating expenses comprise items of a secondary nature relative to the Company's
core activities, including gains and losses on the sale of non-current assets.
Sitecore Corporation A/S
Annual report 2021/22
Financial statements 1 July 2021 - 30 June 2022
Notes to the financial statements
16
Profit/loss from investments in group enterprises
The item includes dividends from investments in group enterprises. Dividend distributions that either exceed the
profit for the year or where the carrying amount of the investments exceeds the consolidated carrying amounts
of the group enterprises's net assets will indicate impairment for which reason an impairment test will have to be
conducted.
Financial income and expenses
Financial income and expenses are recognised in the income statement at the amounts that relate to the financial
reporting period. The items comprise interest income and expenses, e.g. from group entities, exchange gains and
losses and amortisation of financial assets and liabilities.
Tax
Tax for the year includes current tax on the year's expected taxable income and the year's deferred tax
adjustments. The portion of the tax for the year that relates to the profit/loss for the year is recognised in the
income statement, whereas the portion that relates to transactions taken to equity is recognised in equity.
The entity is jointly taxed with other Danish group entities. The total Danish income tax charge is allocated
between profit/loss-making Danish entities in proportion to their taxable income (full absorption).
Jointly taxed entities entitled to a tax refund are reimbursed by the management company based on the rates
applicable to interest allowances, and jointly taxed entities which have paid too little tax pay a surcharge
according to the rates applicable to interest surcharges to the management company.
Balance sheet
Intangible assets
Intangible assets include development projects and other acquired intangible rights, including patents,
trademarks and product rights.
Intangible assets are measured at cost less accumulated amortisation and impairment losses.
Development costs comprise expenses, salaries and amortisation directly attributable to development activities.
Development projects that are clearly defined and identifiable, where the technical feasibility, sufficient
resources and a potential future market or development opportunities are identifiable and where the Company
intends to produce, market or use the project, are recognised as intangible assets provided that the cost can be
measured reliably and that there is sufficient assurance that future earnings can cover production costs, selling
costs and administrative expenses and development costs. Other development costs are recognised in the income
statement as incurred.
Development costs that are recognised in the balance sheet are measured at cost less accumulated amortisation
and impairment losses.
On completion of a development project, development costs are amortised on a straight-line basis over the
estimated useful life. The amortisation period is 3 years.
Patents, trademarks and product rights are measured at cost less accumulated amortisation and impairment
losses. Patents, trademarks and product rights are amortised on a straight-line basis over the estimated useful
life. The amortisation period is 5 years.
Sitecore Corporation A/S
Annual report 2021/22
Financial statements 1 July 2021 - 30 June 2022
Notes to the financial statements
17
Gains and losses on the sale of intangible assets are recognised in the income statement under “Other operating
income” or “Other operating expenses”, respectively. Gains and losses are calculated as the difference between
the selling price less selling expenses and the carrying amount at the time of sale.
Property, plant and equipment
Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment
losses. Cost includes the acquisition price and costs directly related to the acquisition until the time at which the
asset is ready for use.
Gains or losses are calculated as the difference between the selling price less selling costs and the carrying
amount at the date of disposal. Gains and losses from the disposal of property, plant and equipment are
recognised in the income statement as other operating income or other operating expenses.
Leases
The Company has chosen IFRS 16 as interpretation for classification and recognition of leases.
Leased assets are capitalised at the commencement date of the lease and comprise of the initial lease amount,
initial direct costs incurred when entering into the lease less any incentives received.
An impairment review is undertaken for any right-of-use lease asset that shows indicators of impairment and an
impairment loss is recognised against any right-of-use lease asset that is impaired.
The lease liability is measured at the present value of the fixed and variable lease payments net of cash lease
incentives that are not paid at the balance sheet date. Lease payments are apportioned between the finance
charges and a reduction of the lease liability using the incremental borrowing rate implicit in the lease to achieve
a constant rate of interest on the remaining balance of the lease liability. Lease payments for buildings exclude
service fees for cleaning and other costs.
Lease modifications are accounted for as a new lease with an effective date of the modification.
Leasehold deposits are initially recognized at the value paid to the landlord. Deposits are subsequently measured
at net realizable value based on the amount the Company expect to receive at the end of the lease.
Investments in group enterprises
Investments in group enterprises are measured at cost, which includes the cost of acquisition calculated at fair
value plus direct costs of acquisition. If there is evidence of impairment, an impairment test is conducted. Where
the carrying amount exceeds the recoverable amount, a write-down is made to such lower value.
Gains and losses on disposal of group enterprises are made up as the difference between the sales price and the
carrying amount of net assets at the date of disposal including non-amortised goodwill and anticipated costs of
disposal. Gains or losses are recognised in the income statement as financial income or financial expenses.
Deposits and investments
Deposits are measured at amortised cost.
Impairment of non-current assets
The carrying amount of intangible assets, property, plant and equipment and investments in group enterprises is
assessed for impairment on an annual basis.
Sitecore Corporation A/S
Annual report 2021/22
Financial statements 1 July 2021 - 30 June 2022
Notes to the financial statements
18
Impairment tests are conducted on assets or groups of assets when there is evidence of impairment. The carrying
amount of impaired assets is reduced to the higher of the net selling price and the value in use (recoverable
amount).
The recoverable amount is the higher of the net selling price of an asset and its value in use. The value in use is
calculated as the present value of the expected net cash flows from the use of the asset or the group of assets and
the expected net cash flows from the disposal of the asset or the group of assets after the end of the useful life.
Previously recognised impairment losses are reversed when the reason for recognition no longer exists.
Impairment losses on goodwill are not reversed.
Receivables
Receivables are measured at amortised cost.
The Company has chosen IAS 39 as interpretation for impairment of financial receivables.
An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is
impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is
recognised on an individual basis.
Receivables in respect of which there is no objective evidence of individual impairment are tested for objective
evidence of impairment on a portfolio basis. The portfolios are primarily based on the debtors' domicile and
credit ratings in line with the Company's risk management policy. The objective evidence applied to portfolios
is determined based on historical loss experience.
Impairment losses are calculated as the difference between the carrying amount of the receivables and the
present value of the expected cash flows, including the realisable value of any collateral received. The effective
interest rate for the individual receivable or portfolio is used as discount rate.
Contract assets
Contract assets represent revenue recognised for contracts that have not yet been invoiced to customers,
typically for multi-year arrangements. When we have unconditional rights to consideration, except for the
passage of time, a receivable will be recorded on the balance sheets.
Prepayments
Prepayments recognised under “Assets” comprise prepaid expenses regarding subsequent financial reporting
years.
Cash
Cash comprise cash and short term securities which are readily convertible into cash and subject only to minor
risks of changes in value.
Given the nature of the Group's cash pool arrangement, cash pool balances are not considered cash, but are
recognised under “Receivables from group entities”.
Equity
Reserve for development costs
The reserve for development costs comprises recognised development costs adjusted for deferred tax. The
reserve cannot be used to distribute dividends or cover losses. The reserve will be reduced or dissolved if the
Sitecore Corporation A/S
Annual report 2021/22
Financial statements 1 July 2021 - 30 June 2022
Notes to the financial statements
19
recognised development costs are no longer part of the Company's operations by a transfer directly to the
distributable reserves under equity.
Proposed dividends
Dividend proposed for the year is recognised as a liability once adopted at the annual general meeting
(declaration date). Dividends expected to be distributed for the financial year are presented as a separate item
under “Equity”.
Income taxes and Deferred taxes
Current tax payables and receivables are recognised in the balance sheet as the estimated income tax charge for
the year, adjusted for prior-year taxes and tax paid on account.
Deferred tax is measured according to the liability method on all temporary differences between the carrying
amount and the tax base of assets and liabilities. However, deferred tax is not recognised on temporary
differences relating to goodwill which is not deductible for tax purposes and on office premises and other items
where temporary differences, apart from business combinations, arise at the date of acquisition without affecting
either profit/loss for the year or taxable income. Where alternative tax rules can be applied to determine the tax
base, deferred tax is measured based on Management's intended use of the asset or settlement of the liability,
respectively.
Deferred tax is measured according to the tax rules and at the tax rates applicable at the balance sheet date when
the deferred tax is expected to crystallise as current tax. Deferred tax assets are recognised at the expected value
of their utilisation; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in
the same legal tax entity. Changes in deferred tax due to changes in the tax rate are recognised in the income
statement.
Liabilities
Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction costs
paid. On subsequent recognition, financial liabilities are measured at amortised cost, corresponding to the
capitalised value, using the effective interest rate. Accordingly, the difference between the proceeds and the
nominal value is recognised in the income statement over the term of the loan.
Other liabilities are measured at net realisable value.
Lease liabilities
Lease liabilities are measured at the net present value of the remaining lease payments including any guaranteed
residual value based on the interest rate implicit in the lease.
Deferred income
Deferred income consist of contract liabilities and reflect invoices due or payments received in advance of
revenue recognition. Our contract balances will be reported as net contract assets or liabilities on a contract-by-
contract basis at the end of each reporting period.
Sitecore Corporation A/S
Annual report 2021/22
Financial statements 1 July 2021 - 30 June 2022
Notes to the financial statements
20
Financial ratios
The financial ratios stated under “Financial highlights” have been calculated as follows:
EBITDA-margin
Earnings before interest, taxes and amortisations
(EBITDA) x 100
Revenue
Return on equity
Profit/loss after tax x 100
Average equity
2 Recognition and measurement uncertainties
The management makes estimates, and assumptions concerning the future when performing impairment tests
over investments. The resulting accounting estimates will, by definition, seldom equal the related actual results.
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial year are addressed below.
The judgments, estimates, and assumptions made are based on historical experience and other factors that
Management considers to be reliable, but which by their very nature are associated with uncertainty and
unpredictability. These assumptions may prove incomplete or incorrect, and unexpected events or circumstances
may arise.
The Group is also subject to risks and uncertainties that may lead to actual results differing from these estimates,
both positively and negatively.
3 Capital matters
Intercompany payables as reflected on the balance sheet will be repaid to group entities as funds become
available, and do not have to be repaid sooner than the company has liquidity to do so. Intercompany
receivables may not be repaid to the Company until the respective counterparty has the liquidity to do so. The
Company has received a declaration of financial support from its ultimate parent, Sitecore Holdings II A/S
committing to provide sufficient resources to settle any liabilities as they fall due if the Company does not have
sufficient resources of its own. All internal debt of the Company and other group entities is subordinated to
other liabilities, and no internal debt will be called or required to be repaid between the Company of any group
entities unless and until the individual entity has sufficient liquidity to do so. This declaration is effective for at
least 12 months from approval of the Company's annual report.
4 Revenue
Segment Information split by geography detailed below:
DKK'000 2021/22 2020/21
Denmark — 155,676
European Union (Excluding Denmark) 415,266 126,667
Rest of world 134,677 475,355
549,943 757,698
Segment information for product type is not disclosed following section §96,3 in the Financial Statements Act
as the information can be found in the consolidated balance sheet of Sitecore Holding II, Denmark.
The consolidated financial statement in which Sitecore Corporation A/S is included can be found at; https://
datacvr.virk.dk/enhed/virksomhed/37624071?fritekst=sitecore%2520holding&sideIndex=0&size=10
Sitecore Corporation A/S
Annual report 2021/22
Financial statements 1 July 2021 - 30 June 2022
Notes to the financial statements
21
5 Other external expenses
DKK'000 2021/22 2020/21
Intercompany expense 103,476 537,243
Other external expenses 263,152 115,027
366,627 652,270
6 Staff costs
DKK'000 2021/22 2020/21
Wages/salaries 73,719 72,696
Pensions 4,210 5,045
Other staff costs 7,286 2,885
Capitalized salaries — -62,118
85,215 18,508
Average number of full-time employees 84 88
In connection with a change in the Group company’s operating model, effective 1 July 2021, Sitecore
Corporation A/S research and development (‘R&D’) services are reimbursed by other group companies.
Whereas in 2020/21 and prior years these costs were capitalised to intangible assets within Sitecore Corporation
A/S.
Remuneration to the Company's Board of Directors and Executive Management is paid by the parent Company
and other Group companies. The extent of this work is considered immaterial in nature and extent.
Group Share based Compensation
Share-based payments to employees are made by the Company under both a Share Option incentive plan and a
Management Incentive Program (“MIP”). The Share Option plan is a performance-based plan wherein certain
employees are offered Class A share options in the Company’s ultimate parent, subject to certain vesting
conditions. The MIP is a co-investment plan wherein key employees make a personal investment in the
Company by purchasing restricted Class A or B shares of Sitecore Holdings II A/S which are subject to a
repurchase option at a price determined based upon certain conditions. Both Share Option grants and MIP
investments fully vest upon an IPO or Change in Control as defined in the plan documents.
Share Option Plan
Class A Share Options are granted to employees under the group’s 2016 Global Share Incentive Plan. Option
grants are subject to continued employment with 50% designated as Time Options that typically vest over five
years (1/5th vest on each anniversary of the grant date), and 50% designated as Performance Options that vest
subject to the groups sponsor achieving a certain rate of return on investment.
Management Incentive Plan
The Management Incentive Plan (“MIP”) is designed to align the performance of the Company with the
remuneration of key employees. Under the MIP, employees make a personal investment in the Company by
purchasing Class A or Class B shares of Sitecore Holdings II A/S. Class B shares were added to the plan in
FY2021. Under the MIP, Class A shares are subject to a repurchase option at a price equal to original cost if the
employee terminates under conditions defined as a Bad Leaver, or at current fair market value if the employee
terminates under conditions defined as a Good Leaver. The Good Leaver determination is primarily determined
based on whether the employee leaves (a) involuntarily but without cause or (b) voluntarily after an employment
of five years or more (three years if shares were issued to holder as part of the purchase consideration in an
acquisition). Class B shares are divided into 50% Time Vesting shares and 50% Performance Vesting shares
that vest in the same pattern as the Time Options and Performance Options described above.
Sitecore Corporation A/S
Annual report 2021/22
Financial statements 1 July 2021 - 30 June 2022
Notes to the financial statements
22
7 Intangible assets
DKK'000
Completed
development
projects
Patents,
trademarks and
product rights
Development
projects in
progress and
prepayments for
intangible assets Total
Cost at 1 July 2021 271,537 23,072 23,504 318,113
Additions 0 0 0 0
Disposals (88) 0 0 (88)
Transfers 23,504 0 (23,504) 0
Cost at 30 June 2022 294,953 23,072 0 318,025
Impairment losses and amortisation at
1 July 2021
193,665 18,957 0 212,622
Reversed amortisation on disposals (88) 0 0 (88)
Amortisation for the year 47,680 4,115 0 51,795
Impairment losses and amortisation at
30 June 2022
241,257 23,072 0 264,329
Carrying amount at 30 June 2022
53,696 0 0 53,696
Completed development projects
Completed development projects relate to the Sitecore Experience Platform 10 and subsequent releases
completed during the financial year 2021/22. In addition to the core platform other products such as next-
generation SaaS platform One Sitecore and supporting features are also part of Completed development
projects.
8 Property, plant and equipment
DKK'000
Plant and
machinery
Fixtures and
fittings, other
plant and
equipment Right-of-use assets Total
Cost at 1 July 2021 13,093 1,204 12,652 26,949
Additions 4,658 986 3,015 8,659
Disposals -7 0 0 -7
Cost at 30 June 2022 17,744 2,190 15,667 35,601
Impairment losses and depreciation at
1 July 2021
10,099 887 7,231 18,217
Depreciation 2,985 271 3,314 6,570
Reversal of accumulated depreciation -7 0 0 -7
Impairment losses and depreciation at
30 June 2022
13,077 1,158 10,545 24,780
Carrying amount 30 June 2022
4,667 1,032 5,122 10,821
9 Other operating expenses
Other operating expenses include losses on the sale of property, plant and equipment.
10 Financial income
DKK'000 2021/22 2020/21
Interest income, group entities 37,496 9,666
Exchange gain 58,840 1,161
96,336 10,827
Sitecore Corporation A/S
Annual report 2021/22
Financial statements 1 July 2021 - 30 June 2022
Notes to the financial statements
23
11 Financial expenses
DKK'000 2021/22 2020/21
Interest expenses, group entities 8,011 10,020
Other financial expenses 389 5,433
8,400 15,453
12 Tax for the year
DKK'000 2021/22 2020/21
Estimated tax charge for the year 138,186
-4,977
Deferred tax adjustments in the year (121,673)
-41,468
16,513
-46,445
13 Appropriation of profit
DKK'000 2021/22 2020/21
Recommended appropriation of profit
Transfer to reserve for development costs (37,192)
8,256
Retained earnings/accumulated loss
152,442 113,510
115,250 121,766
14 Financial assets
DKK'000
Investments in
group enterprises
Receivables from
group enterprises
Deposits,
investments Total
Cost at 1 July 2021 1,363,974
-10,898
190,210 327 1,554,511
Group share-based payment transactions 31,803
-10,898
— — 31,803
Other adjustments -1,276 — — -1,276
Collections — -106,042 -327 -106,368
Additions 89,516 501,910 — 591,426
Disposals -88,827 — — -88,827
Receivables transferred to current — 33,905 — 33,905
Cost at 30 June 2022 1,395,190 619,983
—
2,015,173
Value adjustments at 1 July 2021 -24,105 — — -24,105
Value adjustments at 30 June 2022 -24,105 — — -24,105
Carrying amount at 30 June 2022 1,371,085 619,983
—
1,991,068
Investments in Subsidiaries
Equity and profit/loss disclosures for the group enterprises are based on latest audited financial statements for
CY20, FY21 and FY22 for the respective group enterprises. Where an entity does not have a statutory audit
requirement we have used latest financial statements filed with the respective filing authorities.
Sitecore Corporation A/S
Annual report 2021/22
Financial statements 1 July 2021 - 30 June 2022
Notes to the financial statements
24
Name Legal form Domicile Interest
Equity
DKK'000
Profit/loss
DKK'000 Comment
Subsidiaries
Sitecore Australia Pty Ltd Sydney, Australia 100.00% 13,495 7,003 FY22
Sitecore Belgium NV Brussels, BE 100.00% 84,496 21,902 FY22
Sitecore Bulgaria EOOD Sofia, Bulgaria 100.00% 6,877 947 CY21*
Sitecore Danmark A/S Copenhagen, DK 100.00% 18,616 3,663 FY22
Sitecore Deutschland GmbH Bremen, DE 100.00% 28,340 3,163 FY21
Sitecore España S.L.U. Madrid, Spain 100.00% 936 688 FY22*
Sitecore India Private Ltd. Delhi, IN 99.00% 3,039 447 FY22***
Sitecore International A/S Copenhagen, DK 100.00% 16,229 8,264 FY22
Sitecore Ireland Ltd. Dublin, Ireland 100.00% 45,584 -12,142 CY20
Sitecore Italia Srl. Milan, Italy 100.00% 810 717 FY22*
Sitecore Japan Co. Ltd. Tokyo, JP 100.00% 15,485 1,360 FY22*
Sitecore Malaysia Sdn. Bhd. Kuala Lumpur, MY 100.00% 29,149 2,896 FY22
Sitecore Middle East DMCC Dubai, UAE 100.00% 4,476 -1,015 FY21
Sitecore Middle East FZLLC Dubai, UAE 100.00% 0 0 **
Sitecore Nederland B.V. Amsterdam, NL 100.00% 21,665 1,568 FY21*
Sitecore Schweiz AG Zurich, Switzerland 100.00% 0 0 **
Sitecore Singapore Pte. Ltd. Singapore, SG 100.00% 12,170 1,717 FY22
Sitecore Software Co. Ltd. Shanghai, CN 100.00% 17,615 1,118 CY21*
Sitecore Sverige AB Stockholm, SE 100.00% 5,194 1,290 FY21
Sitecore UK Ltd. London, UK 100.00% 61,467 6,103 FY20
Sitecore Ukraine FE Dnepropetrovsk, UA 100.00% 18,077 3,457 CY21
Notes to above table:
* There is no legal requirements to perform a statutory audit, hence the figures used are from the latest
unaudited filed set of financial statements.
** Entities first set of annual accounts (Audited /unaudited) have not been filed with respective filing
authorities.
*** Sitecore India Ltd have a 31st March year end. The figures included are taken from the latest audited
financial statements for the year ending 31st March 2022.
The investments in Sitecore Ireland, Sitecore Belgium, and Sitecore UK represent about 96% of the total
subsidiary investment balances. All entities were evaluated for impairment and concluded that there was no
basis for recognizing any additional impairment.
For those entities whose Equity & Profit / Loss figures are taken from periods other than FY22, the performance
in FY22 is expected to be in line with periods noted above.
15 Prepayments
Prepayments include payment of expenses relating to subsequent financial years.
16 Share capital
The company's nominal share capital is DKK 10,473,053, divided into shares of a nominal amount of DKK 0,10
each.
The Company's share capital has remained DKK 10,473 thousand over the past 5 years.
Sitecore Corporation A/S
Annual report 2021/22
Financial statements 1 July 2021 - 30 June 2022
Notes to the financial statements
25
17 Non-current liabilities other than provisions
DKK'000
Total debt at
30/6 2022
Repayment,
next year 1-5 years
Outstanding debt
after 5 years
Lease liabilities 5,088 3,387 1,701 0
Payables to group enterprises 590,484 353,006 237,478 0
Other payables 53,925 53,920 5 0
649,497 410,313 239,184 0
18 Deferred tax
DKK'000 2021/22 2020/21
Deferred tax at 1 July 221,756 273,950
Deferred tax on profit for the year -107,315 -48,499
Deferred tax adjustment, previous years -14,324 -3,695
Deferred tax at 30 June
100,117 221,756
19 Contractual obligations and contingencies, etc.
DKK'000 2021/22 2020/21
Contingent liabilities
Guarantee commitments 4,422 1,700
4,422 1,700
Other contingent liabilities
The Company is jointly taxed with its ultimate Danish parent, Sitecore Holding II A/S, which acts as
management company, and is jointly and severally liable with other jointly taxed group entities for payment of
income taxes as well as withholding taxes on interest, royalties and dividends falling due for payment.
20 Collateral
Sitecore Corporation A/S, Sitecore Denmark A/S and Sitecore International A/S have a combined business
mortgage of EUR 6 million to Wilmington Trust (London) Limited as security for certain credit facilities.
21 Currency exchange risk
The vast majority of Sitecore Corporation A/S revenue and costs are outside of Denmark, therefore the company
faces exposure to foreign currency exchange rates. These exposures may change over time as business practices
evolve and economic conditions change, and they could have a material adverse impact on Sitecore Corporation
A/S financial results and cash flows.
22 Related parties
Sitecore Corporation A/S' related parties comprise the following:
Parties exercising control
Related party Domicile Basis for control
Sitecore Holding II A/S Copenhagen, Denmark Consolidation parent
Sitecore Holding III A/S Copenhagen, Denmark Parent
For both periods ending 30 June 2022 and 30 June 2021, the company was controlled by Dynamite Holding I
S.á r.l. The company’s ultimate controlling party is EQT VII.
Sitecore Corporation A/S
Annual report 2021/22
Financial statements 1 July 2021 - 30 June 2022
Notes to the financial statements
26
Parties not exercising control
Non-controlling group enterprises include all subsidiaries of the Parent.
Information about consolidated financial statements
Parent Domicile
Requisitioning of the parent
company's consolidated financial
statements
Sitecore Holding II A/S Copenhagen, Denmark www.cvr.dk
Transactions with related parties
See note 20 for details of related party transaction concerning collateral.
Below details Income statements intercompany transactions split by related party in 2021/22:
DKK'000 2021/22
Revenue
Non-controlling group enterprises -549,943
-549,943
Other external costs
Non-controlling group enterprises 103,476
103,476
Financial Income
Non-controlling group enterprises -27,311
Parent -10,185
-37,496
Financial Expense
Non-controlling group enterprises 8,011
8,011
Below details Balance sheet intercompany transactions split by related party as at 30th June 2022:
DKK'000 2021/22
Non- Current Assets
Non-controlling group enterprises 313,575
Parent 306,408
619,983
Current Assets
Non-controlling group enterprises 737,974
Parent 382,885
Consolidation parent 24,494
1,145,353
Sitecore Corporation A/S
Annual report 2021/22
Financial statements 1 July 2021 - 30 June 2022
Notes to the financial statements
27
Non-Current Liabilities
Non-controlling group enterprises 237,478
237,478
Current liabilities
Non-controlling group enterprises 207,679
Consolidation parent 145,327
353,006
Sitecore Corporation A/S
Annual report 2021/22
Financial statements 1 July 2021 - 30 June 2022
Notes to the financial statements
28
Annual reportAuditor's report on audited financial statementsParsePort XBRL Converter2021-07-012022-06-302020-07-012021-06-302023-01-31Regnskabsklasse C, stor virksomhed2001-04-262023-01-3126032512Sitecore Corporation A/SVester Farimagsgade 3, 5.1606 Copenhagen VOpinionBasis for Opinion2023-01-31260325122021-07-012022-06-30260325122022-06-30260325122021-07-012022-06-301260325122021-07-012022-06-302260325122021-07-012022-06-303260325122021-07-012022-06-301260325122021-07-012022-06-302260325122021-07-012022-06-303260325122021-07-012022-06-304260325122021-07-012022-06-305260325122021-07-012022-06-306260325122021-07-012022-06-307260325122021-07-012022-06-308260325122021-07-012022-06-301260325122021-07-012022-06-301260325122021-07-012022-06-302260325122021-07-012022-06-303260325122021-07-012022-06-304260325122021-07-012022-06-305260325122021-07-012022-06-306260325122020-07-012021-06-30260325122020-07-012021-06-301260325122020-07-012021-06-302260325122020-07-012021-06-303260325122021-06-30260325122020-07-012021-06-304260325122020-07-012021-06-305260325122020-07-012021-06-306260325122019-07-012020-06-30260325122019-07-012020-06-301260325122019-07-012020-06-302260325122019-07-012020-06-303260325122020-06-30260325122019-07-012020-06-304260325122019-07-012020-06-305260325122019-07-012020-06-306260325122018-07-012019-06-30260325122018-07-012019-06-301260325122018-07-012019-06-302260325122018-07-012019-06-303260325122019-06-30260325122018-07-012019-06-304260325122018-07-012019-06-305260325122018-07-012019-06-306260325122017-07-012018-06-30260325122017-07-012018-06-301260325122017-07-012018-06-302260325122017-07-012018-06-303260325122018-06-30260325122017-07-012018-06-304260325122017-07-012018-06-305260325122017-07-012018-06-306260325122021-07-012022-06-30fsa:OtherStatutoryReservesMember260325122021-07-012022-06-30fsa:RetainedEarningsMember260325122020-07-012021-06-30fsa:OtherStatutoryReservesMember260325122020-07-012021-06-30fsa:RetainedEarningsMemberiso4217:DKKxbrli:pure