Statement by the Board of Directors and the Executive Board

Auditor's report on compilation of financial statements

Statement by the Board of Directors and the Executive Board

Auditor's report on compilation of financial statements

Management's review

Management's review

Financial statements 1 July – 30 June

Financial statements 1 July – 30 June

Financial statements 1 July – 30 June

Financial statements 1 July – 30 June

Financial statements 1 July – 30 June

Annual report 1 July 2022 - 30 June 2023

Contents

Statement by the Board of Directors and the Executive Board

Auditor's report on compilation of financial statements

Management's review

Financial statements 1 July – 30 June

Statement by the Board of Directors and the Executive Board

Auditor's report on compilation of financial statements

Management's review

Management's review

Financial statements 1 July – 30 June

Financial statements 1 July – 30 June

Financial statements 1 July – 30 June

Financial statements 1 July – 30 June

Financial statements 1 July – 30 June

Company details

Operating review

Income statement

Balance sheet

Balance sheet

Statement of changes in equity

Notes

Income statement

Balance sheet

Company details

Operating review

Income statement

Balance sheet

Balance sheet

Statement of changes in equity

Notes

Income statement

Balance sheet

Company details

Operating review

Income statement

Balance sheet

Statement of changes in equity

Notes

To the Management of INTERNATIONAL SOS (DANMARK) ApS

Board of Directors

Executive Board

Principal activities

Events after the balance sheet date

Development in activities and financial position

Proposed profit appropriation/distribution of loss

1

Accounting policies

Changes in accounting policies

Revenue

Other external costs

Staff costs

Financial income and expenses

Tax on profit/loss for the year

Intangible assets

Property, plant and equipment

Leases

Corporation tax and deferred tax

Receivables

Prepayments

Cash at bank and in hand

Liabilities

Deferred income

2

Staff costs

3

Tax on profit/loss for the year

4

Intangible assets

5

Property, plant and equipment

6

Prepayments

7

Contributed capital

8

Contractual obligations, contingencies, etc.

Contingent liabilities

9

Related parties

Control

INTERNATIONAL SOS (DANMARK) ApS

Annual report 1 July 2022 - 30 June 2023

CVR no. 34 48 90 68

	Management's review
	Company details
	Operating review

	Financial statements 1 July – 30 June
	Income statement
	Balance sheet
	Statement of changes in equity
	Notes

INTERNATIONAL SOS (DANMARK) ApS

Annual report 1 July 2022 - 30 June 2023

CVR no. 34 48 90 68

	The Board of Directors and the Executive Board have today discussed and approved the annual report for INTERNATIONAL SOS (DANMARK) ApS for the financial year 1 July 2022 - 30 June 2023.

	The annual report, which has not been audited, is presented 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 2023 and of the results of the Company's operations for the financial year 1 July 2022 - 30 June 2023.

	Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review.

	We recommend that the annual report be approved at the annual general meeting.

	Management confirms that the Company fulfils the requirement to be exempt from audit.

	Frederiksberg, 15 December 2023

Executive Board:
Laurent Jean-Marie Olivier Fourier
Board of Directors:
Arnaud Paul Alain Vaissié Chairman	Laurent Jean-Marie Olivier Fourier	Laurent Sabourin

INTERNATIONAL SOS (DANMARK) ApS

Annual report 1 July 2022 - 30 June 2023

CVR no. 34 48 90 68

	To the Management of INTERNATIONAL SOS (DANMARK) ApS

	We have compiled the financial statements of INTERNATIONAL SOS (DANMARK) ApS for the financial year 1 July 2022 - 30 June 2023 based on the Company's bookkeeping records and other information provided by you.

	The financial statements comprise income statement, balance sheet, statement of changes in equity and notes, including accounting policies.

	We performed our work in accordance with ISRS 4410 Compilation Engagements.

	We have applied our professional expertise in accounting and financial reporting to assist you in the preparation and presentation of these financial statements in accordance with the Danish Financial Statements Act. We have complied with relevant provisions of the Auditor Act, including the requirements for independence, and International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code), which is based on fundamental principles of integrity, objectivity, professional competence and due care.

	These financial statements and the accuracy and completeness of the information used to compile them are your responsibility.

	Since a compilation engagement is not an assurance engagement, we are not required to verify the accuracy or completeness of the information you provided to us to compile these financial statements. Accordingly, we do not express an audit opinion or a review conclusion as to whether these financial statements are prepared in accordance with the Danish Financial Statements Act.

Copenhagen, 15 December 2023

KPMG

Statsautoriseret Revisionspartnerselskab

CVR no. 25 57 81 98

Morten Høgh-Petersen

State Authorised Public Accountant

mne34283

INTERNATIONAL SOS (DANMARK) ApS

Annual report 1 July 2022 - 30 June 2023

CVR no. 34 48 90 68

	INTERNATIONAL SOS (DANMARK) ApS
	Rahbeks Alle 21
	DK-1801 Copenhagen

	CVR no.:	34 48 90 68
	Established:	1 May 2012
	Registered office:	Frederiksberg
	Financial year:	1 July - 30 June

	Board of Directors

	Arnaud Paul Alain Vaissié, Chairman
	Laurent Jean-Marie Olivier Fourier
	Laurent Sabourin

	Executive Board

	Laurent Jean-Marie Olivier Fourier

INTERNATIONAL SOS (DANMARK) ApS

Annual report 1 July 2022 - 30 June 2023

CVR no. 34 48 90 68

	Principal activities

	The Company's objective is to act as a sales office for the distribution of Health and Security Subscription services to customers.

	Events after the balance sheet date

	No events have occurred after the balance sheet date of material importance to the annual report for 2022/23.

	Development in activities and financial position

	The Company's income statement for 2022/23 shows a loss of DKK 1,135,774 as against a profit of DKK 444,799 in 2021/22. Equity in the Company's balance sheet at 30 June 2023 stood at DKK 1,902,135 as against DKK 3,037,909 at 30 June 2022.

	As a result of the progressive development International SOS' Danish customer base, the corresponding client contracts are now hosted under INTERNATIONAL SOS (DANMARK) ApS who directly recognizes the corresponding revenue since 1st July 2022.

INTERNATIONAL SOS (DANMARK) ApS

Annual report 1 July 2022 - 30 June 2023

CVR no. 34 48 90 68

DKK	Note	2022/23	2021/22
Gross profit		2,427,751 2,427,751	4,360,907 4,360,907
Staff costs	2	-3,536,767 3,536,767	-3,678,826 3,678,826
Depreciation on property, plant and equipment and amortisation of intangible assets		-405,687 405,687	-13,486 13,486
Profit/loss before financial income and expenses		-1,514,703 1,514,703	668,595 668,595
Other financial income		38,715 38,715	0 0
Other financial expenses		0 0	-100,156 100,156
Profit/loss before tax		-1,475,988 1,475,988	568,439 568,439
Tax on profit/loss for the year	3	340,214 340,214	-123,640 123,640
Profit/loss for the year		-1,135,774 1,135,774	444,799 444,799

INTERNATIONAL SOS (DANMARK) ApS

Annual report 1 July 2022 - 30 June 2023

CVR no. 34 48 90 68

DKK	Note	30/6 2023	30/6 2022
ASSETS
Fixed assets
Intangible assets	4
Acquired intangible assets		2,109,771 2,109,771	0 0
Property, plant and equipment	5
Land and buildings		144,297 144,297	0 0
Fixtures, fittings, tools and equipment		52,264 52,264	68,644 68,644
		196,561 196,561	68,644 68,644
Total fixed assets		2,306,332 2,306,332	68,644 68,644

Current assets
Receivables
Trade receivables		6,170,534 6,170,534	0 0
Receivables from group entities		11,843,061 11,843,061	6,059,474 6,059,474
Deferred tax assets		322,751 322,751	0 0
Other receivables		234,804 234,804	91,584 91,584
Prepayments	6	2,324,880 2,324,880	73,912 73,912
		20,896,030 20,896,030	6,224,970 6,224,970
Cash at bank and in hand		15,364 15,364	11,533 11,533
Total current assets		20,911,394 20,911,394	6,236,503 6,236,503
TOTAL ASSETS		23,217,726 23,217,726	6,305,147 6,305,147

INTERNATIONAL SOS (DANMARK) ApS

Annual report 1 July 2022 - 30 June 2023

CVR no. 34 48 90 68

DKK	Note	30/6 2023	30/6 2022
EQUITY AND LIABILITIES
Equity
Contributed capital	7	80,000 80,000	80,000 80,000
Retained earnings		1,822,135 1,822,135	2,957,909 2,957,909
Total equity		1,902,135 1,902,135	3,037,909 3,037,909

Liabilities
Non-current liabilities
Corporation tax		0 0	123,640 123,640
Current liabilities
Trade payables		41,077 41,077	14,832 14,832
Payables to group entities		5,966,207 5,966,207	1,582,549 1,582,549
Corporation tax		89,640 89,640	115,151 115,151
Lease obligations		159,839 159,839	0 0
Other payables, including taxes payable		3,305,595 3,305,595	1,431,066 1,431,066
Deferred income		11,753,233 11,753,233	0 0
		21,315,591 21,315,591	3,143,598 3,143,598
Total liabilities		21,315,591	3,267,238
TOTAL EQUITY AND LIABILITIES		23,217,726 23,217,726	6,305,147 6,305,147

INTERNATIONAL SOS (DANMARK) ApS

Annual report 1 July 2022 - 30 June 2023

CVR no. 34 48 90 68

DKK	Contributed capital	Retained earnings	Total
Equity at 1 July 2022	80,000 80,000	2,957,909 2,957,909	3,037,909 3,037,909
Transferred over the distribution of loss	0 0	-1,135,774 1,135,774	-1,135,774 1,135,774
Equity at 30 June 2023	80,000 80,000	1,822,135 1,822,135	1,902,135 1,902,135

INTERNATIONAL SOS (DANMARK) ApS

Annual report 1 July 2022 - 30 June 2023

CVR no. 34 48 90 68

1	Accounting policies

	The annual report of INTERNATIONAL SOS (DANMARK) ApS for 2022/23 has been prepared in accordance with the provisions applying to reporting class B entities under the Danish Financial Statements Act with opt-in from higher reporting classes.

	The accounting policies used in the preparation of the financial statements are consistent with those of last year with the exception of below.

Few reclassifications have been made in the comparison figures to comply with the current year presentation.

	Changes in accounting policies

	With effect from 1 July 2022, the Company has chosen to use IFRS 15 for interpretation of revenue and IFRS 16 for interpretation of leases, in contrast to previous basis of interpretation which was IAS 11/18 and IAS 17.

	Change from IAS11/18 to IFRS 15

	The effect for the Company of applying IFRS 15 as the basis of interpretation is that costs directly attributable to obtaining the revenue contracts will be capitalised as contract assets and depreciated over the expected lifetime of the specific contract.

	The Company has applied the modified retrospective transition method for the transitional provisions and as such not restated comparative figures. The monetary effect of relying on IFRS 15 as the basis for interpretation was DKK 0 thousand in 2021/2022, which has been recognised directly to equity.

	Change from IAS 17 to IFRS 16

	The effect of the Company applying IFRS 16 as the basis of interpretation is that leases are recognised in the balance sheet as a right-of-use asset and a lease liability. The exemptions used for application of IFRS 16 are mentioned in the accounting policies.

	The Company has applied the modified retrospective transition method for the transitional provisions and as such not restated comparative figures. The monetary effect of relying on IFRS 16 as the basis of interpretation has increased right-of-use assets with DKK 144 thousand and leasing liabilities with DKK 160 thousand.

	The income statement has subsequently been adjusted resulting in an increase in gross profit of DKK 279 thousand, an increase in depreciation of DKK 239 thousand and an increase in financial expenses of DKK 15 thousand. The net effect on the profit for the year 2022/2023 amounts to DKK 10 thousand.

Besides the changes mentioned above, the accounting policies are consistent with prior year.

	Revenue

	Revenue from contracts with customers is recognised when the services is delivered to the customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for the services. Control is transferred over time as the customer simultaneously receives and consumes the benefits provided by the Company. Services are invoiced over the contractual period. Revenue excludes amounts collect on behalf of third parties, e.g. VAT and duties. The recognition over time follows an output method.

	Other external costs

	Other external costs include expenses related to distribution, sale and administration etc.

	Staff costs

	Staff costs comprise salaries and wages, pensions and social security costs.

	Other staff costs are recognised as other external costs.

	Financial income and expenses

	Financial income and expenses comprise interest income and expense as well as surcharges and refunds under the on-account tax scheme, etc.

	Tax on profit/loss for the year

	Tax for the year comprises current tax for the year and changes in deferred tax, including changes in tax rates. The tax expense relating to the profit/loss for the year is recognised in the income statement at the amount attributable to the profit/loss for the year and directly in equity at the amount attributable to entries directly in equity.

	Intangible assets

	Licences are measured at cost less accumulated amortisation and impairment losses. Licences are amortised over the contract period, however, not exceeding 15 years.

	Gains and losses on the disposal of intangible assets are determined as the difference between the selling price less selling costs and the carrying amount at the date of disposal.

	Gains and losses are recognised in the income statement as other operating income or other operating costs, respectively.

	Property, plant and equipment

	Fixtures and fittings, tools, and equipment are measured at cost less accumulated depreciation and impairment losses.

	Cost comprises the purchase price and any costs directly attributable to the acquisition until the date on which the asset is available for use. Indirect production overheads and borrowing costs are not recognised in cost.

	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.

	The basis of depreciation is cost less any projected residual value after the end of the useful life. Depreciation is provided on a straight-line basis over the estimated useful life. The estimated useful lives are as follows:

	Buildings		1-5 years
	Fixtures, fittings, tools and equipment		5 years

	The useful life and residual value are reassessed annually. Changes are treated as accounting estimates, and the effect on depreciation is recognised prospectively.

	Gains and losses on the disposal of property, plant and equipment are stated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses are recognised in the income statement as other operating income or other operating costs, respectively.

	Leases

	Leases are recognized as right-of-use assets with the corresponding liability at the time the asset is available for use by the Company. Assets and liabilities arising form a lease are measured on a present value basis. Right-of-use assets are recognized at the commencement date of the lease when the asset is available for use. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, lease payments made at or before the commencement date, less any lease incentives received. Right-of-use assets are depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. An assessment is made at each reporting date of whether there is any indication that a right-of-use asset may be impaired. If any such indication exists, an impairment test is carried out.

	Lease liabilities comprise expected fixed payments throughout the expected lease term (including options to extend the lease when exercise is reasonably certain), less any lease incentives.

	In calculating the present value of lease payments, the incremental borrowing rate at the lease commencement date is used, because the interest rate implicit in the lease is not readily determinable.

	Lease costs for low value assets and short-term leases are recognized as other external costs on a straight-line basis over the lease term.

	Corporation tax and deferred tax

	Current tax payable and receivable is recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account.

	Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax value of assets and liabilities measured on the planned use of the asset or settlement of the liability, respectively. However, deferred tax is not recognised on temporary differences relating to office buildings non-deductible for tax purposes and other items where temporary differences arise at the date of acquisition without affecting either profit/loss or taxable income.

	Deferred tax assets, including the tax value of tax loss carryforwards, are recognised at the expected value of their utilisation within the foreseeable future; 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. Any deferred net assets are measured at net realisable value.

	Deferred tax is measured in accordance with 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. Changes in deferred tax as a result of changes in tax rates are recognised in the income statement or equity, respectively.

	Receivables

	Receivables are measured at amortised cost, which usually corresponds to the nominal value. The value is reduced by write-downs for bad debts.

	Prepayments

	Prepayments comprise prepayment of costs incurred relating to subsequent financial years.

	Cash at bank and in hand

	Cash and cash equivalents comprise cash.

	Liabilities

	Liabilities are measured at amortised cost.

	Deferred income

	Deferred income comprises payments received regarding income in subsequent years.

2	Staff costs

DKK	2022/23	2021/22
Wages and salaries	3,286,479 3,286,479	3,450,455 3,450,455
Pensions	215,047 215,047	228,371 228,371
Other social security expenses	35,241 35,241	0 0
	3,536,767	3,678,826

Average number of full-time employees	6 6	7 7

3	Tax on profit/loss for the year

DKK	2022/23	2021/22
Current tax for the year	0	123,640
Deferred tax adjustment for the year	-322,751	0
Adjustment of tax concerning previous years	-17,463	0
	-340,214	123,640

4	Intangible assets

	DKK		Acquired intangible assets
	Cost at 1 July 2022		0 0
	Additions		2,260,469 2,260,469
	Cost at 30 June 2023		2,260,469 2,260,469
	Amortisation and impairment losses at 1 July 2022		0 0
	Amortisation		-150,698 150,698
	Amortisation and impairment losses at 30 June 2023		-150,698 150,698
	Carrying amount at 30 June 2023		2,109,771 2,109,771

5	Property, plant and equipment

DKK	Land and buildings	Fixtures, fittings, tools and equipment	Total
Cost at 1 July 2022	0 0	93,960 93,960	93,960
Net effect of change in accounting policy	482,451 482,451	0 0	482,451
Additions	177,864 177,864	0 0	177,864
Cost at 30 June 2023	660,315 660,315	93,960 93,960	754,275
Depreciation and impairment at 1 July 2022	0 0	-25,316 25,316	-25,316
Net effect of change in accounting policy	-277,409 277,409	0 0	-277,409
Depreciation for the year	-238,609 238,609	-16,380 16,380	-254,989
Depreciation and impairment at 30 June 2023	-516,018 516,018	-41,696 41,696	-557,714
Carrying amount at 30 June 2023	144,297 144,297	52,264 52,264	196,561
Assets held under finance leases	144,297 144,297	0 0	144,297

6	Prepayments

Prepayments consist of contract assets relating to IFRS 15.

7	Contributed capital

The contributed capital consists of 1 share of a nominal value of DKK 80.000.

All shares rank equally.

8	Contractual obligations, contingencies, etc.

	Contingent liabilities

The Company has contractual obligations from ongoing agreements as part of their usual business.

9	Related parties

	Control

	International SOS (Danmark) ApS is part of the consolidated financial statements of Blue Cross Travel Services B.V., Fred Roeskestraat 115. 1076EE Amsterdam, The Netherlands, which is the smallest group, in which the Company is included as a subsidiary.

	The consolidated financial statements of Blue Cross Travel Services B.V. can be obtained by contacting the Company at the address above.

Proposed profit appropriation/distribution of loss

Retained earnings

-1,135,774 1,135,774

444,799 444,799

-1,135,774