Microsoft Development Center Copenhagen Aps

MANAGEMENT'S REVIEWManagement commentary

Financial reviewMicrosoft Dynamics 365 and other Microsoft solutions are marketed through Microsoft’s worldwidesubsidiaries who work with an ecosystem of local and international partners that sell, customize, anddeploy the products to customers.The net turnover for Microsoft Development Center Copenhagen ApS consists of intra-group commissionbased on cost plus a mark-up.The Company's revenue for the year amounted to DKK 604 million (2022: DKK 536 million). For2022/2023 the expectations for the revenue were set to increase by up to 10% in comparison to prioryear. The increase of 12% in the revenue is slightly above the expectations previously expressed.Net result for the year amounted to DKK 62 million and is above the expectations due to higher interestincome received in the year 2022/2023, while the prior year loss of DKK -7,098 million was affected bysettlement of the tax dispute between the Company and Danish Tax Agency in connection to the incomeyears 2003 and 2005. The tax settlement is considered as a non-recurring event and not attributable toprimary business activity of Microsoft Development Center Copenhagen ApS. The liability with DanishTax Agency was fully settled in prior fiscal year and the Company has accumulated sufficient equityreserves to continue operating as going concern with no disruption to business activities of the Company.Management assesses this result as satisfactory.