The Company's income statement for 2020 shows a loss of DKK 29,092 as against a loss of DKK 46,526 in 2019. Equity in the Company's balance sheet at 31 December 2020 stood at a negative of DKK 35,618 as against a negative of DKK 6,526 at 31 December 2019.
There is still no activity in the investment company and based on this, results for the year are considered saticfactory. Due to its negative results for the year, the Company has lost more than 50% of its contributed capital and is thereby comprised by the rules on loss of capital laid down in the Danish Companies Act. Management expects that the capital will be restored over future earnings, and if this, contrary to expectations, fails to materialise, the Company's owners will carry out debt conversion to re-establish the capital.
The Parent Company has submitted a letter of support to the Company acknowledging its willingness to provide financial support to the Company until 31 December 2021, thereby allowing the Company to meet its obligations as the fall due. In addition, the Parent Company has submitted a letter of subordination stating that its receivable is to rank behind those of the Company's other creditors until 31 December 2021.
02-07-2021