PIEPLOW ApS

The companys main activity is to operate a restaurant business.

The income statement of the Company for 2019 shows a profit of DKK 758,066, and at 31 December 2019 the balance sheet of the Company shows positive equity of DKK 1,218,481. Capital resources As per 31 December 2019 the company’s equity is positive with DKK 1,218k.The implications of COVID-19 with many governments across the world deciding to ”close down their countries” has though had a severe impact on the company, which has experienced a material decrease in revenue due to the forced closing of restaurants and a decline in the tourism during the summer in 2020, due to the fact that a large part of revenue comes from guests of the hotel, in which the restaurant is located.The Danish Government's aid packages have been able to reduce the impact of the decrease in revenues and during 2020 …

The Company’s outlook for the future has been negatively affected by the COVID-19 outbreak and the measures taken by the Danish Government to mitigate the impacts of the outbreak, see further description in the subsequent events disclosures in note 2.

The implications of COVID-19 with many governments across the world deciding to ”close down their countries” has had a great impact on the global economy. Management considers the implications of COVID-19 a subsequent event occurred after the balance sheet date (31 December 2019), which is therefore a non-adjusting event to the Company. COVID-19 has caused a severe decline in the Company’s revenue compared to last year, due to the forced closing of the restaurant in the first part of 2020, and a decline in tourists visiting the hotel in which the restaurant is located.