Recently, Sermitsiaq could to tell that Greenland Airports had made two errors for three-digit million amounts in the group accounts for 2025. One of the errors made the airport group’s operation look as if it gave DKK 364 million more in the coffers than it actually did.
Sermitsiaq has extended the review to the 2024 accounts to see if there were similar errors in the calculation of operating cash flows – i.e. the cash flow into and out of the group’s operations.
Recently, Sermitsiaq could to tell that Greenland Airports had made two errors for three-digit million amounts in the group accounts for 2025. One of the errors made the airport group’s operation look as if it gave DKK 364 million more in the coffers than it actually did.
Sermitsiaq has extended the review to the 2024 accounts to see if there were similar errors in the calculation of operating cash flows – i.e. the cash flow into and out of the group’s operations.
This review shows that a capital gain of around DKK 130 million from a loan restructuring is included in the group’s operating cash flow for 2024. Sermitsiaq has asked why such a gain is included in the calculation of what the operation brings to the coffers.+
No concrete justification
Sermitsiaq has been in contact with Greenland Airports’ auditors, Per Jansen and Anders Lau Nielsen from Greenland Audit (since earlier this year part of Grant Thornton Denmark).
The auditors’ opinions have subsequently been endorsed by Greenland Airports’ finance director, Per Stjærnholm Trærup. The statements read as follows:
– Our assessment remains that the cash flow statement for 2024 has been calculated consistently.
– There can of course be different professional views on the classification of specific cash flows within the framework set by legislation and accounting standards.
– However, this does not change our assessment that the annual report as a whole gives a true picture.
Sermitsiaq has then repeated the question of whether the 130 million is correctly (and not just “consistently”) placed.
Sermitsiaq has also requested a concrete professional justification for placing a capital gain from loan restructuring during operations.
No more to add
However, neither Greenland Airports nor Greenland’s Audit will provide an explanation of where that option is found in accounting rules or the like:
– The message from here is that in addition to the answers you have already received from the audit, we have nothing further to add, writes Greenland Airports’ communications manager, Stine Buur Hvistendahl.
If the 130 million is misplaced, it would have the same consequence as in 2025: A negative operating cash flow is presented as positive to the financial statements readers. If the capital gain is taken out, approximately DKK 87 million in plus will become approximately DKK 43 million in minus. Sermitsiaq is now trying to get an expert assessment of whether a correction should be made.
A plus or minus in the statement of operating cash flows must not be confused with the group’s profit or loss. The purpose of the cash flow statement is to show how much money is put into or taken out of the group’s cash register, divided into the areas of operation, investment and financing.
