19189635 2024-04-01 2025-03-31 2 19189635 2024-04-01 2025-03-31 3 19189635 2024-04-01 2025-03-31 19189635 2024-04-01 2025-03-31 1 19189635 2023-04-01 2024-03-31 19189635 2025-03-31 19189635 2024-03-31 19189635 2024-04-01 d:CompletedDevelopmentProjectsMember 19189635 2024-04-01 2025-03-31 d:CompletedDevelopmentProjectsMember 19189635 2025-03-31 d:CompletedDevelopmentProjectsMember 19189635 2024-04-01 d:GoodwillMember 19189635 2025-03-31 d:GoodwillMember 19189635 2024-04-01 2025-03-31 d:GoodwillMember 19189635 2024-04-01 d:DevelopmentProjectsInProgressMember 19189635 2024-04-01 2025-03-31 d:DevelopmentProjectsInProgressMember 19189635 2025-03-31 d:DevelopmentProjectsInProgressMember 19189635 2024-04-01 d:FixturesFittingsToolsAndEquipmentMember 19189635 2024-04-01 2025-03-31 d:FixturesFittingsToolsAndEquipmentMember 19189635 2025-03-31 d:FixturesFittingsToolsAndEquipmentMember 19189635 2024-04-01 d:InvestmentsInGroupEnterprisesMember 19189635 2023-04-01 d:InvestmentsInGroupEnterprisesMember 19189635 2024-04-01 2025-03-31 d:InvestmentsInGroupEnterprisesMember 19189635 2023-04-01 2024-03-31 d:InvestmentsInGroupEnterprisesMember 19189635 2025-03-31 d:InvestmentsInGroupEnterprisesMember 19189635 2024-03-31 d:InvestmentsInGroupEnterprisesMember 19189635 2024-04-01 2025-03-31 d:SubsidiaryMember 2 19189635 2025-03-31 d:SubsidiaryMember 2 19189635 2025-03-31 d:OtherLongtermPayablesMember 19189635 2024-04-01 d:ContributedCapitalMember 19189635 2023-04-01 d:ContributedCapitalMember 19189635 2025-03-31 d:ContributedCapitalMember 19189635 2024-03-31 d:ContributedCapitalMember 19189635 2024-04-01 d:ReserveForDevelopmentExpenditureMember 19189635 2023-04-01 d:ReserveForDevelopmentExpenditureMember 19189635 2024-04-01 2025-03-31 d:ReserveForDevelopmentExpenditureMember 19189635 2023-04-01 2024-03-31 d:ReserveForDevelopmentExpenditureMember 19189635 2025-03-31 d:ReserveForDevelopmentExpenditureMember 19189635 2024-03-31 d:ReserveForDevelopmentExpenditureMember 19189635 2024-04-01 d:RetainedEarningsMember 19189635 2023-04-01 d:RetainedEarningsMember 19189635 2024-04-01 2025-03-31 d:RetainedEarningsMember 19189635 2023-04-01 2024-03-31 d:RetainedEarningsMember 19189635 2025-03-31 d:RetainedEarningsMember 19189635 2024-03-31 d:RetainedEarningsMember 19189635 2024-04-01 19189635 2023-04-01 19189635 2024-04-01 2025-03-31 1 19189635 2024-04-01 2025-03-31 1 19189635 2024-04-01 2025-03-31 2 19189635 2024-04-01 2025-03-31 3 19189635 2022-01-01 2022-12-31 19189635 2021-01-01 2021-12-31 19189635 2020-01-01 2020-12-31 19189635 2022-12-31 19189635 2021-12-31 19189635 2020-12-31 iso4217:DKK xbrli:pure Årsrapport 14119299 PKF Munkebo Eriksen Funch, Statsautoriseret Revisions­aktie­selskab Hovedvejen, 56 2600, Glostrup 2023-04-01 2024-03-31 2024-04-01 2025-03-31 19189635 CapaSystems A/S Roskildevej 342 C DK-2 Taastrup 1996-03-01 Høje Taastrup +45 70 10 70 55 www.capasystems.com Danske Bank Bernstorffsgade 40 DK-1577 København V Advodan Glostrup Torv 8-10 DK-2600 Glostrup PKF Munkebo Eriksen Funch, Statsautoriseret Revisions­aktie­selskab 14119299 H. Munkebo Christiansen Statsautoriseret revisor mne3644 Hovedvejen 56 2600 Glostrup Danmark 43 96 06 56 pkf@pkf.dk 2025-06-24 Søren Truelsen Regnskabsklasse B Revisionspåtegning CaseWare fra Revisorgruppen Danmark kapitalejerne Glostrup 2025-06-24 30 Taastrup 2025-06-24 Grundlag for konklusion Konklusion The key figures appearing from the survey have been calculated as follows: 25247496 26970974 9102689 9394483 321050 308031 1152083 1292202 5540597 6431983 27978555 28949303 20716935 20454985 10993194 11333883 -3731574 -2839565 -71214 -60537 0 225170 4319 7403 298284 444194 -4096753 -3111723 -949393 -736448 -3147360 -2375275 -3147360 -2375275 20098743 20994818 1532925 1960720 9102689 9394483 30734357 32350021 395080 494541 395080 494541 31129437 32844562 17261715 19290163 685161 504336 403172 401987 251111 230913 18601159 20427399 13129 5143 18614288 20432542 49743725 53277104 0 7000000 7000000 22777117 23703655 -2007634 189078 27769483 30892733 6338955 6603187 6338955 6603187 4312281 4170700 4312281 4170700 2098554 2577790 3708775 2713194 519906 305884 4962438 5996117 33333 17499 11323006 11610484 15635287 15781184 49743725 53277104 19356239 19131550 1190184 1164243 170512 159192 20716935 20454985 31 28 176737400 9394483 186131883 155742582 10290558 166033140 20098743 8555893 8555893 6595173 427795 7022968 1532925 9394483 9102689 9394483 9102689 9102689 2964093 239881 95000 3108974 2469552 254898 10556 2713894 395080 42485059 42199793 21566 285266 42506625 42485059 -43642081 -43277387 68903 -304157 -71212 -60537 -43644390 -43642081 1137765 1157022 1137765 1157022 CapaSystems Inc Inc New Jersey, USA 100 2098554 0 7000000 7000000 7000000 7000000 23703655 24705545 -926538 -1001890 22777117 23703655 189078 1581353 -3147360 -2375275 926538 1001890 24110 -18890 -2007634 189078 6603187 6871269 -264232 -268082 6338955 6603187 Today, the Board of Directors and the Managing Director have approved the annual report of CapaSystems A/S for the financial year 2024/25. The annual report has been prepared in accordance with the Danish Financial Statements Act. We consider the chosen accounting policy to be appropriate, and in our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 March 2025 and of the results of the Company's operations for the financial year 1 April 2024 – 31 March 2025. Further, in our opinion, the Management's review gives a true and fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the Annual General Meeting. Martin Gudme Søndergaard Søren Truelsen Bjarne Riis Henrik Bartels Petersen We have audited the financial statements of CapaSystems A/S for the financial year 1 April 2024 - 31 March 2025, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity and notes, for the Company. The financial statements are prepared under the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 March 2025, and of the results of the Company's operations for the financial year 1 April 2024 - 31 March 2025 in accordance with the Danish Financial Statements Act. Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Den­mark. Our responsibilities under those standards and requirements are further described in the “Auditor’s Responsibilities for the Audit of the Financial Statements” section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Den­mark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Den­mark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Den­mark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. Plan and perform the audit of the financial statements to obtain sufficient appropriate audit evidence regarding consolidated financial information of the entities or business units as a basis for forming an opinion on the financial statements. We are responsible for the direction, supervision and review of the audit work performed. We remain solely responsible for our audit opinion.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Statement on Management’s ReviewManagement is responsible for Management’s Review. Our opinion on the financial statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that Management’s Review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of Management’s Review. 32939000 25552000 27085000 34632000 28663000 20775000 3745000 -3726000 -4058000 -365000 -272000 -133000 111000 36000 3380000 -2099000 -2626000 61071000 58271000 60700000 240000 396000 203000 210000 362000 33287000 30004000 32153000 29 30 30 Description of key activities of the companyLike previous years, the activities are the sales of complete solutions, consulting and support in data pro­cessing, development and sale of software and consulting services. Uncertainties connected with recognition or measurementThe software development activity of the company has been satisfactory and the company met the goals that were planned for 2024/25. The management considers the valuation as reliable but acknow­ledges that there is some risk to the valuation of the software development projects. Significant changes in the company's activities and financial mattersThere have been no significant changes in activities and financial matters. The income or loss from ordinary activities after tax totals DKK -3.147 thousand against DKK -2.375 thousand last year. Management considers the net profit or loss for the year unsatisfactory. Events occurring after the end of the financial yearNo events have occurred subsequent to the balance sheet date, which would have material impact on the financial position of the company. The annual report for CapaSystems A/S has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class B enterprises. Furthermore, the company has decided to comply with certain rules applying to reporting class C enterprises. The accounting policies are unchanged from last year, and the annual report is presented in DKK. Recognition and measurement in generalIncome is recognised in the income statement concurrently with its realisation, including the recognition of value adjustments of financial assets and liabilities. Likewise, all costs are recognised in the income statement, including depreciations amortisations, write-downs for impairment, provisions, and reversals due to changes in estimated amounts previously recognised in the income statement. Assets are recognised in the statement of financial position when it seems probable that future economic benefits will flow to the company and the value of the asset can be reliably measured. Liabilities are recognised in the statement of financial position when it is seems probable that future economic benefits will flow out of the company and the value of the liability can be reliably measured. Assets and liabilities are measured at cost at the initial recognition. Hereafter, assets and liabilities are measured as described below for each individual accounting item. Upon recognition and measurement, allowances are made for such predictable losses and risks which may arise prior to the presentation of the annual report and concern matters that exist on the reporting date. Foreign currency translationTransactions in foreign currency are translated by using the exchange rate prevailing at the date of the transaction. Differences in the rate of exchange arising between the rate at the date of transaction and the rate at the date of payment are recognised in the profit and loss account as an item under net financials. If currency positions are considered to hedge future cash flows, the value adjustments are recognised directly in equity in a fair value reserve. Receivables, payables, and other foreign currency monetary items are translated using the closing rate. The difference between the closing rate and the rate at the time of the occurrence or initial recognition in the latest financial statements of the receivable or payable is recognised in the income statement under financial income and expenses. Fixed assets acquired and paid for in foreign currency are measured at the exchange rate prevailing at the date of  the transaction. Group enterprises abroad, associates, and equity investments are considered to be independent entities. The income statements are translated at an average exchange rate for the month, and the balance sheet items are translated at the closing rates. Currency translation differences, arising from the translation of the equity of group enterprises abroad at the beginning of the year to the closing rate and from the translation of income statements from average prices to the closing rate, are recognised directly in equity in the fair value reserve in the Consolidated Financial Statement. This also applies to differences arising from translation of income statements from average exchange rate to closing rate. Translation adjustment of balances with group enterprises abroad that are considered part of the total investment in group enterprises are recognised directly in equity in the fair value reserve. Likewise, foreign exchange gains and losses on loans and derived financial instruments for currency hedging independent group enterprises abroad are recognised directly in equity. When recognising foreign group enterprises which are integral units, the monetary items are translated using the closing rate. Non-monetary items are translated using the exchange rate prevailing at the time of acquisition or at the time of the subsequent revaluation or write-down for impairment of the asset. Income statement items are translated using the exchange rate prevailing at the date of the transaction. However, items in the income statement derived from non-monetary items are translated using historical prices. RevenueThe enterprise will be applying IAS 18 as its basis of interpretation for the recognition of revenue. Multi-annual service contracts are considered to be binding for the customer at the time of conclusion. The part of the contract amount relating to the first-year maintenance, is recognized by 100 % at the time of conclusion. The part relating to maintenance for the remaining contract period is recognized according to the company’s expected completion rate in year one, which for 2024/25 is 70 %. The remaining 30 % is distributed equally over the remaining contract period. Other services included in the contract are recognized at the time of delivery and risk transfer to the buyer. Revenue is recognised in the income statement if delivery and passing of risk to the buyer have taken place before the end of the year and if the income can be determined reliably and inflow is anticipated. Revenue is measured at the fair value of the consideration promised exclusive of VAT and taxes and less any discounts relating directly to sales. Cost of salesCost of sales comprises costs concerning purchase of raw materials and consumables less discounts and changes in inventories. Own work capitalisedOwn work capitalised includes staff cost and other internal costs incurred during the financial year and recognised in the cost of proprietary intangible and tangible fixed assets. Other operating income Other external costsOther external costs comprise costs incurred for distribution, sales, advertising, administration, premises, loss on receivables, and operational leasing costs. Staff costsStaff costs include salaries and wages, including holiday allowances, pensions, and other social security costs, etc., for staff members. Depreciation, amortisation, and write-down for impairmentDepreciation, amortisation, and write-down for impairment comprise depreciation on, amortisation of, and write-down for impairment of intangible and tangible assets, respectively. Financial income and expensesFinancial income and expenses are recognised in the income statement with the amounts concerning the financial year. Financial income and expenses comprise interest income and expenses, realised and unrealised capital gains and losses relating to securities, debt and transactions in foreign currency and reimbursements under the advance tax scheme, etc. Results from investment in group enterpriseAfter full elimination of intercompany profit or loss less amortised consolidated goodwill, the invest­ment in the entity is recognised in the income statement as a proportional share of the entity’ post-tax profit or loss. Tax on net profit or loss for the yearTax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity.  The company is subject to Danish rules on compulsory joint taxation of Danish group enterprises. The current Danish income tax is allocated among the jointly taxed companies proportional to their respective taxable income (full allocation with reimbursement of tax losses). Intangible assetsDevelopment projects, patents, and licencesDevelopment costs comprise salaries, wages, and amortisation directly attributable to development activities. Clearly defined and identifiable development projects are recognised as intangible assets provided that they are proven to be technically practicable, that sufficient resources and a potential market or development opportunity exist, and insofar as the intention is to produce, market or utilise the project. It is, however, a condition that the cost can be reliably calculated and that a sufficiently high degree of certainty indicates that future earnings will cover the costs of production, sales, and administration. Other development costs are recognised in the income statement concurrently with their realisation. Development costs recognised in the statement of financial position are measured at cost less accrued amortisations and write-downs for impairment. After completion of the development work, capitalised development costs are amortised on a straight-line basis over the estimated useful economic life. The amortisation period is usually 10 years. Patents and licenses are measured at cost less accrued amortisation. Patents are amortised on a straightline basis over the remaining patent period and licenses are amortised over the contract period, however, for a maximum of 10 years. GoodwillAcquired goodwill is measured at cost with deduction of accumulated amortisation. Goodwill is amortised over the estimated useful life, which is determined on the basis of management’s experience in the individual business areas. Goodwill is amortised on a straightline basis over the amortisation period, which is set at between 5 and 25 years. The amortisation period is determined on the basis of an expected pay-back period, being the longer for strategical acquirees with a strong market position and an expected longterm earnings profile. Tools and equipmentTools and equipment are measured at cost less accrued depreciation and write-down for impairment. The depreciable amount is cost less any expected residual value after the end of the useful life of the asset. The amortisation period and the residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, the depreciation is discontinued. If the amortisation period or the residual value is changed, the effect on amortisation will, in future, be recognised as a change in the accounting estimates. The cost comprises acquisition cost and costs directly associated with the acquisition until the time when the asset is ready for use. The cost of a total asset is divided into separate components. These components are depreciated separately, the useful lives of each individual components differing, and the individual component representing a material part of the total cost. Depreciation is done on a straight-line basis according to an assessment of the expected useful life: Useful lifeOther fixtures and fittings, tools and equipment3-5years Profit or loss derived from the disposal of property, land, and equipment is measured as the difference between the sales price less selling costs and the carrying amount at the date of disposal. Profit or loss is recognised in the income statement as other operating income or other operating expenses. LeasesThe enterprise will be applying IAS 17 as its base of interpretation for recognition of classification and recognition of leases. All leases are regarded as operating leases. Payments in connection with operating leases and other lease agreements are recognised in the income statement for the term of the contract. The company's total liabilities concerning operating leases and lease agreements are recognised under contingencies, etc. Investments in group enterpriseInvestments in group enterprise is recognised and measured by applying the equity method. The equity method is used as a method of consolidation. Investments in group enterprise is recognised in the statement of financial position at the proportionate share of the enterprise's equity value. This value is calculated in accordance with the parent's accounting policies with deductions or additions of unrealised intercompany gains and losses as well as with additions or deductions of the remaining value of positive or negative goodwill calculated in accordance with the acquisition method.  Consolidated goodwill is amortised over its estimated useful life, which is determined on the basis of the management's experience with the individual business areas. Consolidated goodwill is amortised on a straight-line basis over the amortisation period, which represent 5-20 years. The depreciation period is determined on the basis of an assessment that these are strategically acquired enterprises with a strong market position and a long-term earnings profile. Investments in group enterprise with a negative equity value is measured at DKK 0, and any accounts receivable from these enterprises are written down to the extent that the account receivable is uncollectible. To the extent that the parent has a legal or constructive obligation to cover an negative balance that exceeds the account receivable, the remaining amount is recognised under provisions. To the extent the equity exceeds the cost, the net revaluation of equity investment in group enterprise  transferred to the reserve under equity for net revaluation according to the equity method. Dividend from group enterprise expected to be adopted before the approval of this annual report are not subject to a limitation of the revaluation reserve. The reserve is adjusted by other equity movements in group enterprise. Newly acquired or newly established companies are recognised in the financial statement as of the time of acquisition. Sold or liquidated companies are recognised until the date of disposal. On the acquisition of enterprises, the acquisition method, the uniting-of-interests method or the book value method is applied, cf. the above description under Business combinations. Impairment loss relating to non-current assetsThe carrying amount of both intangible and tangible fixed assets as well as equity investment in group enterprise are subject to annual impairment tests in order to disclose any indications of impairment beyond those expressed by amortisation and depreciation respectively. If indications of impairment are disclosed, impairment tests are carried out for each individual asset or group of assets, respectively. write-down for impairment is done to the recoverable amount if this value is lower than the carrying amount. The recoverable amount is the higher value of value in use and selling price less expected selling cost. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the asset group and expected net cash flows from the sale of the asset or the asset group after the end of their useful life. Previously recognised impairment losses are reversed when conditions for impairment no longer exist. Impairment relating to goodwill is not reversed. ReceivablesReceivables are measured at amortised cost which usually corresponds to face value. In order to meet expected losses, they are written down for impairment to the net realisable value. PrepaymentsPrepayments recognised under assets comprise incurred costs concerning the following financial year. Cash on hand and demand depositsCash on hand and demand deposits comprise cash at bank and on hand. EquityTreasury sharesPurchase prices and sales prices of own shares are recognised directly in equity. The capital reduction arising from the cancellation of own shares will reduce the share capital by an amount corresponding to the nominal value of the shares and increase the results brought forward, respectively. The dividend of own shares is recognised directly in equity under retained earnings. Reserve for development costsThe reserve for development costs comprises recognised development costs less related deferred tax liabilities. The reserve cannot be used as dividends or for covering losses. The reserve is reduced or dissolved if the recognised development costs are amortised or abandoned. This is done by direct transfer to the distributable reserves of the equity. Income tax and deferred taxCurrent tax liabilities and current tax receivable are recognised in the statement of financial position as calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and for tax paid on account. The company is jointly taxed with consolidated Danish companies. The current corporate income tax is distributed between the jointly taxed companies in proportion to their taxable income and with full distribution with reimbursement as to tax losses. The jointly taxed companies are comprised by the Danish tax prepayment scheme. According to the rules of joint taxation, CapaSystems A/S is proportionally liable to pay the Danish tax authorities the total income tax arising from the jointly taxed group of companies. Deferred tax is measured on the basis of temporary differences in assets and liabilities with a focus on the statement of financial position. Deferred tax is measured at net realisable value. Adjustments take place in relation to deferred tax concerning elimination of unrealised intercompany gains and losses. Deferred tax assets, including the tax value of tax losses allowed for carryforward, are recognised at the value at which they are expected to be realisable, either by settlement against tax of future earnings or by set-off in deferred tax liabilities within the same legal tax unit. Any deferred net tax assets are measured at net realisable value. Liabilities other than provisionsFinancial liabilities other than provisions related to borrowings are recognised at the received proceeds less transaction costs incurred. In subsequent periods, the financial liabilities are recognised at amortised cost, corresponding to the capitalised value when using the effective interest rate. The difference between the proceeds and the nominal value is recognised in the income statement during the term of the loan. Other liabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value. Accruals and deferred incomePayments received concerning future income are recognised under accruals and deferred income. 1.Uncertainties concerning recognition and measurementIn determining the carrying amount of certain of the company's assets, estimates of how future events affect the value are required. Estimates that are material to the financial statements are made, when calculating depreciation and impairment of fixed assets. The estimates used are based on assumptions that management considers reasonable but which are inherently uncertain and unpredictable. The assumptions may be incomplete or inaccurate and unexpected events or circumstances may occur. There are per definition a risk associated with the recognition of development projects and associated acquired rights (licenses). The value of the assets depends on: 1) that the company achieves sufficient success with the development of the technology and subsequent commercialization of the developed technologies, and 2) that the company can obtain the liquidity needed for the final development and commercialization. The management has chosen to recognize externally incurred project costs as well as internally incurred labour costs as development projects in the balance sheet. The total value amounts to DKK 29.201.432 per 31 March 2025. The value is based on the management's expectations of the project's market potential and is thus linked to uncertainty as the value is dependent on the company's success in commercialization. 10.Provisions for deferred taxProvisions for deferred tax 1 April 20246.603.1876.871.269Deferred tax of the results for the year-264.232-268.082 6.338.9556.603.187 The following items are subject to deferred tax: Intangible assets6.424.3156.685.646 Property, plant, and equipment-85.360-82.459 6.338.9556.603.187 12.Charges and securityFor bank loans, DKK 3.708.775, the company has provided security in company assets representing a nominal value of DKK 5.000.000. This security comprises the assets below, stating the carrying amounts: DKK in thousands Trade receivables17.262 13.ContingenciesContingent liabilitiesLease liabilitiesThe company has entered into operational leasing contracts which have between 6-19 months left to run, and the total outstanding leasing payment is DKK 100.056.  Rent liabilitiesThe company has entered into two lease agreements. The leases both have termination notices of 6 months. The company is liable to pay rent of DKK 647.  Joint taxationWith PBH 26.207 ApS, company reg. no 20 76 04 78 as administration company, the company is subject to the Danish scheme of joint taxation and is proportionally liable for tax claims within the joint taxation scheme. The liabilities amount to a maximum amount corresponding to the share of the company capital, which is owned directly or indirectly by the ultimate parent company. Any subsequent adjustments of corporate taxes may result in changes in the company's liabilities.