38151681 2024-01-01 2024-12-31 38151681 2024-01-01 2024-12-31 1 38151681 2024-01-01 2024-12-31 1 38151681 2024-01-01 2024-12-31 2 38151681 2024-01-01 2024-12-31 3 38151681 2024-01-01 2024-12-31 4 38151681 2024-01-01 2024-12-31 1 38151681 2024-01-01 2024-12-31 2 38151681 2023-01-01 2023-12-31 38151681 2024-12-31 38151681 2023-12-31 38151681 2022-12-31 fsa:ContributedCapitalMember 38151681 2022-12-31 fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember 38151681 2022-12-31 fsa:RetainedEarningsMember 38151681 2022-12-31 38151681 2023-01-01 2023-12-31 fsa:ContributedCapitalMember 38151681 2023-01-01 2023-12-31 fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember 38151681 2023-01-01 2023-12-31 fsa:RetainedEarningsMember 38151681 2023-12-31 fsa:ContributedCapitalMember 38151681 2023-12-31 fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember 38151681 2023-12-31 fsa:RetainedEarningsMember 38151681 2024-01-01 2024-12-31 fsa:ContributedCapitalMember 38151681 2024-01-01 2024-12-31 fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember 38151681 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 38151681 2024-12-31 fsa:ContributedCapitalMember 38151681 2024-12-31 fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember 38151681 2024-12-31 fsa:RetainedEarningsMember iso4217:DKK xbrli:pure Anne-Marie Sannemand Lund Kristensen The Board of Directors and the Executive Board have today discussed and approved the Annual Report of Holo A/S for the financial year 1 January – 31 December 2024. The Annual Report has been prepared in accordance with the Danish Financial Statement Act. In our opinion, the Annual Report gives a true and fair view of the Company’s assets, liabilities and financial position on 31 December 2024 and of the results of the Company’s operations for the financial year 2024. In our opinion, the Management Review includes a fair review of the matters it addresses. We recommend that the Annual General Meeting approve the Annual Report. Copenhagen, Lars Himmer CEO Ulrik Drejsig Philipp Wetzel Philipp Emanuel Scheiweller Chair Lars Himmer To the Shareholders of Holo A/S Opinion In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2024, and of the results of the Company’s operations for the financial year 1 January - 31 December 2024 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of Holo A/S for the financial year 1 January - 31 December 2024, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (“the Financial Statements”). Basis for Opinion We 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. Statement on Management’s Review Management 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, in our view, Management’s Review is in accordance with the Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. Management’s responsibilities for the Financial Statements 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. Auditor’s responsibilities for the audit of the Financial Statements 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 judgement and maintain professional scepticism 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 to obtain sufficient appropriate audit evidence regarding the 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. Hellerup, PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Torben Jensen Emil Petræus Brogaard State Authorised Public Accountant State Authorised Public Accountant mne18651 mne51543 Holo A/S Banevingen 14A 2200 København N 21 57 93 42 38151681 København Strandvejen 44 2900 Hellerup Main activity The company, which was established in 2016, consults and implements projects within driverless technology on the road and in the air. This is anchored in its purpose “We move autonomous mobility safely forward, for good!”. Development in activities and financial conditions In 2023, a strategic partial sale of 33% of the shares to the AMAG Group, which is Volkswagen's importer in Switzerland, was successfully concluded. This has helped to secure new contracts as well as progress in existing ones. Following the strategic partnership, the company has had a higher level of activity in 2024, including first customers in Switzerland. Based upon an R&D partnership with Oslo’s Public Transport Authority, Ruter, another significant milestone in ride pooling based on autonomous mobility was reached with first customer rides in a closed user group test. The company continues to work on defining the next generation of autonomous vehicle projects on the ground and in the air in close cooperation with customers and suppliers. In 2024, the customer base expanded to Switzerland and Germany. Profit for the year The company made a loss of DKK 8,6 million, which is in line with the management's expectations. Expectations for the future Management's expectation for the year 2025 is a loss of DKK 3-4 million. In Oslo, the plan for 2025 is to expand service hours and open for rides in the robotaxis for the public and to bring another type of vehicles still with safety operators in the vehicles. This project will continue to be leading in Europe in preparing for public ride pooling based on autonomous vehicles. The strategic alliance between Semler Gruppen and AMAG Group continues to be a catalyst for innovation and growth, especially in Scandinavia and Switzerland. 353000 1271000 4000 0 9446000 8876000 82000 77000 -9179000 -7682000 -1612000 -2125000 211000 342000 70000 71000 -10650000 -9536000 -2021000 -1696000 -8629000 -7840000 -8629000 -7840000 -8629000 -7840000 41000 0 132000 111000 589000 0 762000 111000 4128000 5990000 4128000 5990000 4890000 6101000 125000 451000 5476000 9249000 0 490000 630000 860000 0 628000 546000 535000 6777000 12213000 6777000 12213000 11667000 18314000 1411000 1411000 480000 730000 7038000 14762000 8929000 16903000 326000 296000 167000 52000 62000 0 1228000 1063000 955000 0 2738000 1411000 2738000 1411000 11667000 18314000 900000 135000 2588000 3623000 511000 0 20014000 20525000 0 -595000 0 -595000 0 0 -7840000 -7840000 1411000 730000 14762000 16903000 0 0 905000 905000 0 250000 0 250000 0 0 -8629000 -8629000 1411000 480000 7038000 8929000 true true Consolidated Financial Statements No consolidated financial statements have been prepared in accordance with Section 112, Subsection 1 of the Danish Financial Statements Act. The financial statements for Holo A/S and its subsidiaries are included in the consolidated financial statements of Semler Holding A/S, Park Allé 355, 2605 Brøndby. Foreign Currency Translation Transactions in foreign currencies are initially recognized at the exchange rates on the transaction date. Exchange rate differences arising between the exchange rates at the transaction date and the date of payment are recognized in the income statement as financial income or financial expenses. Receivables, payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the at the date which the receivable or payables arose or was recognized in the latest financial statements is recognized in the income statement as financial income or financial expenses. Foreign subsidiaries are considered independent entities. Income Statements are translated at the average monthly exchange rate, while balance sheet items are translated at the exchange rate at the balance sheet date. Exchange rate differences arising from the translation of the equity of foreign subsidiaries at the beginning of the year to the exchange rates on the balance sheet date, as well as differences from translation of income statements from average rates to balance sheet date rates are recognized directly in equity. Income Statement Gross profit In accordance with Section 32 of the Danish Financial Statements Act, revenue, cost of goods sold, other external costs, and other operating income are included in the accounting item gross profit/loss. Revenue Revenue from the sale of goods and services, which includes projects involving planning, operation, and data collection related to autonomous vehicles, is recognized as net revenue when delivery and transfer of risk to the buyer have occurred before year-end and the revenue can be reliably measured and is expected to be received. Net revenue is measured at the fair value of the agreed consideration, excluding VAT and duties collected on behalf of third parties. All types of discounts are recognized in the revenue. Cost of goods and consumables Costs of goods and consumables include expenses incurred to achieve the net turnover for the year. This includes direct costs of goods for resale and changes in inventories. Other external expenses Other external expenses include costs related to sales, advertising, administration, premises etc. Staff costs Staff costs cover wages and salaries including holiday pay and pensions, as well as other costs related to social security etc. for the company’s employees and allocated staff costs within the group. Received government reimbursements are deducted from the staff costs. Other operating expenses Other operating expenses include accounting items that are considered secondary in relation to the company’s operating activities, including losses on disposal of property, plant and equipment as well as impairments of ongoing activities. Net income from subsidiaries The proportional share of the net income of subsidiaries is recognized in the income statement. Financial income and expenses Financial income and expenses include interest income and expenses, foreign exchange gains and losses related to securities, debt, and foreign currency transactions, as well as amortization of financial assets and liabilities, and tax prepayment scheme surcharges and refunds. Tax on profit for the year The company is subject to the Danish rules on compulsory joint taxation of Semler Gruppen’s Danish entities. Subsidiaries are included in joint taxation from the date of their inclusion in the consolidated financial statements and until their exclusion. The ultimate parent company, Semler Holding A/S, is the administration company for joint taxation and therefore settles all corporate tax payments with the tax authorities. The current Danish corporate tax is allocated by settling joint taxation contributions among the jointly taxed companies in proportion to their taxable incomes. In connection with this, the companies with tax losses receive joint taxation contributions from companies that were able to use these losses to reduce their own tax profit. Tax for the year, which consists of the current joint taxation contribution and changes in deferred tax, including those resulting from changes in tax rate, is recognized in the income statement for the share attributable to the results for the year and directly in equity for the share attributable to the entries directly to equity. Balance Sheet Property, plant & equipment Other equipment, fixtures and fittings are measured at cost, less accumulated depreciations and impairment losses. The cost includes the acquisition cost as well as costs directly attributable to the acquisition until the asset is ready for use. The cost of self-constructed assets includes both direct and indirect costs for materials, components, subcontractors, and labour. The depreciable base, which is determined as the cost price less any residual value, is depreciated on a straight-line basis over the estimated useful life, based on the following assessment of the assets’ estimated useful lives: Leasehold Improvements……………………………………………………. 3 years Other equipment, fixtures and fittings……………………….……..….. 3-5 years Gains and losses on the disposal of property, plant and equipment are determined as the difference between the selling price, less selling costs, and the carrying amount at the time of sale. Gains or losses are recognized in the income statement under other operating income or other operating expenses, respectively. Impairment of assets The carrying amount of property, plant and equipment is assessed annually for indications of impairment, beyond what is reflected by depreciation. If there are indications of impairment, an impairment test is carried out for each individual asset or group of assets. An impairment is recognized if the recoverable amount is lower than the carrying amount. The recoverable amount is the higher of net selling price and value in use. The value in use is determined as the present value of the expected net income from the use of the asset or asset group. Previously recognized impairments are reversed when the reason for the impairment no longer exists. Investments in subsidiaries Investments in subsidiaries are initially recognized at cost and subsequently measured at the proportionate share of the subsidiaries’ equity value, determined in accordance with the parent company’s accounting policies. Adjustments are made for unrealised intercompany gains and losses and for the remaining value of positive or negative goodwill, calculated using the acquisition method. Subsidiaries with negative equity value are measured at DKK 0, and any receivables from such subsidiaries are written down by the parent company’s share of the negative equity value to the extent that they are deemed uncollectible. If the negative equity value exceeds receivables, and the parent company has a legal or constructive obligation to cover the subsidiary’s negative balance, a provision for the remaining amount is recognized. Net revaluation of investments in subsidiaries is transferred to equity under the reserve for net revaluation according to the equity value method, to the extent that the carrying amount exceeds the acquisition cost. Newly acquired or newly established companies are included in the financial statements from the date of acquisition. Sold or liquidated companies are included until the date of disposal. Gains or losses on the disposal of subsidiaries and associates are calculated as the difference between the disposal consideration and the carrying amount of net assets at the time of sale, including unamortized goodwill and expected costs of disposal or liquidation. Gains and losses are recognized in the income statement under financial items. For acquisitions of new subsidiaries, the acquisition method is applied, whereby the acquired companies’ assets and liabilities are measured at fair value at the date of acquisition. A provision is recognized to cover the expenses for restructuring activities determined for the acquired company as part of the acquisition. The tax effects of the revaluations are considered. Positive differences (goodwill) between the cost and the fair value of identifiable assets and liabilities, including provisions for restructuring, are recognized under investments in subsidiaries and associates and amortized over the estimated useful economic life, determined based on management’s experience within the specific business areas. The amortization period is a maximum of 10 years and is longest for strategically acquired companies with a strong market position and long earnings profiles. The carrying amount of goodwill is continuously assessed and written down through the income statement if the carrying amount exceeds the expected future net income from the company or activity to which the goodwill relates. Receivables Receivables are measured at amortized cost. Impairment losses are recognized to account for the risk of loss if there is an objective indication that an individual receivable or a portfolio of receivables is impaired. If there is an objective indication that an individual receivable is impaired, an impairment loss is recognized on an individual basis. Receivables without an objective indication of impairment at an individual level are assessed at a portfolio level for objective indications of impairment. Portfolios are primarily based on the geographical location of the debtors and their credit ratings, in accordance with the company’s and the group’s credit risk management policy. The objective indicators used for portfolios are determined based on historical loss experience. Impairment losses are calculated as the difference between the carrying amount of the receivables and the present value of expected cash flows, including the net realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as the discount rate. Prepayments Prepayments, recognized under current assets, comprise expenses incurred relating to subsequent financial years. Equity Currency translation reserve The currency translation reserve includes the share of exchange rate differences arising from the translation of financial statements for entities with a functional currency other than Danish kroner, as well as exchange rate adjustments related to assets and liabilities that form part of the company’s net investments in such entities. The reserve is released upon the disposal of foreign entities or when the conditions for effective hedging are no longer met. Corporate tax and deferred tax Current tax liabilities and current tax receivables are recognized in the balance sheet as the calculated tax on taxable income for the year, adjusted for tax on taxable income from prior years and prepaid taxes. Payable and receivable joint taxation contributions are recognized in the balance sheet under "Current tax receivables" or "Current tax liabilities." Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amounts and tax bases of assets and liabilities. Where the calculation of tax values can be performed under alternative tax regulations, deferred tax is measured based on the planned use of the asset or the settlement of the liability. Deferred tax assets, including the tax base of tax loss allowed for carryforward, are recognized to the extent that they are expected to be utilized, either against future taxable income or as offsets against deferred tax liabilities within the same legal tax entity and jurisdiction. Adjustments to deferred tax are made for unrealized intercompany profits and losses eliminated in the consolidated financial statements. Deferred tax is measured based on the tax rules and tax rates in effect under the legislation at the balance sheet date, which are expected to apply when the deferred tax is realized as current tax. Changes in deferred tax due to changes in tax rates are recognized in the income statement. Liabilities Other liabilities are measured at amortized cost. Staff costs DKK thousand 2024 2023Wages and salaries 8.527 8.077Retriement benefits797 685Other staff costs 122 1149.446 8.876 12 11 Financial income Interest income from group companies 198 297Other financial income 13 45211 342 Financial expenses Other financial expenses 70 7170 71 Tax on profit for the year Current tax on profit for the year-1.975 -2.012Adjustment for current tax of prior periods-35 -48Current adjustment of deferred tax-11 382Adjustment for deferred tax of prior periods0 -18(- = income) -2.021 -1.696 Property, plant & equipment Other Assets under equipment, construction Leasehold fixtures and and DKK thousand improvmentsfittingsprepaymentsTotalCost 1 January 0 6.098 0 6.098Additions for the year46 101 589 736Disposals for the year 0 -5.893 0 -5.893Cost 31 December 46 306 589 941Depreciation and amortisation 1 January 0 5.987 0 5.987Depreciation and amortisation for the year 5 77 0 82Depreciation reversed on disposals for the year 0 -5.890 0 -5.890Depreciation and amortisation 31 December 5 174 0 179Carrying amount 31 December 41 132 589 762Depreciated over 3 years 3-5 years Investments in subsidiaries 2024 2023Cost 1 January 23.541 14.017Additions for the year 0 9.524Cost 31 December 23.541 23.541Value adjustment 1 Januar -17.551 -16.021Profit for the year -1.612 -2.125Currency translation -250 595Value adjustments 31 December -19.413 -17.551Carrying amount 31 December 4.128 5.990Regi-Voting and Nominel Profit stered ownership share Equity 31 Before Profit for Company nameofficesharecapitalDecemberTaxthe yearAmobility AB 100% t.SEK 1.000 1.181 13 13SwedenAmobility AS 100% t.NOK 230 2.947 -1.625 -1.625Norway4.128 -1.612 -1.612 Deferred tax assets DKK thousand 2024 2023Deferred tax 1 January -535 -899Adjustments of prior periods 0 -18Current adjustment of deferred tax -11 382Deferred tax 31 December (- = asset) -546 -535 Share capital Share capital consists of 1.410.500 shares at nominal value of 1 DKK.The changes in the past 5 years can be specified as follows:2024 2023 2022 2021 2020Share capital 1 January 1.411 900 800 700 600Capital increase 0 511 100 100 100Share capital 31 December 1.411 1.411 900 800 700 Liabilities Within 1 year 1-5 years After 5 yearsTrade payables 326 0 0Debts to group companies 167 0 0Corporate tax 62 0 0Other liabilities 1.228 0 0Deferred income 955 0 02.738 0 0 Contingent liabilities and other commitments With 3 months' tenure, the company's rent obligations to third parties amount to a total of TDKK 5 as of 31 december 2024. Rent obligations towards group companies amount to a total of DKK 0.2 million with up to 1 years' tenure. The company has leased cars. The lease term expires in 2025, but the agreements can be terminated at any time. The lease obligation amounts to TDKK 53. The Company has provided guarantees to third parties totalling DKK 0.4 million. Semler Gruppen A/S has entered into a cash pool agreement in DKK with Danske Bank for the companies Semler Holding A/S, Skandinavisk Motor Co. A/ S, Semler Mobility Retail A/S, Semler Ejendomme A/S, Semler Leasing A/S, Semler IT A/S, Skandinavisk Motor Co. Premium Import A/S, SMC PI Holding A/S, Connected Cars A/S, Holo A/S, Dribe A/S, Dribe Danmark A/S, Shared Mobility A/S, RTT Radiotelefonteknik Herlev A/S, Semler Agro Ejendomme Nord A/S, Semler Agro A/S, Semler Mobility CH A/S, Kronborg Auto A/S and H. P. Entreprenørmaskiner A/S, Semler Premium Denmark A/S and Semler Equipment Rental A/S. Semler Gruppen A/S has entered into a cash pool agreement in EUR with Danske Bank for the companies Skandinavisk Motor Co. A/S, Semler Mobility Retail A/S, Semler Agro A/S, Semler Leasing A/S, Holo A/S, Connected Cars A/S, Skandinavisk Motor Co. Premium Import A/S, SMC PI Holding A/S, Semler Premium Sweden AB, Semler IT A/S, H. P. Entreprenørmaskiner A/S and Semler Premium Denmark A/S. Semler Gruppen A/S is jointly registered for VAT purposes with the following companies in the group: Semler Agro A/S, Semler Holding A/S, Skandinavisk Motor Co Premium Import A/S, Shared Mobility A/S, Semler Mobility Retail A/S, Semler Ejendomme A/S, Semler Agro Ejendomme Nord A/S, SMC PI Holding A/S, Semler Agro Ejendomme Øst A/S, Semler Mobility CH A/S, Semler Equipment A/S, Holo A/S, Connected Cars A/S, Dribe A/S, Dribe Danmark A/S, Semler IT A/S, Skandinavisk Motor Co A/S, Semler Premium Denmark A/S and Semler Equipment Rental A/S. These companies are jointly and severally liable for the companies' VAT liability. The Group's Danish companies are jointly liable for the tax on the Group's jointly taxed income, etc. The total amount of outstanding corporate tax is disclosed in the annual report of Semler Holding A/S, which acts as the administrative company for the joint taxation. Furthermore, the Group's Danish companies are jointly liable for Danish withholding taxes in the form of dividend tax, royalty tax, and interest tax. Any subsequent adjustments to corporate and withholding taxes may result in an increased liability for the companies. Ownership relations Control and Ownership Semler Gruppen A/S, Park Allé 355, 2605 Brøndby Majority Shareholder The company is included in both the largest and smallest consolidated financial statements in the group report for the ultimate parent company, Semler Holding A/S. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2024-01-01 2024-12-31 2023-01-01 2023-12-31 2025-02-27 Reporting class B www.letsholo.com 2025-02-05 10154499 Semler Gruppen A/S Park Allé 355 2605 Brøndby Opinion Basis for Opinion 2025-02-05 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup