41305754 2022-07-01 cmn:ConsolidatedMember 41305754 2022-07-01 iso4217:DKK xbrli:pure 41305754 2022-06-30 cmn:ConsolidatedMember 41305754 2022-06-30 41305754 2023-06-30 cmn:ConsolidatedMember 41305754 2023-06-30 41305754 2021-07-01 2022-06-30 cmn:ConsolidatedMember 41305754 2021-07-01 2022-06-30 41305754 2022-07-01 2023-06-30 cmn:ConsolidatedMember 41305754 2022-07-01 2023-06-30 41305754 2021-07-01 2022-06-30 fsa:RetainedEarningsMember cmn:ConsolidatedMember 41305754 2021-07-01 2022-06-30 fsa:RetainedEarningsMember 41305754 2022-07-01 2023-06-30 fsa:RetainedEarningsMember cmn:ConsolidatedMember 41305754 2022-07-01 2023-06-30 fsa:RetainedEarningsMember 41305754 2022-07-01 2023-06-30 1 cmn:ConsolidatedMember 41305754 2022-07-01 2023-06-30 4 cmn:ConsolidatedMember 41305754 2022-07-01 2023-06-30 3 cmn:ConsolidatedMember 41305754 2022-07-01 2023-06-30 2 cmn:ConsolidatedMember 41305754 2022-07-01 2023-06-30 1 cmn:ConsolidatedMember 41305754 2022-07-01 2023-06-30 1 cmn:ConsolidatedMember 102362 174557 9268328 -22980854 26440486 26071710 20472606 19893607 -2536438 -2215674 2234760 2185932 2185932 2073500 2234760 2122369 CASH FLOW STATEMENT The cash flow statement shows the Groups cash flows for the year, as well as the Groups cash and cash equivalents at year-end. Cash flows from acquisitions and divestments are shown separately under cash flows from investing activities. In the cash flow statement, cash flows regarding acquired companies are recognized from the date of acquisition and cash flows from divested companies are recognized until the transfer date. Cash flows from operating activities have been calculated as profit or loss adjusted for non-cash operating items, financial income and expenses paid, corporation taxes, as well as increase and decrease in inventories, trade receivables, trade payables, and other changes in assets and liabilities other than provisions derired from operations. Cash flows from investing activities comprise payments in connection with acquisition and sale of fixed assets. Cash flows from financing activities comprise payments from inception and repayment of long-term liabilities other than provisions as well as payments made to and received from shareholders. Cash and cash equivalents comprise cash funds as well as operating credits at credit institutions included in the Groups cash management. Progress towards 2025 Strategy: Mdundo.com remains on track to achieve its ambitious 2025 strategy, which centers on reaching 50 million monthly active users and achieving a positive EBITDA operation. - Focus on Nigeria, Kenya, Tanzania, Ghana, and South Africa: These key markets encompass a combined population of 422 million people, approximately 35% of Sub-Saharan Africas population. They offer substantial growth opportunities due to high internet penetration rates and robust economic development. In June 2023, these markets accounted for 15.0 million of Mdundos 26.6 million monthly active users - Focus on driving value per user through telco and premium products: Mdundo.com has established music packages in collaboration with prominent telecommunications providers, including Vodacom in Tanzania, Airtel in Nigeria, and MTN in Nigeria, Ghana, and South Africa. These partnerships collectively reach an extensive customer base of 185 million people, enabling Mdundo.com to address the low usage of payment cards in Africa and deliver enhanced value to its users. - Focus on delivering locally relevant service and content: Mdundo.com places a strong emphasis on providing locally relevant service and content, acknowledging the significance of cultural diversity and local preferences. The platform curates a diverse range of music from various genres and local artists, ensuring an engaging and relevant experience for its users. The company has previously announced that approximately 80% of all music consumed within the focus markets is African catalog and that the service is approaching 500,000 African songs directly uploaded to the service by +140,000 African creators. MANAGEMENTS REVIEW 2022/23, CONTINUED Guidance for FY 2023-24, expects +35% annual growth in monthly active users - Growth in Monthly Active Users (MAUs): Mdundo.com anticipates significant growth in MAUs, targeting an increase from 26.6 million in the previous financial year to an impressive 35 million, reflecting a remarkable 35% surge. The guidance reflects an astounding seven-fold increase in MAUs since the IPO in 2020, highlighting the platforms expanding footprint in Africa. - Increase in Annual Revenue: The company expects to achieve a substantial increase in annual revenue, projecting a range of DKK 17 - 21 million. This demonstrates an average growth rate of 35-66% compared to this financial year.. The guidance reflects a 11 to 13-fold increase in yearly revenue since the IPO in 2020. - EBITDA Improvement: Mdundo.com aims to enhance its EBITDA performance. The company foresees an improvement from an anticipated range of minus DKK 6.5 million to minus DKK 7.5 million. This represents an improvement of DKK 0.5-1.5 million, reflecting the companys dedication to financial progress and minimizing cash-burn. Mdundo.com stands as a pioneer in Sub-Saharan Africas music streaming revolution, capitalizing on connectivity to redefine music experiences for millions. Our rapid growth, as well as our ambition to reach 50 million monthly active users and achieve financial sustainability by 2025, reflects our dedication to reshaping the African music landscape. Our investments yield results with revenue and user growth surging, while EBITDA remains consistent. These achievements align with our journey to become the leading pan-African music service. Guidance for FY 2023-24, expects +35% annual growth in monthly active users - Growth in Monthly Active Users (MAUs): Mdundo.com anticipates significant growth in MAUs, targeting an increase from 26.6 million in the previous financial year to an impressive 35 million, reflecting a remarkable 35% surge. The guidance reflects an astounding seven-fold increase in MAUs since the IPO in 2020, highlighting the platforms expanding footprint in Africa. - Increase in Annual Revenue: The company expects to achieve a substantial increase in annual revenue, projecting a range of DKK 17 - 21 million. This demonstrates an average growth rate of 35-66% compared to this financial year.. The guidance reflects a 11 to 13-fold increase in yearly revenue since the IPO in 2020. - EBITDA Improvement: Mdundo.com aims to enhance its EBITDA performance. The company foresees an improvement from an anticipated range of minus DKK 6.5 million to minus DKK 7.5 million. This represents an improvement of DKK 0.5-1.5 million, reflecting the companys dedication to financial progress and minimizing cash-burn. Mdundo.com stands as a pioneer in Sub-Saharan Africas music streaming revolution, capitalizing on connectivity to redefine music experiences for millions. Our rapid growth, as well as our ambition to reach 50 million monthly active users and achieve financial sustainability by 2025, reflects our dedication to reshaping the African music landscape. Our investments yield results with revenue and user growth surging, while EBITDA remains consistent. These achievements align with our journey to become the leading pan-African music service. RECOGNITION AND MEASUREMENT The financial statements have been prepared based on historical cost. The income is recognised in the income statement as earned. Value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Furthermore, all costs incurred to earn the profit or loss for the year have been recognised in the income statement, including amortisation, depreciation, write-down and provisions, as well as reversals as a consequence of changed accounting estimates of amounts previously recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits will flow into the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described below for each financial statement item. Certain financial assets and liabilities are measured at amortised cost, by which a constant redemption yield is recognised over the term. Amortised cost is calculated as original cost less installments and addition/deduction of the accumulated amortisation of the difference between cost and the nominal amount. Thereby, capital and exchange losses or gains are allocated over the term. On recognition and measurement, anticipated losses and risks that appear before presentation of the annual report and which confirm or invalidate affairs or conditions existing at the balance sheet date are considered. The functional currency is Danish Kroner, DKK. All other currencies are considered foreign currencies. FOREIGN CURRENCY TRANSLATION During the year, transactions in foreign currencies have been translated by applying the exchange rate at the transaction date. If currency positions are considered a hedge of future cash flows, the value adjustments are recognised directly in equity. Receivables and debt denominated in foreign currencies have been recognised at the exchange rate of the balance sheet date. Realised and unrealised exchange gains and losses have been recognised in the income statement under other financial income and expenses. CONSOLIDATED FINANCIAL STATEMENT The consolidated financial statements comprise the parent company and the enterprises (group enterprises) controlled by the parent company. The parent company is deemed to be controlling an enterprise when it directly or indirectly controls more than 50 % of the voting rights or is otherwise able to exercise control or de facto control with respect to the economic and operational decisions in the enterprise. Consolidation policies The consolidated financial statements have been prepared as a summary of the parent companys and the group enterprises financial statements by adding together uniform accounting records calculated in accordance with the groups accounting policies. Investments in group enterprises are eliminated by the proportionate share of the group enterprises market value of net assets and liabilities at the acquisition date. Prepayments Prepayments comprise costs incurred relating to subsequent financial years. Intangible assets Development costs comprise salaries, wages, and amortisation directly or indirectly 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 writedowns 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. Profit and loss from the sale of development projects, patents, and licenses are measured as the difference between the sales price less sales costs and the carrying amount at the time of sale. Profit or loss are recognised in the income statement as other operating income or other operating expenses, respectively. Goodwill Acquired goodwill is measured at cost less accumulated amortisation. Given that it is impossible to make a reliable estimate of the useful life, the amortisation period is set at 10 years. Property, plant and equipment Property, plant, and equipment are measured at cost less accumulated amortisation and depreciation. The basis of amortisation and depreciation is cost less estimated residual value after the end of useful life. Cost comprises the acquisition price as well as costs directly related to the acquisition until the time when the asset is ready to be put into operation. For self-produced property, plant, and equipment, indirect production costs are also included. Indirect production costs include indirect materials and payroll as well as maintenance and depreciation of production equipment applied for the production of the assets. The cost price for an asset is divided into separate components that are depreciated separately if the useful life of the individual components is significantly different. Depreciation is initiated when the assets are ready to be taken into operation. Assets are depreciated on a straight-line basis over their estimated useful lives with following residual values: Useful lives Residual value Other fixtures, etc. 4 - 8 yr. 0% Minor purchases with useful lives below one year have been recognised as expenses in the income statement in external expenses. Profit/loss on sale or retirement has been included in the income statement under other operating income and other operating expenses. Impairment loss relating to non-current assets The 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. Writedown 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. Provision for deferred tax Deferred tax is measured according to the liability method. A 22 % deferred tax provision has been made on all temporary differences between carrying amount and tax-based value of assets and liabilities. Deferred tax is also measured with respect to the planned use of the asset and the settlement of the liability.The tax value of the tax losses to be carried forward are included in the calculation of deferred taxes if it is probable that the losses can be used. The tax-based values of tax losses carried forward are included in the statement of deferred tax if it is probable that the losses can be utilised. <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 751px" ><tr><td style="width: 4%"></td><td style="width: 4%"></td><td style="width: 9%"></td><td style="width: 13%"></td><td style="width: 4%"></td><td style="width: 10%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 11%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td></tr><tr><td Colspan = 1 style="border-bottom: 1px solid; text-align: left">1</td><td Colspan = 5 style="border-bottom: 1px solid; text-align: left">Staff costs</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2022/23</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2021/22</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2022/23</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2021/22</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="border-top: 1px solid; text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Wages and salaries</td><td Colspan = 1 style="text-align: Right">2.392.521</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">2.319.581</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">525.000</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">525.000</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Pensions </td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Other social security costs</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">94.507</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">172.437</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 5 style="text-align: left">TOTAL</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">2.487.028</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">2.492.018</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">525.000</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">525.000</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Average number of full-time employees</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">18</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">18</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">1</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">1</td><td Colspan = 1 style="text-align: left"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 942px" ><tr><td style="width: 25%"></td><td style="width: 2%"></td><td style="width: 8%"></td><td style="width: 2%"></td><td style="width: 9%"></td><td style="width: 2%"></td><td style="width: 9%"></td><td style="width: 2%"></td><td style="width: 8%"></td><td style="width: 2%"></td><td style="width: 8%"></td><td style="width: 2%"></td><td style="width: 9%"></td><td style="width: 2%"></td><td style="width: 8%"></td></tr><tr><td Colspan = 14 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: Right">24</td></tr><tr><td Colspan = 15 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 4 style="border-bottom: 1px solid; text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center">THE GROUP</td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td></tr><tr><td Colspan = 15 style="border-top: 1px solid; text-align: left">&nbsp</td></tr><tr><td Colspan = 8 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">Reserve for</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">Reserve for</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 6 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">Share </td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">development</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">foreign currency</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">Retained</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right"></td></tr><tr><td Colspan = 6 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">capital</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">expenditure</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: left">translation </td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">earnings</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">TOTAL</td></tr><tr><td Colspan = 15 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 6 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">1.019.667</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">462.145</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-4.826</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">47.039.752</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">48.516.738</td></tr><tr><td Colspan = 12 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-9.682.518</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-9.682.518</td></tr><tr><td Colspan = 6 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">354.862</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-354.862</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td></tr><tr><td Colspan = 6 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">36.253</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">36.253</td></tr><tr><td Colspan = 15 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 6 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">1.019.667</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">817.007</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">31.427</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">37.002.372</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">38.870.473</td></tr><tr><td Colspan = 6 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-10.211.267</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-10.211.267</td></tr><tr><td Colspan = 8 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">289.065</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-289.065</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 6 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-189.386</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-189.386</td></tr><tr><td Colspan = 15 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 6 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">1.019.667</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">1.106.072</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">-157.959</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">26.502.040</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">28.469.820</td></tr><tr><td Colspan = 15 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 14 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: Right">25</td></tr><tr><td Colspan = 15 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 4 style="border-bottom: 1px solid; text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center">PARENT</td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td></tr><tr><td Colspan = 15 style="border-top: 1px solid; text-align: left">&nbsp</td></tr><tr><td Colspan = 8 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">Reserve for</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">Reserve for</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 6 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">Share </td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">development</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">foreign currency</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">Retained</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right"></td></tr><tr><td Colspan = 6 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">capital</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">expenditure</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: left">translation </td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">earnings</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">TOTAL</td></tr><tr><td Colspan = 15 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 6 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">1.019.667</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">462.145</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-4.826</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">47.039.752</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">48.516.738</td></tr><tr><td Colspan = 6 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-9.682.518</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-9.682.518</td></tr><tr><td Colspan = 6 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">354.862</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-354.862</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td></tr><tr><td Colspan = 6 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">36.253</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">36.253</td></tr><tr><td Colspan = 15 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 6 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">1.019.667</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">817.007</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">31.427</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">37.002.372</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">38.870.473</td></tr><tr><td Colspan = 6 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-10.211.267</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-10.211.267</td></tr><tr><td Colspan = 6 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">289.065</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-289.065</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td></tr><tr><td Colspan = 6 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td></tr><tr><td Colspan = 6 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-189.386</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-189.386</td></tr><tr><td Colspan = 15 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 6 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">1.019.667</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">1.106.072</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">-157.959</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">26.502.040</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">28.469.820</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 1009px" ><tr><td style="width: 2%"></td><td style="width: 4%"></td><td style="width: 23%"></td><td style="width: 2%"></td><td style="width: 8%"></td><td style="width: 2%"></td><td style="width: 9%"></td><td style="width: 2%"></td><td style="width: 8%"></td><td style="width: 2%"></td><td style="width: 8%"></td><td style="width: 2%"></td><td style="width: 8%"></td><td style="width: 2%"></td><td style="width: 8%"></td><td style="width: 2%"></td><td style="width: 8%"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">5</td><td Colspan = 15 style="text-align: left">List of fixed assets, amortisation and impairment,</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 15 style="border-bottom: 1px solid; text-align: left">intangible assets and property, plant and equipment</td></tr><tr><td Colspan = 12 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">Other fixtures</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 6 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">Completed </td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">Acquired </td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">and fittings,</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td></tr><tr><td Colspan = 6 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">development</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">patents and</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right">tools and </td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td></tr><tr><td Colspan = 6 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">projects</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">other right</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">Goodwill</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">equipment</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">TOTAL</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">30/6 2022</td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Cost at 1/7 2022</td><td Colspan = 1 style="text-align: Right">1.164.122</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">19.834.797</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">1.080.863</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">49.113</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">22.128.895</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">21.582.101</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Adjustment</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Exchange rate adjustments</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-8.742</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-8.742</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">1.823</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Additions for the year</td><td Colspan = 1 style="text-align: Right">509.486</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">6.026</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">515.512</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">544.971</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Disposals for the year</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-11.522</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-11.522</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 4 style="text-align: left">COST AT 30/6 2023</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">1.673.608</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">19.834.797</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">1.080.863</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">34.875</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">22.624.143</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">22.128.895</td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Amortisation and impairment at 1/7 2022</td><td Colspan = 1 style="text-align: Right">-116.677</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-4.295.061</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-234.186</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-28.750</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-4.674.674</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-2.487.757</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Adjustment</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Exchange adjustments</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">5.187</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">5.187</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-985</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Amortisation and depreciation for the year</td><td Colspan = 1 style="text-align: Right">-138.890</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-1.983.480</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-108.086</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-4.304</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-2.234.760</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-2.185.932</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Amortisation and impairment, disposals for the year</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">6.854</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">6.854</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 4 style="text-align: left">AMORTISATION AND IMPAIRMENT AT 30/6 2023</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-255.567</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-6.278.541</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-342.272</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-21.014</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-6.897.394</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-4.674.674</td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 4 style="text-align: left">CARRYING AMOUNT AT 30/6 2023</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">1.418.041</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">13.556.256</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">738.591</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">13.862</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">15.726.750</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">17.454.221</td></tr></table><table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 1009px" ><tr><td style="width: 2%"></td><td style="width: 4%"></td><td style="width: 23%"></td><td style="width: 2%"></td><td style="width: 8%"></td><td style="width: 2%"></td><td style="width: 9%"></td><td style="width: 2%"></td><td style="width: 8%"></td><td style="width: 2%"></td><td style="width: 8%"></td><td style="width: 2%"></td><td style="width: 8%"></td><td style="width: 2%"></td><td style="width: 8%"></td><td style="width: 2%"></td><td style="width: 8%"></td></tr><tr><td Colspan = 6 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center">PARENT</td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">6</td><td Colspan = 15 style="text-align: left">List of fixed assets, amortisation and impairment,</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 15 style="border-bottom: 1px solid; text-align: left">intangible assets and property, plant and equipment</td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 10 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">Completed </td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">Acquired </td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td></tr><tr><td Colspan = 10 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">development</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">patents and</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td></tr><tr><td Colspan = 10 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">projects</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">other right</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">TOTAL</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">30/6 2022</td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 8 style="text-align: left">Cost at 1/7 2022</td><td Colspan = 1 style="text-align: Right">1.164.122</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">19.834.797</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">20.998.919</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">20.453.948</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 8 style="text-align: left">Additions for the year</td><td Colspan = 1 style="text-align: Right">509.486</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">509.486</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">544.971</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 8 style="text-align: left">Disposals for the year</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 8 style="text-align: left">COST AT 30/6 2023</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">1.673.608</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">19.834.797</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">21.508.405</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">20.998.919</td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 8 style="text-align: left">Amortisation and impairment at 1/7 2022</td><td Colspan = 1 style="text-align: Right">-116.677</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-4.295.061</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-4.411.738</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-2.338.238</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 8 style="text-align: left">Amortisation and depreciation for the year</td><td Colspan = 1 style="text-align: Right">-138.890</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-1.983.480</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-2.122.370</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-2.073.500</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 8 style="text-align: left">Amortisation and impairment, disposals for the year</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 8 style="text-align: left">AMORTISATION AND IMPAIRMENT AT 30/6 2023</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-255.567</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-6.278.541</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-6.534.108</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-4.411.738</td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 8 style="text-align: left">CARRYING AMOUNT AT 30/6 2023</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">1.418.041</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">13.556.256</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">14.974.297</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">16.587.181</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 739px" ><tr><td style="width: 4%"></td><td style="width: 4%"></td><td style="width: 9%"></td><td style="width: 14%"></td><td style="width: 4%"></td><td style="width: 10%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 11%"></td><td style="width: 2%"></td><td style="width: 12%"></td></tr><tr><td Colspan = 6 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center">GROUP</td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center">PARENT</td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td></tr><tr><td Colspan = 13 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left">4</td><td Colspan = 12 style="text-align: left">Tax on profit/loss for the year,</td></tr><tr><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: left"></td><td Colspan = 5 style="border-bottom: 1px solid; text-align: left">corporation tax and deferred tax</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2022/23</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2021/22</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2022/23</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2021/22</td></tr><tr><td Colspan = 13 style="border-top: 1px solid; text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 12 style="text-align: left">Tax on profit/loss for the year:</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Tax on taxable income for the year</td><td Colspan = 1 style="text-align: Right">-310.324</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">174.557</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-310.438</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">174.225</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Non exempted withholding taxes</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">412.686</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">412.686</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td></tr><tr><td Colspan = 13 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">TOTAL</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">102.362</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">174.557</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">102.248</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">174.225</td></tr><tr><td Colspan = 13 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 12 style="text-align: left">Payable corporation tax:</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Payable at 1/7 2021</td><td Colspan = 1 style="text-align: Right">39.350</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-10.566</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">55.435</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Adjustment, previous years</td><td Colspan = 1 style="text-align: Right">-310.438</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-310.438</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Exchange rate adjustments</td><td Colspan = 1 style="text-align: Right">1.328</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-407</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Received regarding the year and previous years</td><td Colspan = 1 style="text-align: Right">136.162</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-5.451</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">136.213</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Withholding tax</td><td Colspan = 1 style="text-align: Right">118.790</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-118.790</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">118.790</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-118.790</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Tax on taxable income for the year</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">102</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">174.564</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">174.225</td></tr><tr><td Colspan = 13 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">PAYABLE AT 30/6 2023</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">-14.706</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">39.350</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">55.435</td></tr></table> 2492018 525000 2487028 525000 38870473 38870473 28469820 28469820 20363 0 13862 0 34209936 41305754 mne32793 Martin Møller Nielsen 357375 317768 656328 640718 191360 0 1198653 1059184 31427 31427 -157959 -157959 2022-06-30 19168429 19190039 4969594 4534926 16085 0 12982 0 3994446 3771236 6530884 2920 Charlottenlund Jagtvænget 2 -470326 -1002529 7272056 30241954 8924592 -22459941 1019667 1019667 1019667 1019667 450101 450101 552068 552068 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 Consolidated Financial Statements and the Parent Company Financial Statements” section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) and the additional 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’s Responsibilities for the Consolidated Financial Statements and the Parent Company Financial Statements Management is responsible for the preparation of Consolidated Financial Statements and Parent Company 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 Consolidated Financial Statements and Parent Company Financial Statements that are free from material misstatement, whether due to fraud or error. In preparing the Consolidated Financial Statements and the Parent Company Financial Statements, Management is responsible for assessing the Group’s and the Parent 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 Consolidated Financial Statements and the Parent Company Financial Statements unless Management either intends to liquidate the Group or the Company or to cease operations, or has no realistic alternative but to do so. INDEPENDENT AUDITORS AUDITREPORT, continued Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements and the Parent Company Financial Statements Our objectives are to obtain reasonable assurance about whether the Consolidated Financial Statements and the Parent Company 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 Consolidated Financial Statements and Parent Company 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 Consolidated Financial Statements and the Parent Company 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 Group’s and the Parent 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 Consolidated Financial Statements and the Parent Company 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 Group’s and the Parent 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 Consolidated Financial Statements and the Parent Company 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 Group and the Company to cease to continue as a going concern. * Evaluate the overall presentation, structure and contents of the Consolidated Financial Statements and the Parent Company Financial Statements, including the disclosures, and whether the Consolidated Financial Statements and the Parent Company Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view. * Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the Consolidated Financial Statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. INDEPENDENT AUDITORS AUDITREPORT, continued Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements and the Parent Company Financial Statements, continued 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. <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 751px" ><tr><td style="width: 4%"></td><td style="width: 4%"></td><td style="width: 9%"></td><td style="width: 13%"></td><td style="width: 4%"></td><td style="width: 10%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 11%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td></tr><tr><td Colspan = 1 style="border-bottom: 1px solid; text-align: left">11</td><td Colspan = 13 style="border-bottom: 1px solid; text-align: left">Contingent liabilities</td></tr><tr><td Colspan = 14 style="border-top: 1px solid; font-weight: bold; text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">Warranty commitments and other contingent liabilities:</td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">With the intention of maintaining and protecting the investments in Mdundo Limited, a statement of support valid for the affiliated company has been submitted for 12 months from the signing of this annual report.</td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">Mdundo has been demanded payment of KES 31,553,500, equivalent to DKK 1,539,175 as of 30th of June 2023, for alleged copyright infringement. However, based on a legal assessment, it is considered highly likely that the court will acquit Mdundo of the allegation.</td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 10 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center">GROUP</td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="text-align: left"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 1009px" ><tr><td style="width: 2%"></td><td style="width: 4%"></td><td style="width: 23%"></td><td style="width: 2%"></td><td style="width: 8%"></td><td style="width: 2%"></td><td style="width: 9%"></td><td style="width: 2%"></td><td style="width: 8%"></td><td style="width: 2%"></td><td style="width: 8%"></td><td style="width: 2%"></td><td style="width: 8%"></td><td style="width: 2%"></td><td style="width: 8%"></td><td style="width: 2%"></td><td style="width: 8%"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">7</td><td Colspan = 15 style="text-align: left">List of fixed assets, amortisation and depreciation,</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 15 style="border-bottom: 1px solid; text-align: left">fixed asset investments</td></tr><tr><td Colspan = 10 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">Investments</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 10 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">in group</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 10 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">enterprises</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">TOTAL</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">30/6 2022</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 8 style="text-align: left">Cost at 1/7 2022</td><td Colspan = 1 style="text-align: Right">6.403.757</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">6.403.757</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">3.807.203</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 8 style="text-align: left">Additions for the year</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2.871.083</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2.871.083</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2.596.554</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 8 style="text-align: left">COST AT 30/6 2023</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">9.274.840</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">9.274.840</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">6.403.757</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 8 style="text-align: left">Amortisations and impairment at 1/7 2022</td><td Colspan = 1 style="text-align: Right">-5.348.324</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-5.348.324</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-2.711.441</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 8 style="text-align: left">Exchange rate adjustments</td><td Colspan = 1 style="text-align: Right">-189.386</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-189.386</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">36.253</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 8 style="text-align: left">Result for the year before goodwill amortisations</td><td Colspan = 1 style="text-align: Right">-2.367.470</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-2.367.470</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-2.673.136</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 8 style="text-align: left">Adjustment internal gains/loss</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 8 style="text-align: left">AMORTISATIONS AND IMPAIRMENT AT 30/6 2023</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-7.905.180</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-7.905.180</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-5.348.324</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 8 style="text-align: left">Amortisation of goodwill, opening balance 1 July 2021</td><td Colspan = 1 style="text-align: Right">-234.186</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-234.186</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-126.100</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 8 style="text-align: left">Amortisation of goodwill for the year</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-108.086</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-108.086</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-108.086</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 8 style="text-align: left">Depreciation on goodwill 30 June 2022</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-342.272</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-342.272</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-234.186</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 8 style="text-align: left">CARRYING AMOUNT AT 30/6 2023</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">1.027.388</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">1.027.388</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">821.247</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 17 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 15 style="text-align: left">The item includes goodwill,</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 8 style="text-align: left">with an amount of</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">738.591</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">738.591</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">846.677</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr></table> -5475164 -4812224 -5201114 -4815321 0 -2781222 0 -2475556 Årsrapport 17433858 16587181 15712888 14974297 1027388 0 821247 6366288 3561157 2982656 4329930 3179267 2023-09-26 Søborg 174557 174225 102362 102248 0 inforevision, Statsautoriseret Revisionsaktieselskab 15188805 -14607282 -9682518 -9682518 -10211267 -10211267 -9682518 -9682518 -10211267 -10211267 -10153115 -7410724 -9922903 -7462690 20363 0 13862 0 509486 544971 We recommend that the Annual Report be approved at the Annual General Meeting. 2023-06-30 2022-07-01 5024234 4609665 7729537 7425472 Revisionspåtegning 15539736 15539736 13556256 13556256 2860 Søborg Buddingevej 312 43894707 43480138 36199356 35895292 Regnskabsklasse B The annual report has been prepared in accordance with the Danish Financial Statements Act. In our opinion the financial statements give a true and fair view of the Group and the Companys financial position at 30 June 2023 and of the result of the Group and the Companys operations and cash flows for the financial year 1 July 2022 - 30 June 2023. In our opinion, the Managements Review includes a fair review of the matters the review deals with. 2023-09-26 2023-10-26 Investments in group enterprises Investments in group enterprises have been recognised according to the equity method, so that the investment is measured at the pro rata share of the group enterprises net asset value adjusted for internal dividends and gains. Foreign group enterprises profit or loss and equity have been translated into DKK. Exchange adjustments arising on translation of the foreign group enterprises equity at the beginning of the financial year as well as profit/loss for the financial year are taken to equity. Distributable reserves in group enterprises which are distributed as dividends to the Parent at the balance sheet date are included in the value of investments. Group enterprises with negative net asset values are measured at zero, and any receivable from such enterprises is written down by the Parents share of the negative net asset value to the extend deemed irrecoverable. If the negative net asset value exceeds the amount receivable, the remaining amount is recognised in provisions to the extent the Parent has a legal or constructive obligation to cover the relevant enterprises liabilities. Acquisition of group enterprises are recognised at cost. The difference between the cost price and the net asset value of the acquired company, which appears at the time of establishing the consolidation, is as far as possible allocated to the assets and liabilities whose value is higher or lower than the carrying amount. A remaining positive difference is treated as goodwill and included in the value of investments, which is amortised in the income statement. A negative difference , reflecting an expected cost or an unfavourable development, is recognised as income in the income statement in the year of acquisition. Investments in group enterprises, continued The total net revaluation of investments in group enterprises is allocated via the profit distribution to "reserve for net revaluation according to the equity method" under equity. The reserve is reduced by dividend distributions to the Parent and is adjusted by changes in equity in the group enterprises. Staff costs Staff costs include wages and salaries, including holiday pay, pensions, and other social security costs etc. to the Company´s employees. Staff costs are reduced with payments received from public authorities. Results from equity investment in group enterprise After full elimination of intercompany profit or loss less amortised consolidated goodwill, the equity investment in the group enterprise is recognised in the income statement of the parent as a proportional share of the group enterprises’ post tax profit or loss. External expenses Other external costs comprise costs incurred for distribution, sales, advertising, administration, premises, loss on receivables, and operational leasing costs. Receivables Receivables are measured at amortised cost which usually correspond to a nominal value. The value is reduced by write-down for bad debt according to an individual assessment. Revenue 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. Recognition of revenue is exclusive of VAT and taxes and less any discounts relating directly to sales. Direct costs Direct costs include royalties, licenses and other costs directly related to revenue. Tax on profit or loss for the year income taxes Tax on profit or loss for the year represents 22% of the book profit or loss adjusted for non-taxable and non-deductible items. Tax on profit or loss for the year consists of the anticipated tax portion of the taxable income for the year adjusted for the changes for the year in deferred tax. Changes in deferred taxes due to the adjustment of tax rates is recognised in the income statement. The Company is subject to the Danish Tax Prepayment Scheme. Interest reimbursement and interest surcharge have been recognised in financial income and expenses. The principal activities of the group Mdundo.com A/Ss main activity is to operate and develop an online music service like Spotify, Apple Music, etc., but developed with a focus on the African mass market and the more than one billion people of sub-Saharan Africa. Similarly, to the conditions in the Western world, music is being distributed digitally in Africa, but digital music services are only now making a breakthrough, and Mdundo is playing a significant role in that development. Mdundo.com grows premium service revenue by 239% and exceeds user guidance of 26 million monthly active users Mdundo.com stands at the forefront of Sub-Saharan Africas music streaming evolution. As the region embarks on an unprecedented digital journey, weve harnessed the power of connectivity to transform the music experience for millions towards our vision of providing Africa with easy and legal access to online entertainment. Our growth, and ambition of reaching 50 million monthly active users as well as financial sustainability by the financial year ending 2025, underscore our commitment to redefining the African music industry. Highlight Summary: Building a leading music service for Africa: - Steep Revenue Growth at Mdundo.com: 74% growth from DKK 7.2 million to 12.6 million, as a result of strategic media investments. EBITDA of minus 7.7 million, which reflects guidance and strategic investments. - Exceeding User Growth: Monthly active users reached 26.6 million, surpassing yearly target of 25 million. - Premium Offering: Subscription revenue grew 239% to DKK 4.4 million, comprising 35% of total revenue. - Advertising Offering: Advertising revenue grew by 37% to DKK 8.2 million, campaigns executed for leading global brands. - Cash: DKK 15.5 million in the bank, which corresponds to 43% of the total net proceeds from the listing on Nasdaq First North in 2020 of DKK 36 million, - Ambitious Goals: Pursuing 50 million monthly active users and EBITDA positive operation by 2025. Guidance for FY 2023-24: User Growth Anticipated: Projecting 32% increase in monthly active users to 35 million. Revenue Growth: Aiming for DKK 17-21 million, reflecting 35-66% growth from last year. EBITDA Improvement: Targeting DKK -6.5 to -7.5 million, showcasing an improvement of DKK 0.5-1.5 million. MANAGEMENTS REVIEW 2022/23, CONTINUED Market Overview: Unlocking the Potential of Sub-Saharan Africas Music Streaming Landscape - Smartphone and Internet Penetration Surge: The Sub-Saharan African region is on the cusp of a digital revolution. With mobile penetration projected to surge from 515 million in 2021 to 613 million in 2025, the total addressable market is positioned for remarkable growth. These figures, sourced from the GSMA Report 2022, indicate a flourishing opportunity to tap into a population of 1.2 billion people, as reported by the World Bank. This rapid expansion in digital connectivity underscores the immense growth potential across the continent. - Exponential Growth in Recorded Music: Sub-Saharan Africa is shaping up to be a powerhouse in the global music industry. In 2022, the region emerged as the fastest growing for recorded music, boasting a remarkable 34.7% year-on-year growth. Against the backdrop of this robust growth, the global music recording market experienced an additional 9.6% expansion, reaching an impressive $26.2 billion in the calendar year. This surge marks a significant ascent from the markets low point of $13.1 billion in 2014. An increasingly digital-focused landscape is evident, with streaming accounting for a substantial 67% of this growth, as documented by the IFPI Global Music Report 2023. - African Artists Shining Globally: African musical talent isnt just resonating locally; its taking the world by storm. With artists from the continent gaining rapid international acclaim, theyre stealing the spotlight on the global music scene. For instance, Rema and Burna Boy headlined Denmarks Roskilde Festival during successful European tours. These achievements highlight the rising impact and allure of African music globally. Nigerias Mavin Records, a leading label, boasts a staggering 6 billion global streams, showcasing the worldwide demand for African creativity and talent. - Emerging from the Shadows: While data on consumption and revenue within Sub-Saharan Africa is currently limited, an encouraging trend is evident. Management holds the view that both consumption and revenue within the continent are experiencing rapid growth. Drawing parallels with historical shifts in music consumption patterns, its noteworthy that Africa is embarking on a journey akin to that observed in the Western world a decade ago, transitioning from illegal to legal music services. The Sub-Saharan African music streaming landscape presents a rich tapestry of potential and possibilities. With expanding smartphone and internet penetration, a thriving recorded music market, global recognition for African artists, and an evolving consumption paradigm, the continents music industry is poised for an exciting chapter of growth. The journey from local to global prominence is underway, and as trends continue to align, Sub-Saharan Africas music scene is undoubtedly a force to be reckoned with on the global stage. MANAGEMENTS REVIEW 2022/23, CONTINUED Performance Highlights: Investing in user and revenue growth with an eye on EBITDA positive by year 2025 - Strong Revenue Surge: Throughout the fiscal year, our commitment to growth has yielded good results, as reflected in our revenue performance. The year culminated with a substantial revenue surge from DKK 7.2 to 12.6 million, embarking us on our journey towards EBITDA positive in the financial year ending 2025. - Exceeding Expectations in User Growth: Our user growth has outpaced projections, marking a testament to our strategys direction. By the close of the financial year, our monthly active users soared to an impressive 26.6 million. This milestone surpassed the initial target of 25 million for the month. Furthermore, this represents a notable progression from the 20.3 million users recorded in June 2022. Our resounding success extends across geographic borders, reflecting the diverse appeal of our platform. Nigeria emerged as our largest market, followed closely by Tanzania, Kenya, Uganda, Ghana, and South Africa. - Subscription Revenue Growth: Our premium offering, developed in collaboration with leading telecom partners across Africa, achieved remarkable growth, surging from DKK 1.3 million to DKK 4.4 million in total revenue, a staggering 239% increase. This service now constitutes 35% of our total revenue, a significant jump from 18% last year. As initially stated during the IPO, subscription revenue is on track to comprise 40% of our total revenue moving forward. - Advertising Revenue Growth: Our advertising revenue experienced remarkable growth, leaping by 37% from DKK 6 million to DKK 8.2 million compared to the year ending June 2022. The company executed 119 campaigns, a notable increase from 81 campaigns in the prior year. Leading global and pan-African companies such as Diageo, Coca-Cola, Sportpesa, Wringleys, Guinness, Beiersdorff, Netflix, Airtel Africa, Safaricom, Standard Chartered Bank, and MTN were among our clients, demonstrating our expanding presence in premium advertising partnerships. - Robust Revenue Growth and Financial Performance: Our financial accomplishments underscore our robust growth trajectory. Notably, our revenue for the financial year surged to DKK 12.6 million, a substantial leap from the DKK 7.2 million recorded last year. This equates to an impressive 74% growth from 2021-22 to 2022-23. While our performance slightly trailed our guidance of DKK 13-16 million, management thinks the progress remains acceptable. - EBITDA aligned with guidance: For the year, our EBITDA stands at DKK -7.7 million. This outcome aligns with our guidance of negative DKK 7-8.5 million for 2022-23. MANAGEMENTS REVIEW 2022/23, CONTINUED - Mission-Aligned Results and Growth Strategy: Reflecting on the years results, our management deems them in line with our ambitious growth strategy. An ordinary result after tax of DKK -10.2 million, while representing a deficit, is viewed as a satisfactory outcome due to investments in future growth and profitability. This performance harmonizes with our mission to emerge as the foremost pan-African music service. Our sights remain set on achieving 50 million unique monthly active users by mid-2025. - Capital Infusion and Fiscal Prudence: Our listing on Nasdaq First North in September 2020 was accompanied by a capital infusion that fueled our growth journey. Raising approximately DKK 36 million in net proceeds, we equipped ourselves to seize opportunities in the fast growth African music streaming landscape. As we close the financial year, our liquidity stands at DKK 15.5 million. <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 751px" ><tr><td style="width: 4%"></td><td style="width: 4%"></td><td style="width: 9%"></td><td style="width: 13%"></td><td style="width: 4%"></td><td style="width: 10%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 11%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td></tr><tr><td Colspan = 1 style="border-bottom: 1px solid; text-align: left">3</td><td Colspan = 5 style="border-bottom: 1px solid; text-align: left">Other financial expenses</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2022/23</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2021/22</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2022/23</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2021/22</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Other financial expenses</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">656.328</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">357.375</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">640.718</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">317.768</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">TOTAL</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">656.328</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">357.375</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">640.718</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">317.768</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 14 style="font-weight: bold; text-align: left">NOTES</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 751px" ><tr><td style="width: 4%"></td><td style="width: 4%"></td><td style="width: 9%"></td><td style="width: 13%"></td><td style="width: 4%"></td><td style="width: 10%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 11%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td></tr><tr><td Colspan = 1 style="border-bottom: 1px solid; text-align: left">2</td><td Colspan = 5 style="border-bottom: 1px solid; text-align: left">Other financial income</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2022/23</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2021/22</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2022/23</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2021/22</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="border-top: 1px solid; text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Interest income to group enterprises</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Other financial income</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">470.326</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">1.002.529</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">469.945</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">1.001.421</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">TOTAL</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">470.326</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">1.002.529</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">469.945</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">1.001.421</td><td Colspan = 1 style="text-align: left"></td></tr></table> -178122 35014 <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 751px" ><tr><td style="width: 4%"></td><td style="width: 4%"></td><td style="width: 9%"></td><td style="width: 13%"></td><td style="width: 4%"></td><td style="width: 10%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 11%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td></tr><tr><td Colspan = 1 style="border-bottom: 1px solid; text-align: left">9</td><td Colspan = 5 style="border-bottom: 1px solid; text-align: left">Prepayments</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">30/6 2023</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">30/6 2022</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">30/6 2023</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">30/6 2022</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Other prepayments</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">552.068</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">450.101</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">552.068</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">450.101</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">TOTAL</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">552.068</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">450.101</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">552.068</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">450.101</td><td Colspan = 1 style="text-align: left"></td></tr></table> 846677 0 738591 0 <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 751px" ><tr><td style="width: 4%"></td><td style="width: 4%"></td><td style="width: 9%"></td><td style="width: 13%"></td><td style="width: 4%"></td><td style="width: 10%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 11%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td></tr><tr><td Colspan = 1 style="border-bottom: 1px solid; text-align: left">8</td><td Colspan = 5 style="border-bottom: 1px solid; text-align: left">Other receivables</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">30/6 2023</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">30/6 2022</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">30/6 2023</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">30/6 2022</td><td Colspan = 1 style="font-weight: bold; text-align: left"></td></tr><tr><td Colspan = 14 style="border-top: 1px solid; text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Accrued revenue</td><td Colspan = 1 style="text-align: Right">1.737</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">1.737</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">1.737</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">1.737</td><td Colspan = 1 style="font-weight: bold; text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Other receivables</td><td Colspan = 1 style="text-align: Right">72.877</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">15.082.505</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">311</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">15.019.953</td><td Colspan = 1 style="font-weight: bold; text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">VAT receivable</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">56.844</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">56.844</td><td Colspan = 1 style="font-weight: bold; text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">TOTAL</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">74.614</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">15.141.086</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">2.048</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">15.078.534</td><td Colspan = 1 style="font-weight: bold; text-align: left"></td></tr><tr><td Colspan = 14 style="font-weight: bold; text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 13 style="text-align: left">In other receivables as of June 30, 2022, included a balance of DKK 15,019,642 in the companys tax account. These </td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 13 style="text-align: left">funds have been transferred to the companys bank account in the current fiscal year, resulting in a significant increase </td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 13 style="text-align: left">in the companys cash.</td></tr></table> 656328 357375 43894707 43480138 36199356 35895292 Mdundo.com A/S 0 0 8997405 7650838 11473178 10522582 15141086 15078534 74614 2048 Charlottenlund 2021-07-01 -9507961 -9508293 -10108905 -10109019 1 817007 817007 1106072 1106072 0 0 0 678748 0 801543 Statement on the Management’s review Management is responsible for Management’s Review. Our opinion on the Consolidated Financial Statements and the Parent Company 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 Consolidated Financial Statements and the Parent Company Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Consolidated Financial Statements or the Parent Company 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 Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statement Acts. We did not identify any material misstatement of Management’s Review. Reporting on Other legal og regulatory requirements As part of our audit, we have reviewed the companys VAT accounting. In this regard, discrepancies have been identified between the companys VAT reporting and VAT accounting, for which management may potentially be held responsible. København Ø, 26th September 2023 Grant Thorton statsautoriseret revisionspartnerselskab Central Business Registration no. 34 20 99 36 Martin S. Haaning State Authorized Public Accountant mne32793 Konklusion 2100 København Ø Stockholmsgade 45 288364 -470597 -656328 -357375 18 1 18 1 7272056 6881671 15503013 15358682 -515512 -544971 1047445 1047445 1418041 1418041 3735745 3690356 6318226 6376716 -768773 -2622063 782993 782994 0 0 State Authorized Public Accountant CEO Bestyrelsesmedlem Bestyrelsesmedlem Bestyrelsesmedlem Bestyrelsesformand EQUITY AND LIABILITIES Equity Managements proposed dividends for the financial year is disclosed as a separate item in equity. Reserve for development costs The 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. Reserve for foreign currency translation The reserve for foreign currency translation arises when translating accounting items in foreign currency. The reserve is dissolved once the value adjustments have been applied or reversed. The reserve is distributable. Other financial income and other financial expenses Financial income and expenses are recognised with amounts concerning the financial year. Financial items comprise interest, realised and unrealised exchange gains and losses, as well as interest surcharge and interest reimbursements under the Danish Tax Prepayment Scheme. Financial liabilities Liabilities have been measured at amortised cost, which corresponds to nominal value. Deferred income Deferred income comprises income received relating to subsequent years. <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 751px" ><tr><td style="width: 4%"></td><td style="width: 4%"></td><td style="width: 9%"></td><td style="width: 13%"></td><td style="width: 4%"></td><td style="width: 10%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 11%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td></tr><tr><td Colspan = 1 style="border-bottom: 1px solid; text-align: left">10</td><td Colspan = 13 style="border-bottom: 1px solid; text-align: left">Contingent assets</td></tr><tr><td Colspan = 14 style="border-top: 1px solid; font-weight: bold; text-align: left">&nbsp</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">The Company has unrecognised deferred tax assets of DKK 4.533.882,00</td></tr></table> The Board of Directors and Board of Executives have today discussed and approved the annual report for the financial year 1 June 2022 - 30 July 2023 of Mdundo.com A/S. 157734 124241 MANAGEMENTS REVIEW 2022/23, CONTINUED 8 Financial highlights for the Group Amounts in DKK 000 2022/23 2021/22 2020/21 2019/20 Income statement Revenue 12.639 7.258 2.300 379 Gross profit/loss -5.201 -5.475 -3.740 -432 Profit/loss from primary activities -9.923 -10.153 -8.401 -987 Net financials -186 645 -1 48 Profit/loss for the year -10.211 -9.683 -8.403 -939 Balance sheet Balance sheet total 36.199 43.895 51.370 23.119 Equity 28.470 38.870 48.517 21.173 Key figures in % Profit margin (EBIT-margin) -79 -140 -365 -260 Acid test ratio 265 526 1.131 130 Solvency ratio 79 89 94 92 Return on equity -30 -22 -24 -9 Share related key figures Book value per share 2,79 3,81 Ge14eral Earnings per share ratio before dilution -1,00 -0,95 Ge57eral Earnings per share ratio after dilution -1,00 -0,95 Ge57eral Total shares 10.197 10.197 10.197 Average shares in the period 10.197 10.197 8.098 Calculations of key figures and ratios follow the recommedations of the Danish Association of Finance Analysts. The annual report has been prepared in accordance with Danish financial statements legislation as well as generally accepted accounting principles. The annual report has been prepared in accordance with the reporting requirements of the Danish Financial Statements Act of class B enterprises. The accounting policies have not been changed from last year. 470326 1002529 5024234 4609665 7729537 7425472 0 821247 0 1027388 55435 55435 0 0 Martin S. Haaning Layal Sarkan Jakob Ellehauge Sode Joseph Hundah Kristopher Mawijena Kris Senau Jesper Vesten Drescher Grant Thorton, statsautoriseret revisionspartnerselskab 8409079 -23004912 17454221 17408428 15726750 16001685 Opinion We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of Mdundo.com A/S for the financial year 1 July 2022 to 30 June 2023, which comprise the accounting policies applied, the income statement, the balance sheet, statement of changes in equity and notes for both the Group and the Parent Company as well as cash flow statement for the Group. The Consolidated Financial Statements and the Parent Company Financial Statements are prepared under the Danish Financial Statements Act. In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the financial position of the Group and the Parent Company at 30 June 2023, and of the results of the Group and Parent Companys operations and the Groups cash flows for the financial year 1 July 2022 to 30 June 2023 in accordance with the Danish Financial Statements Act. 1002529 1001421 470326 469945 6026 0 37002372 37002372 26502040 26502040 7257986 6528970 12639156 12083977 Grundlag for konklusion