32067522 2024-07-01 2025-06-30 32067522 2024-07-01 2025-06-30 0 32067522 2024-07-01 2025-06-30 1 32067522 2024-07-01 2025-06-30 2 32067522 2024-07-01 2025-06-30 0 32067522 2024-07-01 2025-06-30 0 32067522 2023-07-01 2024-06-30 32067522 2025-06-30 32067522 2024-06-30 iso4217:DKK xbrli:pure Regnskabsklasse B Årsrapport 30505247 Novi A/S Niels Jernes Vej 10 9220 Aalborg Øst xWizard version 1.1.1441.0, by EasyX Aps. www.easyx.eu 2023-07-01 2024-06-30 Revisionspåtegning Grundlag for konklusion Konklusion 2024-07-01 2025-06-30 2025-11-24 Christian Wiese Svanberg 2operate A/S Niels Jernes Vej 10 9220 Aalborg Ø 32067522 2009-02-16 Kaj Juul-Pedersen chairman Søren Klausen Søndergaard Christian Wiese Svanberg Søren Klausen Søndergaard CEO EY Godkendt Revisionspartnerselskab Østre Havnegade 65 9000 Aalborg Nykredit MANAGEMENT'S STATEMENT   Today the Board of Directors and Executive Board have discussed and approved the Annual Report of   2operate A/S for the financial year 1 July 2024 - 30 June 2025.   The Annual Report is presented in accordance with the Danish Financial Statements Act.   In our opinion the Financial Statements give a true and fair view of the Company's assets, liabilities and   financial position at 30 June 2025 and of the results of the Company's operations for the financial year   1 July 2024 - 30 June 2025.   The Management Commentary includes in our opinion a fair presentation of the matters dealt with in   the Commentary.   We recommend the Annual Report be approved at the Annual General Meeting.   2025-11-24 Søren Klausen Søndergaard CEO Kaj Juul-Pedersen Chairman Søren Klausen Søndergaard Christian Wiese Svanberg INDEPENDENT AUDITOR'S REPORT   To the Shareholders of 2operate A/S   Opinion   We have audited the financial statements of 2Operate A/S for the financial year 1 July 2024 – 30 June   2025, which comprise income statement, balance sheet and notes, including accounting policies. The   financial statements are prepared in accordance with the Danish Financial Statements Act.   In our opinion, the financial statements give a true and fair view of the financial position of the   Company at 30 June 2025 and of the results of the Company's operations for the financial year 1 July   2024 – 30 June 2025 in accordance with the Danish Financial Statements Act.   Basis for Opinion   We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional   requirements applicable in Denmark. Our responsibilities under those standards and requirements are   further described in the "Auditor's responsibilities for the audit of the financial statements" section of   our report. We believe that the audit evidence we have obtained is sufficient and appropriate to   provide a basis for our opinion.   Independence  We are independent of the Company in accordance with the International Ethics Standards Board for   Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional   ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in   accordance with these requirements and the IESBA Code.   Management's Responsibilities for the Financial Statements   Management is responsible for the preparation of financial statements that give a true and fair view in   accordance with the Danish Financial Statements Act and for such internal control as Management   determines is necessary to enable the preparation of financial statements that are free from material   misstatement, whether due to fraud or error.   In preparing the financial statements, Management is responsible for assessing the Company's ability to   continue as a going concern, disclosing, as applicable, matters related to going concern and using the   going concern basis of accounting in preparing the financial statements unless Management either   intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.   Auditor’s Responsibilities for the Audit of the Financial Statements   Our objectives are to obtain reasonable assurance as to whether the financial statements as a whole   are free from material misstatement, whether due to fraud or error, and to issue an auditor's report   that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee   that an audit conducted in accordance with ISAs and 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 the financial statements.   As part of an audit conducted in accordance with ISAs and additional requirements applicable in   Denmark, we exercise professional judgement and maintain professional scepticism throughout the   audit. We also:    Identify and assess the risks of material misstatement of the financial statements, whether due to   fraud or error, design and perform audit procedures responsive to those risks and obtain audit   evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not   detecting a material misstatement resulting from fraud is higher than for one resulting from error,   as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override   of internal control.    Obtain an understanding of internal control relevant to the audit in order to design audit   procedures that are appropriate in the circumstances, but not for the purpose of expressing an   opinion on the effectiveness of the Company's internal control.    Evaluate the appropriateness of accounting policies used and the reasonableness of accounting   estimates and related disclosures made by Management.    Conclude on the appropriateness of Management's use of the going concern basis of accounting in   preparing the financial statements and, based on the audit evidence obtained, whether a material   uncertainty exists related to events or conditions that may cast significant doubt on the Company's   ability to continue as a going concern. If we conclude that a material uncertainty exists, we are   required to draw attention in our auditor's report to the related disclosures in the financial   statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based   on the audit evidence obtained up to the date of our auditor's report. However, future events or   conditions may cause the Company to cease to continue as a going concern.    Evaluate the overall presentation, structure and contents of the financial statements, including the   note disclosures, and whether the financial statements represent the underlying transactions and   events in a manner that gives a true and fair view.    We communicate with those charged with governance regarding, among other matters, the   planned scope and timing of the audit and significant audit findings, including any significant   deficiencies in internal control that we identify during our audit.   Statement on Management Commentary   Management is responsible for Management Review.   Our opinion on the Financial Statements does not cover Management Review, and we do not express   any form of assurance conclusion thereon.   In connection with our audit of the Financial Statements, our responsibility is to read Management   Review and, in doing so, consider whether Management Review is materially inconsistent with the Fi-   nancial Statements or our knowledge obtained during the audit, or otherwise appears to be materially   misstated.   Moreover, it is our responsibility to consider whether Management Review provides the information   required under the Danish Financial Statements Act.   Based on the work we have performed, we conclude that Management Review is in accordance with   the Financial Statements and has been prepared in accordance with the requirements of the Danish   Financial Statements Act. We did not identify any material misstatement of Management Review.   Aalborg 2025-11-24 EY Godkendt Revisionspartnerselskab 30700228 Hans B. Vistisen State Authorised Public Accountant mne23254 MANAGEMENT COMMENTARY   Principal activities   2operate develops and commercializes software solutions for Operation Support Systems, OSS, within   Telecommunication. Related additional expertise services is delivered especially for operating and   optimizing Radio Access Network. The solutions from Telecommunication is recently been transferred   to the energy sector to deliver Smartgrid functions to stabilize electricity grids with high amounts of   renewable energy production.   Development in activities and financial and economic position   Current product solutions in operation are our AI based 2solve multi-vendor Performance and   Troubleshooting platform and our supplementary products, Site Configurator and Service Classifier.   ECO-RAN has been enhanced in the finalised GreenSite project to be able to control power consuming   equipment on mobile sites through our NB-IoT smart device.   ECO-RAN Flex is the newest addition to the solution portfolio and is able to control and adjust the   power consumption strategy of thousands of decentralized power consumers to deliver ancillary   services to society as well as cost saving on the power bill.   Financial Development   In fiscal year 2024/25 2operate got a result of DKK -119 thousand. In comparison last year result was   DKK 103 thousand.   Significant events after the end of the financial year   No events have occurred after the end of the financial year of material importance for the company's   financial position.   3115097 3945288 -1239975 296634 1011353 -2102838 237814 1112957 3640353 5172983 2172229 1603161 3052179 1861765 -135037 259039 0 2 49972 66896 -185009 -66000 192145 89152 -119009 102993 -119009 102993 3445536 4257008 7702544 3795143 4035588 7830731 7702544 7830731 1047592 41769 1204957 106543 353066 56741 1721307 0 121996 1211357 4883 1216240 8918784 4883 1726190 9556921 1625000 6007984 -2604108 1625000 6107969 -2585084 5028876 124000 5147885 190000 124000 190000 0 100950 0 100950 100950 233228 59456 403800 758334 229589 256946 416269 3115328 3765908 2310094 4118086 3765908 8918784 4219036 9556921 EQUITY Transfer to reserve for development Retained Share capital costs profit Total Equity at 1 July 20241.625.0006.107.969-2.585.0845.147.885Proposed profit allocation-119.009 -119.009 Other legal bindings Capitalized development costs-99.985 99.985 0 Equity at 30 June 20251.625.0006.007.984-2.604.1085.028.876 NOTES   Note   2024/25   2023/24   DKK   DKK   Staff costs   1 Average number of employees   3 5 Wages and salaries........................................................  2.148.991   3.016.993   Social security costs......................................................  23.238   35.186   2.172.229   3.052.179   Of this, salaries and staff costs amounting to DKK 1.240 thousand have been capitalised as   development projects (2023/24: DKK 2.103 Thousand).   3 5 Tax on profit/loss for the year   2 Adjustment of tax for previous years..................................  0 3.152   Adjustment of deferred tax.............................................  -66.000   4.000   Adjustm. of deferred tax due to change in tax rate................   0 82.000   -66.000   89.152   Intangible assets   3 Development   Development   projects in   projects   progress and   completed   prepayments   Cost at 1 July 2024.......................................................   21.460.256   4.035.588   Transfer.....................................................................  1.253.555   -1.253.555   Additions...................................................................   0 1.474.975   Disposals....................................................................  -12.893.040   0 Cost at 30 June 2025....................................................  9.820.771   4.257.008   Amortisation at 1 July 2024.............................................   17.665.114   0 Impairment losses.........................................................  0 0 Amortisation for the year................................................  1.603.161   0 Reversal of accumulated depreciation and impairment of   -12.893.040   0 assets disposed............................................................  Amortisation at 30 June 2025.........................................  6.375.235   0 Carrying amount at 30 June 2025....................................  3.445.536   4.257.008   Development projects completed  Contains development of 2solve trouble-shooting suite, SiteConfiguration, ServiceClassifier,   5G evolution, Greensite and ECO-RAN project. The carrying amount is 3.446 TDKK by 30th of   June 2025. The activities are depreciated over 5 years. Management has not identified   indications of impairment in relation to the carrying amount.   Development projects in progress and prepayments   Contains development of the project ECO-RAN Flex. The carrying amount is 4.257 TDKK by   30th of June 2025. Management has not identified an indication of impairment for   Development projects in progress and prepayments.   NOTES   Note   Long-term liabilities   4 Debt   30/6 2025   Repayment   outstanding   30/6 2024   total liabilities   next year after 5 years total liabilities   Debt instruments..................................  100.950   100.950   0 504.750   100.950   100.950   0 504.750   Charges and securities   5 2Operate A/S has provided as collateral for the fulfilment of the debt instruments of DKK   101 thousand by 30 June 2025 their right to development projects, other rights, and   receivables from sales.   As collateral for balances with bank, 2Operate A/S has issued a floating charge of DKK 1.000   thousand.   ACCOUNTING POLICIES   The Annual Report of 2operate A/S for 2024/25 has been presented in accordance with the provisions Reg true  of the Danish Financial Statements Act for enterprises in reporting class B and certain provisions apply-   ing to reporting class C.   The accounting policies used in the preparation of the financial statements are consistent with those of   last year.   INCOME STATEMENT   Net revenue   The Company has chosen IAS 11/IAS 18 as interpretation for revenue recognition.   2Operate's revenue includes sales of software solutions delivered to the customer as software-as-   aservice (SaaS) with configuration and customization, as well as maintenance, operation and support.   Where a sales agreement covers several supply obligations, the total sales value of the sales   agreement shall be allocated proportionately to the contract's individual delivery obligations. Where   the contract cannot be divided into separate supply obligations, the entire contract shall be recognised   on a straight-line basis over the contract period. The recognised revenue is measured on the basis of   the remuneration to which 2Operate A/S expects to be entitled in a contract with a customer.   Revenue is measured net of all types of discounts/rebates granted. Also, revenue is measured net of   VAT and other indirect taxes charged on behalf of third parties.   Own Work   Work performed on own account and risk and recognised as assets includes staff costs regarding work   performed in the financial year in relation to the construction of one or more assets recognised in the   balance sheet.   Other operating income   Other operating income includes items of a secondary nature in relation to the enterprises' principal   activities, including profit from sale of intangible and tangible assets, operating loss and conflict   compensations, as well as salary refunds. Compensations are recognised when the income is estimated   to be realisable.   Other external expenses   Other external expenses include cost of sales, advertising, administration, buildings, bad debts,   operating lease expenses, etc.   Staff costs   Staff costs comprise wages and salaries, including holiday pay and pensions and other costs for social   security etc. for the company’s employees. Repayments from public authorities are deducted from   staff costs.   Financial income and expenses   Financial income and expenses include interest income and expenses, financial expenses of finance   leases, realized and unrealized gains and losses arising from debt and transactions in foreign   currencies. Financial income and expenses are recognized in the income statement by the amounts   that relate to the financial year.   Tax   The tax for the year, which consists of the current tax for the year and changes in deferred tax, is   recognised in the income statement by the portion that may be attributed to the profit for the year,   and is recognised directly in the equity by the portion that may be attributed to entries directly to the   equity.   BALANCE SHEET   Intangible fixed assets   Acquired rights are measured at the lower of cost less accumulated amortization or recoverable   amount. Acquired rights are amortized over 5 years.   Development costs comprise costs, including wages and salaries, and amortisation, which directly or   indirectly can be related to the company’s development activities and which fulfil the criteria for   recognition.   Capitalised development costs are measured at the lower of cost less accumulated amortisation or   recoverable amount.   Capitalised development costs are amortised on a straight-line basis over the estimated useful life   after completion of the development work. The amortisation period is normally 5 years.   Intangible fixed assets are generally written down to the lower of recoverable value and carrying   amount.   Impairment of fixed assets   The carrying amount of intangible assets and property, plant and equipment is tested annually for   indication of impairment other than the decrease in value reflected by amortisation/depreciation   made.   Impairment tests are conducted on individual assets or cash-generating units when there is indication   of impairment. Write-down is made to the lower of the recoverable amount and carrying amount.   Receivables   The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables.   Receivables are measured at amortised cost which usually corresponds to nominal value. The value is   written down to meet expected losses.   Accruals, assets   Accruals recognised as assets include costs incurred relating to the subsequent financial year.   Cash and cash equivalents   Cash comprises cash in hand and bank deposits.   Equity   Reserve for development costs   Reserve for development costs comprise recognised development costs after tax, which are capitalised   as intangible assets. The reserve cannot be used to distribute dividend or cover losses. The reserve will   be reduced or dissolved if the recognised development costs are amortised or no longer part of the   Company's operations. This is done by a transfer directly to the distributable reserves under equity.   Tax payable and deferred tax   Current tax liabilities and receivable current tax are recognised in the balance sheet as the calculated   tax on the taxable income for the year, adjusted for tax on the taxable income for previous years and   taxes paid on account.   Deferred tax is measured on the temporary differences between the carrying amount and the tax value   of assets and liabilities.   Deferred tax assets, including the tax value of tax loss carry-forwards, are measured at the expected   realisable value of the asset, either by set-off against tax on future earnings or by set-off against   deferred tax liabilities within the same legal tax entity.   Deferred tax is measured on the basis of the tax rules and tax rates that under the legislation in force   on the balance sheet date will be applicable when the deferred tax is expected to crystallise as current   tax. Any changes in the deferred tax resulting from changes in tax rates, are recognised in the income   statement, except from items recognised directly in equity.   Liabilities   The Company has chosen IAS 39 as interpretation for liabilities.   Financial liabilities comprising amounts owed to credit institutions, trade payables and payables to   external lenders are recognised at the date of borrowing at cost, corresponding to the proceeds   received less transaction costs paid. In subsequent periods, financial liabilities are measured at   amortised cost.   Other liabilities are measured at net realisable value   Accruals, liabilities   Accruals recognised as liabilities include payments received regarding income in subsequent years.