40223126 2022-04-01 2022-12-31 40223126 2022-04-01 2022-12-31 auditor_1 40223126 2022-04-01 2022-12-31 memberOfBoardIdentifier_1 40223126 2022-04-01 2022-12-31 memberOfBoardIdentifier_1 40223126 2022-04-01 2022-12-31 memberOfBoardIdentifier_2 40223126 2022-04-01 2022-12-31 memberOfBoardIdentifier_3 40223126 2022-04-01 2022-12-31 memberOfBoardIdentifier_4 40223126 2022-04-01 2022-12-31 memberOfBoardIdentifier_5 40223126 2021-04-01 2022-03-31 40223126 2022-04-01 2022-12-31 fsa:TransferredToReserveForDevelopmentExpenditureMember 40223126 2021-04-01 2022-03-31 fsa:TransferredToReserveForDevelopmentExpenditureMember 40223126 2022-04-01 2022-12-31 fsa:RetainedEarningsMember 40223126 2021-04-01 2022-03-31 fsa:RetainedEarningsMember 40223126 2022-12-31 40223126 2022-03-31 40223126 2022-03-31 fsa:ContributedCapitalMember 40223126 2022-03-31 fsa:SharePremiumMember 40223126 2022-03-31 fsa:ReserveForDevelopmentExpenditureMember 40223126 2022-03-31 fsa:RetainedEarningsMember 40223126 2022-04-01 2022-12-31 fsa:ContributedCapitalMember 40223126 2022-04-01 2022-12-31 fsa:SharePremiumMember 40223126 2022-04-01 2022-12-31 fsa:ReserveForDevelopmentExpenditureMember 40223126 2022-04-01 2022-12-31 fsa:RetainedEarningsMember 40223126 2022-12-31 fsa:ContributedCapitalMember 40223126 2022-12-31 fsa:SharePremiumMember 40223126 2022-12-31 fsa:ReserveForDevelopmentExpenditureMember 40223126 2022-12-31 fsa:RetainedEarningsMember 40223126 2022-12-31 fsa:LongtermDebtToBanksMember 40223126 2022-03-31 fsa:LongtermDebtToBanksMember iso4217:DKK pure Årsrapport 2022-04-01 2021-04-01 2022-12-31 2022-03-31 2023-06-16 40223126 2023-06-16 2019-01-18 Reporting class B KPMG 2100 København Ø Dampfærgevej 28 25578198 Auditor's report on audited financial statements Copenhagen 2023-06-16 KPMG 25578198 true Knud Andersen The Board of Directors and the Executive Board have today discussed and approved the annual report for OKTO Grid ApS for the financial year 1 April - 31 December 2022. 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 Company's assets, liabilities and financial position at 31 December 2022 and of the results of the Company's operations for the financial year 1 April - 31 December 2022.Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the annual general meeting. Golam Reza Wöhlk Sadeghnia Knud Andersen Chairman Alfonso Carranza de las Heras Golam Reza Wöhlk Sadeghnia Lise Kilsgaard Ulrik Jensen Independent auditor's report To the Shareholder of OKTO Grid ApS Opinion We have audited the financial statements of OKTO Grid ApS for the financial year 1 April - 31 December 2022, comprising income statement, balance sheet, statement of changes in equity 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 Company's assets, liabilities and financial position at 31 December 2022 and of the results of the Company's operations for the financial year 1 April - 31 December 2022 in accordance with the Danish Financial Statements Act. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the audit of the financial statements" section of our report.We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management's responsibility for the financial statementsManagement 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 that 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 statementsOur 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 the additional requirements in Denmark will always detect a material misstatement when it exists. Misstatements may 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 financial statement users made on the basis of these financial statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We alsoidentify and assess the risks of material misstatement of the 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 Company's internal control.evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.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 the Management's reviewManagement is responsible for the Management's review.Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon.In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of the Management's review. Morten Høgh-Petersen mne34283 OKTO Grid ApS Thoravej 24 DK-2400 København NV København Principal activities The Company's primary activity is producing other electronic equipment for monitoring legacy assets. Events after the balance sheet date No events have occurred after the balance sheet date of material importance to the annual report for 1/4-31/12 2022. Development in activities and financial position The Company's income statement for the periode 1. April 2022 - 31. December 2022 shows a loss of DKK 1,567,491 as against a loss of DKK 445,417 in 2021/22. Equity in the Company's balance sheet at 31 December 2022 stood at DKK 20,505,950 as against DKK 2,358,882 at 31 March 2022. 613090 1949407 1941055 2554692 33424 29137 -1361389 -634422 60 2 116095 159142 -1477424 -793562 90067 -348145 -1567491 -445417 2099299 2204001 -3666790 -2649418 257446 185766 6749409 4058000 7006855 4243766 20908 34187 61645 0 82553 34187 135320 36258 7224728 4314211 98860 944 0 759182 275853 107964 374713 868090 20504057 1334132 20878770 2202222 28103498 6516433 86240 53070 21702207 2020812 5264539 3165240 -6547036 -2880240 20505950 2358882 634682 544615 3240638 3127038 2604416 0 0 5000 1117812 360963 0 119935 3722228 485898 28103498 6516433 53070 2020812 3165240 -2880240 0 171 0 -6 33170 19681224 0 0 0 2099299 -3666790 86240 21702207 5264539 -6547036 The annual report of OKTO Grid ApS for 1 April - 31 December 2022 has been prepared in accordance with the provisions applying to reporting class B entities under the Danish Financial Statements Act with opt-in from higher reporting classes.The accounting policies used in the preparation of the financial statements are consistent with those of last year. Foreign currency translation On initial recognition, transactions denominated in foreign currencies are translated at the exchange rates at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses. Receivables, payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the latest financial statements is recognised in the income statement as financial income or financial expenses. Revenue Income from the sale of goods, is recognised in revenue when delivery and transfer of risk to the buyer have taken place, and the income may be measured reliably and is expected to be received. The date of transfer of the most significant benefits and risks is determined using standard Incoterms ®2020. Cost of sales Cost of sales comprises costs incurred to generate revenue for the year. This item also comprises direct costs for goods for resale and changes to inventory of goods for resale. Other operating income Other operating income comprises items secondary to the activities of the Company, including gains on the disposal of intangible assets and property, plant and equipment as well as payroll refunds. Other external costs Other external costs comprise costs for distribution and sales costs, costs for advertising, administrative expenses, costs of premises, operating leases, etc. Staff costs Staff costs comprise wages and salaries, including holiday allowance, pension and other social security costs. Financial income and expenses Financial income and expenses comprise interest income and expense, financial costs regarding finance leases, gains and losses on securities, payables and transactions denominated in foreign currencies, amortisation of financial assets and liabilities as well as surcharges and refunds under the on-account tax scheme, etc. Tax on loss for the year The Parent Company is comprised by the Danish rules on compulsory joint taxation of the Group's Danish subsidiaries. The subsidiaries are included in the joint taxation from the date when they are included in the consolidated financial statements and up to the date when they are excluded from the consolidation. The Parent Company is the administrative company for the joint taxation and accordingly settles all payments of corporation tax to the tax authorities. On payment of joint taxation contributions, current Danish corporation tax is allocated between the jointly taxed entities in proportion to their taxable income. Entities with tax losses receive joint taxation contributions from entities that have used the losses to reduce their own taxable profit. Tax for the year comprises current tax for the year and changes in deferred tax, including changes in tax rates. The tax expense relating to the profit/loss for the year is recognised in the income statement at the amount attributable to the profit/loss for the year and directly in equity at the amount attributable to entries directly in equity. Intangible assets Patents are measured at cost less accumulated amortisation and impairment losses. Patents are amortised on a straight-line basis over the remaining life of the patent, and licences are amortised over the contract period, however, not exceeding 10 years. Development costs and costs for internally generated rights are recognised in the income statement in the acquisition year. Property, plant and equipmentLand and buildings, plant and machinery and fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses.The basis of depreciation is cost less any projected residual value after the end of the useful life. Depreciation is provided on a straight-line basis over the estimated useful life. The estimated useful lives are as follows:Fixtures, fittings, tools and equipment5 yearsLeasehold improve­ments 5 years Investments Deposits are recognised at amortised cost. Impairment of fixed assets The carrying amount of intangible assets and property, plant and equipment as well as equity investments in group entities and associates is subject to an annual test for indications of impairment other than the decrease in value reflected by depreciation or amortisation. Impairment tests are conducted of individual assets or groups of assets when there is an indication that they may be impaired. Write-down is made to the recoverable amount if this is lower than the carrying amount. The recoverable amount is the higher of an asset's net selling price and its value in use. The value in use is determined as the present value of the forecast net cash flows from the use of the asset or the group of assets, including forecast net cash flows from the disposal of the asset or the group of assets after the end of the useful life. Receivables Receivables are measured at amortised cost. Write-down is made for bad debt losses where there is an objective indication that a receivable has been impaired. If there is an objective indication that an individual receivable has been impaired, write-down is made on an individual basis. Write-downs are calculated as the difference between the carrying amount of receivables and the present value of forecast cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate. Cash at bank and in hand Cash at bank and in hand comprise cash and bank deposits. EquityReserve for development costs The reserve for development costs comprises capitalised development costs. The reserve cannot be used for dividends, distribution or to cover losses. If the recognised development costs are sold or in other ways excluded from the Company's operations, the reserve will be dissolved and transferred directly to the distributable reserves under equity. If the recognised development costs are written down, the part of the reserve corresponding to the write-down of the developments costs will be reversed. If a write-down of development costs is subsequently reversed, the reserve will be re-established. The reserve is reduced by amortisation of capitalised development costs on an ongoing basis. Corporation tax and deferred tax Current tax payable and receivable is recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account. Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax value of assets and liabilities measured on the planned use of the asset or settlement of the liability, respectively. However, deferred tax is not recognised on temporary differences relating to office buildings non-deductible for tax purposes and other items where temporary differences arise at the date of acquisition without affecting either profit/loss or taxable income. Deferred tax assets, including the tax value of tax loss carryforwards, are recognised at the expected value of their utilisation within the foreseeable future; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Any deferred net assets are measured at net realisable value. Deferred tax is measured in accordance with the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Changes in deferred tax as a result of changes in tax rates are recognised in the income statement or equity, respectively. Liabilities other than provisions Liabilities are measured at amortised cost. 1907364 2513567 33691 41125 5 6 Current tax for the year0-621,641Deferred tax adjustment for the year90,067273,49690,067 -348,145 2604416 0 3240638 3127038 Contingent liabilitiesThe company enters into joint taxation with GOSA Holding ApS and is jointly and severally liable for Danish corporation taxes and withholding taxes on dividends, interest and royalties within the co-taxation circle.Operating lease obligations The Company has entered into operating leases with a remaining term of 15 months and an average monthly lease payments of DKK 21,3 thousand, totalling DKK 320 thousand.