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Copenhagen Casper Holzmann Rasmussen CEO To the shareholder of Monta Holding ApS OpinionIn our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give atrue and fair view of the financial position of the Group and the Parent Company at 31 December 2023 andthe results of the Group’s and the Parent Company’s operations and of consolidated cash flows for thefinancial year 1 January - 31 December 2023 in accordance with the Danish Financial Statements Act.We have audited the Consolidated Financial Statements and the Parent Company Financial Statements ofMonta Holding ApS for the financial year 1 January - 31 December 2023, which comprise income statementbalance sheet, statement of changes in equity and notes, including a summary of significant accountingpolicies, for both the Group and the Parent Company, as well as consolidated statement of cash flows (”theFinancial Statements”). Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the additionrequirements applicable in Denmark. Our responsibilities under those standards and requirements arefurther described in the ”Auditor’s responsibilities for the audit of the Financial Statements” section of oreport. We are independent of the Group in accordance with the International Ethics Standards Board foAccountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additionalethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities inaccordance with these requirements and the IESBA Code. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion. Statement on Management’s ReviewManagement is responsible for Management’s Review.Our opinion on the Financial Statements does not cover Management’s Review, and we do not express anyform of assurance conclusion thereon.In connection with our audit of the Financial Statements, our responsibility is to read Management’s Reviewand, in doing so, consider whether Management’s Review is materially inconsistent with the FinancialStatements 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 informationrequired under the Danish Financial Statements Act.Based on the work we have performed, in our view, Management’s Review is in accordance with theConsolidated Financial Statements and the Parent Company Financial Statements and has been prepared inaccordance with the requirements of the Danish Financial Statements Act. We did not identify any materialmisstatement in Management’s Review. Management’s responsibilities for the Financial StatementsManagement is responsible for the preparation of consolidated financial statements and parent companyfinancial 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 financialstatements that are free from material misstatement, whether due to fraud or error.In preparing the Financial Statements, Management is responsible for assessing the Group´s and the ParentCompany´s ability to continue as a going concern, disclosing, as applicable, matters related to going concernand using the going concern basis of accounting in preparing the Financial Statements unless Managementeither intends to liquidate the Group or the Parent Company or to cease operations, or has no realisticalternative but to do so. Independent Auditor's report Auditor’s responsibilities for the audit of the Financial StatementsOur objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are freefrom material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes ouropinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted inaccordance with ISAs and the additional requirements applicable in Denmark will always detect a materialmisstatement 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 ofusers taken on the basis of these Financial Statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable inDenmark, 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 orerror, design and perform audit procedures responsive to those risks, and obtain audit evidence that issufficient and appropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraud may involvecollusion, 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 thatare appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectivenessof the Group´s and the Parent Company´s internal control.● Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimatesand related disclosures made by Management.● Conclude on the appropriateness of Management’s use of the going concern basis of accounting inpreparing the Financial Statements and, based on the audit evidence obtained, whether a materialuncertainty exists related to events or conditions that may cast significant doubt on the Group´s and theParent 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 FinancialStatements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on theaudit evidence obtained up to the date of our auditor’s report. However, future events or conditions maycause the Group and the Parent Company to cease to continue as a going concern.● Evaluate the overall presentation, structure and contents of the Financial Statements, including thedisclosures, and whether the Financial Statements represent the underlying transactions and events in amanner that gives a true and fair view.● Obtain sufficient appropriate audit evidence regarding the financial information of the entities or businessactivities within the Group to express an opinion on the Consolidated Financial Statements. We areresponsible for the direction, supervision and performance of the group audit. We remain solelyresponsible for our audit opinion.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Hellerup PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab Flemming Eghoff Mads Blichfeldt Fjord State Authorised Public Accountant State Authorised Public Accountant Monta Holding ApS Strandboulevarden 122, 5 2100 Copenhagen www.monta.com Copenhagen PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup Profit/loss of financial income and expenses Profit/loss of financial income and expenses 256000 -122000 203 147 Return on assets Return on assets -0.249 -0.317 0.862 0.877 -0.3700 -0.647 Key activitiesThe Group`s main purpose is to develop and sell software for charging stations and electric cars as well as tocarry out related business hereto. Management's reviewDevelopment in the yearThe income statement of the Group for 2023 shows a loss of EUR 19.189.468, and at 31 December 2023 thebalance sheet of the Group shows equity of EUR 69.790.268.At Group level the loss before tax for the year is EUR 19.930.477 against a loss of EUR 12.431.895 theprevious year. The Group loss from ordinary activities are EUR 20.186.487 against a loss of EUR 12.309.436last year. The net loss for the year is a result of significant investments made into further development of both product,platform, and organization in accordance with growth plans and budgets. The results are in line withmanagement’s expectations and are considered satisfactory.Operating risksCustomer satisfaction remains paramount, supported by strict adherence to the increasingly growing andcomplex regulatory landscape. We manage customer requirements while mitigating operational risks,especially regarding security, data and reliability. Our scalable product, coupled with a strong partner model,ensures adaptability to market shifts with customer demands increasing as user experience becomes moreand more key.Market risksThe main market risks for Monta are based on the early stages of the EV industry. There are still immaturevalue chains surrounding hardware installations and end-customer solutions, some markets are slower withadoption of EVs and charging solutions, and many different charging solutions are entering the market atonce creating noise and tough competition.Foreign exchange risksThe Company's primary business is currently focused on Denmark, Sweden, Norway, Germany, Austria, UK,Ireland, Spain and France. Due to the activities in Sweden, Norway, Germany, Austria, UK and Ireland, theCompany is exposed towards fluctuations in the SEK, NOK, EUR and GBP. As the DKK is pegged to the EUR,the main currency risk is related to SEK, NOK and GBP. The Company may mitigate this risk by introducingan active hedging strategy as the need arises.Targets and expectations for the year aheadThe management expects to keep investing considerably into both product improvements, new features, andmarket growth in the coming year. As a result of this, management expects to incur operating loss for theGroup in the coming year in the range of EUR 28m - 30m.Research and developmentThroughout the year the Group has incurred considerable research and development costs. The purpose ofthese investments is to ensure that the Group can maintain and grow its market position in the coming years.Uncertainty relating to recognition and measurementThere has been no uncertainty regarding recognition and measurement in the Annual Report.Unusual eventsThe financial position at 31 December 2023 of the Group and the results of the activities and cash flows of theGroup for the financial year for 2023 have not been affected by any unusual events.Subsequent eventsThroughout 2023 the Group’s parent company has closed a new funding round of EUR 80m. First tranche ofthe capital increase amounts to EUR 56m and has been adopted in December 2023. The second tranche ofthe capital increase took place in January 2024 and amounts to EUR 24m. As a result, the Group is as of 31 December 2023 continuously very well-funded. Parts of the ParentCompany’s funds are planned to be invested into the subsidiaries’ continued development of product,platform, and organization. -4734759 -3537731 0 0 7403091 3862363 0 0 8048637 4909342 5971 74593 -20186487 -12309436 -5971 -74593 582127 83358 1883501 242759 326117 205817 128050 27470 -19930477 -12431895 1749480 140696 -741009 -738885 408764 46002 -19189468 -11693010 1340716 94694 98402 110694 0 0 98402 110694 0 0 83372 78540 0 0 86097 120280 0 0 169469 198820 0 0 0 0 1412802 1415918 370254 324387 0 0 370254 324387 1412802 1415918 638125 633901 1412802 1415918 1468929 295474 0 0 0 0 45706057 10905153 56473795 0 56473795 0 945660 422994 0 0 1488260 749099 0 0 464153 433710 0 0 60840797 1901277 102179852 10905153 19494699 36264755 7403120 34434262 80335496 38166032 109582972 45339415 80973621 38799933 110995774 46755333 24934 20164 24934 20164 0 0 0 0 -76119 -686 0 0 69841453 34002841 104493269 46683528 69790268 34022319 104518203 46703692 0 53211 0 0 0 53211 0 0 750000 74390 0 0 2044053 2092257 0 0 2794053 2166647 0 0 0 26 0 0 1165558 46983 0 0 1170362 576094 22142 3362 0 0 6040602 0 0 0 414827 46002 6053380 1934653 0 2277 8389300 2557756 6477571 51641 11183353 4724403 6477571 51641 80973621 38799933 110995774 46755333 20164 0 -686 34002841 4770 55028080 0 0 55032850 0 0 75433 0 75433 0 0 0 -19189468 0 -55028080 0 55028080 0 24934 0 -76119 69841453 20164 0 46683528 4770 56469025 0 56473795 0 0 1340716 0 -56469025 56469025 0 24934 0 104493269 -980053 2052867 -573817 -59016 -18116654 -12325843 582127 83358 -326117 -205817 -17860644 -12448302 0 -258129 -17860644 -12190173 0 120757 48908 218040 45867 188073 -94775 -526870 26 -26 627406 208956 -1440945 45196442 -813565 45405424 32688381 -18768984 34499286 1810905 15730302 Financial income Financial income Financial expenses Financial expenses Group Parent company2023 2022 2023 2022EUR EUR EUR EUR1. StaffWages and salaries15,313,478 7,329,587 0 015,313,478 7,329,587 0 0ÊWages and salaries are recognisedin the following items:Production expenses6,646,199 2,950,478 0 0Distribution expenses5,719,659 2,837,640 0 0Administrative expenses2,947,620 1,541,469 0 015,313,478 7,329,587 0 0ÊIncluding remuneration to theExecutive Board and Board ofDirectors212,375 169,362 0 0The incentive scheme offered to the Executive board, existing ownership and full-time employeesincludes an option on new subscription of shares of up to 17% of the present share capital. Thesubscription is exercisable at any time without corresponding vesting conditions.Incentive programmes are not recognised in the Financial Statements. 0 0 Group Parent company2023 2022 2023 2022EUR EUR EUR EUR2. Financial incomeInterest received from groupenterprises0 0 1,572,197 214,203Other financial income462,784 41,346 266,514 0Exchange adjustments119,343 42,012 44,790 28,556582,127 83,358 1,883,501 242,759Ê Group Parent company2023 2022 2023 2022EUR EUR EUR EUR3. Financial expensesInterest paid to group enterprises0 0 3,272 0Other financial expenses240,737 87,504 0 0Exchange adjustments, expenses85,380 118,313 124,778 27,470326,117 205,817 128,050 27,470Ê Group Parent company2023 2022 2023 2022EUR EUR EUR EUR4. Income tax expenseCurrent tax for the year-741,009 -738,885 408,764 46,002-741,009 -738,885 408,764 46,002Ê 1340716 94694 6. Intangible fixed assetsGroupAcquiredtrademarksEURCost at 1. January120,757Exchange adjustment-265Cost at 31. December120,492ÊImpairment losses and depreciation at 1. January10,063Exchange adjustment-22Depreciation for the year12,049Impairment losses and depreciation at 31. December22,090ÊCarrying amount at 31. December98,402ÊAmortised over 10 yearsÊ 7. Property, plant and equipmentGroupOther fixturesand fittings,tools andLeaseholdequipmentimprovementsEUR EURCost at 1. January103,840 149,956Exchange adjustment-229 -330Additions for the year44,148 4,760Cost at 31. December147,759 154,386ÊImpairment losses and depreciation at 1. January25,300 29,677Exchange adjustment-56 -65Depreciation for the year39,143 38,677Impairment losses and depreciation at 31. December64,387 68,289ÊCarrying amount at 31. December83,372 86,097ÊAmortised over 3 years 3 yearsÊ Parent company2023 2022EUR EUR8. Investments in subsidiariesCost at 1 January1,415,918 1,415,918Exchange adjustment-3,116 0Cost at 31 December1,412,802 1,415,918ÊCarrying amount at 31 December1,412,802 1,415,918ÊInvestments in subsidiaries are specified as follows:ÊPlace ofregisteredOwner"Net profit/lossNameoffice Share capitalship Equityfor the yearMonta ApS Copenhag,10.225 100% -33,015,481 -22,039,185DenmarkenMonta Platform GmbH Berlin,25,000 100% -133,393 -19,007GermanyMonta AB Sundsvall,2,248 100% -62,797 -19,178SwedenMonta Platform GmbH Wien, Austria 10,000 100% 5,413 7,153Monta Platform Limited North Wall10,000 100% 15,738 6,145Quay, IrelandMonta Platform LTD Birmingham,11,275 100% 30,388 56,659EnglandMonta Platform S.L Madrid, Spain 3,000 100% 12,792 9,792Monta SAS Paris, France 10,000 100% 17,367 7,367Monta Platform Inc. Delaware, USA 1 100% 1 0Monta AS Olso, Norway 2,853 100% -35,408 -14,599-33,165,380 -22,004,853Ê 9. Other fixed asset investmentsGroupDepositsEURCost at 1. January370,968Exchange adjustment-714Cost at 31. December370,254ÊCarrying amount at 31. December370,254Ê Group Parent company2023 2022 2023 2022EUR EUR EUR EUR10. Cash at bank and in handCustomer balances, restricted3,764,397 1,765,469 0 0Other cash at bank and in hand15,730,302 34,499,286 7,403,120 34,434,26219,494,699 36,264,755 7,403,120 34,434,262Ê Group Parent company2023 2022 2023 2022EUR EUR EUR EUR11. Long-term debtPayments due within 1 year are recognised in short-term debt. Other debt is recognised in long-termdebt.ÊThe debt falls due for payment as specified below:ÊPrepayments received fromcustomersAfter 5 years0 0 0 0Between 1 and 5 years750,000 74,390 0 0Long-term part750,000 74,390 0 0Other prepayments from customers1,165,558 46,983 0 01,915,558 121,373 0 0ÊOther payablesAfter 5 years0 0 0 0Between 1 and 5 years2,044,053 2,092,257 0 0Long-term part2,044,053 2,092,257 0 0Other short-term payables6,053,380 1,934,653 0 2,2778,097,433 4,026,910 0 2,277Ê Group Parent company2023 2022 2023 2022EUR EUR EUR EUR12. Other payablesCustomer balances3,764,397 1,765,469 0 0Other debt2,288,983 169,184 0 2,2776,053,380 1,934,653 0 2,277Ê Group2023 2022EUR EUR14. Cash flow statement - Change in working capitalChange in receivables-1,726,564 -1,055,593Change in other provisions-53,211 53,211Change in trade payables, etc3,832,642943,3662,052,867-59,016ÊGroup2023 2022EUR EUR13. Cash flow statement - AdjustmentsFinancial income-582,127 -83,358Financial expenses326,117 205,817Depreciation, amortisation and impairment losses, including lossesand gains on sales89,893 51,003Tax on profit/loss for the year-741,009 -738,885Exchange adjustments-75,433 -686Other adjustments2,506 -7,708-980,053 -573,817Ê Group Parent company2023 2022 2023 2022EUR EUR EUR EUR15. Contingent assets, liabilitiesand other financialobligationsRental and lease obligationsLease obligations within 1 year47,742 11,223 0 0Lease obligations between 1 - 5 years953,009 1,162,083 0 0The Danish group companies are jointly and severally liable for tax on the jointly taxed incomes etc ofthe Group. The total amount of corporation tax payable by the Group amounts to EUR 0. Moreover, theDanish group companies are jointly and severally liable for Danish withholding taxes by way ofdividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments ofcorporation taxes and withholding taxes may increase the Company’s liability. Monta Holding ApS has submitted a letter of financial support constituting to support Monta ApSfinancially in the form of a loan or investment to the extent necessary to finance Monta ApS`soperating activities and settle its financial obligations to an extend not exceeding TEUR 30.000 inadditional to the already provided loans. The letter of financial support is effective until 31 December2024.The Group has entered into operating lease contracts for its premises with annual lease payments ofTEUR 515. The lease contracts have an average residual term of 20 months and a total residual leasepayment of TEUR 773.The Group has entered into operating lease contracts in regards to its office inventory with an annuallease payment of TEUR 297. The lease contracts have an average residual term of 30 months and atotal residual lease payment of TEUR 227. 16. Related partiesTransactionsThe Company has chosen only to disclose transactions which have not been made on an arm’s lengthbasis in accordance with section 98(c)(7) of the Danish Financial Statements Act.There are no related party transactions that have not been carried through on market terms. 17. Accounting policiesThe Annual Report of Monta Holding ApS for 2023 has been prepared in accordance with the provisions ofthe Danish Financial Statements Act applying to medium-sized enterprises of reporting class C.The Consolidated Financial Statements and the Parent Company Financial Statements for 2023 are presentedin EUR.Recognition and measurementAll expenses incurred to achieve the earnings for the year are recognised in the income statement, includingdepreciation, amortisation, impairment losses and provisions as well as reversals due to changed accountingestimates of amounts that have previously been recognised in the income statement.Assets are recognised in the balance sheet when it is probable that future economic benefits attributable tothe asset will flow to 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 outof the Company, and the value of the liability can be measured reliably.Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured asdescribed for each item below.Basis of consolidationThe Consolidated Financial Statements comprise the Parent Company, Monta Holding ApS, and subsidiariesin which the Parent Company directly or indirectly holds more than 50% of the votes or in which the ParentCompany, through share ownership or otherwise, exercises control. Enterprises in which the Group holdsbetween 20% and 50% of the votes and exercises significant influence but not control are classified asassociates.On consolidation, items of a uniform nature are combined. Elimination is made of intercompany income andexpenses, shareholdings, dividends and accounts as well as of realised and unrealised profits and losses ontransactions between the consolidated enterprises.The Parent Company's investments in the consolidated subsidiaries are set off against the Parent Company'sshare of the net asset value of subsidiaries stated at the time of consolidation.Translation policiesEUR is used as the presentation currency. All other currencies are regarded as foreign currencies.Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchangedifferences arising due to differences between the transaction date rates and the rates at the dates of paymentare recognised in financial income and expenses in the income statement. Where foreign exchangetransactions are considered hedging of future cash flows, the value adjustments are recognised directly inequity.Receivables, payables and other monetary items in foreign currencies that have not been settled at thebalance sheet date are translated at the exchange rates at the balance sheet date. Any differences between theexchange rates at the balance sheet date and the transaction date rates are recognised in financial income andexpenses in the income statement; however, see the section on hedge accounting.Income statements of foreign subsidiaries that are separate legal entities are translated at transaction daterates or approximated average exchange rates. Balance sheet items are translated at the exchange rates at thebalance sheet date. Exchange adjustments arising on the translation of the opening equity and exchangeadjustments arising from the translation of the income statements at the exchange rates at the balance sheetdate are recognised directly in equity.Income statements of enterprises that are integrated entities are translated at transaction date rates orapproximated average exchange rates; however, items derived from non-monetary balance sheet items aretranslated at the transaction date rates of the underlying assets or liabilities. Monetary balance sheet itemsare translated at the exchange rates at the balance sheet date, whereas non-monetary items are translated attransaction date rates. Exchange adjustments arising on the translation are recognised in financial incomeand expenses in the income statement.Income statementRevenueRevenue from services is recognized when the service is transferred to the purchaser, the revenue can bemeasured reliably and it is probable that the economic benefits relating to the sale will flow to thecompany.Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discountsrelating to sales.Production expensesProduction expenses comprise costs incurred to achieve revenue for the year. Cost comprises raw materials,consumables, direct labour costs and indirect production costs such as maintenance and depreciation, etc, aswell as operation, administration and management of factories.Production expenses also include amortisation of goodwill to the extent that goodwill relates to productionactivities.Gross profit/lossWith reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as asummary of revenue and production expenses.Distribution expensesDistribution expenses comprise costs in the form of salaries to sales and distribution staff, advertising andmarketing expenses as well as operation of motor vehicles, depreciation, etc.Administrative expensesAdministrative expenses comprise expenses for Management, administrative staff, office expenses,depreciation, etc.Financial income and expensesFinancial income and expenses comprise interest, financial expenses in respect of finance leases, realised andunrealised exchange adjustments, price adjustment of securities, amortisation of mortgage loans as well asextra payments and repayment under the on-account taxation scheme.Tax on profit/loss for the yearTax for the year consists of current tax for the year and deferred tax for the year. The tax attributable to theprofit for year is recognised in the income statement, whereas the tax attributable to equity transactions isrecognised directly in equity.Any changes in deferred tax due to changes to tax rates are recognised in the income statement.The Company is jointly taxed with. The tax effect of the joint taxation with the subsidiaries is allocated toDanish enterprises showing profits or losses in proportion to their taxable incomes (full allocation with creditfor tax losses).Balance sheetIntangible fixed assetsPatents and licences are measured at the lower of cost less accumulated amortisation and recoverableamount. Patents are amortised over the remaining patent period, and licences are amortised over the licenceperiod; however not exceeding year.Property, plant and equipmentProperty, plant and equipment are measured at cost less accumulated depreciation and less any accumulatedimpairment losses.Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time whenthe asset is ready for use. Interest expenses on loans are not recognised in cost during construction and reconstruction periods.Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over theexpected useful lives of the assets, which are:Other fixtures and fittings, tools and equipment 3 yearsLeasehold improvements 3 yearsThe fixed assets’ residual values are determined at nil.Depreciation period and residual value are reassessed annually.Impairment of fixed assetsThe carrying amounts of intangible assets and property, plant and equipment and investments are reviewedon an annual basis to determine whether there is any indication of impairment other than that expressed byamortisation and depreciation.The recoverable amount of the asset is calculated as the higher of net selling price and value in use. Where arecoverable amount cannot be determined for the individual asset, the assets are assessed in the smallestgroup of assets for which a reliable recoverable amount can be determined based on a total assessment.Investments in subsidiariesInvestments in subsidiaries are measured at cost. Where cost exceeds the recoverable amount, write-down ismade to this lower value.Other fixed asset investmentsOther fixed asset investments consist of deposits paid on rented premises.ReceivablesReceivables are measured in the balance sheet at the lower of amortised cost and net realisable value, whichcorresponds to nominal value less provisions for bad debts.PrepaymentsPrepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest.ProvisionsProvisions are recognised when - in consequence of an event occurred before or on the balance sheet date -the Group has a legal or constructive obligation and it is probable that economic benefits must be given up tosettle the obligation.Other provisions include warranty obligations in respect of repair work within the warranty period of 1-5years. Provisions are measured and recognised based on experience with guarantee work.Current tax receivables and liabilitiesCurrent tax receivables and liabilities are recognised in the balance sheet at the amount calculated on thebasis of the expected taxable income for the year adjusted for tax on taxable incomes for prior years. Taxreceivables and liabilities are offset if there is a legally enforceable right of set-off and an intention to settle ona net basis or simultaneously.Financial liabilitiesLoans, such as loans from credit institutions, are recognised initially at the proceeds received net oftransaction expenses incurred. Subsequently, the loans are measured at amortised cost; the differencebetween the proceeds and the nominal value is recognised as an interest expense in the income statementover the loan period.Other debts are measured at amortised cost, substantially corresponding to nominal value.Prepayments received from customers are measured at cost, substantially corresponding to nominal value.Cash Flow StatementThe cash flow statement shows the Group’s cash flows for the year broken down by operating, investing andfinancing activities, changes for the year in cash and cash equivalents as well as the Group’s cash and cashequivalents at the beginning and end of the year.Cash flows from operating activitiesCash flows from operating activities are calculated as the net profit/loss for the year adjusted for changes inworking capital and non-cash operating items such as depreciation, amortisation and impairment losses, andprovisions. Working capital comprises current assets less short-term debt excluding items included in cashand cash equivalents.Cash flows from investing activitiesCash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets,property, plant and equipment as well as fixed asset investments.Cash flows from financing activitiesCash flows from financing activities comprise cash flows from the raising and repayment of long-term debt aswell as payments to and from shareholders.Cash and cash equivalentsCash and cash equivalents comprise .The cash flow statement cannot be immediately derived from the published financial records.Financial HighlightsExplanation of financial ratiosReturn on assets Profit/loss of ordinary primary operations x 100 / Total assets atyear endSolvency ratio Equity at year end x 100 / Total assets at year endReturn on equity Net profit for the year x 100 / Average equity true Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2023-01-01 2023-12-31 2022-01-01 2022-12-31 2024-04-25 Reporting class C, medium-size enterprise 42907839 2024-04-25 529900VSWLQF0O3GA946 33771231 Strandvejen 44 2900 Hellerup Opinion Basis for Opinion 2024-04-25 mne30221 33771231 mne46065 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup