Årsrapport Andre erklæringer uden sikkerhed Regnskabsklasse B Beierholm Langagervej 1 9220 Aalborg Ø 2025-06-30 Kristian Houlberg Øllegaard 2025-06-30 2023-01-01 2023-12-31 2024-01-01 2024-12-31 40430989 Fenerum ApS Hermodsvej 22 2 8230 Åbyhøj Åbyhøj Beierholm 32895468 Tangen 9 8200 Aarhus N Danmark We have on this day presented the annual report for the financial year 01.01.24 - 31.12.24 for Fenerum ApS. The annual report is presented in accordance with the Danish Financial Statements Act. The financial statements have not been audited, and we declare that the relevant conditions have been met. In our opinion, the financial statements give a true and fair view of the company's assets, liabilities and financial position as at 31.12.24 and of the results of the company's activities for the financial year 01.01.24 - 31.12.24. We believe that the management's review includes a fair review of the matters dealt with in the management's review. The annual report is submitted for adoption by the general meeting. Åbyhøj 2025-06-30 Kristian Houlberg Øllegaard Malte From Fanefjord Simon Lyndegaard Chairman Kristian Houlberg Øllegaard Preben Bjørnkær Braagaard Leif Nørgaard Andreas Peter Hougaard Jensen To the management of Fenerum ApS Based on the company's accounting material and other information provided by management, we have compiled the financial statements of Fenerum ApS for the financial year 01.01.24 - 31.12.24. The financial statements comprise income statement, balance sheet, statement of changes in equity and notes to the financial statements, including material accounting policy information. We performed this compilation engagement in accordance with ISRS 4410, Engagements to Compile Financial Statements. We have applied our professional expertise to assist management with the preparation and presentation of the financial statements in accordance with the Danish Financial Statements Act. We have complied with relevant provisions of the Danish Act on Approved Auditors and Audit Firms and the code of ethics of International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code), including principles of integrity, professional competence and due care. The financial statements and the accuracy and completeness of the information used to compile them are management's responsibility. Since a compilation engagement is not an assurance engagement, we are not required to verify the accuracy or completeness of the information provided by management for the compilation of the financial statements. Accordingly, we do not express an audit opinion or a review conclusion on whether the financial statements are prepared in accordance with the Danish Financial Statements Act. To the management of Fenerum ApS Aarhus Joachim Laumark Stephansen State Authorised Public Accountant mne46629 Primary activities The company's activities comprise the development and sale of IT systems and related business Development in activities and financial affairs The income statement for the period 01.01.24 - 31.12.24 shows a profit/loss of DKK -1,251,006 against DKK -1,766,183 for the period 01.01.23 - 31.12.23. The balance sheet shows equity of DKK 699,193. Subsequent events No important events have occurred after the end of the financial year. 2039694 1261514 2660254 2532326 217429 65049 -837989 -1335861 1687 1003 414704 431325 -1251006 -1766183 0 0 -1251006 -1766183 -1251006 -1766183 1029399 662185 823900 370706 1853299 1032891 18677 25269 18677 25269 28342 28342 28342 28342 1900318 1086502 271820 197377 30755 84577 23470 30198 326045 312152 2831150 1028328 3157195 1340480 5057513 2426982 205717 171909 1445573 805655 -952097 -3027365 699193 -2049801 1824150 2121591 1824150 2121591 1050000 1053249 0 5020 139300 202461 770165 779992 574705 314470 2534170 2355192 4358320 4476783 5057513 2426982 171909 0 0 -3254601 805655 227236 33808 3966192 -3966192 850755 3326274 -1251006 205717 0 1445573 -952097 2357844 2310206 19206 15147 283204 206973 5 4 753975 370706 578051 453194 1332026 823900 -91790 0 -210837 -302627 0 1029399 823900 0 0 32960 32960 -7691 -6592 -14283 18677 28342 28342 28342 -1050000 0 2874150 3174840 The annual report is presented in accordance with the provisions of the Danish Financial Statements Act (Årsregnskabsloven) for enterprises in reporting class B with application of provisions for a higher reporting class. Change in accounting policies The company has changed its accounting policies in the following areas: Recognition of development costs in the balance sheet Previously, development costs were expensed in the income statement. In future, development costs meeting certain criteria will be recognised in the balance sheet at cost as management believes that this will provide a fairer presentation. Completed development projects are subsequently measured at cost less accumulated amortisation and impairment losses. The comparative figures have been restated in accordance with the new accounting policy. The change in accounting policy has a positive impact of DKK 822k on the net profit or loss for 2024. As at 31.12.24, equity is increased by DKK 1.853k and the balance sheet total is increased by DKK 1.853k. Except for the areas mentioned above, the accounting policies have been applied consistently with the previous year. Income is recognised in the income statement as earned, including value adjustments of financial assets and liabilities. All expenses, including depreciation, amortisation, impairment losses and write-downs, are also recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits will flow to the company, and the value of such assets can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow from the company, and the value of such liabilities can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below. On recognition and measurement, account is taken of foreseeable losses and risks arising before the date at which the annual report is presented and proving or disproving matters arising on or before the balance sheet date. The annual report is presented in Danish kroner (DKK). On initial recognition, transactions denominated in foreign currencies are translated using the exchange rates applicable at the transaction date. Exchange rate differences between the exchange rate applicable at the transaction date and the exchange rate at the date of payment are recognised in the income statement as a financial item. Receivables, payables and other monetary items denominated in foreign currencies are translated using the exchange rates applicable at the balance sheet date. The difference between the exchange rate applicable at the balance sheet date and at the date at which the receivable or payable arose or was recognised in the latest annual report is recognised under financial income or expenses in the income statement. Fixed assets and other non-monetary assets acquired in foreign currencies are translated using historical exchange rates. Gross profit comprises revenue and cost of sales and other external expenses. Income from the sale of services is recognised in the income statement as delivery takes place (delivery method). Revenue is measured at the selling value of the agreed consideration exclusive of VAT and other taxes collected on behalf of third parties and less discounts. Cost of sales comprises cost of sales for the year measured at cost plus any changes in inventories, including write-downs to the extent that these do not exceed normal write-downs. Other external expenses comprise costs relating to distribution, sales and advertising and administration, premises and bad debts to the extent that these do not exceed normal write-downs. Staff costs comprise wages and salaries as well as other staff-related costs. The depreciation and amortisation of intangible assets and property, plant and equipment aim at systematic depreciation and amortisation over the expected useful lives of the assets. Assets are depreciated and amortised according to the straight-line method based on the following expected useful lives and residual values: The basis of depreciation and amortisation is the cost of the asset less the expected residual value at the end of the useful life. Moreover, the basis of depreciation and amortisation is reduced by any impairment losses. The useful life and residual value are determined when the asset is ready for use and reassessed annually. Intangible assets and property, plant and equipment are impaired in accordance with the accounting policies referred to in the ‘Impairment losses on fixed assets’ section. Interest income and interest expenses, foreign exchange gains and losses on transactions denominated in foreign currencies etc. are recognised in other net financials. The current and deferred tax for the year is recognised in the income statement as tax on the profit/loss for the year with the portion attributable to the profit/loss for the year, and directly in equity with the portion attributable to amounts recognised directly in equity. Intangible assets Completed development projects and development projects in progress Development projects are recognised in the balance sheet where the project aims at developing a specific product or a specific process, intended to be produced or used, respectively, by the company in its production process. On initial recognition, development projects are measured at cost. Cost comprises the purchase price plus expenses resulting directly from the purchase, including wages and salaries directly attributable to the development projects until the asset is ready for use. Interest on loans arranged to finance development projects in the development period is not included in the cost. Other development projects and development costs are recognised in the income statement in the year in which they are incurred. Development projects in progress are transferred to completed development projects when the asset is ready for use. Development projects are subsequently measured in the balance sheet at cost less accumulated amortisation and impairment losses. Completed development projects are amortised using the straight-line method based on useful lives, which are stated in the ‘Depreciation, amortisation and impairment losses’ section. Gains or losses on the disposal of intangible assets Gains or losses on the disposal of intangible assets are determined as the difference between the selling price, if any, less selling costs and the carrying amount at the date of disposal. Property, plant and equipment Property, plant and equipment comprise other fixtures and fittings, tools and equipment. Property, plant and equipment are measured in the balance sheet at cost less accumulated depreciation and impairment losses. Cost comprises the purchase price and expenses resulting directly from the purchase until the asset is ready for use. Interest on loans arranged to finance production is not included in the cost. Property, plant and equipment are depreciated using the straight-line method based on useful lives and residual values, which are stated in the ‘Depreciation, amortisation and impairment losses' section. Gains and losses on the disposal of property, plant and equipment are determined as the difference between the selling price, if any, less selling costs and the carrying amount at the date of disposal less any costs of disposal. The carrying amount of fixed assets which are not measured at fair value is assessed annually for indications of impairment over and above what is reflected in depreciation and amortisation. If the company's realised return on an asset or a group of assets is lower than expected, this is considered an indication of impairment. If there are indications of impairment, an impairment test is conducted of individual assets or groups of assets. The assets or groups of assets are impaired to the lower of recoverable amount and carrying amount. The higher of net selling price and value in use is used as the recoverable amount. The value in use is determined as the present value of expected net cash flows from the use of the asset or group of assets as well as expected net cash flows from the sale of the asset or group of assets after the expiry of their useful lives. Impairment losses are reversed when the reasons for the impairment no longer exist. Receivables are measured at amortised cost, which usually corresponds to the nominal value, less write-downs for bad debts. Write-downs for bad debts are determined based on an individual assessment of each receivable if there is no objective evidence of individual impairment of a receivable. Deposits recognised under assets comprise deposits paid to the lessor under leases entered into by the company. Prepayments recognised under assets comprise costs incurred in respect of subsequent financial years. Cash includes deposits in bank account. Equity An amount equivalent to internally generated development costs in the balance sheet is recognised in equity under reserve for development costs. The reserve is measured less deferred tax and reduced by amortisation and impairment losses on the asset. If impairment losses on development costs are subsequently reversed, the reserve will be restored with a corresponding amount. The reserve is dissolved when the development costs are no longer recognized in the balance sheet, and the remaining amount will be transferred to retained earnings. Current tax payable and receivable is recognised in the balance sheet as tax computed on the basis of the taxable income for the year, adjusted for tax paid on account. Deferred tax liabilities and tax assets are recognised on the basis of all temporary differences between the carrying amounts and tax bases of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is non-amortisable for tax purposes and other items where temporary differences, except for acquisitions, have arisen at the date of acquisition without affecting the net profit or loss for the year or the taxable income. In cases where the tax value can be determined according to different taxation rules, deferred tax is measured on the basis of management’s intended use of the asset or settlement of the liability. Deferred tax assets are recognised, following an assessment, at the expected realisable value through offsetting against deferred tax liabilities or elimination in tax on future earnings. Deferred tax is measured on the basis of the tax rules and at the tax rates which, according to the legislation in force at the balance sheet date, will be applicable when the deferred tax is expected to crystallise as current tax. Long-term payables are measured at cost at the time of contracting such liabilities (raising of the loan). The payables are subsequently measured at amortised cost where capital losses and loan expenses are recognised in the income statement as a financial expense over the term of the payable on the basis of the calculated effective interest rate in force at the time of contracting the liability. Short-term financial payables are measured at amortised cost, normally corresponding to the nominal value of such payables. Other short-term payables are measured at net realisable value. Deferred income Deferred income under liabilities comprises payments received in respect of income in subsequent financial years. Figures in DKK Share capital Share premium Reserve for development costs Retained earnings Total equity Statement of changes in equity for 01.01.24 - 31.12.24 Balance as at 01.01.24 171,909 0 0 -3,254,601 -3,082,692 Net effect of changed accounting policies 0 0 805,655 227,236 1,032,891 Adjusted balance as at 01.01.24 171,909 0 805,655 -3,027,365 -2,049,801 Capital increase 33,808 3,966,192 0 0 4,000,000 Total depreciation, amortisation, impairment losses and write-downs during the year 0 0 -210,837 0 -210,837 Transfers to/from other reserves 0 -3,966,192 850,755 3,326,274 210,837 Net profit/loss for the year 0 0 0 -1,251,006 -1,251,006 Balance as at 31.12.24 205,717 0 1,445,573 -952,097 699,193 Development projects relate to software for the product that forms the basis of the company's activity. 3. Property, plant and equipment Figures in DKK Other fixtures and fittings, tools and equipment Cost as at 01.01.24 32,960 Cost as at 31.12.24 32,960 Depreciation and impairment losses as at 01.01.24 -7,691 Depreciation during the year -6,592 Depreciation and impairment losses as at 31.12.24 -14,283 Carrying amount as at 31.12.24 18,677 As security for debt to credit institutions of DKK 2.8745k, a company charge has been provided comprising goodwill, intellectual property rights, motor vehicles, other plant, fixtures and fittings, tools and equipment, inventories and agricultural stock, trade receivables as well as fuels and other ancillary materials. 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