41481129 2024-07-01 2025-06-30 41481129 2024-07-01 2025-06-30 1 41481129 2024-07-01 2025-06-30 1 41481129 2024-07-01 2025-06-30 1 41481129 2024-07-01 2025-06-30 2 41481129 2024-07-01 2025-06-30 3 41481129 2024-07-01 2025-06-30 4 41481129 2024-07-01 2025-06-30 1 41481129 2025-06-30 1 41481129 2023-07-01 2024-06-30 41481129 2025-06-30 41481129 2024-06-30 41481129 2024-07-01 d:ContributedCapitalMember 41481129 2024-07-01 d:RetainedEarningsMember 41481129 2024-07-01 2025-06-30 d:RetainedEarningsMember 41481129 2025-06-30 d:ContributedCapitalMember 41481129 2025-06-30 d:RetainedEarningsMember xbrli:shares iso4217:DKK xbrli:pure 2840 false Baker Tilly Denmark Årsrapport 35257691 Baker Tilly Denmark Erklæring om udvidet gennemgang 30 Poul Bundgaards Vej 1, 1. 2500 Valby 41481129 2024-07-01 2025-06-30 2023-07-01 2024-06-30 Valuer Holding A/S Søllerødvej Holte DK Danmark 2020-06-20 Rudersdal false 35257691 Morten Friis Munksgaard statsautoriseret revisor Danmark Poul Bundgaards Vej 1, 1. 2500 Valby DK 33451000 2026-01-13 Dennis Juul Poulsen Regnskabsklasse B true CaseWare-FSR false false The supervisory board and executive board have today discussed and approved the annual report of Valuer Holding A/S for the financial year 1 July 2024 - 30 June 2025. The annual report is 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 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. In our opinion, management's review includes a fair review of the matters dealt with in the management's review. Management recommends that the annual report should be approved by the company in general meeting. Dennis Juul Poulsen CEO Michael Moesgaard Andersen chairman Flemming Poulfelt deputy chairman Jesper Bille Sandgaard Bennike board member Dennis Juul Poulsen board member To the shareholders of Valuer Holding A/S Opinion We have performed extended review of the financial statements of Valuer Holding A/S for the financial year 1 July 2024 - 30 June 2025, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equi­ty and notes. The financial statements are prepared under the Danish Financial Statements Act.Based on the performed work it is our opinion, that the financial statements give a true and fair view of the com­pany's 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 in accordance with the Danish Financial Statements Act. Basis for Opinion We conducted our extended review in accordance with the Danish Business Authority's standard on au­di­tor's re­port for small enterprises and FSR - danish auditors' standard on extended review of financial statements in accordance with the Danish Financial Statements Act. Our responsibilities under those standards and requirements are further described in the “Auditor's responsibilities for the extended review of the financial statements” section of our report. We are independent of the company 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 IESBA Code. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Material uncertainty related to going concernWe refer to note 1 in the annual report, for Management’s statement on the capacity adjustments that have been made in the group and the expectations for growth and cash flow for the following financial year as well as Management's assessment of the pending review of tax credit for 2022 - 2024 by the tax authorities. Our conclusion is not modified as a result. Emphasis of matterThe group has a pending review of tax credit for 2022 - 2024 by the tax authorities. We refer to note 2 in the annual report, for management's assessment of the tax credit. 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. Our responsibility is to express a conclusion on the accompanying financial statements. This requires us to perform procedures in order to obtain limited assurance for our conclusion on these financial statements, and in addition perform specifically required supplementary procedures in order to obtain additional assurance for our conclusion.An extended review of financial statements includes procedures primarily consisting of making inquiries of management and others within the entity, as appropriate, applying analytical procedures and the specifically required supplementary procedures, and evaluating the evidence obtained.The procedures performed in an extended review are less than those performed in an audit and accordingly we do not express an audit opinion on these financial statements. 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 any form of assurance conclusion thereon.In connection with our extended review of the financial statements, our responsibility is to read management's review and, in doing so, consider whether management's review is materially inconsistent with the financial statements or our knowledge obtained during the extended review, 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 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's review. Copenhagen 2026-01-13 Baker Tilly Denmark Morten Friis Munksgaard statsautoriseret revisor mne34482 Business reviewThe company's main activity consists, together with the 100% owned subsidiary Valuar.ai, of working with all aspects of data-driven AI intelligence based on an independent digital platform, “PUMA”. The platform is particularly helpful when it comes to business-critical decision-making. Financial review The company's income statement for the year ended 30 June 2025 shows a loss of DKK 1.330.818, and the balance sheet at 30 June 2025 shows negative equity of DKK 4.165.545.Management have continued to focus on turnaround of the group with reduced costs as well as a new sales focus and channels. Uncertainty about the continued operation (going concern)Management expects that the subsidiary Valuer.ai ApS will continue entering contracts with new customers in the following year, which, together with current customers and other ongoing initiatives from Management, will ensure that the group has the required cash flow for operations. Management expects the monthly cash flow to be positive in the first half of 2026.   Tax credit from 2024 has been recognized as receivables in the annual report for the subsidiary. The tax credit for 2024 has not been paid out yet due to a review from the tax authorities of the tax credit applications for 2022, 2023 and 2024. Management assesses that the development projects meet the requirements under the tax credit scheme and expects a positive response from the tax authorities. If that should not be the case, the decision will be appealed and there will be applied for a deferral of repayment from the tax authority until the appeal has been decided.   Based on this, and the positive development of the ordinary business operations in the group, management has prepared the financial statements on the assumption of going concern. Uncertainty in the recognition and measurementAs mentioned above, tax credit for 2024 has not been paid out yet due to a review from the tax authorities of the tax credit applications for 2022, 2023 and 2024. Management assesses that the development projects meet the requirements under the tax credit scheme and expects a positive response from the tax authorities why tax credit for 2024 has been recognized as receivables in the subsidiary. Significant events occurring after the end of the financial yearNo events have occurred after the balance sheet date which could significantly affect the company's financial position. Disclosure of treasury shares Information on treasury shares in the company's portfolioDescription of treasury shares held by the company: The shares are held for strategic and business reasons.Number of treasury shares in the company's portfolio: 503.077 sharesNominal value of treasury shares in the company's portfolio: kr. 10.062Percentage of the contributed capital, etc. of treasury shares in the company's portfolio: 1,6 % The shares are held for strategic and business reasons. 503077 10062 1.6 1088547 2007521 1066768 2435716 21779 -428195 -1184463 -9645208 1601 728024 206549 72285 -1367632 -9417664 -36814 0 -1330818 -9417664 -1330818 -9417664 3000 0 3000 0 3000 0 36814 0 8946 7578 45760 7578 65270 3733 111030 11311 114030 11311 613846 613846 -4779391 -3448573 -4165545 -2834727 37131 15625 3978629 2024730 263815 805683 4279575 2846038 4279575 2846038 114030 11311 613846 -3448573 -1330818 613846 -4779391 Management expects that the subsidiary Valuer.ai ApS will continue entering contracts with new customers in the following year, which, together with current customers and other ongoing initiatives from Management, will ensure that the group has the required cash flow for operations. Management expects the monthly cash flow to be positive in the first half of 2026.   Tax credit from 2024 has been recognized as receivables in the annual report for the subsidiary. The tax credit for 2024 has not been paid out yet due to a review from the tax authorities of the tax credit applications for 2022, 2023 and 2024. Management assesses that the development projects meet the requirements under the tax credit scheme and expects a positive response from the tax authorities. If that should not be the case, the decision will be appealed and there will be applied for a deferral of repayment from the tax authority until the appeal has been decided.   Based on this, and the positive development of the ordinary business operations in the group, management has prepared the financial statements on the assumption of going concern. As mentioned above, tax credit for 2024 has not been paid out yet due to a review from the tax authorities of the tax credit applications for 2022, 2023 and 2024. Management assesses that the development projects meet the requirements under the tax credit scheme and expects a positive response from the tax authorities why tax credit for 2024 has been recognized as receivables in the subsidiary. 979482 2332590 7452 14555 79834 88571 1066768 2435716 1 2 1601 728024 1601 728024 0 4961 206549 67324 206549 72285 As a management company, the company is jointly taxed with other Danish affiliated companies, and is jointly and severally liable with other jointly taxed companies for payment of corporation tax and forwithholding tax on dividends, interest and royalties due for payment. The annual report of Valuer Holding A/S for 2024/25 has been prepared in accordance with the provisions of the Danish Financial Statements Act ap­plying to en­ter­pri­ses of re­por­ting class B, as well as provisions applying to reporting class C entities.The accounting policies applied are consistent with those of last year. Income is recognised in the income statement as earned, including value adjustments of financial assets and liabilities. All expenses, including amortisation, depreciation and impairment losses, 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 the asset 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 the liability can be measured reliably.On initial recognition, assets and liabilities are measured at cost. On subsequent recognition, assets and liabilities are measured as described below for each individual accounting item.Certain financial assets and liabilities are measured at amortised cost using the effective interest method. Amortised cost is calculated as the historic cost less any installments and plus/less the accumulated amortisation of the difference between the cost and the nominal amount.On recognition and measurement, allowance is made for predictable losses and risks which occur before the annual report is presented and which confirm or invalidate matters existing at the balance sheet date. In pursuance of section 32 of the Danish Financial Statements Act, the company does not disclose its revenue. Gross profit reflects an aggregation of revenue and other external expenses. The item Other operating income includes items of a secondary nature relative to the company’s activities, including gains on the sale of intangible assets and items of property, plant and equipment, operating losses, indemnities relating to operating losses and conflicts as well as payroll refunds. Indemnities are recognised when it is more probable than not that the company is going to be indemnified. Other external expenses include expenses related to sale, advertising, administration etc. Staff costs include wages and salaries, including compensated absence and pensions, as well as other social security contributions, etc. made to the entity's employees. Dividend from investments is recognised in the reporting year in which the dividend is declared.Dividend from participating interests is recognised in the financial year in which the dividend is declared. Financial income and expenses are recognised in the income statement at the amounts that relate to the financial year. Net financials include interest income and expenses etc. Tax for the year, which comprises the current tax charge for the year and changes in the deferred tax charge, is recognised in the income statement as regards the portion that relates to the profit/loss for the year and directly in equity as regards the portion that relates to entries directly in equity. Prepayments recognised under 'Current assets' comprises expenses incurred concerning subsequent financial years. Cash and cash equivalents comprise deposits at banks. Current tax liabilities and current tax receivables are recognised in the balance sheet as the estimated tax on the taxable income for the year, adjusted for tax on the taxable income for previous years and tax paid on account.Deferred tax is measured according to the tax rules and at the tax rates applicable in the respective countries at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax adjustments resulting from changes in tax rates are recognised in the income statement, with the exception of items taken directly to equity. Liabilities, which include trade payables and other payables, are measured at amortised cost, which is usually equivalent to nominal value.