25573730 2021-12-31 25573730 2020-12-31 25573730 2019-12-31 25573730 2023-12-31 25573730 2022-12-31 25573730 2023-01-01 fsa:ContributedCapitalMember 25573730 2023-01-01 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 25573730 2023-01-01 fsa:RetainedEarningsMember 25573730 2023-12-31 fsa:ContributedCapitalMember 25573730 2023-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 25573730 2023-12-31 fsa:RetainedEarningsMember 25573730 2023-01-01 fsa:FixturesFittingsToolsAndEquipmentMember 25573730 2023-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 25573730 2023-01-01 fsa:InvestmentsInGroupEnterprisesMember 25573730 2022-01-01 fsa:InvestmentsInGroupEnterprisesMember 25573730 2023-12-31 fsa:InvestmentsInGroupEnterprisesMember 25573730 2022-12-31 fsa:InvestmentsInGroupEnterprisesMember 25573730 2023-12-31 1 fsa:SubsidiaryMember 25573730 2023-12-31 2 fsa:SubsidiaryMember 25573730 2023-12-31 3 fsa:SubsidiaryMember 25573730 2023-12-31 4 fsa:SubsidiaryMember 25573730 2023-01-01 fsa:DepositsLongtermInvestmentsAndReceivablesMember 25573730 2023-12-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember 25573730 2023-01-01 2023-12-31 25573730 2023-01-01 2023-12-31 1 25573730 2023-01-01 2023-12-31 memberOfBoardIdentifier_executive_board_1 25573730 2023-01-01 2023-12-31 memberOfBoardIdentifier_board_of_director_1 25573730 2023-01-01 2023-12-31 memberOfBoardIdentifier_board_of_director_2 25573730 2023-01-01 2023-12-31 memberOfBoardIdentifier_board_of_director_3 25573730 2023-01-01 2023-12-31 2 25573730 2021-01-01 2021-12-31 25573730 2020-01-01 2020-12-31 25573730 2019-01-01 2019-12-31 25573730 2022-01-01 2022-12-31 25573730 2023-01-01 2023-12-31 fsa:ContributedCapitalMember 25573730 2023-01-01 2023-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 25573730 2023-01-01 2023-12-31 fsa:RetainedEarningsMember 25573730 2023-01-01 2023-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 25573730 2023-01-01 2023-12-31 fsa:InvestmentsInGroupEnterprisesMember 25573730 2022-01-01 2022-12-31 fsa:InvestmentsInGroupEnterprisesMember 25573730 2023-01-01 2023-12-31 1 fsa:SubsidiaryMember 25573730 2023-01-01 2023-12-31 2 fsa:SubsidiaryMember 25573730 2023-01-01 2023-12-31 3 fsa:SubsidiaryMember 25573730 2023-01-01 2023-12-31 4 fsa:SubsidiaryMember 25573730 2023-01-01 2023-12-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember iso4217:DKK pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2023-01-01 2022-01-01 2023-12-31 2022-12-31 25573730 Techedge ApS Dampfærgevej 3, 4. 2100 Copenhagen Ø København Deloitte 33963556 Weidekampsgade 6 2300 Copenhagen S Denmark 2024-06-28 Søren Holmberg Andersen Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning The Executive Board and Board of Directors have today considered and adopted the Annual Report of Techedge ApS for the financial year 1 January - 31 December 2023. 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 financial position at 31 December 2023 of the Company and of the results of the Company operations for 2023. In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review. We recommend that the Annual Report be adopted at the Annual General Meeting. 2024-06-28 Copenhagen Søren Holmberg Andersen CEO Keld Lunda Nielsen Chairman Søren Holmberg Andersen Zuber Irfan Nordine Nosimohomed To the shareholders of Techedge ApS Opinion We have audited the financial statements of Techedge ApS for the financial year 01.01.2023 - 31.12.2023, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a summary of significant 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 Entity’s financial position at 31.12.2023 and of the results of its operations for the financial year 01.01.2023 - 31.12.2023 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 this auditor’s report. We are independent of the Entity 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 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 Entity’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about 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 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 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 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 Entity’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 Entity’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 Entity to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures in the notes, 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. Management is responsible for the management commentary. Our opinion on the financial statements does not cover the management commentary, 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 commentary and, in doing so, consider whether the management commentary is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the management commentary provides the information required by relevant law and regulations. Based on the work we have performed, we conclude that the management commentary is in accordance with the financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary. Copenhagen 2024-06-28 Deloitte Nikolaj Thomsen State Authorised Public Accountant mne33276 Victor Fortmann Storm State Authorised Public Accountant mne50626 58553000 88051000 82576000 35415000 59950000 58468000 86420000 47875000 46827000 112118000 95091000 91810000 349879000 383103000 285016000 2189000 2798000 -1439000 -1488000 -4685000 305475000 362689000 268552000 24 22 22 0.05 0.084 0.101 0.156 0.205 0.885 0.875 0.873 0.947 0.942 0.297 0.328 0.336 0.301 0.684 Key activities The company's primary activity is development of software and related activities. Development in the year The income statement of the Company for 2023 shows a profit of TDKK 148,491, and at 31 December 2023 the balance sheet of the Company shows positive equity of TDKK 574,281. The Company finds the growth and profit for the year to be satisfying and is in line with expectations for the year. The positive development is attributed to growth attributed to previous years investments in non-linear data reporting and diligent. In 2023 the Danish Tax Authorities and the Company is engaged in a dispute. The dispute is a proposed income adjustment from the Danish Tax Authorities of a significant amount raised against the Company. Management does not agree with the Danish Tax Authorities’ proposal. Profit/loss for the year in relation to expected developments The profits in 2023 is above the expectations set out in the annual report for 2022 and with an expectation of increased profits in the interval of 3%-5%. This increase is driven by the higher client demand and prior years investments. Expectations for 2024 Management expects 2024 profits to be higher than 2023, estimated 4% to 6%, even challenged by market consolidation for especially Broadcasters. We by opposite see projects as software and data hosting become increasingly important parts of the audience measurement business. Management expects the Company to invest in several new initiatives during the 2024, some of which will be conducted in collaboration with Kantar Media, others are conducted with external parties. These initiatives are expected to generate a positive financial effect in 2024 and beyond. Intellectual capital resources The Company possesses knowledge of the industry- and the market which enables the Company and its organization to operate efficiently in the sector for software development. This knowledge is maintained on an ongoing basis by gathering relevant information and by improving the skills and qualifications of the staff. The staff and its experience are vital to the management and further development of the Company and Management therefore makes efforts to maintain the staff by continuously organizing and developing the organization for it to be an attractive place to work. Subsequent events No events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. 60379000 67929000 26089000 25354000 2101000 1477000 32189000 41098000 114866000 83169000 11377000 6753000 448000 656000 157984000 130364000 9493000 10298000 148491000 120066000 114866000 83168000 33625000 36898000 3909000 3822000 3909000 3822000 430925000 316023000 743000 688000 431668000 316711000 435577000 320533000 7665000 5929000 187148000 139060000 314000 1193000 338000 274000 0 3603000 326000 652000 195791000 150711000 17632000 15276000 213423000 165987000 649000000 486520000 621000 621000 296109000 181207000 277551000 243926000 574281000 425754000 2820000 6151000 63774000 46469000 1302000 3337000 4467000 2180000 2356000 2629000 74719000 60766000 74719000 60766000 649000000 486520000 621000 181207000 243926000 0 36000 0 0 114866000 33625000 621000 296109000 277551000 25213000 24302000 173000 137000 703000 915000 26089000 25354000 3612000 2730000 23 24 10145000 6271000 321000 85000 911000 397000 11377000 6753000 9557000 10337000 -64000 47000 0 -86000 9493000 10298000 12937000 2189000 15126000 9116000 2101000 11217000 3909000 134816000 134816000 134816000 134816000 181207000 97825000 36000 214000 124907000 93209000 10041000 10041000 296109000 181207000 430925000 316023000 Techedge America Inc. FL Miami 100 Techedge UK Taunton 100 Techedge Asia Pacific, Singapore Pte. Ltd. Singapore 100 Techedge Iberia S.L Barcelona 100 688000 55000 743000 743000 Positive differences arising on initial measurement of subsidiaries at net asset value 130956000 130956000 Investments in subsidiaries are specified as follows: Prepayments consist of prepaid expenses concerning subscriptions etc. Deferred tax asset at 1 January 274000 321000 Amounts recognised in the income statement for the year 64000 -47000 Deferred tax asset at 31 December 338000 274000 Deferred income consists of payments received in respect of income in subsequent years. Rental and lease obligations Lease obligations under operating leases. Total future lease payments: Total 973000 1012000 Total 973000 1012000 Other contingent liabilities The group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The total amount of corporation tax payable is disclosed in the Annual Report of Kantar A/S, which is the management company of the joint taxation purposes. Moreover, the group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company's liability. In 2023 the Danish Tax Authority (DTA) issued a preliminary ruling regarding adjustments to the Company's taxable income for the period 2016-2020. Management disagree to the ruling and subsequent discussion between the Company and DTA has taken place. At this stage, there is no clear indication of how a final decision will look, however the potential adjustments can have significant effect for the Company’s financial position.  Basis Controlling interest Kantar Media Netherlands Holdings B.V., Netherlands Transactions The Company has chosen only to disclose transactions which have not been made on an arm's length basis in accordance with section 98(c)(7) of the Danish Financial Statements Act. No such transactions have been conducted in the financial period. Copies of the financial statements of Kantar Global Holdings S.à r.l. are available from Kantar Global Holdings S.à r.l. at its registered office in Luxembourg, from the Luxembourg Registre de Commerce et des Sociétés(RCS) and from the investor relations section of the Kantar.com website. Consolidated Financial Statements The Company is included in the Group Annual Report of the Parent Company of the largest and smallest group: Name Place of registered office Kantar Global Holdings S.à r.l. 4, rue Lou Hemmer, L-1748 Senningerberg, Luxembourg Kantar Media Netherlands Holdings B.V. Hoogoorddreef 15, 1101BA Amsterdam, Netherland The Annual Report of Techedge ApS for 2023 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to medium-sized enterprises of reporting class C. The accounting policies applied remain unchanged from last year. The Financial Statements for 2023 are presented in TDKK. true With reference to section 112 of the Danish Financial Statements Act and to the consolidated financial statements for 2023 of Kantar Global Holdings S.á r.l., the Company has not prepared consolidated financial statements. With reference to section 86(4) of the Danish Financial Statements Act and to the cash flow statement included in the consolidated financial statements of Kantar Global Holdings S.á r.l., the Company has not prepared a cash flow statement. The Financial Statements have been prepared under the historical cost method. Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates 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 to the 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 out of 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 as described for each item below. All leases are considered operating leases. Payments made under operating leases are recognised in the income statement on a straight-line basis over the lease term. Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement. Fixed assets acquired in foreign currencies are measured at the transaction date rates. Revenue from the sale of goods is recognised when the risks and rewards relating to the goods sold have been transferred to the purchaser, the revenue can be measured reliably and it is probable that the economic benefits relating to the sale will flow to the Company. Revenue from the sale licenses is recognised in the income statement based on license period. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed. Cost of sales comprises cost of licenses, consultants and other cost directly associated with the company's primary activities. Other external expenses include expenses relating to the Entity's ordinary activities, including expenses for premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of receivables recognised in current assets. With reference to section 32 of the Danish Financial Statements Act, revenue has not been disclosed in the Annual Report. Gross profit or loss comprises revenue, license cost, and other external expenses. Staff expenses comprise wages and salaries as well as payroll expenses, social security contributions, pension contributions. Amortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of property, plant and equipment. The item “Income from investments in subsidiaries” in the income statement includes the proportionate share of the profit for the year. Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses. Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Interest expenses on loans contracted directly for financing the construction of property, plant and equipment are recognised in cost over the construction period. Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are: Other fixtures and fittings, tools and equipment 3-5 years The fixed assets’ residual values are determined at nil. Depreciation period and residual value are reassessed annually. Estimated useful lives and residual values are reassessed annually. The carrying amounts of property, plant and equipment are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation. If so, the asset is written down to its lower recoverable amount. Investments in subsidiaries are recognised and measured under the equity method. The item“Investments in subsidiaries” in the balance sheet include the proportionate ownership share of the net asset value of the enterprises calculated on the basis of the fair values of identifiable net assets at the time of acquisition with deduction or addition of unrealised intercompany profits or losses and with addition of the remaining value of any increases in value and goodwill calculated at the time of acquisition of the enterprises. The total net revaluation of investments in subsidiaries is transferred upon distribution of profit to Reserve for net revaluation under the equity method“ under equity. The reserve is reduced by dividend distributed to the Parent Company and adjusted for other equity movements in the subsidiaries. Subsidiaries with a negative net asset value are recognised at DKK 0. Any legal or constructive obligation of the Parent Company to cover the negative balance of the enterprise is recognised in provisions. Other fixed asset investments consist of deposits. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. Prepayments comprise prepaid expenses concerning rent, insurance premiums and subscriptions. Deferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively. Deferred tax assets are measured at the value at which the asset is expected to be realised, either by elimination in 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 will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity. Current tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses. Debts are measured at amortised cost, substantially corresponding to nominal value. Deferred income comprises payments received in respect of income in subsequent years. Return on assets Profit/loss of ordinary primary operations x 100 / Total assets at year end Solvency ratio Equity at year end x 100 / Total assets at year end Return on equity Net profit for the year x 100 / Average equity