Årsrapport33771231PricewaterhouseCoopers Statsautoriseret RevisionspartnerselskabStrandvejen 442900 Hellerup2022-01-012021-01-012022-12-312021-12-3133162510Mobaro A/SHasselager Centervej13, 1.8260Viby J2010-09-24AarhusPricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab33771231Jens Chr. Skous Vej18000Aarhus CDanmark2023-05-03Jon RisvigRegnskabsklasse B1Erklæring om udvidet gennemgangThe Executive Board and Board of Directors have today considered and adopted the Annual Report of Mobaro A/S for the financial year 1 January - 31 December 2022.The Annual Report is prepared in accordance with the Danish Financial Statements Act. The Company complies with the exemption provisions governing the omission to have its Financial Statements auditedIn our opinion the Financial Statements give a true and fair view of the financial position at 31 December 2022 of the Company and of the results of the Company operations for 2022.We recommend that the Annual Report be adopted at the Annual General Meeting.Aarhus2023-05-03Henrik Fjordside HaveExecutive OfficerChristoffer Weiss BorupExecutive OfficerSøren ChristiansenHenrik Fjordside HaveJon Erik RisvigAlexandar Korsgaard BruunTo the Shareholders of Mobaro A/SOpinionWe have performed an extended review of the Financial Statements of Mobaro A/S for the financial year 1 January - 31 December 2022, which comprise 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. Based on the work performed, in our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2022 and of the results of the Company operations for the financial year 1 January - 31 December 2022 in accordance with the Danish Financial Statements Act.Basis for OpinionWe conducted our extended review in accordance with the Danish Business Authority's Assurance Standard for Small Enterprises and FSR – Danish Auditors' standard on extended review of financial statements prepared in accordance with the Danish Financial Statements Act. Our responsibilities under those standards and requirements are further described in the ”Practitioner'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’ 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 evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion.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 Financial Statements. This requires that we plan and perform procedures to obtain limited assurance in respect of our conclusion on the Financial Statements and, moreover, that we perform supplementary procedures specifically required to obtain additional assurance in respect of our conclusion. An extended review consists of making inquiries, primarily of Management and others within the enterprise, as appropriate, and applying analytical procedures and the supplementary procedures specifically required as well as assessing the evidence obtained. An extended review is less in scope than an audit and, consequently, we do not express an audit opinion on the Financial Statements.Aarhus2023-05-03Aarhus2023-05-03PricewaterhouseCoopers Statsautoriseret RevisionspartnerselskabChristian RodingState Authorised Public Accountantmne33714Mike Bork JunState Authorised Public Accountantmne484731017664896314326637257678308331135405187740425851-2339391136184813555562455402125790-27982482127-8947213663-19035271160344-1752215775455869377668767583176475863131610114241249643394612686234143765057360423572423572175942170821599514594393926848010765994228824995157835490973745691174604611043812403833670290349414527314626680771757467151097403587795790512063345101717360017100504135613313561331356133135613367324337889114-3246412-44067564842154483849163329696553024633296965530249988133042001746105510946409127466334327594375913599847757089891233144612262013171736001710050413561337889114-44067560-115668100116034413561336732433-3246412The company's key activities are to develop software solutions to optimize daily operations in retail and adventure parks and attractions.5564268583025177148571372687991872922135131518146637257678308310105714745503019197903733933115613765550895388365562455402120-2903492127-6043722127-894721257156793176475015941063893823-389382329609502876758187779130307703102185494407754558876758 Development projects are based on the development of new versions of the company's existing IT platform. The products are delivered to parks and chains of companies in the service sector and provide the opportunity to complete and optimize workflows in sales, service and operation in a real-time format. The projects are progressing according to plan through the use of the resources allocated by Management. It is expected that the software will be sold in the current market to both the company's existing customers and new customers.Amortised over 5 years 118976536421679901357755364285030302282578110728110811409562496412686Depreciated over 3 years 5 years 423572423572 Investments in subsidiaries are measured at cost. The company's management expects that as subsidiaries are established, they will be able to re-establish their equity through their own earnings. On this basis, no write-down of investments and receivables has been made with subsidiaries. Mobaro Retail Ltd.United Kingdom100-1997562-81400Mobaro Inc.USA100383761817791708215121175942A-shares693932693932B-shares66220166220114487501238507123850799080602102430247701926170001356133144875012385071238507The recognised tax asset comprises tax loss carry-forwards expected to be utilised within the coming years. The Company has continued to develop the core business, and is expecting profitable operational acitivities going forward, primarily due to an increase in revenue.625318605643570765159473812273291210866786062608661691Charges and security The following assets have been placed as security with bankers and Vækstfonden: As security the company has provided floating company chargelimited to TDKK 3,000 in current and future acquisitions of intangible and tangible fixed assets, operating equipment, simple recervables from sales and services and inventories. The book value of assets covered by the company mortgage amounts to DKK 10,957,446 11,123,179 Rental and lease obligations Lease obligations under operating leases. Total future lease payments: 174,237 244,321No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date.The Annual Report of Mobaro A/S for 2022 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B as well as selected rules applying to reporting class C. The accounting policies applied remain unchanged from last year. The Financial Statements for 2022 are presented in DKK.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. 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.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. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognised directly in equity. 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.Other external expenses comprise indirect production costs and expenses for premises, sales and distribution as well as office expenses, etc. Other external expenses also include research and development costs that do not qualify for capitalisation.With reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue, work on own account recognised in assets, other operating income and other external expenses.Staff expenses comprise wages and salaries as well as payroll expenses.Amortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment.Other operating income and other operating expenses comprise items of a secondary nature to the main activities of the Company, including compensation from Covid-19 compensation packages.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.Costs of development projects comprise salaries, amortisation and other expenses directly or indirectly attributable to the Company’s development activities. Development projects that are clearly defined and identifiable and in respect of which technical feasibility, sufficient resources and a potential future market or development opportunity in the enterprise can be demonstrated, and where it is the intention to manufacture, market or use the project, are recognised as intangible assets. This applies if sufficient certainty exists that the value in use of future earnings can cover cost of sales, distribution and administrative expenses involved as well as the development costs. Development projects that do not meet the criteria for recognition in the balance sheet are recognised as expenses in the income statement as incurred. Capitalised development costs are measured at cost less accumulated amortisation and impairment losses or at a lower recoverable amount. An amount corresponding to the recognised development costs is allocated to the equity item “Reserve for development costs”. The reserve comprises only development costs recognised in financial years beginning on or after 1 January 2016. The reserve is reduced by amortisation of and impairment losses on the development projects on a continuing basis. As of the date of completion, capitalised development costs are amortised on a straight-line basis over the period of the expected economic benefit from the development work. The amortisation period is 5 years.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. 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 years Leasehold improvements 5 years The fixed assets’ residual values are determined at nil. Depreciation period and residual value are reassessed annually.The carrying amounts of intangible assets and 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 measured at cost. Where cost exceeds the recoverable amount, write-down is made to this lower value.Other fixed asset investments consist of rent 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, subscriptions and interest.Treasury shares Purchase and sales prices for treasury shares are recognised directly in retained earnings under equity. A reduction of capital by cancellation of treasury shares reduces the share capital by an amount equal to the nominal value of the shares and increases retained earnings. Dividend on treasury shares is recognised directly in equity under retained earnings.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.331625102022-01-01e:ContributedCapitalMember331625102022-01-012022-12-31e:ContributedCapitalMember331625102022-12-31e:ContributedCapitalMember331625102022-01-01e:RetainedEarningsMember331625102022-01-012022-12-31e:RetainedEarningsMember331625102022-12-31e:RetainedEarningsMember331625102022-12-31e:OtherLongtermPayablesMember331625102022-01-012022-12-31331625102022-01-012022-12-312331625102022-01-012022-12-311331625102022-01-012022-12-311331625102022-01-012022-12-312331625102022-01-012022-12-313331625102022-01-012022-12-314331625102022-01-012022-12-311331625102022-01-012022-12-312331625102021-01-012021-12-31331625102022-01-012022-12-31e:RetainedEarningsMember331625102021-01-012021-12-31e:RetainedEarningsMember331625102021-12-31331625102022-12-31331625102022-12-311331625102022-12-312331625102022-01-01d:PreviousYearMembere:ContributedCapitalMember331625102022-01-012022-12-31d:PreviousYearMembere:ContributedCapitalMember331625102022-12-31d:PreviousYearMembere:ContributedCapitalMember331625102022-01-01d:TwoYearsAgoMembere:ContributedCapitalMember331625102022-01-012022-12-31d:TwoYearsAgoMembere:ContributedCapitalMember331625102022-12-31d:TwoYearsAgoMembere:ContributedCapitalMember331625102022-01-01d:ThreeYearsAgoMembere:ContributedCapitalMember331625102022-01-012022-12-31d:ThreeYearsAgoMembere:ContributedCapitalMember331625102022-12-31d:ThreeYearsAgoMembere:ContributedCapitalMember331625102022-01-01d:FourYearsAgoMembere:ContributedCapitalMember331625102022-01-012022-12-31d:FourYearsAgoMembere:ContributedCapitalMember331625102022-12-31d:FourYearsAgoMembere:ContributedCapitalMember331625102022-01-01e:FixturesFittingsToolsAndEquipmentMember331625102022-01-012022-12-31e:FixturesFittingsToolsAndEquipmentMember331625102022-12-31e:FixturesFittingsToolsAndEquipmentMember331625102022-01-01e:LeaseholdImprovementsMember331625102022-01-012022-12-31e:LeaseholdImprovementsMember331625102022-12-31e:LeaseholdImprovementsMember331625102022-01-01e:DepositsLongtermInvestmentsAndReceivablesMember331625102022-01-012022-12-31e:DepositsLongtermInvestmentsAndReceivablesMember331625102022-12-31e:DepositsLongtermInvestmentsAndReceivablesMember331625102021-12-31e:OtherLongtermPayablesMember331625102022-01-01e:InvestmentsInGroupEnterprisesMember331625102021-01-01e:InvestmentsInGroupEnterprisesMember331625102022-01-012022-12-31e:SubsidiaryMember1331625102022-01-012022-12-31e:SubsidiaryMember2331625102022-12-31e:SubsidiaryMember1331625102022-12-31e:SubsidiaryMember2331625102022-01-01e:CompletedDevelopmentProjectsMember331625102022-01-01e:DevelopmentProjectsInProgressMember331625102022-01-012022-12-31e:DevelopmentProjectsInProgressMember331625102022-12-31e:DevelopmentProjectsInProgressMember331625102022-01-012022-12-31e:CompletedDevelopmentProjectsMember331625102022-12-31e:CompletedDevelopmentProjectsMember331625102022-01-01e:ReserveForDevelopmentExpenditureMember331625102022-01-012022-12-31e:ReserveForDevelopmentExpenditureMember331625102022-12-31e:ReserveForDevelopmentExpenditureMemberiso4217:DKKxbrli:purexbrli:shares