202977432024-01-012024-12-31202977432024-12-31202977432023-12-31fsa:ContributedCapitalMember202977432023-12-31fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember202977432023-12-31fsa:RetainedEarningsMember202977432023-12-31202977432024-01-012024-12-31fsa:ContributedCapitalMember202977432024-01-012024-12-31fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember202977432024-01-012024-12-31fsa:RetainedEarningsMember202977432024-12-31fsa:ContributedCapitalMember202977432024-12-31fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember202977432024-12-31fsa:RetainedEarningsMember202977432024-01-012024-12-31fsa:OtherShorttermPayablesMember202977432024-01-012024-12-31fsa:ShorttermDeferredIncomeMember202977432024-01-012024-12-31cmn:ConsolidatedMemberfsa:LiquidationAccountMember202977432024-01-012024-12-31cmn:ConsolidatedMember202977432024-01-012024-12-31cmn:ConsolidatedMember1202977432024-01-012024-12-31cmn:ConsolidatedMember1202977432024-01-012024-12-31cmn:ConsolidatedMember2202977432024-01-012024-12-31cmn:ConsolidatedMember3202977432024-01-012024-12-31cmn:ConsolidatedMember4202977432024-01-012024-12-31cmn:ConsolidatedMember5202977432024-01-012024-12-31cmn:ConsolidatedMember6202977432024-01-012024-12-31cmn:ConsolidatedMember1202977432024-12-31cmn:ConsolidatedMember202977432023-12-31cmn:ConsolidatedMemberfsa:ContributedCapitalMember202977432023-12-31cmn:ConsolidatedMemberfsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember202977432023-12-31cmn:ConsolidatedMemberfsa:RetainedEarningsMember202977432023-12-31cmn:ConsolidatedMemberfsa:EquityAttributableToParentMember202977432023-12-31cmn:ConsolidatedMemberfsa:MinorityInterestsMember202977432024-01-012024-12-31cmn:ConsolidatedMemberfsa:ContributedCapitalMember202977432024-01-012024-12-31cmn:ConsolidatedMemberfsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember202977432024-01-012024-12-31cmn:ConsolidatedMemberfsa:RetainedEarningsMember202977432024-01-012024-12-31cmn:ConsolidatedMemberfsa:EquityAttributableToParentMember202977432024-01-012024-12-31cmn:ConsolidatedMemberfsa:MinorityInterestsMember202977432024-12-31cmn:ConsolidatedMemberfsa:ContributedCapitalMember202977432024-12-31cmn:ConsolidatedMemberfsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember202977432024-12-31cmn:ConsolidatedMemberfsa:RetainedEarningsMember202977432024-12-31cmn:ConsolidatedMemberfsa:EquityAttributableToParentMember202977432024-12-31cmn:ConsolidatedMemberfsa:MinorityInterestsMember202977432023-12-31cmn:ConsolidatedMember202977432024-01-012024-12-31cmn:ConsolidatedMember1202977432024-01-012024-12-31cmn:ConsolidatedMember2202977432024-01-012024-12-31cmn:ConsolidatedMemberfsa:ShorttermDeferredIncomeMember202977432023-01-012023-12-31202977432023-01-012023-12-31cmn:ConsolidatedMember202977432023-01-012023-12-31cmn:ConsolidatedMember1202977432023-01-012023-12-31cmn:ConsolidatedMember2202977432022-12-31cmn:ConsolidatedMemberiso4217:DKKxbrli:pure20297743Årsrapport13742782820144917359157277190132750015The Board of Directors and the Executive Board have today considered and approved the annual report of NOVICELL ApS for the financial year 01.01.2024 - 31.12.2024.1442638141652810081141927The annual report is presented in accordance with the Danish Financial Statements Act.1291865160777623238In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 31.12.2024 and of the results of their operations and the consolidated cash flows for the financial year
01.01.2024 - 31.12.2024.003512648We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.-638320-9611594-6160307We recommend the annual report for adoption at the Annual General Meeting.-8969603297717761745Højbjerg8997341691937389041Per Kirchner570581-11005814-2274955Ole Bjørvig Pedersen-9278770-1129399-647743Kim Vestergaard-9369-9876415-1627212Terje Ivar Løland-926940121399392042230Poul Thyregod21399395660480Per Kirchner027059872042230Niklas Lillelund Nielsen21399391370001661349To the shareholders of NOVICELL ApS11699455616011816We have audited the consolidated financial statements and the parent financial statements of NOVICELL ApS for the financial year 01.01.2024 - 31.12.2024, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a
summary of significant accounting policies, for the Group as well as the Parent, and the consolidated cash flow statement. The consolidated financial statements and the parent financial statements
are prepared in accordance with the
Danish Financial Statements Act.
In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 31.12.2024 and of the results of their operations and the consolidated cash flows for the financial year 01.01.2024 - 31.12.2024 in accordance
with the Danish Financial Statements Act.497491426161673165We 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 consolidated financial statements and the parent financial statements" section of this auditor’s
report. We are independent of the Group 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.12196940525556Management is responsible for the preparation of consolidated financial statements and parent 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 consolidated financial statements and parent financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the consolidated financial statements and the parent financial statements, Management is responsible for assessing the Group's and 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 consolidated financial statements and the parent financial statements unless Management either intends to liquidate
the Entity or to cease operations, or has no realistic alternative but to do so.44479571519119473Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and the parent 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 consolidated financial statements and parent 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 consolidated financial statements and the parent 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 ofnot 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 Group's and 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 consolidated financial statements and the parent 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 Group's and 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 consolidated financial statements and the parent 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
Group and the Entity to cease to continue as a going concern.Evaluate the overall presentation, structure and content of the consolidated financial statements and the parent financial statements, including the disclosures
in the notes, and whether the consolidated financial statements and the parent financial statements represent the underlying transactions and
events in a manner that gives a true and fair view.Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the consolidated financial statements and the parent financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible 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.07151964502944479542036673360424Management is responsible for the management commentary.
Our opinion on the consolidated financial statements and the parent 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 consolidated financial statements and the parent financial statements, our responsibility is to read the management
commentary and, in doing so, consider whether the management commentary is materially inconsistent with
the consolidated financial statements and the parent 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 consolidated financial statements and the parent 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.38044284642074434211362336290079862297302449Aarhus C1004090674992067390283Kristian Bredgaard Lassen7201932217665280mne23430040230373163254State Authorised Public Accountant33539275893139252132628Financial highlights2024
DKK'0002023
DKK'0002022
DKK'0002021
DKK'0002020
DKK'000Key figuresGross profit/loss163,708157,277193,120173,479149,479Operating profit/loss(2,650)(9,612)1,15712,12614,554Net financials(1,040)(1,394)(1,674)874(696)Profit/loss for the year(2,671)(9,876)(2,582)8,79810,261Profit for the year excl
.
minority interests(2,630)(9,269)(2,792)8,25210,141Balance sheet total61,63771,36277,91588,77183,148Investments in property, plant and equipment815418776051,055Equity19,44221,30130,34241,86939,563Equity excl. minority interests19,61521,24229,68841,27139,391Cash flows from operating activities(6,561)7,3204,210(9,336)20,000Cash flows from investing activities(681)(815)(2,551)(1,132)14,054Cash flows from financing activities1,601(2,777)(9,164)(6,245)(20,483)RatiosEquity ratio (%)31.8229.7738.1046.4947.37Financial highlights are defined and calculated in accordance with the current version of "Recommendations &
Ratios" issued by the CFA Society Denmark.Equity ratio (%)
:Equity excl. minority interests * 100
Balance sheet total54225772822662938001Primary activitiesNovicell's core business is providing consulting services in software and business development, helping companies and organizations fully leverage digital business opportunities.Employees are based in various locations across Europe, with operations conducted from offices in Aarhus, Copenhagen, London and Barcelona.
64785586715802152170629Development in activities and financesThe Group's income statement for 2024 shows a total loss of DKK 2.671.264. The profit and loss account of the parent company, which only includes the Danish business, shows a positive EBITDA.
The Group's balance sheet at 31st of December 2024 shows equity of DKK 19.441.544.
The first half of 2024 was marked by the negative trends of 2023, but as the year progressed, the implemented initiatives began to yield improved results. As a result, the company entered 2025 with significantly lower costs and a stronger pipeline of new projects, which has been the continued trend during the first half of 2025.
607043307136168855531053Profit/loss for the year in relation to expected developmentsDuring the year, the loss-making offices in Stockholm and Oslo were closed as part of a strategic reorganization. The previous strategy with smaller offices locally in Norway, Sweden and the Netherlands was replaced by a focused presence in three key markets: Denmark, the UK, and Spain. This change has resulted in a significant improvement in resource utilization and a reduction in cost levels. At the same time, the strategy of maintaining development competencies has now proven fruitful as the level of activity increases.
While 2024 presented continued challenges and did not deliver according to initial expectations, it also marked a turning point for Novicell. Strategic decisions – such as consolidating operations and refining go-to-market focus – began to show results in the latter part of the year, setting the stage for a stronger and more agile organization. The positive momentum provides a foundation for improved operations and growth in 2025 and beyond. 64508758131579131579OutlookBased on a significant improvement in the results for the first half of 2025, the overall profit for the year is expected to be positive for the entire Novicell Group. The biggest improvements are seen in the UK where a focused effort in the professional Services sector has resulted in several new, large customers. In Denmark, increased demand for Novicell services has also contributed to a significantly strengthened business.
The budget forecasts an EBITDA of DKK 15-17 million, two-thirds of which was realized in the first half of the year.
13157911168671981309Events after the balance sheet dateAfter the balance sheet date, no factors have materially influenced the assessment of the annual report. 11168671999329917501645163708494199932992124174519614533164806272212417455886317700014510978247432130060876351710063355156824743940517-264950887989982474311347017518509110318501103185011347017155813211031850110318501833791-36891311451212856085383609-1017867834510300-2671264425786498800204223082191121393104171423570481628043820988692599444423992786498154815891423628986741577313552643820448734976003118164238711449236337555310537533936450875871361688131579119473230160777611168677151915214751634284619993299190992-92694011838833436637516370427330659109053-864442141196429771686444276294581663702065280423139038674577319928-16272125570722432226925857635590171315795829298766702198130961636650017501645131579-8145841981309-65053441 Staff costs2024
DKK2023
DKKWages and salaries130,733,527142,202,780Pension costs208,826200,926Other social security costs1,807,6621,860,108132,750,015144,263,814Average number of full-time employees213230Remunerationof Manage- ment
2023
DKKTotal amount for management categories1,521,4751,521,475175016450213196145332777335Remunerationof Manage- ment
2023
DKKTotal amount for management categories1,521,4751,521,475-172989-27773352 Depreciation, amortisation and impairment losses2024
DKK2023
DKKAmortisation of intangible assets577,43793,841Depreciation on property, plant and equipment564,4901,198,0241,141,9271,291,8651944154437280093 Other financial income2024
DKK2023
DKKFinancial income from group enterprises574,399669,236Other interest income187,346230,498761,745899,73417700044986204 Other financial expenses2024
DKK2023
DKKOther interest expenses18,92677,880Exchange rate adjustments54,9144,897Other financial expenses315,201487,804389,041570,58117700082266295 Tax on profit/loss for the year2024DKK2023DKKCurrent tax0126,742Change in deferred tax(647,743)(136,111)(647,743)(9,369)113470172986 Proposed distribution of profit and loss2024
DKK2023
DKKRetained earnings(1,627,212)(9,269,401)(1,627,212)(9,269,401)113470171521475-16272121886280-92694011537485-6070147 Intangible assetsAcquired rights
DKKGoodwill
DKKCost beginning of year3,270,4472,656,600Additions479,7280Cost end of year3,750,1752,656,600Amortisation and impairment losses beginning of year(1,130,508)(2,656,600)Amortisation for the year(577,437)0Amortisation and impairment losses end of year(1,707,945)(2,656,600)Carrying amount end of year2,042,230059599418 Property, plant and equipmentOther fixtures and fittings, tools and equipment
DKKLeasehold improvements
DKKCost beginning of year5,107,275631,506Additions41,2000Disposals(36,264)0Cost end of year5,112,211631,506Depreciation and impairment losses beginning of year(3,937,330)(581,757)Depreciation for the year(526,557)(37,933)Reversal regarding disposals13,0250Depreciation and impairment losses end of year(4,450,862)(619,690)Carrying amount end of year661,34911,8164858249 Financial assetsInvestments in group enterprisesDKKOther investmentsDKKCost beginning of year9,897,5980Additions2,468,100119,473Disposals(74,603)0Cost end of year12,291,095119,473Impairment losses beginning of year(9,452,803)0Exchange rate adjustments864,4420Amortisation of goodwill(209,000)0Share of profit/loss for the year(6,954,307)0Investments with negative equity value depreciated over receivables 3,201,7460Investments with negative equity value transferred to provisions 708,3670Other adjustments1,4130Reversal regarding disposals74,6030Impairment losses end of year(11,765,539)0Carrying amount end of year525,556119,473A specification of investments in subsidiaries is evident from the notes to the consolidated financial statements.1407876510 PrepaymentsPrepayments consist of prepaid costs relating to rent, insurance, subscriptions and interest.672279411 Deferred tax2024
DKK2023
DKKIntangible assets(449,291)(467,883)Property, plant and equipment551,338381,004Receivables(279,047)(737,864)Deferred tax(177,000)(824,743)
Changes during the year2024
DKK2023
DKKBeginning of year(824,743)(960,854)Recognised in the income statement647,743136,111End of year(177,000)(824,743)3067108912 Provisions for investments in group enterprisesProvisions comprise provisions for equity investments with negative net asset value to the extent that the Parent has a legal or constructive obligation to cover the liabilities of the relevant enterprise, and it is probable that such obligation will involve a loss.4201810613 Non-current liabilities other than provisionsDue after
more than 12
months
2024
DKKOther payables11,347,01711,347,0176163665014 Other payables2024
DKK2023
DKKVAT and duties3,702,0482,682,622Wages and salaries, personal income taxes, social security costs, etc. payable1,057,3913,419,074Holiday pay obligation5,683,1985,869,044Other costs payable(25,495)4,309,69810,417,14216,280,43813157915 Deferred incomeDeferred income consist of prepayments received from customers regarding income in subsequent years.111686716 Unrecognised rental and lease commitments2024
DKK2023
DKKTotal liabilities under rental or lease agreements until maturity 14,428,65117,396,2341999329917 Contingent liabilitiesThe Entity has provided surity bonds for the follwoing entities engagements with their financial institutions, Ejendomsselskabet SNV 6S ApS, Ejendomsselskabet SNV 6U ApS and Novicell NO AS.The Entity has until 2022 served as the administration company in a Danish joint
taxation arrangement. According to the joint
taxation provisions of the Danish Corporation Tax Act, the Entity
is therefore liable for income taxes etc. for the
jointly taxed entities, and also for obligations, if any, relating to
the withholding of tax on interest, royalties and
dividends for these entities.2124174518 Non-arm’s length related party transactionsOnly non-arm's length related party transactions are disclosed in the annual report. No
such transactions were conducted during the financial year.58863Investments in group enterprisesInvestments in group enterprises are recognised and measured in the parent financial statements according to the equity
method.
This means that investments are measured at the pro rata share of the enterprises’ equity value plus
unamortised goodwill and plus or minus unrealised intra-group profits or losses. Reference is made to the above
section on
business combinations for more details about the accounting policies applied to acquisitions of
investments in
group enterprises.
Group enterprises with negative equity value are measured at DKK 0. Any receivables from these enterprises
are written down to net realisable value based on a specific assessment. If the Parent has a legal
or constructive
obligation to cover the liabilities of the relevant enterprise, and it is probable that such
obligation will involve a
loss, a provision is recognised that is measured at present value of the costs
necessary to settle the obligations at
the balance sheet date.
Upon distribution of profit or loss, net revaluation of investments in group enterprises is transferred to
the reserve for net revaluation according to the equity method in equity.
Goodwill is the difference between cost of investments and fair value of the pro rata share of assets and liabilities arising
from
acquisitions. Goodwill is amortised straight-line over its estimated useful life, which is fixed based on the
experience gained by Management for each business area. For one amount of goodwill, it has not been
possible to estimate useful life reliably, for which reason such useful life has been set at 10 years. For other
amounts of goodwill, useful life has been determined based on an assessment of whether the enterprises
are
strategically acquired enterprises with a strong market position and a long-term earnings profile andwhether
the amount of goodwill includes intangible resources of a temporary nature that cannot be
separated and
recognisedas separate assets. Useful lives are reassessed annually. The amortisation periods
used are 5-10 years.
Investments in group enterprises are written down to the lower of recoverable amount and carrying amount.
0-8644420-8644422013000-502290-2491654-2491654-17961013157919813091750164519614533-172989-862429-502291451097-5470327Gains/(losses) on sale of fixed assets89531Exchange rate adjustments812170-57670375185091558099-245713-6560914479728814230119473-6806247241538160067201600672-564086625857631 Staff costs2024
DKK2023
DKKWages and salaries157,868,212149,255,180Pension costs616,40311,141,164Other social security costs6,321,6574,884,664164,806,272165,281,008Average number of full-time employees277298Remunerationof management
2023
DKKTotal amount for management categories1,521,4751,521,475277Remunerationof management
2023
DKKTotal amount for management categories1,521,4751,521,4752 Depreciation, amortisation and impairment losses2024
DKK2023
DKKAmortisation of intangible assets786,437874,999Depreciation on property, plant and equipment664,660732,7771,451,0971,607,7763 Tax on profit/loss for the year2024
DKK2023
DKKCurrent tax0126,742Change in deferred tax(1,017,867)(1,122,340)Adjustment concerning previous years0(133,801)(1,017,867)(1,129,399)4 Proposed distribution of profit/loss2024DKK2023DKKRetained earnings(2,629,925)(9,269,401)Minority interests' share of profit/loss(41,339)(607,014)(2,671,264)(9,876,415)-2629925-413395 Intangible assetsAcquired rights
DKKGoodwill
DKKCost beginning of year3,270,4454,746,600Additions479,7280Cost end of year3,750,1734,746,600Amortisation and impairment losses beginning of year(1,130,506)(4,180,552)Amortisation for the year(577,437)(209,000)Amortisation and impairment losses end of year(1,707,943)(4,389,552)Carrying amount end of year2,042,230357,0486 Property, plant and equipmentOther fixtures and fittings, tools and equipment
DKKLeasehold improvements
DKKCost beginning of year5,692,411693,890Additions81,4230Disposals(206,078)0Cost end of year5,567,756693,890Depreciation and impairment losses beginning of year(4,322,410)(637,730)Depreciation for the year(620,316)(44,344)Reversal regarding disposals116,5470Depreciation and impairment losses end of year(4,826,179)(682,074)Carrying amount end of year741,57711,8167 Financial assetsOther investments
DKKDeposits
DKKCost beginning of year071,519Additions119,4730Cost end of year119,47371,519Carrying amount end of year119,47371,5198 Deferred tax2024DKK2023DKKIntangible assets(449,291)(467,883)Property, plant and equipment551,338381,004Receivables(279,047)(737,864)Tax losses carried forward1,411,964986,229Deferred tax1,234,964161,486Changes during the year2024DKK2023DKKBeginning of year161,486(960,854)Recognised in the income statement1,017,8671,122,340Recognised directly in equity55,6110End of year1,234,964161,486Deferred tax has been recognised in the balance sheet as follows2024DKK2023DKK
Deferred tax assets1,411,964986,229
Deferred tax liabilities(177,000)(824,743)1,234,964161,486Deferred tax assetsDeferred tax assets, which consists of the tax base of tax loss carryforwards, are recognised in the balance sheet at
their estimated realisable value as a net tax asset.9 PrepaymentsPrepayments consist of prepaid costs relating to rent, insurance, subscriptions and interest.10 Non-current liabilities other than provisionsDue after
more than 12
months
2024
DKKOther payables11,347,01711,347,01711 Deferred incomeDeferred income consist of prepayments received from customers regarding income in subsequent years.12 Changes in working capital2024DKK2023DKKIncrease/decrease in inventories0663,209Increase/decrease in receivables3,713,00710,054,757Increase/decrease in trade payables etc.(9,183,334)5,624,880(5,470,327)16,342,84613 Unrecognised rental and lease commitments2024
DKK2023
DKKTotal liabilities under rental or lease agreements until maturity 15,073,02421,853,47114 Non-arm’s length related party transactionsOnly non-arm's length related party transactions are disclosed in the annual report. No
such transactions were conducted during the financial year.15 SubsidiariesRegistered inCorporate
formOwnership
%Novicell UK LimitedEnglandLtd.80.00Novicell ES Business Online S.l.SpainS.l.85.00Novicell NO ASNorwayAS100.00Novicell SE ABSwedenAB100.00Novicell NL BVNetherlandsBV100.00This annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act
governing reporting class C enterprises (medium).The accounting policies applied to these consolidated financial statements and parent financial statements are consistent with those applied last year.Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic
benefits will flow to the Entity, and the value of the asset can be measured reliably.
Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a
result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the
value of the liability can be measured reliably.
On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial
recognition is effected as described below for each financial statement item.
Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm
or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and
measurement.
Income is recognised in the income statement when earned, whereas costs are recognised by the amounts
attributable to this financial year. Consolidated financial statementsThe consolidated financial statements comprise the Parent and the group enterprises (subsidiaries) that are controlled by the Parent. Control is achieved by the Parent, either directly or indirectly, holding more than 50% of the voting rights or in any other way possibly or actually exercising controlling influence.Basis of consolidationThe consolidated financial statements are prepared on the basis of the financial statements of the Parent and its subsidiaries. The consolidated financial statements are prepared by combining uniform items. On consolidation, intra-group income and expenses, intra-group accounts and dividends as well as profits and losses on transactions between the consolidated enterprises are eliminated. The financial statements used for consolidation have been prepared applying the Group’s accounting policies.
Subsidiaries’ financial statement items are recognised in full in the consolidated financial statements. Minority interests’ pro rata shares of the profit/loss and the net assets are disclosed as separate items in Management's proposal for the distribution of net profit/loss and equity, respectively.
Investments in subsidiaries are offset at the pro rata share of such subsidiaries’ net assets at the acquisition date, with net assets having been calculated at fair value.Gross profit or lossGross profit or loss comprises revenue, other operating income, costs of raw materials and consumables, external expenses and other operating expenses.RevenueRevenue from the sale of manufactured goods and goods for resale is recognised in the income statement
when delivery is made and risk has passed to the buyer. Revenue from the sale of services is recognised
in the
income statement when delivery is made to the buyer. Revenue is recognised net of VAT, duties and
sales
discounts and is measured at fair value of the consideration fixed.Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary
activities, including profit from the sale of intangible assets and property, plant and equipment, and salary refunds .Costs of raw materials and consumablesCosts of raw materials and consumables comprise the consumption of raw materials and consumables for
the
financial year after adjustment for changes in inventories of these goods from the beginning to the end
of the
year. This item includes shrinkage, if any, and normal writedowns of the relevant inventories.Other external expensesOther external expenses include expenses relating to the Entity’s normal activities, including expenses for
premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of
receivables recognised in current assets.Staff costsStaff costs comprise wages and salaries, and social security contributions, pension contributions, etc
. for entity
staff.Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment and intangible
assets comprise depreciation, amortisation and impairment losses for the financial year.Other operating expensesOther operating expenses comprise expenses of a secondary nature as viewed in relation to the Entity’s
primary
activities, including loss from the sale of intangible assets and property, plant and equipment.Income from investments in group enterprisesIncome from investments in group enterprises comprises the pro rata share of the individual enterprises’ profit/loss after full elimination of intra-group profits or losses.
Other financial incomeOther financial income comprises interest income, including
interest income on receivables from group enterprises, exchange gains on transactions in foreign currencies etc.Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group
enterprises, exchange losses on transactions in foreign currencies etc.Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the
income statement by the portion attributable to the profit for the year and recognised directly in equity by
the
portion attributable to entries directly in equity.GoodwillGoodwill is the positive difference between cost and fair value of assets and liabilities arising from
acquisitions. Goodwill is amortised straight-line over its estimated useful life, which is fixed based on the experience gained by
Management for each business area. For one amount of goodwill, it has not been
possible to estimate useful
life reliably, for which reason such useful life has been set at 10 years. For other
amounts of goodwill, useful life
has been determined based on an assessment of whether the enterprises
are strategically acquired enterprises
with a strong market position and a long-term earnings profile and whether the amount of goodwill includes
intangible resources of a temporary nature that cannot be
separated and recognised as separate assets. Useful
lives are reassessed annually. The amortisation periods
used are 5-10 years.
Goodwill is written down to the lower of recoverable amount and carrying amount.Intellectual property rights etc.Intellectual property rights etc. comprise acquired intellectual property rights.Intellectual property rights acquired are measured at cost less accumulated amortisation. Patents are
amortised
on a straight-line basis over their remaining duration, and licences are amortised on a straight-line basis over the term of the agreement.
Intellectual property rights etc. are written down to the lower of recoverable amount and carrying amount.Property, plant and equipmentOther fixtures and fittings, tools and equipment are
measured at
cost less accumulated depreciation and impairment losses.
Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of
the
asset until the time when it is ready to be put into operation.
The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line
depreciation is made on the basis of the following estimated useful lives of the assets:Useful life
Other fixtures and fittings, tools and equipment3-5 yearsLeasehold improvements3-5 yearsFor leasehold improvements and assets subject to finance leases, the depreciation period cannot exceed
the contract period.
Estimated useful lives and residual values are reassessed annually.
Items of property, plant and equipment are written down to the lower of recoverable amount and carrying
amount.Other investmentsOther investments comprise listed securities which are measured at fair value (market price) at the balance
sheet date, and unlisted equity investments measured at the lower of cost and net realisable value.ReceivablesReceivables are measured at amortised cost, usually equalling nominal value, less writedowns for bad and
doubtful debts.Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based
value of
assets and liabilities, for which the tax-based value is calculated based on the planned use of each
asset.
Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at
their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets.Tax payable or receivableCurrent tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's
taxable income, adjusted for prepaid tax.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at
cost.CashCash comprises cash in hand.Minority interestsOn initial recognition, minority interests are measured at the minority interests’ share of the acquiree’s net assets measured at fair value. No goodwill related to the minority interests’ equity interests in the acquiree is recognised.Other provisionsOther provisions comprise provisions for equity investments with negative net asset value to the extent that the Parent has a legal or constructive obligation to cover the liabilities of the relevant enterprise, and it is probable that such obligation will involve a loss.
Other provisions are recognised and measured as the best estimate of the expenses required to settle the
liabilities at the balance sheet date.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Prepayments received from customersPrepayments received from customers comprise amounts received from customers prior to delivery of the
goods agreed or completion of the service agreed.Deferred incomeDeferred income comprises income received for recognition in subsequent financial years. Deferred income
is measured at cost.Cash flow statementThe cash flow statement shows cash flows from operating, investing and financing activities, and cash
and cash equivalents at the beginning and the end of the financial year.
Cash flows from operating activities are presented using the indirect method and calculated as the operating
profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid.
Cash flows from investing activities comprise payments in connection with purchase, development, improvement and sale,
etc. of intangible assets and property, plant and equipment.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs, and the raising of loans, repayments of interest-bearing debt and payment of dividend.
Cash and cash equivalents comprise cash.
The cash flow statement shows cash flows from operating, investing and financing activities, and cash
and cash equivalents at the beginning and the end of the financial year.
Cash flows from operating activities are presented using the indirect method and calculated as the operating
profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid.
Cash flows from investing activities comprise payments in connection with purchase, development, improvement and sale,
etc. of intangible assets and property, plant and equipment.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs, and the raising of loans, repayments of interest-bearing debt and payment of dividend.
Cash and cash equivalents comprise cash.
trueGrundlag for konklusionKonklusion2025-06-262025-06-2633963556Deloitte Statsautoriseret RevisionspartnerselskabRevisionspåtegningRegnskabsklasse C, mellemstor virksomhed2023-12-312023-01-0133963556Weidekampsgade 6Deloitte Statsautoriseret Revisionspartnerselskab2300 København S2024-12-312024-01-01NOVICELL ApS20297743ÅrsrapportAarhus C80002City Tower, VærkmestergadeAarhusHøjbjerg82706Søren Nymarks Vej2025-06-26Kristian Rasmussen