29523355 2022-12-31 29523355 2021-12-31 29523355 2020-12-31 29523355 2024-12-31 29523355 2023-12-31 29523355 2024-01-01 fsa:ContributedCapitalMember 29523355 2024-01-01 fsa:RetainedEarningsMember 29523355 2024-12-31 fsa:ContributedCapitalMember 29523355 2024-12-31 fsa:RetainedEarningsMember 29523355 2024-01-01 fsa:FixturesFittingsToolsAndEquipmentMember 29523355 2024-01-01 fsa:LeaseholdImprovementsMember 29523355 2024-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 29523355 2024-12-31 fsa:LeaseholdImprovementsMember 29523355 2024-01-01 fsa:InvestmentsInGroupEnterprisesMember 29523355 2023-01-01 fsa:InvestmentsInGroupEnterprisesMember 29523355 2024-12-31 fsa:InvestmentsInGroupEnterprisesMember 29523355 2023-12-31 fsa:InvestmentsInGroupEnterprisesMember 29523355 2024-12-31 1 fsa:SubsidiaryMember 29523355 2024-12-31 2 fsa:SubsidiaryMember 29523355 2024-01-01 fsa:DepositsLongtermInvestmentsAndReceivablesMember 29523355 2024-12-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember 29523355 2024-01-01 2024-12-31 29523355 2024-01-01 2024-12-31 1 29523355 2024-01-01 2024-12-31 memberOfBoardIdentifier_executive_board_1 29523355 2024-01-01 2024-12-31 memberOfBoardIdentifier_board_of_director_1 29523355 2024-01-01 2024-12-31 memberOfBoardIdentifier_board_of_director_2 29523355 2024-01-01 2024-12-31 memberOfBoardIdentifier_board_of_director_3 29523355 2024-01-01 2024-12-31 memberOfBoardIdentifier_board_of_director_4 29523355 2024-01-01 2024-12-31 memberOfBoardIdentifier_board_of_director_5 29523355 2024-01-01 2024-12-31 2 29523355 2022-01-01 2022-12-31 29523355 2021-01-01 2021-12-31 29523355 2020-01-01 2020-12-31 29523355 2023-01-01 2023-12-31 29523355 2024-01-01 2024-12-31 fsa:ContributedCapitalMember 29523355 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 29523355 2024-01-01 2024-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 29523355 2024-01-01 2024-12-31 fsa:LeaseholdImprovementsMember 29523355 2024-01-01 2024-12-31 1 fsa:SubsidiaryMember 29523355 2024-01-01 2024-12-31 2 fsa:SubsidiaryMember 29523355 2024-01-01 2024-12-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember iso4217:DKK pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2024-01-01 2023-01-01 2024-12-31 2023-12-31 29523355 CSIS SECURITY GROUP A/S Lindevangs Alle 12, 3 2000 Frederiksberg 2026-05-01 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Strandvejen 44 2900 Hellerup Denmark 39 45 39 45 koebenhavn@pwc.dk 2025-06-27 Frida Marie-Louise Westerberg Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning The Executive Board and Board of Directors have today considered and adopted the Annual Report of CSIS SECURITY GROUP A/S for the financial year 1 January - 31 December 2024. 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 2024 of the Company and of the results of the Company operations for 2024. 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. 2025-06-27 Frederiksberg Daniel Alexander Shepherd CEO Frida Marie-Louise Westerberg Chairman Daniel Alexander Shepherd Åsa Elisabeth Agerman Anna Kirstine Kaae Liviu Serban Ghiuta To the shareholder of CSIS SECURITY GROUP A/S Opinion In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2024 and of the results of the Company´s operations for the financial year 1 January - 31 December 2024 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of CSIS SECURITY GROUP A/S for the financial year 1 January - 31 December 2024, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (”the Financial Statements”). Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the 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 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 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 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 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 Company´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 Company´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 Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, 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 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 audit 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 audit, 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, in our view, 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 in Management’s Review. Hellerup 2025-06-27 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Leif Ulbæk Jensen State Authorised Public Accountant mne23327 Ahmed Shah Ahmedzay State Authorised Public Accountant mne50717 79714000 53028000 71954000 -1742000 -19784000 3395000 -119000 270000 -716000 -3414000 -19438000 144620000 53077000 65072000 123911000 1114000 1339000 408000 153000 386000 10180000 19596000 57665000 66 71 69 0.033 0.058 -0.033 -0.304 0.027 0.12 0.172 0.192 0.301 0.465 0.363 0.323 -0.229 -0.503 5.016 Key activities The Company's principal activities consist in providing 24x7x365 and intelligence-powered threat detection and response services to customers in Denmark and internationally, including the US.We are a trusted partner to many leading companies, including global banks, major corporations and well-known brand names in the Energy & Utilities, Transport & Logistics and Manufacturing sectors, in addition to Government & Public Sector entities.We are also a trusted advisor to Law Enforcement Agencies and we are regularly called upon to provide expert opinion and insight on matters pertaining to cybersecurity by domestic and international media outlets. Development in the year The income statement of the Company for 2024 shows a profit of DKK 6,064,094, and at 31 December 2024 the balance sheet of the Company shows a positive equity of DKK 19,739,378. The past year and follow-up on development expectations from last year Our results for the year signal strong market leadership and differentiation. Our growth has been very satisfying and is in line with our expectations. Targets and expectations for the year ahead We look forward to another successful growth year in 2025, leveraging our distinctive brand and customer focus, as well as our service delivery excellence, to continue winning new customers and retaining existing ones. We expect an increase of approximately 10% in the revenue and EBIT. Research and development We continue to invest in technology through our internal Development team with the objective being to continuously improve the scalability of our managed and consulting services. Uncertainty relating to recognition and measurement There has been no uncertainty regarding recognition and measurement in the Annual Report. Unusual events The financial position at 31 December 2024 of the Company and the results of the activities and cash flows of the Company for the financial year for 2024 have not been affected by any unusual events. 68178755 65067314 61798734 60101606 850931 342125 5529090 4623583 5213022 614018 2933470 268274 7808642 4969327 1744548 1116761 6064094 3852566 6064094 3852566 1426196 1257040 289348 195471 1715544 1452511 50836 50836 958025 1399883 1008861 1450719 2724405 2903230 21432562 22596159 117344483 40180108 87975 147694 0 918874 0 100706 5873634 6807976 144738654 70751517 17606261 5774035 162344915 76525552 165069320 79428782 520400 520400 19218978 13154884 19739378 13675284 5100 52693 5100 52693 1971494 636583 2421708 3294963 75765645 0 2117939 0 8854442 9041694 54193614 52727565 145324842 65700805 145324842 65700805 165069320 79428782 520400 13885933 0 -731049 0 6064094 520400 19218978 No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. 53925388 52761249 7117404 6690015 682415 650342 73527 0 61798734 60101606 73 73 Remuneration to the Executive Board has not been disclosed in accordance with section 98 B(3) of the Danish Financial Statements Act. 0 30000 850931 312125 850931 342125 3814959 351609 208994 8909 1189069 253500 5213022 614018 2304210 0 216217 1309 413043 266965 2933470 268274 1792141 862999 -55681 253762 8088 0 1744548 1116761 3994128 783084 912859 201104 11200 0 4895787 984188 2737088 587613 743703 107227 11200 0 3469591 694840 1426196 289348 50836 50836 50836 50836 50836 50836 CSIS eCrime Services ApS København 100 773462 86957 CSIS Group UK Ltd London 100 -4118626 -4218642 1399883 441858 958025 958025 Investments in subsidiaries are specified as follows: Other prepayments 5873634 6807976 Total 5873634 6807976 Prepayments consist of prepaid expenses concerning rent, subscriptions and interest. Deferred tax liabilities at 1 January 52693 -201069 Adjustment of tax concerning previous years 8088 0 Amounts recognised in the income statement for the year -55681 253762 Deferred tax liabilities at 31 December 5100 52693 Intangible assets 0 -9428 Property, plant and equipment 5100 62121 5100 52693 Deferred tax asset Calculated tax assets 0 0 Carrying amount 0 0 Other deferred income 54193614 52727565 Total 54193614 52727565 Deferred income comprises payments received in respect of income in subsequent years. There are no security and contingent liabilities at 31 December 2024. The company has entered into operational lease agreements. The lease agreements can be terminated with 1-55 months notice equivalent to DKK 8,599,000 where DKK 1,916,000 has to be paid within a year.The Company is jointly taxed with the other enterprises in the group and are jointly and severally liable for the taxes that concern the joint taxation. Basis Controlling interest Pure TopCo S.à r.l Ultimate parent company Allurity Midco AB Parent Allurity BidCo AB Parent 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)(6) of the Danish Financial Statements Act. Apart from the above, there have been no transactions with the Supervisory Board, the Executive Board, senior officers, significant shareholders, group enterprises or other related parties, except for intercompany transactions and normal management remuneration. 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 Allurity Midco AB Norrlandsgatan 1011143Sweden The Annual Report of CSIS SECURITY GROUP A/S for 2024 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to medium-sized enterprises of reporting class C. The Financial Statements for 2024 are presented in DKK. false The Company has in previous years recognized and measured its investments in subsidiaries under the equity method. The Company has decided to change its accounting policy to recognition and measurement at cost as it is assessed more appropriate taken the nature of the Company and its investments into consideration. Consequently, the comparison figures for 2023 has been adjusted. The impact on the Income Statement is the reversal of ‘Income from investments in subsidiaries’ for 2023 of DKK 372.462. The total impact on the beginning equity amounts to DKK 731.049. If the Company had continued applying the previous accounting policy, the effect on the 2024 Income Statement and Equity would have amounted to negative DKK 4.131.685 respectively. With reference to section 112 of the Danish Financial Statements Act and to the consolidated financial statements for 2024 of Allurity Midco AB, 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 Allurity MidCo AB, the Company has not prepared a cash flow statement. 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. Income is recognised in the Income statement from the date of delivery and when the risk has passed to the buyer if it is possible to calculate the income reliably. The revenue is calculated exclusive of VAT, charges and discounts. Income from delivery of services is recognised as revenue as the service is delivered. Other external expenses comprise expenses for premises, sales as well as office expenses, etc. With reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue, other operating income, expenses for raw materials and consumables and other external expenses. 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. Amortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment. Financial income and expenses comprise interest, financial expenses in respect of finance leases, realised and unrealised exchange adjustments, price adjustment of securities, amortisation of mortgage loans as well as extra payments and repayment under the on-account taxation scheme. Tax for the year consists of current tax for the year and deferred tax for the year. The tax attributable to the profit for year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. Any changes in deferred tax due to changes to tax rates are recognised in the income statement. The Company is jointly taxed with . The tax effect of the joint taxation with the subsidiaries is allocated to enterprises showing profits or losses in proportion to their taxable incomes (full allocation with credit for tax losses). 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 years Leasehold improvements 3 years Consessions, patents, licens, trademarks and other similar rights 5 years The fixed assets’ residual values are determined at nil. Depreciation period and residual value are reassessed annually. Investments in subsidiaries are measured at cost. Where cost exceeds the recoverable amount, write-down is made to this lower value. 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. Equity comprises the share capital and a series of other equity related posts that may be statutory or stipulated in the Articles of Association. Deferred tax is recognised in respect of all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised in respect of temporary differences concerning goodwill not deductible for tax purposes and other items - apart from business acquisitions - where temporary differences have arisen at the time of acquisition without affecting the profit for the year or the taxable income. 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. In cases where the computation of the tax base may be made according to alternative tax rules, deferred tax is measured on the basis of the intended use of the asset and settlement of the liability, respectively. Deferred tax assets, including the tax base of tax loss carry-forwards, 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. Deferred tax assets and liabilities are offset within the same legal tax entity. Current tax receivables and liabilities are recognised in the balance sheet at the amount calculated on the basis of the expected taxable income for the year adjusted for tax on taxable incomes for prior years. Tax receivables and liabilities are offset if there is a legally enforceable right of set-off and an intention to settle on a net basis or simultaneously. Loans are recognised initially at the proceeds received net of transaction expenses incurred. Subsequently, the loans are measured at amortised cost; the difference between the proceeds and the nominal value is recognised as an interest expense in the income statement over the loan period. Other 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 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