260402992023-10-012024-09-30260402992023-10-012024-09-301260402992023-10-012024-09-301260402992023-10-012024-09-302260402992023-10-012024-09-303260402992023-10-012024-09-304260402992023-10-012024-09-305260402992023-10-012024-09-306260402992023-10-012024-09-301260402992024-09-30260402992023-09-30fsa:ContributedCapitalMember260402992023-09-30fsa:ReserveForCurrentValueOfHedgingMember260402992023-09-30fsa:ReserveForDevelopmentExpenditureMember260402992023-09-30fsa:RetainedEarningsMember260402992023-09-30260402992023-10-012024-09-30fsa:ReserveForCurrentValueOfHedgingMember260402992023-10-012024-09-30fsa:RetainedEarningsMember260402992023-10-012024-09-30fsa:ReserveForDevelopmentExpenditureMember260402992024-09-30fsa:ContributedCapitalMember260402992024-09-30fsa:ReserveForCurrentValueOfHedgingMember260402992024-09-30fsa:ReserveForDevelopmentExpenditureMember260402992024-09-30fsa:RetainedEarningsMember260402992022-10-012023-09-30iso4217:DKKxbrli:pureThe Board of Directors and the Executive Board have today considered and approved the annual report of Gatehouse Satcom A/S for the financial year 01.10.2023 - 30.09.2024.2636700033014000The annual report is presented in accordance with the Danish Financial Statements Act.2399600025444000In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 30.09.2024 and of the results of its operations for the financial year 01.10.2023 - 30.09.2024.23710007570000We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.374000182000We recommend the annual report for adoption at the Annual General Meeting.649000551000Aalborg20960007201000Kenney Schmidt Christiansen3900001559000Michael Bondo Andersen17060005642000Chairman17060005642000Jakob Axel NielsenVice chairman184850000Nina Christiane Movin21000014530000Board member1869500014530000Petar Popovski1869500014530000Board member23640003419000Søren Bondo Andersen46730007145000Board member90950008967000Anders Jeppe Skovgaard Nielsen8760002137000Board member18380002403000To the shareholders of Gatehouse Satcom A/S9600063000We have audited the financial statements of Gatehouse Satcom A/S for the financial year 01.10.2023 - 30.09.2024, 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 30.09.2024 and of the results of its operations for the financial year 01.10.2023 - 30.09.2024 in accordance with the Danish Financial Statements Act.1894200024134000We 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.94740009512000Management 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.2841600033646000Our 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.4711100048176000Management 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.5000005000000-22000Aalborg1458200011334000Lars Birner Sørensen1294900014491000mne116712803100026303000State Authorised Public Accountant63990006005000Financial highlights2023/24 DKK'0002022/23 DKK'0002021/22 DKK'0002020/21 DKK'0002019/20 DKK'000Key figuresGross profit/loss26,36733,01424,14523,29616,847Operating profit/loss2,3717,5703,3542,8112,077Net financials(275)(369)(186)(126)(24)Profit/loss for the year1,7065,6422,7552,4041,597Total assets47,11148,17640,38634,28227,799Investments in property, plant and equipment0001,643280Equity28,03126,30320,68317,91115,524RatiosReturn on equity (%)6.2824.0214.2814.3810.87Equity ratio (%)59.5054.6051.2152.2555.84Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark.Return on equity (%) :Profit/loss for the year * 100 Average equityEquity ratio (%) :Equity * 100 Total assets63990006005000Primary activitiesThe objective and activity of the company are to develop market-leading products for satellite and telecommunications purposes. The customers are serviced through delivery of products as well as adjustment and integration of these products.21680002103000Description of material changes in activities and financesThe company has realized a net profit of DKK 1,706k On 30 September 2024, equity totals DKK 28,031 and the solvency ratio stands at 59,5%. 21680002103000Research and development activitiesGatehouse Satcom has incurred research and development costs in 2023/24, which mainly relate to development of software products. Research and development costs relate to development of new software that supports the growth of the existing activities. The ongoing research and development will contribute to an increase in the company's activity level in the coming years. Development projects in progress comprise projects related to Development of communication technology for the market. The product is taken into usage as of year end. A new development project of communication technology have begun in Oktober 2024, which will be expected to be finished in 2026. Cost for the projects are internal wages and external expenses. The management has performed impairment test of the carrying amount of the development projects. The projects are estimated to contribute to future positive cashflow and are upon completion expected to be a large part of the primary activities.46060004579000Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report.19160003578000This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class B enterprises with addition of a few provisions for reporting class C.The accounting policies applied to these financial statements are consistent with those applied last year.761000640000Foreign currency translationOn initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the rate in effect at the payment date, or the rate at the balance sheet date, are recognised in the income statement as financial income or financial expenses. 15870001214000Derivative financial instrumentsOn initial recognition in the balance sheet, derivative financial instruments are measured at cost and subsequently at fair value. Derivative financial instruments are recognised under other receivables or other payables. Changes in the fair value of derivative financial instruments classified as and complying with the requirements for hedging the fair value of a recognised asset or a recognised liability are recorded in the income statement together with changes in the value of the hedged asset or the hedged liability. Changes in the fair value of derivative financial instruments classified as and complying with the requirements for hedging future transactions are recognised directly in equity. When the hedged transactions are realised, the accumulated changes are recognised as part of cost of the relevant financial statement items. For derivative financial instruments that do not comply with the requirements for being treated as hedging instruments, changes in fair value are recognised currently in the income statement as financial income or financial expenses.16430003754000Public grantsPublic grants are recognised when a final commitment has been received from the grantor and it is probable that the conditions of the grant will be fulfilled. Grants are recognised as income in the income statement as earned. 1051300013765000Gross profit or lossGross profit or loss comprises revenue, own work capitalised, other operating income, and external expenses.1268100015868000RevenueRevenue from sales of software products and advisory services is recognised in the income statement when delivery and the risk transition to the buyer has taken place. Revenue from sales of support and maintenance is recognised in the income statement over the support and maintenance period. Royalty income is recognised in profit or loss over the period to which royalties relate. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed.Contract work in progress is included in revenue based on the stage of completion so that revenue corresponds to the selling price of the work performed in the financial year (the percentage-of-completion method).4711100048176000Own work capitalisedOwn work capitalised comprises staff costs and other costs incurred in the financial year and recognised in cost for proprietary intangible assets.50000035Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary activities, and gains and losses from the sale of intangible assets and property, plant and equipment.-22000Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities, including expenses for premises, stationery and office supplies, marketing costs, etc. 11334000Staff costsStaff costs comprise salaries and wages, and social security contributions, pension contributions, etc for entity staff.14491000Other financial incomeOther financial income comprises interest income, including interest income on receivables from group enterprises.Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group enterprises, transactions in foreign currencies, and amortisation of financial liabilities. 28000Tax 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.The Entity is jointly taxed with all Danish group enterprises. The current Danish income tax is allocated among the jointly taxed entities proportionally to their taxable income (full allocation with a refund concerning tax losses).0Intangible assetsIntangible assets comprise development projects completed in progress. Development projects on clearly defined and identifiable products and processes, for which the technical rate of utilisation, adequate resources and a potential future market or development opportunity in the enterprise can be established, and where the intention is to manufacture, market or apply the product or process in question, are recognised as intangible assets. Other development costs are recognised as costs in the income statement as incurred. When recognising development projects as intangible assets, an amount equalling the costs incurred less deferred tax is taken to equity under Reserve for development costs that is reduced as the development projects are amortised and written down. ​ ​The cost of development projects comprises costs such as salaries and amortisation that are directly and indirectly attributable to the development projects. ​ ​Completed development projects are amortised on a straight-line basis using their estimated useful lives which are determined based on a specific assessment of each development project. If the useful life cannot be estimated reliably, it is fixed at 10 years. For development projects protected by intellectual property rights, the maximum period of amortisation is the remaining duration of the relevant rights. The amortisation periods used are 3-5 years. ​ ​Intellectual property rights etc. are written down to the lower of recoverable amount and carrying amount.28000ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and doubtful debts.6000Contract work in progressContract work in progress is measured at the selling price of the work carried out at the balance sheet date. The selling price is measured based on the stage of completion and the total estimated income from the individual contracts in progress. Usually, the stage of completion is determined as the ratio of actual to total budgeted consumption of resources. If the selling price of a project in progress cannot be made up reliably, it is measured at the lower of costs incurred and net realisable value. Each contract in progress is recognised in the balance sheet under receivables or liabilities other than provisions, depending on whether the net value, calculated as the selling price less prepayments received, is positive or negative. Costs of sales work and of securing contracts, and finance costs are recognised in the income statement as incurred.0Joint taxation contributions receivable or payableCurrent joint taxation contributions payable or joint taxation contributions receivable are recognised in the balance sheet, calculated as tax computed on the taxable income for the year, which has been adjusted for prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are expected 6000PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost.0CashCash comprises bank deposits.3248000Deferred 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 or the planned settlement of each liability. 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.-3248000Operating leasesLease payments on operating leases are recognised on a straight-line basis in the income statement over the term of the lease.0Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.0Prepayments received from customersPrepayments received from customers comprise amounts received from customers prior to delivery of the goods agreed or completion of the service agreed.1706000trueGrundlag for konklusion500000Konklusion02024-12-17145820002024-12-1712949000true339635561 Staff costs2023/24 DKK'0002022/23 DKK'000Wages and salaries22,34823,720Pension costs1,2671,341Other social security costs38138323,99625,444Average number of full-time employees32352022-10-01322023-09-302 Other financial income 2023/24 DKK'0002022/23 DKK'000Financial income from group enterprises141132Other interest income23350374182Aalborg3 Other financial expenses2023/24 DKK'0002022/23 DKK'000Financial expenses from group enterprises353194Other interest expenses5051Exchange rate adjustments181243Other financial expenses656364955190004 Intangible assetsCompleted development projects DKK'000Development projects in progress DKK'000Cost beginning of year24,84914,530Transfers18,485(18,485)Additions04,165Cost end of year43,334210Amortisation and impairment losses beginning of year(24,849)0Amortisation and impairment losses end of year(24,849)0Carrying amount end of year18,48521026, 4. sal5 Development projectsCompleted development projects​Completed development projects comprise communication technology that have been taken into usage as of 30th of September 2024. ​​Development projects in progress ​Development projects in progress comprise the project development of communication technology. The product is expected to be in usage in 2026.​The project is estimated to contribute to future positive cashflow and are upon completion expected to be a large​part of the primary activities. ​ ​The value of the recognized development projects depends on the Company's ability to continue developing technology, as well as attracting enough customers to generate positive earnings that could yield the total investment. ​​Cost for the project is internal wages and external expenses. Østre Havnepromenade6 Contract work in progress2023/24 DKK'0002022/23 DKK'000Contract work in progress35,91638,547Progress billings regarding contract work in progress(33,159)(34,980)Transferred to liabilities other than provisions1,9163,5784,6737,145Deloitte Statsautoriseret Revisionspartnerselskab7 Joint taxation contribution receivableTax receivable recognized in the balance sheet fully relates to the use of the tax credit scheme under Ligningsloven § 8X whereby the company can be paid the tax value of fiscal deficits which arise from costs for research and development. Based on the review of the criteria for application of the scheme, it is the management's opinion that the company is entitled to use the scheme. Whether the criteria for applying the scheme are met is based on management judgement. As a result, there may be a risk that the tax authorities consider that the criteria are not met. If applicable, the receivable will have to be refunded in whole or in part via the income statement in subsequent financial yearsAalborg8 Non-current liabilities other than provisionsDue after more than 12 months 2023/24 DKK'000Outstanding after 5 years 2023/24 DKK'000Other payables2,1681,7922,1681,792Nørresundby9 Contingent liabilitiesThe Entity participates in a Danish joint taxation arrangement where GateHouse Holding A/S serves as the administration company. 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 for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for the jointly taxed entities. The jointly taxed entities' total known net liability under the joint taxation arrangement is disclosed in the administration company's financial statements.940010 Group relationsName and registered office of the Parent preparing consolidated financial statements for the largest group: GateHouse Holding A/S, AalborgRegnskabsklasse BRevisionspåtegning2024-09-302023-10-016StrømmenGatehouse Satcom A/S26040299339635562300 København SWeidekampsgade 6Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapport2025-01-07Michael Bondo Andersen