The supervisory board and executive board have today discussed and approved the annual report of Noitso A/S for the financial year 1 January - 31 December 2023.The annual report is prepared in accordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the company's financial position at 31 December 2023 and of the results of the company's operations for the financial year 1 January - 31 December 2023.In our opinion, management's review includes a fair review of the matters dealt with in the management's review.Management recommends that the annual report should be approved by the company in general meeting.Bo Christian RasmussenDirectorAndrew Peter RichchairmanMikael Boldt ChristensenBo Christian RasmussenTo the shareholder of Noitso A/SOpinionWe have audited the financial statements of Noitso A/S for the financial year 1 January - 31 December 2023, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity and notes. The financial statements are prepared under the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the company's financial position at 31 December 2023 and of the results of the company's operations for the financial year 1 January - 31 December 2023 in accordance with the Danish Financial Statements Act.Basis for OpinionWe 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' Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and 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 the 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.Statement on management's review 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, we conclude that 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 of management's review.Copenhagen2024-06-27Ecovis DanmarkBo Langtoft LarsenStatsautoriseret revisormne27872Business review The company's purpose is to run Software and Data Orchestration platform and other similar businesses.Financial review The company's income statement for the year ended 31 December 2023 shows a loss of DKK 2.885.564, and the balance sheet at 31 December 2023 shows equity of DKK 1.568.198.7946420890086265310245739002490221837523960146241-3486822-7367770-597344088391170338247462-3653072-1043582-767508-182554-2885564-861028-9993271102843-1886237-1963871447589542045943613843516629880897389370892187790187790311162290597311162290597841967996614892233262509017057500732962123542366503433512132279131235713826948222214651497395345717135694181500720650000050000063099687309295-5241770-33555331568198445376233999211075003399921107500488951403546892344862169138129512657152079287638000029490143729797345378430000015802001443657298192542440032083610279933818022911661228944594413569418150072065000007309295-3355533-99932700-18862375000006309968-52417705000006206452-1391662110284300-19638715000007309295-33555330530888Digitization boost, subsidy EUDigitization boost, subsidy EU797209718Wage subsidiesWage subsidies040913Wage reimbursementsWage reimbursements8785244944639611266141145332101009150022-3481843-5002748653102457390021315Digitization boost, EU grant, to cover costs incurred in 2020-2022053088804020017033820276504497170338247462Operating lease liabilities. Total future lease payments: Within 1 year 90.180 134.653 Between 1 and 5 years 15.030 0 105.210 134.653 Lokalelejeforpligtelse Within 1 year 463.250 440.542 Between 1 and 5 years 916.054 1.379.304 After 5 years 0 0 1.379.304 1.819.846The company is jointly taxed with the parent company Experian A/S (the administrative company) and the subsidiary Managed Risk ApS, and is jointly liable with the jointly taxed companies for the payment of corporate tax.Årsrapport28939523Ecovis DanmarkVendersgade 28 st. th1363 København K2023-01-012023-12-312022-01-012022-12-3130362942Noitso A/SLyngbyvej22100København ØDKDanmarkKøbenhavnEcovis Danmark28939523Bo Langtoft LarsenStatsautoriseret revisorVendersgade28 st. th1363København KDKDanmark57 61 45 402024-06-27Andrew Peter RichRegnskabsklasse BtrueRevisionspåtegningCaseWare-FSRfalsefalsefalsefalseThe annual report of Noitso A/S for 2023 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B, as well as provisions applying to reporting class C entities. The accounting policies applied are consistent with those of last year. The annual report for 2023 is presented in DKKPursuant to sections §110 subsection 1, of the Danish Financial Statements Act, the company has not prepared consolidated financial statements.Income is recognised in the income statement as earned, including value adjustments of financial assets and liabilities. All expenses, including amortisation, depreciation and impairment losses, are also recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits 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 from the company and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost. On subsequent recognition, assets and liabilities are measured as described below for each individual accounting item. Certain financial assets and liabilities are measured at amortised cost using the effective interest method. Amortised cost is calculated as the historic cost less any installments and plus/less the accumulated amortisation of the difference between the cost and the nominal amount. On recognition and measurement, allowance is made for predictable losses and risks which occur before the annual report is presented and which confirm or invalidate matters existing at the balance sheet date.In pursuance of section 32 of the Danish Financial Statements Act, the company does not disclose its revenue. The gross profit is a summary of net revenue, direct costs, and other operating income, minus other external costs.Revenue is measured at the fair value of the agreed consideration, excluding VAT and other indirect taxes. Revenue is net of all types of discounts granted.Direct costs include expenses directly related to the production of the company's services, such as consultancy fees, hosting, data purchases, licenses, and similar expenses.Other operating income includes accounting items of a secondary nature in relation to the company's activities, including received government grantsOther operating expenses include accounting items of a secondary nature in relation to the company's activities, including recognized compensation payments.Other external expenses include expenses related to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc.Personnel expenses include wages and salaries, including holiday pay and pensions, as well as other social security costs for the company's employees, and reimbursements received for salaries and social expenses.Depreciation and amortization include the year's depreciation and amortization of intangible fixed assets.Financial income and expenses are recognised in the income statement at the amounts that relate to the financial year. Net financials include interest income and expenses, financial expenses relating to finance leases, realised and unrealised capital/exchange gains and losses on securities, liabilities and foreign currency transactions, amortisation of financial assets and liabilities and surcharges and allowances under the Danish Tax Prepayment Scheme, etc.The proportionate share of the profit/loss for the year of subsidiaries is recognised in the company's income statement after full elimination of intra-group profits/losses.The company is subject to the Danish rules on compulsory joint taxation. On payment of joint taxation contributions, the current Danish income tax is allocated between the jointly taxed entities in proportion to their taxable income. Entities with tax losses receive joint taxation contributions from entities that have been able to use tax losses to reduce their own taxable profits. Tax for the year, which comprises the current tax charge for the year and changes in the deferred tax charge, is recognised in the income statement as regards the portion that relates to the profit/loss for the year and directly in equity as regards the portion that relates to entries directly in equity.Development projects, patents and licences Development costs include salaries and expenses directly related to salaries attributable to development activities, as well as, to a lesser extent, costs purchased from suppliers directly related to development work. Developments projects recognised in the balance sheet are measured at cost less accumulated amortisation and impairment losses. After completion of the development work, development costs are depreciated on a straight-line basis over the estimated economic useful life. The depreciation period is 3 years.Items of plant and machinery and fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses. The depreciable amount is cost less the expected residual value at the end of the useful life. Cost comprises the purchase price and any costs directly attributable to the acquisition until the date when the asset is available for use. The cost of self-constructed assets comprises direct and indirect costs of materials, components, sub-suppliers and wages. Straight-line depreciation is provided on the basis of the following estimated useful lives of the assets: Useful life Residual value Other fixtures and fittings 1- 3 years 0 % The useful life and residual value are re-assessed annually. A change is accounted for as an accounting estimate, and the impact on amortisation/depreciation is recognised going forward.Leases for items of property, plant and equipment that transfer substantially all the risks and rewards incident to ownership to the company (finance leases) are recognised in the balance sheet as assets. On initial recognition, assets are measured at estimated cost, corresponding to the lower of fair value of the leased asset and the present value of the future lease payments. In calculating the net present value of the future lease payments, the interest rate implicit in the lease or the incremental borrowing rate is used as the discount factor. Assets held under finance leases are subsequently depreciated as the company's other non-current assets. The capitalised residual lease commitment is recognised in the balance sheet as a liability, and the interest element of the lease payment is recognised in the income statement over the term of the lease. All other leases are operating leases. Payments relating to operating leases and any other leases are recognised in the income statement over the term of the lease. The company's total liabilities relating to operating leases and other rent agreements are disclosed under 'Contingencies, etc.'.Other financial fixed assets, which consist of rent deposits and other deposits, must be read at nominal value on the balance sheet.Receivables are measured at amortised cost. An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable is impaired, an impairment loss for that individual asset is recognised.Contract work in progress is measured at the selling price of the work performed. The selling price is measured by reference to the stage of completion at the balance sheet date and the expected aggregate income from the individual work in progress. The stage of completion is determined as the share of the expenses incurred relative to the expected total expenses for the individual work in progress. Where the selling price of work in progress cannot be estimated reliably, the selling price is measured at the lower of costs incurred and net realisable value. The individual work in progress is recognised in the balance sheet under receivables or payables. Net assets comprise the sum of work in progress where the selling price of the work performed exceeds invoicing on account. Net liabilities comprise the sum of work in progress where invoicing on account exceeds the selling price. Selling costs and costs incurred in securing contracts are recognised in the income statement as incurred.Prepayments recognised under 'Current assets' comprises expenses incurred concerning subsequent financial years.Cash and cash equivalents comprise cash and deposits at banks.Current tax liabilities and current tax receivables are recognised in the balance sheet as the estimated tax on the taxable income for the year, adjusted for tax on the taxable income for previous years and tax paid on account. Joint taxation contributions payable and receivable are recognised in the balance sheet as 'Joint taxation contributions receivable' or 'Joint taxation contributions payable'. Deferred tax assets, including the tax base of tax losses allowed for carry forward, are measured at the value to which the asset is expected to be realised, either as a set-off against tax on future income or as a set-off against deferred tax liabilities within the same legal tax entity. Any deferred net tax assets are measured at net realisable value.Liabilities, which include trade payables, payables to group entities and other payables, are measured at amortised cost, which is usually equivalent to nominal value.Deferred income recognised under 'Current liabilities' comprises payments received concerning income in subsequent financial years.303629422023-01-012023-12-31303629422023-01-012023-12-311303629422022-01-012022-12-31303629422022-12-31303629422023-12-31303629422023-01-012023-12-311303629422023-01-012023-12-312303629422023-01-012023-12-313303629422023-01-012023-12-311303629422023-01-01g:ContributedCapitalMember303629422023-12-31g:ContributedCapitalMember303629422023-01-01g:RetainedEarningsMember303629422023-01-012023-12-31g:RetainedEarningsMember303629422023-12-31g:RetainedEarningsMember303629422022-01-01g:ContributedCapitalMember303629422022-12-31g:ContributedCapitalMember303629422022-01-01g:RetainedEarningsMember303629422022-01-012022-12-31g:RetainedEarningsMember303629422022-12-31g:RetainedEarningsMember303629422023-01-01g:ReserveForDevelopmentExpenditureMember303629422023-01-012023-12-31g:ReserveForDevelopmentExpenditureMember303629422023-12-31g:ReserveForDevelopmentExpenditureMember303629422022-01-01g:ReserveForDevelopmentExpenditureMember303629422022-01-012022-12-31g:ReserveForDevelopmentExpenditureMember303629422022-12-31g:ReserveForDevelopmentExpenditureMember303629422022-01-012022-12-314303629422022-01-012022-12-315303629422022-01-012022-12-316303629422023-01-012023-12-314303629422023-01-012023-12-315303629422023-01-012023-12-316303629422022-01-012022-12-312303629422023-01-012023-12-312iso4217:DKKxbrli:pure