Årsrapport25160037Piaster Revisorerne, Statsautoriseret RevisionsaktieselskabEngholm Parkvej, 83450, Allerød2023-01-042023-12-312024-01-012024-12-3143765132Smartvatten A/SNørregade211165København2023-01-04KøbenhavnPiaster Revisorerne, Statsautoriseret Revisionsaktieselskab25160037Niels Kristian Tordrup Mørkstatsautoriseret revisormne35462Engholm Parkvej83450AllerødDanmark45 81 45 912025-06-23Petter QuinsgaardRegnskabsklasse BAndre erklæringer uden sikkerhedCaseWare fra Revisorgruppen DanmarkledelsenAllerød2025-06-23København2025-06-234080886174273836418711757259439015-1452167390164193101429335-176221059520323383-17622323383-1762230917770506968963309684668963422333647368351917971633135191797163310400000400000305761-1762270576138237801912525000267891416982010595201265484288039281341833395328134183339533519179716331361825016940272124560960237622723641871175725911164193101164193101400000400000400000400000-176220323383-17622305761-17622Today, the Board of Directors and the Managing Director have approved the annual report of Smartvatten A/S for the financial year 1 January - 31 December 2024. The annual report has been prepared in accordance with the Danish Financial Statements Act. We consider the chosen accounting policy to be appropriate, and 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. The Board of Directors and the Managing Director consider the conditions for audit exemption of the 2024 financial statements to be met. Further, in our opinion, the Management's review gives a true and fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the Annual General Meeting. Petter QuinsgaardMarkus Erkki Tapio AnttilaPetter QuinsgaardJussi NiiniahoWe have compiled the financial statements of Smartvatten A/S for the financial year 1 January - 31 December 2024 based on the company's bookkeeping and on information you have provided. These financial statements comprise income statement, balance sheet, statement of changes in equity, notes and a summary of significant accounting policies. We performed this compilation engagement in accordance with International Standard on Related Services 4410 (Revised), Compilation Engagements. We have applied our expertise in accounting and financial reporting to assist Management in the preparation and presentation of these financial statements in accordance with the Danish Financial Statements Act. We have complied with relevant requirements under the Danish Act on Approved Auditors and Audit Firms and International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) including principles of integrity, objectivity, professional competence and due care. These financial statements and the accuracy and completeness of the information used to compile them are your responsibility. Since a compilation engagement is not an assurance engagement, we are not required to verify the accuracy or completeness of the information you provided to us to compile these financial statements. Accordingly, we do not express an audit opinion or a review conclusion on whether these financial statements are prepared in accordance with the Danish Financial Statements Act. Description of key activities of the company The key activities are to provide management services and to offer effective monitoring of water consumption and water discharge, water measurement and saving solutions, as well as analysis and reporting services connected thereto. Significant changes in the company's activities and financial matters There have been no significant changes in activities and financial matters. As a special item this year a significant staff costs i of approx. 1,1 million DKK is recognized, related to a severance agreement for the previous CEO. Management considers the net profit or loss for the year satisfactory. 1. Special items Under staff costs this year is recognized a cost of approx. 1,1 million DKK related to a severance agreement for the previous CEO. The annual report for Smartvatten A/S has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class B enterprises. Furthermore, the company has decided to comply with certain rules applying to reporting class C enterprises. The accounting policies are unchanged from last year, and the annual report is presented in DKK. Recognition and measurement in general Income is recognised in the income statement concurrently with its realisation, including the recognition of value adjustments of financial assets and liabilities. Likewise, all costs are recognised in the income statement, including depreciations amortisations, write-downs for impairment, provisions, and reversals due to changes in estimated amounts previously recognised in the income statement. Assets are recognised in the statement of financial position when it seems probable that future economic benefits will flow to the company and the value of the asset can be reliably measured. Liabilities are recognised in the statement of financial position when it is seems probable that future economic benefits will flow out of the company and the value of the liability can be reliably measured. Assets and liabilities are measured at cost at the initial recognition. Hereafter, assets and liabilities are measured as described below for each individual accounting item. Certain financial assets and liabilities are measured at amortised cost, allowing a constant effective interest rate to be recognised during the useful life of the asset or liability. Amortised cost is recognised as the original cost less any payments, plus/less accrued amortisations of the difference between cost and nominal amount. In this way, capital losses and gains are allocated over the useful life of the liability. Upon recognition and measurement, allowances are made for such predictable losses and risks which may arise prior to the presentation of the annual report and concern matters that exist on the reporting date. Foreign currency translation Transactions in foreign currency are translated by using the exchange rate prevailing at the date of the transaction. Differences in the rate of exchange arising between the rate at the date of transaction and the rate at the date of payment are recognised in the profit and loss account as an item under net financials. Receivables, payables, and other foreign currency monetary items are translated using the closing rate. The difference between the closing rate and the rate at the time of the occurrence or initial recognition in the latest financial statements of the receivable or payable is recognised in the income statement under financial income and expenses. When recognising foreign group enterprises which are integral units, the monetary items are translated using the closing rate. Non-monetary items are translated using the exchange rate prevailing at the time of acquisition or at the time of the subsequent revaluation or write-down for impairment of the asset. Income statement items are translated using the exchange rate prevailing at the date of the transaction. However, items in the income statement derived from non-monetary items are translated using historical prices. Gross profit Gross profit comprises the revenue and external costs. Revenue is recognised in the income statement if delivery and passing of risk to the buyer have taken place before the end of the year and if the income can be determined reliably and inflow is anticipated. Revenue is measured at the fair value of the consideration promised exclusive of VAT and taxes and less any discounts relating directly to sales. Other external expenses comprise expenses incurred for distribution, sales, advertising, administration, and premises. Staff costs Staff costs include salaries and wages, pensions, and other social security costs, etc., for staff members. Financial income and expenses Financial income and expenses are recognised in the income statement with the amounts concerning the financial year. Financial income and expenses comprise interest income and expenses, financial expenses from financial leasing, realised and unrealised capital gains and losses relating to securities, debt and transactions in foreign currency, amortisation of financial assets and liabilities as well as surcharges and reimbursements under the advance tax scheme, etc. Tax on net profit or loss for the year Tax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity. Receivables Receivables are measured at amortised cost, which usually corresponds to nominal value. Cash and cash equivalents Cash and cash equivalents comprise cash at bank. Income tax and deferred tax Current tax liabilities and current tax receivable are recognised in the statement of financial position as calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and for tax paid on account. Liabilities other than provisions Other liabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value. 437651322024-01-012024-12-31437651322023-01-042023-12-31437651322023-12-31437651322024-12-31437651322024-01-012024-12-311437651322024-01-012024-12-312437651322024-01-012024-12-313437651322024-01-012024-12-312437651322024-01-012024-12-311437651322024-01-012024-12-313437651322024-01-012024-12-311437651322024-01-01e:ContributedCapitalMember437651322024-12-31e:ContributedCapitalMember437651322024-01-01e:RetainedEarningsMember437651322024-01-012024-12-31e:RetainedEarningsMember437651322024-12-31e:RetainedEarningsMember437651322023-01-04e:ContributedCapitalMember437651322023-12-31e:ContributedCapitalMember437651322023-01-04e:RetainedEarningsMember437651322023-01-042023-12-31e:RetainedEarningsMember437651322023-12-31e:RetainedEarningsMemberiso4217:DKKxbrli:pure