27370586 2024-07-01 2025-06-30 27370586 2024-07-01 2025-06-30 27370586 2024-07-01 2025-06-30 0 27370586 2024-07-01 2025-06-30 0 27370586 2024-07-01 2025-06-30 1 27370586 2024-07-01 2025-06-30 2 27370586 2024-07-01 2025-06-30 3 27370586 2024-07-01 2025-06-30 4 27370586 2024-07-01 2025-06-30 0 27370586 2024-07-01 2025-06-30 0 27370586 2023-07-01 2024-06-30 27370586 2025-06-30 27370586 2024-06-30 27370586 2024-06-30 fsa:ContributedCapitalMember 27370586 2024-06-30 fsa:RetainedEarningsMember 27370586 2024-06-30 fsa:ProposedDividendRecognisedInEquityMember 27370586 2024-07-01 2025-06-30 fsa:ProposedDividendRecognisedInEquityMember 27370586 2024-07-01 2025-06-30 fsa:RetainedEarningsMember 27370586 2025-06-30 fsa:ContributedCapitalMember 27370586 2025-06-30 fsa:RetainedEarningsMember 27370586 2025-06-30 fsa:ProposedDividendRecognisedInEquityMember xbrli:pure iso4217:DKK 28108303 Gilfelt Revision ApS Slotsmarken 18, 1. 2970 Hørsholm Revisionspåtegning Konklusion Grundlag for konklusion Årsrapport Regnskabsklasse B 2024-07-01 2025-06-30 2023-07-01 2024-06-30 true 17 AKASEL A/S Svogerslev Hovedgade 48Svogerslev Hovedgade 48 4000 Roskilde 27370586 22 2025-09-18 Karen Kaufmann Today, Management has considered and adopted the Annual Report of AKASEL A/S for the financial year 1 July 2024 - 30 June 2025. The Annual Report is presented in accordance with the Danish Financial Statements Act. In our opinion, the Financial Statements give a true and fair view of the assets, liabilities and financial position of the Company at 30 June 2025 and of the results of the Company's operations for the financial year 1 July 2024 - 30 June 2025. In our opinion, the 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. Roskilde 2025-09-18 Morten Damgaard Manager Karen Kaufmann Morten Damgaard Rene Høeg Chairman Member Member Sebastian Damgaard Knud Foldschack Member Member To the shareholders of AKASEL A/S OpinionWe have audited the financial statements of AKASEL A/S for the financial year 1 July 2024 - 30 June 2025, which comprise an income statement, balance sheet, statement of changes in equity and notes. 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 Company's financial position at 30 June 2025 and of the results of its operations for the financial year 1 July 2024 - 30 June 2025 in accordance with the Danish Financial Statements Act. Basis of opinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibility under those standards and requirements are further described in the “Auditors' responsibility 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 (including International Independence Standards) (IESBA Code) together with the ethical requirements that are relevant to our audit of the financial statement 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's responsibility for the financial statementsManagement 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 considers 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 either liquidate the Company or suspend operations, or has no realistic alternative but to do so. The auditor's responsibility for the audit of the financial statementsOur responsibility is to obtain reasonable assurance as to whether the financial statements are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is no guarantee that an audit conducted in accordance with ISAs and additional requirements applicable in Denmark will always detect material misstatements. Misstatements can arise from fraud or error and can be considered material if it would be reasonable to expect that these - either individually or collectively - could influence the economic decisions taken by the users of financial statements on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain an attitude of professional skepticism throughout the audit. We also: *Identify and assess the risk of material misstatements in 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 a material misstatement resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or 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 whether the accounting policies used are appropriate and whether the accounting estimates and the related disclosures made by Management are reasonable. *Conclude on whether Management's use of the going concern basis of accounting in preparing the financial statements is appropriate and, based on the audit evidence obtained, conclude on whether a material uncertainty exists relating to events or conditions, which could 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 auditors' 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 auditors' report. However, future events or conditions may imply that the Company can no longer remain a going concern. *Evaluate the overall presentation, structure and contents of the financial statements, including note disclosures, and whether the financial statements reflect 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 which we identify during our audit. Statement on Management's ReviewManagement is responsible for the Management's review. Our opinion on the financial statements does not cover the Management's review, and we do not express any form of opinion providing assurance regarding the Management's review. Our responsibility in connection with our audit of the financial statements is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or with the knowledge we have gained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the Management's review meets the disclosure requirements in the Danish Financial Statements Act. Based on our procedures, we are of the opinion that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements in the Danish Financial Statements Act. In our opinion, the Management's review is not materially misstated. Hørsholm 2025-09-18 Gilfelt Revision ApS 28108303 Steen Gilfelt Registered Public Accountant mne2738 AKASEL A/S 4000 Roskilde 57840409 info@akasel.com www.akasel.com 27370586 2003-08-01 Roskilde 2024-07-01 2025-06-30 Slotsmarken 18, 1. 2970 Hørsholm 20310248 steen@gilfeltrevision.dk BuusMark Advokatfirma P/S Sankt Ols Gade 4 4000 Roskilde Danske Bank A/S 2025-09-18 The Company's principal activitiesThe company’s core activities consist of the sale of consumables for material testing, along with related services and operations that are naturally associated with this business area. Insecurity regarding recognition or measurementThere are no uncertainties related to recognition or measurement of the company’s financial elements. Exceptional circumstancesNo unusual events or circumstances have occurred that have had an impact on recognition or measurement. Development in the activities and the financial situation of the CompanyThe financial year was characterized by a general market standstill. However, this overall stagnation conceals significant developments among our distribution partners. Geopolitical uncertainty, particularly arising from the political climate in the United States, also contributed to a slowdown in certain Asian markets. Our direct sales strategy has begun to show positive effects, most notably through an improvement in gross profit margins. Operational costs have remained within anticipated limits. The company’s income statement for the financial year 01 July 2024 to 30 June 2025 shows a net result of DKK 1.751.009. As of 30 June 2025, the balance sheet total amounts to DKK 12.978.925, with equity reported at DKK 6.521.729. Post financial year eventsAfter the end of the financial year, no events have occurred which may change the financial position of the entity substantially. Expectations for the futureSignificant investments are being made to support the company’s long-term development in accordance with its strategic plan. Positive growth is anticipated in the coming year. However, not all associated expenses related to revenue-enhancing initiatives are expected to be matched by immediate increases in sales. As such, the company maintains a cautious outlook for the financial results of the upcoming year. The annual report of AKASEL A/S for 2024/25 has been presented in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B. Basis of recognition and measurementThe financial statement have been prepared under the historical cost principle.Income is recognised in the income statement as it is earned, including value adjustments of financial assets and liabilities that are measured at fair value or amortized cost. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortization, 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 accrue 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 attributable to the asset will flow out of the Company, and the value of the liability can be measured reliably. At initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Certain financial assets and liabilities are measured at amortised cost, which involves the recognition of a constant effective interest rate over the term. Amortised cost is calculated as original cost less repayments and with the addition/deduction of the accumulated amortisation of the difference between the cost and the nominal amount. This way, exchange losses and gains are allocated over the term. In connection with recognition and measurement, consideration is given to predictable losses and risks occurring prior to the presentation of the financial statement, i.e. losses and risks which prove or disprove matters which exist at the balance sheet date. Income statement Gross profit/lossThe Company has decided to aggregate certain items of the income statement in accordance with the provisions of Section 32 of the Danish Financial Statements Act.Gross profit is a combination of the items of revenue, change in inventories of finished goods, work in progress and goods for resale, other operating income, costs for raw materials and consumables and other external expenses. RevenueRevenue is recognised in the income statement if the goods have been delivered and the risk has passed to the buyer before year-end and if the revenue can be reliably calculated and expected to be received. Revenue is recognised excluding VAT and all discounts granted are recognised in revenue. Other operating incomeOther operating income comprises items of a secondary nature to the activities of the enterprises, including profits on sale of intangible and tangible assets and refunds from public authorities. Raw materials and consumables usedCosts for raw materials and consumables comprise the cost of goods purchased less discounts, costs subcontractors and change in inventories for the year. Other external expensesOther external expenses include expenses for distribution, sales, advertising, administration, premises, bad debts, operating leasing expenses etc. Staff costsStaff costs include wages and salaries including compensated absence and pension to the Companies employees, as well as other social security contributions etc.Other staff expenses are recognised in other external expenses. Amortisation and impairment of tangible and intangible assetsAmortization and impairment of intangible assets, property, plant and equipment has been performed based on a continuing assessment of the useful life of the assets in the Company. Non-current assets are amortized on a straight line basis, based on cost, on the basis of the following assessment of useful life and residual values:Useful lifeResidual valueOther fixtures and fittings, tools and equipment3-10 years0%Leasehold improvements5 years0%Profit or loss resulting from the sale of intangible assets or property, plant and equipment is determined as the difference between the selling price less selling costs and the carrying amount at the date of sale, and is recognised in the income statement under other operating income or expenses. Financial income and expensesFinancial income and expenses are recognised in the income statement based at the amounts that concern the financial year. Financial income and expenses include interest revenue and expenses, financial expenses of finance leases, realised and unrealised capital gains and losses regarding securities, accounts payable and transactions in foreign currencies, repayment on mortgage loans, and surcharges and allowances under the advance-payment of tax scheme.Dividends from other investments are recognised as income in the financial year in which the dividends are declared. Tax on net profit for the yearTax on net profit/loss for the year comprises current tax on expected taxable income of the year and the year's adjustment of deferred tax less the part of the tax of the year that relates to changes in equity. Current and deferred tax regarding changes in equity is recognised directly in equity.The Company and the Danish associates are taxed jointly. The Danish income tax is distributed between profit- and loss-making Danish enterprises in relation to their taxable income (full distribution). Balance sheet Property, plant and equipmentProperty, plant and equipment are measured at cost on initial recognition and subsequently at cost less accumulated depreciation and impairment losses.The depreciable amount is calculated taking into consideration the residual value of the asset at the end of its useful life, reduced by impairment losses, if any. The depreciation period and the residual value are determined at the data of acquisition. If the residual value exceeds the carrying amount of the asset, depreciation is discontinued.In case of changes in depreciation period or residual value, the effect of a change in depreciation period is recognised prospectively in accounting estimates.Cost includes the purchase price and expenses directly related to the acquisition until the time when the asset is ready for use. The cost of self-constructed assets includes costs for materials, components, subcontractors, direct payroll costs and indirect production costs.The cost of composite asset is disaggregated into components, which are separately depreciated if the useful lives of the individual component differ. Long term investments and receivablesDepositsDeposits are measured at cost. InventoriesInventories are measured at cost on the basis of the FIFO principle. Where the net realizable value is lower than cost, the inventories are written down to this lower value.The net realizable value of inventories is calculated as the selling price less costs of completion and costs incurred to make the sale. The value is determined taking into account the negotiability of inventories, obsolescence and expected development in sales price. ReceivablesReceivables are measured at amortized cost which usually corresponds to the nominal value. The value is reduced by write-downs for expected bad debts.Impairment of accounts receivables past due is established on individual assessment of receivables. Accrued income, assetsAccrued income recognised in assets comprises prepaid costs regarding subsequent financial years. Cash and cash equivalentsCash and cash equivalents comprise cash at bank and in hand as well as short-term securities with a term of less than three months which can be converted directly into cash at bank and in hand and involve only an insignificant risk of value changes. EquityEquity comprises the working capital and a number of equity items that may be statutory or stipulated in the articles of association. DividendsProposed dividend for the year are recognised as a separate item under equity. Proposed dividends are recognised as a liability when approved by the Annual General Meeting. ProvisionsDeferred taxDeferred tax and the associated adjustments for the year are determined according to the liability method as the tax base of all temporary differences between carrying amounts and the tax bases of assets and liabilities. Deferred tax assets, including the tax base of tax losses allowed for carryforward, are recognised at the value at which they are expected to be used, either by elimination in tax on future earnings or by set-off against deferred tax liabilities in enterprises within the same legal entity and jurisdiction.Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation applicable at the balance sheet date when the deferred tax is expected to crystallize as current tax. Current tax liabilitiesCurrent tax liabilities and current tax receivables are recognised in the balance sheet as estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account. LiabilitiesFinancial liabilities are recognised initially at the proceeds received net of transaction expenses incurred. In subsequent periods, financial liabilities are measured at amortized cost, corresponding to the capitalized value using the effective interest method, so that the difference between the proceeds and the nominal value is recognised in the income statement over the life of the financial instrument.Mortgage debt is accordingly measured at amortized cost, corresponding to the outstanding balance in case of cash loans. In case of bond loans, amortized cost corresponds to the outstanding balance determined as the underlying cash value of the loans at the time of borrowing adjusted for amortisation of capital losses on the loans over the repayment period. Other liabilities are measured at net realisable value. Other payablesOther payables are measured at amortized cost, which usually corresponds to the nominal value.Contingent assets and liabilitiesContingent assets and liabilities are not recognised in the Balance Sheet but appear only in the notes. 13139318 13910212 10316958 10309579 258646 268601 0 33790 2563714 3298242 44289 71993 241469 123292 101035 50374 2265499 3196569 527736 711920 -13246 -10713 1751009 2495362 -1751009 4638 556513 657168 55088 68354 611601 725522 163812 158631 163812 158631 775413 884153 3597007 3618233 972663 734490 275840 323401 4845509 4676124 4175743 3090582 406004 230376 110127 184775 4691874 3505733 2666129 3258580 12203512 11440437 12978925 12324590 400000 400000 6121729 4370720 0 2500000 6521729 7270720 37321 50567 37321 50567 47270 55494 688509 980389 4173552 2133074 527736 679734 562131 708530 414566 446082 6419875 5003303 6419875 5003303 12978925 12324590 400000 4370720 2500000 -2500000 1751009 400000 6121729 0 1. Employee benefits expense2024/252023/24Wages and salaries9.181.7999.159.940Post-employement benefit expense835.221838.189Social security contributions299.938311.45010.316.95810.309.579Average number of employees1716 17 16 2. Fixtures, fittings, tools and equipment20252024Cost at the beginning of the year1.455.8172.466.289Addition during the year, incl. improvements75.865442.820Disposal during the year0-1.453.292Cost at the end of the year1.531.6821.455.817Depreciation and amortisation at the beginning of the year-798.649-1.626.552Amortisation for the year-176.520-161.599Reversal of impairment losses and amortisation of disposed assets0989.502Impairment losses and amortisation at the end of the year-975.169-798.649Carrying amount at the end of the year556.513657.1683. Leasehold improvements20252024Cost at the beginning of the year606.020606.020Addition during the year, incl. improvements68.8600Cost at the end of the year674.880606.020Depreciation and amortisation at the beginning of the year-537.666-430.664Amortisation for the year-82.126-107.002Impairment losses and amortisation at the end of the year-619.792-537.666Carrying amount at the end of the year55.08868.354 4. Contingent liabilitiesThe company is jointly taxed with the other companies in the group and is jointly and severally liable for the taxes relating to the joint taxation.The total amount appears from the annual report of Akasel Holding ApS, which is the administration company in the joint taxation. 5. Collaterals and securitiesCorporate mortgage for a total of DKK 2,500,000 in Akasel A/S, as well as a surety bond from the parent company and sister company.The corporate mortgage is on the company's assets, goodwill, receivables and inventories. The amount in the annual accounts is approx. DKK 9.5 million as of June 30, 2025.In addition, there are no collateral or pledges as of the balance sheet date. 6. Liabilities under leasesOther contingent liabilities not recognised in the balance sheetContractual obligationsThe company has entered into contractual obligations for the following amounts:Rent with a notice period of 6 months, totalling approximately TDKK 325.Car with a term of approximately 14 months, average TDKK 9 per month, totalling TDKK 126.