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fsa:DepositsLongtermInvestmentsAndReceivablesMember 31487927 2023-10-01 2024-09-30 fsa:DepositsLongtermInvestmentsAndReceivablesMember iso4217:DKK pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2023-10-01 2022-10-01 2024-09-30 2023-09-30 31487927 SameSystem A/S Rentemestervej 2A 2400 Copenhagen PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Strandvejen 44 2900 Hellerup Denmark 39 45 39 45 koebenhavn@pwc.dk 2025-01-29 Leif Vestergaard Regnskabsklasse B Revisionspåtegning The Executive Board and Board of Directors have today considered and adopted the Annual Report of SameSystem A/S for the financial year 1 October 2023 - 30 September 2024. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In our opinion the Financial Statements and the Consolidated Financial Statements give a true and fair view of the financial position at 30 September 2024 of the Company and the Group and of the results of the Company and Group operations for 2023/24. 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. 2025-01-06 Copenhagen Carsten Fensholt CEO Thomas Hviid Kobbernagel Sølvsten CFO Leif Vestergaard Chairman Henrik Byrial Ritlov Tommy Høyrup Holte Christian Higraff Michael Holmberg Andersen To the shareholders of SameSystem A/S Opinion In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the financial position of the Group and the Parent Company at 30 September 2024 and of the results of the Group’s and the Parent Company’s operations for the financial year 1 October 2023 - 30 September 2024 in accordance with the Danish Financial Statements Act. We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of SameSystem A/S for the financial year 1 October 2023 - 30 September 2024, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for both the Group and the Parent Company (”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 Group 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 consolidated financial statements and parent company 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 Group´s and the Parent 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 Group or the Parent 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 Group´s and the Parent 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 Group´s and the Parent 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 Group and the Parent 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. Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the Consolidated Financial Statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. 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 Consolidated Financial Statements and the Parent Company 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 2025-01-06 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Jakob Thisted Binder State Authorised Public Accountant mne42816 Sune Christensen Bjerre State Authorised Public Accountant mne47832 Key activities The Group and Company's main activities are IT and software business and related activities. SameSystem is a Software-as-a-Service (SaaS) company providing a workforce management (WFM) solution. The SaaS solution fundamentally enables companies to optimise their organisations’ performance by ensuring the right people are at the right place at the right time, so managers and employees can create more sales, lower costs and provide better customer service. Market overview The market continues to develop positively despite the pressure on the retail sector. A financially strained Retail industry has an even greater need for our solutions to optimise staff costs and maximise sales. Our pipeline is very strong, with significant buying interest from large customers seeking to replace 10-15-year- old systems with modern solutions that support their business. Development in the year The income statement of the Group for 2023/24 shows a loss of TDKK 8,719, and at 30 September 2024 the balance sheet of the Group shows a positive equity of TDKK 11,393. Normalised operating profit (EBITDA) for FY2023/24 was DKK 3.8 million, an improvement of DKK 6.5 million compared to FY2022/23, driven by growth and cost adjustments. We expect to continue the strong underlying improvement in operating results. The FY2023/24 result is considered satisfactory. The past year and follow-up on development expectations from last year Gross Profit grew by 11% compared to FY2022/23. While acceptable, this was slightly below expectations due to timing of new sales. Q1 was weaker than expected, but sales in Q2 and Q3 significantly exceeded expectations. Q4 was slightly lower than anticipated due to delay in customers signing new agreed contracts. However, our pipeline is strong, and Q1 FY2024/25 expectations are significantly higher than previous quarters , promising a positive outlook for FY2024/25. SameSystem restructuring completed At the extraordinary general meeting on November 5, 2023, we decided to delist from Nasdaq Copenhagen, completed on January 18, 2024. The purpose was to maximise SameSystem’s value, which, in our assessment, could no longer be realised on Nasdaq Copenhagen due to low stock liquidity, disappointing company performance, and general macroeconomic factors such as higher interest rates and inflation. Delisting allows us to raise new capital and explore opportunities for acquisitions, mergers, or a potential sale to maximise future value. It also enables administrative savings and business simplification. After three years of significant operational losses, we have returned to a normalised EBITDA (Danish GAAP) of DKK 3.8 million compared to DKK -2.7 million in FY2022/23 (Numbers restated from IFRS to Local GAAP). Due to one-time costs related to delisting and restructuring, the reported EBITDA was DKK -1.6 million, including one-time expenses of DKK 5.4 million. Personnel We are fully focused on training and developing our employees. Our key to success is our people; we actively work to develop them and minimise churn. Our development department in Vilnius has exceptionally low churn and is one of our strongest assets. Security We have renewed our ISAE 3000 certification for 2025 and are actively preparing for NIS2 compliance in 2025. Research and development In FY2023/24, we maintained our historically strong focus on improving our software platform, investing DKK 5.4 million in further AI/Forecasting and feature/zone-based planning development. Our ambition is to focus 100% on retail and hospitality and offer the best workforce management solutions in these two business verticals. Two large customers are testing our AI/Forecasting solutions, and we plan to roll them out to more customers in 2025. External environment Generally, we have a minimal negative environmental impact. We have introduced waste sorting at all offices and are working with our operations supplier, Hetzner GmbH, to minimise electricity consumption in server operations. Uncertainty relating to recognition and measurement Reference is made to Note 2. Unusual events The financial position at 30 September 2024 of the Group and the results of the activities and cash flows of the Group for the financial year for 2023/24 have not been affected by any unusual events. Subsequent events Reference is made to Note 13. 40117000 36285000 16683000 19822000 41760000 38942000 21981000 23688000 6212000 5013000 6076000 4872000 -7855000 -7670000 -11374000 -8738000 9000 0 53000 1000 849000 405000 874000 295000 -8695000 -8075000 -12195000 -9032000 24000 5353000 0 5401000 -8719000 -13428000 -12195000 -14433000 -12195000 -14433000 29696000 22751000 29696000 22751000 4181000 11627000 4181000 11627000 33877000 34378000 33877000 34378000 717000 576000 470000 374000 717000 576000 470000 374000 0 0 327000 327000 682000 792000 550000 515000 682000 792000 877000 842000 35276000 35746000 35224000 35594000 167000 63000 167000 63000 167000 63000 167000 63000 2197000 1179000 1668000 1142000 66000 156000 0 0 119000 0 0 0 1986000 761000 1929000 971000 4368000 2096000 3597000 2113000 1472000 2392000 1042000 1997000 6007000 4551000 4806000 4173000 41283000 40297000 40030000 39767000 732000 732000 732000 732000 0 0 0 0 0 0 33877000 34378000 10661000 20983000 -25913000 -14021000 11393000 21715000 8696000 21089000 8610000 6653000 8610000 6653000 4763000 2870000 3164000 2451000 0 0 3838000 1406000 0 82000 0 82000 0 0 0 558000 16517000 8977000 15722000 7528000 29890000 18582000 31334000 18678000 29890000 18582000 31334000 18678000 41283000 40297000 40030000 39767000 732000 20983000 0 -1603000 0 -8719000 732000 10661000 702000 0 31974000 0 0 -1651000 0 0 244000 0 0 -106000 30000 3535000 0 0 0 415000 0 0 -13428000 0 -3535000 3535000 732000 0 20983000 732000 34378000 -14021000 0 0 -198000 0 0 -12195000 0 -501000 501000 732000 33877000 -25913000 702000 0 27082000 5105000 0 0 -1288000 -363000 30000 3555000 0 0 0 -3555000 -289000 4543000 0 0 0 -14433000 0 0 8873000 -8873000 732000 0 34378000 -14021000 The Group has in 2023/24 realized a loss of DKK 8.7 million and the equity as of 30 September 2024 amounts to DKK 11.4 million. The available cash including external credit facilities as 30 September 2024 amounts to DKK 1.5 million. The Group has after the balance sheet date obtained a temporarily credit facility of DKK 5.0 million from the main shareholder which expiries in January 2025 to ensure that sufficient liquidity is available. The Group has prepared a P&L and liquidity forecast for 2024/25. The forecast indicates a positive result and the liquidity forecast shows headroom throughout the financial year. The main assumptions in the liquidity forecasts are in all material aspects within the Group's own control. Based on the above the liquidity and capital resources are deemed sufficient. The carrying amount of the Group's fixed assets, including in particular the Group's development projects, requires assessments, estimates and assumptions about future events.The estimates and assumptions made are based on historical experience that Management considers appropriate in the circumstances and are inherently uncertain and unpredictable. As a result of the risks and uncertainties to which the Group is exposed, the actual results may differ from the estimates made. In respect of SameSystem A/S, the measurement of the value of the assets may be significantly affected by material changes in estimates and assumptions or due to new knowledge or subsequent events.At 30 September 2024, the Group has a total of DKK 33.9 million in capitalised development projects, which are expected to represent the future value for the Company and which meet the recognition criteria of the Danish Financial Statements Act. A number of the Group's projects are still in a relatively early phase, and therefore, there is greater inherent uncertainty in relation to the exact future market potential. The Company has after the Balance Sheet date received a loan of DKK 5 million from the main shareholder which expires in January 2025. No other events are materially affecting the assessment of the Annual Report have occurred after the balance sheet date. Other income 40000 1016000 1800000 1016000 Total 40000 1016000 1800000 1016000 39671000 35507000 20059000 21644000 1071000 1072000 1071000 882000 1018000 2363000 851000 1162000 41760000 38942000 21981000 23688000 3095000 2495000 3095000 2495000 500000 320000 500000 320000 3595000 2815000 3595000 2815000 70 72 30 32 Including remuneration to the Executive Board and Board of Directors: Transaction costs 2732000 0 2732000 0 Restructuring costs 2744000 0 2744000 0 Total 5476000 0 5476000 0 - Gross loss for the Parent and the Group are affected negatively by TDKK 2,732 in 2023/2024- Staff cost for the Parent and the Group are affected negatively by TDKK 2,744 in 2023/2024 849000 405000 874000 295000 849000 405000 874000 295000 Interest expenses 700000 347000 725000 237000 Foreign exchange losses 83000 58000 83000 58000 24000 -48000 0 5401000 0 4843000 0 0 0 558000 0 0 24000 5353000 0 5401000 47451000 11627000 47451000 11627000 0 5446000 0 5446000 12892000 -12892000 12892000 -12892000 60343000 4181000 60343000 4181000 24700000 0 24700000 0 5947000 0 5947000 0 30647000 0 30647000 0 29696000 4181000 29696000 4181000 At the balance sheet date, the Group has several development projects. The development projects are AI/Forecasting and feature/zone-based planning development.The Group's development projects are developing according to plan and it is expected that all the development projects can be commercialized. A reference to note 2 concerning "uncertainty relating to recognition and measurement" is made for further description. 1807000 958000 412000 225000 2219000 1183000 1231000 584000 271000 129000 1502000 713000 717000 470000 327000 327000 327000 327000 327000 327000 792000 550000 110000 0 682000 550000 682000 550000 Charges and security The following assets have been placed as security with loan providers. For loan providers, security has been made in Fixed Assets, Inventories, and Trade receivables.Total loan is TDKK 9,954.Amounts for security totals: 36647000 0 36647000 0 Rental and lease obligations Lease obligations, period of non-terminability 29 months 4446000 4958000 3507000 4958000 Other contingent liabilities At the balance sheet data, a lawsuit of 750 tDKK is pending against the company and the Group regarding the stock listing in 2021. The outcome is uncertain, and the company and the Group does not expect any significant impact on its financial position. The Annual Report of SameSystem A/S for 2023/24 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B as well as selected rules applying to reporting class C. The Consolidated Financial Statements and the Parent Company Financial Statements for 2023/24 are presented in TDKK. true The Group has chosen to prepare the consolidated financial statements for 2023/24 in accordance with the provisions of the Danish Financial Statements Act. Previously, the consolidated financial statements were prepared in accordance with IFRS. Comparative figures for 2022/23 have been adjusted as of October 1, 2022.The transition to preparing the consolidated financial statements under the provisions of the Danish Financial Statements Act has led to a change in the applied accounting policies in the following areas:The income statement within Consolidated Financial Statement has for the financial year 2022/23 been positively impacted by TDKK 43 due to reversed depreciations and financial expenses following the reversal of IFRS 16. The, equity was adjusted by TDKK 244 as a result of the reversal of IFRS 2. Additionally the total assets decreased by TDKK 5,740 and the liabilities decreased by TDKK 5,740. The above have no tax implication. The Parent Company has in 2023/2024 adjusted the comparative figures due to additional costs recognized in subsidiaries which relates to prior year. The accumulated effect for the financial year 2022/23 is TDKK 1,651.The Parent Company has in 2023/2024 adjusted the comparative figures due to a reclassification misstatement between staff expenses and operating expenses. Staff cost has therefore decreased with TDKK 11.408 in 2022/2023. The error mentioned above doesn’t lead to any tax concerns or changes. 1 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. Basis of consolidation The Consolidated Financial Statements comprise the Parent Company, SameSystem A/S, and subsidiaries in which the Parent Company directly or indirectly holds more than 50% of the votes or in which the Parent Company, through share ownership or otherwise, exercises control. Enterprises in which the Group holds between 20% and 50% of the votes and exercises significant influence but not control are classified as associates. On consolidation, items of a uniform nature are combined. Elimination is made of intercompany income and expenses, shareholdings, dividends and accounts as well as of realised and unrealised profits and losses on transactions between the consolidated enterprises. The Parent Company's investments in the consolidated subsidiaries are set off against the Parent Company's share of the net asset value of subsidiaries stated at the time of consolidation. Danish kroner is used as the presentation currency. All other currencies are regarded as foreign currencies. Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognised directly in equity. Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the transaction date rates are recognised in financial income and expenses in the income statement; however, see the section on hedge accounting. Income statements of foreign subsidiaries and associates that are separate legal entities are translated at transaction date rates or approximated average exchange rates. Balance sheet items are translated at the exchange rates at the balance sheet date. Exchange adjustments arising on the translation of the opening equity and exchange adjustments arising from the translation of the income statements at the exchange rates at the balance sheet date are recognised directly in equity. Income statements of enterprises that are integrated entities are translated at transaction date rates or approximated average exchange rates; however, items derived from non-monetary balance sheet items are translated at the transaction date rates of the underlying assets or liabilities. Monetary balance sheet items are translated at the exchange rates at the balance sheet date, whereas non-monetary items are translated at transaction date rates. Exchange adjustments arising on the translation are recognised in financial income and expenses in the income statement. As income recognition criterion for license sales, the sales method is applied. Revenue is recognised in the income statement when delivery is made and risk has been transferred to the buyer before the end of the financial year. As income recognition criterion for sale of support and maintenance, the sales method is applied. Revenue is recognised over the contract period regarding support and maintenance and therefore deferred revenue is recognised within the balance sheet. Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales. 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, work on own account recognised in assets, other operating income 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. Other operating income and other operating expenses comprise items of a secondary nature to the main activities of the Group, including gains and losses on the sale of intangible assets and property, plant and equipment. Dividends from subsidiaries are recognised as income in the income statement when adopted at the General Meeting of the subsidiary. However, dividends relating to earnings in the subsidiary before it was acquired by the Parent Company are set off against the cost of the subsidiary. Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. Costs of development projects comprise salaries, amortisation and other expenses directly or indirectly attributable to the Company’s development activities. Development projects that are clearly defined and identifiable and in respect of which technical feasibility, sufficient resources and a potential future market or development opportunity in the enterprise can be demonstrated, and where it is the intention to manufacture, market or use the project, are recognised as intangible assets. This applies if sufficient certainty exists that the value in use of future earnings can cover cost of sales, distribution and administrative expenses involved as well as the development costs. Development projects that do not meet the criteria for recognition in the balance sheet are recognised as expenses in the income statement as incurred. Capitalised development costs are measured at cost less accumulated amortisation and impairment losses or at a lower recoverable amount. An amount corresponding to the recognised development costs is allocated to the equity item 'Reserve for development costs'. The reserve comprises only development costs recognised in financial years beginning on or after 1 January 2016. The reserve is reduced by amortisation of and impairment losses on the development projects on a continuing basis. As of the date of completion, capitalised development costs are amortised on a straight-line basis over the period of the expected economic benefit from the development work. The amortisation period is 7 year. 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. 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 5-10 years The fixed assets’ residual values are determined at nil. Depreciation period and residual value are reassessed annually. The carrying amounts of intangible assets and property, plant and equipment and investments are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation. If so, the asset is written down to its lower recoverable amount. Investments in subsidiaries are measured at cost. Where cost exceeds the recoverable amount, write-down is made to this lower value. Other fixed asset investments consist of deposit. Inventories are measured at the lower of cost under the FIFO method and net realisable value. The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses. The net realisable value is determined allowing for marketability, obsolescence and development in expected selling price. The cost of raw materials and consumables equals landed cost. 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. Prepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Current tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses. 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. Debts are measured at amortised cost, substantially corresponding to nominal value.