41853182 2023-12-31 41853182 2022-12-31 41853182 2023-01-01 fsa:ContributedCapitalMember 41853182 2023-01-01 fsa:ReserveForDevelopmentExpenditureMember 41853182 2023-01-01 fsa:RetainedEarningsMember 41853182 2023-12-31 fsa:ContributedCapitalMember 41853182 2023-12-31 fsa:ReserveForDevelopmentExpenditureMember 41853182 2023-12-31 fsa:RetainedEarningsMember 41853182 2023-01-01 fsa:CompletedDevelopmentProjectsMember 41853182 2023-12-31 fsa:CompletedDevelopmentProjectsMember 41853182 2023-01-01 2023-12-31 41853182 2023-01-01 2023-12-31 1 41853182 2023-01-01 2023-12-31 memberOfBoardIdentifier_executive_board_1 41853182 2022-01-01 2022-12-31 41853182 2023-01-01 2023-12-31 fsa:RetainedEarningsMember 41853182 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 41853182 2023-01-01 2023-12-31 fsa:ContributedCapitalMember 41853182 2023-01-01 2023-12-31 fsa:ReserveForDevelopmentExpenditureMember 41853182 2023-01-01 2023-12-31 fsa:RetainedEarningsMember 41853182 2023-01-01 2023-12-31 fsa:CompletedDevelopmentProjectsMember iso4217:DKK Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2023-01-01 2022-01-01 2023-12-31 2022-12-31 41853182 PostalPay Technologies ApS Toldbodgade 55 1253 København K København 2020-11-12 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Eventyrvej 16 4100 Ringsted Denmark 39 45 39 45 ringsted@pwc.dk 2024-03-22 John Korsø Jensen Regnskabsklasse B Revisionspåtegning The Executive Board has today considered and adopted the Annual Report of PostalPay Technologies ApS for the financial year 1 January - 31 December 2023. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In my opinion the Financial Statements give a true and fair view of the financial position at 31 December 2023 of the Company and of the results of the Company operations for 2023. In my opinion, Management's Review includes a true and fair account of the matters addressed in the Review. I recommend that the Annual Report be adopted at the Annual General Meeting. 2024-03-22 Copenhagen Thomas Jul Pfeiffer CEO To the shareholder of PostalPay Technologies ApS Opinion In our opinion, the Financial Statements give a true and fair view of the financial position of the Company 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. We have audited the Financial Statements of PostalPay Technologies ApS for the financial year 1 January - 31 December 2023, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (”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 Company 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 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 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. 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 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. Ringsted 2024-03-22 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Nikolaj Frausing Borch State Authorised Public Accountant mne44062 Key activities The object of the Company is to develop and maintain IT-systems and software. Development in the year The income statement of the Company for 2023 shows a loss of DKK 12,234,439, and at 31 December 2023 the balance sheet of the Company shows a negative equity of DKK 9,239,448. Capital resources The shareholder has issued a letter of support until 31 March 2025, ensuring PostalPay Technologies sufficient liquidity to continue operating. Unusual events The financial position at 31 December 2023 of the Company and the results of the activities and cash flows of the Company for the financial year for 2023 have not been affected by any unusual events. Subsequent events No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. -13451559 -9081392 1691448 1691448 -15143007 -10772840 1310 0 520340 591332 -15662037 -11364172 -3427598 -2590990 -12234439 -8773182 -12234439 -8773182 3805754 5497202 3805754 5497202 3805754 5497202 2309744 0 1317036 724552 3119710 2218871 6746490 2943423 75199 386131 6821689 3329554 10627443 8826756 40000 40000 4287819 4287818 -13567267 -12332829 -9239448 -8005011 837266 1209384 837266 1209384 129280 19999 18745242 15602384 155103 0 19029625 15622383 19029625 15622383 10627443 8826756 40000 4287819 -12332828 0 0 11000000 0 0 -12234439 40000 4287819 -13567267 1691448 1691448 1691448 1691448 520340 589481 0 1851 OtherFinanceExpenses 520340 591332 -3096620 -2218871 -372118 -372119 41140 0 -3427598 -2590990 8457236 8457236 2960034 1691448 4651482 3805754 The Company has in 2021 acquired the rights to the App "PostalPay" as well as any underlying software etc. The Group's strategy towards PostalPay has been reassessed during 2023 as it is not expected to be offered as a separate payment service going forward. Instead, the PostalPay framework and technology will be utilised to further develop the offerings under the Inpay brand. As such, it is expected that the software will be sold to the Group during 2024 at a price that will, at least, correspond to the booked value. Based on this, Management has not identified any impairment needs at 31 December 2023. The group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The total amount of corporation tax payable is disclosed in the Annual Report of Inpay TopCo ApS, which is the management company of the joint taxation purposes. Moreover, the group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company’s liability. Consolidated Financial Statements The Company is included in the Group Annual Report of the Parent Company of the smallest group: Name Place of registered office Inpay Holding A/S Copenhagen The Annual Report of PostalPay Technologies ApS 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 selected rules applying to reporting class C. The accounting policies applied remain unchanged from last year. The Financial Statements for 2023 are presented in DKK. 1 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. Certain financial assets and liabilities are measured at amortised cost, which involves the recognition of a constant effective interest rate over the maturity period. Amortised cost is calculated as original cost less any repayments and with addition/deduction of the cumulative amortisation of any difference between cost and the nominal amount. In this way, capital losses and gains are allocated over the maturity period. Recognition and measurement take into account predictable losses and risks occurring before the presentation of the Annual Report which confirm or invalidate affairs and conditions existing at the balance sheet date. Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Gains and losses 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. 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 rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement. Fixed assets acquired in foreign currencies are measured at the transaction date rates. Other external expenses comprise indirect production costs and expenses for premises, sales and distribution 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 other external expenses. Amortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment. 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. The Company is jointly taxed with Danish Group companies. The tax effect of the joint taxation is allocated to enterprises in proportion to their taxable incomes. Patents and licences are measured at the lower of cost less accumulated amortisation and recoverable amount. Patents are amortised over the remaining patent period, and licences are amortised over the licence period; however not exceeding 5 years.Development costs and costs relating to rights developed by the Company are recognised in the income statement as costs in the year of acquisition. The carrying amounts of intangible assets and property, plant and equipment 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. 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. Deferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively. Deferred tax assets are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity. Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity. 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. Debts are measured at amortised cost, substantially corresponding to nominal value.