44901285 2024-06-17 2024-12-31 44901285 2024-06-17 2024-12-31 1 44901285 2024-06-17 2024-12-31 1 44901285 2024-06-17 2024-12-31 2 44901285 2024-06-17 2024-12-31 3 44901285 2024-06-17 2024-12-31 1 44901285 2024-12-31 44901285 2024-06-16 fsa:ContributedCapitalMember 44901285 2024-06-16 fsa:ReserveForDevelopmentExpenditureMember 44901285 2024-06-16 fsa:RetainedEarningsMember 44901285 2024-06-16 44901285 2024-06-17 2024-12-31 fsa:ContributedCapitalMember 44901285 2024-06-17 2024-12-31 fsa:ReserveForDevelopmentExpenditureMember 44901285 2024-06-17 2024-12-31 fsa:RetainedEarningsMember 44901285 2024-12-31 fsa:ContributedCapitalMember 44901285 2024-12-31 fsa:ReserveForDevelopmentExpenditureMember 44901285 2024-12-31 fsa:RetainedEarningsMember iso4217:DKK xbrli:pure Lyngsoe Systems Library Solutions A/S Lyngsø Alle 3 DK 9600 Aars 44901285 Statement by the Board of Directors and the Executive Board The Board of Directors and the Executive Board have today discussed and approved the annual report of Lyngsoe Systems Library Solutions A/S for the financial year 17 June – 31 December 2024. The annual report has been 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 assets, liabilities and financial position at 31 December 2024 and of the results of the Company's operations for the financial year 17 June – 31 December 2024. Further, in our opinion, the Management's review gives a fair review of the development in the Company's activities and financial matters, of the results for the year and of the Company's financial position. We recommend that the annual report be approved at the annual general meeting. Aars Henrik Kjeldgaard CEO Lars Christian Caspersen Michael Vistisen Henrik Kjeldgaard Chairman To the shareholders of Lyngsoe Systems Library Solutions A/S We have audited the financial statements of Lyngsoe Systems Library Solutions A/S for the financial year 17 June – 31 December 2024 comprising income statement, balance sheet, statement of changes in equity and notes, including accounting policies. 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 assets, liabilities and financial position at 31 December 2024 and of the results of the Company's operations for the financial year 17 June – 31 December 2024 in accordance with the Danish Financial Statements Act. 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's responsibility for the financial statements 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, that 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. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance as to 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 in Denmark will always detect a material misstatement when it exists. Misstatements may 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 financial statement users made 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 company 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 the Management's review Management 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 assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility 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 our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of the Management's review. Aalborg KPMG Statsautoriseret Revisionspartnerselskab 25578198 Steffen S. Hansen State Authorised Public Accountant mne32737 Management's review Group structureThe Group's legal structure at 31 December 2024 was as follows: *) As of 30 December 2022, CC Track Invest ApS and Lyngsoe Systems Holding A/S were merged, with Lyngsoe Systems A/S as the continuing company. ‘’) As of 1 September 2024, all Library activities in Lyngsoe Systems A/S were transferred to Lyngsoe Systems Library Solution A/S, which is a new company established on 17 June 2024. Lyngsoe Systems Group ApS is controlled by Investment fund Accent Equity VI. Financial highlightsDKK'000 2024* Gross profit 11,726 EBITDA 4,643 Operating profit 2,927 Profit before tax 1,276 Profit for the year 1,069 Non-current assets 177,104 Current assets 33,583 Total assets 210,687 Equity 91,469 Non-current liabilities other than provisions 51,578 Current liabilities other than provisions 63,031 Return on invested capital 2.0% Solvency ratio 43.4% Return on equity 1.2% Average number of full-time employees 27 *Lyngsoe Systems Library Solutions was established on 17 June 2024. Financial ratios The financial ratios have been calculated as follows: Operating profit x 100Return on invested capital Average invested capitalInvested capital Operational intangible assets and property, plant and equipment as well as net working capital Equity at year end x 100Solvency ratio Total equity and liabilities at year endProfit/loss from ordinary activities after tax x 100Return on equity Average equity Main Activities Lyngsoe Systems Library has been a world leader with-in Library solutions for more than 20 years and holds a leading position with-in automating material handling. With a proven track record with thousands of installations around the world, the Lyngsoe Systems Library team can demonstrate extensive experience in customer knowledge, solution design, hardware and software development. Lyngsoe Systems Library improves patron service and library efficiency by automating material handling of libraries globally by means of sortation, advanced self-service and Intelligent Material Management Systems (IMMS). When Lyngsoe Systems solutions are used, heavy and/or time-consuming processes are automated enabling library staff to accomplish more patron-oriented tasks while improving the physical work environment at a reduced operating cost. From the largest institutional libraries to the smallest branches, Lyngsoe Systems provides complete library automation solutions to meet the specific needs and requirements of the most modern way of operating today’s libraries in a constantly changing educational and cultural environment. Development in Activities and Finance during 2024 Lyngsoe Systems Library Solutions A/S was registered as a new company on 17 June 2024. Lyngsoe Systems Library Solutions was established to have a dedicated subsidiary of the Lyngsoe Systems Group that could focus exclusively on the unique needs of libraries. This strategic move allows us to provide even greater focus and specialized support to our library partners while maintaining the strength and synergies of the Lyngsoe Systems Group. On 1 September 2024, Lyngsoe Systems Library Solutions A/S acquired all Library activities including related subsidiaries from Lyngsoe Systems A/S. Financial results for 2024 therefore only cover the period from 1 September until 31 December 2024. Overall, for 2024 the library activities have shown strong growth in both revenue and profit compared to 2023. The Company has a solid capital structure with a solvency ratio of above 40% end of year and access to material cash resources. Outlook Management expects that 2025 will be yet another strong year for Library with a full year of profit on level of profit before tax in the range of DKK 15-20 million including received dividends from subsidiaries. Events after the Balance Sheet Date Since the balance sheet date, US has implemented tariffs, and we also are seeing some fluctuations on the currency market especially related to the USD. A tariff of additional 10% on US imports and a lower USD will impact Lyngsoe Systems Library Solutions, but we expect at present to be able to reduce the impact and therefore at present don’t see any major impact on our outlook for 2025. This can of course change in case tariffs rate will increase significantly from the present 10%. No other events have occurred after the balance sheet date to this date that would influence the assessment and evaluation of this annual report in any substantial way. Development Activities In 2024, development activities in Library focused on developing new and improved product to the market including the LibDeco as well as make upgrades to our sorter systems to improve efficiency and user experience. Also in the coming years, the Company will focus on development activities with the aim of both delivering competitive and value-creating solutions for our customers as well as maintaining our platforms to improve efficient execution. In 2025, the Company will also invest in updating the Group’s ERP system. Human Knowledge Resources Lyngsoe Systems Library is a distinctly knowledge-based company. We have succeeded in continuous development and growth by attracting and retaining competent and highly educated talents, including engineers, developers, project managers, service technicians, sales staff, production employee’s and administrative employees. We continuously allocate considerable resources to process improvements aiming at increasing quality and efficiency. We invest in methods, processes as well as education of our employees. Accordingly, it is one of the goals to be and remain an attractive employer. We continuously measure our employee satisfaction and engagement to ensure that we maintain and improve our attractiveness as an employer. Management's review 11726000 7083000 1716000 2927000 1133000 2784000 1276000 207000 1069000 20743000 12545000 33288000 1796000 1796000 142020000 177104000 783000 10958000 3012000 13182000 3426000 995000 31573000 1227000 33583000 210687000 400000 6095000 84974000 91469000 3633000 976000 4609000 50000000 1578000 51578000 4262000 2223000 41742000 5304000 9500000 63031000 114609000 210687000 400000 0 0 400000 0 0 90000000 90000000 0 6095000 -5026000 1069000 400000 6095000 84974000 91469000 1 Accounting policies The annual report of Lyngsoe Systems Library Solutions A/S for 2024 has been presented in accordance with the provisions applying to reporting class C medium-sized entities under the Danish Financial Statements Act. Recognition and measurement 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 reliably measured. Liabilities are recognised in the balance sheet when an outflow of economic benefits is probable and when the liability can be reliably measured. On initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described below for each individual item. Certain financial assets and liabilities are measured at amortised cost implying the recognition of a constant effective interest rate to maturity. Amortised cost is calculated as initial cost minus any principal repayments and plus or minus the cumulative amortisation of any difference between cost and nominal amount. When assets and liabilities are recognised and measured, any gains, losses and risks occurring prior to the presentation of the annual report that evidence conditions existing at the balance sheet date are taken into account. Income is recognised in the income statement as earned, including value adjustments of financial assets and liabilities measured at fair value or amortised cost. Equally, costs incurred to generate the year's earnings are recognised, including depreciation, amortisation, impairment losses and provisions as well as reversals as a result of changes in accounting estimates of amounts which were previously recognised in the income statement. Foreign currency translation At initial recognition, transactions denominated in foreign currencies are translated at the exchange rates at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and at the date of payment are recognised in the income statement as financial income or financial expenses. Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and at the date at which the receivable or payable arose or was recognised in the latest financial statements is recognised in the income statement as financial income or financial expenses. Fixed assets settled in foreign currencies are translated at the exchange rates at the transaction date. All the Company's foreign subsidiaries are integral entities whose income statements are translated into Danish kroner at the average exchange rates for the year and whose balance sheet items are translated at the exchange rates at the balance sheet date. Foreign exchange differences arising on translation of opening equity of foreign subsidiaries at the exchange rates at the balance sheet date and on translation of the income statements from average exchange rates to the exchange rates ruling at the balance sheet date are recognised directly in equity. Income statement Revenue Revenue includes sales of library automation solutions, typically including engineering, software, licenses and hardware components. Further revenue compromises service contracts. Revenue is measured based on the consideration specified in a contract with a customer. The Company recognises revenue when it transfers control over goods or services to a customer. The following provides information about the nature and timing of the satisfaction of performance obligations in contracts with customers, including significant payment terms, and the related revenue recognition policies. Revenue is measured at the fair value of the consideration received or receivable, taking into account contractually defined terms of payment and excluding taxes or duty. The Company has concluded that it is the principal in all of its revenue arrangements since it is the primary obligor in all the revenue arrangements, who has pricing latitude and who is also exposed to inventory and credit risks. Library automation solutions meet the criteria for revenue to be recognised over time, on a percentage of completion basis. This is due to the customisation of components to customer specifications (selected options) which means that Lyngsoe Systems has no alternative use for the component once customisation commences and Lyngsoe Systems has a right to payment for work completed to date. The Group's contracts with customers for the sale of library automation solutions generally include two performance obligation. Used hours are recognised over time, and hardware is recognised at the time of delivery. Software licenses are also recognised at the time of delivery. Service work and contracts are recognised over time. For library automation solutions, payments are based on milestones, generally leading to prepayments in the first phase and assets in the end period. Trade receivables are non-interest bearing and are generally on terms of 14 to 60 days. Generally, normal standard warranty obligations apply. Operating costs Operating costs are comprised by costs related to distribution, sales, advertising, administration, lease expenses, bad debts, etc. Staff costs Staff costs comprise salaries and wages, including holiday allowance, pension and other social security costs, etc. to the Company's employees. Financial income and expenses Financial income and expenses comprise interest income and expenses, currency adjustments and amortisation of financial assets. Income tax and deferred tax The Danish group entities are jointly taxed together with other Danish entities controlled by Accent Equity 2017 AB and are taxed under the on-account tax scheme. Current Danish tax is allocated between the jointly taxed Danish companies in proportion to their taxable incomes (full absorption). Tax for the year comprises current tax and changes in deferred tax for the year. The tax expense relating to the profit/loss for the year is recognised in the income statement, and the tax expense relating to amounts directly recognised in equity is recognised directly in equity. Balance sheet Goodwill Goodwill acquired is measured at cost less accumulated amortisation. Goodwill is amortised on a straight-line basis over the expected economic life. The amortisation period may not exceed 20 years and is longest for strategically acquired entities with strong market positions and long-term earnings profiles. Development costs Costs of development at the Company's own expense are capitalised if the projects are clearly defined and identifiable, where the technical utilisation degree and a potential future market or development potential in the Company are evidenced. It is also required that the Company intends to produce, market or use the outcome of the project. The cost of such projects includes direct wages and a share of the Company's indirect costs. Capitalised development costs are amortised upon completion of the development work on a straight-line basis over the estimated useful lives. The amortisation period represents 3-5 years. Development costs incurred in connection with specific customer projects are expensed in the financial statements. Gains and losses on the disposal of development costs are determined as the difference between the sales price less disposal costs and the carrying amount at the date of disposal. Gains or losses are recognised in the income statement as amortisation. Property, plant and equipment Land and buildings, plant and machinery fixtures and fittings, other plant and equipment are measured at cost, added net revaluations and less accumulated depreciation and impairment losses. The basis of depreciation is cost, added net revaluations and less any expected residual value after the end of the useful life. Land is not depreciated. 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 and salaries. The basis of depreciation, which is calculated as cost less any residual value, is depreciated on a straight-line basis over the expected useful life. The expected useful lives are as follows: Fixtures and fittings, tools and equipment 3-5 years The useful life and residual value are reassessed annually. Changes are treated as accounting estimates, and the effect on depreciation is recognised prospectively. Land is not depreciated. Investments not exceeding DKK 32 thousand are recognised as an expense in the year of acquisition. Gains and losses on the disposal of property, plant and equipment are determined as the difference between the sales price less disposal costs and the carrying amount at the date of disposal. Gains or losses are recognised in the income statement as depreciation. Leases On initial recognition, leases for fixed assets that transfer substantially all risks and rewards incident to ownership to the Company (finance leases) are recognised in the balance sheet at the lower of fair value and the net present value of future lease payments. When the net present value is calculated, 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 fixed assets. The capitalised lease obligation is recognised in the balance sheet as a liability at amortised cost, allowing the interest element of the lease payment to be recognised in the income statement over the term of the lease. All other leases are operating leases. Payments relating to operating leases and other leases are recognised in the income statement over the term of the lease. The Company's total obligation relating to operating leases and other leases is disclosed as contractual obligations and contingencies, etc. Financial assets Equity investments in subsidiaries and participating interests (including associates) are measured at cost. In case of indication of impairment, an impairment test is conducted. When the cost exceeds the recoverable amount, write-down is made to this lower value. Impairment of fixed assets The carrying amount of intangible assets and property, plant and equipment as well as equity investments in subsidiaries and participating interests (including associates) is subject to an annual test for indications of impairment other than the decrease in value reflected by depreciation or amortisation. Impairment tests are conducted of individual assets or groups of assets when there is an indication that they may be impaired. Write-down is made to the recoverable amount if this is lower than the carrying amount. Inventories Inventories are measured at cost in accordance with the FIFO method. Where the net realisable value is lower than cost, inventories are written down to this lower value. Goods for resale and raw materials and consumables are measured at cost, comprising purchase price plus delivery costs. The net realisable value of inventories is calculated as the sales amount less costs of completion and costs necessary to make the sale and is determined taking into account marketability, obsolescence and development in forecast sales price. Receivables Receivables are measured at amortised cost. Write-down is made for bad debt losses where there is an objective indication that a receivable or a receivable portfolio has been impaired. If there is an objective indication that an individual receivable has been impaired, a write-down is made based on an individual assessment. Contract work in progress Contract work in progress is measured at the selling price of the work performed less progress billings and anticipated losses. When it is probable that the total contract costs will exceed the total contract revenue, the anticipated loss on the contract is immediately recognized as an expense and a provision. Where the selling price of work performed exceeds progress billings on contract work in progress and anticipated losses, the excess is recognised under receivables. If progress billings and anticipated losses exceed the selling price of contract work in progress, the deficit is recognized under liabilities. Prepayments from customers are recognised under liabilities. Prepayments Prepayments comprise costs incurred concerning subsequent financial years. Equity Reserve for development costs The reserve for development costs comprises capitalised development costs. The reserve cannot be used for dividend, distribution or for the cover of losses. If recognised development costs are sold or in other ways excluded from the Company's operations, the reserve will be dissolved and transferred directly to distributable reserves under equity. If the recognised development costs are written down, the part of the reserve corresponding to the write-down of the development costs will be reversed. If a write-down of development costs is subsequently reversed, the reserve will be re-established. The reserve is reduced by amortisation of capitalised development costs on an ongoing basis. Warranty provisions Provisions comprise anticipated costs related to warranties, losses on work in progress, etc. Provisions are recognised when, as a result of past events, the Company has a legal or a constructive obligation and it is probable that there may be an outflow of resources embodying economic benefits to settle the obligation. Warranties comprise obligations to make good any defects within the warranty period of 1-3 years. Provisions for warranties are measured and recognised on the basis of past experience. If it is likely that total costs will exceed total income from contract work in progress, a provision is made for the total loss anticipated on the contract. The provision is recognised as costs in the income statement. Corporation tax and deferred tax Current tax payable and receivable is recognised on the balance sheet as tax computed on the taxable income for the year adjusted for tax on the taxable income of prior years and for tax paid on account. Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax value of assets and liabilities. Where alternative tax rules can be applied to determine the tax base, deferred tax is measured on the basis of the planned use of the asset or settlement of the liability, respectively. Deferred tax assets, including the tax value of tax loss carry forwards, are recognised at the expected value of their utilisation; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Adjustment is made to deferred tax resulting from elimination of unrealised intra-group profits and losses. Deferred tax is measured according to the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. The change in deferred tax as a result of changes in tax rates is recognised in the income statement. Liabilities other than provisions Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortised cost, corresponding to the capitalised value using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan. Other liabilities are measured at net realisable value. Deferred income Deferred income comprises payments received concerning income in subsequent years. Omission of consolidated financial statements Pursuant to section 112(1) of the Danish Financial Statements Act, no consolidated financial statements have been prepared. The financial statements of Lyngsoe Systems Library Solutions A/S and group entities are included in the consolidated financial statements of Lyngsoe Systems Group ApS, Lyngsø Alle 3 9600 Aars, CVR no. 43 34 38 66, and Lyngsoe Systems Finance ApS, Lyngsø Alle 3 9600 Aars, CVR no. 43 34 51 33. Omission of cash flow statement With reference to section 86(4) of the Danish Financial Statements Act, no cash flow statement has been prepared. The Company's cash flows are reflected in the consolidated cash flow statement for the higher-ranking parent companies Lyngsoe Systems Group ApS, Lyngsø Alle 3 9600 Aars, CVR no. 43 34 38 66, and Lyngsoe Systems Finance ApS, Lyngsø Alle 3 9600 Aars, CVR no. 43 34 51 33. 2 Staff costs 2024 DKK’000 Wages and salaries 6,361 Pensions 663 Other social security costs 59 7,083 27 In accordance with section 98b(3) of the Danish Financial Statements Act, remuneration of the Executive Board has not been disclosed. The Board of Directors has not been remunerated. 3 Financial income Interest income from group entities 51 Foreign exchange gains 1,082 1,133 4 Financial expenses Interest expense to group entities 2,776 Other interest expenses 8 2,784 5 Tax on profit for the year Current tax for the year 3,426 Deferred tax adjustment for the year -3,633 -207 6095000 -5026000 1069000 7 Intangible assets Develop-Finalised ment develop-projects ment in DKK'000 Goodwill projects progress Total Cost at 17 June 2024 0 0 0 0 Additions 21,458 7,772 5,625 34,855 Transfers 0 894 -894 0 Cost at 31 December 2024 21,458 8,666 4,731 34,855 Amortisation and impairment losses at 17 June 2024 0 0 0 0 Amortisation 715 852 0 1,567 Amortisation and impairment losses at 31 December 2024 715 852 0 1567 Carrying amount at 31 December 2024 20,743 7,814 4,731 33,288 Development projects Finalised development projects and development projects in progress relate mainly to the development of Library Solutions. The projects are amortised over five years. The projects in progress are expected to be completed within 1–2 years and to bring about considerable economic benefits. 8 Property, plant and equipment Fixtures and fittings, tools and equipment DKK’000 Cost at 17 June 2024 0 Additions 1,945 Cost at 31 December 2024 1,945 Depreciation 17 June 2024 0 Depreciation 149 Depreciation at 31 December 2024 149 Carrying amount at 31 December 2024 1,796 9 Financial assets Equity invest-ments in subsidia-riesDKK’000 Cost at 17 June 2024 0 Additions 142,020 Cost at 31 December 2024 142,020 Impairment losses at 1 January 2024 0 Impairment losses at 31 December 2024 0 Carrying amount at 31 December 2024 142,020 Equity inte-Profit for Name/legal form Registered office rest Equity the year DKK'000 DKK'000 Lyngsoe Systems Inc. Maryland, USA 100% Not public Not public Lyngsoe Systems AG, Germany Hamburg, Germany 100% 1,949 178 Lyngsoe Systems OY, Finland Kerava, Finland 100% 13,155 1,356 Lyngsoe Systems Ltd., United Kingdom Lincolnshire, UK 100% 9,618 2,555 10 Contract work in progress 31/12 2024 DKK’000 Sales value of work performed 10,086 Progress billings -11,336 -1,250 Recognised as follows: Contract work in progress (assets) 3,012 Contract work in progress (liabilities) -4,262 -1,250 11 Prepayments Prepayments comprise prepaid expenses concerning leasing and insurance premiums, etc. 12 Deferred tax 31/12 2024 DKK’000 Deferred tax at 17 June 2024 0 Deferred tax adjustment for the year in the income statement -3,633 Deferred tax at 31 December 2024 -3,633 Deferred tax liabilities are attributable to deferred tax arising from development projects and contract work in progress. 13 Non-current liabilities Repay-Unpaid Total debt ment balance at 31/12 coming after DKK'000 2024 year 5 years Payables to group entities 50,000 0 0 Other debt 1,578 0 1,432 Repayment of Payables to group entities has no committed repayment in 2025 and repayment depends on the Company’s cash resources during the year. 14 Deferred income Deferred income of DKK 9,500 thousand comprises service agreements. 15 Contractual obligations, contingencies, etc. The Company is jointly taxed with other Danish group entities and entities controlled by the ultimate Parent Company. As a jointly taxed company, the Company has joint unlimited liability for Danish corporation taxes and withholding taxes on dividends, interest and royalties within the joint taxation unit. Any subsequent corrections of income subject to joint taxation or withholding taxes could result in an increased liability for the Company. 16 Related party disclosures Accent Equity 2017 AB, Engelbrektsgatan 7, 114 32 Stockholm, Sweden, controls the majority of the share capital in the Lyngsoe Systems Library Solutions A/S through Lyngsoe Systems Finance ApS and Lyngsoe Systems Group ApS, Lyngsø Alle 3, 9600 Aars. Related party transactions 2024 DKK’000 Sale of goods and services to a group entity 5,485 Purchase of goods and services from a group entity 11,903 Acquisition of Library business activity from group entity 193,670 Receivables from group entities are disclosed in the balance sheet, and interest income and expense are disclosed in notes 3 and 4. 17 Events after the balance sheet date Since the balance sheet date, US has implemented tariffs, and we also are seeing some fluctuations on the currency market especially related to the USD. A tariff of additional 10% on US imports and a lower USD will impact Lyngsoe Systems Library Solutions, but we expect at present to be able to reduce the impact and therefore at present don’t see any major impact on our outlook for 2025. This can of course change in case tariffs rate will increase significantly from the present 10%. No other events have occurred after the balance sheet date to this date that would influence the assessment and evaluation of this annual report in any substantial way. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2024-06-17 2024-12-31 2025-05-22 Lars Christian Caspersen Regnskabsklasse C, mellemstor virksomhed 2025-05-22 25578198 KPMG P/S Dampfærgevej 28 2100 København Ø Opinion Basis for Opinion 2025-05-02