289820892023-07-012024-06-30289820892024-06-30289820892023-06-30fsa:ContributedCapitalMember289820892023-06-30fsa:ReserveForNetRevaluationAccordingToEquityMethodMember289820892023-06-30fsa:RetainedEarningsMember289820892023-06-30fsa:ProposedDividendRecognisedInEquityMember289820892023-06-30289820892023-07-012024-06-30fsa:RetainedEarningsMember289820892023-07-012024-06-30fsa:ProposedDividendRecognisedInEquityMember289820892023-07-012024-06-30fsa:ContributedCapitalMember289820892023-07-012024-06-30fsa:ReserveForNetRevaluationAccordingToEquityMethodMember289820892024-06-30fsa:ContributedCapitalMember289820892024-06-30fsa:ReserveForNetRevaluationAccordingToEquityMethodMember289820892024-06-30fsa:RetainedEarningsMember289820892024-06-30fsa:ProposedDividendRecognisedInEquityMember289820892023-07-012024-06-30cmn:ConsolidatedMemberfsa:LiquidationAccountMember289820892023-07-012024-06-30cmn:ConsolidatedMember289820892023-07-012024-06-30cmn:ConsolidatedMember1289820892023-07-012024-06-30cmn:ConsolidatedMember1289820892023-07-012024-06-30cmn:ConsolidatedMember2289820892024-06-30cmn:ConsolidatedMember289820892023-06-30cmn:ConsolidatedMemberfsa:ContributedCapitalMember289820892023-06-30cmn:ConsolidatedMemberfsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember289820892023-06-30cmn:ConsolidatedMemberfsa:RetainedEarningsMember289820892023-06-30cmn:ConsolidatedMemberfsa:ProposedDividendRecognisedInEquityMember289820892023-06-30cmn:ConsolidatedMemberfsa:EquityAttributableToParentMember289820892023-06-30cmn:ConsolidatedMemberfsa:MinorityInterestsMember289820892023-06-30cmn:ConsolidatedMember289820892023-07-012024-06-30cmn:ConsolidatedMemberfsa:RetainedEarningsMember289820892023-07-012024-06-30cmn:ConsolidatedMemberfsa:ProposedDividendRecognisedInEquityMember289820892023-07-012024-06-30cmn:ConsolidatedMemberfsa:EquityAttributableToParentMember289820892023-07-012024-06-30cmn:ConsolidatedMemberfsa:MinorityInterestsMember289820892023-07-012024-06-30cmn:ConsolidatedMemberfsa:ContributedCapitalMember289820892023-07-012024-06-30cmn:ConsolidatedMemberfsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember289820892024-06-30cmn:ConsolidatedMemberfsa:ContributedCapitalMember289820892024-06-30cmn:ConsolidatedMemberfsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember289820892024-06-30cmn:ConsolidatedMemberfsa:RetainedEarningsMember289820892024-06-30cmn:ConsolidatedMemberfsa:ProposedDividendRecognisedInEquityMember289820892024-06-30cmn:ConsolidatedMemberfsa:EquityAttributableToParentMember289820892024-06-30cmn:ConsolidatedMemberfsa:MinorityInterestsMember289820892023-07-012024-06-30cmn:ConsolidatedMember1289820892023-07-012024-06-30cmn:ConsolidatedMemberfsa:OtherShorttermPayablesMember289820892022-07-012023-06-30289820892022-07-012023-06-30cmn:ConsolidatedMember289820892022-07-012023-06-30cmn:ConsolidatedMember1289820892022-06-30cmn:ConsolidatedMemberiso4217:DKKxbrli:pure28982089Årsrapport-2975020-2885921810367628326406The Executive Board has today considered and approved the annual report of Bedala ApS for the financial year 01.07.2023 - 30.06.2024. 17051542188200375607372The annual report is presented in accordance with the Danish Financial Statements Act.9287025125244758In my opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 30.06.2024 and of the results of their operations and the consolidated cash flows for the financial year
01.07.2023 - 30.06.2024.223762965204928859270I believe that the management commentary contains a fair review of the affairs and conditions referred to therein.170931772879481117230I recommend the annual report for adoption at the Annual General Meeting.946662055928742040Copenhagen170837113191097172555008Bent Larsen Dalgaard49446522642874072555008To the shareholder of Bedala ApS494465222548223172555008We have audited the consolidated financial statements and the parent financial statements of Bedala ApS for the financial year 01.07.2023 - 30.06.2024, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a
summary of significant accounting policies, for the Group as well as the Parent, and the consolidated cash flow statement. The consolidated financial statements and the parent financial statements
are prepared in accordance with the
Danish Financial Statements Act.
In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 30.06.2024 and of the results of their operations and the consolidated cash flows for the financial year 01.07.2023 - 30.06.2024 in accordance
with the Danish Financial Statements Act.4944652249137123257We conducted our audit in accordance with International Standards on Auditing (ISAs) and 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 consolidated financial statements and the parent financial statements" section of this auditor’s
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.231344913712257615Management is responsible for the preparation of consolidated financial statements and parent 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 consolidated financial statements and parent financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the consolidated financial statements and the parent financial statements, Management is responsible for assessing the Group's and the Entity’s ability to continue
as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the consolidated financial statements and the parent financial statements unless Management either intends to liquidate
the Entity or to cease operations, or has no realistic alternative but to do so.211924340770487620771Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and the parent 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. 12821241000009901643Management is responsible for the management commentary.
Our opinion on the consolidated financial statements and the parent financial statements does not cover the management commentary, and we do not express
any form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements and the parent financial statements, our responsibility is to read the management
commentary and, in doing so, consider whether the management commentary is materially inconsistent with
the consolidated financial statements and the parent financial statements or our knowledge obtained in the audit or otherwise appears to be materially
misstated.
Moreover, it is our responsibility to consider whether the management commentary provides the information
required by relevant law and regulations.Based on the work we have performed, we conclude that the management commentary is in accordance with
the consolidated financial statements and the parent financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary.342450141770482528551317259055466841935187156Copenhagen2068355636336381107742164Claus Jorch Andersen701300785202040125000mne3371212500072371372461952State Authorised Public Accountant49353466483675221342166Frederik Juhl Hestbæk1568853247098886122000mne47807117800752088894051118State Authorised Public Accountant6528479875208887737986Financial highlights2023/24
DKK'0002022/23
DKK'0002021/22
DKK'0002020/21
DKK'0002019/20
DKK'000Key figuresGross profit/loss344,703218,104173,722116,71768,948Operating profit/loss48,84929,65239,42636,72112,564Net financials4,4202,259(1,332)1,837140Profit/loss for the year42,69425,48226,48529,3829,797Profit for the year excl
.
minority interests28,74217,08417,71919,7236,555Balance sheet total258,786168,403143,293100,90455,284Investments in property, plant and equipment41539127910829Equity129,78789,63968,23144,26116,789Equity excl. minority interests94,05165,28549,20031,87612,193Cash flows from operating activities70,91513,85634,98039,29122,736Cash flows from investing activities(3,095)(1,982)(1,016)(1,156)857Cash flows from financing activities(2,758)(2,754)(2,093)(2,091)(108)RatiosReturn on equity (%)36.0829.8443.7189.5153.76Equity ratio (%)36.3438.7734.3431.5922.06Financial highlights are defined and calculated in accordance with the current version of "Recommendations &
Ratios" issued by the CFA Society Denmark.Return on equity (%)
:Profit/loss for the year excl. minority interests * 100
Average equity excl. minority interestsEquity ratio (%)
:Equity excl. minority interests * 100
Balance sheet total47423711091143797737986Primary activitiesThe activities of the Company are investment activity and other activities at the discretion of the executive board.
The activities of Bedala Group are development, production and sale of software as well as other related business.
4742371163734153204910Development in activities and financesToday, the Group is internationally recognized for its user-friendly software solutions for the construction and subsequent operation of buildings. This year, the Group continued to accelerate product development. Management is satisfied with the continuous growth, and sales in both Denmark and abroad show good progress. In addition, the Group established subsidiaries in another two countries during the financial year, thus representing the Group through its subsidiaries in 18 countries. The expansion is expected to continue in the next few years.738841684025725718000Profit/loss for the year in relation to expected developmentsIn the current year, the Bedala Group realized a total profit of DKK 42,694 thousand. The Group's assets amounted
to DKK 258,786 thousand on 30 June 2024, while its equity amounted to DKK 129,787 thousand. Both gross profit and performance have exceeded Management's expectations and are considered very satisfying.012500030150Uncertainty relating to recognition and measurementManagement assesses that material uncertainty is not relating to recognition and measurement of income,
expenses, assets and liabilities.
29025-11248455953060OutlookThe Group expects to continue its growth next year and expand its activities in more countries, and to make further investments. Consequently, Management expects that next year's results will be in line with 2023/24.
Consequently for the coming year, Management expects a profit of DKK
70-80 milion before tax.1029096616684313691046
Use of financial instrumentsAs a result of the Group's operations and investments abroad, the Group is exposed to changes in
exchange rates. Dalux ApS manages the financial risks of the Group centrally and coordinates the Group's cash
management, including capital generation for growth and placement of surplus liquidity. The Group
operates with a low risk profile so that currency and credit risks only occur to a limited extent and only arise
based on commercial conditions.
4845280117800107742164
Knowledge resourcesAs a software developer, the Group is hugely dependent on highly qualified and knowledgeable staff. As part of
the Group's growth strategy and expansion abroad, several skilled employees were engaged during the financial
year, thus reaching a total of 394 employees in the Group. Onboarding of new employees and retention of
existing staff have top priority. In addition, the Group strives towards constantly offering employees a market
conforming salary level.
7013007865284798125000Environmental performanceAs a software developer and software vendor, the Group is not subject to strict legislative requirements regarding
environmental issues. However, the Group strives, at any time, to meet all relevant statutory requirements in Denmark and the EU when it comes to environmental protection.2435425849353466Group relations169659118963905615688532Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. 47423701178003447031544742370295689991416922820163723846217211780048849440011780049019788851476048173915015216-142080532696797402114601057582778763516042693852168402572-142080664912251252-5360000664912-409341753600006664266258098840750002879481283264066739266620559293634740417814212420122000531378341385638662293043908621250002925442-1591199724619527179953-19820612134216669472533-11874325122000847529327544008475293-27544001 Events after the balance sheet dateThere have been no events after the balance sheet data that change the assessment of the annual report.17343404191199252 Other financial income2023/24
DKK2022/23
DKKOther interest income607,08792,870Interest income from tax paid on account2850607,37292,8702513818671088246323 Other financial expenses2023/24
DKK2022/23
DKKOther interest expenses44,09821,462Other financial expenses66091444,75822,376258786045-13092904 Tax on profit/loss for the year2023/24
DKK2022/23
DKKCurrent tax117,2309,160Adjustment concerning previous years0306117,2309,4661250001166352675 Proposed distribution of profit and loss2023/24
DKK2022/23
DKKOrdinary dividend for the financial year122,000117,800Retained earnings28,620,04016,965,91128,742,04017,083,711-9586557520888947627732852862004012200094051118169659116 Financial assetsInvestments in group enterprisesDKKCost beginning of year93,056Cost end of year93,056Revaluations beginning of year49,353,466Exchange rate adjustments142,080Share of profit/loss for the year28,326,406Dividend(5,360,000)Revaluations end of year72,461,952Carrying amount end of year72,555,008A specification of investments in subsidiaries is evident from the notes to the consolidated financial statements.3573604983985207 Joint taxation contribution receivableReceivables from jointly taxed entities in all material respects fall due after more than 12 months from the balance sheet date. It is Managements expecation that the receivables are repaid over a period of 1-2 years.1297871678 Non-current liabilities other than provisionsDue after
more than 12
months
2023/24
DKKTax payable7,737,9867,737,98677379869 EmployeesThe Entity has no employees other than the Executive Board. The Executive Officer has not received any
remuneration.773798610 Contingent liabilitiesThe Entity serves as the administration company in a Danish joint
taxation arrangement. According to the joint
taxation provisions of the Danish Corporation Tax Act, the Entity
is therefore liable for income taxes etc. for the
jointly taxed entities, and also for obligations, if any, relating to
the withholding of tax on interest, royalties and
dividends for these entities.5943095211 Non-arm’s length related party transactionsOnly non-arm's length related party transactions are disclosed in the annual report. No
such transactions were
conducted during the financial year.12355366Investments in group enterprisesInvestments in group enterprises are recognised and measured in the parent financial statements according to
the equity
method.
This means that investments are measured at the pro rata share of the enterprises’ equity
value plus
unamortised goodwill and plus or minus unrealised intra-group profits or losses. Reference is made to
the above
section on
business combinations for more details about the accounting policies applied to
acquisitions of
investments in
group enterprises.
Group enterprises with negative equity value are measured at DKK 0. Any receivables from these enterprises
are written down to net realisable value based on a specific assessment. If the Parent has a legal
or constructive obligation to cover the liabilities of the relevant enterprise, and it is probable that such
obligation will involve a loss, a provision is recognised that is measured at present value of the costs
necessary to settle the obligations at the balance sheet date.
Upon distribution of profit or loss, net revaluation of investments in group enterprises is transferred to
the
reserve for net revaluation according to the equity method in equity.
15699381349977634404860121260892128998878258786045125000-11248456616684311780065284798243542580117800117800264000027578000-14208000-142080-69979-21205924110-241100000286200401220002874204013951812125000-95865594762773122000940511183573604916372325590821746039844901978481739810960170914622415084Change of deposits-2679730-3094814-678198082757800-27578006506200818190933484752931 Events after the balance sheet dateThere have been no events after the balance sheet data that change the assessment of the annual report.2 Staff costs2023/24
DKK2022/23
DKKWages and salaries285,993,881177,223,925Pension costs3,603,4522,202,147Other social security costs6,092,6588,774,303295,689,991188,200,375Average number of full-time employees3942853943 Depreciation, amortisation and impairment losses2023/24
DKK2022/23
DKKDepreciation on property, plant and equipment163,723251,252163,723251,2524 Other financial income2023/24
DKK2022/23
DKKOther interest income1,269,6500Exchange rate adjustments2,677,7872,477,495Fair value adjustments954,256258,027Interest income from tax paid on account2850Other financial income0143,9594,901,9782,879,4815 Other financial expenses2023/24
DKK2022/23
DKKOther interest expenses94,55221,464Exchange rate adjustments370,160598,182Other financial expenses17,027913481,739620,5596 Tax on profit/loss for the year2023/24DKK2022/23DKKCurrent tax11,417,9006,394,434Change in deferred tax25,00034,000Adjustment concerning previous years(867,073)30610,575,8276,428,7407 Proposed distribution of profit/loss2023/24
DKK2022/23
DKKOrdinary dividend for the financial year122,000117,800Retained earnings28,620,04016,965,911Minority interests' share of profit/loss13,951,8128,398,52042,693,85225,482,23128620040139518128 Property, plant and equipmentOther fixtures and fittings, tools and equipment
DKKCost beginning of year827,599Additions415,084Cost end of year1,242,683Depreciation and impairment losses beginning of year(336,228)Exchange rate adjustments(77,820)Depreciation for the year(163,723)Depreciation and impairment losses end of year(577,771)Carrying amount end of year664,9129 Financial assetsDeposits
DKKDeferred tax
DKKCost beginning of year4,077,048100,000Exchange rate adjustments(92,512)0Additions2,679,7300Disposals0(25,000)Cost end of year6,664,26675,000Carrying amount end of year6,664,26675,00010 Deferred tax Changes during the year2023/24DKK2022/23DKKBeginning of year100,000134,000Recognised in the income statement(25,000)(34,000)End of year75,000100,000Deferred tax assetsDeferred tax relates to plant and equipment.11 PrepaymentsPrepayments consists of prepaid invoices regarding rent etc.12 Contributed capitalThe contributed capital consists of one class of shares equalling a nominel value of 125,000.13 Non-current liabilities other than provisionsDue after
more than 12
months
2023/24
DKKTax payable7,737,9867,737,98614 Other payables2023/24
DKK2022/23
DKKVAT and duties14,052,0529,993,396Wages and salaries, personal income taxes, social security costs, etc. payable15,076,4601,671,265Other costs payable5,276,3483,350,55534,404,86015,015,21615 Changes in working capital2023/24
DKK2022/23
DKKIncrease/decrease in receivables(20,171,794)(16,308,757)Increase/decrease in trade payables etc.45,762,61512,215,34025,590,821(4,093,417)16
Fair value informationOther investmentsDKKFair value end of year 8,475,293Unrealised fair value
adjustments recognised in
the income statement
954,40517 Unrecognised rental and lease commitments2023/24
DKK2022/23
DKKTotal liabilities under rental or lease agreements until maturity 12,673,56910,693,57118 Contingent liabilitiesThe Parent and the Danish subsidiaries participate in a Danish joint
taxation arrangement in which Bedala ApS serves as the administration company.
According to the joint taxation provisions
of the Danish Corporation Tax Act, the Parent and the Danish subsidiaries are therefore secondarily
liable for income taxes etc. for the
jointly taxed entities, limited to the equity interest by which the Entity
participates in the Group, and also secondarily liable for obligations, if any, relating to the withholding of tax on
interest, royalties and
dividends for the jointly taxed entities. The jointly taxed entities' total known net liability
under the joint
taxation arrangement is disclosed in the administration company's financial statements.19 Non-arm’s length related party transactionsOnly non-arm's length related party transactions are disclosed in the annual report. No
such transactions were
conducted during the financial year.20 SubsidiariesRegistered inCorporate
formOwnership
%Dalux ApSCopenhagenApS67.00Dalux Norway AS*NorwayAS67.00Dalux Limited*Great BritainLtd.67.00Dalux Netherlands BV*NetherlandsBV67.00Dalux Sweden AB*SwedenAB67.00Dalux France SAS*FranceSAS67.00Dalux Switzerland GmbH*SwitzerlandGmbH67.00Dalux Germany GmbH*GermanyGmbH67.00Dalux Finland Oy*FinlandOY67.00Dalux Lithuania UAB*LithuaniaUAB67.00Dalux Belgium BV*BelgiumBV67.00Dalux Austria GmbH*AustriaFN67.00Dalux US Inc.*USAInc.67.00Dalux Software Spain S.L.*SpainS.L.67.00Dalux Italia SRL*ItalySRL67.00Dalux Hungary Kft.*HungaryKft67.00Dalux Canada Ltd.*CanadaLtd67.00Dalux Poland Sp. z o.o.*PolandSp. z o.o.67.00Dalux Ireland Limited*IrelandLtd.67.00* All subsidiaries is owned 100% by Dalux ApSThis annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act
governing reporting class C enterprises (medium).The accounting policies applied to these consolidated financial statements and parent financial statements are consistent with those applied last year.There has been minor adjustments of comparison figures in the income statement and balance sheet figures.There has been minor adjustments of comparison figures in the income statement and balance sheet figures.Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic
benefits will flow to the Entity, and the value of the asset can be measured reliably.
Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a
result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the
value of the liability can be measured reliably.
On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial
recognition is effected as described below for each financial statement item.
Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm
or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and
measurement.
Income is recognised in the income statement when earned, whereas costs are recognised by the amounts
attributable to this financial year. Consolidated financial statementsThe consolidated financial statements comprise the Parent and the group enterprises (subsidiaries) that are controlled by the Parent. Control is achieved by the Parent, either directly or indirectly, holding more than 50% of the voting rights or in any other way possibly or actually exercising controlling influence.
Basis of consolidationThe consolidated financial statements are prepared on the basis of the financial statements of the Parent and its subsidiaries. The consolidated financial statements are prepared by combining uniform items. On consolidation, intra-group income and expenses, intra-group accounts and dividends as well as profits and losses on transactions between the consolidated enterprises are eliminated. The financial statements used for consolidation have been prepared applying the Group’s accounting policies.Subsidiaries’ financial statement items are recognised in full in the consolidated financial statements. Minority interests’ pro rata shares of the profit/loss and the net assets are disclosed as separate items in Management's proposal for the distribution of net profit/loss and equity, respectively.Investments in subsidiaries are offset at the pro rata share of such subsidiaries’ net assets at the acquisition date,Foreign currency translationOn initial recognition, foreign currency transactions are translated applying the exchange rate at the
transaction
date. Receivables, payables and other monetary items denominated in foreign currencies that
have not been
settled at the balance sheet date are translated using the exchange rate at the balance
sheet date. Exchange
differences that arise between the rate at the transaction date and the rate in effect
at the payment date, or the
rate at the balance sheet date, are recognised in the income statement as
financial income or financial expenses.
Property, plant and equipment, intangible assets, inventories and
other non-monetary assets that have been
purchased in foreign currencies are translated using historical
rates.
When recognising foreign subsidiaries and associates that are independent entities, the income statements
are translated at average exchange rates for the months that do not significantly deviate from the rates at
the
transaction date. Balance sheet items are translated using the exchange rates at the balance sheet date. Goodwill is considered belonging to the independent foreign entity and is translated using the exchange
rate at the
balance sheet date. Exchange differences arising out of the translation of foreign subsidiaries’
equity at the
beginning of the year at the balance sheet date exchange rates and out of the translation of income statements
from average rates to the exchange rates at the balance sheet date are recognised directly in the translation reserve in equity.
Exchange adjustments of outstanding accounts with independent foreign subsidiaries, which are considered
part of the total investment in the subsidiary in question, are recognised directly in the translation reserve in equity.When recognising foreign subsidiaries that are integral entities, monetary assets and liabilities are
translated
using the exchange rates at the balance sheet date. Non-monetary assets and liabilities are
translated at the
exchange rate at the time of acquisition or the time of any subsequent revaluation or writedown.
The items of the
income statement are translated at the average rates of the months; however, items
deriving from non-monetary
assets and liabilities are translated using the historical rates applicable to the
relevant non-monetary items.Gross profit or lossGross profit or loss comprises revenue, other operating income and external expenses.RevenueRevenue from the sale of software is recognised
in the
income statement over the contract lenght. Revenue is
recognised net of VAT, duties and
sales
discounts and is measured at fair value of the consideration fixed.Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary
activities, including salary refunds .Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for normal inventory
writedowns.Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities, including expenses for
Staff costsStaff costs comprise wages and salaries, and social security contributions, pension contributions, etc
. for entity
staff.Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to plant and equipment, and comprise depreciation,
amortisation and impairment losses for the financial year, and gains and
losses from the sale of plant and
equipment.Income from investments in group enterprisesIncome from investments in group enterprises comprises the pro rata share of the individual enterprises’
profit/loss after full elimination of intra-group profits or losses.
Other financial incomeOther financial income comprises dividends etc. received on other investments, interest income, including
interest income on receivables from group enterprises, net capital or exchange gains on securities, payables
and transactions in foreign currencies, amortisation of financial assets, and tax relief under the Danish
Tax Prepayment Scheme etc.Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group
enterprises, net capital or exchange losses on securities, payables and transactions in foreign currencies,
amortisation of financial liabilities, and tax surcharge under the Danish Tax Prepayment Scheme etc.Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the
income statement by the portion attributable to the profit for the year and recognised directly in equity by
the
portion attributable to entries directly in equity.Property, plant and equipmentOther fixtures and fittings, tools and equipment are
measured at
cost less accumulated depreciation and
impairment losses.
Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of
the
asset until the time when it is ready to be put into operation.
The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line
depreciation is made on the basis of the following estimated useful lives of the assets:Useful life
Other fixtures and fittings, tools and equipment3-5 yearsFor leasehold improvements and assets subject to finance leases, the depreciation period cannot exceed
the contract period.
Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based
value of
assets and liabilities, for which the tax-based value is calculated based on the planned use of each
asset. However, no deferred tax is recognised for amortisation of goodwill disallowed for tax purposes and
temporary
differences arising at the date of acquisition that do not result from a business combination and
that do not have
any effect on profit or loss or on taxable income.
Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at
their
estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets.ReceivablesReceivables are measured at amortised cost, usually equalling nominal value, less writedowns for bad and
doubtful debts.Tax payable or receivableCurrent tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's
taxable income, adjusted for prepaid tax.Joint taxation contributions payable or receivable Current joint taxation contributions payable or receivable are recognised in the
balance sheet, stated as tax computed on this year's taxable income, adjusted for
prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are
expected to be used under the joint taxation arrangement.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at
cost.Other investments (current assets)Other current asset investments comprise listed securities measured at fair value (market price) at the
balance sheet date.CashCash comprises cash in hand and bank deposits.DividendDividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for
the financial year is disclosed as a separate item in equity. Minority interestsOn initial recognition, minority interests are measured at the minority interests’ share of the acquiree’s net assets measured at fair value. No goodwill related to the minority interests’ equity interests in the acquiree is recognised.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Prepayments received from customersPrepayments received from customers comprise amounts received from customers prior to delivery of the
goods agreed or completion of the service agreed.Cash flow statementThe cash flow statement shows cash flows from operating, investing and financing activities, and cash
and cash equivalents at the beginning and the end of the financial year.
Cash flows from operating activities are presented using the indirect method and calculated as the operating
profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial
expenses and income tax paid.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
enterprises, activities and fixed asset investments, and purchase, development, improvement and sale,
etc. of intangible assets and property, plant and equipment.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities,
purchase of treasury shares and payment of dividend.
Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk less
short-
term bank loans.
The cash flow statement shows cash flows from operating, investing and financing activities, and cash
and cash equivalents at the beginning and the end of the financial year.
Cash flows from operating activities are presented using the indirect method and calculated as the operating
profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial
expenses and income tax paid.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
enterprises, activities and fixed asset investments, and purchase, development, improvement and sale,
etc. of intangible assets and property, plant and equipment.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities,
purchase of treasury shares and payment of dividend.
Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk less
short-
term bank loans.
trueGrundlag for konklusionKonklusion2024-12-202024-12-2033963556Deloitte Statsautoriseret RevisionspartnerselskabRevisionspåtegningRegnskabsklasse C, mellemstor virksomhed2023-06-302022-07-0133963556Weidekampsgade 6Deloitte Statsautoriseret Revisionspartnerselskab2300 København S2024-06-302023-07-01Bedala ApS28982089ÅrsrapportKøbenhavn S23006WeidekampsgadeCopenhagenCopenhagen21002Lyngbyvej2024-12-20Bent Larsen Dalgaard