xbrli:pureiso4217:DKK268297982023-01-012023-12-31268297982023-01-012023-12-311268297982023-01-012023-12-311268297982023-01-012023-12-311268297982023-01-012023-12-312268297982023-01-012023-12-313268297982023-01-012023-12-31268297982022-01-012022-12-31268297982023-01-012023-12-31fsa:RetainedEarningsMember268297982023-01-012023-12-31fsa:ProposedDividendRecognisedInEquityMember268297982023-12-31268297982022-12-31268297982023-01-01fsa:ContributedCapitalMember268297982023-01-01fsa:ReserveForDevelopmentExpenditureMember268297982023-01-01fsa:RetainedEarningsMember268297982023-01-01fsa:ProposedDividendRecognisedInEquityMember268297982023-12-31fsa:ContributedCapitalMember268297982023-12-31fsa:ReserveForDevelopmentExpenditureMember268297982023-12-31fsa:RetainedEarningsMember268297982023-12-31fsa:ProposedDividendRecognisedInEquityMember268297982023-01-01268297982023-01-012023-12-31fsa:ReserveForDevelopmentExpenditureMemberGrundlag for konklusionKonklusion2024-01-192024-01-19true339635562022-01-012022-12-31Odense51005Tværkajen, Postboks 10Deloitte Statsautoriseret RevisionspartnerselskabOdenseOdense C5000Regnskabsklasse BErklæring om udvidet gennemgang2023-12-312023-01-011<br /><br />34VindegadeProjectFlow A/S26829798339635562300 København SWeidekampsgade 6Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapportThe Board of Directors and the Executive Board have today considered and approved the annual report of ProjectFlow A/S for the financial year 01.01.2023 - 31.12.2023.The annual report is presented in accordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2023 and of the results of its operations for the financial year 01.01.2023 - 31.12.2023.We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.We recommend the annual report for adoption at the Annual General Meeting.OdenseKarsten Ley PoulsenMogens NielsenFrank Lynge Schou-JensenKarsten Ley PoulsenTo the shareholders of ProjectFlow A/SWe have performed an extended review of the financial statements of ProjectFlow A/S for the
financial year 01.01.2023 - 31.12.2023, which comprise the income statement,
balance sheet, statement of
changes in equity and notes, including a summary of significant
accounting policies. The financial statements
are prepared in accordance with the Danish Financial Statements Act.
Based on our extended review, in our opinion, the financial statements give a true and fair view of the Entity’s
financial position at 31.12.2023 and of the results of its operations for the
financial year 01.01.2023 - 31.12.2023 in accordance with the Danish Financial
Statements Act.We conducted our extended review in accordance with the assurance engagement standard for small enterprises
as issued by the Danish Business Authority and the standard on extended review of financial statements
prepared in accordance with the Danish Financial Statements Act as issued by FSR - Danish Auditors.
Our responsibilities under those standards and requirements are further described in the ”Auditor’s responsibilities
for the extended review of the financial statements” section. We are independent of the Entity 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 evidence we have obtained is
sufficient and appropriate to provide a basis for our conclusion.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 Entity’s ability to continue
as a going concern, disclosing, as applicable, matters related to going concern, and using the going concern basis of accounting unless Management either intends to liquidate the Entity or to cease operations, or has
no realistic alternative but to do so.Our responsibility is to express a conclusion on the financial statements. This requires that we plan and
perform procedures to obtain limited assurance about our conclusion on the financial statements and that
we also perform specifically required supplementary procedures for the purpose of obtaining additional assurance
about our conclusion.
An extended review consists of making inquiries, primarily of Management and, if appropriate, of other entity
personnel, performing analytical and the specifically required supplementary procedures as well as evaluating
the evidence obtained.
The procedures performed in an extended review are less in scope than in an audit, and accordingly we do
not express an audit opinion on the financial statements.Management is responsible for the management commentary.
Our conclusion on the financial statements does not cover the management commentary, and we do not express
any form of assurance conclusion thereon.
In connection with our extended review of the financial statements our responsibility is to read the management
commentary and, in doing so, consider whether the management commentary is materially inconsistent
with the financial statements or our knowledge obtained in the extended review or otherwise appears to be
materially misstated.
Moreover, it is our responsibility to consider whether the management commentary provides the information
required under the Danish Financial Statements Act.<br />Based on the work we have performed, we conclude that the management commentary is in accordance with
financial statements and has been prepared in accordance with the requirements of the Danish Financial
Statements Act. We did not identify any material misstatement of the management commentary.OdenseGert Rasmussenmne35430State Authorised Public AccountantPrimary activitiesThe primary activities of ProjectFlow A/S include marketing, sales, and the delivery of solutions for project and portfolio management, as well as resource management and time recording based on our SaaS platform (Software as a Service) in Denmark and, from 2023, in Norway as well. ProjectFlow 365 assists organizations in selecting the right projects and executing them effectively. ProjectFlow 365 enables the utilization of artificial intelligence (ChatGPT) to empower project and portfolio managers.
This enables our customers to realize their project gains sooner while also saving resources in connection with project execution.
Description of material changes in activities and financesIn 2023, we invested in the further development of ProjectFlow 365, a simple and scalable, cloud-based project management tool with close integration to Office 365 and third-party financial management systems. Our efforts in 2023 remained centered around the further development of ProjectFlow 365 in areas such as project management, resource management, and time registration, the latter being particularly significant due to new EU regulations regarding the registration of employee time usage. Simultaneously, we implemented an even closer integration with Microsoft Teams and Microsoft 365, which has gained widespread adoption within Danish organizations. Furthermore, we enabled the use of Artificial Intelligence (ChatGPT) in ProjectFlow 365 to assist project managers and portfolio managers in utilizing the tool, saving time and analyzing information.
We launched business operations in Norway in August 2023, prior to that with the implementation of the Norwegian language in our website, product, and all marketing material. Additionally, we actively engaged in several conferences during the year, conducted through market research, and implemented effective online advertising. We have surpassed our initial penetration plan due to earlier sales results than expected.
Our valued customers have shown great loyalty and willingness to contribute valuable suggestions for enhancing our product, with some of these suggestions being collected in connection with ProjectFlow user forums, four of which we successfully facilitated throughout the past year.
We achieved a significant increase in our subscription revenue (Annual Recurring Revenue – ARR) and delivered a large number of ProjectFlow 365 licenses to mid-sized and large Danish organizations while simultaneously carrying out efficiency optimizations. This positive performance has resulted in a favorable financial outcome, robust cash flow, and the highest level of liquid assets to date. In recognition of our shareholders' contributions, 10 of whom are also company employees, we made the decision to distribute extraordinary dividends in December 2023. Our annual results for 2023 are deemed satisfactory, and we remain committed to continued investments in product development, sales, and marketing endeavors.
ProjectFlow A/S anticipates a substantial growth in its subscription revenue (ARR) across Denmark and Norway. This metric will serve as a crucial indicator of the company's performance in 2024 and beyond, as we foster long-term partnerships with our clients. Increased ARR will translate into mutual benefits for both the company and its customers, ensuring enduring success for years to come.
Events after the balance sheet dateTo date, no events have transpired subsequent to the balance sheet date that would materially impact the evaluation of this annual report.15714766116385249224451835177883316869005556571472596691143197003660958003442560082131901355367744813312006405-1018669550000000200640555000000-101866901814266180243418142661802434000000181426618024345927751418342721959904968563317410219599142987733206787193480808701986640019866404201857471644710989050115111741280331613313608500000500000141512714058993545201382417226964752947215000001405899138241702006405500000141512735452000529472139349738901339349738901365635245818165245302134352023990391452902416817143745410140172762987410140172762987412803316133136080-2006405-20064050-5500000-55000009228-922801 Staff costs2023
DKK2022
DKKWages and salaries8,067,6727,368,127Pension costs1,011,278844,150Other social security costs145,501139,5019,224,4518,351,778Average number of full-time employees141414142 Depreciation, amortisation and impairment losses2023
DKK2022
DKKAmortisation of intangible assets833,168690,055833,168690,0553 Tax on profit/loss for the year2023
DKK2022
DKKCurrent tax1,314,529550,401Change in deferred tax4,4843,2761,319,013553,6774 Intangible assetsCompleted development projects
DKKCost beginning of year5,341,777Additions845,000Cost end of year6,186,777Amortisation and impairment losses beginning of year(3,539,343)Amortisation for the year(833,168)Amortisation and impairment losses end of year(4,372,511)Carrying amount end of year1,814,2665 Development projectsDevelopment projects is related to the development of new products. Prior to the initiation of the projects there is
prepared calculations which show that the projects are expected to result in increased turnover and
earnings. Completed development projects amount to DKK 1,814,266. per 31.12.2023.6 Property, plant and equipmentOther fixtures and fittings, tools and equipment
DKKLeasehold improvements
DKKCost beginning of year917,879552,501Disposals(917,879)0Cost end of year0552,501Depreciation and impairment losses beginning of year(917,879)(552,501)Reversal regarding disposals917,8790Depreciation and impairment losses end of year0(552,501)Carrying amount end of year007 Contingent liabilities
A lease has been entered with a 6-month non-cancellation period.
The rent obligation amounts to approx. DKK 189 thousand.
The Entity participates in a Danish joint taxation
arrangement where Viso holding ApS serves as the administration company. 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 for obligations, if any, relating to the withholding of tax on interest, royalties and dividend 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.This annual report has been presented in accordance with the provisions of the Danish Financial Statements
Act governing reporting class B enterprises with addition of a few provisions for reporting class C.The accounting policies applied to these financial statements are consistent with those applied last year.falseRecognition 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.Gross profit or lossGross profit or loss comprises revenue, changes in inventories of finished goods and work in progress, own
work capitalised, other operating income, cost of raw materials and consumables and external expenses.RevenueRevenue from the sale of services is recognised
in the income statement when delivery is made to the buyer. Revenue is recognised net of VAT, duties and
sales discounts and is measured at fair value of the consideration fixed.Own work capitalisedOwn work capitalised comprises staff costs and other costs incurred in the financial year and recognised in
cost for proprietary intangible assets and property, plant and equipment.Costs of raw materials and consumablesCosts of raw materials and consumables comprise the consumption of raw materials and consumables for
the financial year after adjustment for changes in inventories of these goods from the beginning to the end
of the year. This item includes shrinkage, if any, and normal writedowns of the relevant inventories.Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities, including expenses for
premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of
receivables recognised in current assets.Staff costsStaff costs comprise salaries and wages, 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 intangible
assets comprise depreciation, amortisation and impairment losses for the financial year, and gains and
losses from the sale of intangible assets and property, plant and equipment.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.Intellectual property rights etc.Development projects completed and in progress with related
intellectual property rights, acquired intellectual property rights and prepayments for intangible assets.Development projects on clearly defined and identifiable products and processes, for which the technical rate
of utilisation, adequate resources and a potential future market or development opportunity in the enterprise
can be established, and where the intention is to manufacture, market or apply the product or process in
question, are recognised as intangible assets. Other development costs are recognised as costs in the income
statement as incurred. When recognising development projects as intangible assets, an amount equalling
the costs incurred less deferred tax is taken to equity in the reserve for development costs that is reduced
as the development projects are amortised and written down.
The cost of development projects comprises costs such as salaries and amortisation that are directly and
indirectly attributable to the development projects.
Completed development projects are amortised on a straight-line basis using their estimated useful lives
which are determined based on a specific assessment of each development project. If the useful life cannot
be estimated reliably, it is fixed at 10 years. For development projects protected by intellectual property
rights, the maximum period of amortisation is the remaining duration of the relevant rights. The amortisation
periods used are 3-5 years.
Intellectual property rights etc. are written down to the lower of recoverable amount and carrying amount.Property, plant and equipmentplant and machinery, and other fixtures and fittings, tools and equipment are
measured at cost less accumulated depreciation and impairment losses. Land is not depreciated.
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 equipment5Leasehold improvements5For leasehold improvements and assets subject to finance leases, the depreciation period cannot exceed
the contract period.
Estimated useful lives and residual values are reassessed annually.
Items of property, plant and equipment are written down to the lower of recoverable amount and carrying
amount.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.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at
cost.Other investmentsOther current asset investments comprise listed securities measured at fair value (market price) at the
balance sheet dateCashCash 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. Extraordinary dividend adopted in the financial
year is recognised directly in equity when distributed and disclosed as a separate item in Management's
proposal for distribution of profit/loss.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.
Deferred tax relating to retaxation of previously deducted losses in foreign subsidiaries is recognised on the
basis of an actual assessment of the purpose of each subsidiary.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.2024-01-19Karsten Ley Poulsen