24221458 2023-01-01 2023-12-31 24221458 2023-01-01 2023-12-31 0 24221458 2023-01-01 2023-12-31 1 24221458 2023-01-01 2023-12-31 0 24221458 2023-01-01 2023-12-31 cmn:PreviousYearMember 1 24221458 2023-01-01 2023-12-31 cmn:TwoYearsAgoMember 2 24221458 2023-01-01 2023-12-31 cmn:ThreeYearsAgoMember 3 24221458 2023-01-01 2023-12-31 cmn:FourYearsAgoMember 4 24221458 2023-01-01 2023-12-31 5 24221458 2023-01-01 2023-12-31 cmn:PreviousYearMember 6 24221458 2023-01-01 2023-12-31 cmn:TwoYearsAgoMember 7 24221458 2023-01-01 2023-12-31 cmn:ThreeYearsAgoMember 8 24221458 2023-01-01 2023-12-31 cmn:FourYearsAgoMember 9 24221458 2023-01-01 2023-12-31 cmn:PreviousYearMember 24221458 2023-01-01 2023-12-31 cmn:TwoYearsAgoMember 24221458 2023-01-01 2023-12-31 cmn:ThreeYearsAgoMember 24221458 2023-01-01 2023-12-31 cmn:FourYearsAgoMember 24221458 2023-01-01 2023-12-31 10 24221458 2023-01-01 2023-12-31 cmn:PreviousYearMember 11 24221458 2023-01-01 2023-12-31 cmn:TwoYearsAgoMember 12 24221458 2023-01-01 2023-12-31 cmn:ThreeYearsAgoMember 13 24221458 2023-01-01 2023-12-31 cmn:FourYearsAgoMember 14 24221458 2023-01-01 2023-12-31 15 24221458 2023-01-01 2023-12-31 cmn:PreviousYearMember 16 24221458 2023-01-01 2023-12-31 cmn:TwoYearsAgoMember 17 24221458 2023-01-01 2023-12-31 cmn:ThreeYearsAgoMember 18 24221458 2023-01-01 2023-12-31 cmn:FourYearsAgoMember 19 24221458 2023-01-01 2023-12-31 20 24221458 2023-01-01 2023-12-31 cmn:PreviousYearMember 21 24221458 2023-01-01 2023-12-31 cmn:TwoYearsAgoMember 22 24221458 2023-01-01 2023-12-31 cmn:ThreeYearsAgoMember 23 24221458 2023-01-01 2023-12-31 cmn:FourYearsAgoMember 24 24221458 2022-01-01 2022-12-31 24221458 2023-12-31 24221458 2022-12-31 24221458 2023-01-01 fsa:ContributedCapitalMember 24221458 2023-01-01 fsa:ReserveForDevelopmentExpenditureMember 24221458 2023-01-01 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 24221458 2023-01-01 fsa:RetainedEarningsMember 24221458 2023-01-01 24221458 2023-01-01 2023-12-31 fsa:ContributedCapitalMember 24221458 2023-01-01 2023-12-31 fsa:ReserveForDevelopmentExpenditureMember 24221458 2023-01-01 2023-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 24221458 2023-01-01 2023-12-31 fsa:RetainedEarningsMember 24221458 2023-12-31 fsa:ContributedCapitalMember 24221458 2023-12-31 fsa:ReserveForDevelopmentExpenditureMember 24221458 2023-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 24221458 2023-12-31 fsa:RetainedEarningsMember 24221458 2023-01-01 fsa:CompletedDevelopmentProjectsMember 24221458 2023-01-01 fsa:AcquiredLicencesMember 24221458 2023-01-01 2023-12-31 fsa:CompletedDevelopmentProjectsMember 24221458 2023-12-31 fsa:CompletedDevelopmentProjectsMember 24221458 2023-12-31 fsa:AcquiredLicencesMember 24221458 2023-01-01 2023-12-31 fsa:AcquiredLicencesMember 24221458 2023-01-01 2023-12-31 fsa:ReserveForNetRevaluationOfInvestmentAssetsMember 24221458 2022-01-01 2022-12-31 fsa:ReserveForNetRevaluationOfInvestmentAssetsMember 24221458 2023-01-01 2023-12-31 fsa:RetainedEarningsMember 24221458 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 24221458 2023-01-01 2023-12-31 0 24221458 2023-01-01 2023-12-31 1 iso4217:EUR xbrli:pure <p xmlns="http://www.w3.org/1999/xhtml">Name</p><p xmlns="http://www.w3.org/1999/xhtml">CIPP Technology Holding ApS</p> 4180 Sorø Energivej 3 24221458 1999-07-01 Sorø 2023-01-01 2023-12-31 Nicolai Krøjer Westh 2024-04-18 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement by Management on the annual report</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Board of Directors and the Executive Board have today discussed and approved the annual report of CIPP Technology Holding ApS for the financial year 1 January – 31 December 2023.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The annual report has been prepared in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2023 and of the results of its operations for the period 1 January – 31 December 2023.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We recommend that the annual report be approved at the annual general meeting.</td></tr></table> Sorø 2024-04-18 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent auditor's report</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the shareholder of CIPP Technology Holding ApS</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Opinion</td></tr><tr><td colspan="1">We have audited the financial statements of CIPP Technology Holding ApS for the period 1 January – 31 December 2023, which comprise 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.</td></tr><tr><td colspan="1">In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2023 and of the results of the Company's operations for the period 1 January – 31 December 2023 in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for opinion</td></tr><tr><td colspan="1">We 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 financial statements" section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independence</td></tr><tr><td colspan="1">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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management's responsibilities for the financial statements</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Auditor's responsibilities for the audit of the financial statements</td></tr><tr><td colspan="1">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 additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.</td></tr><tr><td colspan="1">As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also</td></tr><tr><td colspan="1">Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.</td></tr><tr><td colspan="1">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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on the Management's review</td></tr><tr><td colspan="1">Management is responsible for the Management's review.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">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 Statements Act. We did not identify any material misstatement of the Management's review.</td></tr></table> Copenhagen 2024-04-18 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="7">Management's review</td></tr><tr><td>EUR'000</td><td /><td>2023</td><td>2022</td><td>*2021</td><td>2020/21</td><td>2019/20</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Key figures</td></tr></table> -2798000 0 0 0.558 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">The financial ratios stated under "Financial highlights" have been calculated as follows</td></tr><tr><td>.Ratios</td><td>Calculation formulas</td></tr><tr><td>.Solvency ratio (%)</td><td>Equity x 100 / Total equity and liabilities at year-end</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Primary activities</td></tr><tr><td colspan="1">The activities of the Company consist of investment and consultancy activities. The activities can be exercised directly or through capital investments in other enterprises.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Development in activities and finances</td></tr><tr><td colspan="1">The income statement for the period 1 January – 31 December 2023 showed a profit of EUR 2,888 thousand. Total assets as of 31 December 2023 was EUR 102,351 thousand and equity was EUR 58,975 thousand,</td></tr><tr><td colspan="1">Management considers result of the year as expected and satisfactory.</td></tr><tr><td colspan="1">Currency risks</td></tr><tr><td colspan="1">The Company is exposed to currency fluctuations in connection with transactions in foreign currencies with its subsidiaries.</td></tr><tr><td colspan="1">Credit risks</td></tr><tr><td colspan="1">The Company is further exposed to credit risk if subsidiaries are not able to repay the intercompany balances. Credit risk in subsidiaries in connection with sales to customers is assessed individually by performing credit checks and where possible partial up-front payment is demanded in the subsidiaries to reduce the overall risk including the risk for the Company.</td></tr><tr><td colspan="1">Interest risks</td></tr><tr><td colspan="1">The Company's floating-rate loans and the interest is not hedged, hence there is a risk related to increased interest rates.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Key employees</td></tr><tr><td colspan="1">The Company and the Group is in a niche market where access to key employees is key, and the Company strives to ensure key personal is available to take on the increased activity level.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Outlook</td></tr><tr><td colspan="1">The expectation for FY2024 is an operating profit range between EUR 600 thousand and EUR 900 thousand.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Events after the balance sheet date</td></tr><tr><td colspan="1">No events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report.</td></tr></table> 1080000 0 416000 664000 218000 5487000 2689000 3680000 792000 2888000 0 0 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Accounting policies</td></tr></table> Regnskabsklasse C, mellemstor virksomhed <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The annual report of CIPP Technology Holding ApS for 2023 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to medium-sized reporting class C entities.</td></tr></table> true <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Consolidated financial statements</td></tr><tr><td colspan="1">With reference to section 112(1) of the Danish Financial Statements Act, no consolidated financial statements have been prepared. The company is included in the consolidated cash flow statement for the ultimate parent company CIPP Holding ApS.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Omission of a cash flow statement</td></tr><tr><td colspan="1">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 ultimate parent company CIPP Holding ApS.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Recognition and measurement</td></tr><tr><td colspan="1">Assets 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 Company, and the value of the asset can be measured reliably.</td></tr><tr><td colspan="1">Liabilities are recognised in the balance sheet when the Company 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 Company, and the value of the liability can be measured reliably.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">Income is recognised in the income statement when earned, whereas costs are recognised by the amounts attributable to this financial year.</td></tr><tr><td colspan="1">Reporting currency</td></tr><tr><td colspan="1">The financial statements are presented in Euro (EUR'000).</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Foreign currency translation</td></tr><tr><td colspan="1">On initial recognition, foreign currency transactions are translated applying the exchange rate at the trans- action 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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Income statement</td></tr><tr><td colspan="1">Gross profit or loss</td></tr><tr><td colspan="1">Gross profit or loss comprises revenue, other operating income, cost of sales and other external expenses.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Revenue</td></tr><tr><td colspan="1">The Company has chosen IFRS 15 as interpretation for revenue recognition.</td></tr><tr><td colspan="1">Income from the sale of goods for resale and finished goods is recognised in revenue when the most significant rewards and risks have been transferred to the buyer and provided the income can be measured reliably and payment is expected to be received. The date of the transfer of the most significant rewards and risks is based on standardised terms of delivery.</td></tr><tr><td colspan="1">Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts and rebates granted are recognised in revenue.</td></tr><tr><td colspan="1">Other operating income</td></tr><tr><td colspan="1">Other operating income comprises income of a secondary nature as viewed in relation to the company's primary activities.</td></tr><tr><td colspan="1">Cost of sales</td></tr><tr><td colspan="1">Cost of sales comprises goods consumed in the financial year measured at cost, adjusted for ordinary inventory write-downs.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Other external expenses</td></tr><tr><td colspan="1">Other external expenses include expenses relating to the company's ordinary activities, including expenses for premises, stationery and office supplies, marketing costs, etc. This item also includes write-downs of receivables recognised in current assets.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="3">Staff costs</td></tr><tr><td colspan="3">Staff costs include wages and salaries, including compensated absence and pension to the Company's employees, as well as other social security contributions, etc. The item is net of refunds from public authorities.</td></tr><tr><td colspan="3">Depreciation, amortisation and impairment losses</td></tr><tr><td colspan="3">Amortisation, depreciation and impairment losses relating to intangible assets and property, plant and equipment comprise amortisation, depreciation and impairment losses for the financial year, calculated on the basis of the residual values and useful lives of the individual assets and impairment testing as well as gains and losses from the sale of intangible assets as well as property, plant and equipment.</td></tr><tr><td colspan="3">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</td></tr><tr><td>Plant and machinery</td><td>10 years</td></tr><tr><td>Other fixtures and fittings, tools and equipment</td><td /><td>3-10 years</td></tr><tr><td>Completed development projects</td><td /><td>10 years</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td>Goodwill</td><td /><td>20 years</td></tr><tr><td colspan="3">The amortisation period is 20 years as it relates to strategically acquired enterprises with a strong market position and a long-term earnings profile. The 20-year amortization period is considered to better reflect the Company's benefit from the relevant resources.</td></tr><tr><td colspan="3">Income from investments in group enterprises</td></tr><tr><td colspan="3">Income 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.</td></tr><tr><td colspan="3">Other financial income</td></tr><tr><td colspan="3">Other financial income comprises interest income, including interest income on receivables from group enterprises as well as net capital gains on transactions in foreign currencies etc.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Other financial expenses</td></tr><tr><td colspan="1">Other financial expenses comprise amortization of loan costs, interest expenses and net capital loss on transactions in foreign currencies etc.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Tax on profit/loss for the year</td></tr><tr><td colspan="1">Tax for the year includes current tax on the year's expected taxable income and the year's deferred tax adjustments. The portion of the tax for the year that relates to the profit/loss for the year is recognized in the income statement, whereas the portion that relates to transactions taken to equity is recognized in equity.</td></tr><tr><td colspan="1">The entity is jointly taxed with other group entities. The total Danish income tax charge is allocated between profit/loss-making Danish entities in proportion to their taxable income (full absorption).</td></tr><tr><td colspan="1">Jointly taxed entities entitled to a tax refund are reimbursed by the management company based on the rates applicable to interest allowances, and jointly taxed entities which have paid too little tax pay a surcharge according to the rates applicable to interest surcharges to the management company.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Balance sheet</td></tr><tr><td colspan="1">Intellectual property rights etc</td></tr><tr><td colspan="1">Intellectual property rights etc. comprise development projects completed and acquired intellectual property rights.</td></tr><tr><td colspan="1">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 is taken to equity under Reserve for development costs that is reduced as the development projects are amortised and written down.</td></tr><tr><td colspan="1">The cost of development projects comprises costs such as salaries and amortisation that are directly and indirectly attributable to the development projects.</td></tr><tr><td colspan="1">Completed development projects are amortized on a straight-line basis using their estimated useful lives which are determined based on a specific assessment of each development project. The amortization periods used are 10 years.</td></tr><tr><td colspan="1">Intellectual property rights acquired are measured at cost less accumulated amortization.</td></tr><tr><td colspan="1">Intellectual property rights etc. are written down to the lower of recoverable amount and carrying amount.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Property, plant and equipment</td></tr><tr><td colspan="1">Plant and machinery as well as other fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">Estimated useful lives and residual values are reassessed annually.</td></tr><tr><td colspan="1">Items of property, plant and equipment are written down to the lower of recoverable amount and carrying amount</td></tr><tr><td colspan="1">Investments in group enterprises</td></tr><tr><td colspan="1">Investments in group enterprises are recognised and measured according to the equity method. This means that investments are measured at the pro rata share of the enterprises' equity value plus or minus unrealised intra-group profits or losses.</td></tr><tr><td colspan="1">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 con- structive obligation to cover the liabilities of the relevant enterprise, and it is probable that such obligation is imminent, a provision is recognised that is measured at present value of the costs deemed necessary to incur to settle the obligation.</td></tr><tr><td colspan="1">Upon distribution of profit or loss, net revaluation of investments in group enterprises is transferred to Reserve for net revaluation according to the equity method under equity.</td></tr><tr><td colspan="1">Goodwill related to acquisition of investments in group enterprises are recognized at cost and amortized.</td></tr><tr><td colspan="1">Investments in group enterprises are written down to the lower of recoverable amount and carrying amount.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Impairment of non-current assets</td></tr><tr><td colspan="1">The carrying amount of non-current assets are assessed for impairment on an annual basis.</td></tr><tr><td colspan="1">Impairment tests are conducted on assets or groups of assets when there is evidence of impairment. The carrying amount of impaired assets is reduced to the higher of the net selling price and the value in use (recoverable amount).</td></tr><tr><td colspan="1">The recoverable amount is the higher of the net selling price of an asset and its value in use. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the group of assets and the expected net cash flows from the disposal of the asset or the group of assets after the end of the useful life.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Receivables</td></tr><tr><td colspan="1">Receivables are measured at amortised cost. The Company has chosen IAS 39 as interpretation for impairment of financial receivables.</td></tr><tr><td colspan="1">An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is</td></tr><tr><td colspan="1">objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis.</td></tr><tr><td colspan="1">Income taxes</td></tr><tr><td colspan="1">Current tax payables and receivables are recognised in the balance sheet as the estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account.</td></tr><tr><td colspan="1">Joint taxation payable or receivable is recognised in the balance sheet.</td></tr><tr><td colspan="1">Deferred tax</td></tr><tr><td colspan="1">Deferred tax is recognised on all temporary differences between the carrying amount and tax-based value of assets and liabilities, for which the tax-based value of assets is calculated based on the planned use of each asset.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">Other financial liabilities</td></tr><tr><td colspan="1">Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction costs paid. On subsequent recognition, 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. Financial liabilities also include the capitalised residual lease liability in respect of finance leases.</td></tr><tr><td colspan="1">Other liabilities are measured at net realisable value.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Staff costs</td></tr><tr><td /><td>EUR'000</td></tr></table><br><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>At 31 December 2023, no remuneration was paid to Management of CIPP Technology Holding ApS.</td></tr><tr><td /><td>Administration is handled by CIPP ApS.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Other financial income</td></tr><tr><td /><td>EUR'000</td></tr></table> 5429000 58000 2659000 27000 3000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Tax on profit/loss for the year</td></tr><tr><td /><td>EUR'000</td><td>2023</td><td>2022</td></tr></table> -760000 -42000 11000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Intangible assets</td></tr><tr><td /><td>EUR'000</td></tr></table><br><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>All intangible assets are considered to have finite useful lives over which the assets are amortized, cf. the description of accounting policies. In the past year, the company has further developed its products, which is crucial for the company and the group to maintain its market position in this segment.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Property, plant and equipment</td></tr><tr><td /><td>EUR'000</td></tr></table> 1000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" ><b>Financial assets</b></td></tr><tr><td width="25%" ></td><td width="25%" ></td><td width="25%" ></td><td width="25%" colspan="1" align="right" valign="middle" ><b>EUR'000</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" ><b>Investments in group enterprises</b></td></tr><tr><td width="75%" colspan="3" align="left" valign="middle" >Cost beginning of the period</td><td width="25%" align="right" valign="middle" >35.622</td></tr><tr><td width="75%" colspan="3" align="left" valign="middle" >Additions</td><td width="25%" align="right" valign="middle" >0</td></tr><tr><td width="75%" colspan="3" align="left" valign="middle" >Disposals</td><td width="25%" align="right" valign="middle" >0</td></tr><tr><td colspan="4"></td></tr><tr><td width="75%" colspan="3" align="left" valign="middle" ><b>Cost end of the period</b></td><td width="25%" align="right" valign="middle" >35.622</td></tr><tr><td colspan="4"></td></tr><tr><td width="75%" colspan="3" align="left" valign="middle" >Revaluations beginning of the period</td><td width="25%" align="right" valign="middle" >-11.680</td></tr><tr><td width="75%" colspan="3" align="left" valign="middle" >Exchange rate adjustments</td><td width="25%" align="right" valign="middle" >19</td></tr><tr><td width="75%" colspan="3" align="left" valign="middle" >Share of profit/loss for the period</td><td width="25%" align="right" valign="middle" >1.888</td></tr><tr><td width="75%" colspan="3" align="left" valign="middle" >Negative net assets in group entities set off</td><td width="25%" align="right" valign="middle" >-12.940</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >against receivables, 1 January</td></tr><tr><td width="75%" colspan="3" align="left" valign="middle" >Negative net assets in group entities set off</td><td width="25%" align="right" valign="middle" >15.227</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >against receivables, 31 December</td></tr><tr><td width="75%" colspan="3" align="left" valign="middle" >Amortization for the period of goodwill</td><td width="25%" align="right" valign="middle" >-1.670</td></tr><tr><td colspan="4"></td></tr><tr><td width="75%" colspan="3" align="left" valign="middle" ><b>Revaluations end of the period</b></td><td width="25%" align="right" valign="middle" >-9.156</td></tr><tr><td colspan="4"></td></tr><tr><td width="75%" colspan="3" align="left" valign="middle" ><b>Carrying amount of the period</b></td><td width="25%" align="right" valign="middle" >26.466</td></tr><tr><td colspan="4"></td></tr><tr><td width="75%" colspan="3" align="left" valign="middle" ><b>Goodwill included in the carrying amount</b></td><td width="25%" align="right" valign="middle" >14.222</td></tr><tr><td colspan="4"></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" ><b>Income/Loss from investments in group enterprises</b></td></tr><tr><td width="75%" colspan="3" align="left" valign="middle" >Share of profit/loss for the period</td><td width="25%" align="right" valign="middle" >1.888</td></tr><tr><td width="75%" colspan="3" align="left" valign="middle" >Amortization for the period of Goodwill</td><td width="25%" align="right" valign="middle" >-1.670</td></tr><tr><td colspan="4"></td></tr><tr><td width="75%" colspan="3" align="left" valign="middle" ><b>Income/Loss from investments in group enterprises</b></td><td width="25%" align="right" valign="middle" >218</td></tr><tr><td colspan="4"></td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" ><b>EUR'000</b></td><td width="50%" colspan="2" align="left" valign="middle" ><b>Registered in</b></td><td width="25%" colspan="1" align="left" valign="middle" ><b>Ownership</b></td></tr><tr><td width="25%" ></td><td width="25%" ></td><td width="25%" ></td><td width="25%" colspan="1" align="left" valign="middle" ><b>and voting rights %</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Investment in group enterprises comprise</td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" >iMPREG Group GmbH</td><td width="50%" colspan="2" align="left" valign="middle" >Germany, Gärtringen</td><td width="25%" align="right" valign="middle" >100</td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" >-iMPREG GmbH</td><td width="50%" colspan="2" align="left" valign="middle" >Germany, Ammerbuch</td><td width="25%" align="right" valign="middle" >100</td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" >iMPREG (Suzhou) Co., Ltd.</td><td width="50%" colspan="2" align="left" valign="middle" >China, Suzhou</td><td width="25%" align="right" valign="middle" >100</td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" >iMPREG Holding Inc.</td><td width="50%" colspan="2" align="left" valign="middle" >US, Richmond</td><td width="25%" align="right" valign="middle" >100</td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" >- iMPREG LLC</td><td width="50%" colspan="2" align="left" valign="middle" >US, Richmond</td><td width="25%" align="right" valign="middle" >100</td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" >iMPREG (Australia) Pty. Ltd.</td><td width="50%" colspan="2" align="left" valign="middle" >Australia, Sydney</td><td width="25%" align="right" valign="middle" >100</td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" >iMPREG (UK) Limited</td><td width="50%" colspan="2" align="left" valign="middle" >United Kingdom, Hampshire</td><td width="25%" align="right" valign="middle" >100</td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" >iMPREG (Malaysia) SDN BHD</td><td width="50%" colspan="2" align="left" valign="middle" >Malaysia, Kuala Lumpur</td><td width="25%" align="right" valign="middle" >100</td></tr><tr><td colspan="4"></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" ><b>Receivables from group enterprises</b></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >As per 31 December 2023 CIPP Technology Holding ApS has an intra-group receivable of EUR 54,8 million (31 December 2022: EUR 54.8 million), which is against the subsidiary iMPREG Group GmbH. The Intra-group receivable carry an interest of 5.0 %. The loan matures on 20 January 2027.</td></tr><tr><td colspan="4"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" ><b>Non-current liabilities</b></td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" ><b>EUR'000</b></td><td width="25%" colspan="1" align="right" valign="middle" ><b>Due within 12 months</b></td><td width="25%" colspan="1" align="right" valign="middle" ><b>Due within 60 months</b></td><td width="25%" colspan="1" align="right" valign="middle" ><b>Due beyond 60 months</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" >Payables to group enterprises</td><td width="25%" align="right" valign="middle" >0</td><td width="25%" align="right" valign="middle" >38.695</td><td width="25%" align="right" valign="middle" >0</td></tr><tr><td colspan="4"></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >As per 31 December 2023, CIPP Technology Holding ApS has an intra-group payable of EUR 38.6 million (2022: EUR 41.4 million), which is against the parent company CIPP ApS. The Intra-group debt carry an interest of 3.50 % plus EURIBOR. Both parties have confirmed the payable is not going to be repaid the coming year and therefore classified as other non-current liabilities.</td></tr><tr><td colspan="4"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Rental and lease commitments</b></td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" ><b>EUR'000</b></td><td width="33%" colspan="1" align="right" valign="middle" ><b>31-dec</b></td><td width="34%" colspan="1" align="right" valign="middle" ><b>31-dec</b></td></tr><tr><td width="33%" ></td><td width="33%" align="right" valign="middle" ><b>2023</b></td><td width="34%" align="right" valign="middle" ><b>2022</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Liabilities under rental or lease agreements until maturity</td><td width="33%" align="right" valign="middle" >21</td><td width="34%" align="right" valign="middle" >45</td></tr><tr><td colspan="3"></td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Contingent liabilities</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Company participates in a Danish joint taxation arrangement in which CIPP Holding ApS serves as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Company is therefore liable for income taxes etc. for the jointly taxed companies, and for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for the jointly taxed companies.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Mortgages and securities</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Loans and debts have been secured by a floating charge on mortgage in CIPP Technology Holding ApS. The carrying amount of charged claims is DKK 8,000 thousand equivalent to EUR 1,074 thousand.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >As security for the loans and borrowings, the following security is provided to lenders under the senior facility agreement</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >·         A share pledge agreement in respect of the CIPP Holding ApS;</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >·         A share pledge agreement in respect of CIPP ApS;</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >·         A share pledge agreement in respect of CIPP Technology Holding ApS;</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >·         A share pledge agreement in respect of IMPREG Group GmbH;</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >·         A share pledge agreement in respect of IMPREG GmbH;</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >·         An assignment agreement in respect of security over bank accounts of IMPREG GmbH;</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >·         An assignment agreement in respect of security over IP rights of IMPREG GmbH;</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >·         A pledge agreement in respect of the Danish Floating Charge of CIPP Technology Holding ApS; and</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >·         A pledge agreement in respect of an intra-group loan from CIPP ApS to CIPP Technology Holding ApS in the nominal amount equivalent to approximately EUR 40 million.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >·         A pledge agreement in respect of an intra-group loan from the CIPP Technology Holding ApS to iMPREG GmbH in the nominal amount equivalent to approximately EUR 40 million.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Related parties</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Information about consolidated financial statements</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" ><b>Ultimate parent</b></td><td width="67%" colspan="2" align="left" valign="middle" ><b>Domicile</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >CIPP Holding ApS</td><td width="67%" colspan="2" align="left" valign="middle" >Energivej 3, 4180 Sorø</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >CIPP Technology Holding ApS was engaged in the below related party transactions</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" ><b>EUR'000</b></td><td width="33%" colspan="1" align="right" valign="middle" ><b>31-dec</b></td><td width="34%" colspan="1" align="right" valign="middle" ><b>31-dec</b></td></tr><tr><td width="33%" ></td><td width="33%" align="right" valign="middle" ><b>2023</b></td><td width="34%" align="right" valign="middle" ><b>2022</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Management fee, income</td><td width="33%" align="right" valign="middle" >748</td><td width="34%" align="right" valign="middle" >1.653</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Management fee, expenses</td><td width="33%" align="right" valign="middle" >843</td><td width="34%" align="right" valign="middle" >1.815</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Royalty income</td><td width="33%" align="right" valign="middle" >1.891</td><td width="34%" align="right" valign="middle" >2.334</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Interest income, group enterprises</td><td width="33%" align="right" valign="middle" >5.429</td><td width="34%" align="right" valign="middle" >3.561</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Interest expenses, group enterprises</td><td width="33%" align="right" valign="middle" >2.659</td><td width="34%" align="right" valign="middle" >1.430</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Receivables from group enterprises, non-current</td><td width="33%" align="right" valign="middle" >52.172</td><td width="34%" align="right" valign="middle" >54.793</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Receivables from group enterprises, current</td><td width="33%" align="right" valign="middle" >19.008</td><td width="34%" align="right" valign="middle" >17.520</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Payables to group enterprises, non-current</td><td width="33%" align="right" valign="middle" >38.695</td><td width="34%" align="right" valign="middle" >41.361</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Dividend from subsidiaries received</td><td width="33%" align="right" valign="middle" >0</td><td width="34%" align="right" valign="middle" >3.912</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Remuneration to management is stated in note 1.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Ownership</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The following shareholder are registered in the Company's register of shareholder as holding minimum 5% of the votes or minimum 5% of the share capital</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" ><b>Parent</b></td><td width="67%" colspan="2" align="left" valign="middle" ><b>Domicile</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >CIPP ApS</td><td width="67%" colspan="2" align="left" valign="middle" >Energivej 3, 4180 Sorø</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >CIPP Holding ApS (ultimate parent) prepares consolidated financial statements</td><td width="67%" colspan="2" align="left" valign="middle" >Energivej 3, 4180 Sorø</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Proposed distribution of profit/loss</td></tr><tr><td /><td>EUR'000</td><td>2023</td><td>2022</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Events after the reporting period</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >No other events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report.</td></tr></table> Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Cortex Park Vest 3 5230 Odense M xWizard version 1.1.1165.0, by EasyX Aps. www.easyx.eu 2022-01-01 2022-12-31 Revisionspåtegning Grundlag for konklusion Konklusion Nicolai Krøjer Westh CEO Karsten Müller Director Gross profit 1080 Gross profit 1478000 Gross profit 2503000 Gross profit 3756000 Gross profit 3619000 Operating profit 664000 Operating profit 1055000 Operating profit 2235000 Operating profit 3178000 Operating profit 2847000 -2122000 0 0 0.556 290000 0 0 0.549 1109000 0 0 0.092 3741000 0 0 0.119 Profit/loss for the year 2888000 Profit/loss for the year 3223000 Profit/loss for the year 47669000 Profit/loss for the year -552000 Profit/loss for the year -3198000 Total assets 100464000 Total assets 100949000 Total assets 97780000 Total assets 66101000 Total assets 49627000 ..Equity 58974000 ..Equity 56086000 ..Equity 53633000 ..Equity 6069000 ..Equity 5912000 1478000 0 423000 1055000 987000 3561000 1438000 4165000 942000 3223000 0 3561000 0 1430000 8000 0 -757000 -236000 51000 2547000 2547000 0 0 26446000 52172000 78618000 81165000 46000 19008000 667000 19721000 1467000 21188000 102353000 17000 2089000 0 56868000 58974000 38695000 462000 39157000 11000 530000 3681000 4222000 43379000 102353000 64000 64000 2613000 2613000 1000 1000 23942000 54793000 78735000 81349000 46000 17520000 218000 17784000 1816000 19600000 100949000 17000 2038000 0 54031000 56086000 41361000 472000 41833000 19000 90000 2921000 3030000 44863000 100949000 17000 2038000 0 54031000 56086000 64000 63000 0 0 0 51000 0 0 -217000 0 217000 166000 0 1901000 17000 2089000 0 56868000 5081000 2468000 899000 899000 350000 416000 -2884000 5431000 2547000 899000 0 -899000 987000 217000 1901000 3006000 EY Godkendt Revisionspartnerselskab 30700228 Mikkel Sthyr State Authorised Public Accountant mne26693 Ole Becker State Authorised Public Accountant mne33732 30700228 EY Godkendt Revisionspartnerselskab