432164572024-01-012024-12-31432164572024-12-31432164572023-12-31fsa:ContributedCapitalMember432164572023-12-31fsa:RetainedEarningsMember432164572023-12-31432164572024-01-012024-12-31fsa:ContributedCapitalMember432164572024-01-012024-12-31fsa:RetainedEarningsMember432164572024-12-31fsa:ContributedCapitalMember432164572024-12-31fsa:RetainedEarningsMember432164572024-01-012024-12-31cmn:ConsolidatedMemberfsa:LiquidationAccountMember432164572024-01-012024-12-31cmn:ConsolidatedMember432164572024-01-012024-12-31cmn:ConsolidatedMember1432164572024-01-012024-12-31cmn:ConsolidatedMember1432164572024-01-012024-12-31cmn:ConsolidatedMember2432164572024-01-012024-12-31cmn:ConsolidatedMember3432164572024-01-012024-12-31cmn:ConsolidatedMember4432164572024-01-012024-12-31cmn:ConsolidatedMember1432164572024-12-31cmn:ConsolidatedMember432164572023-12-31cmn:ConsolidatedMemberfsa:ContributedCapitalMember432164572023-12-31cmn:ConsolidatedMemberfsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember432164572023-12-31cmn:ConsolidatedMemberfsa:RetainedEarningsMember432164572023-12-31cmn:ConsolidatedMember432164572024-01-012024-12-31cmn:ConsolidatedMemberfsa:ContributedCapitalMember432164572024-01-012024-12-31cmn:ConsolidatedMemberfsa:RetainedEarningsMember432164572024-01-012024-12-31cmn:ConsolidatedMemberfsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember432164572024-12-31cmn:ConsolidatedMemberfsa:ContributedCapitalMember432164572024-12-31cmn:ConsolidatedMemberfsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember432164572024-12-31cmn:ConsolidatedMemberfsa:RetainedEarningsMember432164572024-01-012024-12-31cmn:ConsolidatedMember1432164572024-01-012024-12-31cmn:ConsolidatedMember2432164572024-01-012024-12-31cmn:ConsolidatedMember3432164572024-01-012024-12-31cmn:ConsolidatedMember1432164572024-01-012024-12-31cmn:ConsolidatedMemberfsa:OtherShorttermPayablesMember432164572024-01-012024-12-31cmn:ConsolidatedMemberfsa:ShorttermDeferredIncomeMember432164572023-01-012023-12-31432164572023-01-012023-12-31cmn:ConsolidatedMember432164572023-01-012023-12-31cmn:ConsolidatedMember1432164572023-01-012023-12-31cmn:ConsolidatedMember2432164572023-01-012023-12-31cmn:ConsolidatedMember3432164572023-01-012023-12-31cmn:ConsolidatedMember1432164572022-12-31cmn:ConsolidatedMemberiso4217:DKKxbrli:pure43216457ÅrsrapportUnusual circumstances affecting recognition and measurementNo significant unusual circumstances affecting recognition and measurement have occurred.20-65776490556727-1103980The Board of Directors and the Executive Board have today considered and approved the annual report of TimeXtender Intressenter ApS for the financial year 01.01.2024 - 31.12.2024.07489794202440The annual report is presented in accordance with the Danish Financial Statements Act.-137679681996462In 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 31.12.2024 and of the results of their operations and the consolidated cash flows for the financial year
01.01.2024 - 31.12.2024.-64399741040390-902002We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.-64399766688127-902002We recommend the annual report for adoption at the Annual General Meeting.37423787082806947438398511Aarhus37423787042034310438398511Martin Henricson374237870-58153130438398511CEO01982535872245Martin Henricson032880685872245Chairman358818-6124294544625Thomas Bill358818-35810345916870Per Ivansson374596688-57661911444315381Ragnar Þórir Guðgeirsson8964514588420106511To the shareholders of TimeXtender Intressenter ApS373505625149247299443929937We have audited the consolidated financial statements and the parent financial statements of TimeXtender Intressenter ApS for the financial year 01.01.2024 - 31.12.2024, 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 31.12.2024 and of the results of their operations and the consolidated cash flows for the financial year 01.01.2024 - 31.12.2024 in accordance
with the Danish Financial Statements Act.3735952700444036448We 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.0179061336106433Management 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.8289183428970550Our 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. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of these consolidated financial statements and parent financial statements.
As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark,
we exercise professional judgement and maintain professional scepticism throughout the audit. We also:Identify and assess the risks of material misstatement of the consolidated financial statements and the parent 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 ofnot detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Group's and the Entity’s internal control.Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by Management.Conclude on the appropriateness of Management’s use of the going concern basis of accounting in
preparing the consolidated financial statements and the parent 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 Group's and the Entity’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 consolidated financial statements and the parent 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
Group and the Entity to cease to continue as a going concern.Evaluate the overall presentation, structure and content of the consolidated financial statements and the parent financial statements, including the disclosures
in the notes, and whether the consolidated financial statements and the parent financial statements represent the underlying transactions and
events in a manner that gives a true and fair view.Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the consolidated financial statements and the parent financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.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.17250001725001001418494348278933Management 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.10014184943482789333745966880444315381Aarhus-643997089645Hans Tauby343391403373505625mne4433917171448State Authorised Public Accountant77667816866Financial highlights2024
DKK'0002023
DKK'0002022
DKK'000Key figuresRevenue90,70290,55738,761Gross profit/loss59,34666,68820,582Operating profit/loss(68,846)(58,153)(59,627)Net financials(308)(3,090)(474)Profit/loss for the year(70,277)(57,662)(55,998)Balance sheet total392,711368,694356,770Investments in property, plant and equipment416352233Equity266,459265,239238,558Cash flows from operating activities(13,727)(51,008)(26,282)Cash flows from investing activities(58,856)(36,558)(260,315)Cash flows from financing activities51,29874,230301,227RatiosGross margin (%)65.4373.6453.10Net margin (%)(77.48)(63.67)(144.47)Equity ratio (%)67.8571.9466.87Financial highlights are defined and calculated in accordance with the current version of "Recommendations &
Ratios" issued by the CFA Society Denmark.Gross margin (%)
:Gross profit/loss * 100
RevenueNet margin (%)
:
Profit/loss for the year * 100
RevenueEquity ratio (%)
:Equity * 100
Balance sheet total83377371326314Primary activitiesAt TimeXtender, our commitment lies in automating processes to free up valuable time, empowering individuals to focus on what truly matters. We help companies, organisations, and institutions get access to data, for any use
case they might have.
TimeXtender equips users with a comprehensive suite of features essential for constructing a resilient data ecosystem capable of seamlessly ingesting, transforming, modelling, and delivering high-quality data with unparalleled efficiency. Unlike piecemeal solutions, our approach is holistic and metadata-driven, fostering agility and adaptability at every turn.
At our core, we are driven by the mission of empowering the world with data, mind, and heart. These principles form the bedrock of our identity, guiding every facet of our operations and interactions.
We do this standing on our Core Beliefs,
• Simplify
• Automate
• Execute
Because Time Matters
TimeXtender as the tool of choice
With data-empowered growth now a cornerstone of commercial strategy, the ability to swiftly access reliable data
has emerged as a decisive factor in driving efficiency and innovation. Companies equipped with such capability consistently power ahead, while those lagging in data accessibility risk being left behind.
Originating from antiquated architectures tailored for obsolete hardware, the “Modern Data Stack” fails to meet the demands of today’s data-driven enterprises. At TimeXtender, we advocate for a paradigm shift, advocating for
simplicity and automation to reimagine the realm of possibilities in data management.
We understand the impossibility of optimising for everything at once. That’s why we embrace a holistic approach to data integration, prioritizing agility over fragmentation. By consolidating each layer of the data stack, TimeXtender empowers you to develop data solutions faster, while simultaneously reducing costs.
If you’re focused on efficiency and results, TimeXtender stands as the tool of choice to get things done swiftly and
drive progress.
54955971343180Development in activities and financesAggressive investments towards our 2028 ambitions resulted in a negative operating loss 68,846 TDKK for the consolidated business for the period 01.01.2024 - 31.12.2024. 19331458-902002Profit/loss for the year in relation to expected developmentsWe did not meet our expectations of double digit revenue growth and positive EBITDA, as our focus has been on acquisitions and preparing the business for the future.
5970910Uncertainty relating to recognition and measurementNo significant uncertainties are attached to recognition and measurement.25302368106511OutlookTimeXtender are now poised to further empower organisations worldwide with advanced data solutions, driving efficiency, innovation, and ultimately, business success. We look forward to the synergies and opportunities that the acquisition done in the previous years will unlock as we continue to solidify our position as a leader in our space.
In 2025, We’ve set our sights on automating the Lakehouse by enabling full support for Microsoft Fabric in every layer of the solution. We plan to integrate key features from Exmon and Xpert BI to deliver a comprehensive solution offering for data integration.
Additionally, we aim to incorporate generative AI even further into the platform, enhancing user capabilities and staying at the cutting edge of data management technology.
And with that as we transition into 2025, we anticipate a period of consolidation and stabilisation, building upon the strategic initiatives and achievements. With the completion of key acquisitions and the integration of new technologies and capabilities, we enter this new year with a focus on fortifying our foundation and optimising our
operations.
Consolidation efforts will centre on optimising our organisational structure, harmonising processes and streamlining workflows, and enhancing synergies across all aspects of our business. Additionally, we are committed to stabilising our growth trajectory, ensuring sustainable and resilient operations that withstand the dynamic demands of the market.
Our financial expectations for 2025 includes continued revenue growth, our expected revenue is in the interval of 8-12%. In terms of result we expect a positive EBITDA of DKK 0-10 million for the year. 368693771443929937
Use of financial instrumentsAs part of our business model, we are exposed to exchange rate risks, especially in currencies EUR, USD, and on the cost side to some extent NOK, ISK and SEK. Currently it is not the company policy to hedge or in other ways secure these cash flows.89645
Knowledge resourcesWe give back time to the world – through our commitment to not only empowering the World but also impacting the world with data, mind, and heart.
Because time matters in a world where time is an infinite resource and speed is a given. We are constantly on the
lookout to simplify and automate, to execute on what matters most to people and in the data management life cycle. We seek to free up more time in the world – not to be right but to get it right. As the TimeXTender software deploys and executes so that the user doesn´t have to, it shows motivational quotes to remind the user of taking time for break, to breathe, to praise a colleague etc.
We believe that to make big changes in the world, we will need to start small in the communities we serve, eventually leading to a growing, lasting impact.
At TimeXtender, we believe our future well-being, environmentally and socially, lies in the decisions we make every day. We have only one life to get it right. And for this reason, we choose to focus on specific sustainability goals, along with environmental, social and governance (ESG) goals, because we want our business to be a force for good in the world. We narrowed our focus to 4 specific Sustainable Impact goals (SIG´s). The 4 SIG´s are inspired by UN´s 17 Sustainable Development Goals; Sustainable Health & Well-being; Sustainable cities and communities; Sustainable Climate for our planet; Sustainable High-quality education.
27933861 Other financial income2024
DKK2023
DKKFinancial income from group enterprises202,4400202,4400Environmental performanceWe give back time to the world – through our commitment to not only empowering the World but also impacting the world with data, mind, and heart.
Because time matters in a world where time is an infinite resource and speed is a given. We are constantly on the
lookout to simplify and automate, to execute on what matters most to people and in the data management life cycle. We seek to free up more time in the world – not to be right but to get it right. As the TimeXTender software deploys and executes so that the user doesn´t have to, it shows motivational quotes to remind the user of taking time for break, to breathe, to praise a colleague etc.
We believe that to make big changes in the world, we will need to start small in the communities we serve, eventually leading to a growing, lasting impact.
At TimeXtender, we believe our future well-being, environmentally and socially, lies in the decisions we make every day. We have only one life to get it right. And for this reason, we choose to focus on specific sustainability goals, along with environmental, social and governance (ESG) goals, because we want our business to be a force for good in the world. We narrowed our focus to 4 specific Sustainable Impact goals (SIG´s). The 4 SIG´s are inspired by UN´s 17 Sustainable Development Goals; Sustainable Health & Well-being; Sustainable cities and communities; Sustainable Climate for our planet; Sustainable High-quality education.
2623562202 Proposed distribution of profit and loss2024
DKK2023
DKKRetained earnings(902,002)(643,997)(902,002)(643,997)Research and development activitiesTimeXtender’s product enhancements in 2024 have significantly expanded our total addressable market and improved the capabilities for enterprise data operations.
With the added ability to deploy the Data Warehouse on Snowflake and other platforms, users can now update their existing TimeXtender data warehouse or build a new one using this highly scalable enterprise platform. Additionally, we’ve added full support for deployments on Amazon AWS RDS enabling users to build their entire TimeXtender solution on Amazon web services. These integrations have opened up new opportunities beyond the Microsoft Analytics Stack, significantly increasing our market reach.
Last year also saw the introduction of our ChatGPTpowered data integration co-pilot, Xpilot. Trained on our comprehensive knowledge base it can assist users in finding answers to common questions and help users resolve errors in real-time, dramatically improving time-to-value.
Lastly, there were significant developments to TimeXtender’s DataOps. Improved orchestration capabilities allow users to create end-to-end execution jobs that automatically update all dependencies of a single Semantic Model.
Overall, these enhancements demonstrate our commitment to our partners and customers and position TimeXtender for continued growth and success.
265239251-902002Events 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.313850659070225040845283 Financial assetsInvestments in group enterprises
DKKCost beginning of year374,237,870Additions64,160,641Cost end of year438,398,511Carrying amount end of year438,398,511A specification of investments in subsidiaries is evident from the notes to the consolidated financial statements.10696205354695934 EmployeesThe Entity has no employees other than the Executive Board. The Executive Officer has not received any
remuneration.
7363559534155 Assets charged and collateralTimeXtender Intressenter ApS has provided a surety bond (in
Danish: selvskyldnerkaution) to its subsidiary company, TimeXtender A/S.4212602919752926 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.5934606111887508Investments in group enterprisesInvestments in group enterprises are measured at cost. Investments are written down to the lower of
recoverable amount and carrying amount.
7689363719816215512988344846832-688464101004671466993583927817754630-69154880011220277174414-70276907302077212656284448168712138102969679849277128136869377120305154842034310367788642-332117410-4933056137789239546377892279719562288-108041462288-51007796368228822724901318001193-305937362713972150578337731270076179297-3655761621728235875654122753718512666244819537371729539271077574229961106511-13335451294658414630550263405627-171021266458722112407830010106484683208030010106-5766191146382151982311142229752084350122914761076644221026232357866103245163203425875398446962419473927107758964527933862623562201686671326314713431800-1531980-1531980-702769071065112946584263405627512988339604815-794276228023817754644289096-1372708442297291Acquisition of enterprises, net of cash acquired-12473758Loans to owners and management0Fair value adjustment to contingent consideration-4084528-5885557772582661-1315200Capital increase5261274051297540-21285121-20161043229147611 Other operating income2024
DKK2023
DKKGain from disposal of activities08,411,919Fair value adjustment of contingent consideration01,270,077Other extraordinary income73,635073,6359,681,9962 Staff costs2024
DKK2023
DKKWages and salaries66,448,55274,214,354Pension costs6,642,1426,933,720Other social security costs3,802,9431,658,87376,893,63782,806,947Average number of full-time employees8280Special incentive programmesSpecial incentive programmes At November 2022, an incentive scheme was established comprising all employees. The scheme is made to increase employee engagement and actual as well as perceived ownership. The scheme runs from 1 November 2022 to 31 October 2028 and includes 351 warrants. When an option has vested, the option holder may subscribe for one new share in TimeXtender Intressenter ApS at a fixed price. As it is the Group’s practice to settle the schemes by way of shares (equity-settled share-based payment arrangements), no costs have been recognized in 2024.
At December 2023, an incentive scheme was established comprising all employees. The scheme is made to increase employee engagement and actual as well as perceived ownership. The scheme runs from 22 December 2023 to 31 December 2029 and includes 120 warrants. When an option has vested, the option holder may subscribe for one new share in TimeXtender Intressenter ApS at a fixed price. As it is the Group’s practice to settle
the schemes by way of shares (equity-settled share-based payment arrangements), no costs have been recognized in 2024.
Management remuneration has not been disclosed, referring to Section 98b, Subsection 3, Item 20 of the Danish Financial Statements Act
.823 Depreciation, amortisation and impairment losses2024DKK2023DKKAmortisation of intangible assets51,164,26041,944,369Depreciation on property, plant and equipment134,57489,94151,298,83442,034,3104 Other financial income2024
DKK2023
DKKFinancial income from group enterprises039,546Other interest income280,2380Exchange rate adjustments1,186,755158,7071,466,993198,2535 Other financial expenses2024
DKK2023
DKKOther interest expenses1,775,4631,072,073Exchange rate adjustments02,215,9951,775,4633,288,0686 Tax on profit/loss for the year2024
DKK2023
DKKCurrent tax2,412,69146,908Change in deferred tax(4,065,950)(3,627,942)Adjustment concerning previous years2,775,28601,122,027(3,581,034)7 Proposed distribution of profit/loss2024
DKK2023
DKKRetained earnings(70,276,907)(57,661,911)(70,276,907)(57,661,911)-702769078 Intangible assetsCompleted development projectsDKKAcquired intangible assetsDKKAcquired trademarks
DKKGoodwillDKKCost beginning of year22,011,378176,849,2120211,547,961Addition through business combinations etc5,920,2948,450,596049,555,936Exchange rate adjustments0(306,400)0(109,621)Transfers14,500084,6910Additions12,473,761000Cost end of year40,419,933184,993,40884,691260,994,276Amortisation and impairment losses beginning of year(7,422,958)(27,601,913)0(32,486,625)Transfers(14,500)0(13,410)0Amortisation for the year(6,419,631)(19,288,526)0(25,456,103)Amortisation and impairment losses end of year(13,857,089)(46,890,439)(13,410)(57,942,728)Carrying amount end of year26,562,844138,102,96971,281203,051,5489 Development projectsDevelopment projects comprise current costs for development of the software product TimeXtender and the sofware product from the aquired entities BI Builders AS and exMon Software ehf.
The costs comprise payroll costs for employees directly attributable to areas of the development projects that are
expected to generate future earnings.
Based on an assessment of the development projects, Management has concluded that the carryingamount can
be maintained without indication of impairment.
10 Property, plant and equipmentOther investment assetsDKKOther fixtures and fittings, tools and equipmentDKKLeasehold improvements
DKKCost beginning of year01,379,441584,289Addition through business combinations etc99,191416,4920Exchange rate adjustments0(12,509)4,311Transfers(99,191)00Cost end of year01,783,424588,600Depreciation and impairment losses beginning of year0(1,379,441)(89,941)Addition through business combinations etc(14,103)(403,983)0Transfers27,91000Depreciation for the year(13,807)0(120,767)Depreciation and impairment losses end of year0(1,783,424)(210,708)Carrying amount end of year00377,89211 Financial assetsDeposits
DKKAddition through business combinations etc9,900Additions52,388Cost end of year62,288Carrying amount end of year62,28812 PrepaymentsPrepayments are related to prepaid costs.
13 Deferred tax2023
DKKIntangible assets31,385,065Deferred tax31,385,065
Changes during the year2024
DKK2023
DKKBeginning of year31,385,06532,364,738Recognised in the income statement(4,065,950)(3,230,802)Additions through business combinations 2,690,9912,251,129End of year30,010,10631,385,06514 Other provisions Other provisions related to a provision for a contingent consideration, which has been paid this year.15 Other payables2024
DKK2023
DKKHoliday pay obligation1,982,3111,975,2921,982,3111,975,29216 Deferred incomeDeferred income is composed of subscription-based revenue already invoiced relating to subsequent financial
years.
17 Non-current liabilities other than provisionsDue after
more than 12
months
2024
DKKOutstanding
after 5 years
2024
DKKDebt to other credit institutions4,638,2150Other payables1,982,3111,982,311Deferred income14,222,975020,843,5011,982,31118 Other payables2024
DKK2023
DKKVAT and duties2,007,0032,130,402Wages and salaries, personal income taxes, social security costs, etc. payable1,623,6362,378,775Holiday pay obligation2,123,2142,205,968Other costs payable4,570,663459,26910,324,5167,174,414The company has terminated several licence agreements. While the total cost of exiting these agreements remains uncertain, management has prudently provisioned the maximum potential payable amount.19 Deferred incomeDeferred income is composed of subscription-based revenue already invoiced relating to the year 2025. 20 Changes in working capital2024DKK2023DKKIncrease/decrease in receivables1,521,928(403,891)Increase/decrease in trade payables etc.4,046,927(27,288,256)Other changes4,035,960(5,519,594)9,604,815(33,211,741)21 Unrecognised rental and lease commitments2024
DKK2023
DKKTotal liabilities under rental or lease agreements until maturity 935,3841,261,98122 Contingent liabilitiesThe Parent and the Danish subsidiaries participate in a Danish joint taxationarrangement in which TimeXtender
Intressenter ApS serves as the administration company. According to the joint taxation provisions ofthe Danish
Corporation Tax Act, the Parent and the Danish subsidiaries are 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 the jointlytaxed entities. The jointly taxed entities' total known net liability under the joint taxation
arrangement isdisclosed in the administration company's financial statements.
23 Assets charged and collateralBank debt to Danske Bank and loans from Vækstfonden are secured by a registered all-monies mortgage with a floating charge over rights, operating equipment, fixtures and fittings, inventories, and unsecured claims.
TimeXtender Intressenter ApS has provided a surety bond (in
Danish: selvskyldnerkaution) to its subsidiary company, TimeXtender A/S.24 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.25 SubsidiariesRegistered inCorporate
formOwnership
%TimeXtender A/SAarhus, DenmarkA/S100.00TDCNA Inc. Portland, USAInc.100.00Timextender Vietnam Company Limited Hanoi, VietnamLtd.100.00BI Builders ASStavanger, NorgeAS100.00exMon Software ehf.Reykjavik, Icelandehf.100.00exMon Software Denmark ApSAarhus, DenmarkApS100.00This 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.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, with net assets having been calculated at fair value.Business combinationsNewly acquired or newly established enterprises are recognised in the financial statements from the time
of acquiring or establishing such enterprises. Divested or wound-up enterprises are recognised in the income
statement up to the time of their divestment or winding-up.
The purchase method is applied at the acquisition of new enterprises, under which identifiable assets and
liabilities of these enterprises are measured at fair value at the acquisition date. Provisions for costs of
restructuring of the enterprise acquired are only made in so far as such restructuring was decided by the
enterprise acquired prior to acquisition. Allowance is made for the tax effect of restatements.Positive differences in amount (goodwill) between cost of the acquired share and fair value of the assets
and liabilities taken over are recognised in intangible assets, and they are amortised systematically over
the income statement based on an individual assessment of their useful lives. If the useful life cannot be
estimated reliably, it is fixed at 10 years. Useful life is reassessed annually.The uniting-of-interests method is applied on acquisition of enterprises, mergers, demergers, contributions
of assets and exchanges of shares, etc. in which the enterprises concerned are controlled by the Parent,under
which method the combination is considered completed at the date of acquisition without restatementof
comparative figures. Under the uniting-of-interests method, the acquiree’s assets and liabilities arerecognised at
their carrying amounts, adjusted for any differences in accounting policies and accountingestimates. The
difference between the consideration agreed and the carrying amount of the acquiree isrecognised in equity.
Gross profit or lossGross profit or loss comprises of other external costs in parent companyRevenueRevenue from the sale of services is recognisedin theincome statement when delivery is made to the buyer.
Revenue is recognised net of VAT, duties andsales 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.Other operating incomeOther 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.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 wages and salaries, and social security contributions, pension contributions, etc . for entity
staff.Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment and intangible
assets comprise depreciation, amortisation and impairment losses for the financial year.Other financial incomeOther financial income comprises dividends etc. received on other investments, interest income, including
interest income on receivables from group enterprises.Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group
enterprises.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 bythe
portion attributable to entries directly in equityGoodwillGoodwill is the positive difference between cost and fair value of assets and liabilities arising fromacquisitions.
Goodwill is amortised straight-line over its estimated useful life, which is fixed based on the experience gained by
Management for each business area. Useful life has ben determined based on an assessment of whether the
enterprises are strategically acquired enterprises with a strong market position and a long-term earnings profile
and whether the amount of goodwill included intangible resources of a temporary nature that cannot be
seperated and recognised as seperate assets Useful lives are reassessed annually. The amortisation periodsused
are 10 years.
Goodwill is written down to the lower of recoverable amount and carrying amount.Intellectual property rights etc.Intellectual property rights etc. comprise development projects completed and in progress with related
intellectual property rights, acquired intangible assets comprise customer contracts and technology.
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.
Indirect production costs in the form of indirectly attributable staff costs and amortisation of intangible
assets and depreciation on property, plant and equipment used in the development process are recognisedin
cost based on time spent on each project.
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 propertyrights,
the maximum period of amortisation is the remaining duration of the relevant rights. The amortisation periods
used are 5-10 years. Acquired intangible are measured at cost less accumulated amortisation. Customer contracts and technology are
amortised on a straight-line basis over the expected economic benefit from the development work. The amortisation period is 10 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 atcost less
accumulated depreciation and impairment losses.
Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs ofthe
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
Leasehold improvements3-5 yearsFor 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.CashCash comprises bank deposits.
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.
Other provisionsOther provisions comprise anticipated costs of non-recourse guarantee commitments, returns, loss on
contract work in progress, decided and published restructuring, etc.
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.Deferred incomeDeferred income comprises income received for recognition in subsequent financial years. Deferred income
is measured at cost.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 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.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 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.trueGrundlag for konklusionKonklusion2025-04-222025-04-2233963556Deloitte Statsautoriseret RevisionspartnerselskabRevisionspåtegningRegnskabsklasse C, mellemstor virksomhed2023-12-312023-01-0133963556Weidekampsgade 6Deloitte Statsautoriseret Revisionspartnerselskab2300 København S2024-12-312024-01-01TimeXtender Intressenter ApS43216457ÅrsrapportKøbenhavn S23006WeidekampsgadeAarhusAarhus C800034Mariane Thomsens Gade2025-04-22Martin Henricson