Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Dirch Passers Allé 36 Postboks 250, 2000 Frederiksberg 2021-04-26 2021-12-31 42334758 Concordium Software ApS Amaliegade 4 1256 København K 2021-04-26 EY Godkendt Revisionspartnerselskab 30700228 Dirch Passers Allé 36 2000 Frederiksberg 2022-06-27 Jørgen Hauglund Regnskabsklasse B Andre erklæringer uden sikkerhed true 2022-06-27 2022-06-27 CaseWare Working Papers Copenhagen Jørgen Hauglund Copenhagen Rasmus Berntsen State Authorised Public Accountant mne35461 34391 -34391 -7566 -26825 -26825 7566 40000 47566 899 48465 48465 40000 -26825 13175 18750 16540 35290 35290 48465 40000 0 -26825 40000 -26825 Today, the Executive Board has discussed and approved the annual report of Concordium Software ApS for the financial year as of the establishment of the Company 26 April - 31 December 2021. The annual report, which has not been audited, has been prepared in accordance with the provisions of the Danish Financial Statements Act. The Executive Board has considered the criteria for omission of audit to be met. In my opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2021 and of the results of the Company's operations for the financial year as of the establishment of the Company 26 April - 31 December 2021. Further, in my opinion, the Management's review gives a fair review of the matters discussed in the Management's review. It is proposed to the annual general meeting that the financial statements for 2022 should not be audited. The general meeting has decided that the financial statements for the coming financial year will not be audited. I recommend that the annual report be approved at the annual general meeting. To the general management of Concordium Software ApS We have compiled the financial statements of Concordium Software ApS for the financial year as of the establishment of the Company 26 April - 31 December 2021 based on the Company's bookkeeping and other information provided. The financial statements comprise an income statement, balance sheet, statement of changes in equity and notes, including accounting policies. We performed this compilation engagement in accordance with ISRS 4410 Compilation Engagements. We have applied our expertise in accounting and financial reporting to assist you in the preparation and presentation of the financial statements in accordance with the Danish Financial Statements Act. We have complied with relevant requirements in the Danish Auditors Act and International Ethics Standards Board for Professional Accountants' International Code of Ethics for Professional Accountants (IESBA Code), including principles of integrity, objectivity, professional competence and due care. The financial statements and the accuracy and completeness of the information used to compile the financial statements are your responsibility. Since a compilation engagement is not an assurance engagement, we are not required to verify the accuracy or completeness of the information you provided to us to compile the financial statements. Accordingly, we do not express an audit opinion or a review conclusion on whether the financial statements are prepared in accordance with the Danish Financial Statements Act. The Company's principal activities consists in services within information technology consulting. The Company's purpose is to develop and provide services within blockchain and cryptography for Concordium Group. The income statement for 2021 shows a loss of DKK 26,825, and the balance sheet at 31 December 2021 shows equity of DKK 13,175. The Company had limited activity in the year, and hence Management considers the Company's financial performance as expected. At 31 December 2021, the Company has lost more than 50% of the share capital. In June 2022, the share capital was reestablished with a contribution from the parent company of DKK 300 thousand. Other than the above mentioned group contribution, no events materially affecting the Company's financial position have occurred subsequent to the financial year-end. The Company did not incur costs to formation. The Company has lost more than 50% of the share capital. In June 2022, the share capital was reestablished with a contribution from group of DKK 300 thousand. The annual report of Concordium Software ApS for 2021 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to reporting class B entities and elective choice of presentation of statement of changes in equity applied from reporting class C entities. On initial recognition, transactions denominated in foreign currencies are translated at the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses. Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rate at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the most recent financial statements is recognised in the income statement as financial income or financial expenses. Other external expenses include the year's expenses relating to the Company's core activities, including expenses relating to administration etc. 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 recognised in the income statement, whereas the portion that relates to transactions taken to equity is recognised in equity. The Company and its Danish group entities are jointly taxed. The total Danish income tax charge is allocated between profit/loss-making Danish entities in proportion to their taxable income (full absorption). 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. Receivables are measured at amortised cost. An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis. 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. Deferred tax is measured according to the liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. Deferred tax is measured according to the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax assets are recognised at the expected value of their utilisation; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. 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. Other liabilities are measured at net realisable value. The Company has no employees. The Company is jointly taxed with its parent, Concordium Research ApS, which acts as management company, and is jointly and severally liable with other jointly taxed group entities for payment of income taxes for the income year 2021 onwards. 42334758 2021-04-26 2021-12-31 42334758 2021-12-31 42334758 2021-04-26 2021-12-31 1 42334758 2021-04-26 2021-12-31 1 42334758 2021-04-26 2021-12-31 e:RetainedEarningsMember 42334758 2021-04-26 2021-12-31 e:ContributedCapitalMember 42334758 2021-12-31 e:ContributedCapitalMember 42334758 2021-04-26 2021-12-31 e:RetainedEarningsMember 42334758 2021-12-31 e:RetainedEarningsMember iso4217:DKK