32466249 2024-01-01 2024-12-31 cmn:ConsolidatedMember 32466249 2024-01-01 2024-12-31 cmn:ConsolidatedMember 2 32466249 2024-01-01 2024-12-31 cmn:ConsolidatedMember 3 32466249 2024-01-01 2024-12-31 cmn:ConsolidatedMember 1 32466249 2024-01-01 2024-12-31 cmn:ConsolidatedMember 2 32466249 2024-12-31 cmn:ConsolidatedMember 32466249 2023-01-01 2023-12-31 cmn:ConsolidatedMember 32466249 2023-12-31 cmn:ConsolidatedMember 32466249 2022-01-01 2022-12-31 cmn:ConsolidatedMember 32466249 2022-12-31 cmn:ConsolidatedMember 32466249 2021-01-01 2021-12-31 cmn:ConsolidatedMember 32466249 2021-12-31 cmn:ConsolidatedMember 32466249 2020-01-01 2020-12-31 cmn:ConsolidatedMember 32466249 2020-12-31 cmn:ConsolidatedMember 32466249 2024-01-01 2024-12-31 32466249 2023-01-01 2023-12-31 32466249 2024-12-31 32466249 2023-12-31 32466249 2024-01-01 2024-12-31 cmn:ConsolidatedMember 1 32466249 2024-01-01 2024-12-31 cmn:ConsolidatedMember 2 32466249 2023-01-01 2023-12-31 cmn:ConsolidatedMember 1 32466249 2023-01-01 2023-12-31 cmn:ConsolidatedMember 2 32466249 2024-01-01 2024-12-31 cmn:ConsolidatedMember 1 32466249 2023-01-01 2023-12-31 cmn:ConsolidatedMember 1 32466249 2023-12-31 fsa:SharePremiumMember 32466249 2023-12-31 fsa:RetainedEarningsMember 32466249 2023-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 32466249 2024-01-01 2024-12-31 fsa:SharePremiumMember 32466249 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 32466249 2024-01-01 2024-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 32466249 2024-12-31 fsa:SharePremiumMember 32466249 2024-12-31 fsa:RetainedEarningsMember 32466249 2024-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 32466249 2023-12-31 cmn:ConsolidatedMember fsa:SharePremiumMember 32466249 2023-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 32466249 2023-12-31 cmn:ConsolidatedMember fsa:EquityAttributableToParentMember 32466249 2023-12-31 cmn:ConsolidatedMember fsa:MinorityInterestsMember 32466249 2024-01-01 2024-12-31 cmn:ConsolidatedMember fsa:SharePremiumMember 32466249 2024-01-01 2024-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 32466249 2024-01-01 2024-12-31 cmn:ConsolidatedMember fsa:EquityAttributableToParentMember 32466249 2024-01-01 2024-12-31 cmn:ConsolidatedMember fsa:MinorityInterestsMember 32466249 2024-12-31 cmn:ConsolidatedMember fsa:SharePremiumMember 32466249 2024-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 32466249 2024-12-31 cmn:ConsolidatedMember fsa:EquityAttributableToParentMember 32466249 2024-12-31 cmn:ConsolidatedMember fsa:MinorityInterestsMember 32466249 2024-01-01 2024-12-31 cmn:ConsolidatedMember 1 32466249 2024-01-01 2024-12-31 cmn:ConsolidatedMember 2 32466249 2024-01-01 2024-12-31 cmn:ConsolidatedMember 3 32466249 2024-01-01 2024-12-31 cmn:ConsolidatedMember 1 iso4217:DKK xbrli:pure Jens Morten Hansen Management’s Statement on the Annual ReportThe executive and supervisory Boards have today processed and adopted the AnnualReport of EPICO-IT A/S for the financial year 1 January - 31 December 2024.The Annual Report is prepared in accordance with the Danish Financial Statements Act.In our opinion, the Financial Statements and the Consolidated Financial Statement give a true and fair view of the financial position at 31 December 2024 of the Company and the Group and of the results af the Company and Group operations and cash flows for the financial year 1 January - 31 December 2024.In our opinion, the Management’s Review contains a fair review of the issues covered in the Report.The Annual Report is submitted for adoption by the General assembly. Ballerup Michelle Mark CEO Lars Siewertsen CSO René Lindegaard Klint Olsen CFO Jesper Wadum Nielsen Formand / Chairman Independent Auditor’s Report To Shareholders of EPICO-IT A/S OpinionIn our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2024, and of the results of the Group’s and the Parent Compa- ny’s operations as well as the consolidated cash flows for the financial year 1 January - 31 December 2024 in accordance with the Danish Financial Statements Act.We have audited the Consolidated Financial Statements and the Parent Company Fi- nancial Statements of EPICO-IT A/S for the financial year 1 January - 31 December 2024, which comprise a summary of significant accounting policies, income statement, bal- ance sheet, statement of changes in equity and notes for both the Group and the Parent Company, as well as consolidated statement of cash flows (“financial statements”) Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the Auditor’s Responsi- bilities for the Audit of the Financial Statements section of our report. We are inde- pendent 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 appropri- ate to provide a basis for our opinion. Statement on Management’s ReviewManagement is responsible for the Management’s Review.Our opinion on the financial statements does not cover Management’s Review, and wedo not express any form of assuring conclusion thereon.In connection to 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 misstating.Moreover, it is our responsibility to consider whether the Management’s Review pro- vides the information required under the Danish Financial Statements Act.Based on the work we have performed, in our view, Management’s Review is in accord- ance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Manage- ment’s Review. Management’s Responsibilities for the Financial StatementsManagement is responsible for the preparation of Consolidated Financial Statements and Parent Company Financial Statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.In preparing the financial statements, Management is responsible for assessing the Group’s and the Parent 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 Group or the Parent Company or to cease operations, or has no realistic alternative but to do so. Auditor’s Responsibilities for the Audit of the Financial StatementsOur objectives are to obtain reasonable assurance about whether the financial state- ments 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 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 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.•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 Parent Company’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 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 Parent 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 Group and the Parent Company to cease to continue as going concern.•Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the 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 Company 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. Hellerup PricewaterhouseCoopersRevisionspartnerselskab State Authorised Public Accountant mne42824 State Authorised Public Accountant mne34528 EPICO-IT A/S Borupvang 2C 2750 Ballerup Ballerup 15 PricewaterhouseCoopersRevisionspartnerselskab Strandvejen 44 2900 Hellerup Danske Bank Epico is more than an IT consultancy We are a community where visionary innovators and problem solvers come together to create the digital solutions of the futureManagement’s ReviewUncertainty in recognition and measurementIn the Management’s opinion, there are no specific uncertainties or unusual circumstances that affect recognition and measurement in the financial statements.The development of activities and economic conditionsIn 2024, Epico Group’s profit after tax amounting to DKK 4 million compared to DKK 8 million the previous year. The result for 2024 was far from the expected result in the management report for the larst annual report. The year’s result is considered below expectations.The decline was primarily driven by reduced activity in the Danish and Swedish markets. In addition, organizational changes and substantial investments in a unified digital enterprise platform — including CRM, ERP, and consultancy AI systems — have had a short-term negative impact on revenue.Throughout the financial year, significant efforts were dedicated to developing and implementing various digital systems as part of the transition to a new, updated digital platform. While these initiatives are progressing as planned and the systems are expected to be fully operational in Q4 2025. As a result, the tangible benefits of these investments will primarily be realized in the coming financial year. The transition to new systems has temporarily affected our ability to deliver effectively at the expected volume, contributing to this year’s decline.In 2024, Epico Group established the business unit Epico Solution to strengthen its capabilities in delivering technology solutions aligned with the rapid developments in technology and digitalization. Epico Solution represents a dynamic and innovative part of the Group, dedicated to delivering tailored tech solutions that meet clients’ evolving business needs.However, the launch of this new business area has taken longer than initially anticipated, which has had a negative impact on the year’s result. This is primarily due to upfront investments in staffing and other start-up resources.In 2025, the Group will continue to focus on the development of its core business while also working to firmly establish EPICO Solution as an integral and value-creating part of the overall business.Expected developmentEpico Group expects to regain momentum in 2025 by strengthening sales efforts and expanding activities across the organization. The Group anticipates achieving a Gross profit between DKK 120 - 135 million and a consolidated profit in the range of DKK 8 - 10 million.Demand for freelance consulting services remains high overall. However, the Swedishmarket has seen a continued decline in demand for Epico’s core freelance services— a trend expected to persist throughout the current and upcoming financial years. Positively, there is growing demand for other service areas in Sweden, which is expected to have a positive impact to the Group’s turnover going forward.Epico Solution is expected to play a key role in the Group’s long-term strategy by expanding our service offerings within integration services, application development, and managed services. With increasing demand for tailored digital solutions, Epico Solution is well-positioned to deliver high-value technology that supports our clients’ digital transformation journeys. As the unit matures, it is anticipated to become a strong contributor to both revenue growth and overall competitiveness.In addition, Epico has won a few great framework agreements and has since joined SKI (Staten & Kommunernes Indkøbsservice), which indicates positive expectations for the coming financial years for Epico Group.Epico Group DK’s strategy is increasingly centered around taking on the role of a trusted advisor to our clients. Rather than simply delivering standalone services or solutions, we aim to support our clients more holistically by offering strategic guidance on how to improve operational efficiency, streamline internal processes, and leverage digital tools to strengthen their overall business performance. This includes helping them identify opportunities for automation, improve resource allocation, and adopt technologies that support scalability and long-term growth. By understanding each client’s unique needs and challenges, we can offer tailored advice that not only addresses immediate concerns but also supports their long-term strategic goals.Combined with the organizations core values, the Group is highly oriented towardspracticing this as an everyday culture for all employees and decisions at Epico Group.As part of our strategic shift toward a more advisory-driven approach, we have implemented a number of organizational changes and adjustments to our staffing structure during 2023 and 2024. Our efforts have been focusing on enhancing skill levels across the organization and streamlining business processes to improve overall efficiency and value delivery.These changes are designed to optimize internal workflows, strengthen key competencies, and ensure that we are better equipped to deliver high-impact guidance to our clients. By aligning our internal organization with our strategic objectives, we are enhancing our ability to support clients in areas such as operational optimization, digital transformation, and long-term business development. The implementation of a new digital platform and targeted training of staff have been implemented to ensure an effective integration into business operations, and we expect these initiatives to drive measurable impact in the coming years.Knowledge, resources, and development activitiesIt is a condition for Epico Group’s continued growth to retain, attract, and develop qualified employees and retain, attract, and develop the best candidates in the markets in which the Group operates. This ensures a high level of competencies and product performance by further investing in internal processes, employee development, competence development, and new digital processes & systems that will contribute to Epico Group’s position in the Nordics and parts of Europe.The organization’s capabilities are further reinforced through the recruitment of qualified and experienced permanent personnel, thereby enhancing the Group’s overall knowledge base and professional competence. The company has recently updated its core narrative which constitutes the groups brand story and values.Epico Group’s organizational core values; expertise, trust, personal connection, and openness. Epico’s core narrative and values is serves the foundation for the Group and constitutes the guarantee for a motivated, professional, competent, and qualified employees who, through personal connections and network, identify, qualify, anddeliver the right knowledge and resource(s), comprises the foundation of the business.Special risksThroughout the year, the company has maintained a strong focus on identifying and managing special risks that extend beyond conventional operational and financial exposures. These risks include geopolitical developments, cybersecurity threats, and evolving regulatory requirements that may impact our operations and market access. To address these challenges, we have reinforced our risk management capabilities and implemented targeted measures designed to strengthen our resilience and adaptability. Through continuous monitoring and scenario analysis, we have taken aproactive approach to mitigating vulnerabilities and safeguarding the company againstunforeseen events.Events after the financial year-end 2024After the end of the financial year 2024, no events have occurred that would materially impact the company’s financial position. The overall business environment has remained relatively stable; however, management continues to monitor external developments closely to assess any potential implications.One of the key areas of attention is the political transition in the United States following the presidential election. While no immediate effects have been observed, the change in leadership could influence international economic policies, regulatory frameworks, and market dynamics that may, directly or indirectly, affect Epico’s operations and strategic positioning.Given the interconnected nature of our business activities, particularly in relation to international partnerships and talent mobility, we are maintaining a heightened levelof awareness and scenario planning. This ensures that the company remains agile and responsive in the face of any emerging risks or opportunities stemming from geopolitical shifts.Environment and ClimateOur environmental and climate policy is based on environmentally and energy-efficient operations and is an integral part of the Group’s objectives. We have undertaken various initiatives to protect the planet and reduce the Group’s footprint.In 2024 we initiated reporting on our CO2 footprint and have been able to provide client specific reporting on ESG, scope 1 and 2 in 2024.Given that our activities primarily involve intangible services, our direct environmental impact is relatively small. Still, we are focused on reducing our CO2 footprint, which we practise when choosing suppliers of marketing and merchandise materials. Most of our electricity is sourced from sustainable energy providers e.g. in Denmark and Sweden. Our work environment policy aims to achieve continuous improvements on employee safety, health, and overall satisfaction.Moving forward, potential suppliers will be screened for compliance with this Code of Conduct, and those failing to meet its requirements may be excluded from partnering with us.To ensure leadership commitment and progress in our CSR efforts, the board of Epico has adopted an ESG strategy that, from 2026, will ensure the reporting of specific data and figures, including those related to our environmental and climate policy.The Group has subsidiaries in Sweden, Norway, and Poland with consultants placed in 12 countries 123620265 120988569 120919993 97808417 66838117 5739259 11795933 20478526 19129999 7737696 -332581 -264686 -829861 -1863 -199863 3658241 8419177 14952330 14443417 5461067 192839698 170335651 171319419 163391727 121231683 611552 449163 118808 17731 144668 42034527 39136223 33645531 23399318 15700476 0.0300 0.069 0.122 1 0.064 0.218 0.2300 0.196 0.143 0.1300 0.0900 0.231 0.524 0.739 4 The Group’s and the Company’s main activitiesEpico Group is an IT consultancy that specializes in identifying, qualifying, and delivering the right IT consultants to meet the needs of both public and private sectors. Established in 2009, privately owned, headquartered in Ballerup with subsidiaries in Sweden, Norway and Poland. Epico Group provides IT consulting and recruitment services across the Nordics and Europe with consultants placed in 12 countries.Epico Group is more than an ordinary IT consultancy and much more than a link between clients and IT professionals. We create long-lasting partnerships, deliver tailored consulting to both the private and public sectors, and offer unique job opportunities for IT professionals. We have deep insights in public and private sectors which ensures the right match between demand and supply of IT professionals and thus provide maximum value to all.Our clients range from scale-ups to global enterprises, and we provide services in sectors such as MedTech, Energy & Utilities, Finance, Healthcare, Media & Communications, Technology, Industry, and more.At Epico Group, we believe, in a world increasingly shaped by technology and digitalization, it’s the people behind the solutions who make the real difference. That’s why we work with the most dedicated IT professionals — those who turn ambition into innovation and help shape a better, smarter future for businesses and society alikeWe know that success depends on truly understanding both the people behind the project and the project itself — not just professionally, but personally.With a strong network of over 13,000 skilled IT experts and an international reach, we help businesses, organizations, and institutions navigate the digital landscape and accelerate growth. Our strength lies in advising on the right competence setup — always tailored to our clients’ goals, challenges, and culture.We work closely with our clients to identify their needs and deliver the right talent to create measurable business value. Whether it’s digital transformation, modern software development, or robust IT infrastructure, we provide the right individual specialists — or complete expert teams — ready to deliver.Epico Group’s core activities remain unchanged from the previous year. Accounting PoliciesThe financial statements for EPICO-IT A/S for the financial year 1 January - 31 December 2024 have been prepared in accordance with the regulations in the Danish Financial Statements Act regulations concerning reporting class C enterprises (medium enterprises).General information regarding recognition and measurementIn the income statement income is recognised as it is earned, including recognising value adjustments of financial assets and liabilities. All costs, including depreciation, amortisation, and write-downs, as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement are also recognised in the income statement. account.Assets are recognised in the balance sheet when it is probable that future economic benefits will accrue to the company, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the company, andthe value of the liability can be measured reliably.On initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each individual accounting item below. When recognising and measuring, predictable losses and risks arising before the annual reports presented, and which confirm or refute conditions that existed at the balance sheet date, are taken into account.Basis of consolidationThe Consolidated Financial Statements comprise the Parent Company, EPICO-IT A/S, and subsidiaries in which the Parent Company directly or indirectly holds more than 50% of the votes or in which the Parent Company, through share ownership or otherwise, exercises control. Enterprises in which the Group holds between 20% and 50% of the votes and exercises significant influence but not control are classified as associates.On consolidation, items of a uniform nature are combined. Elimination is made of intercompany income and expenses, shareholdings, dividends and accounts as well as of realised and unrealised profits and losses on transactions between the consolidated enterprises.The Parent Company’s investments in the consolidated subsidiaries are set off against the Parent Company’s share of the net asset value of subsidiaries stated at the time of consolidation.Business combinationsAcquisitions of subsidiaries are accounted for using the purchase method under which the identifiable assets and liabilities of the entity acquired are measured at fair value at the time of acquisition. Acquired contingentliabilities are recognised at fair value in the Consolidated Financial Statements to the extent that the value can be measured reliably.The time of acquisition is the time when the Group obtains control of the entity acquired.The cost of the entity acquired is the fair value of the consideration agreed, including consideration contingent on future events. Transaction costs directly attributable to the acquisition of subsidiaries are recognised in the income statement as incurred.Positive differences between the cost of the entity acquired and identifiable assets and liabilities are recognised as goodwill in intangible assets in the balance sheet and are amortised in the income statement on a straight-line basis over their estimated useful lives. Where the differences are negative, they are recognised immediately in the income statement.Where the purchase price allocation is not final, positive and negative differences from acquired subsidiaries due to changes to the recognition and measurement of identifiable net assets may be adjusted for up to 12 months after the time ofacquisition. These adjustments are also reflected in the value of goodwill or negativegoodwill, including in amortisation already made.Where cost includes contingent consideration, this is measured at fair value at the time of acquisition. Contingent consideration is subsequently measured at fair value. Any value adjustments are recognised in the income statement.In respect of step acquisitions, any previously held investments in the entity acquired are remeasured at fair value at the time of acquisition. The difference between the carrying amount of the investment previously held and the fair value is recognised in the income statement.Positive differences (goodwill) between, on the one side, the purchase consideration, the value of noncontrolling interests in the acquiree and the fair value of any previously acquired investments and, on the other side, the fair value of the acquired identifiable assets, liabilities and contingent liabilities are recognised as goodwill under ’Intabible assets’. Goodwill is amortised on a straight-line basis in the income statememt based on an individual assesment of its useful life.Negative differences (negative goodwill) are recognised in the income statement at the date of acquisition. On acquisition, goodwill is ascribed to / classed with the cash-generating unit, which subsequently forms a basis for impairment testing.Goodwill and fair value adjustments in connection with the acquisition of a foreign entity with another functional currency than the group’s presentation currency are accounted for as assets and liabilities belonging to the foreign entity and aretranslated on initial recognition into the foreign entity’s functional currency using the exchange rate at the date of the transaction.The purchase consideration for an entity consists of the fair value of the agreed consideration in the form of assets transferred, liabilities assumed and equity instruments issued. If part of the purchase consideration is conditional upon future events or the fulfilment of greed conditions, this part of the purchase consideration is recognised at fair value at the date of acquisition. Subsequent adjustments of conditional purchase consideration are recognised in the income statement.Expenses defrayed in connection with acquisitions are recognised in the income statement in the year in which they are defrayed.If, at the date of acquisition, the identification or measurement of acquired assets, liabilities and/or contingent liabilities or the size of the purchase considerationare associated with uncertainty, initial recognition will be based on preliminarily calculated amounts. If it ubsequently turns out that the identification or measurement of the purchase consideration, acquired assets, liabilities and/or contingent liabilities was not correct on initial recognition, the calculation will be adjusted with retrospective effect, including goodwill, until 2 months after the acquisition, and comparative figures will be restated. Subsequently, any adjustments made will be recognised as error.For combined enterprises subject to common control, the pooling of interests method is used. The pooling of interests is deemed to be completed at the date of acquisition without restatement of comparative figures. The difference between the agreed consideration and he equity value of the acquired enterprise is recognised in equity.Minority interestsIn the consolidated financial statements, the items of subsidiaries are recognised in full. The minority interests’ proportionate share of subsidiaries’ profit/loss and equity is presented separately under appropriation of profit and in a main item under equity.Foreign currency translationForeign currency transactions are recognised at the exchange rate prevailing at the date of the transaction. Exchange differences arising between the exchange rate prevailing at the date of the transaction and the exchange rate at the payment dateare recognised in the profit and loss statement as an item under financial income and expenses, net. Receivables, debt and other monetary items in foreign currency, which are not settled at the balance sheet date, are translated at the exchange rate of the balance sheet date. The difference between the exchange rate at the balance sheet date and the exchange rate at the date of occurrence of the receivable orthe payable is recognised in the profit and loss account under financial income andexpenses.Income statements of foreign subsidiaries and associates that are separate legal entities are translated at transaction date rates or approximated average exchange rates. Balance sheet items are translated at the exchange rates at the balance sheet date. Exchange adjustments arising on the translation of the opening equity and exchange adjustments arising from the translation of the income statements at the exchange rates at the balance sheet date are recognised directly in equity.Income statementRevenueRevenue from the sale of consulting hours is recognised when the risks and rewards relating to the goods sold have been transferred to the purchaser, the revenue can be measured reliably and it is probable that the economic benefits relating to the sale will flow to the Group.Cost of salesCost of sales comprise expenses incurred to earn revenue for the year includingforeign labour in the year.Other operating income and expensesOther operating income and other operating expenses comprise items of a secondary nature to the Group’s main activities, including gains and losses on the sale of intangible and tangible fixed assets.Other external expensesOther external expenses comprise costs including expenses related toadministration, sale, advertising, bad debts, office expenses etc.Staff costsStaff costs include wages and salaries including holiday pay and pensions and other social security costs etc. to the company’s employees.Net financialsFinancial income and expenses are recognised in the profit and loss account with the amounts which concern the financial year. Net financials include interest income and expenses, realised and unrealised capital gains and losses.Tax on profit for the yearTax for the year, which consists of current tax for the year and any change in deferred tax, is recognised in the profit and loss account with the share attributable to the results for the year and directly in equity with the share attributable to entries directly in equity.Balance sheetIntangible fixed assetsGoodwill is measured at cost less accumulated amortisation and impairment losses.Other intangible assets, including licences and acquired rights etc., are measured at cost less accumulated amortisation and impairment losses. It is estimated by the management that Intangible fixed assets has a useful value that extends over a period of 3 - 10 years.Tangible fixed assetsTangible fixed assets are measured at cost less accumulated depreciation. The basisof depreciation is cost less estimated residual value after the end of the useful life.The cost comprises the purchase price and costs directly attributable to the acquisition until the time when the asset is ready to be taken into use. Depreciation is carried out on a straight-line basis based on the following evaluation of the estimated useful life of the assets and subsequent residual value:The amortization period and the residual value is determined at the acquisition date and reassessed annually. If the value of the asset exceeds the residual value the depreciation ceases. When changing the depreciation period or the residual value depreciation effect is ecognized prospectively as a changes in accounting estimates. The cost of a total asset is divided into separate components they are depreciated separately if the usetime of the individual components are different. Profit orlosses arising from disposal of tangible fixed assets are calculated as the difference between selling price less selling costs and the carrying amount at the time of sale. Profit or losses are recognised in the profit and loss account under other operating income or other operating expenses.Other plant, fixtures and operation quipment 3-5 years, with subsequent residual value 0 DKK.Impairment of non-current assetsThe carrying value of non-current assets is tested annually for indications of impairment, in addition to the expressed by depreciation. Should indications of impairment, an impairment test of the asset or group of assets. Are written down to the recoverable amount if this s lower than the carrying value.Participating interests in subsidiariesParticipating interests in subsidiaries and capital interests are recognised in the balance sheet at the proportionate share of the enterprises’ equity value calculatedaccording the parent company’s accounting policies after deduction or additionof unrealised ntercompany profit and losses and with addition or deduction of remaining value of positive or negative goodwill calculated according to the acquisition method.Net revaluation of investments in subsidiaries and capital interests is transferred under equity to net revaluation reserve according to the equity method to the extent that the book value exceeds the acquisition cost less amortisation of goodwill.Profit or losses in connection with disposal of subsidiaries and capital interests are calculated as the difference between the disposal consideration and the book value of net assets at the time of sale, including non-amortised goodwill as well as expected expenses for sale or winding up. Profit and losses are recognised in the profit and loss account under financials.In connection with acquisition of new subsidiaries and associates, the acquisition method applies after which the assets and liabilities of the newly acquired enterprises are measured at the fair value of the date of acquisition. Provisions are made for the payment of costs in connection with financials restructuring in the acquired enterprise in connection with the acquisition. The tax effect of therevaluations made is taken into consideration; see below for a description of goodwill.A positive balance (goodwill) between the acquisition cost and the fair value of the acquired assets and liabilities, including recognised restructuring provisions are recognised under participating interests in group enterprises and associates and are amortised over its estimated economic useful life which is determined based on management’s experience within the individual lines of business.The amortisation period is a maximum of 10 years and is longest for strategically acquired enterprises with a strong market position and a long-term earnings profile. The carrying amount of goodwill is estimated on a continuous basis and is written down over the profit and loss account in the cases in which the book value exceeds the expected future net income from the enterprise or the activity to which the goodwill is related.DepositsDeposits recognised under assets comprise deposits paid to the lessor under leases entered into by the company.ReceivablesReceivables are measured at amortised cost which is usually comparable to nominal value. The value is reduced by the writing down to cover the expected loss. Provision for bad debt is calculated based on an individual evaluation of the value of the individual claims.PrepaymentsPrepayments recognised under assets include expenses incurred relating to thesubsequent financial year.DividendDividend which is expected paid for the year is shown as a separate item under equity. Proposed divided is recognised as a liability at the date of adoption by the general meeting.Financial liabilitiesFinancial liabilities are recognised initially at the proceeds received net of transaction expenses incurred. In subsequent periods, the financial liabilities are measuredat amortised cost equal to the capitalised value by using the effective interest rate, allowing the difference between the proceeds and the nominal value to be recognised in the profit and loss account over the term of the loan.Other debt is measured at amortised cost equal to the nominal value.Tax payable and deferred taxCurrent tax liabilities and outstanding current tax are recognised in the balance sheet as calculated tax on the taxable income for the year adjusted for tax of previous years’ taxable income and for tax paid on account.Accounting PoliciesDeferred tax is provided using the balance sheet liability method of provisional differences between accounting and tax base of assets and liabilities. In the cases,e.g. concerning shares where the statement of the tax base can be settled according to alternative taxation rules, deferred tax is measured based on the planned use of the asset or settlement of the liability.Deferred tax assets including the tax base of tax loss carry-forwards is measured at the value for which the asset is expected to be realised either by elimination in tax on future earnings or by offsetting against deferred tax liabilities within the same legal tax entity. Any deferred net assets are measured at a net realisable amount.Deferred tax is measured based on the tax rules and the tax rates which according to the legislation in force at balance sheet date will apply when the deferred tax is expected to be current tax. A change in deferred tax as a result of changes in tax rates is recognised in the profit and loss account. A tax rate of 22 % applies for the current year.Cash Flow StatementThe cash flow statement shows the Company’s cash flows from operating, investing and financing activities for the year, the year’s changes in cash and cash equivalents as well as the Company’s cash and cash equivalents at the beginning and end of the yearCash flows from operating activities are calculated as the Company’s share of the profit/loss adjusted for non-cash operating items, changes in working capital and corporation tax paid.Cash flows from investing activities comprises payments in connection with acquisitions and disposals of fixed assets as well as investment in financial fixed assets.Cash flows from financing activities comprises taking out loans and paying off interest-bearing debt.CashCash is defined as cash at bank and in hand deducted bank overdrafts. false Key figuresThe key ratios given are calculated as follows:Profit/loss before financial income and expenses Operation return on assetsTotal assetsEquitySolvency ratioLiabilitiesNet profit/loss for the year x 100Return on equityAverage equity 89293609 91101355 115956484 107950611 84375019 81144121 1924522 1242025 0 2950 4918590 9954284 0 0 -933234 -2908 400746 765766 1484512 970216 733327 1030452 146075 635142 5406678 11531247 5323793 10286451 1748437 3112070 1443000 2320100 3880793 7966351 908425 908425 908425 908425 14476035 16288554 0 0 6664674 0 6664674 0 22049134 17196979 7573099 908425 948190 456469 814503 202951 948190 456469 814503 202951 0 0 13277226 12698328 1024654 997282 706263 695483 1024654 997282 13983489 13393811 24021978 18650730 22371091 14505187 140007601 137329533 116587655 111517487 5850075 791491 16222706 14348317 4255542 2931876 331136 98545 1041338 1348465 579035 713610 0 365000 0 365000 151154556 142766365 133720532 127042959 17663164 8918556 130333 201586 168817720 151684921 133850865 127244545 156221956 141749732 500000 500000 500000 500000 0 0 11582591 11003694 34480344 36168055 22897753 25164361 34980344 36668055 34980344 36668055 7054183 2468168 34980344 36668055 1078000 0 1078000 0 1078000 0 1078000 0 1307922 1367078 1307922 1367078 25005356 30579124 25655413 30532726 106375029 81014843 81467486 60935980 0 2415581 0 2085314 17038864 15822802 11732791 10160579 149727171 131199428 120163612 105081677 192839698 170335651 156221956 141749732 Taxes Taxes 1748478 3112070 1924522 1242025 Corporate tax paid Corporate tax paid -4052074 -5063395 -3186515 -1455221 -26517092 34486732 26609743 -28232076 27372 358423 6664674 908420 0 14883273 611552 449163 -7303598 -16599279 5573768 0 0 30579124 5772817 5000000 Payments of loans at subsidiaries Payments of loans at subsidiaries 733782 -1162667 -10612803 24416457 8693342 -20414898 51266 59248 8918556 29274206 17663164 500000 0 0 0 500000 25164361 5000000 -2733392 22897753 11003694 -568504 -1147401 11582591 5000000 -568504 -3880793 500000 0 0 0 500000 36168055 5000000 -568504 -3880793 34480344 36668055 5000000 -568504 -3880793 34980344 2468168 772817 0 -5358832 7054183 5772817 -568504 -9239625 The share capital consists of 500,000 shares with a nominal value of 1 DKK. No shares carry special rights.Share capitalThe share capital consist of 500,000 shares with a nominal value of 1 DKK. No shares carry special rights. Group CompanyParent company1 Staff cost2024DKK2023DKK2024DKK2023DKKWages and salaries 101,373,746 94,776,23579,139,39476,399,711Post-employment benefit expense 6,878,811 6,237,128 4,455,4303,952,501Social security contributions7,703,9276,937,248780,195791,909Staff costs total115,956,484107,950,61184,375,01981,144,121 Of this, remuneration and pension to the management constitute:Executive Board, remuneration5,680,5865,208,8655,680,5865,208,865Board of Directors, remuneration570,000570,000570,000570,000Executive Board, pension benefits526,443289,638526,443289,638Total6,777,0296,068,5036,777,0296,068,503 156 164 110 113 Group CompanyParent Company2 Financial income2024DKK2023DKK20242023DKKDKKFinancial income from group enterprises001,328,859633,093Other financial income400,746765,766155,653 337,123Financial income total400,746765,7661,484,512970,216 3 Financial expensesFinancial expenses from group enterprises00 7,130 0Other financial expenses733,3271,030,452138,945635,142Financial expenses733,3271,030,452146,075635,142 4 Tax on profit/loss for the yearCorporation tax 631,801 2,877,28402,085,314Change in deferred tax 1,116,636 234,7861,443,000234,786Tax on profit/loss for the year total1,748,4373,112,0701,443,0002,320,100 Group CompanyParent Company/Group CompanyParent Company/Group Company2024202420245 Intangible fixed assetsDKKAcquiredgoodwillDKKAcquiredintangibleDKKDevelopment projects inassetsassetsprogressAcquisition cost at the beginning of the year18,125,164 1,633,7500Additions during the year006,664,674Acquisition cost at the end for the year 18,125,164 1,633,7506,664,674Depreciation at the beginning of the year1,836,610 725,3250Depreciation for the year 1,812,519 00Depreciation at the end of the year3,649,129725,3250Book value at the end of the year14,476,035908,4256,664,674The Group’s investment in subsidiaries is considered to be of strategic importance to the Group. Taking into account the Group’s expected plans for increasing activities and increasing earnings, the economic life of goodwill has been set to 10 years. Group CompanyParent Company202420246 Tangible fixed assetsDKKOther fixturesDKKOther fixturesfitting toolsfitting toolsand equipmentand equipmentetc.etc.Acquisition cost at the beginning of the year 1,726,993 1,254,325Exhange adjustments 16,156 0Additions during the year 611,552 611,552Acquisition cost at the end for the year2,354,7011,865,878Depreciation at the beginning of the year1,286,6791,051,375Exhange adjustments 7,817 0Depreciation for the year 112,015 0Depreciation at the end of the year 1,406,511 1,051,375Book value at the end of the year948,190814,503 Parent Company2024DKKFixed asset investmentsParticipatinginterest insubsidiariesAcquisition cost at the beginning of the year1,694,635Acquisition cost at the end for the year1,694,635Adjustments, beginning of the year11,003,694Profit/Loss for the year-814,109Depreciation on group goodwill-119,128Exchange adjustments for the year-568,501Investments with a negative net asset value2,080,633written down on receivablesAdjustment, end of the year11,582,591Book value at the end of the year13,277,226The remaining goodwill, included above amount297,821Investments in subsidiaries are specified as followsHomeOwnershipEPICO ASNorway100.0%EPICO Solution ApSDenmark85.0%EPICO ABSweden100.0%EPICO-IT Poland Sp.z.o.oPoland100.0%Dynamant Group ABSweden60,0%Dynamant ABSweden90,5%Stordatorbolaget ABSweden60,0% PrepaymentsPrepayments consist of operating costs etc. For next financial year. Group CompanyParent Company20242023202420239 Deferred tax assetDKKDKKDKKDKKBalance at the beginning of the year365,000599,786365,000599,786Adjustment related to the period chargedto the income statement-1,443,000-234,786-1,443,000-234,786Deferred tax asset total-1,078,000365,000-1,078,000365,000 Contingent liabilitiesParent CompanyAs security for all accounts with Danske Bank there is company pledge at 27,000,000 DKK in assets with a book value on K.DKK 116,558.Group CompanyAs security for all accounts with Danske Bank there is company pledge at 27,000,000 DKK in assets with a book value on K.DKK 116,558.Parent CompanyThe company has entered into operational leases. At December 31st 2024 the obligation amounts to K.DKK 2,875.Group CompanyThe Group has entered into operational leases. At December 31st 2024 the obligation amountsto K.DKK 2,875.Parent CompanyThe company has entered into rental contract. At December 31st 2024 the obligation amounts to K.DKK 796.Group CompanyThe group has entered into rental contract. At December 31st 2024 the obligation amounts to k.DKK 1,710.Parent CompanyEPICO-IT A/S is jointly taxed with JM Hansen Holding ApS and is guaranteeing unlimited and be jointly and severally responsible with the other companies in the joint taxation for national corporate taxes including with- holding taxes on interests, royalties and dividends for all associated Danish companies in the Group.Any correction made to the jointly taxable income or withholding taxes might affect the liability for the company. The joint tax liability is stated in the annual report for JM Hansen Holding ApS. Connected partiesEPICO-IT A/S has the following related parties:Controlling interestJM Hansen Holding ApS, Amaliegade 28B, 1., 1256 København K.Related party transactionsThe Company solely discloses related party transactions that have not been carried out on an arm’s lengthbasis, cf. section 98c(6) of the Danish Financial Statements Act. All transactions have been carried out on an arm’s length basis. 5000000 5000000 1147401 1635610 -2266608 1330741 Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2024-01-01 2024-12-31 2023-01-01 2023-12-31 2025-06-11 Reporting class C, medium-size enterprise 32466249 20871721 2025-06-11 Christian Van Roon Thomsen Jens Morten Hansen 529900VSWLQF0O3GA946 33771231 Strandvejen 44 2900 Hellerup Opinion Basis for Opinion 2025-06-11 Søren Alexander 33771231 Allan Wøhlk Høgh 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup