38447378 2024-07-01 2025-06-30 d:ProposedExtraordinaryDividendRecognisedInEquityMember 38447378 2024-07-01 2025-06-30 38447378 2024-07-01 2025-06-30 1 38447378 2024-07-01 2025-06-30 1 38447378 2024-07-01 2025-06-30 2 38447378 2023-07-01 2024-06-30 38447378 2025-06-30 38447378 2024-06-30 38447378 2024-07-01 d:ContributedCapitalMember 38447378 2024-07-01 d:ReserveForDevelopmentExpenditureMember 38447378 2024-07-01 d:RetainedEarningsMember 38447378 2024-07-01 d:ProposedDividendRecognisedInEquityMember 38447378 2024-07-01 2025-06-30 d:ProposedDividendRecognisedInEquityMember 38447378 2024-07-01 2025-06-30 d:RetainedEarningsMember 38447378 2024-07-01 2025-06-30 d:ReserveForDevelopmentExpenditureMember 38447378 2025-06-30 d:ContributedCapitalMember 38447378 2025-06-30 d:ReserveForDevelopmentExpenditureMember 38447378 2025-06-30 d:RetainedEarningsMember 38447378 2025-06-30 d:ProposedDividendRecognisedInEquityMember 38447378 2024-07-01 d:CompletedDevelopmentProjectsMember 38447378 2025-06-30 d:CompletedDevelopmentProjectsMember 38447378 2024-07-01 2025-06-30 d:CompletedDevelopmentProjectsMember 38447378 2024-07-01 d:FixturesFittingsToolsAndEquipmentMember 38447378 2024-07-01 2025-06-30 d:FixturesFittingsToolsAndEquipmentMember 38447378 2025-06-30 d:FixturesFittingsToolsAndEquipmentMember 38447378 2024-07-01 d:OtherReceivablesMember 38447378 2024-07-01 2025-06-30 d:OtherReceivablesMember 38447378 2025-06-30 d:OtherReceivablesMember 38447378 2024-06-30 c:ConsolidatedMember iso4217:DKK xbrli:pure 0 true BDO Statsautoriseret Revisionspartnerselskab Nørrebro 15 DK-9800 Hjørring 45719375 Årsrapport 8 2025-09-04 Martin Mikaelsen Keatech ApS Sprogøvej 2 9800 Hjørring Erklæring om udvidet gennemgang www.keatech.com info@keatech.com 38447378 2017-02-24 Hjørring 2024-07-01 2025-06-30 2023-07-01 2024-06-30 BDO Statsautoriseret Revisionspartnerselskab Nørrebro 15 9800 Hjørring Spar Nord Bank Østergade 8 9800 Hjørring HjulmandKaptain Havnepladsen 7 9900 Frederikshavn Today the Executive Board have discussed and approved the Annual Report of Keatech ApS for the fi­nan­ci­al year 1 July 2024  - 30 June 2025. The Annual Report is presented in accor­dance with the Da­nish Fi­nan­ci­al State­ments Act. In my opinion the Fi­nan­ci­al Sta­te­ments give a true and fair view of the Company's assets, liabilities and financial position at 30 June 2025 and of the results of the Company's operations for the fi­nan­ci­al year 1 July 2024  - 30 June 2025. The Management Commentary includes in my opinion a fair presentation of the matters dealt with in the Commentary. I recommend the Annual Report be approved at the Annual General Meeting. Hjørring 2025-09-04 Martin Oliver Mikaelsen To the Shareholder of Keatech ApS Konklusion We ha­ve per­for­med an extended review of the Fi­nan­ci­al Sta­te­ments of Keatech ApS for the fi­nan­ci­al year 1 July 2024 - 30 June 2025, which comprise income statement, Balance Sheet, sta­te­ment of chan­ges in e­qui­ty and no­tes, including a summary of significant accounting policies. The Fi­nan­ci­al Sta­te­ments are pre­pared under the Danish Financial State­ments Act.   Based on the work performed in our o­pi­ni­on, the Fi­nan­ci­al Sta­te­ments gi­ve a true and fair vi­ew of the Com­pa­ny's financial position at 30 June 2025 and of the results of the Com­pa­ny's operations for the fi­nan­ci­al year 1 July 2024 - 30 June 2025 in accordance with the Danish Financial Statements Act.   Basis for ConclusionGrundlag for konklusion We conducted our extended review in accordance with the Danish Business Authority's Assurance Standard for Small Enterprises and FSR – Danish Auditors' standard on extended review of Financial Statements prepared in accordance with the Danish Financial Statements Act. Our responsibilities under those standards and requirements are further described in the "Auditor's Responsibilities for the Extended Review of the Fi­nan­ci­al Sta­te­ments” section of our report. We are independent of the Com­pa­ny in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), together with the ethical requirements that are relevant to our audit of the Financial Statements in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We be­lie­ve that the e­vi­den­ce we ha­ve ob­tai­ned is suf­fi­ci­ent and ap­prop­ria­te to pro­vi­de a ba­sis for our con­clu­si­on.   Grundlag for konklusion Management's Re­spon­si­bi­li­ti­es for the Fi­nan­ci­al Sta­te­ments Management is responsible for the preparation of Fi­nan­ci­al Sta­te­ments that give a true and fair view in accordance with the Danish Financial Statements Act, and for such Internal control as Ma­na­ge­ment determines is necessary to enable the preparation of Fi­nan­ci­al Sta­te­ments that are free from material misstatement, whether due to fraud or error.   In preparing the Fi­nan­ci­al Sta­te­ments, Ma­na­ge­ment is responsible for assessing the Com­pa­ny's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Fi­nan­ci­al Sta­te­ments unless Management either intends to liquidate the Com­pa­ny or to cease operations, or has no realistic alternative but to do so.   Our responsibility is to express a conclusion on the Fi­nan­ci­al Sta­te­ments. This requires that we plan and perform procedures in order to obtain limited assurance for our conclusion on the Fi­nan­ci­al Sta­te­ments and in addition perform specifically required supplementary procedures to obtain further assurance for our conclusion.   An extended review comprises procedures that primarily consist of making inquiries of Ma­na­ge­ment and others within the Company, as appropriate, analytical procedures and the specifically required supplementary procedures as well as evaluation of the evidence obtained.   The procedures performed in an extended review are less than those performed in an audit, and accordingly, we do not express an audit opinion on the Fi­nan­ci­al Sta­te­ments.   Statement on the Management Commentary Management is responsible for the Ma­na­ge­ment Com­men­ta­ry.   Our conclusion on the Fi­nan­ci­al Sta­te­ments does not cover the Ma­na­ge­ment Com­men­ta­ry, and we do not express any form of assurance conclusion thereon.   In connection with our extended review of the Fi­nan­ci­al Sta­te­ments, our responsibility is to read the Ma­na­ge­ment Com­men­ta­ry and, in doing so, consider whether the Ma­na­ge­ment Com­men­ta­ry is materially inconsistent with the Fi­nan­ci­al Sta­te­ments or our knowledge obtained during the extended review, or otherwise appears to be materially misstated.   Moreover, it is our responsibility to consider whether the Ma­na­ge­ment Com­men­ta­ry provides the information required under the Danish Financial Statements Act.   Based on the work we have performed, we conclude that the Ma­na­ge­ment Com­men­ta­ry is in accordance with the Fi­nan­ci­al Sta­te­ments and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in the Ma­na­ge­ment Com­men­ta­ry.   Hjørring 2025-09-04 BDO Statsautoriseret Revisionspartnerselskab 45719375 BDO Statsautoriseret Revisionspartnerselskab 45719375 Claus Muhlig Marc L. Kongerslev Erklæring om udvidet gennemgang State Authorised Public Accountant State Authorised Public Accountant mne26711 mne49056 Principal activities The principal activities comprise rental of tracking devices.   Development in activities and financial and economic position Keatech have also this year had a satisfactory development in activities and earnings. The result meets the management´s expectations for the financial year.  Management expects to continue the company’s growth in the years to come.   Significant events after the end of the financial year No events have occurred after the end of the financial year of material importance for the company's financial position.   17864365 9939000 9313876 6293000 2368417 1373000 524332 424000 5657740 1849000 5785 0 195972 438000 5467553 1411000 1207540 429000 4260013 982000 4500000 0 -239987 982000 4260013 982000 1158763 1634000 1158763 1634000 7604225 6397000 7604225 6397000 229750 229000 229750 229000 8992738 8260000 2410155 1695000 2410155 1695000 5674362 5943000 204125 96000 5878487 6039000 152103 125000 8440745 7859000 17433483 16119000 50000 50000 903835 1274000 69502 -60000 4500000 0 5523337 1264000 362000 441000 362000 441000 0 1200000 1286540 391000 1286540 1591000 1357360 3003000 612763 119000 0 2027000 390552 0 5825620 5040000 10261606 12823000 11548146 14414000 17433483 16119000 DKKSha­re ca­pi­talReserve for development costsRetained  profitProposed dividendTotal Equity at 1 July 202450.0001.274.448-61.12401.263.324 -4.500.000 Proposed profit allocation -239.9874.500.0004.260.013 Other legal bindingsCapitalized development costs -370.613370.613 0 Equity at 30 June 202550.000903.83569.5024.500.0005.523.337 50000 1274448 -61124 0 -4500000 -239987 -370613 370613 50000 903835 69502 4500000 1 | Staff costs Ave­ra­ge num­ber of full ti­me em­ploy­ees1511 Wages and salaries 8.448.6565.698 Pensions 791.652541 Social security costs 70.95131 Other staff costs 2.61723 9.313.8766.293 15 11 8448656 5698000 791652 541000 70951 31000 2617 23000 9313876 6293000 2 | Other financial expenses Interest group enterprises 0312 Other interest expenses 195.972126 195.972438 0 312000 195972 126000 195972 438000 1286540 391000 -79000 38000 4 | Intangible assets DKKDevelopment projects completed Cost at 1 July 2024 3.513.615Cost at 30 June 2025 3.513.615  Amortisation at 1 July 2024 1.879.708Amortisation for the year 475.144Amortisation at 30 June 2025 2.354.852 Carrying amount at 30 June 20251.158.763 The Company’s development projects relate to the development of a softwareplatform for GPS tracking. The development phase was finished in 2021/22 according to the development plan. Current sales results and market research shows a demand for the product and service.   3513615 3513615 1879708 475144 2354852 1158763 5 | Property, plant and equipment DKKOther plant, machinery, tools and equipment Cost at 1 July 2024 8.123.943Additions 3.623.408Disposals -956.479Cost at 30 June 2025 10.790.872  Depreciation and impairment losses at 1 July 2024 1.725.521Reversal of depreciation of assets disposed of -432.147Depreciation for the year 1.893.273Depreciation and impairment losses at 30 June 2025 3.186.647 Carrying amount at 30 June 20257.604.225 8123943 3623408 956479 10790872 1725521 432147 1893273 3186647 7604225 6 | Financial non-current assets DKKRent deposit and other receivables Cost at 1 July 2024 229.300Additions 450Cost at 30 June 2025 229.750  Carrying amount at 30 June 2025229.750 229300 450 229750 229750 7 | Long-term liabilities 30/6 2025RepaymentDebt outstanding30/6 2024DKKtotal liabilitiesnext yearafter 5 yearstotal liabilities Payables to group enterprises 0001.200.000Corporation tax 1.677.092390.5520390.552 1.677.092390.55201.590.552 0 1629114 1233 1578567 2194000 9 | Charges and securities The company has not pledged any of its assets. The Annual Report of Keatech ApS for 2024/25 has been presented in accor­dance with the pro­vi­sions of the Da­nish Fi­nan­ci­al State­ments Act for en­ter­pri­ses in re­por­ting class B  and cer­tain pro­vi­si­ons ap­ply­ing to re­por­ting class C.  Regnskabsklasse B1truetrueThe Annual Report is prepared consistently with the accounting principles applied last year.   Regnskabsklasse B true Net revenue Net revenue from sale of goods is recognised in the Income Statement if supply and risk transfer to purchaser has taken place before the end of the year and if the income can be measured reliably and is expected to be received.    Sale of services is generally recognised on the basis of a measurable degree of completion, using straight-line recognition of services delivered over time in a regular pattern. Where the degree of completion is not measurable or the sales value or the total costs of completion are uncertain, revenue is recognised by the amount that the enterprise as a maximum believes to have a right to claim and is expected to be received for services delivered at the Balance Sheet date.   Net revenue is recognised exclusive of VAT and less duties and discounts related to the sale.   Cost of sales Cost of sales comprise costs incurred to achieve the net revenue for the year, including direct and indirect costs of merchandise and consumables.   Other external expenses Other external expenses include cost of sales, advertising, administration, premisses, bad debts, operational lease expenses, etc.    Staff costs Staff costs comprise wages and salaries, including holiday pay and pensions and other costs for social security etc. for the company’s employees.   Other operating expenses Other operating expenses include items of a secondary nature in relation to the enterprises' principal activities, including loss from sale of intangible and tangible fixed assets.   Financial income and expenses Financial income and expenses include interest income and expenses, financial expenses of finance leases, realised and unrealised gains and losses arising from investments in financial assets, debt and transactions in foreign curren­cies, amortisation of financial assets and liabi­lities as well as charges and allowances under the tax-on-account scheme etc. Financial income and expenses are recognised in the income statement by the amounts that relate to the financial year.   Tax The tax for the year, which consists of the current tax for the year and changes in deferred tax, is recognised in the income statement by the portion that may be attributed to the profit for the year, and is recognised directly in the equity by the portion that may be attributed to entries directly to the equity.   Intangible fixed assets Development costs comprise costs, including wages and salaries, and amortisation, which directly or indirectly can be related to the com­pany’s development activities and which fulfil the criteria for recognition.   Capitalised development costs are measured at the lower of cost less accumulated amortisation or recoverable amount.   Capitalised development costs are amortised on a straight-line basis over the estimated useful life after completion of the development work. The amortisation period is normally 5 years.   Intangible fixed assets are generally written down to the lower of recoverable value and carrying amount.   Profit or loss from sale of intangible fixed assets is calculated at the difference between the sales price and the carrying amount at the time of the sale. Profit and loss are recognised in the Income Statement under other operating income or other operating expenses.    Property, plant and equipment Other plants, fixtures and equipment are measured at cost less accumulated depreciation and impairment losses.   The depreciation base is cost less estimated residual value after end of useful life.   The cost includes the acquisition price and costs incurred directly in connection with the acqui­sition until the time when the asset is ready to be used. As regards self-manufactured assets, the cost price includes cost of materials, components, subcontractors, direct payroll and indirect production costs.   Straight-line depreciation is provided on the basis of an assessment of the expected useful lives of the assets and their residual value:     Useful life Residual value Other plant, fixtures and equipment  3-5 years 0 % Profit or loss on disposal of tangible fixed assets is stated as the difference between the sales price less selling costs and the carrying amount at the time of sale. Profit or loss is recognised in the income statement as other operating income or other operating expenses.   Financial non-current assets Deposits include rental deposits which are recognised and measured at amortised cost. Deposits are not depreciated.   Impairment of fixed assets The carrying amount of in­tan­gib­le fi­xed and pro­per­ty, plant and equip­ment to­get­her with fi­xed as­sets, which are not mea­su­red at fair va­lue, are valued on an annual basis for indications of impairment other than that reflected by amortisation and depreciation.    In the event of impairment indications, an impairment test is made for each asset or group of assets, respectively. If the net realisable value is lower than the carrying amount, the assets are written down to the lower value.   The recoverable amount is calculated at the higher of net selling price and capital value. The capital value is determined as the fair value of the expected net cash flows from the use of the asset or group of assets and the expected net cash flows from sale of the asset or group of assets after the end of its useful life.    Inventories Inventories are measured at cost using the FIFO-principle. If the net realisable value is lower than cost, the inventories are written down to the lower value.   The cost of merchandise and consumables is calculated at acquisition price with addition of transportation and similar costs.   The net realisable value of inventories is stated at sales price less completion costs and costs incurred to execute the sale and is determined with due regard to marketability, obsolescence and development in expected sales price.   Receivables Receivables are measured at amortised cost which usually corresponds to nominal value. The value is written down to meet expected losses.   Write-off is performed to provide for losses when an objective indication has been assessed to have incurred that a receivable or a portfolio of receivables are impaired. If there is an objective indication that an individual receivable is impaired, the write-off is performed at individual level.   Accruals, assets Accruals recognised as assets include costs incur­red relating to the subsequent financial year.   Cash and cash equivalents Cash includes bankdeposits.   Tax payable and deferred tax Current tax liabilities and receivable current tax are recognised in the balance sheet as the calculated tax on the taxable income for the year, ad­justed for tax on the taxable income for previous years and taxes paid on account.   The Company is subject to joint taxation with Danish group companies. The current corporation tax is distributed among the joint taxable companies in proportion to their taxable income and with full allocation and refund related to tax losses. The joint taxable companies are included in the on account tax scheme. Joint taxation contributions receivable and payable are recognised in the Balance Sheet under current assets and liabilities, respectively.    Deferred tax is measured on the temporary dif­ferences between the carrying amount and the tax value of assets and liabilities.   Deferred tax assets, including the tax value of tax loss carry-forwards, are measured at the ex­pected realisable value of the asset, either by set-off against tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity.   Deferred tax is measured on the basis of the tax rules and tax rates that under the legislation in force on the balance sheet date would be ap­pli­cable when the deferred tax is expected to crystallise as current tax. Any changes in the deferred tax resulting from changes in tax rates, are recognised in the income statement, except from items recognised directly in equity.   Liabilities Financial liabilities are recognised at the time of borrowing by the amount of proceeds received less borrowing costs. In subsequent periods, the financial liabilities are measured at amortised cost equal to the capitalised value when using the effective interest, the difference between the proceeds and the nominal value being recog­nised in the income statement over the term of loan.   Amortised cost of current liabilities usually corresponds to nominal value.   Accruals, liabilities Accruals recognised as liabilities include payments received regarding income in subsequent years.