26106427 2024-01-01 2024-12-31 26106427 2024-01-01 2024-12-31 auditor_1 26106427 2024-01-01 2024-12-31 memberOfBoardIdentifier_1 26106427 2024-01-01 2024-12-31 memberOfBoardIdentifier_1 26106427 2024-01-01 2024-12-31 memberOfBoardIdentifier_2 26106427 2024-01-01 2024-12-31 memberOfBoardIdentifier_3 26106427 2023-01-01 2023-12-31 26106427 2022-01-01 2022-12-31 26106427 2021-01-01 2021-12-31 26106427 2020-01-01 2020-12-31 26106427 2024-12-31 26106427 2023-12-31 26106427 2022-12-31 26106427 2021-12-31 26106427 2020-12-31 26106427 2023-12-31 fsa:ContributedCapitalMember 26106427 2023-12-31 fsa:RetainedEarningsMember 26106427 2024-01-01 2024-12-31 fsa:ContributedCapitalMember 26106427 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 26106427 2024-12-31 fsa:ContributedCapitalMember 26106427 2024-12-31 fsa:RetainedEarningsMember 26106427 2023-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 26106427 2023-12-31 fsa:LeaseholdImprovementsMember 26106427 2024-01-01 2024-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 26106427 2024-01-01 2024-12-31 fsa:LeaseholdImprovementsMember 26106427 2024-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 26106427 2024-12-31 fsa:LeaseholdImprovementsMember iso4217:DKK pure Årsrapport 2024-01-01 2023-01-01 2024-12-31 2023-12-31 2025-05-23 26106427 2025-05-23 2001-07-01 Reporting class C, medium-size enterprise KPMG 2100 København Ø Dampfærgevej 28 25578198 Auditor's report on audited financial statements Copenhagen 2025-05-23 KPMG 25578198 true Jari Tapani Lemmilä The Board of Directors and the Executive Board have today discussed and approved the annual report for 3 Step IT A/S for the financial year 1 January - 31 December 2024. The annual report has been prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities, cash flows and financial position at 31 December 2024 and of the results of the Company's operations for the financial year 1 January - 31 December 2024.Further, in our opinion, the Management's review gives a fair review of the development in the Company's activities and financial matters, of the results for the year and of the Company's financial position. We recommend that the annual report be approved at the annual general meeting. Lasse Holm Garby Jarkko Armas Veijalainen Chairman Jari Tapani Lemmilä Jakob Oscar Lagander Independent auditor's report To the shareholder of 3 Step IT A/S Opinion We have audited the financial statements of 3 Step IT A/S for the financial year 1 January - 31 December 2024, comprising income statement, balance sheet, statement of changes in equity, cash flows and notes, including accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2024 and of the results of the Company's operations and cash flows for the financial year 1 January - 31 December 2024 in accordance with the Danish Financial Statements Act. Basis for Opinion We 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 responsibilities for the audit 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 (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. Management's responsibility for the financial statementsManagement 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 that 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. Auditor's responsibilities for the audit of the financial statementsOur objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements in Denmark will always detect a material misstatement when it exists. Misstatements may 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 financial statement users made 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 alsoidentify and assess the risks of material misstatement of the company 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 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 Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.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.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. Statement on the Management's reviewManagement is responsible for the Management's review.Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon.In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of the Management's review. Simon Vinberg Andersen mne35458 3 Step IT A/S Vandtårnsvej 62 DK-2860 Søborg +4572118040 www.3stepit.dk dk@3stepit.com Gladsaxe 26460779 24765705 21300420 23014872 15373335 4644813 2347329 2480243 4951314 -312495 -2670802 -1044686 -1332684 -968104 -533701 1972827 1302643 1147559 3889861 -830023 71422090 64906629 89789151 52198699 99803849 344403 506999 529394 294181 563881 13133547 11160720 9858077 -12710518 -8820657 6050320 -4313656 0 0 0 -316717 -481648 0 0 0 0 0 0 0 0 5733603 -4795304 0 0 0 0.162 0.124 0.102 0.361 -0.090 0.184 0.172 0.110 0.244 0.088 25 28 24 21 18 The financial ratios have been calculated as follows:Return on equityProfit/loss after tax x 100 / Average equitySolvency ratioEquity at year end x 100 / Total equity and liabilities at year end Principal activities 3stepIT is an international company specialized in sustainable Technology Lifecycle Management solutions. Since its establishment in 1997 the targets of the Company have been to help customers plan and control a regular replacement of IT equipment, as well as recycle returned equipment for resale in line with the circular economy. Development in activities and financial position Profit for the year (including comparison with forecasts previously announced) The level of activity for 2024 has generally been high and shows an increase in activity compared to the previous years. The Company's income statement shows a profit after tax of DKK 1,972,827 and the Company's balance sheet at 31 December 2024 shows equity of DKK 13,133,547. The company's result is considered to be satisfactory for the past year in relation to the budget and previously announced expectations of DKK -1 million to DKK +1 million. The increasing uncertainty in the geoplitical environment may affect 3stepIT's business in 2025 in a negative way. In addition, the changes in the interest rate markets may affect the company's operations in the near future. We actively monitor and respond to developments in the overall economic situation and the extent of the impact on our operations, financial statements and reporting. It is the management's expectation that the company for the financial year 2025 will realize a result in line with this year's result. The management expects that the result for 2025 will be in the range of DKK 0 million to DKK +2 million. Knowledge resources The Company's business model is based on an IT lifecycle mindset. This puts high demands on know-how of the Company's employees as well as processes and technology. The Company's Intellectual capital creates value added to the Company's customers through optimised IT lifecycle, including the procurement, use and replacement/disposal of IT equipment. Financial risks and use of financial instruments Currency risks The Company has limited activities in foreign currencies, which is why the Company has chosen not to hedge exchange rates. All costs in foreign currencies are covered as far as possible with an associated income in the same currency. Interest rate risk Since the combination of the current interest level, and net interest -bearing debt and deposits does not constitute a significant amount, moderate changes to interest rates will have no material direct effect on earnings. Interest rate positions are therefore not taken to hedge interest rate risks.The Company does not use financial instruments. Impact on the external environment 3stepIT's mission is to make companies and organizations more sustainable – at all stages: helping customers manage their technology in a sustainable, efficient and cost -conscious way through customized services. We base our business on the principles of the circular economy and strive to operate ever more sustainably. Our Technology Lifecycle Management solutions and services ensure that returned IT equipment is reused or recycled in an environmentally responsible and correct manner if the equipment cannot be recycled. Company-wide processes and procedures for quality and sustainability commit us to continual improvement by setting targets, educating employees, measuring our performance and communicate to our stakeholders in an open, honest and timely manner. We cooperate closely with our customers and stakeholders and participate in sustainability forums and other initiatives to share, develop and implement industry specific best practices. Our management systems are based on the implementation of ISO 9001:2015 and ISO 14001:2015. We are committed to comply with local laws and regulations wherever we operate. Our environmental management system ensures we pay active attention to the use of raw materials, consumption of energy, prevent ion of pollution and climate change migration. Research and development activities The research activities are mainly carried out in the parent company of 3 Step IT A/S. The development activities primarily include the development of an asset management system for use by the Group's employees, customers and suppliers. Events after the balance sheet date No events have occurred after the balance sheet date of material importance to the annual report for 2024. 26460779 24765705 21324871 21938105 491095 480271 4644813 2347329 11430 220487 2682232 1265173 1974011 1302643 1184 0 1972827 1302643 300848 0 11925 0 200000 0 8418440 0 37138973 0 1651536 0 261282 0 8161958 0 15277128 9543525 71422090 64906629 701000 701000 12432547 10459720 13133547 11160720 47586927 45177958 2963446 5269718 7738170 3298233 58288543 53745909 58288543 53745909 71422090 64906629 701000 10459720 0 1972827 701000 12432547 1972827 1302643 491095 480271 8721122 -3268970 11430 220487 -2682232 -1265173 6050320 -4313656 27686 25351 -344403 -506999 -316717 -481648 5733603 -4795304 The annual report of 3 Step IT A/S for 2024 has been prepared in accordance with the provisions applying to reporting class C medium-sized under the Danish Financial Statements Act.The accounting policies used in the preparation of the financial statements are consistent with those of last year.The financial statements are presented in Danish kroner (DKK).Omission of executive remuneration on management categoriesIn accordance with section 98b(3)(II) of the Danish Financial Statements Act, remuneration of the Executive Board has not been presented, as the Board of Directors did not receive any emoluments. Foreign currency translation On initial recognition, transactions denominated in foreign currencies are translated at the exchange rates 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, payables and other monetary items denominated in foreign currencies are translated at the exchange rates 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 latest financial statements is recognised in the income statement as financial income or financial expenses. Revenue The Company has chosen IAS 18 as interpretation for revenue recognition. Income from the sale is recognised in the income statement when delivery to the buyer and transfer of risk to the financing company have taken place prior to year end. Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts and rebates granted are recognised in revenue. Cost of sales Cost of sales comprise financing expenses relating to leases entered into to generate revenue for the year. Other external costs Other external expenses include the year's expenses relating to the Company's core activities, including expenses relating to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc. Staff costs Staff costs comprise wages and salaries, including holiday allowance, pension and other social security costs. Financial income and expenses Financial income and expenses comprise interest income and expense, gains and losses on securities, payables and transactions denominated in foreign currencies, amortisation of financial assets and liabilities as well as surcharges and refunds under the on-account tax scheme etc. Tax on profit for the year 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. Property, plant and equipmentFixtures and fittings, tools and equipment and leasehold improvements are measured at cost less accumulated depreciation and impairment losses.The basis of depreciation, which is calculated as cost less any residual value, is depreciated on a straight line basis over the expected useful life. The expected useful lives of the assets are as follows:Fixtures and fittings, tools and equipment3-5 yearsLeasehold improve­ments3-5 yearsDepreciation is based on the residual value of the asset and is reduced by impairment losses, if any. The depreciation period and the residual value are determined at the acquisition date and are reassessed annually. Where the residual value exceeds the carrying amount of the asset, no further depreciation charges are recognised.In the case of changes in the depreciation period or the residual value, the effect on the depreciation charges is recognised prospectively as a change in accounting estimates.Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Cost includes the acquisition price and costs directly related to the acquisition until the time at which the asset is ready for use. Gains or losses are calculated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses from the disposal of property, plant and equipment are recognised in the income statement as other operating income or other operating expenses. Impairment of fixed assets The carrying amount of property, plant and equipment is assessed for impairment on an annual basis. Impairment tests are conducted on assets or groups of assets when there is evidence of impairment. The carrying amount of impaired assets is reduced to the higher of the net selling price and the value in use (recoverable amount). The recoverable amount is the higher of the net selling price of an asset and its value in use. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the group of assets and the expected net cash flows from the disposal of the asset or the group of assets after the end of the useful life. Previously recognised impairment losses are reversed when the reason for recognition no longer exists. Inventories Inventories are measured at cost in accordance with the FIFO method. Where the net realisable value is lower than cost, inventories are written down to this lower value. The net realisable value of inventories is calculated as the sales amount less costs of completion and expenses required to effect the sale and is determined taking into account marketability, obsolescence and development in the expected selling price. Inventories consist of IT equipment comprised by leases which will be sold to the Company's financiers or IT equipment which has been returned from the Company's financiers and awaits being sold. Receivables The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables. 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. Receivables in respect of which there is no objective evidence of individual impairment are tested for objective evidence of impairment on a portfolio basis. The portfolios are primarily based on the debtors' domicile and credit ratings in line with the Company's risk management policy. The objective evidence applied to portfolios is determined based on historical loss experience. Impairment losses are calculated as the difference between the carrying amount of the receivables and the present value of the expected cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate. Prepayments Prepayments recognised under "Assets" comprise prepaid expenses regarding subsequent financial reporting years. Cash at bank and in hand Cash and cash equivalents include bank deposits. EquityDividends Dividend proposed for the year is recognised as a liability once adopted at the annual general meeting (declaration date). Dividends expected to be distributed for the financial year are presented as a separate item under "Equity". Corporation tax and deferred tax 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. However, deferred tax is not recognised on temporary differences relating to goodwill which is not deductible for tax purposes and on office premises and other items where temporary differences, apart from business combinations, arise at the date of acquisition without affecting either profit/loss for the year or taxable income. Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on Management's intended use of the asset or settlement of the liability, respectively. 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. Changes in deferred tax due to changes in the tax rate are recognised in the income statement. Liabilities Financial liabilities are recognised at the date of borrowing at cost, corresponding to the proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortised cost, corresponding to the capitalised value using the effective interest rate. Accordingly, the difference between cost and the nominal value is recognised in the income statement over the term of the loan together with interest expenses. Other liabilities are measured at amortised cost. The 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 year. The cash flow effect of acquisitions and divestment of entities is shown separately in cash flows from investing activities. Cash flows relating to acquired entities are recognised in the cash flow statement from the date of acquisition, and cash flows relating to divested entities are recognised up to the date of divestment. Cash flows from operating activities Cash flows from operating activities are calculated as the profit/loss for the year adjusted for non-cash operating items, changes in working capital and corporation tax paid. Cash flows from investing activities Cash flows from investing activities comprise payments in connection with acquisitions and disposals of entities and activities, intangible assets, property, plant and equipment and investments. Cash flows from financing activities Cash flows from financing activities comprise changes in size or composition of the Company's contributed capital and costs in this respect as well as raising of loans, instalments on interest-bearing debt and distribution of dividends to owners. Cash and cash equivalents Cash and cash equivalents comprise cash and short-term marketable securities with a term of three months or less which are easily convertible into cash and which are subject to only an insignificant risk of changes in value. 19641915 20233445 1542614 1566253 140342 138407 25 28 1356284 1244320 6880 20853 1319068 0 1184 0 1972827 1302643 1461436 608126 344403 0 -349863 0 1455976 608126 -1025698 -556713 -451607 -39488 322177 0 -1155128 -596201 300848 11925 Prepayments include accrual of expenses relating to subsequent financial years. The share capital consist of 701 shares of a nominal value of DKK 1,000 each. No shares carry any special rights. The Company's share capital has remained DKK 701,000 over the past 5 years. -11430 -220487 2682232 1265173 1184 0 -6469099 6672069 5512863 13416526 4542634 -26185165 -1184 0 Contingent liabilitiesAs part of its ordinary activities, the Company has contracted to repurchase leased equipment at a value of DKK 116 million (2023: DKK120 million).The company has entered into a tenancy agreement. The termination period is 1 year at a value of DKK 797 thousand (2023: DKK 775 thousand).The Company has entered into operating leases with a remaining term of 1-2 years. The nominal lease obligation totals DKK 776 thousand (2023: DKK 1,707 thousand). Control 2holding N&B Oy, Helsinki, Finland. 2holding N&B Oy holds 100% of the contributed capital in the Company. 3 Step IT A/S is part of the consolidated financial statements of 3 Step IT Group Oy, Helsinki, FInland, which is the smallest and largest group, in which the Company is included as a subsidiary. The consolidated financial statements of 3 Step IT Group Oy can be obtained by contacting the Company at the above address.DKK20242023 Sale of goods31,962,54241,035,719 Service/management fee14,967,22611,661,517 Interest/guarantee1,356,2841,244,320