xbrli:pureiso4217:DKK401124562021-01-012021-12-31401124562021-01-012021-12-311401124562021-01-012021-12-311401124562021-01-012021-12-311401124562021-01-012021-12-312401124562021-01-012021-12-313401124562021-01-012021-12-314401124562021-01-012021-12-315401124562021-01-012021-12-316401124562021-01-012021-12-317401124562021-01-012021-12-312401124562021-01-012021-12-31401124562020-01-012020-12-31401124562021-01-012021-12-31fsa:RetainedEarningsMember401124562020-01-012020-12-31fsa:RetainedEarningsMember401124562021-01-012021-12-31fsa:RetainedEarningsMember401124562021-12-31401124562020-12-31401124562021-01-01fsa:ContributedCapitalMember401124562021-01-01fsa:ReserveForDevelopmentExpenditureMember401124562021-01-01fsa:RetainedEarningsMember401124562021-01-01401124562021-12-31fsa:ContributedCapitalMember401124562021-12-31fsa:ReserveForDevelopmentExpenditureMember401124562021-12-31fsa:RetainedEarningsMember401124562021-01-012021-12-31fsa:ReserveForDevelopmentExpenditureMember401124562021-01-012021-12-31fsa:OtherShorttermPayablesMemberGrundlag for konklusionKonklusion2022-05-062022-05-06true339635562020-01-012020-12-31Aarhus C80002City Tower, VærkmestergadeDeloitte Statsautoriseret RevisionspartnerselskabAarhusAarhus C8000Regnskabsklasse BErklæring om udvidet gennemgang2021-12-312021-01-014<br /><br />55Ny BanegårdsgadeAPX10 A/S40112456339635562300 København SWeidekampsgade 6Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapportThe Board of Directors and the Executive Board have today considered and approved the annual report of APX10 A/S for the financial year 01.01.2021 - 31.12.2021.The annual report is presented in accordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2021 and of the results of its operations for the financial year 01.01.2021 - 31.12.2021.We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.We recommend the annual report for adoption at the Annual General Meeting.AarhusUlrich Borup HansenCEOBrian Veje IversenEmrah ErcanHenrik Skov LaursenJason PlummerNoah SabichFabian Bernard SeunierUlrich Borup HansenChairmanTo the shareholders of APX10 A/SWe have performed an extended review of the financial statements of APX10 A/S for the ​financial year 01.01.2021 - 31.12.2021, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. ​Based on our extended review, in our opinion, the financial statements give a true and fair view of the Entity’s ​financial position at. 31.12.2021 and of the results of its operations for the financial year 01.01.2021 - 31.12.2021 in accordance with the Danish Financial Statements Act.We conducted our extended review in accordance with the assurance engagement standard for small enterprises as issued by the Danish Business Authority and the standard on extended review of financial statements prepared in accordance with the Danish Financial Statements Act as issued by FSR - Danish Auditors. Our responsibilities under those standards and requirements are further described in the ”Auditor’s responsibilities for the extended review of the financial statements” section. We are independent of the Entity in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion.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 Entity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern, and using the going concern basis of accounting unless Management either intends to liquidate the Entity 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 to obtain limited assurance about our conclusion on the financial statements and that we also perform specifically required supplementary procedures for the purpose of obtaining additional assurance about our conclusion. An extended review consists of making inquiries, primarily of management and, if appropriate, of other entity personnel, performing analytical and the specifically required supplementary procedures as well as evaluating the evidence obtained. The procedures performed in an extended review are less in scope than in an audit, and accordingly we do not express an audit opinion on the financial statements.Management is responsible for the management commentary. Our opinion 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 in 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.<br />Based on the work we have performed, we conclude that the management commentary is in accordance with financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the management commentary.AarhusMads FauerskovJonas Thøstesen Svenssonmne35428mne47824State Authorised Public AccountantState Authorised Public AccountantPrimary activitiesThe Company's activities are development, sale, deployment, and services related to the software solution data|APX®. data|APX® is a proprietary Software-as-a-Service (SaaS) solution for water, wastewater, stormwater and district heating utilities and infrastructure owners. The solution provides a foundation for precision capital expenditure reinvestment priorities through a dynamic and easy-to-use digital asset management system. Description of material changes in activities and financesThe gross profit for the year totals DKK 184,881. This result is in accordance with plan and the growth-related investments made throughout the year. During 2021, despite an unforeseen restrictive business development and sales environment due to COVID-19, the Company was able to increase its annual recurring revenue base. International activities in Northern European markets as well as North America were still affected by the global COVID-19 pandemic. APX10 is continuing to accelerate its efforts executing its international market expansion strategy. OutlookAPX10 Management expects continuous growth in its domestic market as well as successful market expansion in select European and North American markets within the coming months and years. The data|APX® solution is designed for international scalability why localization for new markets and development of new features are a continuous ongoing effort, where clients are an integral part of that process. Group relationsThe Company is owned and funded by Cimbria Nord 1 ApS, a subsidiary of Cimbria Invest, LLC, an entity owned and management by Cimbria Capital, LLC (“Cimbria”). Cimbria is a private equity investment firm based in United States and Denmark conducting growth and expansion capital investments in the Water Economy in North America and the Nordics. Cimbria is a dedicated long-term owner of APX10 with capacity and willingness to commit and invest capital into the Company to optimize the on-going growth and value of the Company. Events after the balance sheet dateAPX10 has a loan agreement with group enterprises. With the loan agreement APX10 has enough cash and loan facility to cover the estimated cash burn for 2022.Supplementary reportsImpact of COVID-19 Measures taken by the management to face the pandemic: In the first half of 2021 business travel and in-person meetings have been restricted but has since eased up. Management has throughout 2021 fully adhered to the official restrictions and guidance provided by the danish government and relevant local municipalities. As part of a continued and future modus operandi, client and partner meetings are initially organized online which also supports a more agile outreach allowing for optimized planning and reduced travel activities. COVID-19 Impact on the 2022 Budget: The Company is actively evaluating the impact of COVID-19 on its 2022 Budget. A balanced approach to the T&E cost as well as cost associated with user conferences and marketing are constantly evaluated and the company has the agility to react and respond to a changing economic landscape. The budget for 2022 though reflect that government-enforced restrictions in focus markets are expected to be limited and as such business travel and in-person meeting activity will regain, allowing for an aggressive market expansion strategy. 1848812184022385923286529940680163083352-6269058-57302491540252453835561814516952-6539502-5830757455352-919827-6994854-4910930-6994854-4910930-6994854537689444563129375000112500001475189415706312880123888880123888906009060090600906001485129515820800090625004553521520231123641520231473966211301913524292265042282639517116337186471951000000100000041939773475923-44858672643224745391117402451000000347592372643221174024510000004193977-44858698360094084291495834490318103318434574609856373895019612023399241783788314813395091176251203910323323411237094669069501711633718647195718054-71805401 Staff costs2021 DKK2020 DKKWages and salaries4,058,6294,327,973Pension costs511,571540,783Other social security costs47,53744,292Other staff costs24,99922,0334,642,7364,935,081Staff costs classified as assets(2,256,813)(2,069,782)2,385,9232,865,299Average number of full-time employees67672 Depreciation, amortisation and impairment losses2021 DKK2020 DKKAmortisation of intangible assets4,052,9293,068,265Depreciation of property, plant and equipment15,08715,0874,068,0163,083,3523 Tax on profit/loss for the year2021 DKK2020 DKKCurrent tax0(1,344,710)Change in deferred tax0424,883Adjustment concerning previous years455,3520455,352(919,827)4 Intangible assetsCompleted development projects DKKGoodwill DKKCost beginning of year5,649,57715,000,000Additions3,098,5110Cost end of year8,748,08815,000,000Amortisation and impairment losses beginning of year(1,193,265)(3,750,000)Amortisation for the year(2,177,929)(1,875,000)Amortisation and impairment losses end of year(3,371,194)(5,625,000)Carrying amount end of year5,376,8949,375,0005 Development projectsDevelopment projects include the development of the platform. The development project essentially consists of costs in the form of direct salaries and other costs, which are registered through the company’s internal project module. The carrying amount is 5,377k. the 31.12.2021. The platform is expected to bring significant competitive advantages and thus a significant increase in the level of activity and profit for the company. 6 Property, plant and equipmentOther fixtures and fittings, tools and equipment DKKCost beginning of year95,261Cost end of year95,261Depreciation and impairment losses beginning of year(71,373)Depreciation for the year(15,087)Depreciation and impairment losses end of year(86,460)Carrying amount end of year8,8017 Financial assetsDeposits DKKCost beginning of year90,600Cost end of year90,600Carrying amount end of year90,6008 Non-current liabilities other than provisionsDue after more than 12 months 2021 DKKOutstanding after 5 years 2021 DKKPayables to group enterprises9,836,0099,836,009Other payables495,834495,83410,331,84310,331,8439 Other payables2021 DKK2020 DKKVAT and duties91,125162,149Wages and salaries, personal income taxes, social security costs, etc payable137,955530,588Holiday pay obligation145,537155,499Other costs payable43,22034,912417,837883,14810 Unrecognised rental and lease commitments2021 DKK2020 DKKLiabilities under rental or lease agreements until maturity in total72,08867,95011 Contingent liabilitiesThe Entity participates in a Danish joint taxation arrangement where Cimbria Nord 1 ApS serves as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity is therefore liable for income taxes etc for the jointly taxed entities, and for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for the jointly taxed entities. The jointly taxed entities' total known net liability under the joint taxation arrangement is disclosed in the administration company's financial statements.12 Group relationsName and registered office of the Parent preparing consolidated financial statements for the largest group: Cimbria Oasis Fund II,LP, Dairy Ashford Road 1155, Suit 400, Texas 77079 HoustonName and registered office of the Parent preparing consolidated financial statements for the smallest group: Cimbria Nord 1 ApS, Tornmarksvej 94C, 5491 Blommenslyst.This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class B enterprises with addition of certain provisions for reporting class C.The accounting policies applied to these financial statements are consistent with those applied last year.falseRecognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic benefits will flow to the Entity, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial recognition is effected as described below for each financial statement item. Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and measurement. Income is recognised in the income statement when earned, whereas costs are recognised by the amounts attributable to this financial year.Foreign currency translationOn initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the rate in effect at the payment date, or the rate at the balance sheet date, are recognised in the income statement as financial income or financial expenses. Gross profit or lossGross profit or loss comprises revenue and external expenses.RevenueRevenue from the sale of services is recognised in the income statement over the period when delivery is made to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed.Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities, including expenses for premises, stationery and office supplies, marketing costs, etc.Staff costsStaff costs comprise salaries and wages, and social security contributions, pension contributions, etc for entity staff.Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to equipment and intangible assets comprise depreciation, amortisation and impairment losses for the financial year, and gains and losses from the sale of intangible assets and equipment.Other financial incomeOther financial income comprises interest income, payables and transactions in foreign currencies etc.Financial expenses from group enterprisesFinancial expenses from group enterprises comprise interest expenses etc from payables to group enterprises.<br />Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group enterprises, net capital or exchange losses on securities, payables and transactions in foreign currencies, amortisation of financial liabilities, and tax surcharge under the Danish Tax Prepayment Scheme etc.Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity.The Entity is jointly taxed with all Danish group enterprises. The current Danish income tax is allocated among the jointly taxed entities proportionally to their taxable income (full allocation with a refund concerning tax losses).GoodwillGoodwill is the positive difference between cost and fair value of assets and liabilities arising from acquisitions. Goodwill is amortised straight-line over its estimated useful life, which is fixed based on the experience gained by Management for each business area. For one amount of goodwill, it has not been possible to estimate useful life reliably, for which reason such useful life has been set at 10 years. For other amounts of goodwill, useful life has been determined based on an assessment of whether the enterprises are strategically acquired enterprises with a strong market position and a long-term earnings profile and whether the amount of goodwill includes intangible resources of a temporary nature that cannot be separated and recognised as separate assets. Useful lives are reassessed annually. The amortisation periods used are 8 years. Goodwill is written down to the lower of recoverable amount and carrying amount.<br />Intellectual property rights etcIntellectual property rights etc comprise development projects completed.Development projects on clearly defined and identifiable products and processes, for which the technical rate of utilisation, adequate resources and a potential future market or development opportunity in the enterprise can be established, and where the intention is to manufacture, market or apply the product or process in question, are recognised as intangible assets. Other development costs are recognised as costs in the income statement as incurred. When recognising development projects as intangible assets, an amount equalling the costs incurred less deferred tax is taken to equity under Reserve for development costs that is reduced as the development projects are amortised and written down. ​ ​The cost of development projects comprises costs such as salaries and amortisation that are directly and indirectly attributable to the development projects. ​ ​Completed development projects are amortised on a straight-line basis using their estimated useful lives which are determined based on a specific assessment of each development project. If the useful life cannot be estimated reliably, it is fixed at 10 years. For development projects protected by intellectual property rights, the maximum period of amortisation is the remaining duration of the relevant rights. The amortisation periods used are 3 years. ​ ​Intellectual property rights etc are written down to the lower of recoverable amount and carrying amount.EquipmentOther fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses. Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the asset until the time when it is ready to be put into operation. The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line depreciation is made on the basis of the following estimated useful lives of the assets:Other fixtures and fittings, tools and equipment3 yearsEstimated useful lives and residual values are reassessed annually. Items of property, plant and equipment are written down to the lower of recoverable amount and carrying amount.ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and doubtful debts.Tax payable or receivableCurrent tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's taxable income, adjusted for prepaid tax.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost.CashCash comprises of bank deposits.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Deferred incomeDeferred income comprises income received for recognition in subsequent financial years. Deferred income is measured at cost.2022-05-06Brian Veje Iversen