31744172 2024-01-01 2025-03-31 31744172 2024-01-01 2025-03-31 31744172 2024-01-01 2025-03-31 0 31744172 2024-01-01 2025-03-31 0 31744172 2024-01-01 2025-03-31 1 31744172 2024-01-01 2025-03-31 2 31744172 2024-01-01 2025-03-31 0 31744172 2024-01-01 2025-03-31 0 31744172 2023-01-01 2023-12-31 31744172 2025-03-31 31744172 2023-12-31 xbrli:pure iso4217:DKK 30700228 true Ecovista ApS Rysensteensgade 14 1564 København V Revisionspåtegning Konklusion Grundlag for konklusion Årsrapport Regnskabsklasse B 2024-01-01 2025-03-31 2023-01-01 2023-12-31 true 24 CUBRIS ApS Industriparken 39Industriparken 39 2750 Ballerup 31744172 16 2025-09-18 Johannes Boyer Today, Management has considered and adopted the Annual Report of CUBRIS ApS for the financial year 1 January 2024 - 31 March 2025. 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 assets, liabilities and financial position of the Company at 31 March 2025 and of the results of the Company's operations for the financial year 1 January 2024 - 31 March 2025. In our opinion, the Management's Review includes a true and fair account of the matters addressed in the review. We recommend that the Annual Report be adopted at the Annual General Meeting. Ballerup 2025-09-18 Claus Vendelsø-Nielsen Director Johannes Boyer Claus Vendelsø-Nielsen Kar Chung Chan Chairman Member Member To the shareholders of CUBRIS ApS OpinionWe have audited the financial statements of CUBRIS ApS for the financial year 1 January 2024 - 31 March 2025, which comprise income statement, balance sheet, statement of changes in equity 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 financial position at 31 March 2025 and of the results of its operations for the financial year 1 January 2024 - 31 March 2025 in accordance with the Danish Financial Statements Act. Basis of opinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and 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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.IndependenceWe 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. 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 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. The auditor's responsibility 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 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 the financial statements.As part of an audit conducted in accordance with ISAs and 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 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 note 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 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 Statements Act. We did not identify any material misstatement of the Management's review. Vejle 2025-09-18 EY Godkendt Revisionspartnerselskab 30700228 Lene Kamper Jørgensen State Authorised Public Accountant mne34456 CUBRIS ApS 2750 Ballerup 46975400 31744172 2008-08-29 2024-01-01 2025-03-31 Lysholt Allé 10 7100 Vejle Nordea Danmark The Company's principal activitiesThe Company's principal activities consist in development of software and delivery of consulting service within the IT industry and related services. Exceptional circumstancesThe company has changed the financial year from 01.01 - 31.12 to 01-01-2024 - 31-03-2025. Reporting date is now 31-03-2025. The reorientation of the financial year are due to adjustment to the Group's financial year.The changes of the financial year means that the figures for the financial year are 15 months and the comparative figures are 12 months. Development in activities and the financial situationThe Company's Income Statement of the financial year 1 January 2024 - 31 March 2025 shows a result of DKK -12,745,224 and the Balance Sheet at 31 March 2025 a balance sheet total of DKK 9,700,190 and an equity of DKK -50,420,122.It is the assessment of the management that the company can regain its capital through operations within the nextcouple of years. In addition, the capital owner has submitted a declaration of support in favor of the company andwill thus ensure the continued operation. Please, see the note 3 on uncertainties relating to going concern.The Management has therefore prepared the financial statements using the going concern assumption. The Annual Report of CUBRIS ApS for 2024/25 has been prepared in accordance with the provisions of the Danish Financial Statements Act concerning reporting class B entities. Change in financial yearThe company has changed the financial year from 01-01 - 31-12 to 01-01-2024 - 31-03-2025. Reporting date is now 31-03-2025. The reorientation of the financial year are due to adjustment to the Group's financial year.The changes of the financial year mean that the figures for the financial year are 15 months and the comparative figures are 12 months. Translation policiesTransactions in foreign currencies are translated into DKK at the exchange rate prevailing at the date of transaction. Monetary assets and liabilities in foreign currencies are translated into DKK based on the exchange rates prevailing at the balance sheet day. Realised and unrealised foreign exchange gains and losses are included in the Income Statement under Financial Income and Expenses. Basis of recognition and measurementIncome is recognised in the Income Statement as it is earned, including value adjustments of financial assets and liabilities that are measured at fair value or amortised cost. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the Income Statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the Income Statement. Assets are recognised in the Balance Sheet when it is probable that future economic benefits attributable to the asset 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 attributable to the asset will flow out of the Company, and the value of the liability can be measured reliably. At initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Certain financial assets and liabilities are measured at amortised cost, which involves the recognition of a constant effective interest rate over the term. Amortised cost is calculated as original cost less repayments and with the addition/deduction of the accumulated amortisation of the difference between the cost and the nominal amount. This way, exchange losses and gains are allocated over the term. In connection with recognition and measurement, consideration is given to predictable losses and risks occurring prior to the presentation of the Annual Report, i.e. losses and risks which prove or disprove matters which exist at the balance sheet date. Income Statement Gross profit/lossThe Company has decided to aggregate certain items of the Income Statement in accordance with the provisions of Section 32 of the Danish Financial Statements Act.Gross profit is a combination of the items of revenue, change in work in progress, cost of raw and consumables and other external expenses. RevenueThe Company has chosen IAS 11 Construction contracts/IAS 18 Revenue as interpretation for revenue recognition. Revenue is measured at the fair value of the agreed consideration exclusive of VAT and taxes charged on behalf of third parties. All discounts and rebates granted are recognised in revenue.Income from construction contracts involving a high degree of customisation is recognised as revenue by reference to the stage of completion. Accordingly, revenue corresponds to the market value of the contract work performed during the year (percentage-of-completion method). This method is used where the total income and expenses and the degree of completion of the contract can be measured reliably.Where income from a construction contract cannot be estimated reliably, contract revenue corresponding to the expenses incurred is recognised only in so far as it is probable that such expenses will be recoverable from the counterparty. Other external expensesOther external costs include costs for distribution, sales, advertising, administration, premises, loss of debitors, operating leasing costs etc. Staff expensesStaff expenses comprise wages, salaries and other pay-related costs, such as sickness benefits for enterprise employees less wage/salary reimbursement, pensions and social security costs.Other staff expenses are recognised in other external expenses. Financial income and expensesFinancial income and expenses are recognised in the Income Statement based on the amounts that concern the financial year. Financial income and expenses include interest revenue and expenses, finance charges in respect of finance leases, realised and unrealised capital gains and losses regarding securities, accounts payable and transactions in foreign currencies. Tax on net profit for the yearTax on net profit/loss for the year comprises current tax on expected taxable income of the year and the year's adjustment of deferred tax less the part of the tax of the year that relates to changes in equity. Current and deferred tax regarding changes in equity is recognised directly in equity.The Company and the parent company are taxed jointly. The Danish income tax is distributed between profit- and loss-making Danish enterprises in relation to their taxable income (full distribution). Balance Sheet Tangible assets Tangible assets are measured at cost on initial recognition and subsequently at cost less accumulated depreciation and impairment losses.The depreciable amount is calculated taking into consideration the residual value of the asset at the end of its useful life, reduced by impairment losses, if any. The depreciation period and the residual value are determined at the date of acquisition. If the residual value exceeds the carrying amount of the asset, depreciation is discontinued.In case of changes in depreciation period or residual value, the effect of a change in depreciation period is recognised prospectively in accounting estimates.Cost includes the purchase price and expenses directly related to the acquisition until the time when the asset is ready for use. The cost of self-constructed assets includes costs for materials, components, subcontractors, direct payroll costs and indirect production costs.The cost of composite asset is disaggregated into components, which are seperately depreciated if the useful lives of the individual components differ.Depreciation is calculated using the straight-line method over the following estimated useful lives of the individual assets and their residual values:Tools and equipment:5 yearsLeasehold improvements:10 yearsGains or losses arising from the disposal of property, plant and equipment are determined as the difference between the selling price less selling costs and the carrying amounts at the time of sale. Gains or losses are recognised in the income statement as other operating income or other operating expenses.Property, plant and equipment held under leases and qualifying as finance leases are treated according to the same guidelines as assets owned.Impairment of fixed assetsThe carrying amount of tangible assets is tested annually for indication of impairment other than the decrease in value reflected by amortisation/depreciation made.Impairment tests are conducted on individual assets or cash-generating units when there is indication of impairment. Write-down is made to the lower of the recoverable amount and carrying 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 expected net cash flows on the disposal of the asset or the group of assets after the end of the useful lifePreviously recognised impairment losses are reversed when the reason for recognition no longer exists. Impairment losses on goodwill are not reversed.. Leases (Company as lessee)The Company has chosen IAS 17 Leases as interpretation for classification and recognition of leases.Leases that do not transfer substantially all the risks and rewards incident to ownership to the entity are operating leases. Payments relating to operating leases and any other leases are recognised in the income statement over the term of the lease. The Company's total liabilities relating to operating leases and other leases are disclosed under contingencies. DepositsDeposits are measured at cost. Contract work in progressContract work in progress is measured at the selling price of the work performed. The selling price is measured by reference to the stage of completion at the reporting date and total expected income from the work in progressWhere the outcome of contract work in progress cannot be estimated reliably, the market value is measured at the expenses incurred in so far as they are expected to be paid by the purchaser.Work in progress is recognised in the balance sheet under receivables or payables depending on the net value of the selling price less invoicing on account.Prepayments from customers are recognised under liabilities.Where the total expenses relating to the work in progress are expected to exceed the total market value, the expected loss is recognised as a loss-making agreement under "Provisions" and is expensed in the income statementAdvertising from promotional costs and costs of negotiating contracts are expensed incurred. ReceivablesThe Company has chosen IAS 39 Financial instruments as interpretation for impairment write-down of financial receivables: Recognition and measurement. Receivables are measured at amortised cost. Write-down for bad and doubtful debts is made when there is objective evidence that a receivable has been impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis.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 of the individual receivable is used as discount rate. Cash and cash equivalentsCash and cash equivalents comprise cash at bank and in hand as well as short-term securities with a term of less than three months which can be converted directly into cash at bank and in hand and involve only an insignificant risk of value changes. EquityEquity comprises the working capital and a number of equity items that may be statutory or stipulated in thearticles of association. Deferred taxDeferred tax and the associated adjustments for the year are determined according to the balance-sheet liability method as the tax base of all temporary differences between carrying amounts and the tax bases of assets and liabilities. Deferred tax assets, including the tax base of tax losses allowed for carryforward, are recognised at the value at which they are expected to be used, either by elimination in tax on future earnings or by set-off against deferred tax liabilities in enterprises within the same legal entity and jurisdiction.Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. LiabilitiesThe Company has chosen IAS 39 Financial instruments as interpretation for liabilities. Other liabilities, comprising deposits, trade payables and other accounts payable, are measured at amortised cost, which usually corresponds to the nominal value. Contingent assets and liabilitiesContingent assets and liabilities are not recognised in the Balance Sheet but appear only in the notes. 16584529 10638196 30267990 20204821 114144 154010 -13797605 -9720635 39647 107794 158145 101431 2542360 1366675 123560 57720 -16265733 -10935805 -3520509 -2401440 -12745224 -8534365 12745224 8534365 80262 129202 333976 399180 414238 528382 291832 280499 291832 280499 706070 808881 1173726 6021384 2706859 2496581 617933 2441475 669212 0 399241 121933 34012 4340 5600983 11085713 3393137 1864506 8994120 12950219 9700190 13759100 125000 125000 -50545122 -37799898 -50420122 -37674898 0 1707999 0 1707999 1130101 1188935 1130101 1188935 69764 65999 262625 2178823 714887 1017612 56497917 43230306 1445018 2044324 58990211 48537064 60120312 49725999 9700190 13759100 1. Staff expensesWages and salaries-26,127,275-17,452,257Pensions-3,236,127-2,093,565Social security contributions-291,438-191,605Other employee expense-613,150-467,394-30,267,990-20,204,821Average number of employees2724 2. Work in progressSelling price of work performed2,706,8592,496,581Payments revevied on account002,706,8592,496,581Classified as: Contract assets (net assets)2,706,8592,496,581Classified as: Contract liabilities (net liabilities)002,706,8592,496,581 3. Long-term liabilitiesDueDueDueafter 1 yearwithin 1 yearafter 5 yearsLong-term vacations pay obligation1,130,10101,036,0451,130,10101,036,045 4. Uncertainties relating to going concernThere is considerable uncertainty regarding the going concern status of the Cubris ApS as the contributed capital is lost.It is the assessment of the management that the company can regain its capital through operations within the next couple of years. In addition, the capital owner has submitted a declaration of support in favor of the company and will thus ensure the continued operation.The Management has therefore prepared the financial statements using the going concern assumption. 5. Contingent liabilitiesThe company has entered into a lease with a residual term of at least 75 months. The total lease obligation for the period can be calculated at approximately DKK 3.648.000The company has entered into a financial leasing agreement with a residual term of 24 months. The total lease obligation for the period can be calculated at approximately DKK 279.268.The Company is jointly taxed with the other enterprises in the group and is jointly and severally liable for the taxes that concern the joint taxation.The total amount appears from the annual report of Hitachi Rail GTS Denmark A/S A/S which is the administration company in the joint taxation. 6. Collaterals and securitiesCompany Pledge, nominal DKK 500.000 in the company's goodwill, operating assets and trade receivables with af total balance sheet value of DKK 1.253.988 is deposited for collateral with financial institutes. 7. Related partiesThe company is owned by Hitachi Rail GTS Denmark A/S, cvr. 3207 5193The company is included in the consolidated financial statements of the parent company Hitachi, LTD, Tokyo, Japan.