44465795 2024-10-01 2025-09-30 cmn:ConsolidatedMember 44465795 2024-10-01 2025-09-30 cmn:ConsolidatedMember 1 44465795 2024-10-01 2025-09-30 cmn:ConsolidatedMember 2 44465795 2024-10-01 2025-09-30 cmn:ConsolidatedMember 3 44465795 2024-10-01 2025-09-30 cmn:ConsolidatedMember 1 44465795 2024-10-01 2025-09-30 cmn:ConsolidatedMember 2 44465795 2024-10-01 2025-09-30 cmn:ConsolidatedMember 3 44465795 2024-10-01 2025-09-30 cmn:ConsolidatedMember 1 44465795 2024-10-01 2025-09-30 cmn:ConsolidatedMember 2 44465795 2023-11-30 2024-09-30 cmn:ConsolidatedMember 44465795 2025-09-30 cmn:ConsolidatedMember 44465795 2024-09-30 cmn:ConsolidatedMember 44465795 2024-09-30 cmn:ConsolidatedMember fsa:ContributedCapitalMember 44465795 2024-09-30 cmn:ConsolidatedMember fsa:RetainedEarningsMember 44465795 2024-09-30 cmn:ConsolidatedMember fsa:EquityAttributableToParentMember 44465795 2024-09-30 cmn:ConsolidatedMember fsa:MinorityInterestsMember 44465795 2024-10-01 2025-09-30 cmn:ConsolidatedMember fsa:ContributedCapitalMember 44465795 2024-10-01 2025-09-30 cmn:ConsolidatedMember fsa:RetainedEarningsMember 44465795 2024-10-01 2025-09-30 cmn:ConsolidatedMember fsa:EquityAttributableToParentMember 44465795 2024-10-01 2025-09-30 cmn:ConsolidatedMember fsa:MinorityInterestsMember 44465795 2025-09-30 cmn:ConsolidatedMember fsa:ContributedCapitalMember 44465795 2025-09-30 cmn:ConsolidatedMember fsa:RetainedEarningsMember 44465795 2025-09-30 cmn:ConsolidatedMember fsa:EquityAttributableToParentMember 44465795 2025-09-30 cmn:ConsolidatedMember fsa:MinorityInterestsMember 44465795 2024-10-01 2025-09-30 cmn:ConsolidatedMember 1 44465795 2023-11-30 2024-09-30 cmn:ConsolidatedMember 1 44465795 2024-10-01 2025-09-30 cmn:ConsolidatedMember 5 44465795 2023-11-30 2024-09-30 cmn:ConsolidatedMember 5 44465795 2023-11-29 cmn:ConsolidatedMember 44465795 2024-10-01 2025-09-30 44465795 2023-11-30 2024-09-30 44465795 2025-09-30 44465795 2024-09-30 44465795 2024-09-30 fsa:ContributedCapitalMember 44465795 2024-09-30 fsa:RetainedEarningsMember 44465795 2024-10-01 2025-09-30 fsa:ContributedCapitalMember 44465795 2024-10-01 2025-09-30 fsa:RetainedEarningsMember 44465795 2025-09-30 fsa:ContributedCapitalMember 44465795 2025-09-30 fsa:RetainedEarningsMember iso4217:DKK xbrli:pure Annual report 2026-03-27 Louise In Birk Delfs The Board of Directors and the Executive Board have today considered and approved the annual report of TopCap RPG ApS for the financial year 01.10.2024 - 30.09.2025. The annual report is presented in accordance with the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view​of the Group's and the Parent's financial position at 30.09.2025and of the results of their operations and the consolidated cash flows for the financial year01.10.2024 -30.09.2025. 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. Copenhagen Martin Jørgensen Louise In Birk Delfs Ulrik Nicolai Jungersen Martin Jørgensen Louise In Birk Delfs Ulrik Nicolai Jungersen To the shareholders of TopCap RPG ApS We have audited the consolidated financial statements and the parent financial statements of TopCap RPG ApSfor the financial year 01.10.2024 - 30.09.2025, which comprise the income statement, balance sheet, statement of​changes in equity and notes, including a summary of significant accounting policies, for the Group as well as the Parent, and the consolidated cash flow statement. The consolidated financial statements and the parent financial statements are prepared in accordance with the Danish Financial Statements Act. ​​ ​​In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view​of the Group's and the Parent's financial position at 30.09.2025 and of the results of their operations and the consolidated cash flows for the financial year 01.10.2024 - 30.09.2025 in accordance with the Danish Financial Statements Act. We 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 consolidated financial statements and the parent financial statements" section of this auditor’s report. We are independent of the Group in accordance ​with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional ​Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled ​our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for the preparation of consolidated financial statements and parent 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 consolidated financial statements and parent financial statements that are free from material misstatement, ​whether due to fraud or error. ​​ ​​In preparing the consolidated financial statements and the parent financial statements, Management is responsible for assessing the Group's and the Entity’s ability to continue ​as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going ​concern basis of accounting in preparing the​consolidated financial statements and the parent financial statements unless Management either intends to liquidate ​the Entity or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and the parent 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 applicable in Denmark will always detect a material ​misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, ​individually or in the aggregate, they could reasonably be expected to influence the economic decisions of ​users taken on the basis of these consolidated financial statements and parent financial statements. ​​ ​​As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, ​​we exercise professional judgement and maintain professional scepticism throughout the audit. We also:Identify and assess the risks of material misstatement of the consolidated financial statements and the parent financial statements, whether due to ​fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence ​that is sufficient and appropriate to provide a basis for our opinion. The risk of​not detecting a ​material misstatement resulting from fraud is higher than for one resulting from error, as fraud may ​involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.​Obtain an understanding of internal control relevant to the audit in order to design audit procedures ​​that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the ​​effectiveness of the Group's and the Entity’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 consolidated financial statements and the parent financial statements, and, based on the audit evidence obtained, whether a material ​uncertainty exists related to events or conditions that may cast significant doubt on the Group's and the Entity’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 consolidated financial statements and the parent financial statements or, if such ​​disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence ​​obtained up to the date of our auditor’s report. However, future events or conditions may cause the ​Group and the ​Entity to cease to continue as a going concern.​Evaluate the overall presentation, structure and content of the consolidated financial statements and the parent financial statements, including the disclosures ​in the notes, and whether the consolidated financial statements and the parent financial statements represent the underlying transactions and ​​events in a manner that gives a true and fair view.Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the consolidated financial statements and the parent financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.We communicate with those charged with governance regarding, among other matters, the planned scope ​​and timing of the audit and significant audit findings, including any significant deficiencies in internal control ​​that we identify during our audit.​​ Management is responsible for the management commentary. ​​ ​​Our opinion on the consolidated financial statements and the parent financial statements does not cover the management commentary, and we do not express ​any form of assurance conclusion thereon. ​​ ​​In connection with our audit of the consolidated financial statements and the parent financial statements, our responsibility is to read the management ​commentary and, in doing so, consider whether the management commentary is materially inconsistent with ​the consolidated financial statements and the parent financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. ​​​Moreover, it is our responsibility to consider whether the management commentary provides the information ​​required by relevant law and regulations.Based on the work we have performed, we conclude that the management commentary is in accordance with ​​the consolidated financial statements and the parent financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary. Copenhagen Deloitte Statsautoriseret Revisionspartnerselskab Deloitte Statsautoriseret Revisionspartnerselskab 33963556 33963556 Bjørn Winkler Jakobsen State Authorised Public Accountant mne32127 Henrik Hartmann Olesen State Authorised Public Accountant mne34143 Financial highlights2024/25​DKK'0002023/24​DKK'000Key figuresGross profit/loss54,49619,085EBITDA20,5634,217EBITDA adjusted29,67515,326Operating profit/loss1,233(3,902)Net financials(11,333)(6,848)Profit/loss for the year(13,112)(12,257)Profit for the year excl .​minority interests(7,765)(7,218)Balance sheet total532,654363,941Investments in property, plant and equipment385627Equity161,952142,072Equity excl. minority interests87,13891,746Cash flows from operating activities5,3721,932Cash flows from investing activities(133,308)(283,614)Cash flows from financing activities161,277296,358RatiosEquity ratio (%)16.3625.21Financial highlights are defined and calculated in accordance with the current version of "Recommendations & ​Ratios" issued by the CFA Society Denmark.​​EBITDA adjusted is defined as EBITDA excluding one-off, primarily related to M&A activities and operational costs.Equity ratio (%) :​Equity excl. minority interests * 100 ​​Balance sheet total Primary activitiesThe Parent entity's main activities consist of owning shares in companies in the consultancy industry. ​ ​Right People Group is providing premium IT and business consulting services to companies and organizations. Development in activities and financesIn December 2024, the Group acquired Shareminds ApS and in June 2025 RPG Consulting Services A/S. ​​The Group's income statement for the first financial year 2024/25 shows a (loss) of DKK (13.1) million, and the Group's balance sheet as of 30 September 2025 shows a total equity of DKK 162.0 million including minority interest. Profit/loss for the year in relation to expected developmentsEBITDA adjusted for the Group was expected to be in the range DKK 30-35 millon for the financial year 2024/2025. ​ ​The Group has realized an adjusted EBITDA of DKK 29.7 million. Management considers the result to be in the lower range of the the expectations. In the light of the turbulent market conditions during the financial year, the result and EBITDA adjusted are as expected. OutlookThe Group expects to grow, both organically and inorganically. ​ ​EBITDA Adjusted, for the Group excluding one-off, primarily related to M&A activities, is expected to be in the range DKK 35-45 million for the financial year 2025/2026. Statutory report on corporate governanceThe Group’s main shareholder, Capidea, is a member of Active Owners, which has issued “Guidelines for responsible ownership and good cooperate governance”. The Group is not subject to these guidelines, as they apply to companies that meet the criteria for accounting class C, large. The Group's implementation of the guidelines will be continuously assessed, and reporting on this will be included in future annual reports. ​Capidea is represented on the board by Managing Partner Martin Jørgensen, Partner Ulrik Nicolai jungersen and Director Louise In Birk Delfs. Board meetings are held at least four times a year, and no special board committees​have been established. Events after the balance sheet dateFurthermore, no events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. 54496153 19084900 33933339 14867740 19329409 8118886 1233405 -3901726 503986 122123 11837428 6970520 -10100037 -10750123 3012317 1507167 -13112354 -12257290 1910666 93329 38864021 0 322931065 262833475 744896 103666 364450648 263030470 179588 186203 583586 338310 763174 524513 535755 560491 535755 560491 365749577 264115474 115045453 80735772 0 81659 3804468 3975764 37684 356510 118887605 85149705 48017062 14675784 166904667 99825489 532654244 363940963 300000 300000 86838278 91445740 87138278 91745740 74813312 50325784 161951590 142071524 8186605 0 8186605 0 126066795 68755900 20619076 0 1777857 1783992 43811475 41411475 192275203 111951367 29400000 12300000 11696336 5233162 115639882 85945821 3002740 965228 817837 474787 9684051 4999074 170240846 109918072 362516049 221869439 532654244 363940963 300000 91445740 91745740 50325784 142071524 0 0 0 33307139 33307139 -115703 -115703 0 -115703 0 0 -320215 -320215 3272926 3272926 -3151727 121199 -7764685 -7764685 -5347669 -13112354 300000 86838278 87138278 74813312 161951590 19329409 8118886 -990949 6351636 19571865 10568796 503986 122123 11837428 7014694 2865984 1744081 5372439 1932144 2818647 103666 385042 384576 -24736 360039 130129176 282765770 -133308129 -283614051 127935690 281681907 84174069 131200537 3300000 3500000 53669501 154049424 Cash from business acquisitions 24333398 14607730 Interests from financing activities 2400000 0 161276968 296357691 33341278 14675784 14675784 0 48017062 14675784 1 Events after the balance sheet dateThere have been no events after the balance sheet date that change the assessment of the annual report. 2 Staff costs2024/25​DKK2023/24​DKKWages and salaries31,078,01014,209,491Pension costs2,549,998562,324Other social security costs305,33195,92533,933,33914,867,740Average number of full-time employees4429Special incentive programmesThe Company has in 2024 set up an incentive scheme for selected investors and employees in the group with the option to subscribe new shares in MidCap RPG ApS. At 30 September 2025 13.460 warrants has been awarded. ​The warrants is subject to vesting over 5-year period. The fair value of the warrants depends on the financial development in Right People Group and whether or not a shareholder exit takes place. 44 29 3 Depreciation, amortisation and impairment losses2024/25​DKK2023/24​DKKAmortisation of intangible assets19,004,2228,102,379Impairment losses on intangible assets178,8070Depreciation on property, plant and equipment146,38016,50719,329,4098,118,886 4 Other financial income2024/25​DKK2023/24​DKKOther interest income457,48487,886Exchange rate adjustments46,50234,032Other financial income0205503,986122,123 5 Other financial expenses2024/25​DKK2023/24​DKKOther interest expenses11,309,5706,515,966Exchange rate adjustments102,11753,654Other financial expenses425,741400,90011,837,4286,970,520 6 Tax on profit/loss for the year2024/25​DKK2023/24​DKKCurrent tax3,932,9871,506,418Change in deferred tax(920,670)7493,012,3171,507,167 7 Proposed distribution of profit/loss2024/25​DKK2023/24​DKKRetained earnings(7,764,685)(7,218,025)Minority interests' share of profit/loss(5,347,669)(5,039,265)(13,112,354)(12,257,290) -7764685 -7218025 -5347669 -5039265 -13112354 -12257290 8 Intangible assetsCompleted development projects​DKKAcquired intangible assets​DKKGoodwill​DKKDevelopment projects in progress​DKKCost beginning of year521,5390270,915,762103,666Addition through business combinations etc042,473,27875,311,2830Transfers103,66600(103,666)Additions2,073,75000744,896Cost end of year2,698,95542,473,278346,227,045744,896Amortisation and impairment losses beginning of year(428,210)0(8,082,287)0Impairment losses for the year00(178,807)0Amortisation for the year(360,079)(3,609,257)(15,034,886)0Amortisation and impairment losses end of year(788,289)(3,609,257)(23,295,980)0Carrying amount end of year1,910,66638,864,021322,931,065744,896 9 Development projectsThe Group's development costs primarly relates to the implement, customize and set up of a new ERP system planned for usage in the begining of the next year. 10 Property, plant and equipmentOther fixtures and fittings, tools and equipment​DKKLeasehold improvements ​DKKCost beginning of year651,179344,044Additions50,709334,332Cost end of year701,888678,376Depreciation and impairment losses beginning of year(464,976)(5,734)Depreciation for the year(57,324)(89,056)Depreciation and impairment losses end of year(522,300)(94,790)Carrying amount end of year179,588583,586 11 Financial assetsDeposits​DKKCost beginning of year560,491Additions71,264Disposals(96,000)Cost end of year535,755Carrying amount end of year535,755 12 Trade receivablesA part of the Groups receivables are subject to a factoring arrangement and have been purchased by the factoring company without recourse. 13 Deferred tax​​Changes during the year2024/25​DKK2023/24​DKKBeginning of year81,6590Recognised in the income statement(920,670)(749)Addition through business combinations etc(7,347,594)82,408End of year(8,186,605)81,659Deferred tax has been recognised in the balance sheet as follows2024/25​DKK2023/24​DKK Deferred tax assets081,659 Deferred tax liabilities(8,186,605)0(8,186,605)81,659 14 PrepaymentsPrepayments relates to prepaid expenses for the period after 30.09.2025. 15 Contributed capitalNumberA Shares297,000B Shares3,000300,000 16 Non-current liabilities other than provisionsDue within 12 ​months​2024/25​DKKDue within 12 ​​months​2023/24​DKKDue after ​more than 12 ​months​2024/25​DKKOutstanding ​after 5 years​2024/25​DKKBank loans29,400,00012,300,000126,066,7950Payables to group enterprises0020,619,0760Tax payable001,777,8570Other payables0043,811,47541,411,47529,400,00012,300,000192,275,20341,411,475 17 Changes in working capital2024/25​DKK2023/24​DKKIncrease/decrease in receivables(33,737,900)(85,068,046)Increase/decrease in trade payables etc.34,900,78591,419,682Other changes(2,153,834)0(990,949)6,351,636 18 Other unrecognised commitmentsUnrecognised rental and lease commitments2024/25​DKK2023/24​DKKTotal liabilities under lease rental or agreements until maturity 1,567,0301,898,195 19 Contingent liabilitiesThe Parent and the Danish subsidiaries participate in a Danish joint taxation arrangement in which TopCap RPG ApS serves as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Parent and the Danish subsidiaries are therefore secondarily liable for income taxes etc. for the jointly taxed entities, limited to the equity interest by which the Entity participates in the Group,and also secondarily liable for obligations, if any, relating to the withholding of tax on interest, royalties and dividends 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. 20 Assets charged and collateralCollateral provided for group enterprisesLoan facilities by bank connection is secured by pledge of shares in subsidiaries. Shares in CapHold RPG ApS has been pledged by MidCap RPG ApS as part of the loan agreement. The recognised value of the assets charged amounts to a total of DKK 182.5 million, equivalent to the underlying equity value of subsidiaries.​The MidCap RPG Group has guaranteed the group enterprise CapHold RPG ApS's debt with bank connection by surity by way of charged collateral in receivables from group enterprises. ​ ​Bank loans of MidCap RPG ApS group secured by collateral amount to DKK 167,2 million as ​ of 30 September 2025. 21 Non-arm’s length related party transactionsOnly non-arm's length related party transactions are disclosed in the annual report.​ No such transactions were conducted during the financial year. 22 Group relationsName and registered office of the Parent preparing consolidated financial statements for the largest and smallest​group: ​TopCap RPG ApS, Grønningen 25, 1270 Copenhagen K, Denmark. 23 SubsidiariesRegistered inCorporate ​​formOwnership ​​​%MidCap RPG ApSDenmarkApS59.07CapHold RPG ApSDenmarkApS100.00Right People Group Holding ApSDenmarkApS100.00Avenida Consult ApSDenmarkApS100.00RIGHT PEOPLE GROUP ApSDenmarkApS100.00Right People Group International ApSDenmarkApS100.00RPG Digital GmbHGermanyGmbH100.00Right People Group GmbHGermanyGmbH100.00Right People Group OYFinlandOY100.00Right People Group Onsiter ABSwedenAB100.00Right People Group S.LSpainSL100.00Right People Group ASNorwayAS100.00Right People Group S.R.L.ItalyS.R.L.100.00RPG Consulting Services A/SDenmarkA/S100.00SHAREMINDS ApSDenmarkApS100.00 -171769 -2710 -8319263 -7569687 1178856 454361 296090 802 -7608266 -7118838 156419 99187 -7764685 -7218025 107690735 75596434 0 16002052 107690735 91598486 107690735 91598486 6744086 1997622 6744086 1997622 154889 246441 6898975 2244063 114589710 93842549 300000 300000 86591567 91445740 86891567 91745740 20619076 0 1093984 505164 3808899 1591645 25521959 2096809 1591645 0 505164 0 79375 0 2176184 0 27698143 2096809 114589710 93842549 300000 91445740 91745740 0 6682 6682 -115703 -115703 3032897 3032897 -7764685 -7764685 300000 86591567 86891567 The Company's share capital is DKK 300,000 divided into shares of DKK 1 each. The share capital is divided into A and B shares, where the A share capital amounts to DKK 297,000 and the B share capital amounts to DKK 3,000.​ 1 Events after the balance sheet dateThere have been no events after the balance sheet date that change the assessment of the annual report. 2 Other financial income2024/25​DKK2023/24​DKKFinancial income from group enterprises1,178,014453,499Other interest income842657Other financial income02051,178,856454,361 3 Tax on profit/loss for the year2024/25​DKK2023/24​DKKCurrent tax156,41999,187156,41999,187 4 Proposed distribution of profit and loss2024/25​DKK2023/24​DKKRetained earnings(7,764,685)(7,218,025)(7,764,685)(7,218,025) -7764685 -7218025 -7764685 -7218025 5 Financial assetsInvestments in group enterprises​DKKReceivables from group enterprises​DKKCost beginning of year81,277,15416,002,052Transfers17,180,066(17,180,066)Additions20,322,9861,178,014Cost end of year118,780,2060Revaluations beginning of year(5,680,720)0Exchange rate adjustments(6,682)0Adjustments on equity(1,312,296)0Share of profit/loss for the year(8,319,263)0Fair value adjustments(115,703)0Other adjustments4,345,1930Revaluations end of year(11,089,471)0Carrying amount end of year107,690,7350A specification of investments in subsidiaries is evident from the notes to the consolidated financial statements.The convertible loan raised last year incluiding accrued interests, has been converted into investments in group enterprises including accrued interests. 6 Joint taxation contribution receivableReceivables from jointly taxed entities in all material respects fall due after more than 12 months from the balance sheet date. It is Managements expecation that the receivables are repaid over a period of 1-2 years. 7 Non-current liabilities other than provisionsDue within 12 ​months​2024/25​DKKDue after ​more than 12 ​months​2024/25​DKKOutstanding ​after 5 years​2024/25​DKKPayables to group enterprises020,619,0760Tax payable01,093,9840Joint taxation contribution payable1,591,6453,808,8990Other payables0041,411,4751,591,64525,521,95941,411,475 8 EmployeesThe entity has no employees other than the Executive Board. The Executive Officers has not received any ​​remuneration.2024/252023/24Average number of full-time employees00 0 0 9 Contingent liabilitiesThe Entity participates in a Danish joint taxation arrangement in which TopCap RPG ApS serves as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity is​therefore secondarily liable for income taxes etc. for the jointly taxed entities, limited to the equity interest by which the Entity participates in the Group, and also secondarily liable for obligations, if any, relating to the withholding of tax on interest, royalties and dividends 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. 10 Assets charged and collateralLoan facilities by bank connection is secured by pledge of shares in subsidiaries. 11 Non-arm’s length related party transactionsOnly non-arm's length related party transactions are disclosed in the annual report.​ No such transactions were conducted during the financial year. This annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act ​governing reporting class C enterprises (medium).The accounting policies applied to these consolidated financial statements and parent financial statements are consistent with those applied last year. Non-comparabilityThe financial period for 2023/24 comprises the company's first reporting period for the period of 15.12.2023 - 30.09.2024 including acquisition of subsidiaries during the period. Due to this figures in the consolidated income ​ statement represents varying reporting periods and cannot be compared with 2024/25. Recognition 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. Consolidated financial statementsThe consolidated financial statements comprise the Parent and the group enterprises (subsidiaries) that are controlled by the Parent. Control is achieved by the Parent, either directly or indirectly, holding more than 50% of the voting rights or in any other way possibly or actually exercising controlling influence. Basis of consolidationThe consolidated financial statements are prepared on the basis of the financial statements of the Parent and its subsidiaries. The consolidated financial statements are prepared by combining uniform items. On consolidation, intra-group income and expenses, intra-group accounts and dividends as well as profits and losses on transactions between the consolidated enterprises are eliminated. The financial statements used for consolidation have been prepared applying the Group’s accounting policies.​​Subsidiaries’ financial statement items are recognised in full in the consolidated financial statements.​​Investments in subsidiaries are offset at the pro rata share of such subsidiaries’ net assets at the acquisition date,​with net assets having been calculated at fair value. Business combinationsNewly acquired or newly established enterprises are recognised in the financial statements from the time ​​of acquiring or establishing such enterprises. Divested or wound-up enterprises are recognised in the income ​​statement up to the time of their divestment or winding-up. ​​ ​​The purchase method is applied at the acquisition of new enterprises, under which identifiable assets and ​​liabilities of these enterprises are measured at fair value at the acquisition date. Provisions for costs of ​restructuring of the enterprise acquired are only made in so far as such restructuring was decided by the ​​enterprise acquired prior to acquisition. Allowance is made for the tax effect of restatements.Positive differences in amount (goodwill) between cost of the acquired share and fair value of the assets ​​and liabilities taken over are recognised in intangible assets, and they are amortised systematically over ​​the income statement based on an individual assessment of their useful lives. If the useful life cannot be ​​estimated reliably, it is fixed at 10 years. Useful life is reassessed annually. 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.​​ ​​When recognising foreign subsidiaries and associates that are independent entities, the income statements ​​are translated at average exchange rates for the months that do not significantly deviate from the rates at the ​transaction date. Balance sheet items are translated using the exchange rates at the balance sheet date. Goodwill​​is considered belonging to the independent foreign entity and is translated using the exchange rate at the ​balance sheet date. Exchange differences arising out of the translation of foreign subsidiaries’ equity at the ​beginning of the year at the balance sheet date exchange rates and out of the translation of income statements ​from average rates to the exchange rates at the balance sheet date are recognised directly in the translation reserve in equity. ​​ ​​Exchange adjustments of outstanding accounts with independent foreign subsidiaries, which are considered ​​part of the total investment in the subsidiary in question, are recognised directly in the translation reserve in equity. Gross profit or lossGross profit or loss comprises revenue, cost of sales, other operating income and external expenses. RevenueRevenue from the sale of services is recognised in the income statement 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.​​Revenue from services where the entity act as an Agent (pass-through offering with use of third-party consultants) is reported on a net basis (gross invoiced sales, less cost of consultants recognized as revenue). Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary ​​activities. Cost of salesCost of sales comprises direct costs from freelance or third party consultants delivering consultantcy services. Costs of raw materials and consumablesCosts of raw materials and consumables comprise the consumption of raw materials and consumables for the ​financial year after adjustment for changes in inventories of these goods from the beginning to the end of the ​year. This item includes shrinkage, if any, and normal writedowns of the relevant inventories. Other external expensesOther external expenses include expenses relating to the Entity’s normal activities, including expenses for ​​premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of ​​receivables recognised in current assets. Property costsProperty costs include costs incurred to operate the Entity’s properties in the financial year, including repair ​​and maintenance costs, property tax and electricity, water and heating, which are not charged directly from ​​the lessee. Staff costsStaff costs comprise wages and salaries, and social security contributions, pension contributions, etc . for entity ​staff. Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating toplant and equipment, and comprise depreciation, amortisation and impairment losses for the financial year, and gains and losses from the sale of plant and equipment. Income from investments in group enterprisesIncome from investments in group enterprises comprises the pro rata share of the individual enterprises’ profit/loss after full elimination of intra-group profits or losses. Other financial incomeOther financial income comprises interest income, including interest income on receivables from group enterprises, net capital or exchange gains on securities, payables and transactions in foreign currencies, amortisation of financial assets, and tax relief under the Danish Tax Prepayment Scheme etc. Other financial expensesOther financial expenses compriseinterest 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 Parent is jointly taxed with all of its Danish group enterprises and other Danish consolidated companies. The current Danish income tax is allocated among the jointly taxed companies 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 20years. ​​ ​​Goodwill is written down to the lower of recoverable amount and carrying amount.Intellectual property rights etc. Intellectual property rights etc. are written down to the lower of recoverable amount and carrying amount.Intellectual property rights acquired are measured at cost less accumulated amortisation. Patents are amortised ​on a straight-line basis over their remaining duration, and licences are amortised on a straight-line basis over the term of the agreement. Property, plant and 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:Useful life Other fixtures and fittings, tools and equipment3-5 yearsFor leasehold improvements and assets subject to finance leases, the depreciation period cannot exceed ​​the contract period. ​​ ​​Estimated 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. Investments in group enterprisesInvestments in group enterprises are recognised and measured in the parent financial statements according to the equity method. This means that investments are measured at the pro rata share of the enterprises’ equity value plus or minus unrealised intra-group profits or losses.​​ ​Group enterprises with negative equity value are measured at DKK 0. Any receivables from these enterprises ​​are written down to net realisable value based on a specific assessment. If the Parent has a legal or constructive ​obligation to cover the liabilities of the relevant enterprise, and it is probable that such obligation will involve a ​loss, a provision is recognised that is measured at present value of the costs necessary to settle the obligations at ​​the balance sheet date. ​​ ​​Upon distribution of profit or loss, net revaluation of investments in group enterprises is transferred to the reserve for net revaluation according to the equity method in equity. ​​ ​​Investments in group enterprises 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. Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based value of ​assets and liabilities, for which the tax-based value is calculated based on the planned use of each asset. However, no deferred tax is recognised for amortisation of goodwill disallowed for tax purposes and temporary ​differences arising at the date of acquisition that do not result from a business combination and that do not have ​any effect on profit or loss or on taxable income. ​​ ​​Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at ​​their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets. Joint taxation contributions payable or receivable Current joint taxation contributions payable or receivable are recognised in the balance sheet, stated as tax computed on this year's taxable income, adjusted for prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are expected to be used under the joint taxation arrangement.Tax payable or receivable Current 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 cash in hand and bank deposits. Minority interestsOn initial recognition, minority interests are measured at the minority interests’ share of the acquiree’s net assets measured at fair value. No goodwill related to the minority interests’ equity interests in the acquiree is recognised. Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. Cash flow statementThe cash flow statement shows cash flows from operating, investing and financing activities, and cash ​​and cash equivalents at the beginning and the end of the financial year. ​​ ​​Cash flows from operating activities are presented using the indirect method and calculated as the operating ​​profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid. ​​ ​​Cash flows from investing activities comprise payments in connection with acquisition and divestment of ​ enterprises, activities and fixed asset investments, and purchase, development, improvement and sale, ​​etc. of intangible assets and property, plant and equipment. ​​ ​​Cash flows from financing activities comprise changes in the size or composition of the contributed capital ​​and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend. ​​ ​​Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk. The cash flow statement shows cash flows from operating, investing and financing activities, and cash ​​and cash equivalents at the beginning and the end of the financial year. ​​ ​​Cash flows from operating activities are presented using the indirect method and calculated as the operating ​​profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid. ​​ ​​Cash flows from investing activities comprise payments in connection with acquisition and divestment of ​ enterprises, activities and fixed asset investments, and purchase, development, improvement and sale, ​​etc. of intangible assets and property, plant and equipment. ​​ ​​Cash flows from financing activities comprise changes in the size or composition of the contributed capital ​​and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend. ​​ ​​Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk. true Grundlag for konklusion Konklusion 2026-03-27 2026-03-27 Revisionspåtegning Regnskabsklasse C, mellemstor virksomhed 2024-09-30 2023-11-30 33963556 Weidekampsgade 6 Deloitte Statsautoriseret Revisionspartnerselskab 2300 København S 2025-09-30 2024-10-01 TopCap RPG ApS 44465795 København S 2300 6 Weidekampsgade København København K 1270 st25 Grønningen