15990988 2025-01-01 2025-12-31 15990988 2025-01-01 2025-12-31 1 15990988 2025-01-01 2025-12-31 1 15990988 2025-01-01 2025-12-31 1 15990988 2025-01-01 2025-12-31 2 15990988 2025-01-01 2025-12-31 3 15990988 2024-01-01 2024-12-31 15990988 2025-12-31 15990988 2024-12-31 15990988 2024-01-01 d:ContributedCapitalMember 15990988 2024-01-01 d:RetainedEarningsMember 15990988 2024-01-01 2024-12-31 d:RetainedEarningsMember 15990988 2025-01-01 d:ContributedCapitalMember 15990988 2025-01-01 d:RetainedEarningsMember 15990988 2025-01-01 2025-12-31 d:RetainedEarningsMember 15990988 2025-01-01 2025-12-31 d:ContributedCapitalMember 15990988 2025-12-31 d:ContributedCapitalMember 15990988 2025-12-31 d:RetainedEarningsMember 15990988 2025-01-01 2025-12-31 d:SubsidiaryMember 1 15990988 2025-12-31 d:SubsidiaryMember 1 15990988 2025-12-31 d:LongtermEquityLoanMember iso4217:DKK xbrli:pure Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Dirch Passers Allé 36 Postboks 250, 2000 Frederiksberg 2025-01-01 2025-12-31 2024-01-01 2024-12-31 15990988 Intec Telecom Systems Denmark A/S c/o TMF Denmark A/S, H.C. Andersens Boulevard 38, 3. th 1553 Copenhagen 1992-02-01 Copenhagen EY Godkendt Revisionspartnerselskab 30700228 Dirch Passers Allé 36 2000 Frederiksberg Danmark +45 73 23 30 00 2026-05-11 Darren Alexander Parkinson Regnskabsklasse B Andre erklæringer uden sikkerhed true true 2026-05-11 2026-05-11 CaseWare Working Papers Today, the Board of Directors and the Executive Board have discussed and approved the annual report of Intec Telecom Systems Denmark A/S for the financial year 1 January - 31 December 2025. The annual report, which has not been audited, has been prepared in accordance with the provisions of the Danish Financial Statements Act. The Board of Directors and the Executive Board have considered the criteria for omission of audit to be met. In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2025 and of the results of the Company's operations for the financial year 1 January - 31 December 2025. Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the annual general meeting. Copenhagen Darren Alexander Parkinson Fiona Mary O'Connor Chairman Victoria Louise Shaw Darren Alexander Parkinson To the general management of Intec Telecom Systems Denmark A/S We have compiled the financial statements of Intec Telecom Systems Denmark A/S for the financial year 1 January - 31 December 2025 based on the Company's bookkeeping and other information provided.The financial statements comprise an income statement, balance sheet, statement of changes in equity and notes, including accounting policies.We performed this compilation engagement in accordance with ISRS 4410 Compilation Engagements.We have applied our expertise in accounting and financial reporting to assist you in the preparation and presentation of the financial statements in accordance with the Danish Financial Statements Act. We have complied with relevant requirements in the Danish Auditors Act and International Ethics Standards Board for Professional Accountants' International Code of Ethics for Professional Accountants (IESBA Code), including principles of integrity, objectivity, professional competence and due care.The financial statements and the accuracy and completeness of the information used to compile the financial statements are your responsibility.Since a compilation engagement is not an assurance engagement, we are not required to verify the accuracy or completeness of the information you provided to us to compile the financial statements. Accordingly, we do not express an audit opinion or a review conclusion on whether the financial statements are prepared in accordance with the Danish Financial Statements Act. Copenhagen Claus Tanggaard Jacobsen State Authorised Public Accountant mne23314 The main activity of the Intec Denmark Group in the past was the sale of license rights for billing software and related consultancy services. The Group's activities have ceased, and all entities within the Group are non-trading with minimal levels of administration overheads.Intec Denmark is primarly an investment holding company. The income statement for 2025 shows a loss of DKK 2,984 thousand against a profit of DKK 1,640 thousand last year, and the balance sheet at 31 December 2025 shows a negative equity of DKK 174,585 thousand. Capital resourcesIt is the intention of the Parent Company to run the Company with only small level of trading activity until the remaining subsidiary has either been closed or merged into other Group companies.We refer to note 2 to the financial statements, in which the capital resources are outlined. The Company has one remaining subsidiary, which is non-trading. The estimated costs of liquidating this subsidiary exceed the benefit, and as such, there are no plans to liquidate this in the near term. No events materially affecting the Company's financial position have occurred subsequent to the financial year-end. 86000 77000 79000 71000 7000 6000 1000 1000 6000 5000 2990000 -1635000 -2984000 1640000 -2984000 1640000 0 0 0 0 0 0 1000 0 1000 0 25000 35000 26000 35000 26000 35000 14585000 14585000 -189170000 -189176000 -174585000 -174591000 172805000 172805000 172805000 172805000 1000 1000 1758000 1779000 47000 41000 1806000 1821000 174611000 174626000 26000 35000 14585000 -189181000 1640000 1635000 14585000 -189176000 -2984000 0 2990000 14585000 -189170000 The annual report of Intec Telecom Systems Denmark A/S for 2025 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to reporting class B entities and elective choice of certain provisions applying to reporting class C entities. Pursuant to section 110(1) of the Danish Financial Statements Act, the Company has not prepared consolidated financial statements. The accounting policies used in the preparation of the financial statements are consistent with those of last year.In accordance with the Danish Business Authority’s clarification in May 2021, financial statement items regarding equity investments in associates have been renamed to equity investments in participating interests as the financial statement items must be designated as such when the entity only holds equity investments in associates. Reporting currencyThe financial statements are presented in Danish kroner (DKK'000). On initial recognition, transactions denominated in foreign currencies are translated at the exchange rate 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 and payables and other monetary items denominated in foreign currencies are translated at the exchange rate 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 most recent financial statements is recognised in the income statement as financial income or financial expenses. Foreign group entitiesForeign group entities and associates are considered separate entities. Items in such entities' income statements are translated at an average exchange rate for the month, and balance sheet items are translated at closing rates. Foreign exchange differences arising on translation of the opening equity of foreign group entities to closing rates and on translation of the income statements from average exchange rates to closing rates are taken directly to equity.Foreign exchange adjustments of balances with separate foreign group entities, which are considered part of the aggregate investment in the group entity, are taken directly to equity, and foreign exchange gains and losses on loans and derivative financial instruments designated as hedges of foreign group entities are recognised directly in equity.On recognition of foreign group entities which are integral entities, monetary items are translated at closing rates. Non monetary items are translated at the exchange rate at the acquisition date or at the date of any subsequent revaluation or impairment of the asset. Income statement items are translated at the exchange rates at the transaction date. However, items derived from non monetary items are translated at historical exchange rates for the non monetary item. With effect from 1 January 2013 the company agreed to act as an agent of another group company based in the UK. Under this agreement, the company is now an agent for the group company and all customer revenue is passed in full to the group company. The group company is responsible for all risk associated with revenue and the underlying contracts. The group company also agreed to reimburse all costs of the company plus an appropriate mark-up. The items revenue, production costs and other operating income have been aggregated into one item in the income statement called gross profit in accordance with section 32 of the Danish Financial Statements Act. Administrative expenses include expenses incurred in the year for company management and administration, including expenses relating to administrative staff, Management, office premises and expenses as well as amortisation/depreciation of assets used for administrative purposes. A proportionate share of the underlying entities' profit/loss after tax is recognised in the income statement according to the equity method. Shares of profit/loss after tax in subsidiaries and associates are presented as separate line items in the income statement. Full elimination of intra-group gains/losses is made to equity investments in subsidiaries. Financial expenses are recognised in the income statements at the amounts that concern the financial year. Net financials include interest expenses as well as allowances and surcharges under the advance-payment-of-tax scheme, etc. The parent company is covered by the Danish rules on mandatory joint taxation of the Group's Danish group entities. Group entities are included in the joint taxation arrangement from the date at which they are included in the consolidated financial statements and up to the date when they are no longer consolidated.The parent company acts as management company for the joint taxation arrangement and consequently settles all corporate income tax payments with the tax authorities.On payment of joint taxation contributions, the Danish corporate income tax charge is allocated between the jointly taxed entities in proportion to their taxable income. Entities with tax losses receive joint taxation contributions from entities that have been able to use the tax losses to reduce their own taxable income.Tax for the year, which comprises the current income tax charge, joint taxation contributions and deferred tax adjustments, including adjustments arising from changes in tax rates, is recognised in the income statement as regards the portion that relates to the profit/loss for the year and directly in equity as regards the portion that relates to entries directly in equity. Equity investments in group entities are measured according to the equity method.On initial recognition, equity investments in group entities are measured at cost, i.e. plus transaction costs. The cost is allocated in accordance with the acquisition method; see the accounting policies regarding business combinations.The cost is adjusted by shares of profit/loss after tax calculated in accordance with the Group's accounting policies less or plus unrealised intra-group gains/losses.Identified increases in value and goodwill, if any, compared to the underlying entity's net asset value are amortised in accordance with the accounting policies for the assets and liabilities to which they can be attributed. Negative goodwill is recognised in the income statement.Dividend received is deduced from the carrying amount.Equity investments in group entities measured at net asset value are subject to impairment test requirements if there is any indication of impairment. 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. The Company has chosen IAS 39 as interpretation for liabilities.Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction costs paid. On subsequent recognition, financial liabilities are measured at amortised cost, corresponding to the capitalised value, using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan. Financial liabilities also include the capitalised residual lease liability in respect of finance leases.Other liabilities are measured at net realisable value.Subordinate loan capitalLiabilities where the creditors have stated they are willing to subordinate their claim to rank after all the entity's other creditors are presented as subordinate loan capital. Subordinate loan capital is recognised using the same method as applies to liabilities. To ensure that the Company has sufficient cash for continuing operations in the foreseeable future, Management has received a “Letter of Support” from the Parent Company that will provide the required financial liquidity as requirements arise. Based on the “Letter of Support” and that the required cash will be provided as the need occurs, Management has prepared the financial statements on the going concern assumption. It is Management’s opinion that the Company will have sufficient cash to continue as a going concern in the foreseeable future at least for the next 12 months. Digiquant Inc. USA 100.00 0 0 172805000 0 172805000 172805000 Staff costs are recognised as follows in the financial statements: 0 0 Other contingent liabilities The Company is jointly taxed with a sister company, Volubill Danmark ApS. As management company, the Company has joint and several unlimited liability with Volubill Danmark ApS for payment of Danish income taxes. The jointly taxed entities' known net income tax liability totals DKK 0 thousand at 31 December 2025. Any subsequent corrections of the the joint taxation income may entail that the Company's liability will increase. Information about consolidated financial statements ParentDomicileRequisitioning of the parent company's consolidated financial statements CSG Systems International Inc.169 Inverness Drive West, Englewood, CO 80112, United Stateswww.csgi.com