44947463 2025-01-01 2025-12-31 44947463 2025-01-01 2025-12-31 2 44947463 2025-01-01 2025-12-31 1 44947463 2025-01-01 2025-12-31 2 44947463 2025-01-01 2025-12-31 1 44947463 2024-01-01 2024-12-31 44947463 2025-12-31 44947463 2024-12-31 44947463 2025-01-01 d:ContributedCapitalMember 44947463 2025-01-01 d:RetainedEarningsMember 44947463 2025-01-01 2025-12-31 d:RetainedEarningsMember 44947463 2025-12-31 d:ContributedCapitalMember 44947463 2025-12-31 d:RetainedEarningsMember 44947463 2025-01-01 d:FixturesFittingsToolsAndEquipmentMember 44947463 2025-01-01 d:ShipsMember 44947463 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 44947463 2025-12-31 d:ShipsMember 44947463 2025-01-01 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 44947463 2025-01-01 2025-12-31 d:ShipsMember 44947463 2025-01-01 d:ReceivablesFromGroupEnterprisesMember 44947463 2025-01-01 2025-12-31 d:ReceivablesFromGroupEnterprisesMember 44947463 2025-12-31 d:ReceivablesFromGroupEnterprisesMember 44947463 2025-12-31 d:OtherLongtermPayablesMember 44947463 2024-12-31 d:OtherLongtermPayablesMember iso4217:DKK xbrli:pure CaseWare-FSR false 2026-04-30 2024-01-01 PricewaterhouseCoopers 33771231 44699818 GoCollective Holding A/S Skøjtevej 26 2770 2025-01-01 2025-12-31 2024-12-31 Simon Ming Du Jensen Rytter false Regnskabsklasse B false Revisionspåtegning false false false Annual report The Executive Board has today discussed and approved the annual report of Busdan 44 ApS for the financial year 1 January - 31 December 2025. The annual report is 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 December 2025 and of the results of the company's operations for the financial year 1 January - 31 December 2025. In our opinion, management's review includes a fair review of the matters dealt with in the management's review. Management recommends that the annual report should be approved by the company in general meeting. Henrik la Cour Director Markus Honner director To the shareholder of Busdan 44 ApS Opinion 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 in accordance with the Danish Financial Statements Act.We have audited the Financial Statements of Busdan 44 ApS for the financial year 1 January - 31 December 2025, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equi­ty and notes (''Financial Statements''). Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the “Auditor's responsibilities for the audit of the Financial Statements” section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Statement on Management's ReviewManagement is responsible for Management's Review.Our opinion on the Financial Statements does not cover 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 Management's Review and, in doing so, consider whether 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 Management's Review provides the information required under the Danish Financial Statements Act.Based on the work we have performed, in our view 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 in Management's Review. 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 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. Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements 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 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 Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.Conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Hellerup 2026-04-30 PricewaterhouseCoopers Maj-Britt Nørskov Nannestad State Authorized Public Accountant mne32198 Jacob Dannefer State Authorized Public Accountant mne47886 Busdan 44 ApS Skøjtevej  26 2770  Kastrup 44947463 Tårnby 33771231 Strandvejen 44 2900 Hellerup Business reviewIn accordance with the articles of association, the purpose of the company is to operate a leasing business with buses. Financial review The company's income statement for the year ended 31 December 2025 shows a loss of TDKK 570, and the balance sheet at 31 December 2025 shows equity of TDKK 36.196. The annual report of Busdan 44 ApS for 2025 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to reporting class B entities with optional provisions in class C.The accounting policies remain consistent with those of the previous year. The company has revised the presentation of the profit and loss statement as outlined below.The annual report for 2025 is pre­sen­ted in TDKK. Income is recognised in the income statement as earned, including value adjustments of financial assets and liabilities. All expenses, including amortisation, depreciation and impairment losses, are also recognised in the income statement.Assets are recognised in the balance sheet when it is probable that future economic benefits will flow 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 will flow from the company and the value of the liability can be measured reliably.On initial recognition, assets and liabilities are measured at cost. On subsequent recognition, assets and liabilities are measured as described below for each individual accounting item. The net revenue includes the period's income from operational leasing. Other external expenses include expenses related to administration. Depreciation, amortisation and impairment of tangible assets comprise the year's depreciation, amortisation and impairment of tangible assets. Financial income and expenses consist of interest, which is recognized in the income statement with the amounts relating to the financial year. On payment of joint taxation contributions, the current Danish income tax 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 tax losses to reduce their own taxable profits.The company is subject to joint taxation with the ultimate Danish parent company, GoCollective Holding A/S, and other Danish group companies. The current corporation tax is distributed between the jointly taxed companies in proportion to their taxable income. Buses and chargers are measured at cost less accumulated depreciation and impairment losses.The depreciable amount is cost less the expected residual value at the end of the useful life.Cost comprises the purchase price and any costs directly attributable to the acquisition until the date when the asset is available for use.Straight-line depreciation is provided on the basis of the following estimated useful lives of the assets:Useful lifeChargers 14 years Buses 14 years Assets costing less than TDKK 50 are expensed in the year of acquisition.et Financial fixed assets consist of prepaid service contracts and are measured at fair value on the balance sheet date. Receivables are measured at amortised cost. Prepayments recognised under 'Current assets' comprises expenses incurred concerning subsequent financial years. Cash and cash equivalents comprise cash and deposits at banks. Current tax liabilities and current tax receivables are recognised in the balance sheet as the estimated tax on the taxable income for the year, adjusted for tax on the taxable income for previous years and tax paid on account.Deferred tax is measured according to the liability method in respect of temporary differences between the carrying amount of assets and liabilities and their tax base, calculated on the basis of the planned use of the asset and settlement of the liability, respectively. Deferred tax is measured at net realisable value.Deferred tax is measured according to the tax rules and at the tax rates applicable in the respective countries at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax adjustments resulting from changes in tax rates are recognised in the income statement, with the exception of items taken directly to equity.Changes in deferred tax, as a result of changes in tax rates, are recognized in the income statement. Liabilities, which include trade payables, payables to group entities and other payables, are measured at amortised cost, which is usually equivalent to nominal value. In the preparation of the financial statements for the financial year 2025, the Company has revised the presentation of the income statement, transitioning from a function-based to an Income statement classified by nature. This change has been implemented to enhance transparency and improve comparability of the Company’s revenues and expenses.    The nature-based classification of the income statement is considered to provide a more faithful representation of the Company’s overall cost structure and resource consumption. It should be noted that this modification pertains solely to the presentation format and does not affect the profit for the year, equity, or the statement of financial position.    Comparative figures for the prior financial year have been restated accordingly to conform with the revised presentation format and to ensure consistency and comparability. 5643000 652000 1539000 110000 4104000 542000 0 0 2731000 228000 1373000 314000 28000 1000 1971000 2000 -570000 313000 0 0 -570000 313000 -570000 313000 1446000 1558000 33826000 36445000 35272000 38003000 33146000 34846000 33146000 34846000 68418000 72849000 0 145000 2974000 18504000 1700000 1498000 4674000 20147000 1468000 708000 6142000 20855000 74560000 93704000 40000 40000 36156000 36726000 36196000 36766000 30922000 0 30922000 0 1386000 0 2202000 56921000 3854000 17000 7442000 56938000 38364000 56938000 74560000 93704000 40000 36726000 -570000 40000 36156000 To support the Company's short-term operational needs and planned investment expansions, reliance is placed on internal financing. This funding is anticipated to remain accessible through GoCollective Holding A/S, the Company’s ultimate Danish parent company. Additionally, the Company has obtained a letter of support from its parent, GoCollective Bus A/S, which assures that intercompany debt will not be called in the short term unless there is sufficient liquidity.   The letter also guarantees that sufficient funds will be provided to meet the Company's short-term debt obligations as they arise, at least until the next annual general meeting in 2027.   Based on the letter of support, Management has determined that there is no significant uncertainty concerning the Company's ability to sustain operations.   Therefore, the financial statements have been prepared on this basis. 216000 0 1755000 2000 1971000 2000 0 0 1567000 36663000 1567000 36663000 9000 218000 112000 2619000 -121000 2837000 1446000 33826000 34846000 -1700000 33146000 33146000 Prepayments consists of prepaid costs relating to service contracts with affiliated companies. 16010000 0 14912000 0 30922000 0 3854000 17000 The company is subject to joint taxation with the ultimate Danish parent company, GoCollective Holding A/S, and other Danish group companies.