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32658083 2025-01-01 2025-12-31 d:DepositsLongtermInvestmentsAndReceivablesMember 32658083 2025-12-31 d:ReceivablesFromGroupEnterprisesMember 32658083 2025-12-31 d:DepositsLongtermInvestmentsAndReceivablesMember 32658083 2025-12-31 c:ConsolidatedMember 1 32658083 2025-01-01 32658083 2024-01-01 iso4217:DKK xbrli:pure xbrli:shares Benjamin Kramarz Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning 9400 Årsrapport Langagervej 1 2024-12-31 Beierholm 9220 Aalborg Ø 2026-05-22 Konklusion Opinion Stigsborgvej Grundlag for konklusion Basis for Opinion 2026-05-22 2024-01-01 2025-01-01 2025-12-31 Beierholm 32658083 Continia Software A/S 60 Nørresundby Aalborg 32895468 Langagervej 1 9220 Aalborg Øst Danmark true Vi har dags dato aflagt års­rap­por­ten for regn­skabs­året 01.01.25 - 31.12.25 for Continia Software A/S. We have on this day presented the annual report for the financial year 01.01.25 - 31.12.25 for Continia Software A/S. Årsrapporten aflægges i over­ens­stem­mel­se med års­regn­skabs­loven. The annual report is presented in accordance with the Danish Finan­cial Sta­te­ments Act. Det er vores opfattelse, at koncern­regn­ska­bet og års­regn­ska­bet giver et ret­vi­sen­de bil­lede af kon­cer­nens og moder­virk­som­he­dens ak­ti­ver, pas­si­ver og fi­nan­siel­le stil­ling pr. 31.12.25 og resul­ta­tet af kon­cer­nens og mo­der­virk­som­he­dens ak­ti­vi­teter samt af kon­cer­nens penge­strøm­me for regn­skabs­året 01.01.25 - 31.12.25. In our opinion, the consolidated financial sta­te­ments and financial statements give a true and fair view of the group's and the parent's assets, lia­bilities and financial position as at 31.12.25 and of the results of the group’s and parent’s ac­ti­vities and of the group's cash flows for the financial year 01.01.25 - 31.12.25. Ledelsesberetningen indeholder efter vores op­fat­telse en ret­vi­sende rede­gø­rel­se for de for­hold, be­ret­nin­gen om­hand­ler. We believe that the management's review includes a fair review of the matters dealt with in the management's review. Årsrapporten indstilles til general­for­sam­lin­gens god­ken­delse. The annual report is submitted for adoption by the general meeting. Nørresundby 2026-05-22 Henrik Lærke Benjamin Kramarz Formand / Chairman Jan Gaardboe Jensen Marianne Dahl Steensen Til kapitalejeren i Continia Software A/S To the Shareholder of Continia Software A/S Det er vores opfattelse, at kon­cern­regn­ska­bet og års­regn­ska­bet giver et ret­visende bil­le­de af kon­cer­nens og selskabets akti­ver, pas­si­ver og finan­sielle stilling pr. 31.12.25 samt af resul­ta­tet af kon­cer­nens og selskabets ak­ti­viteter samt pen­ge­strøm­me for kon­cer­nen for regn­skabs­året 01.01.25 - 31.12.25 i over­ens­stem­mel­se med års­regn­skabs­loven. In our opinion the con­so­li­da­ted fi­nan­cial sta­te­ments and fi­nan­cial sta­te­ments give a true and fair view of the group's and the com­pa­ny's finan­cial posi­tion at 31.12.25 and of the results of the group's and the com­pa­ny's ope­ra­tions and con­solidated cash flows for the finan­cial year 01.01.25 - 31.12.25 in ac­cor­dan­ce with the Danish Finan­cial Sta­te­ments Act. Vi har udført vores revision i over­ens­stem­mel­se med internationale standarder om revi­sion og de yderligere krav, der er gæl­den­de i Danmark. Vores ansvar ifølge disse stan­dar­der og krav er nærmere beskrevet i revi­sions­på­teg­nin­gens afsnit ”Revisors ansvar for revisionen af koncern­regn­ska­bet og års­regn­ska­bet”. Vi er uafhængige af kon­cer­nen og selskabet i overensstemmelse med International Ethics Standards Board for Accountants’ internationale retningslinjer for revisorers etiske adfærd (IESBA Code) og de yderligere etiske krav, der er gældende i Danmark, ligesom vi har opfyldt vores øvrige etiske forpligtelser i henhold til disse krav og IESBA Code. Det er vores op­fat­tel­se, at det op­nå­ede revi­sions­bevis er til­stræk­ke­ligt og egnet som grund­lag for vores kon­klu­sion. 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 con­so­li­da­ted fi­nan­cial sta­te­ments and fi­nan­cial sta­te­ments” section of our report. We are independent of the group and 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. Ledelsen er ansvarlig for ledel­ses­be­ret­nin­gen.Vores konklusion om kon­cern­regn­ska­bet og års­regn­ska­bet omfat­ter ikke ledelsesberetningen, og vi ud­tryk­ker ingen form for konklusion med sikker­hed om ledel­ses­beret­ningen.I tilknytning til vores revision af kon­cern­regn­ska­bet og års­regn­ska­bet er det vores ansvar at læse ledel­ses­be­ret­nin­gen og i den forbindelse overveje, om ledel­ses­be­ret­nin­gen er væsentligt in­kon­sis­tent med kon­cern­regn­ska­bet eller års­regn­ska­bet eller vores viden opnået ved revisionen eller på anden måde synes at indeholde væsentlig fejl­in­for­ma­tion.Vores ansvar er derudover at overveje, om ledel­ses­be­ret­nin­gen indeholder krævede op­lys­ninger i henhold til års­regn­skabs­loven.Baseret på det udførte arbejde er det vores opfattelse, at ledelsesberetningen er i over­ens­stemmelse med kon­cern­regn­ska­bet og års­regn­ska­bet og er ud­ar­bej­det i over­ens­stem­melse med års­regn­skabs­lovens krav. Vi har ikke fundet væ­sentlig fejlinformation i ledel­ses­be­ret­nin­gen. Management is responsible for the mana­ge­ment’s review.Our opinion on the con­so­li­da­ted fi­nan­cial sta­te­ments and 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 con­so­li­da­ted fi­nan­cial sta­te­ments and fi­nan­cial sta­te­ments, it is our responsibility is to read mana­gement’s review and, in doing so, con­sider whether management’s review is mate­rially in­con­sistent with the con­so­li­da­ted fi­nan­cial sta­te­ments or pa­rent com­pa­ny 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, we conclude that the management’s review is in accordance with the con­so­li­da­ted fi­nan­cial sta­te­ments and 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. Ledelsen har ansvaret for udarbejdelsen af et kon­cern­regn­skab og et års­regn­skab, der giver et ret­vis­ende bil­le­de i over­ens­stem­mel­se med års­regn­skabs­loven. Ledel­sen har end­vi­de­re an­sva­ret for den in­ter­ne kon­trol, som ledel­sen an­ser for nød­ven­dig for at ud­ar­bejde et kon­cern­regn­skab og et års­regn­skab uden væsent­lig fejl­in­for­ma­tion, uanset om den­ne skyl­des besvi­gelser eller fejl.Ved udarbejdelsen af kon­cern­regn­ska­bet og års­regn­ska­bet er ledel­sen ansvarlig for at vurdere kon­cer­nens og selskabets evne til at fortsætte driften, at oplyse om for­hold ved­rø­ren­de fortsat drift, hvor dette er rele­vant, samt at udarbejde kon­cern­regn­ska­bet og års­regn­ska­bet på grund­lag af regn­skabs­prin­cip­pet om fort­sat drift, medmindre le­del­sen enten har til hen­sigt at likvidere kon­cer­nen og selskabet, indstille drif­ten eller ikke har andet rea­listisk alter­na­tiv end at gøre dette. Management is responsible for the pre­pa­ra­tion of con­so­li­da­ted fi­nan­cial sta­te­ments and 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 fi­nan­cial sta­te­ments that are free from material misstatement, whether due to fraud or error.In preparing the con­so­li­da­ted fi­nan­cial sta­te­ments and fi­nan­cial sta­te­ments, mana­ge­ment is responsible for assessing the group's and 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 con­so­li­da­ted fi­nan­cial sta­te­ments and fi­nan­cial sta­te­ments unless mana­ge­ment either intends to liquidate the group and the company or to cease operations, or has no rea­listic alternative but to do so. Vores mål er at opnå høj grad af sikkerhed for, om kon­cern­regn­ska­bet og års­regn­ska­bet som helhed er uden væsent­lig fejlinformation, uanset om denne skyldes besvi­gel­ser eller fejl, og at afgive en revi­sions­på­teg­ning med en konklusion. Høj grad af sikkerhed er et højt niveau af sik­ker­hed, men er ikke en garanti for, at en revi­sion, der udføres i over­ens­stem­melse med inter­nationale stan­dar­der om revision og de yder­ligere krav, der er gæl­dende i Danmark, altid vil afdække væsentlig fejl­infor­mation, når sådan findes. Fejl­in­for­ma­ti­oner kan opstå som følge af be­svi­gel­ser eller fejl og kan betragtes som væ­sent­lige, hvis det med rime­lighed kan for­ven­tes, at de enkeltvis eller samlet har indflydelse på de økono­miske beslut­ninger, som regn­skabs­bru­ger­ne træffer på grund­lag af kon­cern­regn­ska­bet og års­regn­ska­bet.Som led i en revision, der udføres i over­ens­stem­melse med inter­na­ti­ona­le stan­dar­der om revision og de yder­ligere krav, der er gæl­­dende i Dan­mark, foretager vi faglige vur­deringer og op­ret­holder pro­fes­sio­nel skep­sis under revi­sio­nen. Herudover: Identificerer og vurderer vi risikoen for væsentlig fejlinformation i kon­cern­regn­ska­bet og års­regn­ska­bet, uanset om denne skyldes besvigelser eller fejl, udformer og udfører revisions­hand­linger som reak­tion på disse risici samt opnår revi­sions­bevis, der er til­stræk­keligt og egnet til at danne grund­lag for vores kon­klu­sion. Risi­koen for ikke at opdage væsent­lig fejl­infor­ma­tion forår­saget af besvi­gelser er højere end ved væ­sentlig fejl­information forårsaget af fejl, idet be­svi­gel­ser kan om­fatte sam­men­svær­gel­ser, dokumentfalsk, bevidste ude­la­del­ser, vild­led­ning eller til­side­sæt­tel­se af intern kontrol.Opnår vi forståelse af den interne kontrol med relevans for revisionen for at kunne ud­forme re­vi­si­ons­hand­lin­ger, der er pas­sen­de efter omstæn­dig­he­der­ne, men ikke for at kunne ud­trykke en kon­klu­sion om effek­tivi­teten af kon­cer­nens og selskabets interne kon­trol.Tager vi stilling til, om den regn­skabs­prak­­sis, som er an­vendt af le­del­sen, er pas­sende, samt om de regn­skabs­mæs­sige skøn og til­knyt­tede op­lys­nin­ger, som ledelsen har ud­ar­bej­det, er rime­lige.Konkluderer vi, om ledelsens udar­bej­del­se af kon­cern­regn­ska­bet og års­regn­ska­bet på grundlag af regn­skabs­prin­cip­pet om fortsat drift er pas­sen­de, samt om der på grundlag af det op­nåede revisions­bevis er væsentlig usik­kerhed for­bun­det med begiven­heder eller forhold, der kan skabe betydelig tvivl om kon­cer­nens og selskabets evne til at fort­sætte drif­ten. Hvis vi kon­klu­derer, at der er en væ­sentlig usikker­hed, skal vi i vores revi­sions­påtegning gøre opmærk­som på op­lys­nin­ger herom i kon­cern­regn­ska­bet og års­regn­ska­bet eller, hvis sådanne oplys­ninger ikke er til­stræk­kelige, modi­fi­cere vores konklusion. Vores kon­klu­sio­ner er baseret på det revisions­bevis, der er opnået frem til datoen for vores revi­sions­påtegning. Frem­tidige begi­ven­heder eller for­hold kan dog med­føre, at kon­cer­nen og selskabet ikke læn­gere kan fortsætte driften.Tager vi stilling til den samlede præ­sen­ta­tion, struktur og indhold af kon­cern­regn­ska­bet og års­regn­ska­bet, her­under note­op­lys­nin­ger­ne, samt om kon­cern­regn­ska­bet og års­regn­ska­bet afspejler de under­lig­gen­de trans­aktio­ner og begivenheder på en sådan måde, at der gives et ret­vi­sende billede heraf.Planlægger og udfører vi koncernrevisionen for at opnå tilstrækkeligt og egnet revisionsbevis vedrørende de finansielle oplysninger for virksomhederne eller forretningsenhederne i koncernen som grundlag for at udforme en konklusion om koncernregnskabet og års­regn­ska­bet. Vi er ansvarlige for at lede, føre tilsyn med og gennemgå det udførte revisionsarbejde til brug for koncernrevisionen. Vi er eneansvarlige for vores revisionskonklusion.Vi kommunikerer med den øverste ledelse om blandt andet det planlagte omfang og den tids­mæs­sige placering af revisionen samt betydelige revisions­mæssige obser­va­tio­ner, her­under even­tuelle betydelige mang­ler i intern kontrol, som vi iden­ti­fi­ce­rer under revisionen. Our objectives are to obtain reasonable as­surance about whether the con­so­li­da­ted fi­nan­cial sta­te­ments and 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 fi­nan­cial sta­te­ments.As part of an audit conducted in accordance with ISAs and the additional requirements applic­able in Denmark, we exercise pro­fes­sional judgment and maintain professional scepticism through­out the audit. We also: Identify and assess the risks of material misstatement of the con­so­li­da­ted fi­nan­cial sta­te­ments and 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 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 con­so­li­da­ted fi­nan­cial sta­te­ments and 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 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 con­so­li­da­ted fi­nan­cial sta­te­ments and 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 company to cease to continue as a going concern.Evaluate the overall presentation, structure and contents of the con­so­li­da­ted fi­nan­cial sta­te­ments and fi­nan­cial sta­te­ments, including the disclosures, and whether the con­so­li­da­ted fi­nan­cial sta­te­ments and 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 expressing an opinion on the consolidated financial statements and 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. Aalborg Henrik Bjørn Statsaut. revisor mne28606 70456000 55847000 33999000 -51000 -1153000 522000 49670000 40798000 25930000 226920000 173564000 90551000 1338000 1317000 1639000 801000 384000 108251000 58824000 29261000 37 59 93 112 67 67 48 34 32 130 111 83 Definitioner af nøgletalRatios definitionsEgenkapitalens for­rent­ning:Årets resultat x 100Gennemsnitlig egen­kapitalReturn on equity:Profit/loss for the year x 100Average equitySoliditetsgrad:Egenkapital ultimo x 100Samlede aktiverSolvency ratio:Equity, end of year x 100Total assets Væsentligste aktiviteterSelskabet udvikler og sælger software samt til­hø­ren­de service- og konsulentydelser. Softwaren om­fatter tillægsløsninger til procesoptimering af Microsoft Dynamics Business Central-produkter med fokus på automatisering af ordre- og fak­tu­ra­behandling samt den tilhørende godkendelse, be­taling og afstemning ved både modtagelse og af­sendelse. Derudover er der fokus på indbygget fil­integration til ledende banker og fak­tu­ra­por­ta­ler. Primary activitiesThe company develops and sells software along with related service and consulting solutions. The software includes add-on solutions for process optimization of Microsoft Dynamics Business Central products, with a focus on automating order and invoice processing, as well as the associated approval, payment, and re­conciliation for both incoming and outgoing transactions. Additionally, there is a strong emphasis on built-in file integration with leading banks and invoice portals. Udvikling i aktiviteter og økonomiske forholdI 2025 har virksomheden fastholdt et stærkt fokus på vækst og produktudvikling, samtidig med at den kommercielle tilstedeværelse er ble­vet styrket på flere markeder. Vi har opbygget en stærk lokal tilstedeværelse i Sverige, England og Polen gennem etableringen af lokale Partner Account Managers, hvilket har bragt os tættere på både partnere og kunder. Efterspørgslen efter Continia-produkter er fortsat høj med over 7.000 nye aktiveringer i løbet af året. Samtidig har mar­ke­det været præget af en hastigt accelererende udvikling inden for AI, Copilot og agent­baseret automatisering, hvilket påvirker både kundernes forventninger og den kon­kur­ren­cemæssige dynamik.Transformationen mod cloudbaserede løsninger fort­satte i et højt tempo gennem 2025. I oktober run­dede vi 16.000 aktive cloud-løsninger og blev der­med større på cloud end on-premise målt på antal aktive løsninger. Denne udvikling un­der­støt­ter vores strategiske transition mod en mere abon­nementsbaseret og skalerbar for­ret­nings­mo­del.Resultatmæssigt har virksomheden opnået en vækst på cirka 29% i omsætning og 39% i re­sul­tat før afskrivninger samt en eksportandel på 72%. Vækstraterne ligger væsentligt over for­vent­ningerne fra sidste års regnskab, som lød på mini­mum 20% vækst og et resultat før skat om­kring DKK 120 mio.Ledelsen vurderer årets udvikling som meget tilfredsstillende. I 2025 har der været et målrettet fokus på at styrke fundamentet for fortsat international skalering - herunder gennem ud­byg­ning af vores lokale markedsnærvær, op­ska­lering af eDoc-området, videreudvikling af Continia One (WAP) samt forberedelse af to nye pro­dukter. Derudover er IT-sikkerhed og com­pliance blevet yderligere styrket, og der har været et fortsat fokus på employer branding, triv­sel samt øget transparens i roller, mandat og karriereveje.I 2026 vil vi fortsætte med betydelige in­ve­ste­rin­ger i organisation, produkter og markeder med afsæt i vores langsigtede ambitioner. Vi vil yder­ligere styrke vores lokale tilstedeværelse og or­ga­ni­sationens gennemslagskraft på de enkelte mar­keder med henblik på at accelerere både ny­salg og mersalg hos eksisterende kunder. Sam­ti­dig vil vi fortsætte udviklingen og forbedringen af vores produktportefølje, herunder yderligere styr­kelse af sikkerhed og driftsstabilitet samt en fortsat professionalisering af salgs- og mar­ke­tingindsatsen på tværs af markeder.Continia Software A/S er med regnskabsmæssig virk­ning pr. 01.01.25 fusioneret med mo­der­sel­skabet Continia TopCo ApS. Fusionen har med­ført en forøgelse af egenkapitalen på DKK 85 mio. Corporate GovernanceContinia Software A/S ejer 100% af dat­ter­sel­ska­ber­ne Continia Software B.V.Continia Software Belgium BVContinia Software GmbHContinia Software UABContinia Software Inc. samtContinia Software S.L.og er selv ejet 100% af Continia BidCo ApS, som er ejet 100% af Continia HoldCo ApS.VIA equity Fund C K/S er majoritetsejer (ca. 62%) og VIA equity Fund V K/S aktionær (ca. 19%) i Continia HoldCo ApS; og således begge indirekte medejere af Continia Software A/S (se eventuelt mere om VIA equity på www.viaequity.com).Enkelte ledelsesmedlemmer og bestyrelses-medlemmer samt menige medarbejdere i Continia Software A/S er ligeledes aktionærer (ca. 20%) i Continia HoldCo ApS og således indirekte medejere af Continia Software A/S.Bestyrelsen består af:Benjamin Kramarz (formand): Managing partner i VIA equity A/S; sidder i bestyrelsen i:Continia Software A/S (formand)Continia BidCo ApS (formand)Continia HoldCo ApS (formand)MANSOFT A/S (formand)C & B Systemer A/S (formand)InterForm A/S (formand)Robopack Group A/S (formand)Robopack ApS (formand)C&B TopCo ApS (formand)SWC BidCo ApS (formand)MS BidCo ApS (formand)InterForm TopCo ApS (formand)InterForm MidCo ApS (formand)Ainavda HoldCo ABVIA Partners Top-Up III K/S VIA Partners IV K/S VIA Partners V K/S VIA Partners VI K/S VIA Partners A K/S VIA Partners B K/S VIA Partners C K/S (formand)VIA Partners D K/S Benjamin Kramarz er administrerende direktør i VIA Equity A/S samt direktør i VIA equity GP ApS og Kramarz Holding ApS, som han ejer 100%.Jan Gaardboe Jensen: Direktør i J&B Invest Holding ApS, NOBIS – Spritten Administration ApS, Art2Collect ApS og The Wharf ApS; sidder i bestyrelsen i:GAARDBOE-JENSEN HOLDING ApS(formand)NOBIS - Bolig A/S (formand) NOBIS - Vesterlund A/S (formandContinia Software A/SContinia BidCo ApSContinia HoldCo ApSSPRITTEN A/S (formand)C&B TopCo ApSC & B SYSTEMER A/SMarianne Dahl: Sidder i bestyrelsen i:Continia Software A/SContinia BidCo ApSContinia HoldCo ApSTelenor Group, børsnoteret på Oslo BørsTieto Corporation, børsnoteret på Helsinki BørsDTU - Danmarks Tekniske Universitet Det Udenrigspolitiske Selskab, Almennyttig forening Risikovurdering og risikostyringBestyrelse og direktion fastlægger og godkender løbende de overordnede politikker, procedurer og kontrolrammer for virksomhedens drift. Dette baseres på en klar organisationsstruktur med tydelige retningslinjer, veldefinerede autorisa­tions- og attestationsprocedurer samt en hen­sigts­mæssig funktionsadskillelse.Der gennemføres mindst årligt en systematisk vurdering af væsentlige risici og interne kon­trol­ler relateret til selskabets aktiviteter. På bag­grund heraf iværksættes og justeres relevante til­tag med henblik på at forebygge, reducere eller eliminere identificerede risici, herunder både for­retningsmæssige og finansielle risici.Som led i denne proces foretages der desuden en årlig vurdering af risikoen for besvigelser, herunder hvilke kontroller og foranstaltninger der er nødvendige for at imødegå disse.Forretningsmæssige og finansielle risiciDe væsentligste forretningsmæssige risici for Continia knytter sig primært til evnen til at fastholde og udbygge selskabets mar­keds­po­si­tion på de markeder, hvor koncernen opererer. Det er afgørende at kunne tilpasse sig og ud­nyt­te den teknologiske udvikling for fortsat at sikre kon­kurrenceevne og vækst.Continia-koncernen er endvidere eksponeret mod finansielle risici, herunder markedsrisici i form af valuta- og renterisici samt likviditets- og fi­nansieringsrisici. Koncernen har etableret en fi­nans­politik, der fastlægger rammerne for hånd­te­rin­gen af disse risici. Det er selskabets politik ikke at indgå i spekulative dispositioner, og fokus er således på at identificere, styre og be­græn­se de finansielle risici, der naturligt opstår som følge af drift, investeringer og finansiering. Development in activities and financial affairsIn 2025, the Company maintained a strong focus on growth and product development while further strengthening its commercial presence across multiple markets. A strong local presence has been established in Sweden, the UK, and Poland through the appointment of local Partner Account Managers, bringing us closer to both partners and customers. Demand for Continia products remained high, with more than 7,000 new activations during the year. At the same time, the market has been characterized by a rapidly accelerating development within AI, Copilot, and agent-based automation, impacting both customer expectations and the competitive landscape.The transition towards cloud-based solutions con­tinued at a high pace throughout 2025. In October, we surpassed 16,000 active cloud solutions, thereby exceeding on-premise solutions in terms of total active deployments. This development supports our strategic transition towards an increasingly subscription-based and scalable business model.Financially, the Company achieved revenue growth of approximately 29% and a 39% increase in earnings before depreciation, with an export ratio of 72%. These growth rates significantly exceed the expectations outlined in last year’s annual report, which projected a minimum growth of 20% and profit before tax of approximately DKK 120 million.Management considers the overall performance for the year to be highly satisfactory. In 2025, focused efforts were made to strengthen the foundation for continued international scaling, including expanding our local market presence, scaling the eDoc business area, further developing Continia One (WAP), and preparing two new products for launch. In addition, IT security and compliance have been further enhanced, alongside a continued focus on employer branding, employee wellbeing, and increased transparency in roles, responsibilities, and career paths.In 2026, we will continue to invest significantly in the organization, products, and markets, based on our long-term ambitions. We will further strengthen our local presence and organizational effectiveness across key markets to accelerate both new sales and upselling to existing customers. At the same time, we will continue to develop and enhance our product portfolio, including further strengthening security and operational stability, as well as continuing the professionalization of our sales and marketing efforts across markets.Continia Software A/S has merged with the parent company Continia TopCo ApS with accounting effect as of 01.01.25. The merger has resulted in an increase in equity of DKK 85 million.Corporate GovernanceContinia Software A/S owns 100% of the following subsidiaries Continia Software B.V.Continia Software Belgium BVContinia Software GmbHContinia Software UABContinia Software Inc. andContinia Software S.L.Continia Software A/S itself is 100% owned by Continia BidCo ApS, which is fully owned by Continia HoldCo ApS. VIA equity Fund C K/S is the majority shareholder (approx. 62%), and VIA equity Fund V K/S is a shareholder (approx. 19%), of Continia HoldCo ApS, and accordingly both indirect shareholders of Continia Software A/S (see also www.viaequity.com). Certain members of management, the Board of Directors, and employees of Continia Software A/S are also shareholders (approximately 20%) in Continia HoldCo ApS and are thus indirect shareholders of Continia Software A/S.The board of directors consists of:Benjamin Kramarz (chairman): Managing partner at VIA equity A/S; serves on the board of:Continia Software A/S (chairman)Continia BidCo ApS (chairman)Continia HoldCo ApS (chairman)MANSOFT A/S (chairman)C & B Systemer A/S (chairman)InterForm A/S (chairman)Robopack Group A/S (chairman)Robopack ApS (chairman)C&B TopCo ApS (chairman)SWC BidCo ApS (chairman)MS BidCo ApS (chairman)InterForm TopCo ApS (chairman) InterForm MidCo ApS (chairman) Ainavda HoldCo ABVIA Partners Top-Up III K/S VIA Partners IV K/S VIA Partners V K/S VIA Partners VI K/S VIA Partners A K/S VIA Partners B K/S VIA Partners C K/S (chairman)VIA Partners D K/S Benjamin Kramarz is CEO of VIA equity A/S and director of VIA equity GP ApS and Kramarz Holding ApS, which he owns 100%.Jan Gaardboe Jensen: Director of J&B Invest Holding ApS, NOBIS – Spritten Administration ApS, Art2Collect ApS, and The Wharf ApS. Board member of:GAARDBOE-JENSEN HOLDING ApS (chairman)NOBIS - Bolig A/S (chairman)NOBIS - Vesterlund A/S (chairman)Continia Software A/SContinia BidCo ApSContinia HoldCo ApSSPRITTEN A/S (chairman)C&B TopCo ApSC & B SYSTEMER A/SMarianne Dahl: Board member of:Continia Software A/SContinia BidCo ApSContinia HoldCo ApSTelenor Group, listed on the Oslo Stock Exchange Tieto Corporation, listed on the Helsinki Stock Exchange DTU - Danmarks Tekniske Universitet Det Udenrigspolitiske Selskab, Almennyttig forening Risk assessment and risk managementThe Board of Directors and Executive Management continuously define and approve the overall policies, procedures, and control frame­work governing the Company’s operations. This is based on a clear organizational structure, well-defined guidelines, formal authorization and approval procedures, and an appropriate segregation of duties.At least annually, a systematic assessment of key risks and internal controls related to the Company’s activities is performed. Based on these assessments, relevant measures are implemented and adjusted to prevent, mitigate, or eliminate identified risks, including both business and financial risks.As part of this process, an annual assessment of fraud risks is also conducted, including an evaluation of the controls and measures required to mitigate such risks.Business and financial risksThe most significant business risks for Continia primarily relate to the Company’s ability to maintain and strengthen its market position in the markets in which the Group operates. It is essential to continuously adapt to and leverage technological developments in order to sustain competitiveness and growth.The Continia Group is also exposed to financial risks, including market risks such as foreign exchange and interest rate risks, as well as liquidity and financing risks. The Group has established a financial policy that defines the framework for managing these risks. It is the Company’s policy not to engage in speculative financial activities, and the focus is therefore solely on identifying, managing, and mitigating fi­nancial risks arising from operations, investments, and financing activities. Medarbejdertrivsel og sygefravær I 2025 har Continia videreført den positive ud­vik­ling med et fortsat stærkt fokus på med­ar­bej­der­trivsel, virksomhedskultur og fælles værdier. Medarbejderne er en central forudsætning for vores fortsatte vækst, og vi arbejder systematisk med at sikre et arbejdsmiljø præget af respekt, engagement og et stærkt kollegialt fællesskab. I årets løb har vi gennemført en trivselsmåling og iværksat opfølgende initiativer, ligesom vi har styr­ket ledernes forudsætninger for at un­der­støtte trivsel og udvikling i organisationen. Som led heri er der implementeret obligatoriske træ­nings­forløb med henblik på at videreudvikle le­del­seskompetencerne.På trods af en organisation fordelt på 10 kontorer er det lykkedes at fastholde en stærk og sam­men­hængende kultur på tværs af geografier. Dette er understøttet af initiativer, der fremmer sam­arbejde og videndeling på tværs af lo­ka­tio­ner, samtidig med at der lokalt er fokus på nær­hed og tilhørsforhold. Der arbejdes fortsat med fleksible arbejdsformer, hvor balancen mellem hjemmearbejde og fysisk fremmøde bidrager til både effektivitet og høj medarbejdertrivsel.Medarbejdertrivsel er fortsat et væsentligt stra­te­gisk fokusområde, idet et engageret og vel­fun­ge­ren­de arbejdsmiljø anses som en vigtig for­ud­sæt­ning for selskabets langsigtede udvikling og vær­di­skabelse.Sygefraværet blandt medarbejderne udgjorde 2,55% i 2025 mod 2,33% i 2024. Niveauet vur­de­res fortsat som lavt, og udviklingen følges lø­ben­de som led i virksomhedens arbejde med trivselog arbejdsmiljø.Medarbejderomsætningen blandt fuldtidsansatte er reduceret fra 5,33% i 2024 til 4,85% i 2025, sva­rende til 10 medarbejdere. Udviklingen anses som et positivt resultat af de målrettede ind­sat­ser for at fastholde en attraktiv og velfungerende ar­bejdsplads.I 2025 er medarbejderstaben øget med 44 nye an­satte. Heraf er 24 ansat på de danske lo­ka­tioner i Aalborg og København, mens de øvrige er tiltrådt på virksomhedens internationale kon­to­rer, særligt i USA, Tyskland, Holland og Litauen. Virksomheden har fortsat haft succes med rekruttering til tekniske stillinger, som tid­li­ge­re har været vanskelige at besætte, hvilket un­der­støtter evnen til at tiltrække kvalificerede spe­cialister.Andelen af kvindelige nyansatte udgør i 2025 ca. en fjerdedel, svarende til 10 ud af 44 nye medarbejdere, hvilket er på niveau med tidligere år. Ved udgangen af 2025 udgør kvinder 51 af virksomhedens i alt 206 medarbejdere, svarende til cirka 25%. Continia arbejder fortsat for en balanceret kønsfordeling i rekrutte­rings­pro­ces­ser, hvor ansættelser sker på baggrund af en sam­let vurdering af kompetencer og jobkrav uden anvendelse af positiv særbehandling.Det samlede antal medarbejdere er steget fra 169 pr. 31. december 2024 til 206 pr. 31. december 2025.Continia har fortsat fokus på at styrke fæl­les­ska­bet på tværs af organisationen. I 2025 er der gen­nem­ført både lokale og globale med­ar­bej­der­ar­ran­gementer, herunder fælles sociale aktivitetersamt release-relaterede events, der har samlet med­arbejdere på tværs af lokationer – både fysisk og virtuelt. Initiativerne understøtter en medarbejdercentreret tilgang, hvor trivsel og tilhørsforhold prioriteres højt. I 2026 planlægges et større globalt arrangement med henblik på yder­ligere at styrke sammenhængskraften og den fælles kultur på tværs af organisationen. Employee satisfaction and sickness absence In 2025, Continia continued its positive develop­ment with a sustained strong focus on employee wellbeing, company culture, and shared values. Employees are a key prerequisite for our continued growth, and we work systematically to ensure a working environment characterized by respect, engagement, and a strong sense of collegial community. During the year, an employee satisfaction survey was conducted, followed by targeted initiatives, and efforts were made to strengthen managers’ ability to support employee wellbeing and development. As part of this, mandatory training programs have been implemented to further develop leadership capabilities.Despite being an organization distributed across 10 offices, we have succeeded in maintaining a strong and cohesive culture across geographies. This has been supported by initiatives that promote collaboration and knowledge sharing across locations, while also ensuring local engagement and a sense of belonging. Flexible working arrangements continue to be a priority, with a balance between remote work and physical presence supporting both efficiency and employee wellbeing.Employee wellbeing remains a key strategic focus area, as an engaged and well-functioning work environment is considered essential for the Company’s long-term development and value creation.Employee absence due to sickness amounted to 2.55% in 2025, compared to 2.33% in 2024. The level is still considered low, and developments are monitored continuously as part of the Com­pa­ny’s focus on wellbeing and the working environment. Employee turnover among full-time employees decreased from 5.33% in 2024 to 4.85% in 2025, cor­responding to 10 employees. This develop­ment is considered a positive outcome of targeted efforts to maintain an attractive and sup­por­tive workplace.In 2025, the workforce increased by 44 new employees. Of these, 24 were hired at the Danish offices in Aalborg and Copenhagen, while the remaining hires were distributed across the Company’s international locations, particularly in the United States, Germany, the Netherlands, and Lithuania. The Company has continued to successfully recruit for technical positions that have previously been difficult to fill, demonstrating its ability to attract highly qualified specialists.The share of female new hires in 2025 was approximately one quarter, corresponding to 10 out of 44 employees, in line with previous years. At year-end 2025, women accounted for 51 out of a total of 206 employees, corresponding to approximately 25%. Continia continues to aim for a balanced gender distribution in recruitment processes, where hiring decisions are based on an overall assessment of qualifications and job requirements without the use of positive discrimination.The total number of employees increased from 169 as of 31 December 2024 to 206 as of 31 December 2025.Continia continues to focus on strengthening cohesion across the organization. In 2025, both local and global employee events were held, including social activities and release-related events that brought employees together acrosslocations - both physically and virtually. These initiatives support a people-centric approach, where wellbeing and a sense of belonging are prioritized. In 2026, a larger global event is planned to further strengthen cohesion and reinforce the shared culture across the organization. Forventet udviklingI 2026 forventer Continia at videreføre de be­ty­de­lige investeringer i organisation, produkter og mar­keder med henblik på at understøtte en fort­sat positiv udvikling. Væksten forventes fortsat rea­liseret gennem partnerkanalen og un­der­støt­tet af en styrket kommerciel eksekvering på tværs af nøglemarkeder samt en løbende ud­byg­ning af en skalerbar salgs- og ser­vi­ce­un­der­støttende infrastruktur. Samtidig vil der være et øget fokus på at omsætte potentialet i AI, Copilot og agentbaseret automatisering til konkrete for­bed­ringer i både produktporteføljen og interne processer.Selskabet forventer på den baggrund, at 2026 vil medføre fortsat vækst i både omsætning og indtjening på over 20% sammenlignet med 2025, svarende til en vækst i resultat før skat på ca. DKK 25 mio. OutlookIn 2026, Continia expects to continue its sig­ni­ficant investments in the organization, products, and markets to support continued positive development. Growth is expected to be driven through the partner channel and supported by strengthened commercial execution across key markets, as well as the ongoing development of a scalable sales and service infrastructure. At the same time, there will be an increased focus on translating the potential of AI, Copilot, and agent-based automation into tangible improvements across both the product portfolio and internal processes.On this basis, the Company expects that 2026 will result in continued growth in both revenue and earnings of more than 20% compared to 2025, corresponding to a growth in profit before tax of approximately DKK 25 million. Efterfølgende begivenhederEfter regn­skabs­årets afslutning er der ikke ind­truf­fet be­tyd­nings­ful­de hæn­del­ser. Subsequent eventsNo important events have occurred after the end of the financial year. 309559953 236638208 183577499 135358416 152743488 123971120 106877730 85728410 20587534 22057276 10051235 11242871 0 5262971 0 5262971 136228931 85346841 66648534 33124164 0 0 47422194 37093784 32847216 34107873 27528047 29866837 35874204 32085422 29943663 27506023 133201943 87369292 111655112 72578762 36826548 21927761 15279717 7137231 96375395 65441531 96375395 65441531 17121593 23183037 11071430 13214286 142292010 155795511 69923008 77221865 159413603 178978548 80994438 90436151 430539 567606 91496 115006 2008905 1477288 1461485 830989 2439444 2044894 1552981 945995 0 0 123480415 120942539 0 0 3474784 5777429 2043275 1842746 1462005 1192020 2043275 1842746 128417204 127911988 163896322 182866188 210964623 219294134 65964021 67212335 14565215 16345153 0 0 21042545 13341702 0 0 0 10096941 503889 3682890 86428 2901317 1764458 1432785 2107032 1724299 68232368 72328010 37801220 44409412 116172233 117406417 81787687 88013451 184404601 189734427 119588907 132422863 348300923 372600615 330553530 351716997 1285715 1285715 1285715 1285715 0 0 49812412 60305257 792502 792502 0 0 61961151 134585756 12941241 75073001 169000000 113000000 169000000 113000000 233039368 249663973 233039368 249663973 2981486 3516751 2981486 3516751 2981486 3516751 2981486 3516751 177418 377456 177418 377456 5807199 6519975 5054206 5273717 0 0 0 7191617 5719603 14317155 3742352 0 23830952 25045694 8801702 12521771 76744897 73159611 76756998 73171712 112280069 119419891 94532676 98536273 112280069 119419891 94532676 98536273 348300923 372600615 330553530 351716997 Beløb i DKKFigures in DKKSelskabs­kapitalShare capitalReserve for netto­op­skriv­ning efter indre vær­dis metodeReserve for net revaluation according to the equity methodReserve for udviklings­omkostnin­gerReserve for development costsReserve for valuta­kurs­regu­lerin­gerForeign currency translation reserveOverført resultatRetained earningsForslag til udbytte for regnskabs­åretProposed dividend for the financial yearKoncern:Group:Egenkapitalopgørelse for 01.01.24 - 31.12.24Statement of changes in equity for 01.01.24 - 31.12.24Saldo pr. 01.01.241.285.71500642.991106.322.4460Balance as at 01.01.24Nettoeffekt ved fusion og virksomhedskøb000085.350.8270Net effect of mergers and acquisition of enterprisesKorrigeret saldo pr. 01.01.241.285.71500642.991191.673.2730Adjusted balance as at 01.01.24Valutakursregulering af udenlandske virksomheder000149.51100Foreign currency translation adjustment of foreign enterprisesKøb af egne kapitalandele0000-8.624.5170Purchase of treasury sharesØvrige egenkapitalbevægelser0000-904.5310Other changes in equityForslag til resultatdisponering0000-47.558.469113.000.000Net profit/loss for the yearSaldo pr. 31.12.241.285.71500792.502134.585.756113.000.000Balance as at 31.12.24Egenkapitalopgørelse for 01.01.25 - 31.12.25Statement of changes in equity for 01.01.25 - 31.12.25Saldo pr. 01.01.251.285.71500792.502134.585.756113.000.000Balance as at 01.01.25Betalt udbytte00000-113.000.000Dividend paidForslag til resultatdisponering0000-72.624.605169.000.000Net profit/loss for the yearSaldo pr. 31.12.251.285.71500792.50261.961.151169.000.000Balance as at 31.12.25Beløb i DKKFigures in DKKSelskabs­kapitalShare capitalReserve for netto­op­skriv­ning efter indre vær­dis metodeReserve for net revaluation according to the equity methodReserve for udviklings­omkostnin­gerReserve for development costsReserve for valuta­kurs­regu­lerin­gerForeign currency translation reserveOverført resultatRetained earningsForslag til udbytte for regnskabs­åretProposed dividend for the financial yearModervirksomhed:Parent:Egenkapitalopgørelse for 01.01.24 - 31.12.24Statement of changes in equity for 01.01.24 - 31.12.24Saldo pr. 01.01.241.285.71567.279.632924.070038.761.7350Balance as at 01.01.24Nettoeffekt ved fusion og virksomhedskøb000085.350.8270Net effect of mergers and acquisition of enterprisesKorrigeret saldo pr. 01.01.241.285.71567.279.632924.0700124.112.5620Adjusted balance as at 01.01.24Valutakursregulering af udenlandske virksomheder0149.5110000Foreign currency translation adjustment of foreign enterprisesAf- og nedskrivninger i året00-924.0700924.0700Total depreciation, amortisation, impairment losses and write-downs during the yearUdloddet udbytte fra tilknyttede virksomheder0-45.146.8060045.146.8060Distributed dividend from group enterprisesKøb af egne kapitalandele0000-8.624.5170Purchase of treasury sharesØvrige egenkapitalbevægelser0000-904.5310Other changes in equityForslag til resultatdisponering038.022.92000-85.581.389113.000.000Net profit/loss for the yearSaldo pr. 31.12.241.285.71560.305.2570075.073.001113.000.000Balance as at 31.12.24Egenkapitalopgørelse for 01.01.25 - 31.12.25Statement of changes in equity for 01.01.25 - 31.12.25Saldo pr. 01.01.251.285.71560.305.2570075.073.001113.000.000Balance as at 01.01.25Udloddet udbytte fra tilknyttede virksomheder0-45.935.3360045.935.3360Distributed dividend from group enterprisesBetalt udbytte00000-113.000.000Dividend paidForslag til resultatdisponering035.442.49100-108.067.096169.000.000Net profit/loss for the yearSaldo pr. 31.12.251.285.71549.812.4120012.941.241169.000.000Balance as at 31.12.25 1285715 0 0 106322446 0 85350827 -8624517 -904531 -47558469 113000000 1285715 0 0 134585756 113000000 -113000000 -72624605 169000000 1285715 0 0 61961151 169000000 1285715 67279632 924070 38761735 0 85350827 149511 -45146806 38022920 113000000 1285715 60305257 0 113000000 -45935336 45935336 -113000000 35442491 -108067096 169000000 1285715 49812412 0 12941241 169000000 60472496 41626228 3895113 -10244642 -712778 2694914 2370544 3236541 162400770 102754572 32847216 34107873 -35874204 -32085422 -46069960 -21500051 113303822 83276972 0 -15045821 -1337968 -1316825 0 496988 -1337968 -15865658 0 -8624517 -113000000 0 0 377456 -200038 0 -113200038 -8247061 -1234184 59164253 117406417 58242164 116172233 117406417 116172233 117406417 145729859 118228969 100820733 80679222 6165034 4997927 5265298 4375520 848595 744224 791699 673668 183 156 101 85 Med hen­visning til års­regn­skabs­lovens § 98 b, stk. 3, nr. 2 er der ikke op­lyst om ve­der­lag til ledelsen for 2025 og 2024, da op­lys­ninger ellers vil føre til, at der vises beløb for et enkelt led­el­ses­med­lem.With reference to section 98b(3) no. 2 of the Danish Fi­nan­cial State­ments Act, re­mune­ration for the manage­ment is not dis­closed for 2025 and 2024, as infor­mation would other­wise lead to a­mounts being shown for a single mem­ber of manage­ment. 0 0 308411 665098 32847216 34107873 27219636 29201739 0 0 0 60722 35874204 32085422 29943663 27445301 0 0 35442491 38022920 169000000 113000000 169000000 113000000 -72624605 -47558469 -108067096 -85581389 34782660 122759201 110181285 17546 82975 34800206 233023461 -11599624 -39958793 -37186182 -8704 -13286 -6070285 -13573190 -17678613 -90731451 17121593 142292010 15000000 29205251 110181285 15000000 139386536 -1785714 -24978489 -37186182 -2142856 -7298857 -3928570 -69463528 11071430 69923008 7.Materielle anlægsaktiverProperty, plant and equipmentBeløb i DKKFigures in DKKInd­ret­ning af le­je­de loka­lerLeasehold improvementsAndre anlæg, drifts­ma­te­riel og in­ven­tarOther fixtures and fittings, tools and equipmentKoncern:Group:Kostpris pr. 01.01.25765.9776.955.581Cost as at 01.01.25Valutakursregulering af udenlandske virksomheder532-2.491Foreign currency translation adjustment of foreign enterprisesTilgang i året01.337.968Additions during the yearKostpris pr. 31.12.25766.5098.291.058Cost as at 31.12.25Af- og nedskrivninger pr. 01.01.25-198.371-5.478.293Depreciation and impairment losses as at 01.01.25Valutakursregulering af udenlandske virksomheder-1312.731Foreign currency translation adjustment of foreign enterprisesAfskrivninger i året-137.468-806.591Depreciation during the yearAf- og nedskrivninger pr. 31.12.25-335.970-6.282.153Depreciation and impairment losses as at 31.12.25Regnskabsmæssig værdi pr. 31.12.25430.5392.008.905Carrying amount as at 31.12.25Modervirksomhed:Parent:Kostpris pr. 01.01.25165.6535.641.565Cost as at 01.01.25Tilgang i året01.216.508Additions during the yearKostpris pr. 31.12.25165.6536.858.073Cost as at 31.12.25Af- og nedskrivninger pr. 01.01.25-50.647-4.810.576Depreciation and impairment losses as at 01.01.25Afskrivninger i året-23.510-586.012Depreciation during the yearAf- og nedskrivninger pr. 31.12.25-74.157-5.396.588Depreciation and impairment losses as at 31.12.25Regnskabsmæssig værdi pr. 31.12.2591.4961.461.485Carrying amount as at 31.12.25 765977 6955581 532 -2491 1337968 766509 8291058 -198371 -5478293 -131 2731 -137468 -806591 -335970 -6282153 430539 2008905 165653 5641565 1216508 165653 6858073 -50647 -4810576 -23510 -586012 -74157 -5396588 91496 1461485 8.Ka­pi­tal­an­de­le i tilknyt­tede virksom­he­derEquity invest­ments in group enter­pri­sesBeløb i DKKFigures in DKKKa­pi­tal­an­de­le i tilknyt­tede virksom­he­derEquity invest­ments in group enter­pri­sesModervirksomhed:Parent:Kostpris pr. 01.01.2515.490.476Cost as at 01.01.25Kostpris pr. 31.12.2515.490.476Cost as at 31.12.25Opskrivninger pr. 01.01.2593.472.360Revaluations as at 01.01.25Årets resultat fra kapitalandele47.422.194Net profit/loss from equity investmentsUdbytte relateret til kapitalandele-45.148.407Dividend relating to equity investmentsOpskrivninger pr. 31.12.2595.746.147Revaluations as at 31.12.25Negativ indre værdi nedskrevet over tilgodehavender12.243.792Negative equity value impaired in receivablesAf- og nedskrivninger pr. 31.12.2512.243.792Depreciation and impairment losses as at 31.12.25Regnskabsmæssig værdi pr. 31.12.25123.480.415Carrying amount as at 31.12.25Navn og hjemsted:Name and registered office:EjerandelOwnership interestDattervirksomheder:Subsidiaries:Continia Software B.V., Holland100%Continia Software Inc., USA100%Continia Software BV, Belgien100%Continia Software ES, Spanien100%Continia Software DE, Tyskland100%Continia Software UAB, Litauen100% 15490476 15490476 12243792 12243792 123480415 Continia Software B.V. Holland 100 Continia Software Inc. USA 100 Continia Software BV Belgien 100 Continia Software ES Spanien 100 Continia Software DE Tyskland 100 Continia Software UAB Litauen 100 0 1842746 577 275234 -75282 0 2043275 0 2043275 17757132 1192020 -1776138 308411 269985 -570829 15718576 1462005 -11979703 0 -264089 -12243792 0 3474784 1462005 Kon­cernGroupModervirksomhedParent31.12.2531.12.2431.12.2531.12.24DKKDKKDKKDKK10.PeriodeafgrænsningsposterPrepaymentsForudbetalte forsikringer355.851345.681355.851345.681Prepaid insurance premiumsAndre periodeafgrænsningsposter1.408.6071.087.1041.751.1811.378.618Other prepaymentsI alt1.764.4581.432.7852.107.0321.724.299Total Kapitalandele 1285715 1285715 Kon­cernGroupModervirksomhedParent31.12.2531.12.2431.12.2531.12.24DKKDKKDKKDKK12.Udskudt skatDeferred taxUdskudt skat pr. 01.01.253.516.751511.8243.516.751511.824Deferred tax as at 01.01.25Udskudt skat indregnet i resultatopgørelsen-535.2653.004.927-535.2653.004.927Deferred tax recognised in the income statementUdskudt skat pr. 31.12.252.981.4863.516.7512.981.4863.516.751Deferred tax as at 31.12.25 3516751 511824 3516751 511824 -535265 3004927 -535265 3004927 13.PeriodeafgrænsningsposterDeferred incomePeriodisering af opdateringsaftaler63.828.77261.350.98063.840.87361.363.081Accrual of maintenance agreementsPeriodisering af abonnementsaftaler12.916.12512.047.77112.916.12512.047.771Accrual of subscriptions agreementsHensat cloud forbrug0-239.1400-239.140Deferred cloud consumptionI alt76.744.89773.159.61176.756.99873.171.712Total 14.EventualforpligtelserContingent liabilitiesModervirksomhed:Parent:Andre eventualforpligtelserOther contingent liabilitiesSelskabet er sambeskattet med øvrige danske selskaber i koncernen og hæfter solidarisk og ubegrænset for selskabsskatter og eventuelle forpligtelser til at indeholde kildeskat på renter, royalties og udbytter for de sambeskattede selskaber. Hæftelsen omfatter derudover eventuelle senere korrektioner til den opgjorte skatteforpligtelse som konsekvens af ændringer til sambeskatningsindkomsten m.v.The company is taxed jointly with the other Danish companies in the group and has joint, several and unlimited liability for income taxes and any obligations to withhold tax at source on interest, royalties and dividends for the jointly taxed companies. The liability also includes any subsequent corrections to the calculated tax liability as a consequence of changes made to the jointly taxable income etc. 15.Andre forpligtelserOther commitmentsKoncern:Group:LeasingforpligtelserLease commitmentsKoncernen har indgået leasingkontrakter med en gennemsnitlig restløbetid på 31 måneder og månedlige ydelser på DKK 130.772 samt en restforpligtelse på i alt DKK 2.338.936.Koncernen har indgået huslejekontrakter med en gennemsnitlig restløbetid på 12 måneder og månedlige ydelser på DKK 471.185 samt en restforpligtelse på i alt DKK 4.228.025.The group has concluded lease agreements with average terms to maturity of 31 months, monthly lease payments of DKK 130,772, and a total commitment of DKK 2,338,936.The group has concluded rent agreements with average terms to maturity of 12 months, monthly lease payments of DKK 471,185, and a total commitment of DKK 4,228,025.Modervirksomhed:Parent:LeasingforpligtelserLease commitmentsSelskabet har indgået huslejekontrakter med en gennemsnitlig restløbetid på 6 måneder og månedlige ydelser på DKK 304.930 samt en restforpligtelse på i alt DKK 1.829.578.The company has concluded rent agreements with average terms to maturity of 6 months, monthly lease payments of DKK 304,930, and a total commitment of DKK 1,829,578. 16.SikkerhedsstillelserCharges and securityKoncern:Group:Koncernen har ikke stillet pant eller anden sik­ker­hed i ak­ti­ver. The group has not provided any other security over assets.Modervirksomhed:Parent:Selskabet har ikke stillet pant eller anden sik­ker­hed i ak­ti­ver. The company has not provided any security over assets. 17.Nærtstående parterRelated partiesDer oplyses ikke om trans­ak­tio­ner med nært­stå­ende par­ter, da alle trans­ak­tio­ner er gen­nem­ført på nor­male mar­keds­vil­kår.Related party transactions are not disclosed, as all transactions are entered into in the ordinary course of business at arms’ length.Selskabet indgår i koncern­regn­ska­bet for mo­der­virk­som­he­den Continia HoldCo ApS.The company is included in the consolidated finan­cial statements of the parent Continia HoldCo ApS. 20587534 22057276 -32847216 -34107873 35874204 32085422 36826548 21927761 56341 66754 Årsrapporten er af­lagt i over­ens­stem­mel­se med års­regn­skabs­lo­ven for mel­lem­store kon­cer­ner og virk­som­he­der i regn­skabs­klas­se C med til­valg af be­stem­mel­ser fra en hø­je­re regn­skabs­klas­se. The annual report is presen­ted in accordance with the provisions of the Danish Financial Statements Act for medium-sized groups and enterprises in re­port­ing class C with application of pro­vi­sions for a higher reporting class. Ændring i sammensætning af aktivite­terContinia Software A/S har gennemført en fu­sion med Continia TopCo ApS med Continia Software A/S som det fort­sæt­tende sel­skab. Fu­sio­nen er gen­nem­ført med regn­skabs­mæs­sig virk­ning pr. 01.01.25. Sel­ska­bet har an­vendt koncernme­to­den ved fu­sio­nen og fore­ta­get til­pas­ning af sam­men­lig­nings­tal­le­ne i re­sul­tat­op­gø­rel­se, ba­lan­ce og no­ter, som om sel­ska­ber­ne al­tid hav­de væ­ret sam­men­lagt. Change in the composition of activitiesContinia Software A/S has completed a merger with Continia TopCo ApS with Continia Software A/S as the surviving company. The merger was completed with accounting effect from 1 January 2025. The company has applied the group method in connection with the merger and has restated the comparative figures in the income statement, balance sheet and notes as if the companies had always been merged. Generelt om indregning og målingI resultatopgørelsen indregnes indtægter i takt med, at de indtjenes, herunder indreg­nes vær­di­regule­ringer af finansielle aktiver og forpligtelser. I resultatopgørelsen indreg­nes ligele­des alle om­kostninger, herunder afskrivninger og ned­skriv­ninger.I balancen indregnes aktiver, når det er sand­syn­ligt, at fremtidige økonomiske for­dele vil til­flyde selskabet, og aktivets værdi kan måles pålideligt. Forpligtelser indregnes i balancen, når det er sand­synligt, at frem­tidige økonomiske fordele vil fragå selskabet, og forpligtelsens værdi kan må­les pålide­ligt. Ved første indregning måles akti­ver og forpligtelser til kostpris. Efterfølgende må­les aktiver og forpligtelser som beskrevet neden­for for hver enkelt regn­skabspost.Ved indregning og måling tages hensyn til for­udsigelige tab og risici, der fremkommer inden års­rap­por­ten aflægges, og som be- eller afkræfter forhold, der eksiste­rede på balancedagen. Basis of recognition and measurementIncome is recognised in the income state­ment as earned, including value adjust­ments of fin­an­cial assets and liabilities. All ex­penses, including depreciation, amortisa­tion, impair­ment losses and write-downs, 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 such assets 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 such liabilities can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below.On recognition and measurement, account is taken of foreseeable losses and risks arising before the date at which the annual report is presented and proving or disproving matters arising on or before the balance sheet date. KONCERNREGNSKABKoncernregnskabet omfatter modervirksom­he­den og dens dattervirksomheder, hvori moder­virk­somheden direkte eller indirekte besidder mere end 50% af stemmerettighe­derne, eller gennem aftaler har kontrol.De regnskaber, der anvendes til brug for kon­so­li­deringen, aflægges i overensstem­melse med koncer­nens regnskabspraksis.Koncernregnskabet er udarbejdet som et sam­mendrag af regnskaber for modervirk­somheden og dat­tervirksomhed­erne ved sammenlægning af regnskabspost­er af ens­artet karakter. Ved kon­so­lideringen er der foretaget eliminering af kon­cerninter­ne indtægter og omkostninger, be­sid­delser af kapitalande­le, interne mellemværender og udbytter samt gevinster og tab ved transak­tioner mellem de konsolide­rede virksomhed­er i det omfang, de underliggende aktiver og for­pligtelser ikke er realiserede. CONSOLIDATED FINANCIAL STATEMENTSThe consolidated financial statements comprise the parent and its subsidiaries in which the parent directly or indirectly holds more than 50% of the voting rights or by way of agreements exercises control.All financial statements used for consolidation are prepared in accordance with the ac­count­ing policies of the group.The consolidated financial statements con­solidate the financial statements of the parent and its subsidiaries by adding to­gether items of a uniform nature, elimi­nating intercompany income and ex­penditure, equity investments, inter­company balances and dividends as well as gains and losses resulting from transactions between the consolidated enterprises to the extent that the underlying assets and liabilities are not realised. VIRKSOMHEDSSAMMENSLUTNIN­GERNyerhvervede eller ny­stif­te­de virk­som­he­der ind­reg­nes fra er­hver­vel­ses­tids­punk­tet hen­holds­vis stif­tel­ses­tids­punk­tet. Er­hver­vel­ses­tids­punk­tet er det tids­punkt, hvor der op­nås kon­trol over virk­som­he­den. Solg­te el­ler af­vik­le­de virk­som­he­der ind­reg­nes frem til af­stå­el­ses- hen­holds­vis af­vik­lings­tids­punk­tet. Af­stå­el­ses­tids­punk­tet er det tids­punkt, hvor kon­trol­len over virk­som­he­den over­går til tred­je­mand.Ved erhvervelse af virk­som­he­der an­ven­des over­ta­gel­ses­me­to­den, hvor­ef­ter de er­hver­ve­de virk­som­he­ders iden­ti­fi­cer­bare ak­ti­ver og for­plig­tel­ser må­les til dags­vær­di på er­hver­vel­ses­tids­punk­tet.Der er foretaget købesumsfordeling på de re­le­van­te poster.Kostprisen for kapital­an­de­le­ne i de er­hver­ve­de virk­som­he­der ud­lig­nes med den for­holds­mæs­si­ge an­del af de er­hver­ve­de virk­som­he­ders dags­vær­di af net­to­ak­ti­ver på er­hver­vel­ses­tids­punk­tet.Den på erhvervel­ses­tids­punk­tet op­gjor­te good­will (po­si­tivt for­skels­be­løb) ind­reg­nes un­der im­ma­te­riel­le an­lægs­ak­tiver. Good­will fra er­hver­ve­de virk­som­he­der re­gu­le­res ind­til 12 må­ne­der ef­ter er­hver­vel­ses­tids­punk­tet. BUSINESS COMBINATIONSNewly acquired or newly founded enter­prises are recognised as from the date of acquisition and the date of foundation, respectively. The date of acquisition is the date at which control of the enterprise is obtained. Divested or discontinued enterprises are recognised until the date of divestment or discontinuation. The date of discontinuation is the date at which control of the enterprise passes to a third party.Acquired enterprises are recognised in accordance with the acquisition method, according to which the identifiable assets and liabilities of the newly acquired enterprises are measured at fair value at the date of acquisition.The purchase price has been allocated to the relevant items.The cost of the equity investments in the acquired enterprises is offset against the proportionate share of the fair value of the enterprises' net assets at the acquisition date.The goodwill (positive difference) determined at the date of acquisition is recognised under intangible assets. Goodwill from acquired enterprises is adjusted until 12 months after the acquisition date. VALUTAÅrsrapporten er aflagt i danske kroner.Transaktioner i fremmed valuta om­reg­nes ved før­ste ind­reg­ning til trans­ak­tions­da­gens kurs. Va­lu­ta­kurs­dif­fe­ren­cer, der op­står mel­lem trans­ak­tions­da­gens kurs og kur­sen på be­ta­lings­da­gen, ind­reg­nes i re­sul­tat­op­gø­rel­sen som en fi­nan­siel post. Til­go­de­ha­ven­der, gælds­for­plig­tel­ser og an­dre mo­ne­tæ­re pos­ter i frem­med va­lu­ta om­reg­nes til ba­lan­ce­da­gens va­lu­ta­kurs. For­skel­len mel­lem ba­lan­ce­da­gens kurs og kur­sen på tids­punk­tet for til­go­de­ha­ven­dets el­ler gælds­for­plig­tel­sens op­stå­en el­ler ind­reg­ning i se­ne­ste års­rap­port ind­reg­nes i re­sul­tat­op­gø­rel­sen un­der fi­nan­siel­le ind­tæg­ter og om­kost­nin­ger. An­lægs­ak­ti­ver og an­dre ik­ke mo­ne­tæ­re ak­ti­ver, der er er­hver­vet i frem­med va­lu­ta, om­reg­nes til hi­sto­ris­ke va­lu­ta­kur­ser.Ved indregning af selv­stæn­di­ge uden­land­ske en­he­der, om­reg­nes re­sul­tat­op­gø­rel­ser­ne til trans­ak­tions­da­gens kur­ser el­ler til­nær­me­de gen­nem­snit­li­ge va­lu­ta­kur­ser. Ba­lan­ce­pos­ter­ne om­reg­nes til ba­lan­ce­da­gens va­lu­ta­kur­ser. Va­lu­ta­kurs­re­gu­le­rin­ger, op­stået ved om­reg­ning af egen­ka­pi­ta­ler ved årets be­gyn­del­se til ba­lan­ce­da­gens va­lu­ta­kur­ser og ved om­reg­ning af re­sul­tat­op­gø­rel­serfra gen­nem­snits­kur­ser til ba­lan­ce­da­gens va­lu­ta­kur­ser, ind­reg­nes di­rek­te i egen­ka­pi­ta­len un­der re­ser­ve for net­to­op­skriv­ning efter in­dre vær­dis me­to­de for så vidt an­går ka­pi­tal­an­de­le, der må­les efter in­dre vær­dis me­to­de, og el­lers un­der reserve for va­lu­ta­kurs­re­gu­le­rin­ger.Kursregulering af mellem­væ­ren­der med selv­stæn­di­ge uden­land­ske en­he­der, der må­les ef­ter in­dre vær­dis me­to­de og hvor mel­lem­væ­ren­det an­ses for en del af den sam­le­de in­ve­ste­ring, ind­reg­nes di­rek­te i egen­ka­pi­ta­len un­der re­ser­ve for va­lu­ta­kurs­re­gu­le­rin­ger. Ved af­hæn­del­se af de selv­stæn­di­ge uden­land­ske en­he­der ind­reg­nes de ak­ku­mu­le­re­de va­lu­ta­kurs­dif­fe­ren­cer i re­sul­tat­op­gø­rel­sen. CURRENCYThe annual report is presen­ted in Danish kroner (DKK).On initial recognition, transactions den­ominated in foreign currencies are trans­lated using the exchange rates applicable at the transaction date. Exchange rate differences between the exchange rate applicable at the transaction date and the exchange rate at the date of payment are recognised in the income statement as a financial item. Receivables, payables and other monetary items denominated in foreign currencies are translated using the exchange rates applicable at the balance sheet date. The difference between the ex­change rate applicable at the balance sheet date and at the date at which the receivable or payable arose or was recognised in the latest annual report is recognised under financial income or ex­penses in the income statement. Fixed assets and other non-monetary assets acquired in foreign currencies are translated using historical exchange rates.On recognition of independent foreign entities, the income statements are translated at the exchange rates applicable at the transaction date or approximate average exchange rates. The balance sheet items are translated using the exchange rates applicable at the balance sheet date. Foreign currency translation adjustments arising from the translation of equity at thebeginning of the year using the exchange rates applicable at the balance sheet date and from the translation of income statements from average exchange rates to the exchange rates applicable at the balance sheet date are recognised directly in equity under the reserve for net revaluation according to the equity method in respect of investments measured ac­cord­ing to the equity method, and otherwise un­der the foreign currency translation reserve.Translation adjustments of intercompany balances with independent foreign entities, measured using the equity method and where the balance is considered to be part of the overall investment, are recognised directly in equity under the foreign currency translation reserve. On the divestment of foreign entities, accumulated exchange differences are recognised in the income statement. LEASINGKONTRAKTERLeasingydelser vedrørende ope­ra­tio­nel­le lea­sing­kon­trak­ter ind­reg­nes line­ært i re­sul­tat­op­gø­rel­sen over lea­sing­pe­rio­den. LEASESLease payments relating to operating leases are recognised in the income statement on a straight-line basis over the lease term. TILSKUDTilskud indregnes, når der er ri­me­lig sik­ker­hed for, at til­skuds­be­tin­gel­ser­ne er op­fyldt, og at til­skud­det vil bli­ve mod­ta­get.Tilskud til dækning af afholdte om­kost­nin­ger ind­reg­nes for­holds­mæs­sigt i re­sul­tat­op­gø­rel­sen over den pe­rio­de, hvori de til­skuds­be­ret­ti­ge­de om­kost­nin­ger om­kost­nings­fø­res. Til­skud­de­ne ind­reg­nes un­der an­dre drifts­ind­tæg­ter. GRANTSGrants are recognised when there is reasonable certainty that the grant conditions have been met and that the grant will be re­ceived.Grants to cover expenses incurred are recog­nised on a proportionate basis in the in­come statement over the period in which the expenses eligible for grants are expensed. Grants are recognised under other operating income. BruttofortjenesteBruttofortjeneste indeholder nettoomsæt­ning, an­dre drifts­ind­tæg­ter og om­kost­nin­ger til rå­varer og hjæl­pe­ma­te­ria­ler samt an­dre eks­ter­ne om­kost­nin­ger. Gross profitGross profit comprises rev­enue, other operating income and raw materials and consumables and other external ex­penses. NettoomsætningIndtægter fra salg af varer ind­reg­nes i re­sul­tat­op­gø­rel­sen, så­fremt le­ve­ring og ri­si­ko­over­gang til kø­ber har fun­det sted in­den ud­gan­gen af regn­skabs­året, og når salgs­be­lø­bet kan op­gø­res på­li­de­ligt og for­ven­tes ind­be­talt. Net­to­om­sæt­ning må­les til dags­vær­di og op­gø­res ekskl. moms og af­gif­ter op­kræ­vet på veg­ne af tred­je­mand samt med fra­drag af ra­bat­ter. RevenueIncome from the sale of goods is recognised in the income statement if delivery has taken place and the risk has passed to the buyer before the end of the financial year and where the selling price can be determined reliably and is expected to be paid. Revenue is measured at fair value and is determined exclusive of VAT and other taxes collected on behalf of third parties and less discounts. Andre driftsindtægterAndre driftsindtægter omfatter ind­tæg­ter af se­kun­dær ka­rak­ter i for­hold til virk­som­he­dens ak­ti­vi­te­ter, her­un­der leje­ind­tæg­ter, ne­ga­tiv good­will og ge­vin­ster ved salg af im­ma­te­riel­le og ma­te­riel­le an­lægs­ak­ti­ver. Other operating incomeOther operating income comprises income of a secondary nature in relation to the enterprise’s activities, including rental income, negative goodwill and gains on the sale of intangible assets and property, plant and equipment. Omkostninger til råvarer og hjælpema­terialerOmkostninger til råvarer og hjælpe­ma­te­ria­ler om­fat­ter årets for­brug af rå­va­rer og hjæl­pe­ma­te­ria­ler med til­læg af even­tuel­le for­skyd­nin­ger i la­ger­be­hold­nin­gen, her­un­­der evt. svind.Under omkostninger til råvarer og hjæl­pe­ma­te­ria­ler ind­reg­nes til­lige ned­skriv­nin­ger på la­ger­be­hold­nin­ger af rå­va­rer og hjæl­pe­ma­te­ria­ler i det om­fang, de ik­ke over­sti­ger nor­ma­le ned­skriv­nin­ger. Costs of raw materials and consuma­blesCosts of raw materials and consumables comprise raw materials and consumables used for the year as well as any changes in inventories, including any inventory wastage.Write-downs of inventories of raw materials and consumables are also recognised under raw materials and consumables to the extent that these do not exceed normal write-downs. Andre eksterne omkostningerAndre eksterne omkostninger omfatter salgs­om­kost­nin­ger, lokaleomkostninger og ad­mi­ni­stra­tions­omkostnin­ger samt øvrige kapacitets­om­kost­nin­ger, herunder tab på debitorer i det omfang, de ikke overstiger normale ned­skriv­nin­ger. Other external expensesOther external expenses comprise selling costs, cost of premises and administrative expenses as well as other capacity costs, including bad debts to the extent that these do not exceed normal write-downs. PersonaleomkostningerPersonaleomkostninger omfatter løn, gager samt øvrige personalerelaterede omkost­nin­ger. Staff costsStaff costs comprise wages and salaries as well as other staff-related costs. Af- og nedskrivningerAfskrivninger på im­ma­te­ri­el­le og ma­te­ri­el­le an­lægs­ak­ti­ver til­sig­ter, at der sker sys­te­ma­tisk af­skriv­ning over ak­ti­ver­nes for­ven­te­de brugs­tid. Der fore­ta­ges li­ne­ære af­skriv­nin­ger ba­se­ret på føl­gen­de brugs­ti­der og rest­vær­dier:Er­hver­ve­de ret­tig­he­derGood­willIndretning af lejede lokalerAndre anlæg, drifts­ma­te­riel og in­ven­tarGoodwill afskrives over 7-20 år. Brugs­ti­den er fast­sat un­der hen­syn­ta­gen til de for­ven­te­de frem­ti­di­ge net­to­ind­tæg­ter fra den virk­som­hed el­ler ak­ti­vi­tet, som good­will er knyt­tet til.Afskrivningsgrundlaget er aktivets kost­pris fra­truk­ket for­ven­tet rest­vær­di ved af­slut­tet brugs­tid. Af­skriv­nings­grund­la­get re­du­ce­res end­vi­de­re med even­tuel­le ned­skriv­nin­ger. Brugs­ti­den og rest­vær­dien fast­sæt­tes, når ak­ti­vet er klar til brug, og re­vur­de­res år­ligt.Nedskrivninger af im­ma­te­ri­el­le og ma­te­ri­el­le an­lægs­ak­ti­ver foretages efter an­vendt regn­skabs­prak­sis om­talt i af­snit­tet ”Ned­skriv­ning af an­lægs­ak­ti­ver”. De­pre­ci­a­tion, amor­ti­sa­tion and impair­ment lossesThe de­pre­ci­a­tion and amor­ti­sa­tion of in­tan­gi­ble as­sets and prop­er­ty, plant and equip­ment aim at systematic de­pre­ci­a­tion and amor­ti­sa­tion over the expected useful lives of the assets. Assets are de­pre­ci­ated and amor­tised according to the straight-line method based on the following ex­pected useful lives and residual values:Brugs­tid, år77-2053-5Goodwill is amortised over 7-20 years. The use­ful life has been determined in considera­tion of the expected future net earnings of the enterprise or activity to which the goodwill relates.The basis of de­pre­ci­a­tion and amor­ti­sa­tion is the cost of the asset less the expected residual value at the end of the useful life. Moreover, the basis of de­pre­ci­a­tion and amor­ti­sa­tion is reduced by any impairment losses. The useful life and residual value are determined when the asset is ready for use and reassessed annually.In­tan­gi­ble as­sets and prop­er­ty, plant and equip­ment are impaired in accordance with the accounting policies referred to in the ‘Impairment losses on fixed assets’ section. Andre driftsomkostningerAndre driftsomkostninger omfatter om­kost­nin­ger af se­kun­dær ka­rak­ter i for­hold til virk­som­he­dens ak­ti­vi­te­ter, her­un­der om­kost­nin­ger ved ud­lej­nings­ak­ti­vi­tet og tab ved salg af im­ma­te­riel­le og ma­te­riel­le an­lægs­ak­ti­ver. Other operating expensesOther operating expenses comprise costs of a secondary nature in relation to the enterprise’s activities, including costs relating to rental activities and losses on the sale of intangible assets and property, plant and equipment. Indtægter af ka­pi­tal­an­de­le i til­knyt­te­de virk­som­he­derFor dattervirksomheder, der i mo­der­virk­som­heden måles efter indre vær­dis me­to­de, ind­reg­nes an­de­len af virk­som­he­der­nes re­sul­tat i re­sul­tat­op­gø­rel­sen ef­ter eli­mi­ne­ring af urea­li­se­re­de in­ter­ne ge­vin­ster og tab og med fra­drag af even­tuel af- og ned­skriv­ning af good­will. Indtægter af ka­pi­tal­an­de­le i dat­ter­virk­som­he­der om­fat­ter ligeledes ge­vin­ster og tab ved salg af ka­pi­tal­an­de­le. Income from equity investments in group en­tre­prisesFor equity investments in sub­si­di­ar­ies that in the parent are measured using the equity method, the share of the enterprises’ profit or loss is recognised in the income statement after elimination of unrealised intercompany profits and losses and less any goodwill amortisation and im­pairment losses. Income from equity investments in equity investments in sub­si­di­ar­ies also comprises gains and losses on the sale of equity investments. Andre finansielle posterUnder andre finansielle poster indregnes rente­indtægter og renteomkostninger, valu­takursgevinster og -tab ved transaktioner i fremmed valuta m.v. Other net financialsInterest income and interest expenses, for­eign exchange gains and losses on trans­ac­tions denominated in foreign currencies etc. are recognised in other net financials. Skat af årets resultatÅrets aktuelle og udskudte skatter indreg­nes i resultatopgørelsen som skat af årets resultat med den del, der kan henføres til årets resultat, og direkte i egen­ka­pi­ta­len med den del, der kan henføres til poster ind­regnet direkte i egen­ka­pi­ta­len.Selskabet er sambeskattet med danske kon­cern­forbundne virksomheder. Den aktuelle danske selskabsskat fordeles ved afregning af sambeskatningsbidrag mellem de sam­be­skattede virksomheder i forhold til disses skattepligtige indkomster. I tilknytning hertil mod­tager virk­somheder med skattemæssigt underskud sambeskat­ningsbidrag fra virk­som­he­der, der har kun­net an­vende dette underskud til nedsættel­se af eget skattemæssigt over­skud. Tax on profit/loss for the yearThe current and deferred tax for the year is recognised in the income statement as tax on the profit/loss for the year with the portion attributable to the profit/loss for the year, and directly in equity with the portion attributable to amounts recognised directly in equity.The company is jointly taxed with Danish consolidated enterprises. In connection with the settlement of joint taxation contributions, the current Danish income tax is allocated between the jointly taxed enterprises in proportion to their tax­able incomes. This means that enter­prises with a tax loss receive joint taxation contributions from enterprises which have been able to use this loss to reduce their own taxable profit. Immaterielle anlægsaktiverIntangible assetsUdviklingsprojekter under udførelseDe­vel­op­ment projects in progressUdviklingsprojekter indregnes i balancen, hvor projektet tilsigter at udvikle et bestemt pro­dukt eller en bestemt proces, som selskabet har til hensigt at fremstille hen­holdsvis benytte i pro­duk­tionen. Udvik­lings­projekter måles ved første indregning til kostpris. Kostprisen omfat­ter anskaffelses­prisen med til­læg af omkostninger direkte foranlediget af anskaffelsen, herun­der løn­ninger og afskrivninger, der direkte kan henføres til udviklingsprojekter­ne, indtil akti­vet er klar til brug. Renter af lån til at fi­nan­siere udviklingsprojekter i ud­vik­lingspe­rioden ind­reg­nes ikke i kostprisen. Øvrige udviklingsprojekter og udviklings­omkost­ninger indregnes i re­sul­tat­op­gørel­sen i det år, de afholdes.Development projects are recognised in the balance sheet where the project aims at developing a specific product or a specific process, intended to be produced or used, respectively, by the company in its production process. On initial recognition, development projects are measured at cost. Cost comprises the purchase price plus expenses resulting directly from the purchase, including wages and salaries directly attributable to the development projects until the asset is ready for use. Interest on loans arranged to finance development projects in the development period is not included in the cost. Other development projects and development costs are recognised in the income statement in the year in which they are incurred.Udviklingsprojekter under udførelse overfø­res til færdiggjorte udviklingsprojekter, når aktivet er klar til brug. Development projects in progress are trans­ferred to completed development projects when the asset is ready for use. Udviklingsprojekter måles efterfølgende i balancen til kostpris med fradrag af akku­mulerede af- og nedskrivninger.Development projects are subsequently measured in the balance sheet at cost less accumulated amortisation and impairment losses.Erhvervede rettighederAcquired rightsErhvervede rettigheder måles i balancen til kostpris med fradrag af akkumulerede af- og ned­skriv­nin­ger.Aquired rights are measured in the balance sheet at cost less accumulated amortisation and impairment losses.Erhvervede rettigheder afskrives lineært ba­seret på brugstider, som fremgår af afsnittet ”Af- og ned­skrivninger”.Acquired rights are amortised using the straight-line method based on useful lives, which are stated in the ‘De­pre­ci­a­tion, amor­ti­sa­tion and impair­ment losses’ section.GoodwillGoodwillGoodwill måles i balancen til kostpris med fradrag af akkumulerede af- og nedskrivnin­ger.Goodwill is measured in the balance sheet at cost less accumulated amortisation and impairment losses.Goodwill afskrives lineært baseret på brugs­tider, som fremgår af afsnittet ”Af- og ned­skrivninger”.Goodwill is amortised using the straight-line method based on useful lives, which are stated in the ‘De­pre­ci­a­tion, amor­ti­sa­tion and impair­ment losses’ section.Gevinster eller tab ved afhændelse af immate­rielle anlægsaktiverGains or losses on the disposal of intangi­ble assetsGevinster eller tab ved afhændelse af immate­rielle anlægsaktiver opgøres som forskellen mel­lem en eventuel salgspris med fradrag af salgs­om­kost­nin­ger og den regnskabsmæssi­ge vær­di på salgstidspunktet.Gains or losses on the disposal of intangible assets are determined as the difference between the selling price, if any, less selling costs and the carrying amount at the date of disposal. Materielle anlægsaktiverMaterielle anlægsaktiver om­fat­ter indretning af lejede lokaler samt andre anlæg, driftsmateriel og inventar.Materielle anlægsaktiver måles i ba­lan­cen til kost­pris med fra­drag af ak­ku­mu­le­re­de af- og ned­skriv­nin­ger. Kostprisen omfatter an­skaf­fel­ses­prisen samt om­kost­nin­ger di­rek­te til­knyt­tet an­skaf­fel­sen ind­til ak­ti­vet er klar til brug. Ren­ter af lån til at fi­nan­siere frem­stil­lin­gen ind­reg­nes ikke i kost­pri­sen.Materielle anlægsaktiver afskrives line­ært ba­se­ret på brugs­ti­der og rest­vær­dier, som frem­går af af­snit­tet ”Af- og ned­skriv­nin­ger”.Gevinster eller tab ved afhændelse af ma­te­riel­le an­lægs­ak­ti­ver op­gø­res som for­skel­len mel­lem en even­tuel salgs­pris med fra­drag af salgs­om­kost­nin­ger og den regn­skabs­mæs­si­ge vær­di på salgs­tids­punk­tet fra­truk­ket even­tuel­le om­kost­nin­ger til bort­skaf­fel­se. Property, plant and equipmentProperty, plant and equipment comprise leasehold improvements as well as other fixtures and fittings, tools and equipment.Property, plant and equipment are meas­ured in the balance sheet at cost less accumulated depreciation and impairment losses. Cost comprises the purchase price and expenses resulting directly from the purchase until the asset is ready for use. Interest on loans arranged to finance production is not included in the cost.Property, plant and equipment are depreci­ated using the straight-line method based on useful lives and residual values, which are stated in the ‘De­pre­ci­a­tion, amor­ti­sa­tion and impair­ment losses' section.Gains and losses on the disposal of property, plant and equipment are determined as the difference between the selling price, if any, less selling costs and the carrying amount at the date of disposal less any costs of disposal. Kapitalandele i tilknyttede virk­som­he­derI modervirksomhedens balance ind­reg­nes og må­les ka­pi­tal­an­de­le i dat­ter­virk­som­he­der efter in­dre vær­dis me­to­de. På ka­pi­tal­an­de­le i dat­ter­virk­som­he­der be­trag­tes in­dre vær­dis me­to­de som en må­le­me­to­de.Regnskabspraksis for erhvervelse af dat­ter­virk­som­he­der frem­går af af­snit­tet "Virk­som­heds­sam­men­slut­nin­ger".Kapitalandele, som måles efter indre værdis me­to­de, må­les ved før­ste ind­reg­ning til kost­pris. Trans­ak­tions­om­kost­nin­ger, der di­rek­te kan hen­fø­res til er­hver­vel­sen, ind­reg­nes i kost­pri­sen for ka­pi­tal­an­de­le­ne. Trans­ak­tions­om­kost­nin­ger ved er­hver­vel­se af dat­ter­virk­som­he­der ind­reg­nes dog i re­sul­tat­op­gø­rel­sen på af­hol­del­ses­tids­punk­tet i kon­cern­regn­ska­bet. Efterfølgende indregning og måling af ka­pi­tal­an­de­le ef­ter in­dre vær­dis me­to­de inde­bæ­rer, at ka­pi­tal­an­de­le­ne må­les til den for­holds­mæs­si­ge an­del af virk­som­he­der­nes regn­skabs­mæs­si­ge in­dre vær­di, op­gjort ef­ter ejer­virk­som­he­dens regn­skabs­prak­sis, re­gu­le­ret for re­ste­ren­de vær­di af good­will samt ge­vin­ster og tab ved trans­ak­tio­ner med de på­gæl­den­de virk­som­he­der. Ka­pi­tal­an­de­le, hvor op­lys­nin­ger til brug for ind­reg­ning ef­ter in­dre vær­dis me­to­de ik­ke er kend­te, må­les til kost­pris.Kapitalandele med regnskabsmæssig ne­ga­tiv vær­di må­les til DKK 0. Til­go­de­ha­ven­der, der an­ses for at væ­re en del af den sam­le­de in­ve­ste­ring i de på­gæl­den­de virk­som­he­der, ned­skri­ves med en even­tuel re­ste­ren­de ne­ga­tiv in­dre vær­di. Øv­rige til­go­de­ha­ven­der hos dis­se virk­som­he­der ned­skri­ves i det om­fang, til­go­de­ha­ven­det vur­de­res uer­hol­de­ligt. Der ind­reg­nes en hen­sat for­plig­telse til at dæk­ke den re­ste­ren­de ne­ga­ti­ve in­dre vær­di i det om­fang, ejer­virk­som­he­den har en ret­lig eller fak­tisk for­plig­tel­se til at dæk­ke den på­gæl­den­de virk­som­heds for­plig­tel­ser.Gevinster eller tab ved afhændelse af ka­pi­tal­an­de­le op­gø­res som for­skel­len mel­lem af­hæn­del­ses­sum­men og den regn­skabs­mæs­si­ge vær­di af net­toak­ti­ver på salgs­tids­punk­tet inkl. ikke af­skre­vet good­will samt for­ven­tede om­kost­nin­ger til salg eller af­vik­ling. Ge­vin­ster og tab ind­reg­nes i re­sul­tat­op­gø­rel­sen un­der ind­tæg­ter af ka­pi­tal­an­de­le. Equity investments in group en­tre­prisesEquity investments in subsidiaries are recognised and measured according to the equity method in the balance sheet of the parent. For equity investments in subsidiaries, the equity method is considered a measurement method.Accounting policies for the acquisition of subsidiaries are stated in the 'Business combinations' section.On initial recognition, equity investments measured according to the equity method are measured at cost. Transaction costs directly attributable to the acquisition are recognised in the cost of equity investments. However, transaction costs on the acquisition of subsidiaries are recognised in the income statement in the consolidated financial statements at the date incurred. On subsequent recognition and measurement of equity investments according to the equity method, equity investments are measured at the proportionate share of the enterprises' equity value, determined according to the accounting policies of the parent, adjusted for the remaining value of goodwill and gains and losses on transactions with the enterprises in question. Equity investments, where information for recognition according to the equity method is not known, are measured at cost.Equity investments with a negative carrying amount are measured at DKK 0. Receivables that are considered part of the combined investment in the enterprises in question are impaired by any remaining negative equity value. Other receivables from such enterprises are impaired to the extent that such receivables are considered uncollectible. Provisions to cover the remaining negative equity value are recognised to the extent that the parent has a legal or constructive obligation to cover the liabilities of the enterprise in question.Gains or losses on disposal of equity investments are determined as the difference between the disposal consideration and the carrying amount of net assets at the time of sale, including non-amortised goodwill, as well as the expected costs of divestment or discontinuation. Gains and losses are recognised in the income statement under income from equity investments. Nedskrivning af anlægsaktiverDen regnskabsmæssige værdi af anlægsak­tiver, der ikke måles til dagsværdi, vurderes årligt for indikationer på værdiforringelse ud over det, som udtrykkes ved afskrivning.Hvis selskabets realiserede afkast af et aktiv eller en gruppe af aktiver er lavere end forven­tet, an­ses dette som en indikation på værdiforringelse.Foreligger der indikationer på værdiforring­else, foretages nedskrivningstest af hvert enkelt ak­tiv henholdsvis hver gruppe af aktiver.Der foretages nedskrivning til genindvin­dings­værdien, hvis denne er lavere end den regn­skabs­mæssige værdi.Som genindvindingsværdi anvendes den højeste værdi af nettosalgspris og kapital­værdi. Ka­pi­tal­værdien opgøres som nutids­værdien af de for­ventede nettopengestrøm­me fra an­ven­del­sen af aktivet eller aktivgruppen samt forventede net­topenge­strømme ved salg af aktivet el­ler aktiv­grup­pen efter endt brugstid.Nedskrivninger tilbageføres, når begrundelsen for nedskrivningen ikke længere består. Ned­skrivninger på goodwill tilbageføres ikke, med­min­dre good­will indgår i den regn­skabs­mæs­si­ge værdi af ka­pi­tal­an­de­le. Impairment losses on fixed assetsThe carrying amount of fixed assets which are not measured at fair value is assessed annually for indications of impairment over and above what is reflected in de­pre­ci­a­tion and amor­ti­sa­tion.If the company's realised return on an asset or a group of assets is lower than expected, this is considered an indication of impairment.If there are indications of impairment, an impairment test is conducted of individual assets or groups of assets.The assets or groups of assets are impaired to the lower of recoverable amount and carrying amount.The higher of net selling price and value in use is used as the recoverable amount. The value in use is determined as the present value of expected net cash flows from the use of the asset or group of assets as well as expected net cash flows from the sale of the asset or group of assets after the expiry of their useful lives.Impairment losses are reversed when the reasons for the impairment no longer exist. Impairment losses on goodwill are not reversed, unless goodwill is included in the carrying amount of equity investments. TilgodehavenderTilgodehavender måles til amortiseret kost­pris, hvilket sædvanligvis svarer til pålyden­de værdi med fradrag af nedskrivninger til imødegåelse af tab.Nedskrivninger til imødegåelse af tab opgøres på grundlag af en individuel vurdering af de enkelte tilgodehavender, når der på individuelt niveau foreligger en objektiv indikation på, at et til­go­de­havende er værdiforringet.Deposita, der er indregnet under aktiver, om­fat­ter betalte deposita til udlejer vedrørende selskabets indgåede lejeaftaler. ReceivablesReceivables are measured at amortised cost, which usually corresponds to the nom­inal value, less write-downs for bad debts.Write-downs for bad debts are determined based on an individual assessment of each receivable if there is no objective evidence of individual impairment of a receivable.Deposits recognised under assets comprise deposits paid to the lessor under leases entered into by the company. PeriodeafgrænsningsposterPeriodeafgrænsningsposter, der er indreg­net un­der aktiver, omfatter afholdte omkost­ninger ved­rørende efterfølgende regnskabs­år. PrepaymentsPrepayments recognised under assets com­prise costs incurred in respect of subse­quent financial years. Likvide beholdningerLikvide beholdninger omfatter indestående på bankkonti. CashCash includes deposits in bank account. EgenkapitalNettoopskrivning af kapitalandele, som må­les efter in­dre vær­dis me­to­de, ind­reg­nes i mo­der­virk­som­he­dens års­regn­skab un­der egen­ka­pi­ta­len i re­ser­ve for net­to­op­skriv­ning ef­ter in­dre vær­dis me­to­de i det om­fang, den regn­skabs­mæs­sige vær­di over­sti­ger kost­pri­sen. Ud­byt­ter fra dat­ter­virk­som­he­der, der ved­ta­ges in­den god­ken­del­sen af års­rap­por­ten for Continia Software A/S, bin­des ikke på op­skriv­nings­re­ser­ven (sam­ti­dig­heds­prin­cip­pet).Urealiserede valutakursgevinster og -tab ved om­reg­ning af net­to­in­ve­ste­rin­gen i selv­stæn­dige uden­land­ske en­he­der, ind­reg­nes under egen­ka­pi­ta­len i re­ser­ve for va­lu­ta­kurs­re­gu­le­rin­ger. Re­ser­ven op­lø­ses, når de selv­stæn­di­ge uden­land­ske en­he­der af­hæn­des. EquityThe net revaluation of equity investments measured according to the equity method is recognized in the financial statements of the parent in the net revaluation reserve in equity according to the equity method to the extent that the carrying amount exceeds the cost. Dividends from subsidiaries which are adopted before adoption of the annual report for Continia Software A/S are not tied up in the revaluation reserve (simultaneous principle).Unrealised foreign currency gains and losses from the translation of the net investment in independent foreign entities are recognised in equity under the foreign currency translation reserve. The reserve is dissolved when the independent foreign entities are disposed of. Forslag til udbytte for regnskabsåret ind­reg­nes som sær­lig post un­der egen­ka­pi­ta­len. The proposed dividend for the financial year is recognised as a separate item in equity. Aktuelle og udskudte skatterSkyldig og tilgodehavende aktuel skat ind­regnes i balancen som beregnet skat af årets skat­te­plig­tige indkomst, reguleret for betalte aconto­skat­ter.Skyldige og tilgodehavende sambeskat­nings­bi­drag indregnes i balancen som sel­skabsskat un­der til­godehavender eller gældsforpligtelser.Udskudte skatteforpligtelser og udskudte skatte­aktiver beregnes af alle midlertidige forskelle mel­lem regnskabsmæssige og skat­temæssige værdier af aktiver og forpligtel­ser. Der indreg­nes dog ikke ud­skudt skat af midlertidige forskelle vedrørende skatte­mæssigt ikke afskriv­nings­be­rettiget good­will samt andre poster, hvor mid­ler­tidige forskelle, bortset fra virksom­heds­over­ta­gel­ser, er opstået på an­skaffelsestidspunktet uden at have effekt på resultat eller skat­te­pligtig ind­komst. I de tilfælde, hvor opgørel­se af skatte­vær­dien kan foretages efter for­skel­lige be­skat­ningsregler, måles udskudt skat på grundlag af den af ledelsen planlag­te an­vendelse af aktivet henholdsvis afvik­ling af forpligtelsen.Udskudte skatteaktiver indregnes med den vær­di, de efter vurdering forventes at kunne re­a­li­se­res til ved modregning i udskudte skatte­for­plig­tel­ser inden for samme skattejurisdiktion eller ved udligning i skat af frem­tidig ind­tjening.Udskudt skat måles på grundlag af de skat­te­reg­ler og skattesatser i de respektive lande, der med balance­dagens lov­giv­ning vil være gæl­den­de, når den udskudte skat forventes udløst som aktuel skat. Current and deferred taxCurrent tax payable and receivable is recognised in the balance sheet as tax computed on the basis of the taxable income for the year, adjusted for tax paid on account.Joint taxation contributions payable and receivable are recognised as income tax under receivables or payables in the balance sheet.Deferred tax liabilities and tax assets are re­cog­ni­sed on the basis of all temporary differences between the carrying amounts and tax bases of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is non-amortisable for tax purposes and other items where temporary differ­ences, except for acquisitions, have arisen at the date of acquisition without affecting the net profit or loss for the year or the tax­able income. In cases where the tax value can be determined according to different taxation rules, deferred tax is measured on the basis of management’s intended use of the asset or settlement of the liability.Deferred tax assets are recognised, following an assessment, at the expected realisable value through offsetting against deferred tax liabilities within the same tax jurisdiction or elimination in tax on future earnings.Deferred tax is measured on the basis of the tax rules and at the tax rates in the respective countries which, according to the legislation in force at the balance sheet date, will be applicable when the deferred tax is expected to crystallise as current tax. GældsforpligtelserKortfristede finansielle gældsforpligtelser måles til amor­ti­se­ret kost­pris, hvil­ket nor­malt sva­rer til gæl­dens på­ly­den­de vær­di. Øvrige kortfristede gældsforpligtelser måles til net­to­reali­sa­tions­vær­di. PayablesShort-term financial payables are measured at amortised cost, normally corresponding to the nominal value of such payables. Other short-term payables are measured at net realisable value. PeriodeafgrænsningsposterPeriodeafgrænsningsposter, indregnet un­der for­pligtelser, omfatter modtagne indbe­talinger ved­rørende indtægter i de efterføl­gende regns­kabs­år. Deferred incomeDeferred income under liabilities comprises payments received in respect of income in sub­sequent financial years. Pengestrømsopgørelsen opstilles efter den indi­rekte me­to­de og vi­ser pen­ge­strøm­me fra drif­ten, in­ve­ste­rin­ger og fi­nan­sie­ring samt lik­vi­der ved årets be­gyn­del­se og slut­ning.Pengestrømme fra driften opgøres som årets re­sul­tat, re­gu­le­ret for ikke kon­tan­te drifts­pos­ter, be­tal­te sel­skabs­skat­ter og æn­drin­ger i drifts­kapi­ta­len.Pengestrømme fra investeringer omfatter be­tal­inger i for­bin­del­se med køb og salg af virk­som­he­der og fi­nan­sielle ak­ti­ver samt køb, ud­vik­ling, for­bed­ring og salg af im­ma­te­riel­le og ma­te­riel­le an­lægs­ak­ti­ver.Pengestrømme fra finansiering om­fat­ter æn­drin­ger i modervirksomhedens aktiekapital og om­kost­nin­ger for­bun­det her­med og finansi­ering fra ud­be­talt ud­byt­te til ejer­ne, samt op­ta­gel­se af og af­drag på lang­fris­te­de gælds­for­plig­tel­ser. The cash flow statement is prepared using the indirect method, showing cash flows from operating, investing and financing activities as well as cash and cash equivalents at the beginning and end of the year.Cash flows from operating activities com­prise the net profit or loss for the year, adjusted for non-cash operating items, income tax paid and changes in working capital.Cash flows from investing activities com­prise payments in connection with the ac­quisition and divestment of companies and financial assets as well as the purchase, development, improvement and sale of in­tangible assets and property, plant and equipment.Cash flows from financing activities com­prise changes in the parent’s share capital and as­so­ci­a­ted costs and finan­cing from and di­vidends paid to sharehold­ers as well as the ar­ran­ge­ment and repay­ment of long-term pay­ables. Likviditeten ved årets begyndelse og slut­ning sam­men­sæt­ter sig af lik­vi­de be­hold­nin­ger. Cash and cash equivalents at the beginning and end of the year comprise cash. Modervirksomheden har undladt at ud­ar­bej­de pen­ge­strøms­op­gø­rel­se med hen­vis­ning til års­regn­skabs­lo­vens § 86, stk. 4, idet mo­der­virk­som­heden ind­går i pen­ge­strøms­op­gø­rel­sen for kon­cer­nen. Referring to section 86(4) of the Danish Fi­nancial Statements Act a cash flow state­ment has not been prepared for the parent as the parent is included in the consolidated cash flow statement.