35680586 2025-01-01 2025-12-31 2 35680586 2025-01-01 2025-12-31 3 35680586 2025-01-01 2025-12-31 35680586 2025-01-01 2025-12-31 1 35680586 2024-01-01 2024-12-31 35680586 2025-12-31 35680586 2024-12-31 35680586 2025-12-31 d:LongtermTradePayablesMember 35680586 2025-12-31 d:OtherLongtermPayablesMember 35680586 2025-01-01 d:ContributedCapitalMember 35680586 2024-01-01 d:ContributedCapitalMember 35680586 2025-12-31 d:ContributedCapitalMember 35680586 2024-12-31 d:ContributedCapitalMember 35680586 2025-01-01 d:ReserveForDevelopmentExpenditureMember 35680586 2024-01-01 d:ReserveForDevelopmentExpenditureMember 35680586 2025-01-01 2025-12-31 d:ReserveForDevelopmentExpenditureMember 35680586 2024-01-01 2024-12-31 d:ReserveForDevelopmentExpenditureMember 35680586 2025-01-01 d:RetainedEarningsMember 35680586 2024-01-01 d:RetainedEarningsMember 35680586 2025-01-01 2025-12-31 d:RetainedEarningsMember 35680586 2024-01-01 2024-12-31 d:RetainedEarningsMember 35680586 2025-12-31 d:RetainedEarningsMember 35680586 2024-12-31 d:RetainedEarningsMember 35680586 2025-01-01 2025-12-31 d:ProposedDividendRecognisedInEquityMember 35680586 2024-01-01 2024-12-31 d:ProposedDividendRecognisedInEquityMember 35680586 2025-12-31 d:ProposedDividendRecognisedInEquityMember 35680586 2024-12-31 d:ProposedDividendRecognisedInEquityMember 35680586 2025-01-01 2025-12-31 1 35680586 2025-01-01 2025-12-31 1 35680586 2025-01-01 2025-12-31 2 35680586 2025-01-01 2025-12-31 3 iso4217:DKK xbrli:pure Årsrapport 29442789 Redmark, Godkendt Revisionspartnerselskab Sommervej, 31C 8210, Aarhus V 2024-01-01 2024-12-31 2025-01-01 2025-12-31 35680586 Seneco A/S Hasselager Centervej 25, 1. 8260 Viby J 2014-03-10 Viby J Jyske Bank Østergade 4 8000 Aarhus C Redmark, Godkendt Revisionspartnerselskab 29442789 Thomas Amby statsautoriseret revisor mne29474 Sommervej 31C 8210 Aarhus V Danmark 86133100 aarhus@redmark.dk 2026-05-26 Bodil Sonesson Regnskabsklasse B Revisionspåtegning Ja CaseWare fra Revisorgruppen Danmark kapitalejeren Aarhus 2026-05-26 Viby J 2026-05-26 Grundlag for konklusion Konklusion 5837202 5671813 5416565 4664425 179557 139093 0 8434641 241080 -7566346 3692 4904 11431 1689670 233341 -9251112 -2338869 -1209081 2572210 -8042031 1500000 0 1072210 -8042031 223070 363992 157800 0 380870 363992 223639 217125 223639 217125 604509 581117 0 2775 1699781 1091177 1322830 0 1016039 1209081 325007 407663 41484 72595 4405141 2783291 2998257 2483315 7403398 5266606 8007907 5847723 0 1651385 1651385 3635212 2563003 1500000 0 6786597 4214388 278141 869351 308764 297747 586905 1167098 69535 57432 319872 210965 244998 197840 634405 466237 1221310 1633335 8007907 5847723 4860963 4313952 475942 276790 31878 29106 47782 44577 5416565 4664425 9 8 0 1678056 11431 11614 11431 1689670 69535 0 0 308764 1651385 1651385 1651385 1651385 0 6579022 0 -6579022 2563002 -35387518 0 6579022 1072210 -8042031 0 39413530 3635212 2563003 1500000 0 1500000 0 Today, the Board of Directors and the Managing Director have approved the annual report of Seneco A/S for the financial year 1 January - 31 December 2025. The annual report has been prepared in accordance with the Danish Financial Statements Act. We consider the chosen accounting policy to be appropriate, and in our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2025 and of the results of the Company's operations for the financial year 1 January – 31 December 2025. Further, in our opinion, the Management's review gives a true and fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the Annual General Meeting. Jørn Brinkmann Bodil Sonesson Johan Ander Håkan Lembre Jørn Brinkmann We have audited the financial statements of Seneco A/S for the financial year 1 January - 31 December 2025, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity and notes, for the Company. The financial statements are prepared under the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2025, and of the results of the Company's operations for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act. Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Den­mark. Our responsibilities under those standards and requirements are further described in the “Auditor’s Responsibilities for the Audit of the Financial Statements” section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Den­mark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Den­mark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Den­mark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Statement on Management’s ReviewManagement is responsible for Management’s Review. Our opinion on the financial statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that Management’s Review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of Management’s Review. Description of key activities of the companyThe company's main activity has as in accordance to previous years consisted of developing and selling innovative monitoring devices for outdoor lighting. Significant changes in the company's activities and financial mattersThere have been no significant changes in activities and financial matters. The gross profit for the year totals DKK 5.837.202 against DKK 5.671.813 last year. Profit or loss from ordinary activities after tax totals DKK 2.572.210 against DKK -8.042.031 last year. Management considers the net profit for the year satisfactory. The financial year has been affected by the recognition of a deferred tax asset related tax loss carryforwards from prior financial years. Material errors in previous yearsDuring the preparation of the annual accounts for 2025, It has been identified that the annual report for 2024 contained a material error in Tax receivables from group entities. The error resulted in an increase in the profit for the year after tax and equity of t.DKK 1.034, as well as an increase in total assets of t.DKK 1.034. The error has been corrected in the present financial statements for 2025, and the comparative figures for 2024 have been restated. 5.Charges and securityThe compant has no mortgage and securities at 31 December 2025. 6.Contractual obligations and contingencies, etc. DKK in thousands Lease liabilities895 Total contractual obligations895 Total contingent liabilities0 Total contractual obligations and contingent liabilities895 Lease liabilities:Seneco A/S has a rental obligation regardig the commercial premises they are renting. The annual rent amounts to t.DKK 447 with an annual increase after index of net retail prices. There is a 24 months termination notice corresponding to t.DKK 895. Joint taxationWith Fagerhult A/S, company reg. no 36687118 as administration company, the company is subject to the Danish scheme of joint taxation and unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for the total corporation tax. The company is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for any obligations to withhold tax on interest, royalties, and dividends. The jointly taxed enterprises' total known net liability to the Danish tax authorities emerges from the financial statements of the administration company. Any subsequent adjustments of corporate taxes or withholding tax, etc., may result in changes in the company's liabilities. The annual report for Seneco A/S has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class B enterprises. Furthermore, the company has decided to comply with certain rules applying to reporting class C enterprises. The accounting policies are unchanged from last year, and the annual report is presented in DKK. Material errors in previous yearsDuring the preparation of the annual accounts for 2025, It has been identified that the annual report for 2024 contained a material error in Tax receivables from group entities. The error resulted in an increase in the profit for the year after tax and equity of t.DKK 1.034, as well as an increase in total assets of t.DKK 1.034. The error has been corrected in the present financial statements for 2025, and the comparative figures for 2024 have been restated. Recognition and measurement in generalIncome is recognised in the income statement concurrently with its realisation, including the recognition of value adjustments of financial assets and liabilities. Likewise, all costs are recognised in the income statement, including depreciations amortisations, write-downs for impairment, provisions, and reversals due to changes in estimated amounts previously recognised in the income statement. Assets are recognised in the statement of financial position when it seems probable that future economic benefits will flow to the company and the value of the asset can be reliably measured. Liabilities are recognised in the statement of financial position when it is seems probable that future economic benefits will flow out of the company and the value of the liability can be reliably measured. Assets and liabilities are measured at cost at the initial recognition. Hereafter, assets and liabilities are measured as described below for each individual accounting item. Certain financial assets and liabilities are measured at amortised cost, allowing a constant effective interest rate to be recognised during the useful life of the asset or liability. Amortised cost is recognised as the original cost less any payments, plus/less accrued amortisations of the difference between cost and nominal amount. In this way, capital losses and gains are allocated over the useful life of the liability. Upon recognition and measurement, allowances are made for such predictable losses and risks which may arise prior to the presentation of the annual report and concern matters that exist on the reporting date. Gross profitGross profit comprises the revenue, changes in inventories of finished goods, and work in progress, own work capitalised, other operating income, and external costs. Revenue is recognised in the income statement if delivery and passing of risk to the buyer have taken place before the end of the year and if the income can be determined reliably and inflow is anticipated. Revenue is measured at the fair value of the consideration promised exclusive of VAT and taxes and less any discounts relating directly to sales. Cost of sales comprises costs concerning purchase of raw materials and consumables less discounts and changes in inventories. Other operating income comprises items of a secondary nature as regards the principal activities of the enterprise, including profit from the disposal of intangible and tangible assets, operating loss and conflict compensation as well as salary reimbursements received. Compensation is recognized when it is overwhelmingly probable that the company will receive the compensation. Other external expenses comprise expenses incurred for distribution, sales, advertising, administration, premises, loss on receivables, and operational leasing costs. Staff costsStaff costs include salaries and wages, including holiday allowances, pensions, and other social security costs, etc., for staff members.  Depreciation, amortisation, and write-down for impairmentDepreciation, amortisation, and write-down for impairment comprise depreciation on, amortisation of, and write-down for impairment of intangible and tangible assets, respectively. Other operating costsOther operating costs comprise items of secondary nature as regards the principal activities of the enterprise, including losses on the disposal of intangible and tangible assets. Research and development costsResearch and development costs comprise costs, salaries, and wages and depreciation directly or indirectly attributable to the company’s research and development activities. Research costs are recognised in the income statement in the year incurred. Clearly defined and identifiable development projects are recognised as intangible assets provided that they are proven to be technically practicable, that sufficient resources and a potential market or development opportunity exist, and insofar as the intention is to produce, market or utilise the project. Furthermore, there must be a proven correlation between the costs incurred and future earnings. However, lack of official approvals, customer approvals, and other uncertainties will often imply that the requirements for recognition as assets are not met and that development costs are charged to the income statement as incurred. Financial income and expensesFinancial income and expenses are recognised in the income statement with the amounts concerning the financial year. Financial income and expenses comprise interest income and expenses, financial expenses from realised and unrealised capital gains and losses relating to debt and transactions in foreign currency as well as surcharges and reimbursements under the advance tax scheme, etc. Tax on net profit or loss for the yearTax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity.  The company is subject to Danish rules on compulsory joint taxation of Danish group enterprises. The current Danish income tax is allocated among the jointly taxed companies proportional to their respective taxable income (full allocation with reimbursement of tax losses). Property, plant, and equipmentProperty, plant, and equipment are measured at cost less accrued depreciation and write-down for impairment. Land is not subject to depreciation. The depreciable amount is cost less any expected residual value after the end of the useful life of the asset. The amortisation period and the residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, the depreciation is discontinued. Depreciation is done on a straight-line basis according to an assessment of the expected useful life and the residual value of the individual assets: Useful lifeResidual valueOther fixtures and fittings, tools and equipment3-5years0-20 % Minor assets with an expected useful life of less than 1 year are recognised as costs in the income statement in the year of acquisition. Profit or loss derived from the disposal of property, land, and equipment is measured as the difference between the sales price less selling costs and the carrying amount at the date of disposal. Profit or loss is recognised in the income statement as other operating income or other operating expenses. Prepayment for property, plant, and equipmentPrepayments for property, plant and equipment comprise payments made in advance of the delivery or completion of property, plant and equipment. The prepayments are measured at cost and presented as part of property, plant and equipment. When the underlying asset has been delivered and is available for use, the prepayment is reclassified to the relevant category of property, plant and equipment. DepositsDeposits are measured at amortised cost and represent lease deposits, etc. Impairment loss relating to non-current assetsThe carrying amount of both intangible and tangible fixed assets are subject to annual impairment tests in order to disclose any indications of impairment beyond those expressed by amortisation and depreciation respectively. If indications of impairment are disclosed, impairment tests are carried out for each individual asset or group of assets, respectively. write-down for impairment is done to the recoverable amount if this value is lower than the carrying amount. The recoverable amount is the higher value of value in use and selling price less expected selling cost. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the asset group and expected net cash flows from the sale of the asset or the asset group after the end of their useful life. Previously recognised impairment losses are reversed when conditions for impairment no longer exist. Impairment relating to goodwill is not reversed. ReceivablesReceivables are measured at amortised cost, which usually corresponds to nominal value. In order to meet expected losses, impairment takes place at the net realisable value. The company has chosen to use IAS 39 as a basis for interpretation when recognising impairment of financial assets, which means that impairments must be made to offset losses where an objective indication is deemed to have occurred that an account receivable or a portfolio of accounts receivable is impaired. If an objective indication shows that an individual account receivable has been impaired, an impairment takes place at individual level. Accounts receivable for which there is no objective indication of impairment at the individual level are evaluated at portfolio level for objective indication of impairment. The portfolios are primarily based on the debtors' domicile and credit rating in accordance with the company's and the group's credit risk management policy. Determination of the objective indicators applied for portfolios are based on experience with historical losses. Impairment losses are calculated as the difference between the carrying amount of accounts receivable and the present value of the expected cash flows, including the realisable value of any securities received. The effective interest rate for the individual account receivable or portfolio is used as the discount rate. PrepaymentsPrepayments recognised under assets comprise incurred costs concerning the following financial year. Cash and cash equivalentsCash and cash equivalents comprise cash at bank and on hand. Equity DividendDividend expected to be distributed for the year is recognised as a separate item under equity. Income tax and deferred taxCurrent tax liabilities and current tax receivable are recognised in the statement of financial position as calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and for tax paid on account. The company is jointly taxed with consolidated Danish companies. The current corporate income tax is distributed between the jointly taxed companies in proportion to their taxable income and with full distribution with reimbursement as to tax losses. The jointly taxed companies are comprised by the Danish tax prepayment scheme. Joint taxation contributions payable and receivable are recognised in the statement of financial position as ”Tax receivables from group enterprises" or "Income tax payable to group enterprises" According to the rules of joint taxation, Seneco A/S is unlimitedly, jointly, and severally liable to pay the Danish tax authorities the total income tax, including withholding tax on interest, royalties, and dividends, arising from the jointly taxed group of companies. Deferred tax is measured on the basis of temporary differences in assets and liabilities with a focus on the statement of financial position. Deferred tax is measured at net realisable value. Adjustments take place in relation to deferred tax concerning elimination of unrealised intercompany gains and losses. Deferred tax is measured based on the tax rules and tax rates applying under the legislation prevailing in the respective countries on the reporting date when the deferred tax is expected to be released as current tax. Changes in deferred tax due to changed tax rates are recognised in the income statement, except for items included directly in the equity. Deferred tax assets, including the tax value of tax losses allowed for carryforward, are recognised at the value at which they are expected to be realisable, either by settlement against tax of future earnings or by set-off in deferred tax liabilities within the same legal tax unit. Any deferred net tax assets are measured at net realisable value. Liabilities other than provisionsOther liabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value.