307264722024-01-012024-12-31307264722024-01-012024-12-311307264722024-01-012024-12-311307264722024-01-012024-12-312307264722024-01-012024-12-313307264722024-01-012024-12-311307264722024-12-31307264722023-12-31fsa:ContributedCapitalMember307264722023-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember307264722023-12-31fsa:ReserveForDevelopmentExpenditureMember307264722023-12-31fsa:RetainedEarningsMember307264722023-12-31fsa:ProposedDividendRecognisedInEquityMember307264722024-01-012024-12-31fsa:RetainedEarningsMember307264722024-01-012024-12-31fsa:ProposedDividendRecognisedInEquityMember307264722024-01-012024-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember307264722024-01-012024-12-31fsa:ReserveForDevelopmentExpenditureMember307264722024-12-31fsa:ContributedCapitalMember307264722024-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember307264722024-12-31fsa:ReserveForDevelopmentExpenditureMember307264722024-12-31fsa:RetainedEarningsMember307264722024-12-31fsa:ProposedDividendRecognisedInEquityMember307264722023-12-31307264722023-01-012023-12-31iso4217:DKKxbrli:pureThe Board of Directors and the Executive Board have today considered and approved the annual report of Chora A/S for the financial year 01.01.2024 - 31.12.2024.Unusual circumstances affecting recognition and measurementThere are no unusual circumstances affecting recognition and measurement in 2024.113688593The annual report is presented in accordance with the Danish Financial Statements Act.10827955834278756In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2024 and of the results of its operations for the financial year 01.01.2024 - 31.12.2024.393770429224265We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.1380945570185572We recommend the annual report for adoption at the Annual General Meeting.55093061246566Brabrand4936972078372025-04-07720117426297Jacob Jakobsen135434170213678Jacob Jakobsen5495253415199817Thomas Fabricius1219961555013861Lars Borg Jensen4275291917274051To the shareholders of Chora A/S221473165305613We have audited the financial statements of Chora A/S for the financial year 01.01.2024 - 31.12.2024, which comprise the income statement, balance sheet, statement of changes in equity and ​notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. ​ ​In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2024 and of the results of its operations for the financial year 01.01.2024 - 31.12.2024 in accordance with the Danish Financial Statements Act.687500622579664We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor’s responsibilities for the audit of the financial statements" section of this auditor’s report. We are independent of the Entity 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.290223220Management 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 Entity’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so.267721565975787Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are ​free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes ​our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted ​in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material ​misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, ​individually or in the aggregate, they could reasonably be expected to influence the economic decisions of ​users taken on the basis of these financial statements.​​As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, ​we exercise professional judgement and maintain professional scepticism throughout the audit. We also:Identify and assess the risks of material misstatement of the financial statements, whether due to ​fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence ​that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a ​material misstatement resulting from fraud is higher than for one resulting from error, as fraud may ​involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.​Obtain an understanding of internal control relevant to the audit in order to design audit procedures ​that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the ​effectiveness of the Entity’s internal control.​Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates ​and related disclosures made by Management.​Conclude on the appropriateness of Management’s use of the going concern basis of accounting in ​preparing the 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 Entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to ​draw attention in our auditor’s report to the related disclosures in the 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 ​Entity to cease to continue as a going concern.​Evaluate the overall presentation, structure and content of the financial statements, including the disclosures ​in the notes, and whether the financial statements represent the underlying transactions and ​events in a manner that gives a true and fair view.Plan and perform the audit of the financial statements to obtain sufficient appropriate audit evidence regarding the consolidated financial information of the entities or business units as a basis for forming an opinion on the financial statements. We are responsible for the direction, supervision and review of the audit work performed. 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.4286394130269717101597278484Management is responsible for the management commentary. Our opinion on the financial statements does not cover the management commentary, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the management commentary and, in doing so, consider whether the management commentary is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the management commentary provides the information required by relevant law and regulations.Based on the work we have performed, we conclude that the management commentary is in accordance with ​the financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary.327687095518541045551551854Aarhus1045551304100022025-04-07628365825689802Jacob Tækker Nørgaard88018445689802mne40049880184456368598State Authorised Public Accountant67724934844422Financial highlights2024 DKK'0002023 DKK'000Key figuresGross profit/loss108,280113,689Operating profit/loss55,09370,186Net financials(634)(218)Profit/loss for the year42,75355,014Total assets149,271159,913Investments in property, plant and equipment30,8406,537Equity70,00777,254RatiosReturn on equity (%)68.10142.42Equity ratio (%)46.9048.31According to the Danish Financial Statements Act §101, subsection 3, the Financial highlights overview above does not contain figures for the four preceding financial years.Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark.Return on equity (%) :Profit/loss for the year * 100 Average equityEquity ratio (%) :Equity * 100 Total assets01732637Primary activitiesChora develops and supplies unique advanced solutions for mission critical challenges, applying best-in-class technology and an unparalleled understanding of customer requirements to create simple, effective and easy-to-use solutions. ​ ​Founded in 1994 Chora has more than 30 years of experience thanks to strong customer relationships and market focused technological capabilities. From our offices in Denmark and Germany, we provide the best possible service internationally for our business to government customers. 928493657333Development in activities and financesManagement is satisfied with the year's results with an increase in revenue and material investments in new product development. Chora has continued to develop and grow our product portfolio and organisation during the year and has relocated to a newly purchased headquarters in Brabrand near Aarhus. On October 30, 2024, Chora A/S was sold to Fabelgade ApS. The previous owners remain co-owners of the company. Thanks to strong strategic initiatives and our ability to adapt to a dynamic market, we look forward to the coming years. 209273259602990Profit/loss for the year in relation to expected developmentsThe income statement of the Company for 2024 shows a profit of DKK 42,752,919 and at 31 December 2024 the balance sheet of the Company shows a positive equity of DKK 70,006,819.7074615916720Uncertainty relating to recognition and measurementFollowing the end of the fiscal year, no significant events have occurred which affect the assessment of the Company’s financial position.2280016720OutlookWe expect that the revenue and profit before tax for 2025 will be at the same level as the 2024 financial year.2280064193576Knowledge resourcesThe organisational culture at Chora is based on our vision and values which we all live by. Our most important resources are our employees. ​ ​At Chora, decision-making is swift, and our employees can influence the agenda with their ideas and visions. We are a dedicated team that appreciates changes beyond normal in our pursuit of creating outstanding solutions and products for our customers. ​ ​We work in a relaxed workspace environment with an informal atmosphere. In combination with a professional attitude, it increases the performance levels and job satisfaction of our employees. ​ ​​​​Chora core values are ​INTEGRITY INNOVATION SECURITY DRIVE INFORMALITY ​ ​As Chora is a fast-growing company, there is ample possibility to grow within the organisation. ​We acknowledge the importance of investing in our employees, and competence development is key with focus on, e.g., talent management, diversity, and inclusion. 686392612950308886434729159913090Environmental performanceAt Chora, we believe it is important to be responsible and accountable for the impacts of our business operations, and therefore, we will actively work with ESG & Sustainability in 2025. Chora has chosen to focus on four Sustainability Development Goals initially: • Climate Action • Circular Resource Management • Employer Responsibility • Gender Equality The target is to continuously improve the way Chora works with ESG related areas such as protection of Human Rights, Labour Rights and Discrimination, Environmental Responsibility, Work against Corruption and Health and Safety of employees. 1492713111800000Research and development activitiesLooking ahead into 2025, we will continue investing in organisational capabilities to support our position. Investments will continue in research and development of new products and Technologies.1800000365024Foreign branchesChora is an international company with offices in Denmark and Germany.85872117612138This annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (medium).The accounting policies applied to these financial statements are consistent with those applied last year.226374117476738Consolidated financial statementsReferring to section 112(1) of the Danish Financial Statements Act, no consolidated financial statements have been prepared.4471068750000000Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic benefits will flow to the Entity, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial recognition is effected as described below for each financial statement item. Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and measurement. Income is recognised in the income statement when earned, whereas costs are recognised by the amounts attributable to this financial year.077253900Gross profit or lossGross profit or loss comprises revenue, changes in inventories of finished goods and work in progress, own work capitalised, other operating income, cost of raw materials and consumables and external expenses.700068194781444RevenueRevenue from the sale of manufactured goods and goods for resale is recognised in the income statement when delivery is made and risk has passed to the buyer. Revenue from the sale of services is recognised in the income statement when delivery is made to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed.59829494781444Own work capitalisedOwn work capitalised comprises staff costs and other costs incurred in the financial year and recognised in cost for proprietary intangible assets and property, plant and equipment.5982949290935Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for normal inventory writedowns.1214567643820694Other external expensesOther external expenses include expenses relating to the Entity’s normal activities, including expenses for premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of receivables recognised in current assets.172883762956794Staff costsStaff costs comprise salaries and wages, and social security contributions, pension contributions, etc for entity staff.27044520Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment and intangible assets comprise depreciation, amortisation and impairment losses for the financial year.1755485211402053Income from investments in group enterprisesIncome from investments in group enterprises comprises the pro rata share of the individual enterprises’ profit/loss after full elimination of intra-group profits or losses.00Other financial incomeOther financial income comprises dividends etc received on other investments, interest income, including interest income on receivables from group enterprises etc.1014811019407270Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group enterprises etc.1344007777877746Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity.7328154377877746Intellectual property rights etcIntellectual property rights etc comprise development projects completed and in progress with related intellectual property rights.Development projects on clearly defined and identifiable products and processes, for which the technical rate ​of utilisation, adequate resources and a potential future market or development opportunity in the enterprise ​can be established, and where the intention is to manufacture, market or apply the product or process in question, are recognised as intangible assets. Other development costs are recognised as costs in the income ​statement as incurred. When recognising development projects as intangible assets, an amount equalling ​the costs incurred less deferred tax is taken to equity in the reserve for development costs that is reduced ​as the development projects are amortised and written down.​​ ​​The cost of development projects comprises costs such as salaries and amortisation that are directly and ​indirectly attributable to the development projects.​​ ​​Indirect production costs in the form of indirectly attributable staff costs and amortisation of intangible ​assets and depreciation of property, plant and equipment used in the development process are recognised in cost based on time spent on each project.​​​Completed development projects are amortised on a straight-line basis using their estimated useful lives ​which are determined based on a specific assessment of each development project. If the useful life cannot ​be estimated reliably, it is fixed at 10 years. For development projects protected by intellectual property rights, the maximum period of amortisation is the remaining duration of the relevant rights. The amortisation periods used are 5-10 years. ​ ​Intellectual property rights etc are written down to the lower of recoverable amount and carrying amount.7328154315991309014927131136Property, plant and equipmentLand and buildings, plant and machinery, and other fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses. Land is not depreciated. Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the asset until the time when it is ready to be put into operation. The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line depreciation is made on the basis of the following estimated useful lives of the assets:Useful life Buildings40 yearsOther fixtures and fittings, tools and equipment3-5 yearsLeasehold improvements3-5 yearsFor leasehold improvements, the depreciation period cannot exceed the contract period. Estimated useful lives and residual values are reassessed annually. Items of property, plant and equipment are written down to the lower of recoverable amount and carrying amount.1800000990000Investments in group enterprisesInvestments in group enterprises are recognised and measured according to the equity method. This means that investments are measured at the pro rata share of the enterprises’ equity value. Group enterprises with negative equity value are measured at DKK 0. Any receivables from these enterprises are written down to net realisable value based on a specific assessment. If the Parent has a legal or constructive obligation to cover the liabilities of the relevant enterprise, and it is probable that such obligation will involve a loss, a provision is recognised that is measured at present value of the costs necessary to settle the obligations at the balance sheet date. Upon distribution of profit or loss, net revaluation of investments in group enterprises is transferred to the reserve for net revaluation according to the equity method in equity.365024InventoriesInventories are measured at the lower of cost using the weighted average prices and net realisable value. ​​Cost consists of purchase price plus delivery costs. Cost of manufactured goods and work in progress consists ​of costs of raw materials, consumables, direct labour costs and indirect production costs.​​Indirect production costs comprise indirect materials and labour costs, costs of maintenance of, depreciation ​of machinery, factory buildings and equipment used in the manufacturing process, and costs of factory administration and management. Finance costs are not included in cost. ​​The net realisable value of inventories is calculated as the estimated selling price less completion costs and ​costs incurred to execute sale.176121385013861ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and doubtful debts.7476738PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost.50000000Other investmentsOther current asset investments comprise listed securities measured at fair value (market price) at the balance sheet date, and unlisted investments measured at the lower of cost and net realisable value.0CashCash comprises cash in hand and bank deposits.50000000DividendDividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for the financial year is disclosed as a separate item in equity. 0Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based value of assets and liabilities, for which the tax-based value is calculated based on the planned use of each asset. Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets. Deferred tax relating to retaxation of previously deducted losses in foreign subsidiaries is recognised on the basis of an actual assessment of the purpose of each subsidiary.5025273Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.-5025273Prepayments received from customersPrepayments received from customers comprise amounts received from customers prior to delivery of the goods agreed or completion of the service agreed.493697Tax receivable or payableCurrent tax receivable or payable is recognised in the balance sheet, stated as tax computed on this year's ​taxable income, adjusted for prepaid tax.Joint taxation contributions payable or receivableCurrent joint taxation contributions receivable or joint taxation contributions payable are recognised in the balance sheet, calculated as tax computed on the taxable income of the year, which has been adjusted for prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are expected to be used under the joint taxation arrangement.422592220Cash flow statementReferring to section 86(4) of the Danish Financial Statements Act, the Entity has prepared no cash flow statement as such statement is included in the consolidated cash flow statement of Fabelgade ApS, Business Reg. No. 44954265. 1800000true858721Grundlag for konklusion22637411Konklusion44710687Regnskabsklasse C, mellemstor virksomhed02023-01-012023-12-3150000000339635560København S230061 Events after the balance sheet dateNo events materially affecting the assessment of the Annual Report have occurred after the balance sheet date.Weidekampsgade2 Staff costs2024 DKK2023 DKKWages and salaries39,377,04233,595,475Pension costs0683,28139,377,04234,278,756Average number of full-time employees4236Remuneration of Management2024 DKKRemuneration of Management 2023 DKKTotal amount for management categories990,000990,000990,000990,000Deloitte Statsautoriseret Revisionspartnerselskab42AarhusRemuneration of Management2024 DKKRemuneration of Management 2023 DKKTotal amount for management categories990,000990,000990,000990,000Brabrand99000082203 Depreciation, amortisation and impairment losses2024 DKK2023 DKKAmortisation of intangible assets8,729,3156,229,103Depreciation of property, plant and equipment5,080,1402,995,16213,809,4559,224,265Revisionspåtegning4 Other financial income2024 DKK2023 DKKFinancial income from group enterprises064,169Other interest income477,963143,668Exchange rate adjustments242,1540720,117207,8372024-12-315 Other financial expenses2024​DKK2023​DKKFinancial expenses from group enterprises261,8540Other interest expenses752,987213,796Exchange rate adjustments339,500212,5011,354,341426,2972024-01-016 Tax on profit/loss for the year2024 DKK2023 DKKCurrent tax10,998,11013,770,546Change in deferred tax1,201,5051,429,27112,199,61515,199,8177 Proposed distribution of profit and loss2024 DKK2023 DKKOrdinary dividend for the financial year050,000,000Retained earnings42,752,9195,013,861 42,752,91955,013,8611142752919SødalsparkenChora A/S8 Intangible assetsCompleted development projects DKKDevelopment projects in progress DKKCost beginning of year46,158,8125,305,613Transfers4,058,179(4,058,179)Additions9,544,4015,627,572Disposals(637,380)0Cost end of year59,124,0126,875,006Amortisation and impairment losses beginning of year(28,884,761)0Amortisation for the year(8,729,315)0Reversal regarding disposals637,3800Amortisation and impairment losses end of year(36,976,696)0Carrying amount end of year22,147,3166,875,006307264729 Development projectsDevelopment projects relate to the development of new hardware and software products within ​communication. At 31 December 2024 there are three projects in progress and the rest are completed ​projects. The projects are progressing according to plan.​​It is expected that the development projects can be utilised within the company's existing markets. All development projects are evaluated to ensure that future earnings justify the carrying amount. The management does not consider that there is a need for impairments in relation to the carrying amount.339635562300 København S10 Property, plant and equipmentLand and buildings DKKOther fixtures and fittings, tools and equipment DKKLeasehold improvements DKKCost beginning of year09,517,5712,332,290Additions27,409,8451,600,2231,830,296Disposals0(540,000)(661,117)Cost end of year27,409,84510,577,7943,501,469Depreciation and impairment losses beginning of year0(3,541,784)(1,029,593)Depreciation for the year(637,689)(3,242,396)(1,200,055)Reversal regarding disposals0492,780438,338Depreciation and impairment losses end of year(637,689)(6,291,400)(1,791,310)Carrying amount end of year26,772,1564,286,3941,710,159Weidekampsgade 611 Financial assetsInvestments in group enterprises DKKCost beginning of year551,854Cost end of year551,854Share of profit/loss for the year493,697Revaluations end of year493,697Carrying amount end of year1,045,551Investments in subsidiariesRegistered inEquity interest %Chora GmbHGermany100.00Deloitte Statsautoriseret Revisionspartnerselskab12 PrepaymentsPrepayments relate to prepaid expensesÅrsrapport13 Deferred tax2024​DKK2023​DKKIntangible assets6,384,9114,967,526Property, plant and equipment(401,962)(104,140)Receivables0(81,942)Deferred tax5,982,9494,781,444​​Changes during the year2024​DKK2023​DKKBeginning of year4,781,4443,352,173Recognised in the income statement1,201,5051,429,271End of year5,982,9494,781,4442025-04-0714 Unrecognised rental and lease commitments2024 DKK2023 DKKLiabilities under rental or lease agreements until maturity in total528,0431,728,297Lars Borg Jensen15 Contingent liabilitiesThe Entity participates in a Danish joint taxation arrangement where Solix ApS serves as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity is therefore secondarily liable for income taxes etc for the jointly taxed entities, which is limited to the equity interest by which the entity participates in the Group. The jointly taxed entities' total known net liability under the joint taxation arrangement is disclosed in the administration company's financial statements.16 Assets charged and collateralAssets charged and collateral - Mortgage debt is secured by way of mortgage on properties. Bank loans are secured by way of a deposited mortgage deed registered to the mortgagor on plant of DKK 18m. nominal. The carrying amount of mortgaged properties is DKK 26,8m. Charges and security The following assets have been placed as security with bankers: Company charge of TDKK 4,000, which provides security on fixed assets and fixtures, receivables from sale of goods and services, inventories and intangible assets at a total carrying amount of DKK 115m (2023 DKK 92m).17 Non-arm’s length related party transactionsOnly related party transactions not conducted on an arm’s length basis are disclosed in the annual report.​ No such transactions have been conducted in the financial year.18 Group relationsName and registered office of the Parent preparing consolidated financial statements for the largest group: ​Desolix S.À.R.L., Grand-Rue 31, 1661 LuxembourgName and registered office of the Parent preparing consolidated financial statements for the smallest group:​Fabelgade ApS, Sødalsparken 11, 8220 Brabrand.