33749996 2024-01-01 2024-12-31 33749996 2024-01-01 2024-12-31 0 33749996 2024-01-01 2024-12-31 1 33749996 2024-01-01 2024-12-31 0 33749996 2024-01-01 2024-12-31 1 33749996 2024-01-01 2024-12-31 2 33749996 2024-01-01 2024-12-31 3 33749996 2023-01-01 2023-12-31 33749996 2024-12-31 33749996 2023-12-31 33749996 2024-01-01 2024-12-31 0 33749996 2023-01-01 2023-12-31 1 33749996 2024-01-01 2024-12-31 2 33749996 2023-01-01 2023-12-31 3 33749996 2024-01-01 2024-12-31 4 33749996 2023-01-01 2023-12-31 5 33749996 2024-01-01 2024-12-31 0 33749996 2023-01-01 2023-12-31 1 33749996 2024-01-01 33749996 2023-01-01 33749996 2022-01-01 2022-12-31 33749996 2021-01-01 2021-12-31 33749996 2020-01-01 2020-12-31 33749996 2024-01-01 2024-12-31 0 33749996 2023-01-01 2023-12-31 1 33749996 2022-01-01 2022-12-31 2 33749996 2021-01-01 2021-12-31 3 33749996 2020-01-01 2020-12-31 4 33749996 2024-01-01 2024-12-31 5 33749996 2023-01-01 2023-12-31 6 33749996 2022-01-01 2022-12-31 7 33749996 2021-01-01 2021-12-31 8 33749996 2020-01-01 2020-12-31 9 33749996 2024-01-01 2024-12-31 10 33749996 2023-01-01 2023-12-31 11 33749996 2022-01-01 2022-12-31 12 33749996 2021-01-01 2021-12-31 13 33749996 2020-01-01 2020-12-31 14 33749996 2022-12-31 33749996 2021-12-31 33749996 2020-12-31 33749996 2024-01-01 2024-12-31 0 33749996 2024-01-01 2024-12-31 1 iso4217:EUR xbrli:pure 2024-01-01 2024-12-31 2025-06-25 Francois Vachon Clearhaus A/S P.O. Pedersens Vej 2 8200 Aarhus N 33749996 2011-05-27 Aarhus <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement by the Management</td></tr><tr><td colspan="1">Today the Board of Directors and Executive Board have discussed and approved the Annual Report of Clearhaus A/S for</td></tr><tr><td colspan="1">the financial year 1 January - 31 December 2024.</td></tr><tr><td colspan="1">The Annual Report is presented in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">In our opinion the Financial Statements give a true and fair view of the Company's assets, liabilities and financial position on</td></tr><tr><td colspan="1">31 December 2024 and of the results of the Company's operations and cash flows for the financial year 1 January - 31</td></tr><tr><td colspan="1">December 2024.</td></tr><tr><td colspan="1">The Management Commentary includes in our opinion a fair presentation of the matters dealt with in the Commentary.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We recommend the Annual Report be approved at the Annual General Meeting.</td></tr></table> Aarhus 2025-06-25 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent Auditor’s Report</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the Shareholder of Clearhaus A/S</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Opinion</td></tr><tr><td colspan="1">We have audited the Financial Statements of Clearhaus A/S for the financial year 1 January - 31 December 2024, which</td></tr><tr><td colspan="1">comprise Income Statement, Balance Sheet, Statement of Changes in Equity, Cash Flows Statements, Notes and a summary</td></tr><tr><td colspan="1">of significant accounting policies. The Financial Statements are prepared in accordance with the Danish Financial</td></tr><tr><td colspan="1">Statements Act.</td></tr><tr><td colspan="1">In our opinion, the Financial Statements give a true and fair view of the Assets, Liabilities and financial position of the</td></tr><tr><td colspan="1">Company on 31 December 2024 and of the results of the Company's operations and Cash Flows for the financial year 1</td></tr><tr><td colspan="1">January - 31 December 2024 in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for Opinion</td></tr><tr><td colspan="1">We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements</td></tr><tr><td colspan="1">applicable in Denmark. Our responsibilities under those standards and requirements are further described in the “Auditor’s</td></tr><tr><td colspan="1">Responsibilities for the Audit of the Financial Statements” section of our report. We are independent of the Company in</td></tr><tr><td colspan="1">accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional</td></tr><tr><td colspan="1">Accountants (including International Independence Standards) (IESBA Code), together with the ethical requirements that</td></tr><tr><td colspan="1">are relevant to our audit of the financial statements in Denmark, and we have fulfilled our other ethical responsibilities in</td></tr><tr><td colspan="1">accordance with these requirements and the IESBA Code. We believe that the evidence we have obtained is sufficient and</td></tr><tr><td colspan="1">appropriate to provide a basis for our conclusion.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management's Responsibilities for the Financial Statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of Financial Statements that give a true and fair view in accordance with the</td></tr><tr><td colspan="1">Danish Financial Statements Act and for such Internal control as Management determines is necessary to enable the</td></tr><tr><td colspan="1">preparation of Financial Statements that are free from material misstatement, whether due to fraud or error.</td></tr><tr><td colspan="1">In preparing the Financial Statements, Management is responsible for assessing the Company's ability to continue as a going</td></tr><tr><td colspan="1">concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in</td></tr><tr><td colspan="1">preparing the Financial Statements unless Management either intends to liquidate the Company or to cease operations, or</td></tr><tr><td colspan="1">has no realistic alternative but to do so.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">Auditor’s Responsibilities for the Audit of the Financial Statements</td></tr><tr><td colspan="2">Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from</td></tr><tr><td colspan="2">material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable</td></tr><tr><td colspan="2">assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs and the</td></tr><tr><td colspan="2">additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can</td></tr><tr><td colspan="2">arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected</td></tr><tr><td colspan="2">to influence the economic decisions of users taken on the basis of these Financial Statements.</td></tr><tr><td colspan="2">As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise</td></tr><tr><td colspan="2">professional judgment and maintain professional scepticism throughout the audit.</td></tr><tr><td colspan="2">We also</td></tr><tr><td></td><td>Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error,</td></tr><tr><td /><td>design and perform audit procedures responsive to those risks, and obtain audit evidence that is su cient and</td></tr><tr><td /><td>appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud</td></tr><tr><td /><td>is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions,</td></tr><tr><td /><td>misrepresentations, or the override of internal control.</td></tr><tr><td></td><td>Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are</td></tr><tr><td /><td>appropriate in the circumstances, but not for the purpose of expressing an opinion on the e ectiveness of the</td></tr><tr><td /><td>Company's internal control.</td></tr><tr><td></td><td>Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and</td></tr><tr><td /><td>related disclosures made by Management.</td></tr><tr><td></td><td>Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the</td></tr><tr><td /><td>Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to</td></tr><tr><td /><td>events or conditions that may cast signi cant doubt on the Company's ability to continue as a going concern.</td></tr><tr><td /><td>If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the</td></tr><tr><td /><td>related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our</td></tr><tr><td /><td>conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events</td></tr><tr><td /><td>or conditions may cause the Company to cease to continue as a going concern.</td></tr><tr><td></td><td>Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and</td></tr><tr><td /><td>whether the Financial Statements represent the underlying transactions and events in a manner that gives a true</td></tr><tr><td /><td>and fair view. We communicate with those charged with governance regarding, among other matters, the planned</td></tr><tr><td /><td>scope and timing of the audit and signi cant audit ndings, including any signi cant de ciencies in internal control</td></tr><tr><td /><td>that we identify during our audit.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on Management Commentary</td></tr><tr><td colspan="1">Management is responsible for Management Commentary.</td></tr><tr><td colspan="1">Our opinion on the Financial Statements does not cover Management Commentary, and we do not express any form of</td></tr><tr><td colspan="1">assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the Financial Statements, our responsibility is to read Management Commentary and, in doing</td></tr><tr><td colspan="1">so, consider whether Management Commentary is materially inconsistent with the Financial Statements or our knowledge</td></tr><tr><td colspan="1">obtained during the audit, or otherwise appears to be materially misstated.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether Management Commentary provides the information required under</td></tr><tr><td colspan="1">the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, we conclude that Management Commentary is in accordance with the Financial</td></tr><tr><td colspan="1">Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did</td></tr><tr><td colspan="1">not identify any material misstatement of Management Commentary.</td></tr></table> Randers 2025-06-25 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Accounting Policies</td></tr><tr><td colspan="1">The Annual Report of Clearhaus A/S for 2024 has been presented in accordance with the provisions of the Danish medium-</td></tr><tr><td colspan="1">size Financial Statements Act for enterprises in reporting class C.</td></tr><tr><td colspan="1">The Annual Report is prepared consistently with the accounting principles applied last year.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Income Statement</td></tr><tr><td colspan="1">Net Revenue</td></tr><tr><td colspan="1">The sale of services is generally recognized based on a measurable degree of completion, using straight-line recognition of</td></tr><tr><td colspan="1">services delivered over time in a consistent pattern. Where the degree of completion is not measurable, or the sales value</td></tr><tr><td colspan="1">or total costs of completion are uncertain, revenue is recognized at the amount the enterprise reasonably believes it has</td></tr><tr><td colspan="1">the right to claim and expects to receive for services delivered as of the balance sheet date.</td></tr><tr><td colspan="1">Net revenue is recognized exclusive of VAT and less duties and discounts related to the sale.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Cost of Sales</td></tr><tr><td colspan="1">Cost of sales comprise costs incurred to achieve the net revenue for the year, including direct and indirect costs of raw</td></tr><tr><td colspan="1">materials and consumables.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Other External Expenses</td></tr><tr><td colspan="1">Other external expenses include other production, sales, delivery, and administrative costs, including costs of energy,</td></tr><tr><td colspan="1">marketing, premises, loss on bad debts, lease expenses, etc.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td>Staff costs</td><td>Costs</td></tr><tr><td colspan="2">Staff costs comprise wages and salaries, including holiday pay and pensions, and other costs of social security etc., for the</td></tr><tr><td colspan="2">Company's employees. Repayments from public authorities are deducted from staff costs.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Other Operating Expenses</td></tr><tr><td colspan="1">Other operating expenses include items of a secondary nature in relation to the Group’s and the Company’s activities.</td></tr><tr><td colspan="1">Losses from sale of intangible and tangible fixed assets are also included.</td></tr><tr><td colspan="1">Depreciation, Amortization &amp; Impairment Losses</td></tr><tr><td colspan="1">Depreciation, amortization, and impairment losses include this year’s depreciations and write-downs, as well as the profit or</td></tr><tr><td colspan="1">loss from the sale of intangible and tangible fixed assets.</td></tr><tr><td colspan="1">Income From Other Securities</td></tr><tr><td colspan="1">Income from other securities include interest income, realized and unrealized exchange gains and losses.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial Income and Expenses</td></tr><tr><td colspan="1">Financial income and expenses include interest income and expenses, financial expenses from finance leases, realized and</td></tr><tr><td colspan="1">unrealized gains and losses arising from securities, debt, and transactions in foreign currencies, as well as charges and</td></tr><tr><td colspan="1">allowances under the tax-on-account scheme, etc. Financial income and expenses are recognized to the extent that they</td></tr><tr><td colspan="1">relate to the financial year. Interest income and expenses are calculated based on amortized cost.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Tax</td></tr><tr><td colspan="1">The tax for the year, which consists of the current tax for the year and changes in deferred tax, is recognized in the Income</td></tr><tr><td colspan="1">Statement by the share that may be attributed to the profit for the year and is recognized directly in equity by the share that</td></tr><tr><td colspan="1">may be attributed to entries directly to equity.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Balance</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="3">Intangible assets</td></tr><tr><td colspan="3">Development Projects, Patents, and Licenses</td></tr><tr><td colspan="3">Patents and licenses are measured at the lower of cost less accumulated amortization and the recoverable amount. Patents</td></tr><tr><td colspan="3">are amortized over the remaining patent period, and licenses are amortized over the agreement period, but not more than 5</td></tr><tr><td colspan="3">years.</td></tr><tr><td colspan="3">Development projects comprise costs—including wages, salaries, and amortization—that can be directly or indirectly</td></tr><tr><td colspan="3">attributed to the Company’s development activities and that ful l the criteria for recognition in the balance sheet. This item</td></tr><tr><td colspan="3">is measured at the lower of capitalized costs less accumulated amortization and the recoverable amount.</td></tr><tr><td colspan="3">Capitalized development costs are amortized on a straight-line basis over the estimated useful life after completion of the</td></tr><tr><td colspan="3">development work. The amortization period is normally 5–10 years.</td></tr><tr><td colspan="3">Intangible xed assets are written down to the recoverable amount if this is lower than the carrying amount.</td></tr><tr><td colspan="3">Pro t or loss from the sale of intangible xed assets is calculated as the difference between the sales price and the carrying</td></tr><tr><td colspan="3">amount at the time of sale. Pro t or loss is recognized in the income statement under other operating income or other</td></tr><tr><td colspan="3">operating expenses.</td></tr><tr><td colspan="3">Tangible xed assets</td></tr><tr><td colspan="3">Other plant, fixtures and equipment are measured at cost less accumulated depreciation and impairment losses. The</td></tr><tr><td colspan="3">depreciation base is cost less estimated residual value after end of useful life.</td></tr><tr><td colspan="3">The cost includes the acquisition price and costs incurred directly in connection with the acquisition until the time when the</td></tr><tr><td colspan="3">asset is ready to be used.</td></tr><tr><td colspan="3">Straight-line depreciation is provided on the basis of an assessment of the expected useful lives of the assets and their</td></tr><tr><td colspan="3">residual value</td></tr><tr><td /><td>Useful Life</td><td>Residual Value</td></tr><tr><td>Other plants, fixtures, leasehold improvements and equipment</td><td>3-5 Years</td><td>0</td></tr><tr><td colspan="3">Profit or loss on the sale of tangible fixed assets is calculated as the difference between the sales price, less selling costs,</td></tr><tr><td colspan="3">and the carrying amount at the date of sale. Profit or loss is recognized in the income statement as other operating income</td></tr><tr><td colspan="3">or other operating expenses.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Impairment of Fixed Assets</td></tr><tr><td colspan="1">The carrying amounts of intangible and tangible fixed assets, as well as fixed asset investments that are not measured at fair</td></tr><tr><td colspan="1">value, are assessed annually for indications of impairment beyond what is reflected by amortization and depreciation.</td></tr><tr><td colspan="1">If there are indications of impairment, an impairment test is performed for each asset or group of assets. If the recoverable</td></tr><tr><td colspan="1">amount is lower than the carrying amount, the asset is written down to the recoverable amount.</td></tr><tr><td colspan="1">The recoverable amount is the higher of the capital value and the selling price less the expected costs of a sale. The capital</td></tr><tr><td colspan="1">value is stated at the present value of the expected net cash flows from a continued use of the asset or group of assets and</td></tr><tr><td colspan="1">the expected proceeds from sale of the asset or group of assets after the end of its useful life.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial Non-Current Assets</td></tr><tr><td colspan="1">Deposits include rental deposits, which are recognized and measured at amortized cost. Deposits are not depreciated.</td></tr><tr><td colspan="1">Other receivables are measured at amortized cost, which usually corresponds to the nominal amount. The amount is written</td></tr><tr><td colspan="1">down to account for expected losses.</td></tr><tr><td colspan="1">Fixed asset investments also include publicly quoted shares that are not expected to be disposed of. These shares are</td></tr><tr><td colspan="1">measured at market value (quoted price) on the balance sheet date.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Receivables</td></tr><tr><td colspan="1">Receivables are measured at amortized cost which usually corresponds to nominal value. The value is reduced by</td></tr><tr><td colspan="1">impairment losses to meet expected losses.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Cash and Cash Equivalents</td></tr><tr><td colspan="1">Cash and cash equivalents consist of money deposited in financial institutions and in cash holdings.</td></tr><tr><td colspan="1">Accruals Assets</td></tr><tr><td colspan="1">Accruals recognized as assets include costs incurred relating to the subsequent financial year.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Cash And Cash Equivalents</td></tr><tr><td colspan="1">Cash include cash in hand.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Provisions For Losses on Chargebacks</td></tr><tr><td colspan="1">Provision for losses on charge backs comprise anticipated loss on chargebacks related to merchants where chargeback</td></tr><tr><td colspan="1">claims are not expected to be recoverable.</td></tr><tr><td colspan="1">A provision has been made for losses on known and potential losses based on an assessment of the known facts of the</td></tr><tr><td colspan="1">individual cases.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Tax Payable and Deferred Tax</td></tr><tr><td colspan="1">Current tax liabilities and receivable current tax are recognized in the balance sheet as the calculated tax on taxable income</td></tr><tr><td colspan="1">for the year, adjusted for tax on taxable income from previous years and taxes paid on account.</td></tr><tr><td colspan="1">The Company is subject to joint taxation with Danish group companies. The current corporation tax is allocated among the</td></tr><tr><td colspan="1">jointly taxable companies in proportion to their taxable income, with full allocation and refund related to tax losses. The jointly</td></tr><tr><td colspan="1">taxable companies are included in the tax-on-account scheme. Joint taxation contributions receivable and payable are</td></tr><tr><td colspan="1">recognized in the balance sheet under current assets and liabilities, respectively.</td></tr><tr><td colspan="1">Deferred tax is measured on the temporary differences between the carrying amount and the tax value of assets and</td></tr><tr><td colspan="1">liabilities.</td></tr><tr><td colspan="1">Deferred tax assets, including the tax value of tax loss carryforwards, are measured at the amount at which the asset is</td></tr><tr><td colspan="1">expected to be utilized within a reasonable number of years, either by offset against tax on future earnings or by offset</td></tr><tr><td colspan="1">against deferred tax liabilities within the same legal tax entity.</td></tr><tr><td colspan="1">Deferred tax is measured on the basis of the tax rules and tax rates that, under the legislation in force on the balance sheet</td></tr><tr><td colspan="1">date, will be applicable when the deferred tax is expected to crystallize as current tax. Any changes in deferred tax resulting</td></tr><tr><td colspan="1">from changes in tax rates are recognized in the income statement, except for items recognized directly in equity.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Liabilities</td></tr><tr><td colspan="1">Financial liabilities are recognized at the time of borrowing at the amount of proceeds received, less transaction costs. In</td></tr><tr><td colspan="1">subsequent periods, financial liabilities are measured at amortized cost, which corresponds to the capitalized value when</td></tr><tr><td colspan="1">applying the effective interest method. The difference between the proceeds and the nominal value is recognized in the</td></tr><tr><td colspan="1">Income Statement over the loan period.</td></tr><tr><td colspan="1">The amortized cost of current liabilities usually corresponds to the nominal value.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Foreign Currency Translation</td></tr><tr><td colspan="1">Transactions in foreign currencies are translated at the exchange rate on the transaction date. Exchange differences arising</td></tr><tr><td colspan="1">between the rate on the transaction date and the rate on the payment date are recognized in the income statement as</td></tr><tr><td colspan="1">financial income or expense.</td></tr><tr><td colspan="1">If the foreign exchange position is considered to hedge future cash flows, the unrealized exchange adjustments are</td></tr><tr><td colspan="1">recognized directly in equity.</td></tr><tr><td colspan="1">Receivables, payables, and other monetary items in foreign currencies that are not settled on the balance sheet date are</td></tr><tr><td colspan="1">translated at the exchange rate on the balance sheet date. The difference between the exchange rate on the balance sheet</td></tr><tr><td colspan="1">date and the exchange rate at the time the receivables or payables arose is recognized in the income statement as financial</td></tr><tr><td colspan="1">income or expenses.</td></tr><tr><td colspan="1">Fixed assets acquired in foreign currencies are translated at the exchange rate on the transaction date.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Cash flow statement</td></tr><tr><td colspan="1">The cash flow statement shows the Company’s cash flows for the year for operating activities, investing activities and</td></tr><tr><td colspan="1">financing activities in the year, the change in cash of the year at beginning and end of the year.</td></tr><tr><td colspan="1">Cash Flows from Operating Activities</td></tr><tr><td colspan="1">Cash flows from operating activities are computed as the results for the year adjusted for non-cash operating items,</td></tr><tr><td colspan="1">changes in net working capital and corporation tax paid.</td></tr><tr><td colspan="1">Cash Flows from Investing Activities</td></tr><tr><td colspan="1">Cash flows from investing activities include payments in connection with purchase and sale of intangible and tangible fixed</td></tr><tr><td colspan="1">asset and fixed asset investments.</td></tr><tr><td colspan="1">Cash Flows from Financing Activities</td></tr><tr><td colspan="1">Cash flows from financing activities include changes in the size or composition of share capital and related costs, and</td></tr><tr><td colspan="1">borrowings and repayment of interest-bearing debt and payment of dividend to shareholders.</td></tr></table> 51044672 37386479 8450552 5207641 3595580 1205191 25283 381587 2706139 161419 2926307 603603 2322704 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="6" align="left" valign="middle" >Statement of Changes in Equity</td></tr><tr><td width="32%" ></td><td width="14%" ></td><td width="14%" colspan="1" align="right" valign="middle" >Reserve for</td><td width="16%" colspan="1" align="right" valign="middle" ></td><td width="10%" colspan="1" align="right" valign="middle" ></td><td width="14%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="32%" ></td><td width="14%" ></td><td width="14%" colspan="1" align="right" valign="middle" >Development</td><td width="16%" colspan="1" align="right" valign="middle" ></td><td width="10%" colspan="1" align="right" valign="middle" >Proposed</td><td width="14%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="32%" ></td><td width="14%" colspan="1" align="right" valign="middle" >Share capital</td><td width="14%" colspan="1" align="right" valign="middle" >costs</td><td width="16%" colspan="1" align="right" valign="middle" >Retained profit</td><td width="10%" colspan="1" align="right" valign="middle" >Dividend</td><td width="14%" colspan="1" align="right" valign="middle" >Total</td></tr><tr><td colspan="6"></td></tr><tr><td width="32%" colspan="1" align="left" valign="middle" >Equity on 1 January 2024</td><td width="14%" align="right" valign="middle" >440000</td><td width="14%" align="right" valign="middle" >2738001</td><td width="16%" align="right" valign="middle" >6244420</td><td width="10%" align="right" valign="middle" >3627603</td><td width="14%" align="right" valign="middle" >13050024</td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" >Proposed profit allocation</td><td width="16%" align="right" valign="middle" >-33732</td><td width="10%" align="right" valign="middle" >1400000</td><td width="14%" align="right" valign="middle" >1366268</td></tr><tr><td colspan="6"></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Transactions with owners</td></tr><tr><td width="76%" colspan="4" align="left" valign="middle" >Dividend paid</td><td width="10%" align="right" valign="middle" >-3627603</td><td width="14%" align="right" valign="middle" >-3627603</td></tr><tr><td colspan="6"></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Other legal bindings</td></tr><tr><td width="46%" colspan="2" align="left" valign="middle" >Capitalized Development Costs</td><td width="14%" align="right" valign="middle" >956436</td><td width="16%" ></td><td width="10%" ></td><td width="14%" align="right" valign="middle" >956436</td></tr><tr><td width="46%" colspan="2" align="left" valign="middle" >Depreciations</td><td width="14%" align="right" valign="middle" >-822314</td><td width="16%" align="right" valign="middle" >822314</td><td width="10%" ></td><td width="14%" align="right" valign="middle" >0</td></tr><tr><td colspan="6"></td></tr><tr><td width="32%" colspan="1" align="left" valign="middle" >Equity on 31 December 2024</td><td width="14%" align="right" valign="middle" >440000</td><td width="14%" align="right" valign="middle" >2872123</td><td width="16%" align="right" valign="middle" >7033002</td><td width="10%" align="right" valign="middle" >1400000</td><td width="14%" align="right" valign="middle" >11745125</td></tr></table> 2024 1205191 603603 -1851761 7684289 53906191 -1227732 0 -1227732 -3627603 -3634770 49043689 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >Notes</td></tr><tr><td width="11%" align="right" valign="middle" >1</td><td width="89%" colspan="3" align="left" valign="middle" >Net Revenue</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >Segment details (activities)</td></tr><tr><td width="11%" ></td><td width="42%" ></td><td width="23%" align="right" valign="middle" >2024</td><td width="24%" align="right" valign="middle" >2023</td></tr><tr><td width="11%" ></td><td width="42%" ></td><td width="23%" colspan="1" align="right" valign="middle" >EUR</td><td width="24%" colspan="1" align="right" valign="middle" >EUR</td></tr><tr><td width="11%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Transaction Services</td><td width="23%" align="right" valign="middle" >50319315</td><td width="24%" align="right" valign="middle" >46721337</td></tr><tr><td width="11%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Non-transaction Services</td><td width="23%" align="right" valign="middle" >725357</td><td width="24%" align="right" valign="middle" >749417</td></tr><tr><td width="11%" ></td><td width="42%" ></td><td width="23%" align="right" valign="middle" >51044672</td><td width="24%" align="right" valign="middle" >47470754</td></tr><tr><td colspan="4"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="11%" align="right" valign="middle" >2</td><td width="89%" colspan="3" align="left" valign="middle" >Staff Costs</td></tr><tr><td width="11%" ></td><td width="42%" ></td><td width="23%" align="right" valign="middle" >2024</td><td width="24%" align="right" valign="middle" >2023</td></tr><tr><td width="11%" ></td><td width="42%" ></td><td width="23%" colspan="1" align="right" valign="middle" >EUR</td><td width="24%" colspan="1" align="right" valign="middle" >EUR</td></tr><tr><td width="11%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Average number of full-time employees</td><td width="23%" align="right" valign="middle" >49</td><td width="24%" align="right" valign="middle" >49</td></tr><tr><td width="11%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Wages and salaries</td><td width="23%" align="right" valign="middle" >2809773</td><td width="24%" align="right" valign="middle" >2255805</td></tr><tr><td width="11%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Pensions</td><td width="23%" align="right" valign="middle" >180629</td><td width="24%" align="right" valign="middle" >154162</td></tr><tr><td width="11%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Social security costs</td><td width="23%" align="right" valign="middle" >68334</td><td width="24%" align="right" valign="middle" >44040</td></tr><tr><td width="11%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Other staff costs</td><td width="23%" align="right" valign="middle" >536844</td><td width="24%" align="right" valign="middle" >844709</td></tr><tr><td width="11%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Capitalized development costs</td><td width="23%" align="right" valign="middle" >3595580</td><td width="24%" align="right" valign="middle" >3298716</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Remuneration of Management and Board of Directors</td><td width="23%" align="right" valign="middle" >246364</td><td width="24%" align="right" valign="middle" >53443</td></tr><tr><td width="11%" ></td><td width="42%" ></td><td width="23%" align="right" valign="middle" >246364</td><td width="24%" align="right" valign="middle" >53443</td></tr><tr><td colspan="4"></td></tr></table> 49 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="11%" align="right" valign="middle" >3</td><td width="89%" colspan="3" align="left" valign="middle" >Other Financial Income</td></tr><tr><td width="11%" ></td><td width="42%" ></td><td width="23%" align="right" valign="middle" >2024</td><td width="24%" align="right" valign="middle" >2023</td></tr><tr><td width="11%" ></td><td width="42%" ></td><td width="23%" colspan="1" align="right" valign="middle" >EUR</td><td width="24%" colspan="1" align="right" valign="middle" >EUR</td></tr><tr><td width="11%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Group Enterprises</td><td width="23%" align="right" valign="middle" >5076</td><td width="24%" align="right" valign="middle" >29000</td></tr><tr><td width="11%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Other Interest Income</td><td width="23%" align="right" valign="middle" >2701063</td><td width="24%" align="right" valign="middle" >1683053</td></tr><tr><td width="11%" ></td><td width="42%" ></td><td width="23%" align="right" valign="middle" >2706139</td><td width="24%" align="right" valign="middle" >1712053</td></tr><tr><td colspan="4"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="11%" align="right" valign="middle" >4</td><td width="89%" colspan="3" align="left" valign="middle" >Other Financial Expenses</td></tr><tr><td width="11%" ></td><td width="42%" ></td><td width="23%" align="right" valign="middle" >2024</td><td width="24%" align="right" valign="middle" >2023</td></tr><tr><td width="11%" ></td><td width="42%" ></td><td width="23%" colspan="1" align="right" valign="middle" >EUR</td><td width="24%" colspan="1" align="right" valign="middle" >EUR</td></tr><tr><td width="11%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Associated Enterprises</td><td width="23%" align="right" valign="middle" >16161</td><td width="24%" align="right" valign="middle" >0</td></tr><tr><td width="11%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Other Interest Expenses</td><td width="23%" align="right" valign="middle" >145258</td><td width="24%" align="right" valign="middle" >289425</td></tr><tr><td width="11%" ></td><td width="42%" ></td><td width="23%" align="right" valign="middle" >161419</td><td width="24%" align="right" valign="middle" >289425</td></tr><tr><td colspan="4"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="11%" align="right" valign="middle" >5</td><td width="89%" colspan="3" align="left" valign="middle" >Tax on Profit/Loss for the Year</td></tr><tr><td width="11%" ></td><td width="42%" ></td><td width="23%" align="right" valign="middle" >2024</td><td width="24%" align="right" valign="middle" >2023</td></tr><tr><td width="11%" ></td><td width="42%" ></td><td width="23%" colspan="1" align="right" valign="middle" >EUR</td><td width="24%" colspan="1" align="right" valign="middle" >EUR</td></tr><tr><td width="11%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Calculated tax on taxable income of the year</td><td width="23%" align="right" valign="middle" >666002</td><td width="24%" align="right" valign="middle" >889492</td></tr><tr><td width="11%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Adjustment of tax for previous years</td><td width="23%" align="right" valign="middle" >-9821</td><td width="24%" align="right" valign="middle" >0</td></tr><tr><td width="11%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Adjustment of deferred tax</td><td width="23%" align="right" valign="middle" >-52578</td><td width="24%" align="right" valign="middle" >450509</td></tr><tr><td width="11%" ></td><td width="42%" ></td><td width="23%" align="right" valign="middle" >603603</td><td width="24%" align="right" valign="middle" >1340001</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Proposed Distribution of the Profit</td></tr><tr><td /><td /><td>2024</td><td>2023</td></tr><tr><td /><td /><td>EUR</td><td>EUR</td></tr></table> 956436 -33732 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="5"></td></tr><tr><td width="9%" align="right" valign="middle" >7</td><td width="91%" colspan="4" align="left" valign="middle" >Intangible Assets</td></tr><tr><td width="9%" ></td><td width="34%" ></td><td width="18%" ></td><td width="18%" ></td><td width="21%" colspan="1" align="right" valign="middle" >Development projects in</td></tr><tr><td width="9%" ></td><td width="34%" ></td><td width="18%" colspan="1" align="right" valign="middle" >Development projects</td><td width="18%" colspan="1" align="right" valign="middle" >Intangible fixed assets</td><td width="21%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="9%" ></td><td width="34%" ></td><td width="18%" colspan="1" align="right" valign="middle" >completed</td><td width="18%" colspan="1" align="right" valign="middle" >acquired</td><td width="21%" colspan="1" align="right" valign="middle" >progress and</td></tr><tr><td width="9%" ></td><td width="34%" ></td><td width="18%" ></td><td width="18%" ></td><td width="21%" colspan="1" align="right" valign="middle" >prepayments</td></tr><tr><td width="9%" ></td><td width="34%" colspan="1" align="left" valign="middle" >Cost on 1 January 2024</td><td width="18%" align="right" valign="middle" >6646962</td><td width="18%" align="right" valign="middle" >410254</td><td width="21%" align="right" valign="middle" >521569</td></tr><tr><td width="9%" ></td><td width="34%" colspan="1" align="left" valign="middle" >Transfer</td><td width="18%" align="right" valign="middle" >1431460</td><td width="18%" align="right" valign="middle" >0</td><td width="21%" align="right" valign="middle" >-1431460</td></tr><tr><td width="9%" ></td><td width="34%" colspan="1" align="left" valign="middle" >Additions</td><td width="18%" align="right" valign="middle" >0</td><td width="18%" align="right" valign="middle" >0</td><td width="21%" align="right" valign="middle" >1226199</td></tr><tr><td width="9%" ></td><td width="34%" colspan="1" align="left" valign="middle" >Cost on 31 December 2024</td><td width="18%" align="right" valign="middle" >8078422</td><td width="18%" align="right" valign="middle" >410254</td><td width="21%" align="right" valign="middle" >316308</td></tr><tr><td colspan="5"></td></tr><tr><td width="9%" ></td><td width="34%" colspan="1" align="left" valign="middle" >Amortization on 1 January 2024</td><td width="18%" align="right" valign="middle" >3658272</td><td width="18%" align="right" valign="middle" >386504</td><td width="21%" align="right" valign="middle" >0</td></tr><tr><td width="9%" ></td><td width="34%" colspan="1" align="left" valign="middle" >Amortization for the year</td><td width="18%" align="right" valign="middle" >1054249</td><td width="18%" align="right" valign="middle" >23750</td><td width="21%" align="right" valign="middle" >0</td></tr><tr><td width="9%" ></td><td width="34%" colspan="1" align="left" valign="middle" >Amortization on 31 December 2024</td><td width="18%" align="right" valign="middle" >4712521</td><td width="18%" align="right" valign="middle" >410254</td><td width="21%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr><tr><td width="9%" ></td><td width="34%" colspan="1" align="left" valign="middle" >Carrying amount on 31 December 2024</td><td width="18%" align="right" valign="middle" >3365901</td><td width="18%" align="right" valign="middle" >0</td><td width="21%" align="right" valign="middle" >316308</td></tr><tr><td colspan="5"></td></tr><tr><td width="9%" ></td><td width="91%" colspan="4" align="left" valign="middle" >Development costs are expenses attributed to the ongoing improvement of existing systems, as well as the development of</td></tr><tr><td width="9%" ></td><td width="91%" colspan="4" align="left" valign="middle" >new ones.</td></tr><tr><td width="9%" ></td><td width="91%" colspan="4" align="left" valign="middle" >These development costs are capitalized based on the expectation that the developed systems will contribute to the</td></tr><tr><td width="9%" ></td><td width="91%" colspan="4" align="left" valign="middle" >continued growth of the company.</td></tr><tr><td width="9%" ></td><td width="91%" colspan="4" align="left" valign="middle" >The systems will provide merchants with a higher level of service and further streamline the company's work processes.</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="11%" align="right" valign="middle" >8</td><td width="89%" colspan="3" align="left" valign="middle" >Property, Plant and Equipment</td></tr><tr><td width="11%" ></td><td width="42%" ></td><td width="23%" colspan="1" align="right" valign="middle" >Other plants, machinery,</td><td width="24%" colspan="1" align="right" valign="middle" >Leasehold</td></tr><tr><td width="11%" ></td><td width="42%" ></td><td width="23%" colspan="1" align="right" valign="middle" >tools and equipment</td><td width="24%" colspan="1" align="right" valign="middle" >improvements</td></tr><tr><td width="11%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Cost on 1 January 2024</td><td width="23%" align="right" valign="middle" >161269</td><td width="24%" align="right" valign="middle" >357460</td></tr><tr><td width="11%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Cost on 31 December 2024</td><td width="23%" align="right" valign="middle" >161269</td><td width="24%" align="right" valign="middle" >357460</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Depreciation and impairment losses on 1 January 2024</td><td width="23%" align="right" valign="middle" >100729</td><td width="24%" align="right" valign="middle" >194336</td></tr><tr><td width="11%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Depreciation for the year</td><td width="23%" align="right" valign="middle" >34048</td><td width="24%" align="right" valign="middle" >116,894</td></tr><tr><td width="11%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Depreciation and impairment losses on 31 December 2024</td><td width="23%" align="right" valign="middle" >134777</td><td width="24%" align="right" valign="middle" >311230</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Carrying amount on 31 December 2024</td><td width="23%" align="right" valign="middle" >26492</td><td width="24%" align="right" valign="middle" >46230</td></tr><tr><td colspan="4"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="11%" align="right" valign="middle" >9</td><td width="89%" colspan="3" align="left" valign="middle" >Financial Non-current Assets</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="42%" ></td><td width="23%" colspan="1" align="right" valign="middle" >Other Securities</td><td width="24%" colspan="1" align="right" valign="middle" >Rent deposit and other</td></tr><tr><td width="11%" ></td><td width="42%" ></td><td width="23%" ></td><td width="24%" colspan="1" align="right" valign="middle" >receivables</td></tr><tr><td width="11%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Cost on 1 January 2024</td><td width="23%" align="right" valign="middle" >186102</td><td width="24%" align="right" valign="middle" >3169534</td></tr><tr><td width="11%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Exchange adjustment at closing rate</td><td width="23%" align="right" valign="middle" >0</td><td width="24%" align="right" valign="middle" >0</td></tr><tr><td width="11%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Additions</td><td width="23%" align="right" valign="middle" >0</td><td width="24%" align="right" valign="middle" >175207</td></tr><tr><td width="11%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Disposals</td><td width="23%" align="right" valign="middle" >0</td><td width="24%" align="right" valign="middle" >0</td></tr><tr><td width="11%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Cost on 31 December 2024</td><td width="23%" align="right" valign="middle" >186102</td><td width="24%" align="right" valign="middle" >3344741</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Revaluation on 1 January 2024</td><td width="23%" align="right" valign="middle" >625539</td><td width="24%" align="right" valign="middle" >0</td></tr><tr><td width="11%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Revaluation and impairment losses for the year</td><td width="23%" align="right" valign="middle" >89905</td><td width="24%" align="right" valign="middle" >0</td></tr><tr><td width="11%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Revaluation on 31 December 2024</td><td width="23%" align="right" valign="middle" >715444</td><td width="24%" align="right" valign="middle" >0</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Carrying amount on 31 December 2024</td><td width="23%" align="right" valign="middle" >901546</td><td width="24%" align="right" valign="middle" >3344741</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >The carrying amount of financial non-current assets includes securities measured at fair value by the following amounts</td></tr><tr><td width="11%" ></td><td width="65%" colspan="2" align="left" valign="middle" >Fair value of listed shares on 31 December 2024</td><td width="24%" align="right" valign="middle" >901546</td></tr><tr><td width="11%" ></td><td width="65%" colspan="2" align="left" valign="middle" >Value adjustment in the year recognized in the Income Statement</td><td width="24%" align="right" valign="middle" >89905</td></tr><tr><td colspan="4"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="11%" align="right" valign="middle" >10</td><td width="89%" colspan="3" align="left" valign="middle" >Prepayments and Accrued Income</td></tr><tr><td width="11%" ></td><td width="42%" ></td><td width="23%" align="right" valign="middle" >2024</td><td width="24%" align="right" valign="middle" >2023</td></tr><tr><td width="11%" ></td><td width="42%" ></td><td width="23%" colspan="1" align="right" valign="middle" >EUR</td><td width="24%" colspan="1" align="right" valign="middle" >EUR</td></tr><tr><td width="11%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Prepaid cost regarding the following year</td><td width="23%" align="right" valign="middle" >428934</td><td width="24%" align="right" valign="middle" >350549</td></tr><tr><td width="11%" ></td><td width="42%" ></td><td width="23%" align="right" valign="middle" >428934</td><td width="24%" align="right" valign="middle" >350549</td></tr><tr><td colspan="4"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="11%" align="right" valign="middle" >11</td><td width="89%" colspan="3" align="left" valign="middle" >Share Capital</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >Allocation of Share Capital</td></tr><tr><td width="11%" ></td><td width="42%" ></td><td width="23%" align="right" valign="middle" >2024</td><td width="24%" align="right" valign="middle" >2023</td></tr><tr><td width="11%" ></td><td width="42%" ></td><td width="23%" colspan="1" align="right" valign="middle" >EUR</td><td width="24%" colspan="1" align="right" valign="middle" >EUR</td></tr><tr><td width="11%" ></td><td width="42%" colspan="1" align="left" valign="middle" >A-shares, 440,000 units in the denomination of 1 EUR</td><td width="23%" align="right" valign="middle" >440000</td><td width="24%" align="right" valign="middle" >440000</td></tr><tr><td width="11%" ></td><td width="42%" ></td><td width="23%" align="right" valign="middle" >440000</td><td width="24%" align="right" valign="middle" >440000</td></tr><tr><td colspan="4"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="11%" align="right" valign="middle" >12</td><td width="89%" colspan="3" align="left" valign="middle" >Provisions for Deferred Tax</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >The provision for deferred tax is related to differences between the carrying amount and the tax value of securities,</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >receivables, intangible and tangible fixed assets, including recognized finance lease contracts.</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="42%" ></td><td width="23%" align="right" valign="middle" >2024</td><td width="24%" align="right" valign="middle" >2023</td></tr><tr><td width="11%" ></td><td width="42%" ></td><td width="23%" colspan="1" align="right" valign="middle" >EUR</td><td width="24%" colspan="1" align="right" valign="middle" >EUR</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >Deferred tax is related to</td></tr><tr><td width="11%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Leasehold improvements</td><td width="23%" align="right" valign="middle" >-14161</td><td width="24%" align="right" valign="middle" >-9653</td></tr><tr><td width="11%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Other plants, machinery, tools and equipment</td><td width="23%" align="right" valign="middle" >-14201</td><td width="24%" align="right" valign="middle" >-9122</td></tr><tr><td width="11%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Development projects</td><td width="23%" align="right" valign="middle" >875134</td><td width="24%" align="right" valign="middle" >911950</td></tr><tr><td width="11%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Other intangible assets</td><td width="23%" align="right" valign="middle" >0</td><td width="24%" align="right" valign="middle" >6175</td></tr><tr><td width="11%" ></td><td width="42%" ></td><td width="23%" align="right" valign="middle" >846772</td><td width="24%" align="right" valign="middle" >899350</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Deferred tax, beginning of year</td><td width="23%" align="right" valign="middle" >899350</td><td width="24%" align="right" valign="middle" >448841</td></tr><tr><td width="11%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Deferred tax of the year, income statement</td><td width="23%" align="right" valign="middle" >-52578</td><td width="24%" align="right" valign="middle" >450509</td></tr><tr><td width="11%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Provision for deferred tax 31 December 2024</td><td width="23%" align="right" valign="middle" >846772</td><td width="24%" align="right" valign="middle" >899350</td></tr><tr><td colspan="4"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="11%" align="right" valign="middle" >13</td><td width="89%" colspan="3" align="left" valign="middle" >Other Provisions for Liabilities</td></tr><tr><td width="11%" ></td><td width="42%" ></td><td width="23%" align="right" valign="middle" >2024</td><td width="24%" align="right" valign="middle" >2023</td></tr><tr><td width="11%" ></td><td width="42%" ></td><td width="23%" colspan="1" align="right" valign="middle" >EUR</td><td width="24%" colspan="1" align="right" valign="middle" >EUR</td></tr><tr><td width="11%" ></td><td width="42%" colspan="1" align="left" valign="middle" >0-1 year</td><td width="23%" align="right" valign="middle" >265722</td><td width="24%" align="right" valign="middle" >210682</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >Expected maturities for provisions is 0-1</td></tr><tr><td colspan="4"></td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >Provision for losses on chargebacks comprise anticipated loss on chargebacks related to merchants where chargebacks</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >claims are not expected to be recoverable.</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >A provision has been made for losses on known and potential losses based on an assessment of the known facts of the</td></tr><tr><td width="11%" ></td><td width="89%" colspan="3" align="left" valign="middle" >individual cases.</td></tr><tr><td colspan="4"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="7%" align="right" valign="middle" >14</td><td width="93%" colspan="5" align="left" valign="middle" >Long-term Liabilities</td></tr><tr><td width="7%" ></td><td width="28%" ></td><td width="15%" colspan="1" align="right" valign="middle" >31.12.2024 Total</td><td width="15%" colspan="1" align="right" valign="middle" ></td><td width="15%" colspan="1" align="right" valign="middle" >Debt outstanding after 5</td><td width="20%" colspan="1" align="right" valign="middle" >31.12.2023 Total</td></tr><tr><td width="7%" ></td><td width="28%" ></td><td width="15%" colspan="1" align="right" valign="middle" >Liabilities</td><td width="15%" colspan="1" align="right" valign="middle" >Repayment next year</td><td width="15%" colspan="1" align="right" valign="middle" >years</td><td width="20%" colspan="1" align="right" valign="middle" >Liabilities</td></tr><tr><td width="7%" ></td><td width="28%" colspan="1" align="left" valign="middle" >Other Liabilities</td><td width="15%" align="right" valign="middle" >58961</td><td width="15%" align="right" valign="middle" >7230</td><td width="15%" align="right" valign="middle" >22811</td><td width="20%" align="right" valign="middle" >66128</td></tr><tr><td width="7%" ></td><td width="28%" ></td><td width="15%" align="right" valign="middle" >58961</td><td width="15%" align="right" valign="middle" >7230</td><td width="15%" align="right" valign="middle" >22811</td><td width="20%" align="right" valign="middle" >66128</td></tr><tr><td colspan="6"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="20%" align="right" valign="middle" >15</td><td width="80%" colspan="1" align="left" valign="middle" >Accruals and Deferred Income</td></tr><tr><td width="20%" ></td><td width="80%" colspan="1" align="left" valign="middle" >Includes delivered services which are to be invoiced in the coming year.</td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="20%" align="right" valign="middle" >16</td><td width="80%" colspan="1" align="left" valign="middle" >Contingencies, etc.</td></tr><tr><td width="20%" ></td><td width="80%" colspan="1" align="left" valign="middle" >Contingent Liabilities</td></tr><tr><td width="20%" ></td><td width="80%" colspan="1" align="left" valign="middle" >From time to time, the Group is party to legal disputes. In respect of pending disputes, it is Management's opinion that the</td></tr><tr><td width="20%" ></td><td width="80%" colspan="1" align="left" valign="middle" >outcome of these disputes will not a ect the Group's nancial position, apart from the receivables and liabilities recognized</td></tr><tr><td width="20%" ></td><td width="80%" colspan="1" align="left" valign="middle" >in the statement of nancial position as of 31 December 2024.</td></tr><tr><td width="20%" ></td><td width="80%" colspan="1" align="left" valign="middle" >Joint Liability</td></tr><tr><td width="20%" ></td><td width="80%" colspan="1" align="left" valign="middle" >The Danish companies of the Group are jointly and severally liable for tax on the Group’s jointly taxed income, as well as for</td></tr><tr><td width="20%" ></td><td width="80%" colspan="1" align="left" valign="middle" >certain possible withholding taxes such as dividend tax and royalty tax, and for the joint registration of VAT.</td></tr><tr><td width="20%" ></td><td width="80%" colspan="1" align="left" valign="middle" >The tax payable on the Group’s jointly taxed income amounts to EUR ('000) 755 as of the balance sheet date.</td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="20%" align="right" valign="middle" >17</td><td width="80%" colspan="1" align="left" valign="middle" >Disclosure of mortgages and collaterals</td></tr><tr><td width="20%" ></td><td width="80%" colspan="1" align="left" valign="middle" >Clearhaus has deposited EUR ('000) 3,244 in dedicated accounts at VISA and Mastercard as collateral for any risk that VISA</td></tr><tr><td width="20%" ></td><td width="80%" colspan="1" align="left" valign="middle" >and Mastercard may have.</td></tr><tr><td width="20%" ></td><td width="80%" colspan="1" align="left" valign="middle" >Despite the above, the company does not have any other pledges or guarantees beyond those already recognized in the</td></tr><tr><td width="20%" ></td><td width="80%" colspan="1" align="left" valign="middle" >nancial statements.</td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="20%" align="right" valign="middle" >18</td><td width="80%" colspan="1" align="left" valign="middle" >Related Parties</td></tr><tr><td width="20%" ></td><td width="80%" colspan="1" align="left" valign="middle" >The company’s related parties include</td></tr><tr><td width="20%" ></td><td width="80%" colspan="1" align="left" valign="middle" >Controlling Interest</td></tr><tr><td width="20%" ></td><td width="80%" colspan="1" align="left" valign="middle" >Unzer Group GmbH, Schöneberger Str. 21a, 10963 Berlin, Germany, is the main shareholder.</td></tr><tr><td width="20%" ></td><td width="80%" colspan="1" align="left" valign="middle" >Unite Holdings SCA, 5 Avenue Diderich, 1420 Luxembourg, is the ultimate parent company.</td></tr><tr><td width="20%" ></td><td width="80%" colspan="1" align="left" valign="middle" >The company is included in the consolidated nancial statements of the ultimate parent, Unite Holdings SCA, Luxembourg.</td></tr><tr><td width="20%" ></td><td width="80%" colspan="1" align="left" valign="middle" >These represent the largest consolidated group and are published in the Luxembourg Trade and Companies Register</td></tr><tr><td width="20%" ></td><td width="80%" colspan="1" align="left" valign="middle" >(Registre de Commerce et des Sociétés (RCS)). The company is also included in the consolidated nancial statements of</td></tr><tr><td width="20%" ></td><td width="80%" colspan="1" align="left" valign="middle" >Unite TopCo GmbH, Germany.</td></tr><tr><td width="20%" ></td><td width="80%" colspan="1" align="left" valign="middle" >Transactions With Related Parties</td></tr><tr><td width="20%" ></td><td width="80%" colspan="1" align="left" valign="middle" >The company did not carry out any material transactions that were not concluded on market conditions.</td></tr><tr><td width="20%" ></td><td width="80%" colspan="1" align="left" valign="middle" >According to section 98c, subsection 7 of the Danish Financial Statements Act, information is provided only on transactions</td></tr><tr><td width="20%" ></td><td width="80%" colspan="1" align="left" valign="middle" >that were not performed on common market conditions.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management Review</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Main activities</td></tr><tr><td colspan="1">Clearhaus A/S’ primary activity is to provide payment services as acquirer. Clearhaus A/S is regulated under the Danish</td></tr><tr><td colspan="1">FSA and holds a Payment Institution license. Furthermore, Clearhaus A/S is principal members of the Card schemes VISA</td></tr><tr><td colspan="1">and Mastercard.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Development in activities and economic conditions</td></tr><tr><td colspan="1">In 2024, Clearhaus A/S made a profit for the year of 2.3M EUR, which the management sees as satisfactory despite being</td></tr><tr><td colspan="1">below the expectations set at the beginning of the year. Volume and revenue grew 11% and 8% respectively supported by</td></tr><tr><td colspan="1">strong performance in the DACH region where volume grew 24% year-on- year compared to 8% in the Nordics. The</td></tr><tr><td colspan="1">expansion in the DACH region is supported by the Unzer group which is growing rapidly in the region and is using Clearhaus</td></tr><tr><td colspan="1">as its main acquirer in its core German market.</td></tr><tr><td colspan="1">In addition to regular technological driven investments to develop its products, Clearhaus has also undergone significant</td></tr><tr><td colspan="1">regulatory driven investments in 2024 in order to ensure compliance with the changing regulatory environment and the</td></tr><tr><td colspan="1">implementation of the Digital Operational Resilience Act at the beginning of 2025.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Expected development</td></tr><tr><td colspan="1">Despite a more fragile economic environment, the key expectation for 2025 is double digit volume and revenue growth</td></tr><tr><td colspan="1">supported by the continued expansion in the DACH region and an expected profit for the year between 2-4M EUR.</td></tr><tr><td colspan="1">Significant investments are planned in order to continue to develop the product and launch a new Unified Commerce</td></tr><tr><td colspan="1">offering in the first half of 2026.</td></tr><tr><td colspan="1">The Company expects to continue to generate positive liquidity in 2025. As in previous years, the uncertain factors are link</td></tr><tr><td colspan="1">to the capital markets, especially around the development of the interest rate in the European region and to a lesser extend</td></tr><tr><td colspan="1">the development of the foreign exchange market.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Significant Events following the financial year-end</td></tr><tr><td colspan="1">No events have occurred after the end of the financial year of material importance for the Company's financial position.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="6">Financial Highlights</td></tr><tr><td /><td>2024</td><td>2023</td><td>2022</td><td>2021</td><td>2020</td></tr><tr><td /><td>EUR</td><td>EUR</td><td>EUR</td><td>EUR</td></tr></table> 5207641 0 247 75 187 Årsrapport 33749996 Clearhaus A/S P.O.Pedersens Vej 14 8200 Aarhus N xWizard version 1.1.1379.0, by EasyX Aps. www.easyx.eu 2023-01-01 2023-12-31 Revisionspåtegning Grundlag for konklusion Konklusion Reporting class C, medium-size enterprise Francois Vachon Pascal Beij Jacob Hamann Georg Graf von Ingelheim Max Steiger Dr. Pascal Beij Robert Bueninck 47470754 36891263 2628154 7951337 3298716 1106276 1369 3544976 1712053 289425 4967604 1340001 3627603 2023 1106276 1340001 858004 -11857290 28468239 -1550091 -81947 -1632038 0 -7033 26829168 49 1209071 -1209071 7951337 0 3015 113 323 3365901 0 316308 3682209 26492 46230 72722 901546 3344741 4246287 8001218 3633701 19548639 944224 428934 24555498 124919718 149475216 157476434 440000 2872123 7033002 1400000 11745125 846772 265722 1112494 51731 51731 2313132 4686970 754621 136652361 160000 144567084 144618815 157476434 124919718 2988690 23750 521569 3534009 60540 163124 223664 811641 3169534 3981175 7738848 264344 30680670 1072945 350549 32368508 75876029 108244537 115983385 440000 2738001 6244420 3627603 13050024 899350 210682 1110032 58928 58928 2833822 1834591 1962437 95133551 0 101764401 101823329 115983385 75876029 Unrealized exchange gains, reversed -123344 Unrealized exchange gains, reversed -107860 Change in other provisions 55040 Change in other provisions -8689318 Change in current liabilities (ex-bank, tax, instalments payable and overdraft facility) 44010469 Change in current liabilities (ex-bank, tax, instalments payable and overdraft facility) 42190823 Instalments on loans -7167 Instalments on loans -7033 75876029 49046861 52626308 11203179 -3295190 -426636 491 123 -298 100878889 20441117 10996688 -48530 2797 111 1062 45278222 10424980 5539284 -207922 597 111 88 Operating profit/loss of main activities 381587 Operating profit/loss of main activities 3544976 Operating profit/loss of main activities 4437330 Operating profit/loss of main activities 13441403 Operating profit/loss of main activities 7163347 Financial income and expenses, net 2544720 Financial income and expenses, net 1422628 Financial income and expenses, net 242997 Financial income and expenses, net 642830 Financial income and expenses, net -78925 Profit/loss for the year before tax 2926307 Profit/loss for the year before tax 4967604 Profit/loss for the year before tax -4233927 Profit/loss for the year before tax 14084233 Profit/loss for the year before tax 7084422 76448364 9422421 14579460 12717612 72147907 7991260 Thors Bakke 4, 2, 8900 Randers C BDO Statsautoriseret revisionsaktieselskab 20222670 Søren Busch State Authorised Public Accountant mne46256 Ole Østergaard State Authorised Public Accountant mne23414 20222670 BDO Statsautoriseret revisionsaktieselskab