42929042 2024-12-31 42929042 2023-12-31 42929042 2024-01-01 fsa:ContributedCapitalMember 42929042 2024-01-01 fsa:SharePremiumMember 42929042 2024-01-01 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 42929042 2024-01-01 fsa:RetainedEarningsMember 42929042 2024-01-01 fsa:ProposedDividendRecognisedInEquityMember 42929042 2024-12-31 fsa:ContributedCapitalMember 42929042 2024-12-31 fsa:SharePremiumMember 42929042 2024-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 42929042 2024-12-31 fsa:RetainedEarningsMember 42929042 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 42929042 2024-01-01 fsa:InvestmentsInGroupEnterprisesMember 42929042 2023-01-01 fsa:InvestmentsInGroupEnterprisesMember 42929042 2024-12-31 fsa:InvestmentsInGroupEnterprisesMember 42929042 2023-12-31 fsa:InvestmentsInGroupEnterprisesMember 42929042 2024-12-31 1 fsa:SubsidiaryMember 42929042 2024-01-01 2024-12-31 42929042 2024-01-01 2024-12-31 1 42929042 2024-01-01 2024-12-31 memberOfBoardIdentifier_executive_board_1 42929042 2023-01-01 2023-12-31 42929042 2024-01-01 2024-12-31 fsa:ContributedCapitalMember 42929042 2024-01-01 2024-12-31 fsa:SharePremiumMember 42929042 2024-01-01 2024-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 42929042 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 42929042 2024-01-01 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 42929042 2024-01-01 2024-12-31 fsa:InvestmentsInGroupEnterprisesMember 42929042 2023-01-01 2023-12-31 fsa:InvestmentsInGroupEnterprisesMember 42929042 2024-01-01 2024-12-31 1 fsa:SubsidiaryMember iso4217:DKK pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2024-01-01 2023-01-01 2024-12-31 2023-12-31 42929042 Lab Group ApS Århusgade 118 2150 Nordhavn København 2021-12-22 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Strandvejen 44 2900 Hellerup Denmark 39 45 39 45 koebenhavn@pwc.dk 2025-05-30 Sebastian Homaily Agerskov Regnskabsklasse B Revisionspåtegning The Executive Board has today considered and adopted the Annual Report of Lab Group ApS for the financial year 1 January - 31 December 2024. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In my opinion the Financial Statements give a true and fair view of the financial position at 31 December 2024 of the Company and of the results of the Company operations for 2024. I recommend that the Annual Report be adopted at the Annual General Meeting. 2025-05-16 Copenhagen Sebastian Homaily Agerskov CEO To the shareholders of Lab Group ApS Opinion In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2024 and of the results of the Company´s operations for the financial year 1 January - 31 December 2024 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of Lab Group ApS for the financial year 1 January - 31 December 2024, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (”the Financial Statements”). Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the ”Auditor’s responsibilities for the audit of the Financial Statements” section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the Financial Statements, Management is responsible for assessing the Company´s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company´s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company´s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view. Plan and perform the audit 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. Hellerup 2025-05-16 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Niels Henrik B. Mikkelsen State Authorised Public Accountant mne16675 -57313 -20250 0 1683963 -57313 -1704213 64592253 80210807 3717 224390 1003 211785 64537654 78519199 -11452 1618 64549106 78517581 11378490 39383094 70000000 65000000 -1182370 13526844 -15647014 -39392357 73249615 85035852 73249615 85035852 73249615 85035852 0 9567857 12015 1682 12015 9569539 130852 180358 142867 9749897 73392482 94785749 104577 100548 0 7312842 0 12560862 3223853 179535 70000000 65000000 73328430 85153787 26625 25000 37427 9606962 64052 9631962 64052 9631962 73392482 94785749 100548 7312842 12560862 179535 65000000 4029 0 0 0 0 0 0 0 0 -65000000 0 0 0 -11378490 0 0 0 -11378490 11378490 0 0 0 -1182372 -4268524 70000000 0 -7312842 0 7312842 0 104577 0 0 3223853 70000000 Reserve for net revaluation under the equity method has been reduced with the proposed dividend for 2024 from the subsidiary Traffic Lab ApS. The Company's main activity is to own and invest in associated companies and other activity in this connection. Subsequently after the balance sheet date, there has been held an extraordinary general meeting 6 January 2025 where the executive board was authorized to issue warrants and has introduced a warrant program for a small number of individuals employees in the company. The warrant program has been unanimously approved by the shareholders and the executive board has unanimously confirmed each warrant grant made under the warrant program. The total number of warrants under the program is 33,175. The warrants are vesting at the approval of the Annual Report for 2027. 0 1683963 0 1683963 0 208777 3717 15613 3717 224390 0 209783 1003 2002 1003 211785 -12012 -1682 560 0 0 3300 -11452 1618 7474990 7474990 40000 0 7434990 7474990 77560862 38417112 65462870 80210807 76378490 39383094 0 -1683963 830617 0 65814625 77560862 73249615 85035852 Traffic Labs Aps København 100 73249615 65490354 Investments in subsidiaries are specified as follows: During 2024 the subsidiary Search Lab has been liquidated. The result for 2024 amount to TDKK -27. 0 0 Other contingent liabilities The Danish group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The total amount of corporation tax payable is disclosed in the Annual Report of Agerskov Holding ApS, which is the management company of the joint taxation purposes. Moreover, the Danish group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company's liability. Consolidated Financial Statements The Company is included in the Group Annual Report of the Parent Company of the largest and smallest group: Name Place of registered office Agerskov Holding ApS København The Annual Report of Lab Group ApS for 2024 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B as well as selected rules applying to reporting class C. The accounting policies applied remain unchanged from last year. The Financial Statements for 2024 are presented in DKK. true With reference to section 112 of the Danish Financial Statements Act and to the consolidated financial statements for 2024 of Agerskov Holding ApS, the Company has not prepared consolidated financial statements. 1 Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably. Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Other external expenses comprise expenses for premises, sales as well as office expenses, etc. With reference to section 32 of the Danish Financial Statements Act, gross profit/loss comprises of other external expenses. Amortisation, depreciation and impairment losses comprise amortisation and impairment of intangible assets. The item “Income from investments in subsidiaries” in the income statement includes the proportionate share of the profit for the year. Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. The Company is jointly taxed with Agerskov Holding ApS . The tax effect of the joint taxation is allocated to enterprises in proportion to their taxable incomes. Investments in subsidiaries are recognised and measured under the equity method. The item “Investments in subsidiaries” in the balance sheet include the proportionate ownership share of the net asset value of the enterprises calculated on the basis of the fair values of identifiable net assets at the time of acquisition with deduction or addition of unrealised intercompany profits or losses and with addition of the remaining value of any increases in value and goodwill calculated at the time of acquisition of the enterprises. The total net revaluation of investments in subsidiaries is transferred upon distribution of profit to “Reserve for net revaluation under the equity method“ under equity. The reserve is reduced by dividend distributed to the Parent Company and adjusted for other equity movements in the subsidiaries. Subsidiaries with a negative net asset value are recognised at DKK 0. Any legal or constructive obligation of the Parent Company to cover the negative balance of the enterprise is recognised in provisions. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. Dividend distribution proposed by Management for the year is disclosed as a separate Dividend item. Purchase and sales prices for treasury shares are recognised directly in retained earnings under equity. A reduction of capital by cancellation of treasury shares reduces the share capital by an amount equal to the nominal value of the shares and increases retained earnings. Dividend on treasury shares is recognised directly in equity under retained earnings. Deferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively. Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity. Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity. Current tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses. Debts are measured at amortised cost, substantially corresponding to nominal value.