397673172024-01-012024-12-31397673172024-01-012024-12-311397673172024-01-012024-12-312397673172024-01-012024-12-31RevPers3397673172024-01-012024-12-31fsa:ContributedCapitalMember397673172024-01-012024-12-31fsa:RetainedEarningsMember397673172024-01-012024-12-31fsa:SharePremiumMember397673172023-01-012023-12-31397673172024-12-31397673172024-01-01fsa:ContributedCapitalMember397673172024-01-01fsa:RetainedEarningsMember397673172024-01-01fsa:SharePremiumMember397673172023-12-31xbrli:purexbrli:pureiso4217:DKKxbrli:sharesxbrli:pureTo the shareholders of MelaTech ApS Basis of Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibility under those standards and requirements are further described in the “Auditors' responsibility 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 (including International Independence Standards) (IESBA Code) together with the ethical requirements that are relevant to our audit of the financial statement 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. Opinion We have audited the financial statements of MelaTech ApS for the financial year 1 January 2024 - 31 December 2024, which comprise an income statement, balance sheet, statement of changes in equity and notes. The financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Company's financial position at 31 December 2024 and of the results of its operations for the financial year 1 January 2024 - 31 December 2024 in accordance with the Danish Financial Statements Act. 2025-07-04SlagelseThe auditor's responsibility for the audit of the financial statements Our responsibility is to obtain reasonable assurance as to whether the financial statements are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance but is no guarantee that an audit conducted in accordance with ISAs and additional requirements applicable in Denmark will always detect material misstatements. Misstatements can arise from fraud or error and can be considered material if it would be reasonable to expect that these - either individually or collectively - could influence the economic decisions taken by the users of financial statements on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain an attitude of professional skepticism throughout the audit. We also: * Identify and assess the risk of material misstatements in 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 a material misstatement resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or 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 whether the accounting policies used are appropriate and whether the accounting estimates and the related disclosures made by Management are reasonable. * Conclude on whether Management's use of the going concern basis of accounting in preparing the financial statements is appropriate and, based on the audit evidence obtained, conclude on whether a material uncertainty exists relating to events or conditions, which could 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 auditors' 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 auditors' report. However, future events or conditions may imply that the Company can no longer remain a going concern. * Evaluate the overall presentation, structure and contents of the financial statements, including note disclosures, and whether the financial statements reflect the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control which we identify during our audit. , Our responsibility is to obtain reasonable assurance as to whether the financial statements are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance but is no guarantee that an audit conducted in accordance with ISAs and additional requirements applicable in Denmark will always detect material misstatements. Misstatements can arise from fraud or error and can be considered material if it would be reasonable to expect that these - either individually or collectively - could influence the economic decisions taken by the users of financial statements on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain an attitude of professional skepticism throughout the audit. We also: * Identify and assess the risk of material misstatements in 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 a material misstatement resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or 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 whether the accounting policies used are appropriate and whether the accounting estimates and the related disclosures made by Management are reasonable. * Conclude on whether Management's use of the going concern basis of accounting in preparing the financial statements is appropriate and, based on the audit evidence obtained, conclude on whether a material uncertainty exists relating to events or conditions, which could 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 auditors' 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 auditors' report. However, future events or conditions may imply that the Company can no longer remain a going concern. * Evaluate the overall presentation, structure and contents of the financial statements, including note disclosures, and whether the financial statements reflect the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control which we identify during our audit. Management's responsibility for the Financial Statements 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 considers 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 either liquidate the Company or suspend operations, or has no realistic alternative but to do so. Management is responsible for the Management's review. Our opinion on the financial statements does not cover the Management's review, and we do not express any form of opinion providing assurance regarding the Management's review. Our responsibility in connection with our audit of the financial statements is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or with the knowledge we have gained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the Management's review meets the disclosure requirements in the Danish Financial Statements Act. Based on our procedures, we are of the opinion that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements in the Danish Financial Statements Act. In our opinion, the Management's review is not materially misstated. , Statement on Management's Review Management is responsible for the Management's review. Our opinion on the financial statements does not cover the Management's review, and we do not express any form of opinion providing assurance regarding the Management's review. Our responsibility in connection with our audit of the financial statements is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or with the knowledge we have gained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the Management's review meets the disclosure requirements in the Danish Financial Statements Act. Based on our procedures, we are of the opinion that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements in the Danish Financial Statements Act. In our opinion, the Management's review is not materially misstated. Grundlag for konklusionKonklusion21696382mne35414Jesper EhlersNiels Kvorning TernovFrederik Nikolaj Jakobsen Schaarup ReherDalsgaard, Stahl & WøldikeManaging DirectorRevisionspåtegningtrue9857254264015111863695461581125Regnskabsklasse B9144277443439662317262933919493710812Basis of recognition and measurement The financial statement have been prepared under the historical cost principle. Income is recognised in the income statement as it is earned, including value adjustments of financial assets and liabilities that are measured at fair value or amortized cost. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortization, 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 accrue 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 attributable to the asset will flow out of the Company, and the value of the liability can be measured reliably. At initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Certain financial assets and liabilities are measured at amortised cost, which involves the recognition of a constant effective interest rate over the term. Amortised cost is calculated as original cost less repayments and with the addition/deduction of the accumulated amortisation of the difference between the cost and the nominal amount. This way, exchange losses and gains are allocated over the term. In connection with recognition and measurement, consideration is given to predictable losses and risks occurring prior to the presentation of the financial statement, i.e. losses and risks which prove or disprove matters which exist at the balance sheet date. , The financial statement have been prepared under the historical cost principle. Income is recognised in the income statement as it is earned, including value adjustments of financial assets and liabilities that are measured at fair value or amortized cost. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortization, 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 accrue 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 attributable to the asset will flow out of the Company, and the value of the liability can be measured reliably. At initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Certain financial assets and liabilities are measured at amortised cost, which involves the recognition of a constant effective interest rate over the term. Amortised cost is calculated as original cost less repayments and with the addition/deduction of the accumulated amortisation of the difference between the cost and the nominal amount. This way, exchange losses and gains are allocated over the term. In connection with recognition and measurement, consideration is given to predictable losses and risks occurring prior to the presentation of the financial statement, i.e. losses and risks which prove or disprove matters which exist at the balance sheet date. Amortization and impairment of intangible assets, property, plant and equipment has been performed based on a continuing assessment of the useful life of the assets in the Company. Non-current assets are amortized on a straight-line basis, based on cost, on the basis of the Management's assessment of useful life, and residual values. , Amortisation and impairment of tangible and intangible assets Amortization and impairment of intangible assets, property, plant and equipment has been performed based on a continuing assessment of the useful life of the assets in the Company. Non-current assets are amortized on a straight-line basis, based on cost, on the basis of the Management's assessment of useful life, and residual values. Equity investments in group enterprises and associates Investments in group enterprises and associates are recognized in the balance sheet at the proportionate share of the equity value of the enterprises, calculated according to the parent Company's accounting policies with the deduction or addition of unrealised intercompany profits or losses and with the addition or deduction of the remaining value of positive or negative goodwill, calculated according to the purchase method. Subsidiaries having a negative equity value are recognised at kr. 0, and any amounts receivable from those enterprises are written down by the parent Company's share of the negative equity value to the extent that the amounts are deemed to be uncollectible. If the negative equity value exceeds receivables, the remaining amount is recognised as a provision to the extent that the parent Company has a legal or constructive obligation to cover the negative balance of the relevant subsidiary. , Investments in group enterprises and associates are recognized in the balance sheet at the proportionate share of the equity value of the enterprises, calculated according to the parent Company's accounting policies with the deduction or addition of unrealised intercompany profits or losses and with the addition or deduction of the remaining value of positive or negative goodwill, calculated according to the purchase method. Subsidiaries having a negative equity value are recognised at kr. 0, and any amounts receivable from those enterprises are written down by the parent Company's share of the negative equity value to the extent that the amounts are deemed to be uncollectible. If the negative equity value exceeds receivables, the remaining amount is recognised as a provision to the extent that the parent Company has a legal or constructive obligation to cover the negative balance of the relevant subsidiary. Balance sheet Property, plant and equipment Property, plant and equipment are measured at cost on initial recognition and subsequently at cost less accumulated depreciation and impairment losses. The depreciable amount is calculated taking into consideration the residual value of the asset at the end of its useful life, reduced by impairment losses, if any. The depreciation period and the residual value are determined at the data of acquisition. If the residual value exceeds the carrying amount of the asset, depreciation is discontinued. In case of changes in depreciation period or residual value, the effect of a change in depreciation period is recognised prospectively in accounting estimates. Cost includes the purchase price and expenses directly related to the acquisition until the time when the asset is ready for use. The cost of self-constructed assets includes costs for materials, components, subcontractors, direct payroll costs and indirect production costs. The cost of composite asset is disaggregated into components, which are separately depreciated if the useful lives of the individual component differ. Depreciation is calculated using the straight-line method over the following estimated useful lives of the individual assets and their residual values: Useful life Residual value Other fixtures and fittings, tools and equipment 3-10 years 0-20% The carrying amounts of property plant and equipment are tested annually to determine whether there is any indication of impairment other than what is expressed by amortization and depreciation. If so, the assets are tested for impairment to determine whether the recoverable amounts are lower than the carrying amounts, and the relevant assets are written down to such lower recoverable amounts. An impairment test is carried out annually of ongoing development projects, whether or not there is any indication of impairment. The recoverable amount of an asset is determined as the higher of the net sales price and the value in use. Where the recoverable amount of the individual assets cannot be determined, the assets are grouped together into the smallest group of assets that can be estimated to determine an aggregate reliable recoverable amount for those units. Long term investments and receivables Equity investments in group enterprises and associates Investments in group enterprises and associates are recognized in the balance sheet at the proportionate share of the equity value of the enterprises, calculated according to the parent Company's accounting policies with the deduction or addition of unrealised intercompany profits or losses and with the addition or deduction of the remaining value of positive or negative goodwill, calculated according to the purchase method. Subsidiaries having a negative equity value are recognised at kr. 0, and any amounts receivable from those enterprises are written down by the parent Company's share of the negative equity value to the extent that the amounts are deemed to be uncollectible. If the negative equity value exceeds receivables, the remaining amount is recognised as a provision to the extent that the parent Company has a legal or constructive obligation to cover the negative balance of the relevant subsidiary. Deposits Deposits are measured at cost. Inventories Inventories are measured at cost on the basis of the FIFO principle. Where the net realizable value is lower than cost, the inventories are written down to this lower value. The net realisable value of inventories is calculated as the selling price less costs of completion and costs incurred to make the sale. The value is determined taking into account the negotiability of inventories, obsolescence and expected development in sales price. Merchandises are measured at cost comprising purchase price plus delivery costs. Receivables Receivables are measured at amortized cost which usually corresponds to the nominal value. The value is reduced by write-downs for expected bad debts. Impairment of accounts receivables past due is established on individual assessment of receivables. Accrued income, assets Accrued income recognised in assets comprises prepaid costs regarding subsequent financial years. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and in hand as well as short-term securities with a term of less than three months, which can be converted directly into cash at bank and in hand and involve only an insignificant risk of value changes. Equity Equity comprises the working capital and a number of equity items that may be statutory or stipulated in the articles of association. Deferred tax Deferred tax and the associated adjustments for the year are determined according to the liability method as the tax base of all temporary differences between carrying amounts and the tax bases of assets and liabilities. Deferred tax assets, including the tax base of tax losses allowed for carryforward, are recognised at the value at which they are expected to be used, either by elimination in tax on future earnings or by set-off against deferred tax liabilities in enterprises within the same legal entity and jurisdiction. Deferred tax is measured on the basis of the tax rules and tax rates that are effective under the legislation applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Liabilities Financial liabilities are recognised initially at the proceeds received net of transaction expenses incurred. In subsequent periods, financial liabilities are measured at amortised cost, corresponding to the capitalised value using the effective interest method, so that the difference between the proceeds and the nominal value is recognised in the income statement over the life of the financial instrument. Other liabilities are measured at net realisable value. Other payables Other payables are measured at amortised cost, which usually corresponds to the nominal value. Contingent assets and liabilities Contingent assets and liabilities are not recognised in the Balance Sheet, but appear only in the notes. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and in hand as well as short-term securities with a term of less than three months, which can be converted directly into cash at bank and in hand and involve only an insignificant risk of value changes. , Cash and cash equivalents comprise cash at bank and in hand as well as short-term securities with a term of less than three months, which can be converted directly into cash at bank and in hand and involve only an insignificant risk of value changes. Accrued income, assets Accrued income recognised in assets comprises prepaid costs regarding subsequent financial years. , Accrued income recognised in assets comprises prepaid costs regarding subsequent financial years. Other staff expenses are recognised in other external expenses. , Staff costs Staff costs include wages and salaries including compensated absence and pension to the Companies employees, as well as other social security contributions etc. Other staff expenses are recognised in other external expenses. , Staff costs include wages and salaries including compensated absence and pension to the Companies employees, as well as other social security contributions etc. Equity Equity comprises the working capital and a number of equity items that may be statutory or stipulated in the articles of association. , Equity comprises the working capital and a number of equity items that may be statutory or stipulated in the articles of association. Other external expenses include expenses for distribution, sales, advertising, administration, premises, bad debts, operating leasing expenses etc. , External expenses Other external expenses Other external expenses include expenses for distribution, sales, advertising, administration, premises, bad debts, operating leasing expenses etc. , Other external expenses Other external expenses include expenses for distribution, sales, advertising, administration, premises, bad debts, operating leasing expenses etc. Financial income and expenses Financial income and expenses are recognised in the income statement based at the amounts that concern the financial year. Financial income and expenses include interest revenue and expenses, financial expenses of finance leases, realised and unrealised capital gains and losses regarding securities, accounts payable and transactions in foreign currencies, repayment on mortgage loans, and surcharges and allowances under the advance-payment of tax scheme. Dividends from other investments are recognised as income in the financial year in which the dividends are declared. , Financial income and expenses are recognised in the income statement based at the amounts that concern the financial year. Financial income and expenses include interest revenue and expenses, financial expenses of finance leases, realised and unrealised capital gains and losses regarding securities, accounts payable and transactions in foreign currencies, repayment on mortgage loans, and surcharges and allowances under the advance-payment of tax scheme. Dividends from other investments are recognised as income in the financial year in which the dividends are declared. Gross profit/loss The Company has decided to aggregate certain items of the income statement in accordance with the provisions of Section 32 of the Danish Financial Statements Act. Gross profit is a combination of the items of revenue, change in inventories of finished goods, work in progress and goods for resale, other operating income, costs for raw materials and consumables and other external expenses. Income from equity investments comprises the proportionate share of profit/loss after tax and any adjustment of internal profit/loss and less amortization of consolidated goodwill. , Income from investments in group enterprises and associates Income from equity investments comprises the proportionate share of profit/loss after tax and any adjustment of internal profit/loss and less amortization of consolidated goodwill. Income statement Gross profit/loss The Company has decided to aggregate certain items of the income statement in accordance with the provisions of Section 32 of the Danish Financial Statements Act. Gross profit is a combination of the items of revenue, change in inventories of finished goods, work in progress and goods for resale, other operating income, costs for raw materials and consumables and other external expenses. Revenue Revenue is recognised in the income statement if the goods have been delivered and the risk has passed to the buyer before year-end, and if the revenue can be reliably calculated and expected to be received. Revenue is recognised excluding VAT, and all discounts granted are recognised in revenue. Income from delivery of services is recognised on a straight-line basis in net sales, as the service is delivered. Other operating income Other operating income comprises items of a secondary nature to the activities of the enterprises, including profits on sale of intangible and tangible assets and refunds from public authorities. External expenses Other external expenses Other external expenses include expenses for distribution, sales, advertising, administration, premises, bad debts, operating leasing expenses etc. Staff costs Staff costs include wages and salaries including compensated absence and pension to the Companies employees, as well as other social security contributions etc. Other staff expenses are recognised in other external expenses. Amortisation and impairment of tangible and intangible assets Amortization and impairment of intangible assets, property, plant and equipment has been performed based on a continuing assessment of the useful life of the assets in the Company. Non-current assets are amortized on a straight-line basis, based on cost, on the basis of the Management's assessment of useful life, and residual values. Income from investments in group enterprises and associates Income from equity investments comprises the proportionate share of profit/loss after tax and any adjustment of internal profit/loss and less amortization of consolidated goodwill. Financial income and expenses Financial income and expenses are recognised in the income statement based at the amounts that concern the financial year. Financial income and expenses include interest revenue and expenses, financial expenses of finance leases, realised and unrealised capital gains and losses regarding securities, accounts payable and transactions in foreign currencies, repayment on mortgage loans, and surcharges and allowances under the advance-payment of tax scheme. Dividends from other investments are recognised as income in the financial year in which the dividends are declared. Tax on net profit for the year Tax on net profit/loss for the year comprises current tax on expected taxable income of the year and the year's adjustment of deferred tax less the part of the tax of the year that relates to changes in equity. Current and deferred tax regarding changes in equity are recognised directly in equity. The Company is jointly taxed with group enterprises. The tax effect of the joint taxation is allocated to jointly taxed enterprises in proportion to their taxable incomes. Inventories Inventories are measured at cost on the basis of the FIFO principle. Where the net realizable value is lower than cost, the inventories are written down to this lower value. The net realisable value of inventories is calculated as the selling price less costs of completion and costs incurred to make the sale. The value is determined taking into account the negotiability of inventories, obsolescence and expected development in sales price. Merchandises are measured at cost comprising purchase price plus delivery costs. , Inventories are measured at cost on the basis of the FIFO principle. Where the net realizable value is lower than cost, the inventories are written down to this lower value. The net realisable value of inventories is calculated as the selling price less costs of completion and costs incurred to make the sale. The value is determined taking into account the negotiability of inventories, obsolescence and expected development in sales price. , Merchandises are measured at cost comprising purchase price plus delivery costs. Deposits Deposits are measured at cost. , Long term investments and receivables Equity investments in group enterprises and associates Investments in group enterprises and associates are recognized in the balance sheet at the proportionate share of the equity value of the enterprises, calculated according to the parent Company's accounting policies with the deduction or addition of unrealised intercompany profits or losses and with the addition or deduction of the remaining value of positive or negative goodwill, calculated according to the purchase method. Subsidiaries having a negative equity value are recognised at kr. 0, and any amounts receivable from those enterprises are written down by the parent Company's share of the negative equity value to the extent that the amounts are deemed to be uncollectible. If the negative equity value exceeds receivables, the remaining amount is recognised as a provision to the extent that the parent Company has a legal or constructive obligation to cover the negative balance of the relevant subsidiary. Deposits Deposits are measured at cost. Other payables are measured at amortised cost, which usually corresponds to the nominal value. , Other payables Other payables are measured at amortised cost, which usually corresponds to the nominal value. , Contingent assets and liabilities Contingent assets and liabilities are not recognised in the Balance Sheet, but appear only in the notes. , Liabilities Financial liabilities are recognised initially at the proceeds received net of transaction expenses incurred. In subsequent periods, financial liabilities are measured at amortised cost, corresponding to the capitalised value using the effective interest method, so that the difference between the proceeds and the nominal value is recognised in the income statement over the life of the financial instrument. Other liabilities are measured at net realisable value. , Financial liabilities are recognised initially at the proceeds received net of transaction expenses incurred. In subsequent periods, financial liabilities are measured at amortised cost, corresponding to the capitalised value using the effective interest method, so that the difference between the proceeds and the nominal value is recognised in the income statement over the life of the financial instrument. Other liabilities are measured at net realisable value. Other operating income Other operating income comprises items of a secondary nature to the activities of the enterprises, including profits on sale of intangible and tangible assets and refunds from public authorities. , Other operating income comprises items of a secondary nature to the activities of the enterprises, including profits on sale of intangible and tangible assets and refunds from public authorities. Property, plant and equipment Property, plant and equipment are measured at cost on initial recognition and subsequently at cost less accumulated depreciation and impairment losses. The depreciable amount is calculated taking into consideration the residual value of the asset at the end of its useful life, reduced by impairment losses, if any. The depreciation period and the residual value are determined at the data of acquisition. If the residual value exceeds the carrying amount of the asset, depreciation is discontinued. In case of changes in depreciation period or residual value, the effect of a change in depreciation period is recognised prospectively in accounting estimates. Cost includes the purchase price and expenses directly related to the acquisition until the time when the asset is ready for use. The cost of self-constructed assets includes costs for materials, components, subcontractors, direct payroll costs and indirect production costs. The cost of composite asset is disaggregated into components, which are separately depreciated if the useful lives of the individual component differ. Depreciation is calculated using the straight-line method over the following estimated useful lives of the individual assets and their residual values: Useful life Residual value Other fixtures and fittings, tools and equipment 3-10 years 0-20% The carrying amounts of property plant and equipment are tested annually to determine whether there is any indication of impairment other than what is expressed by amortization and depreciation. If so, the assets are tested for impairment to determine whether the recoverable amounts are lower than the carrying amounts, and the relevant assets are written down to such lower recoverable amounts. An impairment test is carried out annually of ongoing development projects, whether or not there is any indication of impairment. The recoverable amount of an asset is determined as the higher of the net sales price and the value in use. Where the recoverable amount of the individual assets cannot be determined, the assets are grouped together into the smallest group of assets that can be estimated to determine an aggregate reliable recoverable amount for those units. , Property, plant and equipment are measured at cost on initial recognition and subsequently at cost less accumulated depreciation and impairment losses. The depreciable amount is calculated taking into consideration the residual value of the asset at the end of its useful life, reduced by impairment losses, if any. The depreciation period and the residual value are determined at the data of acquisition. If the residual value exceeds the carrying amount of the asset, depreciation is discontinued. In case of changes in depreciation period or residual value, the effect of a change in depreciation period is recognised prospectively in accounting estimates. Cost includes the purchase price and expenses directly related to the acquisition until the time when the asset is ready for use. The cost of self-constructed assets includes costs for materials, components, subcontractors, direct payroll costs and indirect production costs. The cost of composite asset is disaggregated into components, which are separately depreciated if the useful lives of the individual component differ. , Other fixtures and fittings, tools and equipment 3-10 years 0-20% , The carrying amounts of property plant and equipment are tested annually to determine whether there is any indication of impairment other than what is expressed by amortization and depreciation. If so, the assets are tested for impairment to determine whether the recoverable amounts are lower than the carrying amounts, and the relevant assets are written down to such lower recoverable amounts. An impairment test is carried out annually of ongoing development projects, whether or not there is any indication of impairment. The recoverable amount of an asset is determined as the higher of the net sales price and the value in use. Where the recoverable amount of the individual assets cannot be determined, the assets are grouped together into the smallest group of assets that can be estimated to determine an aggregate reliable recoverable amount for those units. , Depreciation is calculated using the straight-line method over the following estimated useful lives of the individual assets and their residual values: , Useful life Residual value Other fixtures and fittings, tools and equipment 3-10 years 0-20% Deferred tax Deferred tax and the associated adjustments for the year are determined according to the liability method as the tax base of all temporary differences between carrying amounts and the tax bases of assets and liabilities. Deferred tax assets, including the tax base of tax losses allowed for carryforward, are recognised at the value at which they are expected to be used, either by elimination in tax on future earnings or by set-off against deferred tax liabilities in enterprises within the same legal entity and jurisdiction. Deferred tax is measured on the basis of the tax rules and tax rates that are effective under the legislation applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Receivables Receivables are measured at amortized cost which usually corresponds to the nominal value. The value is reduced by write-downs for expected bad debts. Impairment of accounts receivables past due is established on individual assessment of receivables. , Receivables are measured at amortized cost which usually corresponds to the nominal value. The value is reduced by write-downs for expected bad debts. , Impairment of accounts receivables past due is established on individual assessment of receivables. Revenue Revenue is recognised in the income statement if the goods have been delivered and the risk has passed to the buyer before year-end, and if the revenue can be reliably calculated and expected to be received. Revenue is recognised excluding VAT, and all discounts granted are recognised in revenue. Income from delivery of services is recognised on a straight-line basis in net sales, as the service is delivered. , Revenue is recognised in the income statement if the goods have been delivered and the risk has passed to the buyer before year-end, and if the revenue can be reliably calculated and expected to be received. Revenue is recognised excluding VAT, and all discounts granted are recognised in revenue. , Income from delivery of services is recognised on a straight-line basis in net sales, as the service is delivered. Tax on net profit for the year Tax on net profit/loss for the year comprises current tax on expected taxable income of the year and the year's adjustment of deferred tax less the part of the tax of the year that relates to changes in equity. Current and deferred tax regarding changes in equity are recognised directly in equity. The Company is jointly taxed with group enterprises. The tax effect of the joint taxation is allocated to jointly taxed enterprises in proportion to their taxable incomes. , Tax on net profit/loss for the year comprises current tax on expected taxable income of the year and the year's adjustment of deferred tax less the part of the tax of the year that relates to changes in equity. Current and deferred tax regarding changes in equity are recognised directly in equity. The Company is jointly taxed with group enterprises. The tax effect of the joint taxation is allocated to jointly taxed enterprises in proportion to their taxable incomes. Reporting Class The annual report of MelaTech ApS for 2024 has been presented in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B. The accounting policies applied remain unchanged from last year. Reporting currency The annual report is presented in Danish Kroner. General information Basis of recognition and measurement The financial statement have been prepared under the historical cost principle. Income is recognised in the income statement as it is earned, including value adjustments of financial assets and liabilities that are measured at fair value or amortized cost. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortization, 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 accrue 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 attributable to the asset will flow out of the Company, and the value of the liability can be measured reliably. At initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Certain financial assets and liabilities are measured at amortised cost, which involves the recognition of a constant effective interest rate over the term. Amortised cost is calculated as original cost less repayments and with the addition/deduction of the accumulated amortisation of the difference between the cost and the nominal amount. This way, exchange losses and gains are allocated over the term. In connection with recognition and measurement, consideration is given to predictable losses and risks occurring prior to the presentation of the financial statement, i.e. losses and risks which prove or disprove matters which exist at the balance sheet date. Income statement Gross profit/loss The Company has decided to aggregate certain items of the income statement in accordance with the provisions of Section 32 of the Danish Financial Statements Act. Gross profit is a combination of the items of revenue, change in inventories of finished goods, work in progress and goods for resale, other operating income, costs for raw materials and consumables and other external expenses. Revenue Revenue is recognised in the income statement if the goods have been delivered and the risk has passed to the buyer before year-end, and if the revenue can be reliably calculated and expected to be received. Revenue is recognised excluding VAT, and all discounts granted are recognised in revenue. Income from delivery of services is recognised on a straight-line basis in net sales, as the service is delivered. Other operating income Other operating income comprises items of a secondary nature to the activities of the enterprises, including profits on sale of intangible and tangible assets and refunds from public authorities. External expenses Other external expenses Other external expenses include expenses for distribution, sales, advertising, administration, premises, bad debts, operating leasing expenses etc. Staff costs Staff costs include wages and salaries including compensated absence and pension to the Companies employees, as well as other social security contributions etc. Other staff expenses are recognised in other external expenses. Amortisation and impairment of tangible and intangible assets Amortization and impairment of intangible assets, property, plant and equipment has been performed based on a continuing assessment of the useful life of the assets in the Company. Non-current assets are amortized on a straight-line basis, based on cost, on the basis of the Management's assessment of useful life, and residual values. Income from investments in group enterprises and associates Income from equity investments comprises the proportionate share of profit/loss after tax and any adjustment of internal profit/loss and less amortization of consolidated goodwill. Financial income and expenses Financial income and expenses are recognised in the income statement based at the amounts that concern the financial year. Financial income and expenses include interest revenue and expenses, financial expenses of finance leases, realised and unrealised capital gains and losses regarding securities, accounts payable and transactions in foreign currencies, repayment on mortgage loans, and surcharges and allowances under the advance-payment of tax scheme. Dividends from other investments are recognised as income in the financial year in which the dividends are declared. Tax on net profit for the year Tax on net profit/loss for the year comprises current tax on expected taxable income of the year and the year's adjustment of deferred tax less the part of the tax of the year that relates to changes in equity. Current and deferred tax regarding changes in equity are recognised directly in equity. The Company is jointly taxed with group enterprises. The tax effect of the joint taxation is allocated to jointly taxed enterprises in proportion to their taxable incomes. Balance sheet Property, plant and equipment Property, plant and equipment are measured at cost on initial recognition and subsequently at cost less accumulated depreciation and impairment losses. The depreciable amount is calculated taking into consideration the residual value of the asset at the end of its useful life, reduced by impairment losses, if any. The depreciation period and the residual value are determined at the data of acquisition. If the residual value exceeds the carrying amount of the asset, depreciation is discontinued. In case of changes in depreciation period or residual value, the effect of a change in depreciation period is recognised prospectively in accounting estimates. Cost includes the purchase price and expenses directly related to the acquisition until the time when the asset is ready for use. The cost of self-constructed assets includes costs for materials, components, subcontractors, direct payroll costs and indirect production costs. The cost of composite asset is disaggregated into components, which are separately depreciated if the useful lives of the individual component differ. Depreciation is calculated using the straight-line method over the following estimated useful lives of the individual assets and their residual values: Useful life Residual value Other fixtures and fittings, tools and equipment 3-10 years 0-20% The carrying amounts of property plant and equipment are tested annually to determine whether there is any indication of impairment other than what is expressed by amortization and depreciation. If so, the assets are tested for impairment to determine whether the recoverable amounts are lower than the carrying amounts, and the relevant assets are written down to such lower recoverable amounts. An impairment test is carried out annually of ongoing development projects, whether or not there is any indication of impairment. The recoverable amount of an asset is determined as the higher of the net sales price and the value in use. Where the recoverable amount of the individual assets cannot be determined, the assets are grouped together into the smallest group of assets that can be estimated to determine an aggregate reliable recoverable amount for those units. Long term investments and receivables Equity investments in group enterprises and associates Investments in group enterprises and associates are recognized in the balance sheet at the proportionate share of the equity value of the enterprises, calculated according to the parent Company's accounting policies with the deduction or addition of unrealised intercompany profits or losses and with the addition or deduction of the remaining value of positive or negative goodwill, calculated according to the purchase method. Subsidiaries having a negative equity value are recognised at kr. 0, and any amounts receivable from those enterprises are written down by the parent Company's share of the negative equity value to the extent that the amounts are deemed to be uncollectible. If the negative equity value exceeds receivables, the remaining amount is recognised as a provision to the extent that the parent Company has a legal or constructive obligation to cover the negative balance of the relevant subsidiary. Deposits Deposits are measured at cost. Inventories Inventories are measured at cost on the basis of the FIFO principle. Where the net realizable value is lower than cost, the inventories are written down to this lower value. The net realisable value of inventories is calculated as the selling price less costs of completion and costs incurred to make the sale. The value is determined taking into account the negotiability of inventories, obsolescence and expected development in sales price. Merchandises are measured at cost comprising purchase price plus delivery costs. Receivables Receivables are measured at amortized cost which usually corresponds to the nominal value. The value is reduced by write-downs for expected bad debts. Impairment of accounts receivables past due is established on individual assessment of receivables. Accrued income, assets Accrued income recognised in assets comprises prepaid costs regarding subsequent financial years. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and in hand as well as short-term securities with a term of less than three months, which can be converted directly into cash at bank and in hand and involve only an insignificant risk of value changes. Equity Equity comprises the working capital and a number of equity items that may be statutory or stipulated in the articles of association. Deferred tax Deferred tax and the associated adjustments for the year are determined according to the liability method as the tax base of all temporary differences between carrying amounts and the tax bases of assets and liabilities. Deferred tax assets, including the tax base of tax losses allowed for carryforward, are recognised at the value at which they are expected to be used, either by elimination in tax on future earnings or by set-off against deferred tax liabilities in enterprises within the same legal entity and jurisdiction. Deferred tax is measured on the basis of the tax rules and tax rates that are effective under the legislation applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Liabilities Financial liabilities are recognised initially at the proceeds received net of transaction expenses incurred. In subsequent periods, financial liabilities are measured at amortised cost, corresponding to the capitalised value using the effective interest method, so that the difference between the proceeds and the nominal value is recognised in the income statement over the life of the financial instrument. Other liabilities are measured at net realisable value. Other payables Other payables are measured at amortised cost, which usually corresponds to the nominal value. Contingent assets and liabilities Contingent assets and liabilities are not recognised in the Balance Sheet, but appear only in the notes. 5. Contingent liabilities The Company is jointly taxed with the other enterprises in the group and jointly and severally liable for the taxes that concern the joint taxation. The total amount appears from the annual report of Qvorning Holding ApS which is the administration company in the joint taxation. Also, there are no contingent liabilities as per the status day. 2024 2023 1. Employee benefits expense Wages and salaries 5.802.357 3.849.911 Social security contributions 85.541 63.202 Other employee expense 47.848 2.362 5.935.746 3.915.475 Average number of employees 11 8 Contributed Retained Share capital earnings premium Total Equity 1 January 2024 744.343 -3.133.784 3.655.687 1.266.246 Increase of capital 170.084 0 8.595.057 8.765.141 Profit (loss) 0 -2.700.558 0 -2.700.558 Transferred from share premium 0 12.250.744 -12.250.744 0 Equity 31 December 2024 914.427 6.416.402 0 7.330.829 The share capital has developed as follows: 2024 2023 2022 2021 2020 Balance at the beginning of the year 744.343 717.343 540.000 100 100 Addition during the year 170.084 27.000 177.343 539.900 0 Balance at the end of the year 914.427 744.343 717.343 540.000 100 2. Disclosure in long-term investments in group enterprises and associates Group enterprises Name Registered office Share held in % Equity Profit Melatech LLC Fairfield, Connecticut - USA 100,00 -196.738 -196.738 -196.738 -196.738 The negative equity is deducted from receivables. 7. Liabilities under leases The Company has entered into a tenancy agreement with a total obligation as per the status day of thousand kroner 1,122. 4. Long-term liabilities Due Due Due after 1 year within 1 year after 5 years Debt to other credit institutions 863.802 0 0 863.802 0 0 6. Collaterals and securities As security for debts to other credit institutions of thousand kroner 864, a company mortgage of nom. thousand kroner 700 has been placed which includes motorised vehicles that have not previously been registered, other facilities, operating material and fixtures, inventory and simple receivables. The total accounting value of included assets amounts to thousand kroner 2,997. No other securities or mortgages exist at the balance sheet date. 5935746391547573308291266246-7443433133784-36556873. Short term recievables group enterprises Melatech LLC - US 480.328 0 Qvorning Holding ApS 334 334 Provision for negative equity in Melatech LLC -196.738 0 Balance at the end of the year 283.924 334 3600910860650-1967380-8595057-1700840The annual report of MelaTech ApS for 2024 has been presented in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B. 12751101011885985725426401512526425137390586380273533419493710812968096735334194937108121689845918810429401240774504860-270055800-2700558-3118676-2700558-3114013-2334836-3054825127511010118856416402-3133784false0365568715583296385711934502017661363292839243342982101337111721562004663122507440-12250744270055831186764200, SlagelseNytorv 8A, 1.2025-07-04niels.kvorning@melatech.iomelatech.io3976731721696382ÅrsrapportNiels Kvorning TernovMelaTech ApSDalsgaard, Stahl & Wøldike, Godkendt Revisionsanpartsselskab2023-01-012023-12-31Copenhagen, 02024-12-312024-01-0131789726The Company's Income Statement of the financial year 1 January 2024 - 31 December 2024 shows a result of DKK -2.700.558 and the Balance Sheet at 31 December 2024 a balance sheet total of DKK 9.857.254 and an equity of DKK 7.330.829. , Development in the activities and the financial situation of the Company The Company's Income Statement of the financial year 1 January 2024 - 31 December 2024 shows a result of DKK -2.700.558 and the Balance Sheet at 31 December 2024 a balance sheet total of DKK 9.857.254 and an equity of DKK 7.330.829. Expectations for the future The Company expects its operations to develop positively next year. The Company's principal activities The Company's principal activities are to conduct a development, trade and service business within the health technology sector, as well as any business related hereto, at the Management's discretion. Post financial year events After the end of the financial year, no events have occurred which may change the financial position of the entity substantially. The Company's principal activities The Company's principal activities are to conduct a development, trade and service business within the health technology sector, as well as any business related hereto, at the Management's discretion. Development in the activities and the financial situation of the Company The Company's Income Statement of the financial year 1 January 2024 - 31 December 2024 shows a result of DKK -2.700.558 and the Balance Sheet at 31 December 2024 a balance sheet total of DKK 9.857.254 and an equity of DKK 7.330.829. Post financial year events After the end of the financial year, no events have occurred which may change the financial position of the entity substantially. Expectations for the future The Company expects its operations to develop positively next year. The Annual Report is presented in accordance with the Danish Financial Statements Act. In our opinion, the Financial Statements give a true and fair view of the assets, liabilities and financial position of the Company on 31 December 2024 and of the results of the Company's operations for the financial year 1 January 2024 - 31 December 2024. 2025-07-04Today, Management has considered and adopted the Annual Report of MelaTech ApS for the financial year 1 January 2024 - 31 December 2024. In our opinion, the Management's Review includes a true and fair account of the matters addressed in the review. CopenhagenWe recommend that the Annual Report be adopted at the Annual General Meeting. Today, Management has considered and adopted the Annual Report of MelaTech ApS for the financial year 1 January 2024 - 31 December 2024. The Annual Report is presented in accordance with the Danish Financial Statements Act. In our opinion, the Financial Statements give a true and fair view of the assets, liabilities and financial position of the Company on 31 December 2024 and of the results of the Company's operations for the financial year 1 January 2024 - 31 December 2024. In our opinion, the Management's Review includes a true and fair account of the matters addressed in the review. We recommend that the Annual Report be adopted at the Annual General Meeting. Copenhagen, 4 July 2025 Executive Board Niels Kvorning Ternov Frederik Nikolaj Jakobsen Schaarup Reher Adm. direktør Director