36539909 2025-01-01 2025-12-31 1 36539909 2025-01-01 2025-12-31 36539909 2025-01-01 2025-12-31 2 36539909 2025-01-01 2025-12-31 1 36539909 2025-01-01 2025-12-31 1 36539909 2025-01-01 2025-12-31 2 36539909 2025-01-01 2025-12-31 3 36539909 2025-01-01 2025-12-31 4 36539909 2025-01-01 2025-12-31 5 36539909 2025-01-01 2025-12-31 6 36539909 2024-01-01 2024-12-31 36539909 2025-12-31 36539909 2024-12-31 36539909 2024-01-01 d:ContributedCapitalMember 36539909 2024-01-01 d:ReserveForDevelopmentExpenditureMember 36539909 2024-01-01 d:RetainedEarningsMember 36539909 2024-01-01 d:ProposedDividendRecognisedInEquityMember 36539909 2024-01-01 2024-12-31 d:ReserveForDevelopmentExpenditureMember 36539909 2024-01-01 2024-12-31 d:RetainedEarningsMember 36539909 2024-01-01 2024-12-31 d:ProposedDividendRecognisedInEquityMember 36539909 2025-01-01 d:ContributedCapitalMember 36539909 2025-01-01 d:ReserveForDevelopmentExpenditureMember 36539909 2025-01-01 d:RetainedEarningsMember 36539909 2025-01-01 d:ProposedDividendRecognisedInEquityMember 36539909 2025-01-01 2025-12-31 d:ReserveForDevelopmentExpenditureMember 36539909 2025-01-01 2025-12-31 d:RetainedEarningsMember 36539909 2025-01-01 2025-12-31 d:ProposedDividendRecognisedInEquityMember 36539909 2025-12-31 d:ContributedCapitalMember 36539909 2025-12-31 d:ReserveForDevelopmentExpenditureMember 36539909 2025-12-31 d:RetainedEarningsMember 36539909 2025-12-31 d:ProposedDividendRecognisedInEquityMember 36539909 2025-01-01 d:CompletedDevelopmentProjectsMember 36539909 2025-01-01 d:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 36539909 2025-01-01 2025-12-31 d:CompletedDevelopmentProjectsMember 36539909 2025-01-01 2025-12-31 d:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 36539909 2025-12-31 d:CompletedDevelopmentProjectsMember 36539909 2025-12-31 d:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 36539909 2025-01-01 d:FixturesFittingsToolsAndEquipmentMember 36539909 2025-01-01 d:LeaseholdImprovementsMember 36539909 2025-01-01 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 36539909 2025-01-01 2025-12-31 d:LeaseholdImprovementsMember 36539909 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 36539909 2025-12-31 d:LeaseholdImprovementsMember 36539909 2025-01-01 d:DepositsLongtermInvestmentsAndReceivablesMember 36539909 2025-01-01 2025-12-31 d:DepositsLongtermInvestmentsAndReceivablesMember 36539909 2025-12-31 d:DepositsLongtermInvestmentsAndReceivablesMember 36539909 2025-12-31 d:ReceivablesFromOwnersAndManagementMember 36539909 2025-01-01 36539909 2024-01-01 36539909 2025-12-31 d:LongtermDebtToBanksMember iso4217:DKK xbrli:pure (venstre underskriver) (venstre underskriver) (venstre underskriver) (venstre underskriver) (venstre underskriver) Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Værkmestergade 25 Postboks 330, 8100 Aarhus C 2025-01-01 2025-12-31 2024-01-01 2024-12-31 36539909 Daniatech ApS Ursusvej 3, Skovby 8464 Galten 2015-02-12 Skanderborg (venstre underskriver) EY Godkendt Revisionspartnerselskab EY Godkendt Revisionspartnerselskab 30700228 30700228 Værkmestergade 25 Værkmestergade 25 8100 Aarhus C 8100 Aarhus C Danmark Danmark +45 73 23 30 00 +45 73 23 30 00 2026-06-25 Jens Nygaard Andersen Regnskabsklasse B Revisionspåtegning Grundlag for konklusion Konklusion true true 2026-06-25 2026-06-25 CaseWare Working Papers Today, the Board of Directors and the Executive Board have discussed and approved the annual report of Daniatech ApS for the financial year 1 January - 31 December 2025. The annual report is prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2025 and of the results of the Company's operations for the financial year 1 January - 31 December 2025. Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the annual general meeting. Galten Jens Nygaard Andersen Jørn Bjarne Jensen Chairman Allan Skov Eskildsen Jens Nygaard Andersen Karsten Haubjerg Olesen Kenneth Skov Eskildsen Frederik Wellendorph To the shareholder of Daniatech ApS We have audited the financial statements of Daniatech ApS for the financial year 1 January - 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity and notes, including accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2025 and of the results of the Company's operations for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act. 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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.IndependenceWe 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. 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 as to 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 the 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 note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 assurance conclusion thereon.In connection with our audit of the financial statements, our responsibility 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 our knowledge obtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act.Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of the Management's review. Aarhus Claus Hammer-Pedersen Michael Dahl Christiansen State Authorised Public Accountant mne21334 State Authorised Public Accountant mne34515 The company provides mixing, powder processing and solutions for thermal treatment to the global dairy and food industries.Its core competence lies in standardised solutions, which can be customised where it creates value for the customer, thereby combining efficiency with flexibility. The company sources high-quality components from established suppliers, and the solutions are assembled at specialised workshops. The income statement for 2025 shows a loss of DKK 7,097,044 against a profit of DKK 1,763,410 last year, and the balance sheet at 31 December 2025 shows a negative equity of DKK 5,821,358. The result for the year has been affected by investments in the Company’s future development, including recruitment and expansion of the product portfolio, aimed at supporting the Company’s long-term growth strategy.The company has received a commitment of financial support from an indirect shareholder, Kakes A/S, ensuring that sufficient liquidity is available for the company to carry out its planned investments and activities at least until 30 June 2027.The company have lost more than 50% of the share capital. Management expect that the lost share capital will be reestabilshed through future earning within a 2-3 years horizon. No events materially affecting the Company's financial position have occurred subsequent to the financial year-end. 5966523 15120155 13548367 11474598 1084060 1213087 98000 0 -8763904 2432470 30600 23852 364122 200284 -9097426 2256038 -2000382 492628 -7097044 1763410 0 1850000 -447230 -568128 -6649814 481538 321525 894897 0 98000 321525 992897 530723 921847 122160 159351 652883 1081198 0 15435 0 15435 974408 2089530 1748932 2968843 1119967 1119967 2868899 4088810 4751838 10234817 2347359 6027721 285602 115106 471100 0 1290114 628336 522722 438398 9668735 17444378 280522 871329 12818156 22404517 13792564 24494047 61250 61250 250790 698020 -6133398 516416 0 1850000 -5821358 3125686 0 1529282 0 1529282 800000 900000 800000 900000 100000 100000 7830750 6865589 3828480 180283 5256817 10643879 1797875 1149328 18813922 18939079 19613922 19839079 13792564 24494047 61250 1266148 34878 2850000 -568128 481538 1850000 0 2850000 61250 698020 516416 1850000 -447230 -6649814 0 0 1850000 61250 250790 -6133398 0 The annual report of Daniatech ApS for 2025 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to reporting class B entities and elective choice of certain provisions applying to reporting class C entities. The accounting policies used in the preparation of the financial statements are consistent with those of last year. Reporting currencyThe financial statements are presented in Danish kroner (DKK). On initial recognition, transactions denominated in foreign currencies are translated at the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses.Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rate at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the most recent financial statements is recognised in the income statement as financial income or financial expenses. The Company has chosen IAS 11/IAS 18 as interpretation for revenue recognition.Income from the sale of goods for resale and finished goods, including spare parts, is recognised in revenue when the most significant rewards and risks have been transferred to the buyer and provided the income can be measured reliably and payment is expected to be received. The date of the transfer of the most significant rewards and risks is based on standardised terms of delivery based on Incoterms® 2020.Income from construction contracts involving a high degree of customisation is recognised as revenue by reference to the stage of completion. Accordingly, revenue corresponds to the market value of the contract work performed during the year (percentage-of-completion method). This method is used where the total income and expenses and the degree of completion of the contract can be measured reliably.Where income from a construction contract cannot be estimated reliably, contract revenue corresponding to the expenses incurred is recognised only in so far as it is probable that such expenses will be recoverable from the counterparty.Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts and rebates granted are recognised in revenue. The items revenue, cost of sales, other operating income and external expenses have been aggregated into one item in the income statement called gross profit in accordance with section 32 of the Danish Financial Statements Act. Other operating income comprise items secondary to the principal activities of the Company, including rental income from lease out of facilities, gains on the disposal of intangible assets and property, plant and equipment, etc. Cost of sales includes the cost of goods used in generating the year's revenue. Other external expenses include the year's expenses relating to the Company's core activities, including expenses relating to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc. Staff costs comprise wages and salaries, including holiday allowance and pensions, and other social security costs, etc., for the Company's employees. The item comprises amortisation/depreciation of intangible assets and property, plant and equipment.The basis of amortisation/depreciation, which is calculated as cost less any residual value, is amortised/depreciated on a straight line basis over the expected useful life. The expected useful lives of the assets are as follows:Completed development projects 5 years New line years Fixtures and fittings, other plant and equipment 3-5 yearsLeasehold improvements 5 years Other operating expenses comprise items of a secondary nature relative to the Company's core activities, including losses on the sale of fixed assets. Financial income and expenses are recognised in the income statements at the amounts that concern the financial year. Net financials include interest income and expenses as well as allowances and surcharges under the advance-payment-of-tax scheme, etc. Tax for the year includes current tax on the year's expected taxable income and the year's deferred tax adjustments. The portion of the tax for the year that relates to the profit/loss for the year is recognised in the income statement, whereas the portion that relates to transactions taken to equity is recognised in equity.The Company and its Danish group entities are jointly taxed. The total Danish income tax charge is allocated between profit/loss-making Danish entities in proportion to their taxable income (full absorption).Jointly taxed entities entitled to a tax refund are reimbursed by the management company based on the rates applicable to interest allowances, and jointly taxed entities which have paid too little tax pay a surcharge according to the rates applicable to interest surcharges to the management company. Development costs comprise expenses, salaries and amortisation directly or indirectly attributable to development activities.Development projects that are clearly defined and identifiable, where the technical feasibility, sufficient resources and a potential future market or development opportunities areidentifiable and where the Company intends to produce, market or use the project, are recognised as intangible assets provided that the cost can be measured reliably and that there is sufficient assurance that future earnings can cover production costs, selling costs and administrative expenses and development costs. Other development costs are recognised in the income statement as incurred.Development costs that are recognised in the balance sheet are measured at cost less accumulated amortisation and impairment losses.On completion of a development project, development costs are amortised on a straight-line basis over the estimated useful life. The amortisation period is usually 5 years. Property, plant and equipmentItems of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Cost includes the acquisition price and costs directly related to the acquisition until the time at which the asset is ready for use.As regards self-produced assets, the cost includes the cost of materials and labour, etc. directly relating to the production.Gains or losses are calculated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses from the disposal of property, plant and equipment are recognised in the income statement as other operating income or other operating expenses. DepositsDeposits are measured at cost. Deposits are measured at cost. The carrying amount of intangible assets and property, plant and equipment is assessed for impairment on an annual basis.Impairment tests are conducted on assets or groups of assets when there is evidence of impairment. The carrying amount of impaired assets is reduced to the higher of the net selling price and the value in use (recoverable amount). The recoverable amount is the higher of the net selling price of an asset and its value in use. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the group of assets and the expected net cash flows from the disposal of the asset or the group of assets after the end of the useful life.Previously recognised impairment losses are reversed when the reason for recognition no longer exists. Inventories are measured at cost in accordance with the FIFO method. Where the net realisable value is lower than cost, inventories are written down to this lower value. The net realisable value of inventories is calculated as the sales amount less costs of completion and expenses required to effect the sale and is determined taking into account marketability, obsolescence and development in the expected selling price.The cost of raw materials and consumables comprises the cost of acquisition plus delivery costs. The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables.Receivables are measured at amortised cost.An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis.Impairment losses are calculated as the difference between the carrying amount of the receivables and the present value of the expected cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate. Service supplies and contract work in progress for third parties are measured at the market value of the work performed less progress billings. The market value is calculated based on the stage of completion at the balance sheet date and the total expected income from the relevant contract. The stage of completion is calculated based on the expenses incurred relative to the expected total expenses relating to the relevant contract.Where the outcome of contract work in progress cannot be estimated reliably, the market value is measured at the expenses incurred in so far as they are expected to be paid by the purchaser.Where the total expenses relating to the work in progress are expected to exceed the total market value, the expected loss is recognised as a loss-making agreement under "Provisions" and is expensed in the income statement.The value of work in progress less progress billings is classified as assets when the selling price exceeds progress billings and as liabilities when progress billings exceed the market value. Prepayments recognised under "Assets" comprise prepaid expenses regarding subsequent financial reporting years. Reserve for development costsThe reserve for development costs comprises recognised development costs. The reserve cannot be used to distribute dividend or cover losses. The reserve will be reduced or dissolved if the recognised development costs are amortised or are no longer part of the Company's operations by a transfer directly to the distributable reserves under equity.Proposed dividendsDividend proposed for the year is recognised as a liability once adopted at the annual general meeting (declaration date). Dividends expected to be distributed for the financial year are presented as a separate item under "Equity". Dividend proposed for the year is recognised as a liability once adopted at the annual general meeting (declaration date). Dividends expected to be distributed for the financial year are presented as a separate item under "Equity". Current tax payables and receivables are recognised in the balance sheet as the estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account.Deferred tax is measured according to the liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is not deductible for tax purposes and on office premises and other items where temporary differences, apart from business combinations, arise at the date of acquisition without affecting either profit/loss for the year or taxable income. Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on Management's intended use of the asset or settlement of the liability, respectively.Deferred tax is measured according to the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax assets are recognised at the expected value of their utilisation; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Changes in deferred tax due to changes in the tax rate are recognised in the income statement. The Company has chosen IAS 39 as interpretation for liabilities.Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction costs paid. On subsequent recognition, financial liabilities are measured at amortised cost, corresponding to the capitalised value, using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan.Other liabilities are measured at net realisable value. The company has received a commitment of financial support from an indirect shareholder, Kakes A/S, ensuring that sufficient liquidity is available for the company to carry out its planned investments and activities at least until 30 June 2027. 12106249 10473466 1312267 884339 129851 116793 13548367 11474598 17 14 4997 2152 25603 15110 0 6590 35137 0 328985 199184 0 1100 -151700 0 -1848682 492628 3734845 98000 0 98000 3734845 0 2839948 0 573372 0 3413320 0 321525 0 2285230 185958 82373 0 2367603 185958 1363383 26607 473497 37191 1836880 63798 530723 122160 15435 15435 0 0 14334661 15746090 1529282 1036654 1529282 It is expected that the deferred tax asset will be realized within a period of 3 years. 900000 100000 800000 400000 Other contingent liabilities On 1 May 2023, legal proceedings were initiated against the company alleging an infringement of copyright. The statement of claim includes a monetary claim of DKK 5,000 thousand, with the the right to increase the amount at a later point if further claims are identified. Management assesses that the claims asserted by the counterparty are unfounded and can, to a significant extent, be rejected. The Company is jointly taxed with its parent, Daniatech Holding ApS, which acts as management company, and is jointly and severally liable with other jointly taxed group entities for payment of income taxes for the income year 2022 onwards as well as withholding taxes on interest, royalties and dividends falling due for payment on or after 4 November 2022. The company was previously jointly taxed with another parent company acting as management company and is jointly and severally liable together with the other jointly taxed entities for the payment of corporate income tax up to and including the 2022 income year, as well as for withholding tax on interest, royalties, and dividends falling due for payment on or before 3 November 2022. Rent and lease liabilities include a rent obligation totalling tDKK 2.513 in interminable rent agreements with remaining contract terms of 3,5 years. Furthermore, the Company has liabilities under operating leases for cars, totalling tDKK 25, with remaining contract terms of less than a year. As security for the Company's debt to banks, the Company has provided a floating charge over certain of the Company's assets for at total amount of tDKK 10.000. The total carrying amount of these assets is tDKK 10.739.