39931664 2025-01-01 2025-12-31 39931664 2025-01-01 2025-12-31 1 39931664 2025-01-01 2025-12-31 1 39931664 2025-01-01 2025-12-31 2 39931664 2025-01-01 2025-12-31 3 39931664 2025-01-01 2025-12-31 4 39931664 2025-01-01 2025-12-31 1 39931664 2025-01-01 2025-12-31 2 39931664 2024-01-01 2024-12-31 39931664 2025-12-31 39931664 2024-12-31 39931664 2024-12-31 fsa:ContributedCapitalMember 39931664 2024-12-31 fsa:ReserveForDevelopmentExpenditureMember 39931664 2024-12-31 fsa:RetainedEarningsMember 39931664 2025-01-01 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 39931664 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 39931664 2025-12-31 fsa:ContributedCapitalMember 39931664 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 39931664 2025-12-31 fsa:RetainedEarningsMember iso4217:EUR xbrli:pure Annual report 2026-06-15 Anders Risum Korsgaard The Board of Directors and the Executive Board have today considered and approved the annual report of Blue World Technologies ApS for the financial year 01.01.2025 - 31.12.2025. 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 Entity’s financial position at 31.12.2025and of the results of its operations for the financial year 01.01.2025 - 31.12.2025. We believe that the management commentary contains a fair review of the affairs and conditions referred to therein. We recommend the annual report for adoption at the Annual General Meeting. Aalborg Anders Risum Korsgaard Dan Choon Ole Graa Jakobsen Anders Risum Korsgaard Christian Peter Schou Jakobsen To the shareholders of Blue World Technologies ApS We have audited the financial statements of Blue World Technologies ApS for the financial year01.01.2025 - ​31.12.2025, which comprise the income statement, balance sheet, statement of changes in equity and ​notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act.​​ ​​In our opinion, the financial statements give a true and fair view of the Entity’s financial position at31.12.2025and of the results of its operations for the financial year 01.01.2025 - 31.12.2025 in accordance with the Danish Financial Statements Act. We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further ​described in the "Auditor’s responsibilities for the audit of the financial statements" section of this auditor’s report. We are independent of the Entity in accordance with the International Ethics Standards Board for ​Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical ​requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with ​these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Without this having affected our opinion, we draw attention to the disclosures in note 1 where Management ​accounts for the primary assumptions regarding presenting the annual report on a going concern basis. A key precondition for the assumption is expected sales and commercial agreements as disclosed in note 1. ​​Our work have not resulted in a different assessment than that of Management. Without this having affected our opinion, we refer to note 2 and 3, stating matters affecting the annual report. As a result of the descriptions in note 2 we draw attention to the matter that the result and balance sheet of the financial year 2025 is materially affected by the write down of debt following the in-court restructuring which has taken place in April 2025. ​ ​We also draw attention to the key assumptions regarding the measurement of the development projects which are subject to material uncertainty. The uncertainty is disclosed in note 3. ​ ​Our opinion has not been modified with respect to these matters. 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 Entity’s ability to continue ​as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going ​concern basis of accounting in preparing the financial statements unless Management either intends to liquidate ​the Entity or to cease operations, or has no realistic alternative but to do so. 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 Entity’s internal control.​Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates ​and related disclosures made by Management.​Conclude on the appropriateness of Management’s use of the going concern basis of accounting in ​preparing the financial statements, and, based on the audit evidence obtained, whether a material ​uncertainty exists related to events or conditions that may cast significant doubt on the Entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to ​draw attention in our auditor’s report to the related disclosures in the financial statements or, if such ​disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence ​obtained up to the date of our auditor’s report. However, future events or conditions may cause the ​Entity to cease to continue as a going concern.​Evaluate the overall presentation, structure and content of the financial statements, including the disclosures ​in the notes, and whether the financial statements represent the underlying transactions and ​events in a manner that gives a true and fair view.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 commentary. ​​Our opinion on the financial statements does not cover the management commentary, and we do not express ​any form of assurance conclusion thereon. ​​In connection with our audit of the financial statements, our responsibility is to read the management ​commentary and, in doing so, consider whether the management commentary is materially inconsistent with ​the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. ​​Moreover, it is our responsibility to consider whether the management commentary provides the information ​required by relevant law and regulations.Based on the work we have performed, we conclude that the management commentary is in accordance with ​the financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary. Aalborg Deloitte Statsautoriseret Revisionspartnerselskab Deloitte Statsautoriseret Revisionspartnerselskab 33963556 33963556 René Winther Pedersen State Authorised Public Accountant mne34173 Sami Nikolai El-Galaly State Authorised Public Accountant mne42793 Financial highlights2025​EUR'0002024​EUR'0002023​EUR'0002022​EUR'0002021​EUR'000Key figuresGross profit/loss20,382(22,214)4,4535,318585Operating profit/loss18,914(30,688)5013(2,336)Net financials(1,166)(1,916)(1,996)(723)(95)Profit/loss for the year17,824(32,388)(1,431)(203)(1,732)Total assets11,73712,14344,94839,63817,060Investments in property, ​plant and equipment01541,92413,9323,694Equity475(17,349)15,04016,47112,656RatiosEquity ratio (%)4.05(142.87)33.4641.5574.19Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark.Equity ratio (%) :Equity * 100​Total assets Primary activitiesThe main activity of the group is to become world leading in terms of producing and selling HT PEM fuel cell stacks and systems. Development in activities and financesThe income statement shows a profit of EUR 17,824t compared to a loss of EUR 32,388t for 2024, and the balance​sheet shows a equity of EUR 476t compared to a negative equity of EUR -17,349t at the end of 2024. The FTE number have decreased from an average in 2024 on 81 to 42 in 2025. ​ ​As described in last year’s annual report, Blue World Technologies ApS and Blue World Technologies Holding ApS entered into in-court restructuring proceedings in February 2025 due to the Group’s inability to meet its financial obligations under the prevailing balance sheet conditions. On 23 April 2025 the Group successfully exited the process supported by new capital contributions from selected investors. For elaboration on the process, please refer to last year’s annual report. ​ ​As indicated last year, write down of debt was realized during the year and contributed positively to the result with 24 mEUR on the Group, split with 7.3 mEUR in Blue World Technologies ApS and 16.7 mEUR in Blue World Technologies Holding ApS. Futhermore 11.5 mEUR in debt was written down between the Company and the Parent Company.​ ​The capital increase in 2025 meant that the Group had enough liquidity until minimum end of Q1 2026. After the closing of 2025, the Group realized capital increases of a further 0.2 mEUR in 2025 and 2.7 mEUR in 2026. With the much-lowered monthly cash burn and the outlook to reduce it even further in the second half of 2026 via increased revenue, the capital increases are expected to bring the company into minimum Q1 2027. The Group is actively pursuing further capital increases to extend its liquidity horizon. Please refer to note 1 for elaboration of liquidity situation. Profit/loss for the year in relation to expected developmentsThe Company reported a net profit of 19.2 mEUR for the financial year, significantly impacted by the write down of debt of 18.9 mEUR, of which 11.5 mEUR was from the Parent company. The result is in line with the outlook expected from last year’s report stating a profit in the range of EUR 15-20m. Uncertainty relating to recognition and measurementManagement maintains a strong belief in the Company’s ability to successfully complete its ongoing development​projects. The value of these projects is inherently dependent on the Company's continued progress in developing its core technologies, securing commercial contracts, and obtaining adequate financing. OutlookThe Company is focused on reducing cost and increasing the revenue significantly and therefore, the Company's projects a loss for 2026 in the range of EUR 0–5 million. Use of financial instrumentsFinancial risks​The Company is, due to its operations, investments and finances, exposed to changes in currencies and interest levels. The parent company controls the financial risks in the Group and coordinates the Group’s cash management, including capital raises and handling of excess liquidity. The Group operates with a low risk profile, meaning currency and interest risks only occur in connection with commercial operations.​​Currency risks ​Activities in the Company are influenced by currency fluctuations, although to a minor degree, as most of the companies’ payments to suppliers and salary payments are realized in either DKK or in EUR with a minimum fluctuation between the two. Some suppliers are paid in USD, although the cash balance in USD is kept at a minimum. Due to the minimum exposure to currency fluctuations, no hedging or other currency forward contracts are currently being realized. No speculative currency transactions are made.​​Interest risks ​The Company's net interest bearing debt contains a semi-variable interest rate that follows the general interest level. The net interest-bearing debt contain loans from the same lender in DKK. Knowledge resourcesTo ensure continuing growth, it is important that the Company attracts and retains the best professionals on all levels and continues to have highly motivated employees. This is, amongst other things, supported via the employees contributing to building up processes and products etc. and are handed a high level of responsibility and trust. Environmental performanceThe HT PEM fuel cell system under development by the Company can be used in multiple applications, and is a green alternative to e.g., the regular combustion engines in maritime sector and for diesel generators in stationary systems and therefore aims to live up to that in all aspects of its activity. The Company is not yet producing on a large scale, meaning the effect on the external environment is very limited currently. The Company's shareholders and lenders fully support the focus on the environment and CO2 emissions.emissions. Research and development activitiesIt is a continuous effort to develop processes, methods and products which are of use to the Company. This is realized both within the Company and in the future also expected to happen in cooperation with partners, clients,​and advisors. The Company has a strong focus on securing relevant and important intellectual property rights via patents, where new applications are realized to ensure protection of designs, recipes, and methods. Blue World Technologies participate in various development projects together with universities, technological institutes, and other companies within and related to the industry. 20381933 -22213601 97975 6545954 1369981 1928057 18913977 -30687612 207170 181018 1373157 2096661 17747990 -32603255 -76079 -215054 17824069 -32388201 1108538 899524 0 0 700867 0 1809405 899524 4140108 4958090 2331528 2603004 217323 303498 150612 404753 6839571 8269345 394957 406763 394957 406763 9043933 9575632 654640 759042 370815 485012 103814 75947 18257 48411 1147526 1368412 49996 5217 851710 559279 76079 215054 27212 62783 1004997 842333 540784 356690 2693307 2567435 11737240 12143067 6694 6694 864660 701629 -395863 -18056901 475491 -17348578 4456690 5052635 4115038 0 318287 296798 8890015 5349433 459189 10100540 182100 520575 214713 728769 1384713 11650216 131019 1142112 2371734 24142212 11261749 29491645 11737240 12143067 6694 701629 -18056901 -17348578 163031 -163031 0 17824069 17824069 6694 864660 -395863 475491 1 Material uncertainty related to going concernIn connection with the Group successful exiting the in-court restructuring process completed in April 2025, a capital injection of EUR 5.2 million was realized and has been followed up with additional 2.9 mEUR capital increase since then, which underlines the management strong belief in the Group and its activities. ​ ​Management is actively working to secure further capital for the Group and is optimistic about achieving positive free cash flow in the next couple of years. With clear strategic direction, committed investors, and a lean organization, the Group believes it is well-equipped to navigate the path forward and achieve long-term sustainability. ​ ​Currently, the budget shows sufficient liquidity beyond Q1 2027 as the necessary capital increase has been realized in 2026. This budget, although, includes assumptions concerning increasing revenue and larger commercial agreements, which are still to be closed and delivered at the publishing of this annual report, although positive progress are made on several potential commercial orders. Management expect the Group to succeed in carrying the orders through. 2 Unusual circumstancesThe Group formally entered into in-court restructuring on 26 February 2025 and successfully exited the process on 23 April 2025. Negative effects on more than 30 mEUR was realized in the Groups annual report for 2024, while this year’s annual report have been positively impacted with 18.9 mEUR due to the write down of debt. The positive effect is included in the gross profit. 3 Uncertainty relating to recognition and measurement Management maintains a strong belief in the Group’s ability to successfully complete its ongoing development projects. The value of these projects is inherently dependent on the Group’s continued progress in developing its core technologies, securing commercial contracts, and obtaining adequate financing. 4 Staff costs2025​EUR2024​EURWages and salaries2,832,9986,183,654Pension costs340,436596,350Other social security costs66,851626,8753,240,2857,406,879Staff costs classified as assets(1,106,907)(2,486,451)2,133,3784,920,428Average number of full-time employees4281Management has not recived remuneration in 2025, as their employment is in the parent company, Blue World Technologies Holding ApS.​​Staff costs classified as assets contain costs transfered to development projects in progress and property, plant ​and equipment in progress. 42 81 5 Depreciation, amortisation and impairment losses2025​EUR2024​EURAmortisation of intangible assets133,6981,429,174Impairment losses on intangible assets296,94821,646,086Depreciation of property, plant and equipment877,7471,740,599Impairment losses on property, plant and equipment06,920,7371,308,39331,736,596 6 Other financial expenses2025​EUR2024​EURFinancial expenses from group enterprises171,400507,677Exchange rate adjustments169,535148,049Other financial expenses1,032,2221,440,9351,373,1572,096,661 7 Tax on profit/loss for the year2025​EUR2024​EURCurrent tax(76,079)(215,054)(76,079)(215,054) 8 Proposed distribution of profit and loss2025​EUR2024​EURRetained earnings17,824,069(32,388,201)17,824,069(32,388,201) 17824069 -32388201 17824069 -32388201 9 Intangible assetsCompleted development projects​EURAcquired intangible assets​EURDevelopment projects in progress​EURCost beginning of year14,932,02887,16710,372,756Additions342,7120997,815Cost end of year15,274,74087,16711,370,571Amortisation and impairment losses beginning of year(14,032,504)(87,167)(10,372,756)Impairment losses for the year00(296,948)Amortisation for the year(133,698)00Amortisation and impairment losses end of year(14,166,202)(87,167)(10,669,704)Carrying amount end of year1,108,5380700,867 10 Development projectsThe Company's ongoing development activities primarily involve the advancement and testing of methanol-based high-temperature PEM fuel cells. The objective of these projects is to establish commercial-scale production for global distribution. ​ ​The Company has continued its adopted strategy mentioned in last year’s annual reporting, which includes focusing on the core business of the Company, meaning to commercialize the fuel cell stack. In addition to this, efforts have been realized in order to outsource the further development and production of the stationary systems. Talks are on-going with several potential partners, which also includes orders and development projects between The Company and its partners. On the maritime segment the longer timeline mentioned last year is still valid. ​ ​Management still considers the Company to be in a strong position to meet its commercialization and cash flow objectives within a couple of years from the balance sheet date. Following impairment testing, the valuation of the development projects is deemed to be realistic and fair. ​ ​Certain development projects have already entered the amortization phase, as described in the prior year’s report. The remaining active projects are expected to reach completion within two to three years, at which point amortization will commence as the projects are brought to market. ​ ​The Company has not incurred any research-related costs during the reporting period. 11 Property, plant and equipmentLand and buildings​EURPlant and machinery​EUROther fixtures and fittings, tools and equipment​EURProperty, plant and equipment in progress​EURCost beginning of year10,405,4366,015,2881,150,8291,703,211Disposals(297,886)00(1,036,867)Cost end of year10,107,5506,015,2881,150,829666,344Depreciation and impairment losses beginning of year(5,447,346)(3,412,284)(847,331)(1,298,458)Depreciation for the year(520,096)(271,476)(86,175)0Reversal regarding disposals000782,726Depreciation and impairment losses end of​year(5,967,442)(3,683,760)(933,506)(515,732)Carrying amount end of year4,140,1082,331,528217,323150,612Recognised assets not owned by entity3,953,345--- 12 Financial assetsDeposits​EURCost beginning of year406,763Exchange rate adjustments(605)Additions1,331Disposals(12,532)Cost end of year394,957Carrying amount end of year394,957 13 PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. 14 Contributed capitalNumberPar value​EURNominal​value​EUROrdinary shares50,0000.136,69450,0006,694 15 Non-current liabilities other than provisionsDue within 12 months​2025​EURDue within 12 ​months​2024​EURDue after more than 12 months​2025​EUROutstanding after 5 years​2025​EURLease liabilities459,189546,1244,456,6901,912,134Debt to other credit institutions09,554,4164,115,0381,659,364Other payables00318,287318,287459,18910,100,5408,890,0153,889,785 16 Other unrecognised commitmentsUnrecognised rental and lease commitments2025​EUR2024​EURLiabilities under rental or lease agreements until maturity in total1,96661,014 17 Contingent assetsThe Company has a tax asset of EUR 3,575t which can be set off against future tax profits. EUR 0t of this loss has been recognised. The residual loss has not been recognised, as Management considers it unlikely that the Company will be able to use this or a part hereof within the next 3 years. There is a possibility that the Company will be able to use the loss in 4-5 years, although this still comes with some uncertainty. Therefore the Company has chosen not to recognise the loss. 18 Contingent liabilitiesThe Entity participates in a Danish joint taxation arrangement where Blue World Technologies Holding ApSserves​as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity is therefore liable for income taxes etc for the jointly taxed entities, and for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for the jointly taxed entities. The jointly taxed entities' total known net liability under the joint taxation arrangement is disclosed in the administration company's financial statements. 19 Assets charged and collateralThe Company's lender Denmark's Export and Investment Fund has granted a loan of EUR 4,115t with a floating charge on the Company of EUR 8,624t. ​​The floating charge of Denmark's Export and Investment Fund on the company comprises inventories, plant and machinery, trade receivables and other fixtures and fittings, tools and equipment. The booked value of these assets are EUR 3,955t at the balance sheet date. 20 Non-arm’s length related party transactionsOnly related party transactions not conducted on an arm’s length basis are disclosed in the annual report.​ No such transactions have been conducted in the financial year. 21 Group relationsName and registered office of the Parent preparing consolidated financial statements for the largest group: ​ Blue World Technologies Holding ApS, Aalborg, CVR-nr. 39931621. This annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (medium).The accounting policies applied to these financial statements are consistent with those applied last year. Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic ​benefits will flow to the Entity, and the value of the asset can be measured reliably. ​​Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a ​result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the ​value of the liability can be measured reliably. ​​On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial ​recognition is effected as described below for each financial statement item. ​​Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm ​or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and ​measurement. ​​Income is recognised in the income statement when earned, whereas costs are recognised by the amounts ​attributable to this financial year. Foreign currency translationOn initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the rate in effect at the payment date, or the rate at the balance sheet date, are recognised in the income statement as financial income or financial expenses. Property, plant and equipment, intangible assets, inventories and other non-monetary assets that have been purchased in foreign currencies are translated using historical rates. Public grantsPublic grants are recognised when a final commitment has been received from the grantor and it is probable that​the conditions of the grant will be fulfilled. Grants are recognised as income in the income statement as earned. Gross profit or lossGross profit or loss comprises revenue, production costs and other operating income. RevenueRevenue from the sale of manufactured goods and goods for resale is recognised in the income statement ​when delivery is made and risk has passed to the buyer. Revenue from the sale of services is recognised in the income statement when delivery is made to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed. Production costsProduction costs comprise expenses incurred to earn revenue for the financial year. Production costs comprise direct and indirect costs for raw materials and consumables, wages and salaries, rent and lease, and amortisation, depreciation and impairment losses relating to intangible assets and property, plant and equipment included in the production process. Distribution costsDistribution costs comprise costs incurred for sale and distribution of the Entity’s products, including wages ​and salaries for sales staff, advertising costs, travelling and entertainment expenses, etc, and amortisation, depreciation and impairment losses relating to intangible assets and property, plant and equipment involved in the distribution process. Administrative expensesAdministrative expenses comprise expenses incurred for the Entity’s administrative functions, including wages and salaries for administrative staff and Management, stationery and office supplies, and amortisation, depreciation and impairment losses relating to intangible assets and property, plant and equipment used for ​administration of the Entity. Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary ​activities, including royalty income and service fees. Other financial incomeOther financial income comprises interest income, including payables and transactions in foreign currencies, amortisation of financial assets, and tax relief under the Danish Tax Prepayment Scheme etc. Other financial expensesOther financial expenses comprise interest expenses, including interest expenses, payables and transactions in foreign currencies, amortisation of financial liabilities, and tax surcharge under the Danish Tax Prepayment Scheme etc. Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the ​income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity. Intellectual property rights etcIntellectual property rights etc comprise development projects completed and in progress and acquired intellectual property rights.Development projects on clearly defined and identifiable products and processes, for which the technical rate ​of utilisation, adequate resources and a potential future market or development opportunity in the enterprise ​can be established, and where the intention is to manufacture, market or apply the product or process in question, are recognised as intangible assets. Other development costs are recognised as costs in the income ​statement as incurred. When recognising development projects as intangible assets, an amount equalling ​the costs incurred less deferred tax is taken to equity in the reserve for development costs that is reduced ​as the development projects are amortised and written down.​​ ​​The cost of development projects comprises costs such as salaries and amortisation that are directly and ​indirectly attributable to the development projects.​​​Completed development projects are amortised on a straight-line basis using their estimated useful lives ​which are determined based on a specific assessment of each development project. If the useful life cannot ​be estimated reliably, it is fixed at 10 years. For development projects protected by intellectual property rights, the maximum period of amortisation is the remaining duration of the relevant rights. The amortisation periods used for Acquired intangible assets are 5 years. Intellectual property rights etc acquired are measured at cost less accumulated amortisation. Acquired ​intangible assets​ are amortised on a straight-line basis over their remaining duration.​ ​Intellectual property rights etc are written down to the lower of recoverable amount and carrying amount. Property, plant and equipmentBuildings, plant and machinery, and other fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses. ​​Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the asset until the time when it is ready to be put into operation. For self-constructed assets, cost comprises direct and indirect costs of materials, components, subsuppliers and labour costs. For assets held under finance leases, cost is the lower of the asset’s fair value and present value of future lease payments.​​The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line depreciation is made on the basis of the following estimated useful lives of the assets:Useful life Buildings1 - 20 yearsPlant and machinery1 - 20 yearsOther fixtures and fittings, tools and equipment3 - 20 yearsFor leasehold improvements and assets subject to finance leases, the depreciation period cannot exceed ​the contract period. ​​Estimated useful lives and residual values are reassessed annually. ​​Items of property, plant and equipment are written down to the lower of recoverable amount and carrying ​amount. InventoriesInventories are measured at the lower of cost using the FIFO method and net realisable value. ​​Cost consists of purchase price plus delivery costs. Cost of manufactured goods and work in progress consists ​of costs of raw materials, consumables, direct labour costs and indirect production costs.​​Indirect production costs comprise indirect materials and labour costs, costs of maintenance and costs of factory administration and management. Finance costs are not included in cost. ​​The net realisable value of inventories is calculated as the estimated selling price less completion costs and ​costs incurred to execute sale. ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and ​doubtful debts. Joint taxation contributions receivable or payableCurrent joint taxation contributions payable or joint taxation contributions receivable are recognised in the balance sheet, calculated as tax computed on the taxable income for the year, which has been adjusted for prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are expected to be used under the joint taxation arrangement. PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at ​cost. CashCash comprises cash in hand and bank deposits. Lease liabilitiesLease liabilities relating to assets held under finance leases are recognised in the balance sheet as liabilities other​than provisions, and, at the time of inception of the lease, measured at the present value of future lease payments. Subsequent to initial recognition, lease liabilities are measured at amortised cost. The difference between present value and nominal amount of the lease payments is recognised in the income statement as a financial expense over the term of the leases. Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. Prepayments received from customersPrepayments received from customers comprise amounts received from customers prior to delivery of the ​goods agreed or completion of the service agreed. Cash flow statementReferring to section 86(4) of the Danish Financial Statements Act, the Entity has prepared no cash flow statement as such statement is included in the consolidated cash flow statement of Blue World Technologies Holding ApS, Aalborg, CVR-nr. 39931621. Væsentlig usikkerhed vedr. fortsat drift true Grundlag for konklusion Konklusion 2026-06-15 2026-06-15 Regnskabsklasse C, mellemstor virksomhed 2024-01-01 2024-12-31 Aalborg 9000 26, 4. sal Østre Havnepromenade Aalborg Aalborg Øst 9220 Revisionspåtegning 2025-12-31 2025-01-01 15A Langerak Blue World Technologies ApS 39931664 33963556 2300 København S Weidekampsgade 6 Deloitte Statsautoriseret Revisionspartnerselskab