415400012024-01-012024-12-31415400012024-01-012024-12-312415400012024-01-012024-12-313415400012024-01-012024-12-314415400012024-01-012024-12-312415400012024-01-012024-12-31RevPers1415400012024-01-012024-12-31fsa:ContributedCapitalMember415400012024-01-012024-12-31fsa:ReserveForDevelopmentExpenditureMember415400012024-01-012024-12-31fsa:RetainedEarningsMember415400012023-01-012023-12-31415400012024-12-31415400012024-01-01fsa:ContributedCapitalMember415400012024-01-01fsa:ReserveForDevelopmentExpenditureMember415400012024-01-01fsa:RetainedEarningsMember415400012023-12-31xbrli:purexbrli:pureiso4217:DKKxbrli:sharesxbrli:pureTo the shareholders of Performativ 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 Performativ 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. 2025-06-27CopenhagenOur 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. , The 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. 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. 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. , 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 konklusionKonklusion39463113mne35842Christian DohnAlbert Geisler FoxAlbert Geisler FoxSusanne LundTobias Johannes TriebelKRESTON CMBoard MemberBoard MemberChairmanBoard MemberRevisionspåtegningtrue2495522041400024148Regnskabsklasse B579921146285981155741155741541783335909656568624137084The 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. , 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. Current tax liabilities and current tax receivables are recognised in the balance sheet as estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account. , Current tax liabilities Current tax liabilities and current tax receivables are recognised in the balance sheet as estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account. Profit or loss resulting from the sale of intangible assets or property, plant and equipment is determined as the difference between the selling price less selling costs and the carrying amount at the date of sale, and is recognised in the income statement under other operating income or 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 following assessment of useful life and residual values: Useful life Residual value Completed development projects 10 years 0% Other fixtures and fittings, tools and equipment 5 years 0% Profit or loss resulting from the sale of intangible assets or property, plant and equipment is determined as the difference between the selling price less selling costs and the carrying amount at the date of sale, and is recognised in the income statement under other operating income or expenses. , 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 following assessment of useful life and residual values: , Useful life Residual value Completed development projects 10 years 0% Other fixtures and fittings, tools and equipment 5 years 0% , Other fixtures and fittings, tools and equipment 5 years 0% , Completed development projects 10 years 0% Equity investments in group enterprises and associates are measured at cost. Dividends that exceed accumulated earnings of the group enterprise or the associate during the ownership period are treated as a reduction of the cost. If cost exceeds the net realizable value, a write-down to this lower value will be performed. , Equity investments in group enterprises and associates Equity investments in group enterprises and associates are measured at cost. Dividends that exceed accumulated earnings of the group enterprise or the associate during the ownership period are treated as a reduction of the cost. If cost exceeds the net realizable value, a write-down to this lower value will be performed. Balance sheet Intangible assets Development projects that are clearly defined and identifiable, and where the degree of technical utilization, sufficient resources and a potential future market or development potential in the Company are provable and where the intention is to manufacture, market or use the product or process are recognised as intangible assets if the value in use can be determined reliably and it is sufficiently certain that future earnings can cover production, sales and administration costs as well as total development costs. Other development costs are recognised as costs in the income statement as they incur. Development costs comprise costs, including wages, salaries and amortization, that are directly or indirectly attributable to the development activities of the enterprise and meet the recognition criteria. Capitalized development costs are measured at cost on initial recognition and subsequently at the lower of cost less accumulated amortization and the recoverable amount. 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. Long term investments and receivables Equity investments in group enterprises and associates Equity investments in group enterprises and associates are measured at cost. Dividends that exceed accumulated earnings of the group enterprise or the associate during the ownership period are treated as a reduction of the cost. If cost exceeds the net realizable value, a write-down to this lower value will be performed. Deposits Deposits are measured at cost. 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. Accrued income, assets Accrued income recognised in assets comprises prepaid costs regarding subsequent financial years. Other receivables Other receivables are measured at amortized cost which usually corresponds to the nominal value. The value is reduced by write-downs for expected bad debts. 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. Development cost reserve Development cost reserve includes recognised development costs. The reserve is not available for the payment of dividend or losses. The reserve is deducted or dissolved by depreciation of the recognized costs or abandonment of the activity. Such reduction or dissolution is made by means of a transfer to distributable reserves. Current tax liabilities Current tax liabilities and current tax receivables are recognised in the balance sheet as estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account. Liabilities Financial liabilities are recognised initially at the proceeds received net of transaction expenses incurred. In subsequent periods, financial liabilities are measured at amortized cost, corresponding to the capitalized 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. Mortgage debt is accordingly measured at amortized cost, corresponding to the outstanding balance in case of cash loans. In case of bond loans, amortized cost corresponds to the outstanding balance determined as the underlying cash value of the loans at the time of borrowing adjusted for amortisation of capital losses on the loans over the repayment period. Other liabilities are measured at net realisable value. Other payables Other payables are measured at amortized 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 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 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 recognised in assets comprises prepaid costs regarding subsequent financial years. , Accrued income, assets Accrued income recognised in assets comprises prepaid costs regarding subsequent financial years. 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. , 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. Development cost reserve Development cost reserve includes recognised development costs. The reserve is not available for the payment of dividend or losses. The reserve is deducted or dissolved by depreciation of the recognized costs or abandonment of the activity. Such reduction or dissolution is made by means of a transfer to distributable reserves. , Equity comprises the working capital and a number of equity items that may be statutory or stipulated in the articles of association. , Equity Equity comprises the working capital and a number of equity items that may be statutory or stipulated in the articles of association. Development cost reserve Development cost reserve includes recognised development costs. The reserve is not available for the payment of dividend or losses. The reserve is deducted or dissolved by depreciation of the recognized costs or abandonment of the activity. Such reduction or dissolution is made by means of a transfer to distributable reserves. Other external expenses Other external expenses include expenses for distribution, sales, advertising, administration, premises, bad debts, operating leasing expenses etc. , Other external expenses include expenses for distribution, sales, advertising, administration, premises, bad debts, operating leasing expenses etc. 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 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. , 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 dividends received from group enterprises and associates so far as they do not exceed the accumulated earnings in the group enterprise or the associate during the ownership period. , Income from investments in group enterprises and associates Income from equity investments comprises dividends received from group enterprises and associates so far as they do not exceed the accumulated earnings in the group enterprise or the associate during the ownership period. 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. 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. Direct costs Direct costs comprise the cost of goods purchased less discounts, costs subcontractors and change in inventories for the year. 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 following assessment of useful life and residual values: Useful life Residual value Completed development projects 10 years 0% Other fixtures and fittings, tools and equipment 5 years 0% Profit or loss resulting from the sale of intangible assets or property, plant and equipment is determined as the difference between the selling price less selling costs and the carrying amount at the date of sale, and is recognised in the income statement under other operating income or expenses. Income from investments in group enterprises and associates Income from equity investments comprises dividends received from group enterprises and associates so far as they do not exceed the accumulated earnings in the group enterprise or the associate during the ownership period. 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 is recognised directly in equity. Intangible assets Development projects that are clearly defined and identifiable, and where the degree of technical utilization, sufficient resources and a potential future market or development potential in the Company are provable and where the intention is to manufacture, market or use the product or process are recognised as intangible assets if the value in use can be determined reliably and it is sufficiently certain that future earnings can cover production, sales and administration costs as well as total development costs. Other development costs are recognised as costs in the income statement as they incur. Development costs comprise costs, including wages, salaries and amortization, that are directly or indirectly attributable to the development activities of the enterprise and meet the recognition criteria. Capitalized development costs are measured at cost on initial recognition and subsequently at the lower of cost less accumulated amortization and the recoverable amount. Deposits Deposits are measured at cost., Long term investments and receivables Equity investments in group enterprises and associates Equity investments in group enterprises and associates are measured at cost. Dividends that exceed accumulated earnings of the group enterprise or the associate during the ownership period are treated as a reduction of the cost. If cost exceeds the net realizable value, a write-down to this lower value will be performed. Deposits Deposits are measured at cost.Financial liabilities are recognised initially at the proceeds received net of transaction expenses incurred. In subsequent periods, financial liabilities are measured at amortized cost, corresponding to the capitalized 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. Mortgage debt is accordingly measured at amortized cost, corresponding to the outstanding balance in case of cash loans. In case of bond loans, amortized cost corresponds to the outstanding balance determined as the underlying cash value of the loans at the time of borrowing adjusted for amortisation of capital losses on the loans over the repayment period. Other liabilities are measured at net realisable value. , Other payables Other payables are measured at amortized cost, which usually corresponds to the nominal value. , Liabilities Financial liabilities are recognised initially at the proceeds received net of transaction expenses incurred. In subsequent periods, financial liabilities are measured at amortized cost, corresponding to the capitalized 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. Mortgage debt is accordingly measured at amortized cost, corresponding to the outstanding balance in case of cash loans. In case of bond loans, amortized cost corresponds to the outstanding balance determined as the underlying cash value of the loans at the time of borrowing adjusted for amortisation of capital losses on the loans over the repayment period. Other liabilities are measured at net realisable value. , Other payables are measured at amortized 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. 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. , 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 receivables are measured at amortized cost which usually corresponds to the nominal value. The value is reduced by write-downs for expected bad debts., Other receivables Other receivables are measured at amortized cost which usually corresponds to the nominal value. The value is reduced by write-downs for expected bad debts., Receivables are measured at amortized cost which usually corresponds to the nominal value. The value is reduced by write-downs for expected bad debts. , 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. 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. , 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. 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 is recognised directly in equity. , 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 is recognised directly in equity. Translation policies Transactions in foreign currencies are translated into DKK at the exchange rate prevailing at the date of transaction. Monetary assets and liabilities in foreign currencies are translated into DKK based on the exchange rates prevailing at the balance sheet day. Realised and unrealised foreign exchange gains and losses are included in the income statement under financial income and expenses. Direct costs comprise the cost of goods purchased less discounts, costs subcontractors and change in inventories for the year. , Direct costs Direct costs comprise the cost of goods purchased less discounts, costs subcontractors and change in inventories for the year. 3419032515109 Reporting Class The annual report of Performativ ApS for 2024 has been presented in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B with the adoption of individual rules from class C. The accounting policies applied remain unchanged from last year. Reporting currency The annual report is presented in Danish kroner. Translation policies Transactions in foreign currencies are translated into DKK at the exchange rate prevailing at the date of transaction. Monetary assets and liabilities in foreign currencies are translated into DKK based on the exchange rates prevailing at the balance sheet day. Realised and unrealised foreign exchange gains and losses are included in the income statement under financial income and expenses. 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. 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. Direct costs Direct costs comprise the cost of goods purchased less discounts, costs subcontractors and change in inventories for the year. 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 following assessment of useful life and residual values: Useful life Residual value Completed development projects 10 years 0% Other fixtures and fittings, tools and equipment 5 years 0% Profit or loss resulting from the sale of intangible assets or property, plant and equipment is determined as the difference between the selling price less selling costs and the carrying amount at the date of sale, and is recognised in the income statement under other operating income or expenses. Income from investments in group enterprises and associates Income from equity investments comprises dividends received from group enterprises and associates so far as they do not exceed the accumulated earnings in the group enterprise or the associate during the ownership period. 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 is recognised directly in equity. Balance sheet Intangible assets Development projects that are clearly defined and identifiable, and where the degree of technical utilization, sufficient resources and a potential future market or development potential in the Company are provable and where the intention is to manufacture, market or use the product or process are recognised as intangible assets if the value in use can be determined reliably and it is sufficiently certain that future earnings can cover production, sales and administration costs as well as total development costs. Other development costs are recognised as costs in the income statement as they incur. Development costs comprise costs, including wages, salaries and amortization, that are directly or indirectly attributable to the development activities of the enterprise and meet the recognition criteria. Capitalized development costs are measured at cost on initial recognition and subsequently at the lower of cost less accumulated amortization and the recoverable amount. 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. Long term investments and receivables Equity investments in group enterprises and associates Equity investments in group enterprises and associates are measured at cost. Dividends that exceed accumulated earnings of the group enterprise or the associate during the ownership period are treated as a reduction of the cost. If cost exceeds the net realizable value, a write-down to this lower value will be performed. Deposits Deposits are measured at cost. 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. Accrued income, assets Accrued income recognised in assets comprises prepaid costs regarding subsequent financial years. Other receivables Other receivables are measured at amortized cost which usually corresponds to the nominal value. The value is reduced by write-downs for expected bad debts. 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. Development cost reserve Development cost reserve includes recognised development costs. The reserve is not available for the payment of dividend or losses. The reserve is deducted or dissolved by depreciation of the recognized costs or abandonment of the activity. Such reduction or dissolution is made by means of a transfer to distributable reserves. Current tax liabilities Current tax liabilities and current tax receivables are recognised in the balance sheet as estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account. Liabilities Financial liabilities are recognised initially at the proceeds received net of transaction expenses incurred. In subsequent periods, financial liabilities are measured at amortized cost, corresponding to the capitalized 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. Mortgage debt is accordingly measured at amortized cost, corresponding to the outstanding balance in case of cash loans. In case of bond loans, amortized cost corresponds to the outstanding balance determined as the underlying cash value of the loans at the time of borrowing adjusted for amortisation of capital losses on the loans over the repayment period. Other liabilities are measured at net realisable value. Other payables Other payables are measured at amortized 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. 10. Contingent liabilities The company has entered into operational lease agreements. The lease agreements is non-terminable for 3 months and has a 6 month notice which amounts to T.DKK 329 and T.DKK 329 is due within a year. 9. Contributed capital The contributed capital consists of: 49.843 A-shares of DKK 0,01 65.731 B-shares of DKK 0,01 Each share gets a voting right of DKK 0,01. 1. Employee benefits expense Wages and salaries 8.301.230 3.690.105 Post-employement benefit expense 90.000 22.500 Social security contributions 107.513 40.769 Employee expenses transferred to assets -668.240 -243.570 7.830.503 3.509.804 Average number of employees 14 8 Contributed Development Retained capital expenditure earnings Total Equity 1 January 2024 115.574 4.012.091 36.511.889 40.639.554 Equity transfers to reserves 0 3.178.139 -3.178.139 0 Profit (loss) 0 0 -16.413.334 -16.413.334 Equity 31 December 2024 115.574 7.190.230 16.920.416 24.226.220 3. Completed development projects Cost at the beginning of the year 4.754.926 0 Addition during the year, incl. improvements 1.708.040 4.754.926 Cost at the end of the year 6.462.966 4.754.926 Depreciation and amortisation at the beginning of the year -126.328 0 Amortisation for the year -537.427 -126.328 Impairment losses and amortisation at the end of the year -663.755 -126.328 Carrying amount at the end of the year 5.799.211 4.628.598 The Company’s growing portfolio of systems and tools is led by the Performativ Suite: an all-in-one wealth management platform trusted by a broad range of clients, from banks and asset managers to boutique wealth managers. Designed to streamline every aspect of portfolio management, the Performativ Suite integrates custodian data aggregation, regulatory reporting, client-facing applications, and even private market deal tracking, all within a single, unified environment. Continuous development, and new features, ensures that the platform evolves alongside our clients’ needs and industry requirements. Complementing the Performativ Suite is DORAedge, our second flagship product. DORAedge is an advanced, AI-powered compliance solution developed to help regulated entities seamlessly meet the stringent requirements of the European Union’s Digital Operational Resilience Act (DORA). This tool empowers clients to navigate complex regulatory obligations with confidence, ease and efficiency. All development projects are implemented incrementally and deployed for client use once ready, at which point depreciation commences. In accordance with section 83, paragraph 2 of the Danish Financial Statements Act, capitalized development costs are recognized within a dedicated reserve under equity, reflecting our ongoing commitment to innovation and prudent financial management. , 4. Development projects in progress Cost at the beginning of the year 515.109 3.146.159 Addition during the year, incl. improvements 4.323.433 2.123.876 Disposal during the year -1.419.510 -4.754.926 Cost at the end of the year 3.419.032 515.109 Carrying amount at the end of the year 3.419.032 515.109 7. Disclosure in long-term investments in group enterprises and associates Group enterprises Name Registered office Share held in % Equity Profit Performativ Ltd. London 100,00 -22.678 -139.787 -22.678 -139.787 The information for Performativ Ltd is based on the latest accounts for the period March 1st 2023 to February 29th 2024 , 6. Long-term investments in group enterprises Cost at the beginning of the year 8.931 8.931 Cost at the end of the year 8.931 8.931 Carrying amount at the end of the year 8.931 8.931 11. Collaterals and securities No securities or mortgages exist at the balance sheet date. 5. Fixtures, fittings, tools and equipment Cost at the beginning of the year 155.986 0 Addition during the year, incl. improvements 0 155.986 Cost at the end of the year 155.986 155.986 Depreciation and amortisation at the beginning of the year -10.756 0 Amortisation for the year -31.197 -10.756 Impairment losses and amortisation at the end of the year -41.953 -10.756 Carrying amount at the end of the year 114.033 145.230 , 8. Deposits, investments Cost at the beginning of the year 192.500 0 Addition during the year 3.680 192.500 Cost at the end of the year 196.180 192.500 Carrying amount at the end of the year 196.180 192.500 78305033509804-4012091-365118892422622040639554-1155740-31781393178139114033145230-8646828-5008024The annual report of Performativ ApS for 2024 has been presented in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B with the adoption of individual rules from class C. Development projects that are clearly defined and identifiable, and where the degree of technical utilization, sufficient resources and a potential future market or development potential in the Company are provable and where the intention is to manufacture, market or use the product or process are recognised as intangible assets if the value in use can be determined reliably and it is sufficiently certain that future earnings can cover production, sales and administration costs as well as total development costs. Other development costs are recognised as costs in the income statement as they incur. Development costs comprise costs, including wages, salaries and amortization, that are directly or indirectly attributable to the development activities of the enterprise and meet the recognition criteria. Capitalized development costs are measured at cost on initial recognition and subsequently at the lower of cost less accumulated amortization and the recoverable amount. 92182435143707249552204140002472900076047020511120143189318931953738754903687212410856370474560839686936706126-1641333400-16413334-8702636-16413334-8702636-17045955-8654912114033145230719023040120911692041636511889false7290007604701504026720163019401641333487026361304, København KAdelgade 152020-07-222025-06-304154000139463113ÅrsrapportSusanne LundPerformativ ApSKRESTON CM, Statsautoriseret Revisionsinteressentskab2023-01-012023-12-312024-12-312024-01-01Development 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 -16.413.334 and the Balance Sheet at 31 December 2024 a balance sheet total of DKK 24.955.220 and an equity of DKK 24.226.220. FY2024 has been a defining year for Performativ, marked by new milestones and sustained momentum that continue to shape our journey. Following the successful close of one of the Nordics' largest seed rounds October 23, we entered the year with significant backing and clear strategic direction. The additional capital has been instrumental in accelerating our growth agenda, enabling us to expand our operations and double down on our commitment to technological excellence. Throughout 2024, Performativ's technology stack continued to earn industry-wide recognition. For the first time ever, we put out footprint on a new product, different from our Wealth Management Suite: our DORAedge platform, now regarded as a standard-setter for digital operational resilience and compliance, has helped us attract a new wave of forward-thinking enterprises across Europe and beyond. Existing clients have deepened their engagement with us, and our ongoing focus on understanding and anticipating their needs has only strengthened our partnerships and market position. This year, we expanded our footprint into several new European markets, in line with the strategy outlined by the Management Team. Substantial resources were invested not only in commercial activities but, most importantly and true to our vision, brand and identity, in enhancing our product and delivering new features that our clients value. Our engineering and product teams have moved quickly, balancing innovation with the rigorous demands of the financial industry. Talent has been a core focus area. In 2024, we have continued to build out a high-performing team, attracting colleagues from leading hedge funds, global banks, and technology firms. Our culture, driven by ambition, pace, and a genuine hunger for excellence, remains a key competitive advantage. Retention remains high, a testament to our culture and the opportunity Performativ offers to do meaningful work at scale. Our commitment remains unchanged: to deliver exceptional tools that creates value for the wealth management industry, and to keep raising the bar for how we empower the next generation of wealth management. We look forward to building on this momentum as we head into 2025. , The Company's Income Statement of the financial year 1 January 2024 - 31 December 2024 shows a result of DKK -16.413.334 and the Balance Sheet at 31 December 2024 a balance sheet total of DKK 24.955.220 and an equity of DKK 24.226.220. FY2024 has been a defining year for Performativ, marked by new milestones and sustained momentum that continue to shape our journey. Following the successful close of one of the Nordics' largest seed rounds October 23, we entered the year with significant backing and clear strategic direction. The additional capital has been instrumental in accelerating our growth agenda, enabling us to expand our operations and double down on our commitment to technological excellence. Throughout 2024, Performativ's technology stack continued to earn industry-wide recognition. For the first time ever, we put out footprint on a new product, different from our Wealth Management Suite: our DORAedge platform, now regarded as a standard-setter for digital operational resilience and compliance, has helped us attract a new wave of forward-thinking enterprises across Europe and beyond. Existing clients have deepened their engagement with us, and our ongoing focus on understanding and anticipating their needs has only strengthened our partnerships and market position. This year, we expanded our footprint into several new European markets, in line with the strategy outlined by the Management Team. Substantial resources were invested not only in commercial activities but, most importantly and true to our vision, brand and identity, in enhancing our product and delivering new features that our clients value. Our engineering and product teams have moved quickly, balancing innovation with the rigorous demands of the financial industry. Talent has been a core focus area. In 2024, we have continued to build out a high-performing team, attracting colleagues from leading hedge funds, global banks, and technology firms. Our culture, driven by ambition, pace, and a genuine hunger for excellence, remains a key competitive advantage. Retention remains high, a testament to our culture and the opportunity Performativ offers to do meaningful work at scale. Our commitment remains unchanged: to deliver exceptional tools that creates value for the wealth management industry, and to keep raising the bar for how we empower the next generation of wealth management. We look forward to building on this momentum as we head into 2025. The Company's principal activities The Company's principal activities consist in operating wil trades and services and other activities after 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 consist in operating wil trades and services and other activities after 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 -16.413.334 and the Balance Sheet at 31 December 2024 a balance sheet total of DKK 24.955.220 and an equity of DKK 24.226.220. FY2024 has been a defining year for Performativ, marked by new milestones and sustained momentum that continue to shape our journey. Following the successful close of one of the Nordics' largest seed rounds October 23, we entered the year with significant backing and clear strategic direction. The additional capital has been instrumental in accelerating our growth agenda, enabling us to expand our operations and double down on our commitment to technological excellence. Throughout 2024, Performativ's technology stack continued to earn industry-wide recognition. For the first time ever, we put out footprint on a new product, different from our Wealth Management Suite: our DORAedge platform, now regarded as a standard-setter for digital operational resilience and compliance, has helped us attract a new wave of forward-thinking enterprises across Europe and beyond. Existing clients have deepened their engagement with us, and our ongoing focus on understanding and anticipating their needs has only strengthened our partnerships and market position. This year, we expanded our footprint into several new European markets, in line with the strategy outlined by the Management Team. Substantial resources were invested not only in commercial activities but, most importantly and true to our vision, brand and identity, in enhancing our product and delivering new features that our clients value. Our engineering and product teams have moved quickly, balancing innovation with the rigorous demands of the financial industry. Talent has been a core focus area. In 2024, we have continued to build out a high-performing team, attracting colleagues from leading hedge funds, global banks, and technology firms. Our culture, driven by ambition, pace, and a genuine hunger for excellence, remains a key competitive advantage. Retention remains high, a testament to our culture and the opportunity Performativ offers to do meaningful work at scale. Our commitment remains unchanged: to deliver exceptional tools that creates value for the wealth management industry, and to keep raising the bar for how we empower the next generation of wealth management. We look forward to building on this momentum as we head into 2025. 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 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 at 31 December 2024 and of the results of the Company's operations for the financial year 1 January 2024 - 31 December 2024. 2025-06-27Today, Management has considered and adopted the Annual Report of Performativ 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 Performativ 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 at 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, 27 June 2025 Executive Board Albert Geisler Fox Supervisory Board Susanne Lund Albert Geisler Fox Tobias Johannes Triebel Formand Medlem Medlem