32670075 2023-01-01 2023-12-31 32670075 2023-01-01 2023-12-31 1 32670075 2023-01-01 2023-12-31 1 32670075 2023-01-01 2023-12-31 2 32670075 2023-01-01 2023-12-31 3 32670075 2023-01-01 2023-12-31 1 32670075 2022-01-01 2022-12-31 32670075 2023-12-31 32670075 2022-12-31 32670075 2021-12-31 fsa:ContributedCapitalMember 32670075 2021-12-31 fsa:RetainedEarningsMember 32670075 2021-12-31 fsa:ProposedDividendRecognisedInEquityMember 32670075 2021-12-31 32670075 2022-01-01 2022-12-31 fsa:ContributedCapitalMember 32670075 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 32670075 2022-01-01 2022-12-31 fsa:ProposedDividendRecognisedInEquityMember 32670075 2022-12-31 fsa:ContributedCapitalMember 32670075 2022-12-31 fsa:RetainedEarningsMember 32670075 2022-12-31 fsa:ProposedDividendRecognisedInEquityMember 32670075 2023-01-01 2023-12-31 fsa:ContributedCapitalMember 32670075 2023-01-01 2023-12-31 fsa:RetainedEarningsMember 32670075 2023-01-01 2023-12-31 fsa:ProposedDividendRecognisedInEquityMember 32670075 2023-12-31 fsa:ContributedCapitalMember 32670075 2023-12-31 fsa:RetainedEarningsMember 32670075 2023-12-31 fsa:ProposedDividendRecognisedInEquityMember iso4217:DKK xbrli:pure Parseport ApS Roholmsvej 10F 2620 Albertslund Denmark 45 53530010 www.parseport.com Piaster Revisorernestatsautoriseret revisionsaktieselskab info@parseport.com Engholm Parkvej 8 32670075 3450 Allerød 2010-01-01 Albertslund, Denmark 2024-06-14 Emil Dencker Steenberg The Company’s Directors have today considered and approved the Annual Report for 2023for ParsePort ApS.The Annual Report has been prepared in accordance with the Danish Financial StatementsAct.In our opinion the financial statements give a true and fair view of the Company’s assets andliabilities, financial position, and results of operations for the financial year ended31December 2023.In our opinion the Management’s Review gives a true and fair statement regarding thecontent in the Management’s Review.We recommend that the Annual Report be approved at the Annual General Meeting. Albertslund 2024-05-31 Louise Harders Julie Iskow Jill Klindt Brandon Ziegler Director Director Director Management’s ReviewPrimary activities of the CompanyWe develop and sell digital reporting solutions for financial reporting in the well-adaptedXBRL format used by authorities like the European Banking Authority (EBA), EuropeanInsurance and Occupational Pensions Authority (EIOPA), European Securities and MarketsAuthority (ESMA), and local business authorities. Our solutions are being used by public andprivate companies all over the world.Workiva Inc. is the ultimate parent company, which is registered in the United States with itsregistered office address being 2900 University Boulevard, Ames, IA 50010.Development in activities and financial affairsIn line with group strategy, ParsePort ApS grew during 2023 with gross profit increasing toDKK33.8 million from DKK27.4 million in the previous year. This was the result of the rampingup of sales after full Workiva support and overall expansion. This growth is furthersupported by our increased investment in our employees. We grew to 51 employees from 45 employees in the prior year.Operating expenses for the year were DKK39.7 million (2022: DKK29.6 million), withthe increase a result of staff costs to recruit, hire and retain our valuable employees.While our staff costs increased, our total loss for the year remained flat at DKK(6.4) million (2022: DKK(6.4) million).The growth in the company has also been observed with the increase in total assets toDKK31.5 million from DKK30.3 million in the prior year.Workiva Inc., the company’s ultimate parent, has provided written confirmation of theirintention to continue to make available such funds as are needed by the company into thefuture. While forecasts are only prepared at the ultimate parent, consolidated level, WorkivaInc. continues to monitor the financials results of the company. Due to this support andpositive financial trends, the financial statements have been prepared on a going concernbasis which the directors consider to be appropriate.Significant events occurred after the end of the financial yearNo events materially affecting the financial position of the Company have occurred after theend of the financial year. Primary activities of the CompanyWe develop and sell digital reporting solutions for financial reporting in the well-adaptedXBRL format used by authorities like the European Banking Authority (EBA), EuropeanInsurance and Occupational Pensions Authority (EIOPA), European Securities and MarketsAuthority (ESMA), and local business authorities. Our solutions are being used by public andprivate companies all over the world.Workiva Inc. is the ultimate parent company, which is registered in the United States with itsregistered office address being 2900 University Boulevard, Ames, IA 50010. To the Shareholder of ParsePort ApS OpinionWe have audited the financial statements of Parseport ApS for the financial year January 1 -31 December 2023, which comprise the income statement, balance sheet, statement of changes in equity, notes, and a summary of significant accounting policies for the Company.The financial statements are prepared under the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the financial position ofthe Company at 31December 2023 and of the results of the Company’s operations for thefinancial year 1 January - 31 December 2023 in accordance with the Danish Financial Statements Act. Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) andthe additional requirements applicable in Denmark. Our responsibilities under thosestandards and requirements are further described in the “Auditor’s Responsibilities for theAudit of the Financial Statements” section of our report. We are independent of theCompany in accordance with the International Ethics Standards Board for Accountants’Code of Ethics for Professional Accountants (IESBA Code) and the additional requirementsapplicable in Denmark, and we have fulfilled our other ethical responsibilities in accordancewith these requirements and the IESBA Code. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our option. Management’s Responsibilities for the Financial StatementsManagement is responsible for the preparation of financial statements that give a true andfair view in accordance with the Danish Financial Statements Act, and for such internalcontrol as Management determines is necessary to enable the preparation of financialstatements that are free from material misstatement, whether due to fraud or error.In preparing the financial statements, Management is responsible for assessing theCompany’s ability to continue as a going concern, disclosing, as applicable, matters relatedto going concern and using the going concern basis of accounting in preparing the financialstatements unless Management either intends to liquidate the Company or to ceaseoperations, or has no realistic alternative but to do so. Auditor’s Responsibilities for the Audit of the Financial StatementsOur objectives are to obtain reasonable assurance about whether the financial statementsas a whole are free from material misstatement, whether due to fraud or error, and to issuean auditor’s report that includes our opinion. Reasonable assurance is a high level ofassurance, but is not a guarantee that an audit conducted in accordance with ISAs and theadditional requirements applicable in Denmark will always detect a material misstatementwhen 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 theeconomic decisions of users taken on the basis of these financial statements.As part of an audit conducted in accordance with ISAs and the additional requirementsapplicable in Denmark, we exercise professional judgement and maintain professionalskepticism 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 tothose risks, and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud 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 designaudit procedures that are appropriate in the circumstances, but not for the purposeof expressing an opinion on the effectiveness of the Company’s internal control.• Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by Management.• Conclude on the appropriateness of Management’s use of the going concern basisof accounting in preparing the financial statements and, based on the audit evidenceobtained, whether a material uncertainty exists related to events or conditions thatmay cast significant doubt on the Company’s ability to continue as a going concern. Ifwe conclude that a material uncertainty exists, we are required to draw attention inour auditor’s report to the related disclosures in the financial statements or, if suchdisclosures are inadequate, to modify our opinion. Our conclusions are based on theaudit evidence obtained up to the date of our auditor’s report. However, futureevents or conditions may cause the Company to cease to continue as a goingconcern.• Evaluate the overall presentation, structure and contents of the financial statements,including the disclosures, and whether the financial statements represent theunderlying transactions and events in a manner that gives a true and fair view.We communicate with those charged with governance regarding, among other matters, theplanned scope and timing of the audit and significant audit findings, including any significantdeficiencies in internal control that we identify during our audit. Statement on Management’s ReviewManagement is responsible for Management’s Review.Our opinion on the financial statements does not cover Management’s Review, and we donot express any form of assurance conclusion thereon.In connection with our audit of the financial statements, our responsibility is to readManagement’s Review and, in doing so, consider whether Management’s Review ismaterially inconsistent with the financial statements or our knowledge obtained during theaudit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether Management’s Review provides theinformation required under the Danish Financial Statements Act.Based on the work we have performed, we conclude that Management’s Review is inaccordance with the financial statements and has been prepared in accordance with therequirements of the Danish Financial Statements Act. We did not identify any materialmisstatement of Management’s Review. Alleroed 2024-05-31 Piaster RevisorerneStatsautoriseret Revisionsaktieselskab 25160037 25160037 Niels Kristian Tordrup Mørk State Authorised Public Accountant mne35462 Accounting policiesThe Annual Report has been prepared in accordance with the provisions of the DanishFinancial Statements Act applying to enterprises of reporting Class B with election fromreporting Class C.Change in accounting estimatesThe accounting estimates are unchanged from last year.Change in accounting policies for revenue recognitionThe accounting policies are unchanged from last year.In general regarding accounting and measuringIncome is recognized in the income statement when they are earned. Furthermore all costs,depreciations and write downs are recognized in the income statement when incurred.Assets are recognized in the balance sheet when it is probable that future economicalbenefits will accrue to the Company and the assets value can be measured reliably.Liabilities are recognized in the balance sheet when it is probable that future economicalbenefits will be deducted from the Company and the value can be measured reliably.On initial recognition assets and liabilities are measured to cost price. Thereafter assets andliabilities are measured as described for each entry.Anticipated risks and losses that arise before the time of presentation of the Annual Reportand that confirm or invalidate affairs and conditions existing at the balance sheet date areconsidered at recognition and measurement.Currency retranslationTransactions denominated in foreign currency are translated into the functional currency atthe exchange rates ruling at the date of the transaction. Exchange differences arisingbetween the transaction date and the exchange rate at the date of actual payment arerecognized in the income statement under financial income or financial expenses.Receivables, payables, and other monetary items denominated in foreign currencies aretranslated into the functional currency at the exchange rates ruling at the balance sheetdate. The difference between exchange rates ruling at the balance sheet date and at thedate when the receivable or payable arose is recognized in the income statement underfinancial income or financial expenses.Non-current assets acquired in foreign currency are measured to the exchange rate rulingat the date of the transaction.Consolidated financial statementsIn accordance with the exemption in Section 112 of the Danish Financial Statements Act noconsolidated financial statements have been prepared.Income StatementGross profitWith reference to Section 32 of the Danish Financial Statements Act, the items “Revenue,”“Other external expenses,” and “Other operating income” are consolidated into one itemdesignated “Gross profit.Revenue RecognitionWe generate revenue through the sale of our cloud-based software and the delivery ofprofessional services. Revenues are recognized when control of these services istransferred to our customers in an amount that reflects the consideration we expect to beentitled to in exchange for those services.We determine revenue recognition through the following steps:• Identification of the contract, or contracts, with a customer• Identification of the performance obligations in the contract• Determination of the transaction price• Allocation of the transaction price to the performance obligations in the contract• Recognition of revenue when, or as, we satisfy a performance obligationSubscription and Support RevenueWe recognize subscription and support revenue on a ratable basis over the contract termbeginning on the date that our service is made available to the customer. Our subscriptioncontracts are generally 12 months in duration, are billed either annually or in advance, andare non-cancelable. We consider the subscription and related support services in acustomer contract to be a series of distinct services which comprise a single performanceobligation because they are substantially the same and have the same pattern of transfer.Professional Services Revenue and Customer OptionsProfessional services revenue primarily consist of fees for document set up, XBRL tagging,and consulting with our customers on business processes and best practices for using theWorkiva platform.We have determined that an agreement to purchase these professional services constitutesan option to purchase services rather than an agreement that creates enforceable rightsand obligations because of the customer’s contractual right to cancel services that have notyet been used. In the limited case of agreements where we determined that the optionprovides the customer with a material right, we allocate a portion of the transaction price tothe material right based upon the relative standalone selling price. Professional serviceagreements that do not contain a material right are accounted for when the customerexercises its option to purchase additional services.Revenue is recognized for document set ups when the service is complete and control hastransferred to the customer. Revenues from XBRL tagging and consulting services arerecognized as the services are performed.Contracts with Multiple Performance ObligationsSome of our contracts with customers contain multiple performance obligations. For thesecontracts, we account for the individual performance obligations separately if they aredistinct. The transaction price is allocated to the separate performance obligations on arelative standalone selling price basis. We determine the standalone selling prices based onour overall pricing objectives, taking into consideration market conditions and entity-specificfactors, including the value of our arrangements, length of term, customer demographicsand the numbers and types of users within our arrangements.While changes in assumptions or judgments or changes to the elements of thearrangement could cause an increase or decrease in the amount of revenue that we reportin a particular period, these changes have not historically been significant because ourrecurring revenue is primarily subscription and support revenue.Other operating profitOther operating income comprises items of a secondary nature and not directly related tothe principal activities of the enterprise, including profit from the disposal of intangible andtangible assets as well as salary reimbursements received.Other external expensesOther external expenses include expenses related to distribution, sales, advertising,administration, bad debt, premises, operating lease agreements, etc.Staff costsStaff costs are comprised of expenses such as wages and salaries, pensions costs, socialsecurity benefits, and other expenses related to the Company’s employees.Share-based compensationParsePort’s parent company, Workiva Inc., operates equity-settled, share-basedcompensation plans. The fair value of the employee services received in exchange for thegrant of shares is recognised as an expense and allocated over the vesting period.The total amount to be expensed over the vesting period is determined by reference to thefair value of the shares granted. The granted shares are determined by value and expensedequally over the period they are earned.Dividends from group enterprisesReceived dividends in the financial year from group enterprises are recognized in theincome statement.Depreciation, amortization, and write-down for impairmentDepreciation, amortization, and write-down for impairment comprise depreciation on,amortization of, and write-down for impairment of intangible and tangible assets, includingleases, respectively.Other operating expensesOther operating expenses comprise items of a secondary nature and not directly related tothe principal activities of the enterprise, including losses on the disposal of intangible andtangible assets.Financial itemsFinancial income and expenses are recognized in the income statement with the amountsrelated to the year. Financial income and expenses comprise interest receivable andpayable, realised and unrealised capital gains on securities, and currency translationadjustments.Tax expenseTax on income for the year, consisting of the year’s current tax and deferred tax, isrecognized in the income statement to the extent that it relates to the income or loss for theyear and on equity to the extent that it relates there to.Balance SheetProperty, plant and equipmentProperty, plant, fixtures, fittings, tools, and equipment are measured at historic cost lessaccumulated depreciation and impairment losses.Historic cost comprise the purchase price and any costs directly attributable to theacquisition until the date when the asset is available for use.Right-of-use assets, which are a component of fixtures, fittings, tools, and equipment, arerecognised at a value corresponding to the imputed lease liability adjusted forprepayments.Assets are depreciated on a straight-line basis over the expected useful economic lives ofthe assets:Useful life Scrap valueLeasehold improvements Shorter of 10 years or lease term o%Fixtures, fittings, tools, and equipment 3 - 10 years or lease term o%Gains and losses on disposals are determined as the difference between selling price lesssales cost and carrying amount at time of disposal and are recognized in the incomestatement. Gain or loss is recognized under other operating income or expenses.Financial assetsInvestments in group enterprises are recognized at historic cost less accumulatedimpairment losses. If the historic cost exceeds the recoverable amount, the investment iswritten down to this lower value.The lease liabilities are related to IFRS 16 leases, primarily for premises and include thepresent value of future lease payments during the lease term. Lease liabilities are initiallymeasured at the present value of the lease payments outstanding at the commencementdate, discounted using the incremental borrowing rate. The lease liability is measured usingthe effective interest method. The lease liability is subsequently remeasured to reflectchanges in future lease payments (e.g. changes in lease terms). Issued bonds, loans, andbank overdrafts are initially recognised at the fair value of the proceeds received lesstransaction costs. In subsequent periods these are measured at amortised cost using theeffective interest method. The difference between the proceeds received and the nominalvalue is recognised in financial income or financial expenses over the term of the loan.Where substantially all the risks and rewards of ownership are retained in financial assetsthat have been transferred, the assets are not derecognised and the proceeds obtained arerecognised as other income or expenses.DepositsDeposits are measures at amortised cost and represent lease deposits, etc.ReceivablesReceivables are measured at amortized cost which corresponds in all material respects tonominal value. The value is reduced with provisions for expected bad debts.Cash and bank balancesCash comprises cash balances and bank balances.DividendsDividends expected to be paid in respect of the year are stated as a separate line itemunder equity.Current tax and current deferred taxCurrent tax liabilities and current tax assets are recognized in the balance sheet asestimated tax on the taxable income for the year, adjusted for change in tax on prior years’taxable income, and for tax paid under the on-account tax scheme.Deferred tax is measured according to the balance sheet liability method on all timingdifferences between the tax and accounting value of assets and liabilities.Deferred tax assets, including the tax value of tax loss carry forwards, are recognised at theexpected value of their utilisation within the foreseeable future; either as a set-off againsttax on future income or as a set-off against deferred tax liabilities in the same legal taxentity. Any deferred net assets are measured at net realisable value.Deferred income tax is measured using tax rules and tax rates that apply by the balancesheet date when the deferred tax asset is realised or the deferred income tax liability issettled. The change in deferred tax as a result of changes in tax rates is recognized in theincome statement.LiabilitiesCapitalised residual leasing liabilities associated with financial leasing contracts arerecognised in the financial liabilities.Other liabilities are measured at amortized cost, corresponding to the nominal value.Deferred IncomeDeferred income, recognized under liabilities, comprise income concerning subsequentfinancial years. true true In accordance with the exemption in Section 112 of the Danish Financial Statements Act noconsolidated financial statements have been prepared. 33840648 27392824 38015508 26788123 140106 1217765 1499313 1598118 -745560 0 -6559839 -2211182 238476 8256 74390 0 32761 156089 -6428514 -2359014 16389 4080661 -6444903 -6439675 -6444903 -6439675 -6444903 -6439675 613064 71588 2937855 3808361 1032245 266656 4583164 4146605 0 74390 515200 434360 515200 508750 5098364 4655355 17931319 16792519 2020627 1512143 0 0 1252390 480339 487102 0 21691438 18785001 4700365 6816711 26391803 25601712 31490167 30257067 125000 125000 -4466928 -2074599 0 0 -4341928 -1949599 2098682 3013159 2738479 1989610 11444 0 4848605 5002769 833407 635377 0 709552 914477 832537 25470098 22070572 3765508 2955859 30983490 27203897 30983490 27203897 31490167 30257067 125000 -4999520 12000000 7125480 0 0 12000000 12000000 0 -6439675 0 -6439675 0 7513994 0 7513994 0 1850602 0 1850602 125000 -2074599 0 -1949599 0 0 0 0 0 -6444903 0 -6444903 0 0 0 0 0 4052574 0 4052574 125000 -4466928 0 -4341928 1 Gross ProfitWith reference to Section 32 of the Danish Financial Statements Act, the items “Revenue”and “Other external expenses” are consolidated into one item designated “Gross profit.” 2 Staff CostsDKK 2023 2022Wages and salaries 37,366,992 26,446,669Post-employment benefit expense 278,298 15,569Social security contributions 370,217 325,885Other employee expenses — — 38,015,507 26,788,123Average number of employees 51 45 51 45 3 Depreciation, amortization expense, and impairment losses of property, plant, andequipment, and intangible assets recognized in profit or lossDKK 2023 2022Leasehold improvements 110,473 478,352Right-of-use assets 1,068,368 973,015Fixtures, fittings, tools, and equipment 320,471 146,751 1,499,312 1,598,118 4 Tax on profit for the yearDKK 2023 2022Current tax expense 16,389 709,552Adjustments for current tax of prior periods — —Adjustments for deferred tax — 3,371,109 16,389 4,080,661 5 Deferred tax assetsDKK 2023 2022Provisions for deferred tax at 1 January — 3,371,109Adjustments for the year — (3,371,109) — — 6 DebtThe Company has no debts outstanding with a term longer than five years. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2023-01-01 2023-12-31 2022-01-01 2022-12-31 Reporting class B Opinion Basis for Opinion