449679442024-07-152024-12-31449679442024-12-31449679442024-07-152024-12-31fsa:ContributedCapitalMember449679442024-07-152024-12-31fsa:RetainedEarningsMember449679442024-12-31fsa:ContributedCapitalMember449679442024-12-31fsa:RetainedEarningsMember449679442024-07-152024-12-31cmn:ConsolidatedMemberfsa:LiquidationAccountMember449679442024-07-152024-12-31cmn:ConsolidatedMember1449679442024-07-152024-12-31cmn:ConsolidatedMember449679442024-07-152024-12-31cmn:ConsolidatedMember1449679442024-07-152024-12-31cmn:ConsolidatedMember2449679442024-07-152024-12-31cmn:ConsolidatedMember2449679442024-12-31cmn:ConsolidatedMember449679442024-07-152024-12-31cmn:ConsolidatedMemberfsa:ContributedCapitalMember449679442024-07-152024-12-31cmn:ConsolidatedMemberfsa:RetainedEarningsMember449679442024-12-31cmn:ConsolidatedMemberfsa:ContributedCapitalMember449679442024-12-31cmn:ConsolidatedMemberfsa:RetainedEarningsMember449679442024-07-152024-12-31cmn:ConsolidatedMember1iso4217:DKKxbrli:pure44967944ÅrsrapportUnusual circumstances affecting recognition and measurementThe financial position on 31st December 2024 of the Group and the results of the activities and cash flows of the Group for the financial year for 2024 have not been affected by any unusual events.20240450000PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab -450000Eventyrvej 1639340003377123116017000The Executive Board has today considered and approved the annual report of Quantum Mobility Denmark ApS for the financial year 15.07.2024 - 31.12.2024. -12533000The annual report is presented in accordance with the Danish Financial Statements Act.591954000In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 31.12.2024 and of the results of their operations and the consolidated cash flows for the financial year 15.07.2024 - 31.12.2024.591954000We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.591954000We recommend the annual report for adoption at the Annual General Meeting.1532654000Copenhagen400002025-06-251638000Per Fomsgaard Hansen1534332000Caspar Schultz94190000To the shareholders of Quantum Mobility Denmark ApS1628522000In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2024, and of the results of the Group’s and the Parent Company’s operations as well as the consolidated cash flows for the financial year 15 July - 31 December 2024 in accordance with the Danish Financial Statements Act. We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of Quantum Mobility Denmark ApS for the financial year 15 July - 31 December 2024, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for both the Group and the Parent Company, as well as consolidated statement of cash flows (“the Financial Statements”). 2220476000We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the “Auditor's responsibilities for the Audit of the Consolidated Financial Statements and the Parent Financial Statements” section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.40000Management is responsible for the Management's Commentary. Our opinion on the Financial Statements does not cover Management’s Commentary, and we do not express any form of assurance conclusion thereon. In connection with our audit of the Financial Statements, our responsibility is to read Management’s Commentary and, in doing so, consider whether Management’s Commentary is materially inconsistent with the Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Commentary provides the information required under the Danish Financial Statements Act. Based on the work we have performed, in our view, Management’s Commentary is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Commentary.-12533000-12493000Management is responsible for the preparation of Consolidated Financial Statements and Parent Company Financial Statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the Financial Statements, Management is responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so. 1067912000Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements. ​ ​As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement ​resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. ​Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s and the Parent Company’s internal control. ​Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and ​related disclosures made by Management. ​Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the Financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s and the Parent Company’s ability ​to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and the Parent Company to cease to continue as a going concern.Evaluate the overall presentation, structure and contents of the Financial statements, including the disclosures, and whether the Financial statements represent the underlying transactions and events in a manner that gives a true and fair view.Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the Consolidated Financial Statements and the Parent Company Financial Statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.11524700002220382000Ringsted10270002025-06-2511560000Brian Pedersen12587000mne287012232969000State Authorised Public Accountant2220476000Kenneth Østergaard40000mne472620State Authorised Public Accountant40000Financial highlights2024 DKK'000Key figuresRevenue223,384Gross profit/loss186,299Operating profit/loss5,544Net financials(28,321)Profit/loss for the year(23,361)Balance sheet total2,796,146Investments in property, plant and equipment1,967,936Equity(23,321)Cash flows from operating activities(29,587)Cash flows from investing activities(613,634)Cash flows from financing activities759,772RatiosGross margin (%)83.40Net margin (%)(10.46)Equity ratio (%)(0.83)Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark.Gross margin (%) :​Gross profit/loss * 100 ​RevenueNet margin (%) : Profit/loss for the year * 100 ​RevenueEquity ratio (%) :​Equity * 100 ​​Balance sheet total-12533000Primary activitiesThe primary activities of the Entity involve the ownership and management of its subsidiary companies, the Umove Group.​​The primary activity of the Group is to provide public transport services for the Public Transport Authorities of ​the Regions and Municipalities in Denmark. Development in activities and financesOn the 22nd of October, the Entity acquired all the shares in EVon Denmark ApS, which consist of the Umove activities. The activity of the Umove Group are recognised in the financial statements from this date.​​The income statement of the Group for 2024 shows a loss of TDKK 23,361, and at 31st of December 2024 the balance sheet of the Group shows negative equity of TDKK 23,321. Further see note 1 regarding information about the lost of more than 50% of the share capital.​ ​Umove provides transport services for 4 out of 5 regional Public Transport Authorities (PTA) and 2024 was characterized by continued growth. ​ ​During 2024 Umove increased its operation on Sealand in Kastrup, Slangerup, Hvidovre and Kalundborg with 103 new electrical buses in Movia contracts A21 and A22. ​ ​In Jutland Umove have started a new contract in Viborg (MT65) with 30 electrical buses and in the southern part of Jutland in Tønder, Aabenraa and Haderslev, Umove have renewed a contract (ST20) with 63 EV-buses and number of used diesel buses. ​ ​Umove has also during the year been awarded new contracts with electrical buses in the Movia A23 tender. A total of 58 new electrical vehicles with a contract period of minimum 12 years. The contracts will begin during 2025 and 2026. ​ ​Umove thereby maintain its position as a market leader in Denmark, and the share of electrical buses continues to increase. ​ ​Special risks - operating risks and financial risks ​ ​Operating risks ​The Group is not assessed to be exposed to any special risks. The Group’s most important customers are Public Transport Authorities (PTAs), and the service contracts are typically concluded for a long period of time with the possibility of extension; thus, the service contracts match the useful lives of the buses. ​ ​Market risks ​The Group is not subject to any special price risks as the indexation of contract payments from the Public Transport Authorities includes general fluctuations in wage levels, interest rate levels and energy prices. ​ ​Interest rate risks ​The interest-bearing debt constitutes a material amount in the Group. Changes to the interest rate level are, however, included in the indexation of the service contracts with the Public Transport Authorities and, therefore, increases in interest rates do not constitute any significant risk for the Group. ​ ​Credit risks ​The debtor risk is considered very limited as the Group’s major customers are the Public Transport Authorities. ​ ​Strategy ​The group is mainly focused on expanding the business through successful tendering in the public transport bus market but is also open for M&A opportunities if they support the positive development of the group. 40000-12533000Uncertainty relating to recognition and measurementThere has been no uncertainty regarding recognition and measurement in the Annual Report.Outlook2025 will mainly be focused on mobilization of new operations in the Greater Copenhagen area as well as West Sealand (Movia A22 and A23). Also, some smaller contracts in Jutland are under mobilization. EBIT in 2025 is expected to be at the level of mDKK 45-50.1 Uncertainty related to going concernThe parent company has lost more than 50% of the share capital and is therefore covered by the capital loss provisions of the Danish Companies Act. At the forthcoming general meeting, the management will report on the financial situation and present that the share capital is expected to be re-established in the event of future positive earnings or contribution from the owners. As the financing is secured in the coming years with long-term credit facilities and shareholder loans and there is sufficient liquidity available in the company and the Group, this matter does not affect the company's and the Group's ability to continue operations. Research and development activitiesThe Group does not carry out any research or development activities in the traditional sense, but the Group aims to be at the forefront of development and applies the latest technologies.2 Events after the balance sheet dateNo events materially affecting the assessment of the Annual Report have occurred after the balance sheet date.Statutory report on corporate social responsibilityFor a short description of our business model, see the section “Key activities” on page 9. ​ ​It is Umove Group’s policy to consider social and environmental issues as well as corporate governance when making decisions and in its day-to-day operations. We adhere to the UN Global Compact initiatives and support a set of basic values within human rights, employee rights, environment, and anti-corruption: ​ ​Human rights ​1) Umove supports and respects the protection of internationally proclaimed human rights; and ​2) we ensure that we do not participate in the infringement of human rights. ​ ​Umove has moreover implemented the following diversity policy: ​ ​"We see diversity as a strength for our Company. We appreciate working together across differences in age, gender, religion, sexuality, and ethnicity. We believe that diversity inspires and builds strength, and we provide equal opportunities for everyone by being flexible and showing individual considerations. We have room for diversity taking into consideration the overall interests of the Company". ​ ​The Company activities are continuously reviewed by senior management, employee representatives and the various work counsel functions as described in Danish law. The company also has a Whistle blower and Grievance mechanisms in place which gives all internal and external stakeholders opportunity to report any deviating behavior anonymously. Based on that, risk of breach of the human rights policies of the company are regarded as low. ​ ​Actions in 2024: ​ ​Considering the continuous growth, Umove has during 2024 strengthened its focus on People and Culture and have initiated various initiatives to improve engagement, satisfaction, and ongoing competence upgrades across the company. ​​Update of our purchase agreements with the main suppliers to secure that they meet our standards in terms of staff conditions and environmental protection. The process is ongoing as agreements are renewed but the initiative has not yet given reason to any disputes with suppliers. ​ ​Visits to our main suppliers (i.e., vehicle manufacturers) to check relevant conditions are met. ​​In 2025 we will continue the initiatives launched in 2024, and with a planned strengthening of our procurement function, we will also strengthen focus on our suppliers. ​ ​Employee rights ​Umove: ​1) Ensures the freedom of association of its employees and recognizes their right to and need for collective bargaining. ​2) Supports the elimination of any type of forced labor. ​3) Rejects child labor; and ​4) Eliminates any discrimination in conditions of work and employment. ​ ​Moreover, Umove has implemented the following occupational health and safety policy: ​ ​"A good working environment is an important condition for being able to provide the right services to our passengers. Naturally, the physical environment and tools must be in working order, but we also look positively at our cooperation in our environmental organization, with trade organizations and external partners who help us map employee satisfaction. Such initiatives are always backed up by action plans that can contribute to improving our working environment." ​ ​In general employee rights and a good working environment is key, to ensure that Umove can attract and maintain the right people to perform our services over time. Lack of the right people could potentially have an impact on our ability to deliver contractual services. ​ ​Actions in 2024: ​ ​During the year we carried out the annually employee engagement survey among all employees in Umove. In general, the engagement results are satisfying and improved compared to the year before. The outputs are used to develop and implement various new initiatives to continue to improve the employee satisfaction. ​ ​Umove Academy, an internal leadership training program, has been continued in 2024. The program consists of six modules of training covering various leadership topics – a total of 16 days of education. The program has been developed in cooperation between Umove and DEKRA. ​ ​In 2025 the HR function will be further strengthened to support the growth of the group and strengthen people engagement activities, pre-, on- and offboarding processes as well as upgrading leadership capabilities. ​ ​Environment and work environment ​Umove ​1) Supports a precautionary approach to environmental challenges. ​2) Takes initiatives to promote a high level of environmental responsibility; and ​3) Encourages the development and dissemination of environmentally sound technologies. ​ ​Moreover, the majority of Umove is ISO 14001 and ISO 45001 certified and has implemented the following environmental policy: ​​"Even though public transport contributes to an overall reduction of transport emissions into the environment, we do have an impact on the environment. We use fossil fuel, CNG, Electricity, chemicals and generate waste. We produce noise and have an overall impact on the surroundings. Therefore, it is important for us to minimize our impact on the environment by being prepared to experiment with alternative technologies and energy sources when requested by the Public Transport Authorities. We are pleased to lead the way and to assume a calculated risk daily assisted by our environmental management system ISO 14001, which ensures that we work systematically with our environmental impact. We aim continuously at reducing our consumption of resources and our environmental impact through, for example, our systems and follow up on fuel consumption. On locations where new buses operate, we invest in technology that assist the drivers in “green driving”. If we can reduce our fuel consumption, we reduce both the environmental impact and save money. ​ ​Actions in 2024: ​ ​Denmark as a country is on the road to full electrification of bus operations. We are investing heavily in electric vehicles and charging infrastructure and expect this process to continue until around 90% of the market has been ​tendered (during the coming 4-5 years). Only very few tenders allow for the use of fossil fuels, and where electrification is not yet possible (if high speed is required), the Public Transport Authorities typically require the use of HVO. Umove have ordered more than 200 electric vehicles to be delivered in 2024 and 2025. ​ ​Anti-corruption and bribery ​The primary risks in this area are identified as the receipt of gifts or benefits that influence employees in such a way that their objectivity can be doubted, resulting in a conflict of interest between personal interests and the interests of the company. ​​With a view to ensuring that all decisions are made on an objective basis and always regarding what is best for the company, Umove have implemented a set of policies to cover that. ​ ​The company is engaged with a low number of customers (4 Public Transport Authorities and a limited number of ​municipalities) in a very regulated tendered marketplace with objective and transparent criteria for assignment of ​contracts. ​ ​Representatives of management are fully informed of the company’s rules in respect of gift’s etc. It is the company’s policy that no employees are allowed to receive gifts. All commercial activities towards clients are managed by senior management. Commercial agreements are not agreed or signed by any employee, but senior management. In respect of supplier agreements, the same rules apply. ​ ​It is part of the scope of the external auditors’ activities to report any occurring or suspected occurrence to senior ​management and ultimately the company board of directors. ​ ​In 2024, no suspected occurrences were reported. ​ ​The company always adheres to relevant local and international legislation and follows development in this area closely and will continuously assess if further initiatives regarding anti-corruption are necessary. ​​Other Policies ​Besides the above, Umove has laid down guidelines for the Company’s day-to-day staff management (values for being a good colleague and rules for a good management style) and staff policy principles in staff manuals. ​ ​Umoves vision is to connect people by building a better future through sustainable mobility solutions, and we aim to achieve this by becoming the best mobility operator in Denmark. We believe that we can help take a very important social responsibility as well as environmental responsibility by providing sustainable mobility solutions that contribute to a greener future. ​​Umove have four core values that guide our operations: Integrity, Empowerment, Business acumen, and Ownership. These values represent our commitment to providing top-notch services to our customers and passengers, are guiding principles to all colleagues in Umove while conducting ourselves with honesty, energy, and accountability. ​ ​Our staff policy includes, among other things, the following in day-to-day cooperation: ​ - We do our best and take responsibility for our actions. ​- We treat each other with respect and talk nicely to each other. ​- We help each other as best we can. ​- We stop rumors before they become a problem. ​- We appreciate our differences and see it as a strength. ​- We do what we can to keep each other informed, and our working language is Danish. ​ ​Rules for good Umove leadership: ​- Manage expectations: Align expectations with your employees ​- Expect that your employees do their best and promote continuous feedback ​- Appreciate a good effort ​- Practice as you preach ​- Be well mannered and organized ​- Have focus on the ball never the man/woman 3 Other financial income2024 DKK'000Financial income from group enterprises3,9343,9344 Other financial expenses2024 DKK'000Financial expenses from group enterprises11,560Other interest expenses4,072Exchange rate adjustments33Other financial expenses35216,0175 Proposed distribution of profit and loss2024 DKK'000Retained earnings(12,533)(12,533)-12533000Statutory report on data ethics policyUmove doesn't use advanced technologies such as artificial intelligence or machine learning. The company handles general data such as customer data and employee data. Data are processed in accordance with GDPR. With the limited processing of data, it is the company's assessment that there is no need for a specific policy on data ethics. The company will continuously assess whether a policy is necessary. 2233840006 Financial assetsInvestments in group enterprises​DKK'000Additions591,954Cost end of year591,954Carrying amount end of year591,954Goodwill or negative goodwill recognised during the financial year442,303A specification of investments in subsidiaries is evident from the notes to the consolidated financial statements.31100007 PrepaymentsPrepayments consist of prepaid expenses such as software subscriptions, marketing costs, events, and insurances.252470008 Non-current liabilities other than provisionsDue after more than 12 months 2024 DKK'000Outstanding after 5 years 2024 DKK'000Debt to other credit institutions1,067,9120Payables to group enterprises1,152,4701,152,4702,220,3821,152,470149480009 EmployeesThe Entity has no employees other than the Executive Board. The Executive Officer has not received any ​remuneration.2024Average number of full-time employees2186299000214202700010 Contingent liabilitiesThe Entity serves as the administration company in a Danish joint taxation arrangement. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity is therefore liable for income taxes etc. for the jointly taxed entities, and also for obligations, if any, relating to the withholding of tax on interest, royalties and dividends for these entities.3872800011 Assets charged and collateralShares in group enterprises​ with a carrying amount of DKK'000 591,954 is placed as collateral for debt to other credit institutions.554400012 Non-arm’s length related party transactionsOnly non-arm's length related party transactions are disclosed in the annual report.​ No such transactions were conducted during the financial year.288000Investments in group enterprisesInvestments in group enterprises are measured at cost. Investments are written down to the ​​lower of recoverable amount and carrying amount.28609000Ikke væsentlig usikkerhed vedr. fortsat drift-22777000584000-2336100014562000515000483708000252060005239910002238140001606611000920900093693000193332700063480006348000246366600034275000342750008633500027510002697300038400005555900017545800061960006196000116551000332480000279614600040000-23361000-23321000324340003243400013186000106791200011524700009324900023268170005464500031000227360000115600001666200004602160002787033000279614600040000040000-2336100040000-2336100038728000-45538000-126600028800028609000-295870002500000269900005773000589917000-61363400064322100022330460001473314000Contributed upon formation400007597720001165510001165510001 Uncertainty related to going concernThe parent company has lost more than 50% of the share capital and is therefore covered by the capital loss provisions of the Danish Companies Act. At the forthcoming general meeting, the management will report on the financial situation and present that the share capital is expected to be re-established in the event of future positive earnings or contribution from the owners. As the financing is secured in the coming years with long-term credit facilities and shareholder loans and there is sufficient liquidity available in the company and the Group, this matter does not affect the company's and the Group's ability to continue operations. 2 Events after the balance sheet dateNo events materially affecting the assessment of the Annual Report have occurred after the balance sheet date.3 Revenue2024 DKK'000Busservices220,574Other revenue2,810Total revenue by geographical market223,384All of the Group's revenue is on the Danish market.4 Fees to the auditor appointed by the Annual General Meeting2024 DKK'000Statutory audit services9809805 Staff costs2024​DKK'000Wages and salaries127,339Pension costs12,936Other social security costs1,752142,027Average number of full-time employees1,505Avergae number of full-time employees is for the period 22nd of October to 31st of December 2024.​​The Executive Officer has not received any remuneration.15056 Depreciation, amortisation and impairment losses2024 DKK'000Amortisation of intangible assets9,892Depreciation on property, plant and equipment28,83638,7287 Other financial income2024 DKK'000Other interest income30Other financial income2582888 Other financial expenses2024 DKK'000Financial expenses from group enterprises11,560Other interest expenses17,016Exchange rate adjustments3328,6099 Tax on profit/loss for the year2024 DKK'000Current tax58458410 Proposed distribution of profit/loss2024 DKK'000Retained earnings(23,361)(23,361)-2336100011 Intangible assetsCompleted development projects​DKK'000Acquired rights​DKK'000Goodwill​DKK'000Development projects in progress​DKK'000Addition through business combinations etc14,840683493,15422,706Additions0002,500Cost end of year14,840683493,15425,206Amortisation for the year(278)(168)(9,446)0Amortisation and impairment losses end of year(278)(168)(9,446)0Carrying amount end of year14,562515483,70825,20612 Development projectsDevelopment projects consist of the development of internal software for use in planning and disposition, and are capitalized in accordance with applicable requirements for recognition.13 Property, plant and equipmentLand and buildings DKK'000Other fixtures and fittings, tools and equipment DKK'000Leasehold improvements DKK'000Property, plant and equipment in progress DKK'000Addition through business combinations etc224,2791,590,1819,498116,988Transfers035,8680(35,868)Additions11510,712016,163Disposals0(2,203)0(3,590)Cost end of year224,3941,634,5589,49893,693Depreciation for the year(580)(27,967)(289)0Reversal regarding disposals02000Depreciation and impairment losses end of year(580)(27,947)(289)0Carrying amount end of year223,8141,606,6119,20993,69314 Financial assetsDeposits DKK'000Addition through business combinations etc6,348Cost end of year6,348Carrying amount end of year6,34815 PrepaymentsPrepayments consist of prepaid expenses such as software subscriptions, marketing costs, events and insurances. In 2024, prepayments also includes significant deposits from the lender in connection with loan restructuring and repayment of existing bank loans that are redeemed shortly after the balance sheet date.16 Deferred tax ​Changes during the year2024 DKK'000Addition through business combinations etc32,434End of year32,43417 Non-current liabilities other than provisionsDue within 12 months 2024 DKK'000Due after more than 12 months 2024 DKK'000Outstanding after 5 years 2024 DKK'000Bank loans50,24913,1860Debt to other credit institutions01,067,9120Payables to group enterprises01,152,4701,152,470Other payables4,39693,24948,33554,6452,326,8171,200,80518 Changes in working capital2024 DKK'000Increase/decrease in inventories(6,457)Increase/decrease in receivables(41,891)Increase/decrease in trade payables etc.2,810(45,538)19 Unrecognised rental and lease commitments2024 DKK'000Total liabilities under rental or lease agreements until maturity 99,104The period of non-terminability for operating leases are 3-164 months.20 Contingent liabilitiesThe group has contractually committed itself to the purchase of equipment of TDKK 302,629.21 Assets charged and collateralQuantum Mobility Denmark ApS has placed shares in group enterprises as collateral for debt to other credit institutions.​​The following assets have been placed as security with mortgage credit institutes, bankers and credit institutes: ​ ​Mortgage deed with a nominal value of TDKK 1,354,003 (2023: TDKK 764,494) in the group's machinery with a carrying amount of TDKK 1,512,090 (2023: TDKK 820,503) ​ ​Company charges with a nominal value of TDKK 44,000 (2023: TDKK 44,000) in the group's immaterial rights, operating equipment, inventory, and claims with a carrying amount of TDKK 320,756 (2023: TDKK 242,709) ​ ​Mortgage deed with a nominal value of TDKK 83,810 (2023: TDKK 33,921) in the group's land an d buildings with a carrying amount of TDKK 214,998 (2023: TDKK 54,807)22 Non-arm’s length related party transactionsOnly non-arm's length related party transactions are disclosed in the annual report.​ No such transactions were conducted during the financial year.23 SubsidiariesRegistered inCorporate ​formOwnership ​​%EVon Denmark ApSGlostrupApS100.00Umove Holding A/SGlostrupA/S100.00Umove Service ApSGlostrupApS100.00Umove Service II ApSGlostrupApS100.00Umove A/SGlostrupA/S100.00UM Leasing Vest 2017 ApSHorsensApS100.00UM Leasing Øst 2019 ApSGlostrupApS100.00UM Leasing Øst 2020 A/SGlostrupApS100.00UM Leasing Øst 2021 ApSGlostrupApS100.00UM Leasing Øst 2022 ApSGlostrupApS100.00UM Leasing Øst 2023 ApSGlostrupApS100.00UM Leasing 2024 ApSGlostrupApS100.00UM Ejendomme Øst 2018 ApSGlostrupApS100.00This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act ​governing reporting class C enterprises (large).Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic ​benefits will flow to the Entity, and the value of the asset can be measured reliably. ​ ​Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a ​result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the ​value of the liability can be measured reliably. ​ ​On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial ​recognition is effected as described below for each financial statement item. ​ ​Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm ​or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and ​measurement. ​ ​Income is recognised in the income statement when earned, whereas costs are recognised by the amounts ​attributable to this financial year. Consolidated financial statementsThe consolidated financial statements comprise the Parent and the group enterprises (subsidiaries) that are controlled by the Parent. Control is achieved by the Parent, either directly or indirectly, holding more than 50% of the voting rights or in any other way possibly or actually exercising controlling influence. Enterprises in which the Group, directly or indirectly, holds between 20% and 50% of the voting rights and exercises significant, but not controlling, influence are regarded as associates.Basis of consolidationThe consolidated financial statements are prepared on the basis of the financial statements of the Parent and its subsidiaries. The consolidated financial statements are prepared by combining uniform items. On consolidation, intra-group income and expenses, intra-group accounts and dividends as well as profits and losses on transactions between the consolidated enterprises are eliminated. The financial statements used for consolidation have been prepared applying the Group’s accounting policies. Subsidiaries’ financial statement items are recognised in full in the consolidated financial statements. Investments in subsidiaries are offset at the pro rata share of such subsidiaries’ net assets at the acquisition date, with net assets having been calculated at fair value.Business combinationsNewly acquired or newly established enterprises are recognised in the financial statements from the time ​​of acquiring or establishing such enterprises. Divested or wound-up enterprises are recognised in the income ​​statement up to the time of their divestment or winding-up. ​​ ​​The purchase method is applied at the acquisition of new enterprises, under which identifiable assets and ​​liabilities of these enterprises are measured at fair value at the acquisition date. Provisions for costs of ​restructuring of the enterprise acquired are only made in so far as such restructuring was decided by the ​​enterprise acquired prior to acquisition. Allowance is made for the tax effect of restatements.Positive differences in amount (goodwill) between cost of the acquired share and fair value of the assets ​​and liabilities taken over are recognised in intangible assets, and they are amortised systematically over ​​the income statement based on an individual assessment of their useful lives. If the useful life cannot be ​​estimated reliably, it is fixed at 10 years. Useful life is reassessed annually.RevenueRevenue comprise passenger transport, which is recognised in the income statement when delivery and transfer of risk have been made before year-end. The sale is considered effected based on the following criteria: - driving has been made before year-end; - a binding agreement has been made; - the sales price has been determined; and - payment has been received or may with reasonable certainty be expected to be received. Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales. Information on business segments is based on the Group´s risks and returns and its internal financial reporting system. Business segments are regarded as the primary segments.Other operating incomeOther operating income comprise items of a secondary nature to the main activities of the Group, including gains and on the sale of intangible assets and property, plant and equipment.Costs of raw materials and consumablesCosts of raw materials and consumables comprise the consumption of raw materials and consumables for the financial year after adjustment for changes in inventories of these goods from the beginning to the end of the year. This item includes shrinkage, if any, and normal writedowns of the relevant inventories.Other external expensesOther external expenses comprise indirect production costs and expenses for premises, sales as well as office expenses, etc.Staff costsStaff costs include wages and salaries including compensated absence and pensions as well as other social security contributions etc. made to the entity's employees. Depreciation, amortisation and impairment lossesAmortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment.Other financial incomeFinancial income comprise interest, realised and unrealised exchange adjustments and price adjustment of securities.Other financial expensesFinancial expenses comprise interest, financial expenses in respect of finance leases, realised and unrealised exchange adjustments, price adjustment of securities, amortisation of mortgage loans as well as extra payments and repayment under the on-account taxation scheme.Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity.The Company is jointly taxed with Danish Group Enterprises. The tax effect of the joint taxation is allocated to Danish enterprises in proportion to their taxable incomes.GoodwillGoodwill is the positive difference between cost and fair value of assets and liabilities arising from acquisitions. Goodwill is amortised on a straight-line basis over the estimated useful life of 10 years, determined on the basis of Management’s experience with the individual business areas. Goodwill is written down to the lower of recoverable amount and carrying amount.Intellectual property rights etc.Costs of development projects comprise salaries, amortisation and other expenses directly or indirectly attributable to the Company’s development activities.Development projects that are clearly defined and identifiable and in respect of which technical feasibility, sufficient resources and a potential future market or development opportunity in the enterprise can be demonstrated, and where it is the intention to manufacture, market or use the project, are recognised as intangible assets. This applies if sufficient certainty exists that the value in use of future earnings can cover cost of sales, distribution and administrative expenses involved as well as the development costs. Capitalised development costs are measured at cost less accumulated amortisation and impairment losses or at a lower recoverable amount. An amount corresponding to the recognised development costs is allocated to the equity item 'Reserve for development costs'. The reserve comprises only development costs recognised in financial years beginning on or after 1 January 2016. The reserve is reduced by amortisation of and impairment losses on the development projects on a continuing basis. As of the date of completion, capitalised development costs are amortised on a straight-line basis over the period of the expected economic benefit from the development work Contracts acquired is measured at cost less accumulated amortisation. Contracts is amortised on a straight line basis over its useful life, which is assessed at 7 years.Property, plant and equipmentProperty, plant and equipment are measured at cost less accumulated depreciation and less any accumulated ​impairment losses. ​ ​Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when ​the asset is ready for use. ​ ​Leases in terms of which the Group assumes substantially all the risks and rewards of ownership (finance leases) are recognised in the balance sheet at the lower of the fair value of the leased asset and the net present ​value of the lease payments computed by applying the interest rate implicit in the lease or an alternative ​borrowing rate as the discount rate. Assets acquired under finance leases are depreciated and written down ​for impairment under the same policy as determined for the other fixed assets of the Group. ​ ​Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the ​expected useful lives of the assets, which are: Useful life Buildings25-50 yearsOther fixtures and fittings, tools and equipment5-12 yearsLeasehold improvements5-12 years Estimated useful lives and residual values are reassessed annually. ​ ​The carrying amounts of property, plant and equipment and investments are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by depreciation. ​ ​The recoverable amount of the asset is calculated as the higher of net selling price and value in use. Where a ​recoverable amount cannot be determined for the individual asset, the assets are assessed in the smallest ​group of assets for which a reliable recoverable amount can be determined based on a total assessment. ​ ​Head office buildings and other assets for which a separate value in use cannot be determined as the ​asset does not on an individual basis generate future cash flows are reviewed for impairment together with ​the group of assets to which they are attributable.InventoriesInventories are measured at the lower of cost under the FIFO method and net realisable value. The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses and costs of completion. The net realisable value is determined allowing for marketability, obsolescence and development in expected selling price.ReceivablesReceivables are measured at amortised cost, usually equalling nominal value, less writedowns for bad and ​doubtful debts.Joint taxation contributions payable or receivable Current joint taxation contributions payable or receivable are recognised in the balance sheet, stated as tax computed on this year's taxable income, adjusted for prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are expected to be used under the joint taxation arrangement.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost.Other investments (current assets)Investments which are not traded in an active market are measured at the lower of cost and recoverable amount. CashCash comprises cash in hand and bank deposits.Deferred taxDeferred tax is recognised in respect of all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised in respect of temporary differences concerning goodwill not deductible for tax purposes and other items - apart from business acquisitions - where temporary differences have arisen at the time of acquisition without affecting the profit for the year or the taxable income. Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. In cases where the computation of the tax base may be made according to alternative tax rules, deferred tax is measured on the basis of the intended use of the asset and settlement of the liability, respectively. Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities.Operating leasesLease payments on operating leases are recognised on a straight-line basis in the income statement over the term of the lease.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Cash flow statementThe cash flow statement shows the Group’s cash flows for the year broken down by operating, investing and financing activities, changes for the year in cash and cash equivalents as well as the Group’s cash and cash equivalents at the beginning and end of the year. Cash flows from operating activities Cash flows from operating activities are calculated as the net profit/loss for the year adjusted for changes in working capital and non-cash operating items such as depreciation, amortisation and impairment losses, and provisions. Working capital comprises current assets less short-term debt excluding items included in cash and cash equivalents. Cash flows from investing activities Cash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets, property, plant and equipment as well as fixed asset investments. Cash flows from financing activities Cash flows from financing activities comprise cash flows from the raising and repayment of long-term debt as well as payments to and from shareholders. Cash and cash equivalents Cash and cash equivalents comprise ”Cash at bank and in hand”. The cash flow statement cannot be immediately derived from the published financial record.The cash flow statement shows the Group’s cash flows for the year broken down by operating, investing and financing activities, changes for the year in cash and cash equivalents as well as the Group’s cash and cash equivalents at the beginning and end of the year. Cash flows from operating activities Cash flows from operating activities are calculated as the net profit/loss for the year adjusted for changes in working capital and non-cash operating items such as depreciation, amortisation and impairment losses, and provisions. Working capital comprises current assets less short-term debt excluding items included in cash and cash equivalents. Cash flows from investing activities Cash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets, property, plant and equipment as well as fixed asset investments. Cash flows from financing activities Cash flows from financing activities comprise cash flows from the raising and repayment of long-term debt as well as payments to and from shareholders. Cash and cash equivalents Cash and cash equivalents comprise ”Cash at bank and in hand”. The cash flow statement cannot be immediately derived from the published financial record.Ikke væsentlig usikkerhed vedr. fortsat driftGrundlag for konklusionKonklusionRevisionspåtegningRegnskabsklasse C, stor virksomhed33963556Weidekampsgade 6Deloitte Statsautoriseret Revisionspartnerselskab2300 København S2024-12-312024-07-15Quantum Mobility Denmark ApS44967944ÅrsrapportKøbenhavnKøbenhavn K120312Nybrogade2025-06-25Caspar Schultz