41310901 2024-12-31 41310901 2023-12-31 41310901 2024-01-01 fsa:ContributedCapitalMember 41310901 2024-01-01 fsa:RetainedEarningsMember 41310901 2024-01-01 fsa:ProposedDividendRecognisedInEquityMember 41310901 2024-12-31 fsa:ContributedCapitalMember 41310901 2024-12-31 fsa:RetainedEarningsMember 41310901 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 41310901 2024-01-01 fsa:InvestmentsInAssociatesMember 41310901 2023-01-01 fsa:InvestmentsInAssociatesMember 41310901 2024-12-31 fsa:InvestmentsInAssociatesMember 41310901 2023-12-31 fsa:InvestmentsInAssociatesMember 41310901 2024-12-31 1 fsa:AssociateMember 41310901 2024-01-01 fsa:OtherInvestmentsMember 41310901 2024-12-31 fsa:OtherInvestmentsMember 41310901 2024-01-01 2024-12-31 41310901 2024-01-01 2024-12-31 1 41310901 2024-01-01 2024-12-31 memberOfBoardIdentifier_executive_board_1 41310901 2023-01-01 2023-12-31 41310901 2024-01-01 2024-12-31 fsa:ContributedCapitalMember 41310901 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 41310901 2024-01-01 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 41310901 2024-01-01 2024-12-31 fsa:InvestmentsInAssociatesMember 41310901 2023-01-01 2023-12-31 fsa:InvestmentsInAssociatesMember 41310901 2024-01-01 2024-12-31 1 fsa:AssociateMember 41310901 2024-01-01 2024-12-31 fsa:OtherInvestmentsMember iso4217:DKK pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2024-01-01 2023-01-01 2024-12-31 2023-12-31 41310901 ApexFlow ApS Store Kongensgade 61, 3 1264 Copenhagen København 2020-04-21 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Strandvejen 44 2900 Hellerup Denmark 39 45 39 45 koebenhavn@pwc.dk 2025-05-20 Mikkel Nygaard Skarnager Regnskabsklasse B Erklæring om udvidet gennemgang The Executive Board has today considered and adopted the Annual Report of ApexFlow ApS for the financial year 1 January - 31 December 2024. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In my opinion the Financial Statements give a true and fair view of the financial position at 31 December 2024 of the Company and of the results of the Company operations for 2024. I recommend that the Annual Report be adopted at the Annual General Meeting. 2025-05-20 Copenhagen Mikkel Skarnager CEO To the shareholder of ApexFlow ApS Opinion We have performed an extended review of the Financial Statements of ApexFlow ApS for the financial year 1 January - 31 December 2024, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies. The Financial Statements are prepared in accordance with the Danish Financial Statements Act. Based on the work performed, in our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2024 and of the results of the Company´s operations for the financial year 1 January - 31 December 2024 in accordance with the Danish Financial Statements Act. Basis for Opinion We conducted our extended review in accordance with the Danish Business Authority´s Assurance Standard for Small Enterprises and FSR – Danish Auditors´ standard on extended review of financial statements prepared in accordance with the Danish Financial Statements Act. Our responsibilities under those standards and requirements are further described in the ”Practitioner´s responsibilities for the extended review 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 (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 evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Management is responsible for the preparation of Financial Statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of Financial Statements that are free from material misstatement, whether due to fraud or error. In preparing the Financial Statements, Management is responsible for assessing the Company´s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our responsibility is to express a conclusion on the Financial Statements. This requires that we plan and perform procedures to obtain limited assurance in respect of our conclusion on the Financial Statements and, moreover, that we perform supplementary procedures specifically required to obtain additional assurance in respect of our conclusion. An extended review consists of making inquiries, primarily of Management and others within the enterprise, as appropriate, and applying analytical procedures and the supplementary procedures specifically required as well as assessing the evidence obtained. An extended review is less in scope than an audit and, consequently, we do not express an audit opinion on the Financial Statements. Hellerup 2025-05-20 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Martin Birch State Authorised Public Accountant mne42825 -81875 -71099 0 -11888274 4465455 5477699 136867 344031 4246713 -6825705 951654 359436 3295059 -7185141 6000000 0 -2704941 -7185141 2000000 2000000 44858868 44819820 46858868 46819820 46858868 46819820 140116 0 140116 0 39340914 35640208 1190927 542435 40671957 36182643 87530825 83002463 40000 40000 79346634 82051575 6000000 0 85386634 82091575 42500 20000 1070986 550534 1030641 324419 64 15935 2144191 910888 2144191 910888 87530825 83002463 40000 82051575 0 0 -2704941 6000000 40000 79346634 6000000 The primary activity is to act as a holding company. 4447701 5477699 17754 0 4465455 5477699 136867 116904 0 227127 136867 344031 951654 359436 951654 359436 2000000 0 0 2000000 2000000 2000000 2000000 2000000 spektr ApS Copenhagen 41.4 33051043 -6007429 51501461 39048 51540509 6681641 6681641 44858868 Investments in associates are specified as follows: Shares in listed entities 4404950 39340914 There are no security and contingent liabilities at 31 December 2024. The Annual Report of ApexFlow ApS for 2024 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B as well as selected rules applying to reporting class C. The accounting policies applied remain unchanged from last year. The Financial Statements for 2024 are presented in DKK. true 1 Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, 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 flow 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 will flow out of the Company, and the value of the liability can be measured reliably. Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognised directly in equity. Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the transaction date rates are recognised in financial income and expenses in the income statement. Other external expenses comprise expenses for administration etc. With reference to section 32 of the Danish Financial Statements Act, gross profit/loss comprises of other external expenses. Dividends from associates are recognised as income in the income statement when adopted at the General Meeting of the associate. However, dividends relating to earnings in the associate before it was acquired by the Parent Company are set off against the cost of the associate. Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. Investments in associates are measured at cost. Where cost exceeds the recoverable amount, write-down is made to this lower value. Investments which are not traded in an active market are measured at the lower of cost and recoverable amount. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. Current Asset Investments, which consist of listed bonds and shares, are measured at their fair values at the balance sheet date. Fair value is determined on the basis of the latest quoted market price. Dividend distribution proposed by Management for the year is disclosed as a separate Dividend item. Deferred 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. Deferred tax assets and liabilities are offset within the same legal tax entity. Current tax receivables and liabilities are recognised in the balance sheet at the amount calculated on the basis of the expected taxable income for the year adjusted for tax on taxable incomes for prior years. Tax receivables and liabilities are offset if there is a legally enforceable right of set-off and an intention to settle on a net basis or simultaneously. Debts are measured at amortised cost, substantially corresponding to nominal value.