40121390 2024-01-01 2024-12-31 40121390 2024-01-01 2024-12-31 0 40121390 2024-01-01 2024-12-31 1 40121390 2024-01-01 2024-12-31 2 40121390 2024-01-01 2024-12-31 0 40121390 2024-01-01 2024-12-31 1 40121390 2024-01-01 2024-12-31 2 40121390 2024-01-01 2024-12-31 3 40121390 2024-01-01 2024-12-31 4 40121390 2024-01-01 2024-12-31 5 40121390 2024-01-01 2024-12-31 6 40121390 2024-01-01 2024-12-31 7 40121390 2023-01-01 2023-12-31 40121390 2024-12-31 40121390 2023-12-31 40121390 2024-01-01 fsa:ContributedCapitalMember 40121390 2024-01-01 fsa:SharePremiumMember 40121390 2024-01-01 fsa:RetainedEarningsMember 40121390 2024-01-01 40121390 2024-01-01 2024-12-31 fsa:ContributedCapitalMember 40121390 2024-01-01 2024-12-31 fsa:SharePremiumMember 40121390 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 40121390 2024-12-31 fsa:ContributedCapitalMember 40121390 2024-12-31 fsa:SharePremiumMember 40121390 2024-12-31 fsa:RetainedEarningsMember 40121390 2024-01-01 2024-12-31 0 iso4217:DKK xbrli:pure 2024-01-01 2024-12-31 Jan Køster 2025-06-24 FLEXeCHARGE ApS Rahbeks Alle 21 DK-1801 Frederiksberg C 40121390 2018-12-27 Frederiksberg www.flexecharge.com hello@flexecharge.com 4589874460 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement by Management</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Board of Directors and the Executive Board have today discussed and approved the annual report of FLEXeCHARGE ApS for the financial year 1 January – 31 December 2024.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The annual report has been prepared in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">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 its operations for the financial year 1 January – 31 December 2024.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">It is recommended to the general meeting that the financial statements for 2024 should not be audited.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We recommend that the annual report be approved at the annual general meeting.</td></tr></table> Frederiksberg 2025-06-24 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The annual general meeting has resolved that the financial statements for the coming financial year will not be audited.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent auditor's report on compilation of financial statements</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the shareholders of FLEXeCHARGE ApS</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We have compiled the financial statements of FLEXeCHARGE ApS for the period 1 January – 31 December 2024 based on the Company's bookkeeping and other information provided by you.</td></tr><tr><td colspan="1">The financial statements comprise income statement, balance sheet and notes, including accounting policies.</td></tr><tr><td colspan="1">We performed our work in accordance with ISRS 4410 Engagements to Compile Financial Information.</td></tr><tr><td colspan="1">We have applied our professional expertise in order to assist you in the preparation and presentation of the financial statements in accordance with the Danish Financial Statements Act. We have complied with relevant provisions of the Danish Auditors Act and the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code), including principles of integrity, objectivity, professional competence and due care.</td></tr><tr><td colspan="1">The financial statements and the accuracy and completeness of the information used to compile them are your responsibility.</td></tr><tr><td colspan="1">Since a compilation engagement is not an assurance engagement, we are not required to verify the accuracy or completeness of the information made available by you for purposes of our compilation of the annual report. Consequently, we do not express any audit or review conclusion on whether the financial statements have been prepared in accordance with the Danish Financial Statements Act.</td></tr></table> Copenhagen 2025-06-24 -1796473 6394581 -8191054 136117 -8327171 0 -8327171 -8327171 6514172 0 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Accounting policies</td></tr></table> Regnskabsklasse B <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The annual report of FLEXeCHARGE ApS for 2024 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to reporting class B entities and elective choice of certain provisions applying to reporting class C entities.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Pursuant to section 110(1) of the Danish Financial Statements Act, the Company has not prepared consolidated financial statements.</td></tr></table> true <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Presentation currency</td></tr><tr><td colspan="1">The financial statements are presented in Danish kroner (DKK).</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Foreign currency translation</td></tr><tr><td colspan="1">On initial recognition, transactions denominated in foreign currencies are translated at the exchange rates at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses.</td></tr><tr><td colspan="1">Receivables, payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the latest financial statements is recognised in the income statement as financial income or financial expenses.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Income statement</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Gross profit</td></tr><tr><td colspan="1">Gross profit comprises revenue, changes in inventories, other operating income and other external expenses.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Revenue</td></tr><tr><td colspan="1">The Company has chosen IAS 18 Revenue as interpretation for revenue recognition.</td></tr><tr><td colspan="1">Revenue is recognised in the income statement provided that delivery and transfer of risk to the buyer has taken place before the year-end and provided that the income can be measured reliably and is expected to be received.</td></tr><tr><td colspan="1">Revenue is measured at the fair value of the agreed consideration exclusive of VAT and taxes charged on behalf of third parties. All discounts and rebates granted are recognised in revenue.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Changes in inventories of finished goods</td></tr><tr><td colspan="1">Cost of sales comprises costs related to raw materials and consumables less discounts granted and the changes in inventories for the year.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Inventories</td></tr><tr><td colspan="1">Inventories are measured at cost in accordance with the FIFO method. Where the net realisable value is lower than cost, inventories are written down to this lower value.</td></tr><tr><td colspan="1">The net realisable value of inventories is determined as the selling price less any discounts, costs of completion and costs incurred to effect the sale, taking into account marketability, obsolescence and developments in the expected selling price.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Other operating income</td></tr><tr><td colspan="1">Other operating income comprises items secondary to the primary activities of the Company, including public grants. Grants are recognised when there is reasonable assurance that the entity will comply with the conditions attaching to them and the grants will be received.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Other external expenses</td></tr><tr><td colspan="1">Other external expenses include the year's expenses relating to the Company's core activities, including expenses relating to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Staff costs</td></tr><tr><td colspan="1">Staff costs comprise wages and salaries, including holiday allowance and pensions, and other social security costs, etc., for the Company's employees.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Dividend from equity interests</td></tr><tr><td colspan="1">The item comprises dividends from equity interests, which are measured at cost and are recognised in the income statement in the financial year when the dividends are declared.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Proposed dividend</td></tr><tr><td colspan="1">Proposed dividend is recognised as a liability at the date when it is adopted at the annual general meeting (declaration date). Dividend expected to be distributed for the year is presented as a separate line item in equity.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial income and expenses</td></tr><tr><td colspan="1">Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Net financials include interest income and expenses, including realised and unrealised capital and exchange gains and losses on foreign currency transactions as well as allowances and surcharges under the advance-payment-of-tax scheme, etc.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Tax for the year</td></tr><tr><td colspan="1">Tax for the year comprises current corporation tax and changes in deferred tax for the year. The tax expense relating to the profit/loss for the year is recognised in the income statement, and the tax expense relating to amounts recognised directly in equity is recognised directly in equity.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Balance sheet</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Leases (Company as lessee)</td></tr><tr><td colspan="1">The Company has chosen IAS 17 Leases as interpretation for classification and recognition of leases.</td></tr><tr><td colspan="1">Leases that do not transfer substantially all the risks and rewards incident to the ownership to the Company are classified as operating leases. Payments relating to operating leases and rent agreements are recognised in the income statement over the term of the lease/agreement. The Company's total liabilities relating to operating leases and other leases are disclosed under contingencies.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Participating interests</td></tr><tr><td colspan="1">Participating interests are measured at cost.</td></tr><tr><td colspan="1">In case of indication of impairment, an impairment test is conducted. Participating interests are written down to the lower of the carrying amount and the recoverable amount.</td></tr><tr><td colspan="1">Dividends received that exceed accumulated earnings in the participating interest during the period of ownership are treated as a reduction in the cost of acquisition.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Receivables</td></tr><tr><td colspan="1">The Company has chosen IAS 39 Financial instrument: Recognition and measurement as interpretation for impairment write-down of financial receivables.</td></tr><tr><td colspan="1">Receivables are measured at amortised cost.</td></tr><tr><td colspan="1">Write-down for bad and doubtful debts is made when there is objective evidence that a receivable or a portfolio of receivables has been impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Prepayments/Deferred income</td></tr><tr><td colspan="1">Prepayments comprise prepaid costs concerning subsequent financial years.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Corporation tax and deferred tax</td></tr><tr><td colspan="1">Current tax payables and receivables are recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on taxable income in previous years and tax paid on account.</td></tr><tr><td colspan="1">Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities.</td></tr><tr><td colspan="1">Deferred tax assets, including the tax value of tax loss carryforwards, are recognised at the expected value of their utilisation; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity and jurisdiction.</td></tr><tr><td colspan="1">Deferred tax is measured according to the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Equity</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Liabilities other than provisions</td></tr><tr><td colspan="1">The Company has chosen IAS 39 Financial instruments: Recognition and measurement as interpretation for recognition and measurement of liabilities.</td></tr><tr><td colspan="1">Liabilities are measured at net realisable value.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="2" align="left" valign="middle" >Noter</td></tr><tr><td width="18%" align="left" valign="middle" ><b>2</b></td><td width="82%" colspan="1" align="left" valign="middle" ><b>Events after the balance sheet date</b></td></tr><tr><td width="18%" ></td><td width="82%" colspan="1" align="left" valign="middle" >No matters of note were identified after the balance sheet date which affect the Company's financial position at 31 December 2024.</td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Staff costs</td></tr></table> 6090636 237800 66145 9 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Financial expenses</td></tr></table> 121381 2376 12360 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="11%" align="left" valign="middle" ><b>5</b></td><td width="89%" colspan="3" align="left" valign="middle" ><b>Tax for the year</b></td></tr><tr><td width="11%" ></td><td width="52%" colspan="1" align="left" valign="middle" >Deferred tax adjustment for the year</td><td width="16%" align="left" valign="middle" >0</td><td width="21%" align="left" valign="middle" >-230273</td></tr><tr><td width="11%" ></td><td width="52%" colspan="1" align="left" valign="middle" ><b>Tax for the year total</b></td><td width="16%" align="left" valign="middle" >0</td><td width="21%" align="left" valign="middle" >-230273</td></tr><tr><td colspan="4"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="18%" align="left" valign="middle" ><b>6</b></td><td width="82%" colspan="1" align="left" valign="middle" ><b>Deferred tax</b></td></tr><tr><td width="18%" ></td><td width="82%" colspan="1" align="left" valign="middle" >Deferred tax totalled DKK 2.5 million at 31 December 2024 and relates to tax losses, which are not recognised as future utilisation thereof is uncertain.</td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="9%" align="left" valign="middle" ><b>7</b></td><td width="91%" colspan="5" align="left" valign="middle" ><b>Non-current liabilities</b></td></tr><tr><td width="9%" ></td><td width="42%" ></td><td width="13%" colspan="1" align="left" valign="middle" ><b>Total liabilities at 31/12 2024</b></td><td width="15%" colspan="1" align="left" valign="middle" ><b>Current portion</b></td><td width="9%" colspan="1" align="left" valign="middle" ><b>Non-current portion</b></td><td width="12%" colspan="1" align="left" valign="middle" ><b>Outstanding debt after 5 years</b></td></tr><tr><td width="9%" ></td><td width="42%" ></td><td width="13%" colspan="1" align="left" valign="middle" ><b>DKK</b></td><td width="15%" colspan="1" align="left" valign="middle" ><b>DKK</b></td><td width="9%" colspan="1" align="left" valign="middle" ><b>DKK</b></td><td width="12%" colspan="1" align="left" valign="middle" ><b>DKK</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="9%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Credit institutions</td><td width="13%" align="left" valign="middle" >979382</td><td width="15%" align="left" valign="middle" >94000</td><td width="9%" align="left" valign="middle" >885382</td><td width="12%" align="left" valign="middle" >0</td></tr><tr><td width="9%" ></td><td width="42%" colspan="1" align="left" valign="middle" >Convertible debt instruments</td><td width="13%" align="left" valign="middle" >1003238</td><td width="15%" align="left" valign="middle" >0</td><td width="9%" align="left" valign="middle" >1003238</td><td width="12%" align="left" valign="middle" >0</td></tr><tr><td colspan="6"></td></tr><tr><td width="9%" ></td><td width="42%" ></td><td width="13%" align="left" valign="middle" >1982620</td><td width="15%" align="left" valign="middle" >94000</td><td width="9%" align="left" valign="middle" >1886620</td><td width="12%" align="left" valign="middle" >0</td></tr><tr><td width="9%" ></td><td width="91%" colspan="5" align="left" valign="middle" >Convertible debt instruments carry an interest of 6% pro anno and can be converted to equity on 1 January 2028.</td></tr><tr><td colspan="6"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="18%" align="left" valign="middle" ><b>8</b></td><td width="82%" colspan="1" align="left" valign="middle" ><b>Contractual obligations and contingencies, etc.</b></td></tr><tr><td width="18%" ></td><td width="82%" colspan="1" align="left" valign="middle" ><b>Operating lease commitments</b></td></tr><tr><td width="18%" ></td><td width="82%" colspan="1" align="left" valign="middle" >The Company has entered into rent agreements with three-month termination of DKK 123 thousand.</td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="18%" align="left" valign="middle" ><b>9</b></td><td width="82%" colspan="1" align="left" valign="middle" ><b>Pledges</b></td></tr><tr><td width="18%" ></td><td width="82%" colspan="1" align="left" valign="middle" >There is a company pledge of DKK 750 thousand related to goodwill, trademarks and rights, property, plant and equipment, inventories and trade receivables.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management's review</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Operating review</td></tr><tr><td colspan="1">Principal activities of the Company</td></tr><tr><td colspan="1">The principal activities of the Company comprise the development and sale of hardware and software for energy management.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Development in activities and financial matters</td></tr><tr><td colspan="1">FLEXeCHARGE ApS has developed and continues to develop a platform for charge point operators that enables load and energy management capabilities, thereby reducing electricity and network costs.</td></tr><tr><td colspan="1">In 2024, the Company scaled its customer base across Europe, with a focus on the Nordics, DACH, and BENELUX regions. The development of the platform requires substantial resources prior to full-scale commercialization, which has contributed to the significant negative results.</td></tr><tr><td colspan="1">The Company incurred a loss after tax of DKK 8,327 thousand, compared to a loss of DKK 2,364 thousand in the previous year. The results for the year are as expected.</td></tr><tr><td colspan="1">As of 31 December 2024, the equity amounts to DKK -546 thousand. The Company is subject to the provisions of section 119 of the Danish Companies Act regarding capital losses.</td></tr><tr><td colspan="1">To restore equity and finance continued development, FLEXeCHARGE has secured DKK 4,476 thousand in convertible loans and signed an investment agreement amounting to DKK 22,380 thousand, expected to close in July 2025 pending regulatory approval. The issued convertible notes will convert into equity upon closing of the aforementioned investment.</td></tr><tr><td colspan="1">Management is confident that the additional funding will fully restore equity and maintain a positive balance, while also providing sufficient liquidity for 2025 and beyond. Management considers the financial position secured and, on this basis, presents the annual report on a going concern basis.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Events after the balance sheet date</td></tr><tr><td colspan="1">Convertible loan agreements were secured from existing investors in February and May 2025, as well as the signing of the investment agreement mentioned above. Apart from these, no material events have occurred after the balance sheet date that would affect the Company’s financial position as of 31 December 2024.</td></tr></table> Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Cortex Park Vest 3 5230 Odense M xWizard version 1.1.1380.0, by EasyX Aps. www.easyx.eu 2023-01-01 2023-12-31 Andre erklæringer uden sikkerhed Max Brandt CEO Jan Køster Director Robert Wolfgang Brehm Director Stinna Rolstad Brenna Chair Jan Køster Max Brandt Christian Rangen Robert Wolfgang Brehm Ashley Klapwijk Pascal Beckers Terhi Vapola 159287 2097504 -1938217 195240 -2133457 2302730 -2363730 -2363730 1960072 97753 39679 5 170801 1796 13643 94047 94047 94047 115343 115343 586010 0 197261 22748 806019 1064840 1986202 2080249 62841 -642598 -579757 885382 1003238 1888619 94000 285572 351315 730887 2080249 94047 94047 94047 96048 96048 144231 0 86764 11089 242084 2450588 2788720 2882767 51196 1170401 1221597 861288 0 861288 0 350311 449571 799882 2882767 51196 0 1170401 1221597 11645 0 0 6514172 -6514172 0 0 6514172 -8327171 62841 0 -642598 EY Godkendt Revisionspartnerselskab 30700228 Ole Becker State Authorised Public Accountant mne33732