438024532024-01-012024-12-31438024532024-01-012024-12-311438024532024-01-012024-12-311438024532024-01-012024-12-312438024532024-01-012024-12-313438024532024-01-012024-12-311438024532024-01-012024-12-312438024532024-12-31438024532023-12-31fsa:ContributedCapitalMember438024532023-12-31fsa:RetainedEarningsMember438024532023-12-31438024532024-01-012024-12-31fsa:ContributedCapitalMember438024532024-01-012024-12-31fsa:RetainedEarningsMember438024532024-12-31fsa:ContributedCapitalMember438024532024-12-31fsa:RetainedEarningsMember438024532024-01-012024-12-31fsa:ShorttermDeferredIncomeMember438024532023-01-232023-12-31iso4217:DKKxbrli:pureThe Board of Directors and the Executive Board have today considered and approved the annual report of Cepheo Danmark A/S for the financial year 01.01.2024 - 31.12.2024.278328356213718054The annual report is presented in accordance with the Danish Financial Statements Act.477177015420107In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2024 and of the results of its operations for the financial year 01.01.2024 - 31.12.2024.8597506957818116We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.8058883731750478We recommend the annual report for adoption at the Annual General Meeting.116536220139569567Copenhagen124957101146713784Steen Jørgen Hybschmann15051960CEO-9926077-7144217Jørgen Jakobsen17790261281072Chairman26500482063901René Ebbesen-10797099-7927046Steen Jørgen Hybschmann-1862255-1690834To the shareholders of Cepheo Danmark A/S-8934844-6236212We have audited the financial statements of Cepheo Danmark A/S for the financial year 01.01.2024 - 31.12.2024, which comprise the 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. ​ ​In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2024 and of the results of its operations for the financial year 01.01.2024 - 31.12.2024 in accordance with the Danish Financial Statements Act.48697506374946We conducted our audit in accordance with International Standards on Auditing (ISAs) and 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 financial statements" section of this auditor’s report. We are independent of the Entity 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.48697506374946Management 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 Entity’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so.902874695816Our 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 Entity’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 Entity’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 Entity to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures in the notes, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.35655382016740Management is responsible for the management commentary. Our opinion on the financial statements does not cover the management 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 the management commentary and, in doing so, consider whether the management commentary is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the management commentary provides the information required by relevant law and regulations.Based on the work we have performed, we conclude that the management commentary is in accordance with the financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary.4468412271255693381629087502Copenhagen5220016842355312Brian Schmit Jensen3675364280067mne400501717702919433534State Authorised Public Accountant2323971326342Marcus Rathje3134570mne514835178453050968State Authorised Public Accountant7411626066446223Financial highlights2024 DKK'0002023 DKK'000Key figuresRevenue278,328213,718Gross profit/loss116,536139,570Operating profit/loss(9,926)(7,144)Net financials(871)(783)Profit/loss for the year(8,935)(6,236)Total assets88,28079,851Equity229(5,836)Average number of employees150206RatiosGross margin (%)41.8765.31EBIT margin (%)(3.57)(3.34)Net margin (%)(3.21)(2.92)Equity ratio (%)0.26(7.31)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 RevenueEBIT margin (%):Operating profit/loss * 100 RevenueNet margin (%) :Profit/loss for the year * 100 RevenueEquity ratio (%) :Equity * 100 Total assets48253464317500Primary activitiesCepheo empowers businesses to adapt and succeed in a world of change through the passion of people and the power of Microsoft technology. ​​We help customers transform by bringing business and technical expertise to the table and help our customers use technology and data to make more informed decisions, optimize daily operations and bring out the very best in their people. ​​We support the full lifecycle of our customers’ cloud and on-premise platforms, from scoping and validation, through development and deployment, to managed services including upgrade, release and deployment services. ​​Cepheo has a dedicated focus on the Microsoft platform, including Dynamics 365, Power Platform and Azure with​related services. 7894160670763723Development in activities and financesThe Cepheo Group was established on 1st April 2023 as a carve-out of the activities from a large global company. At the end of the financial year, Cepheo Denmark had 150 employees, representing a decrease of 56 employees during the year as a result of internal transfers to another group company - Cepheo A/S. The acquisition of Axdata Denmark was completed in August 2023 and the companies were merged subsequently and integration has continued in 2024. During this financial year, all companies in the Group have been moved to one common IT platform. We have made significant changes and investments in several business areas during the financial year, including moving a large part of the shared functions to a new Shared Service Center in Poland, moved 1st and 2nd line customer support to Poland, spin-off of the Infrastructure Managed Services business, and decentralized people from Group to the operating companies to have people closer to the customers. The changes have resulted in extraordinary restructuring costs, which have been booked to the income statement this financial year. The net result after tax is positively impacted by the deferred tax asset, which management expects to utilize in the near future as results continue to improve. Management has identified key risks related to the deferred tax asset in the financial statement preparation and has prepared a sensitivity analysis to address the uncertainties. For further details, please refer to note 2. 8827976879851225Profit/loss for the year in relation to expected developmentsThe revenue for the Company in the financial year is DKK 278 million and the result is a loss of DKK 8.9 million. The revenue growth was in line with the 5-10 percent growth expectations whereas the result was below expectations. 400000400000OutlookThe Company anticipates to grow the revenue with approx. 5–10 percent for the upcoming year, driven by organic growth. For 2025, we expect a positive result in the range of 8-10 DKK million. -171056-6236212Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report.228944-5836212This annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (medium).The accounting policies applied to these financial statements are consistent with those applied last year.634574610023915Non-comparabilityLast year was the Company's first financial year. The Company was established on 23.01.2023, meaning that the comparison figures are for the period 23.01.2023 - 31.12.2023 against current financial year of 01.01.2024 - 31.12.2024. The Company started the operations on 1 April 2023 with a carve-out of the activities from a large global company. Therefore, last financial year only has operational activities in 9 months from 01.04.2023 - 31.12.2023. With effect from 01.08.2023 the company bought AXDATA A/S and merged within this annual report from the beginning of the year 2023. Therefore, there is non-comparability between last year and current year figures.1630816021121896Material errors in previous years and other adjustments in comparison figuresMaterial error in previous years During the financial year 2024, it has come to Managements attention that some of the costs were not recognized correctly in the net assets in the activity acquisition made in 2023. As a consequence, Management of the Company has made an adjustment of the comparison figures adjusted to the equity in the beginning of the year 2024. Comparative figures of the Company have been restated accordingly, which has affected the following financial statement lines for 2023: Other operating income decreased with DKK 9,167k, tax on profit/loss of the year increased (income) with DKK 2,017k, accounts payable increased with DKK 9,167k and deferred tax asset increased with DKK 2,017k. Other adjustments in comparisson figures In connection with the preparation of the annual report, reclassifications have been made in the comparison figures. These changes have no impact on the income statement or the total equity, but are solely presentational changes between individual financial statement lines.2755785012942322Recognition 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.04174833320265441181821Business combinationsNewly acquired enterprises are recognised in the financial statements from the time of acquiring or establishing such enterprises. 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. Useful life is reassessed annually. Negative balances (negative goodwill) are recognised as income in the income statement.The uniting-of-interests method is applied on mergers where the enterprises concerned are controlled by the Parent, under which method the combination is considered completed at the date of acquisition without restatement of comparative figures. Under the uniting-of-interests method, the acquiree’s assets and liabilities are recognised at their carrying amounts, adjusted for any differences in accounting policies and accounting estimates. The difference between the consideration agreed and the carrying amount of the acquiree is recognised in equity.46364140RevenueRevenue from the sale of services is recognised in the income statement when delivery is made to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed.Contract work in progress is included in revenue based on the stage of completion so that revenue corresponds to the selling price of the work performed in the financial year (the percentage-of-completion method).8805082485687437Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary activities, including profit from the sale of intangible assets and property, plant and equipment, badwill and salary refunds.8805082485687437Cost of salesCost of sales comprises goods consumed in the financial year measured at cost.8827976879851225Other external expensesOther external expenses include expenses relating to the Entity’s normal activities, including expenses for premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of receivables recognised in current assets.400000206Staff costsStaff costs comprise salaries and wages social security contributions, pension contributions, etc .9140481120974Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to intangible assets comprise depreciation, amortisation and impairment losses for the financial year.-6236212Other financial incomeOther financial income comprises interest income, including interest income from receivables from group enterprises, net capital or exchange gains on payables and transactions in foreign currencies, and tax relief under the Danish Tax Prepayment Scheme etc.0Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group enterprises, net capital or exchange losses on payables and transactions in foreign currencies, and tax surcharge under the Danish Tax Prepayment Scheme etc.-7150260Tax 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 Entity is jointly taxed with all Danish group enterprises. The current Danish income tax is allocated among the jointly taxed entities proportionally to their taxable income (full allocation with a refund concerning tax losses).-7150260GoodwillGoodwill is the positive difference between cost and fair value of assets and liabilities arising from acquisitions. Goodwill is amortised straight-line over its estimated useful life, which is fixed based on the experience gained by Management for each business area. Useful lives are reassessed annually. The amortisation period used is 6 years. Goodwill is written down to the lower of recoverable amount and carrying amount.15000000Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based value of assets and liabilities, for which the tax-based value is calculated based on the planned use of each asset. However, no deferred tax is recognised for amortisation of goodwill disallowed for tax purposes and temporary differences arising at the date of acquisition that do not result from a business combination and that do not have any effect on profit or loss or on taxable income. Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets.15000000ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and ​doubtful debts.-8934844Contract work in progressContract work in progress is measured at the selling price of the work carried out at the balance sheet date. The selling price is measured based on the stage of completion and the total estimated income from the individual contracts in progress. Usually, the stage of completion is determined as the ratio of actual to total budgeted consumption of resources. If the selling price of a project in progress cannot be made up reliably, it is measured at the lower of costs incurred and net realisable value. Each contract in progress is recognised in the balance sheet in receivables or liabilities other than provisions, depending on whether the net value, calculated as the selling price less prepayments received, is positive or negative.Joint taxation contributions receivable or payableCurrent joint taxation contributions payable or joint taxation contributions receivable are recognised in the balance sheet, calculated as tax computed on the taxable income for the year, which has been 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.400000PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost.-171056CashCash comprises bank deposits.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.1 Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report.Prepayments received from customersPrepayments received from customers comprise amounts received from customers prior to completion of the service agreed.2 Uncertainty relating to recognition and measurement Management considers the accounting estimates and judgements of the deferred tax asset to be significant in the preparation of the financial statement. ​​The key uncertainties in the measurement of these assets are outlined below and covers both Cepheo Danmark A/S and Cepheo A/S since the companies are subject to joint taxation: ​​Spin-off of non-strategic business area ​Cepheo plans to spin off a non-strategic business area during 2025. Once the spin-off is completed, it will utilize most of the deferred tax asset in Denmark for 2025. The spin-off is expected to be concluded early Q4 2025. Moving forward, the spin-off will reduce annual revenue by DKK 15-19 million and EBITDA by DKK 4-6 million. ​​Revenue Growth ​The Company anticipates revenue growth in 2025 and the subsequent years with a CAGR of 4-5%, which corresponds to an average increase of DKK 24 million per year. Management considers this growth expectation conservative compared to the available market studies, which indicate a growth range of 12-15%. ​​If the CAGR varies by +1%/-1% from the target, it will impact the planned revenue by DKK 10-12 million per year on average, with a corresponding effect on EBITDA of approximately DKK 0.8-1.2 million. ​​Management segments the revenue into recurring and non-recurring, with the latter offering higher predictability​due to longer-term contracts and, consequently, a lower inherent risk. ​​Non-recurring revenue ​The non-recurring revenue, which constitutes approximately 67% of the company’s total revenue, is derived from consulting hours invoiced to customers for projects and managed services. Management calculates non-recurring revenue based on the number of productive employees, the average rate-card, and the average billing hours per employee. ​​An assumed 5 percentage point improvement in billability is factored into the revenue and related cost calculations, which is expected to result in an improved EBITDA of DKK 8 million starting in 2025 and beyond. Additionally, transferring 15% more hours from the Danish workforce to our capability centre in Poland is anticipated to reduce costs and enhance billability, realizing an improved EBITDA of DKK 0.4-0.5 million from 2025​onwards. ​​The primary uncertainties stem from our ability to achieve the planned billability targets and the market conditions affecting the average rate-card. Management has prepared the following sensitivity analysis to address​these uncertainties: ​​- If the assumed 5 percentage point increase in billability varies by +1ppt/-1ppt, it will impact the planned revenue​by DKK 2.5-2.8 million, with a corresponding impact on EBITDA of DKK 0.2-0.3 million.​​- If the average rate-card differs by +1%/-1% from expectations, it will affect the revenue by DKK 1.5-2.0 million, with a full impact on EBITDA.​​- If the expected hours transferred to Poland vary by +10%/-10% from the target, it will impact the planned EBITDA by DKK 0.05-0.1 million.​ ​A tight follow-up on billability and resource mix has been implemented in the management system to provide early warnings on deviations from estimates, enabling quicker adjustments to the plan. ​​Recurring Revenue ​The recurring revenue consists of selling licenses and the fixed-price portion of managed services. Management has predicted a be flat. A 1 percentage point change in the recurring growth rate will have an average yearly impact on revenue of DKK 3.0-3.5 million and a derived impact on EBITDA of DKK 0.25-0.5 million. ​​Reduction of general and administration (G&A) costs ​Following the implementation of the new IT platform, G&A costs are anticipated to decrease by 1.8 percentage point relative to revenue annually from 2025 to 2027, resulting in average cost efficiency gains of DKK 12 million per year. Already, DKK 7 million of these savings have been realized in 2024. The remaining savings will stem from transferring additional back-office tasks to our Shared Service Center and automating administrative processes using the AI capabilities of the new IT platform. If the cost efficiency gains deviate by 0.25 percentage point from targets, the EBITDA impact will be +/- DKK 0.8 million. ​​All of the above mentioned will in 2025 increase revenue by DKK 13 million, EBITDA by DKK 24 million and provide​a profit before tax for the period 2025-2027of DKK 60-65 million, that can utilize the remaining of the tax losses carried forward. ​​These assumptions are grounded in management’s informed estimates, taking into account both historical performance and projections of future market conditions. The implementation of the new IT platform has significantly enhanced management’s ability to receive early warnings about changes in the pipeline, which can affect the number of billable hours and the volume of projects entering the sales pipeline. Management is confident that the spin-off of the non-strategic business area will be completed in 2025. However, it's important to note that any deviations from these assumptions could substantially influence the carrying value of the deferred tax asset. Deferred incomeDeferred income comprises income received for recognition in subsequent financial years. Deferred income is measured at cost.Cash flow statementReferring to section 86(4) of the Danish Financial Statements Act, the Entity has prepared no cash flow statement as such statement is included in the consolidated cash flow statement of P-Cepheo A/S, Business Reg. No. 43115197. 3 Other operating incomeIn 2023, other operating income contains income relating to acquisition of activity of DKK 15,227,450.true4 Staff costs2024​DKK2023​DKKWages and salaries109,574,535132,264,611Pension costs14,422,85413,393,947Other social security costs959,7121,055,226124,957,101146,713,784Average number of full-time employees150206Remuneration​of Management2024​DKKRemuneration​of Management​2023​DKKTotal amount for management categories2,268,3161,120,9742,268,3161,120,974According to section 98b(3) of the Danish Financial Statements Act, information on Management's remuneration ​is disclosed as a total amount for all management categories. Grundlag for konklusion150KonklusionRemuneration of Management2024 DKKRemuneration of Management 2023 DKKTotal amount for management categories2,268,3161,120,9742,268,3161,120,9742025-07-0322683162025-07-035 Depreciation, amortisation and impairment losses2024 DKK2023 DKKAmortisation of intangible assets1,505,19601,505,1960Regnskabsklasse C, mellemstor virksomhed6 Other financial income2024 DKK2023 DKKFinancial income from group enterprises586,2121,083,205Exchange rate adjustments785,7230Other financial income407,091197,8671,779,0261,281,0722023-01-237 Other financial expenses2024 DKK2023 DKKFinancial expenses from group enterprises1,338,210522,174Other interest expenses1,200,7940Exchange rate adjustments01,434,448Other financial expenses111,044107,2792,650,0482,063,9012023-12-318 Tax on profit/loss for the year2024​DKK2023​DKKCurrent tax0417,483Change in deferred tax(1,548,798)(2,108,317)Refund in joint taxation arrangement(313,457)0(1,862,255)(1,690,834)339635569 Proposed distribution of profit and loss2024 DKK2023 DKKRetained earnings(8,934,844)(6,236,212)(8,934,844)(6,236,212)København S-89348442300610 Intangible assetsGoodwill DKKCost beginning of year6,374,946Cost end of year6,374,946Amortisation for the year(1,505,196)Amortisation and impairment losses end of year(1,505,196)Carrying amount end of year4,869,750Weidekampsgade11 Financial assetsDeposits DKKDeferred tax DKKCost beginning of year695,8162,016,740Additions564,7711,548,798Disposals(357,713)0Cost end of year902,8743,565,538Carrying amount end of year902,8743,565,538Deloitte Statsautoriseret Revisionspartnerselskab12 Deferred tax 2024​DKKProperty, plant and equipment98,283Tax losses carried forward3,467,255Deferred tax3,565,538​​Changes during the year2024​DKK2023​DKKBeginning of year2,016,7400Recognised in the income statement1,548,7982,016,740End of year3,565,5382,016,740​Deferred tax assetsManagement has recognized the deferred tax asset, primarily relating to tax loss carry forward. Management expects the tax loss carry forward to be used based on future positive taxable income - we refer to note 2. KøbenhavnKøbenhavn V13 PrepaymentsPrepayments consist of prepaid expenses and expenses that are periodised. 179914 Contributed capitalNumberPar value DKKNominal value DKKShares400,0001400,000400,000400,000Revisionspåtegning15 Deferred incomeDeferred income is composed of income to be recognized in 2025.2024-12-3116 Unrecognised rental and lease commitments2024 DKK2023 DKKLiabilities under rental or lease agreements until maturity in total3,603,4478,533,7302024-01-0117 Contingent liabilitiesThe Entity has received and submitted a letter of comfort to Group entities that neither the Entity or the Group entities will demand the intercompany receivables of 31 December 2024 and any increases to these receivables after this date to be repaid until 30 June 2026 at the earliest unless the counterparty prior to 30 June 2026 has the liquidity to do so.The Entity participates in a Danish joint taxation arrangement where P-Cepheo A/S serves as the administration company. 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 for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for the jointly taxed entities. The jointly taxed entities' total known net liability under the joint taxation arrangement is disclosed in the administration company's financial statements.18 Related parties with controlling interestCepheo A/S, Copenhagen, owns all shares in the Entity, thus exercising control. 19 Non-arm’s length related party transactionsOnly related party transactions not conducted on an arm’s length basis are disclosed in the annual report.​ No such transactions have been conducted in the financial year.120 Group relationsName and registered office of the Parent preparing consolidated financial statements for the largest group: ​P-Cepheo A/S, CopenhagenName and registered office of the Parent preparing consolidated financial statements for the smallest group:​P-Cepheo A/S, CopenhagenPaulas PassageCepheo Danmark A/S43802453339635562300 København SWeidekampsgade 6Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapport2025-07-03Jørgen Jakobsen