43943839 2024-01-01 2024-12-31 43943839 2024-01-01 2024-12-31 1 43943839 2024-01-01 2024-12-31 2 43943839 2024-01-01 2024-12-31 1 43943839 2024-01-01 2024-12-31 2 43943839 2024-01-01 2024-12-31 3 43943839 2024-01-01 2024-12-31 4 43943839 2024-01-01 2024-12-31 5 43943839 2024-01-01 2024-12-31 1 43943839 2024-01-01 2024-12-31 2 43943839 2023-01-01 2023-12-31 43943839 2024-12-31 43943839 2023-12-31 43943839 2023-12-31 fsa:ContributedCapitalMember 43943839 2023-12-31 fsa:RetainedEarningsMember 43943839 2024-01-01 2024-12-31 fsa:ContributedCapitalMember 43943839 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 43943839 2024-12-31 fsa:ContributedCapitalMember 43943839 2024-12-31 fsa:RetainedEarningsMember 43943839 2022-12-31 fsa:ContributedCapitalMember 43943839 2022-12-31 fsa:RetainedEarningsMember 43943839 2022-12-31 43943839 2023-01-01 2023-12-31 fsa:ContributedCapitalMember 43943839 2023-01-01 2023-12-31 fsa:RetainedEarningsMember iso4217:DKK Jacob Lehman Statement of the Board of Directors and Executive Board on the Annual Report The Board of Directors and the Executive Board have today considered and adopted the Annual Report of 7N Group A/S for the financial year 1 January – 31 December 2024. The Annual Report have been prepared in accordance with the Danish Financial Statements Act. In our 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 for the financial year 1 January - 31 December 2024. In our opinion, Management’s Review includes a true and fair account of the development in the operations and financial circumstances of the Company, of the results for the year and of the financial position of the Company as well as a description of the most significant risks and elements of uncertainty facing the Company. We recommend that the Annual Report be adopted at the Annual General Meeting. Copenhagen Sebastian Podlesny Jacob Lehman CEO CFO Carsten Gomard Bente Overgaard Jesper Præstensgaard Rune Lillie Gornitzka Jeppe Hedaa Chairman To the Shareholder of 7N Group A/S Opinion 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 2024 - 31 December 2024 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of 7N Group A/S for the financial year 1 January 2024 - 31 December 2024, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (“financial statements”). Basis for Opinion We 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 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 audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Statement on Management’s Review Management is responsible for Management’s Review. Our opinion on the financial statements does not cover Management’s Review, 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 Review and, in doing so, consider whether Management’s Review 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 Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, in our view, Management’s Review is in accordance with the 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 Review. Management’s Responsibilities for the Financial Statements 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. Auditor’s Responsibilities for the Audit of the Financial Statements Our 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 judgment and maintain professional skepticism 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 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 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 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. 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. Copenhagen PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Anders Stig Lauritsen André Nielsen State Authorised Public Accountant State Authorised Public Accountant mne32800 mne46624 7N Group A/S Emdrupvej 26B, 2. DK 2100 Copenhagen +45 45 28 00 00 43943839 Strandvejen 44 DK 2900 Hellerup Primary Activities The purpose of the company is to provide administrative services, invest in and hold equity interests in companies, and engage in other activities that, in the opinion of the board of directors, are directly or indirectly related thereto. Development in activities and financial matters The financial year 2024 shows a loss after tax of DKK 29,846 thousand and at 31 December 2024 equity amounts to DKK 447,927 thousand. The results for the period are in accordance with expectations and plan for the financial year. In 2024 the company acquired the shares in the IT consulting company 7N A/S with subsidiaries in Denmark, Poland, Norway, Finland, Sweden, USA and India. 7N is one of the largest suppliers of High-end freelance IT consultants. 7N engage only the top 3% of IT consultants, ensuring the clients receive exceptional quality and expertise. This selective approach minimizes the risks associated with less experienced personnel and enhances project execution through precise risk assessment and management. 7N have helped companies solve the toughest IT challenges by building teams of the market’s top 3% IT professionals and matching them to the clients’ IT projects. The needs of the clients evolve over time, and 7N consistently listens and seeks to understand how 7N can offer more value. By aligning the expertise with the clients’ challenges, 7N provide tailored solutions - driving results with unmatched flexibility and precision. For the consultants, 7N provides a dedicated personal agent who prioritizes their skills enhancement and ensures they achieve the ideal work-life balance. The purpose is to empower IT specialists and deliver outstanding results for the clients. Every consultant is carefully matched to projects that align with their technical skills, personal strengths, and ambitions, ensuring motivation and high-impact outcomes. 7N prioritize personal and social skills, recognizing that true performance comes from a balance of talent, teamwork, and shared vision. 7N is a people-first company, investing time to build genuine, long-term relationships. Whether it concerns the consultants, clients, or partners. In 2024 the 7N A/S Group engaged 1,758 consultants and has more than 8,000 vetted consultants. Business model Tailored Delivery Models to Serve Market Needs In our collaboration with new and existing clients 7N takes an advisory approach, understanding each company’s specific needs and objectives across the industries we serve. This enables 7N to deliver the expertise of our consultants through the delivery model most suited for the purpose of achieving optimal IT project outcomes. Our service portfolio includes: Strategy Under the new ownership, 7N remains committed to delivering value-driven, high-quality consulting. The implementation of a refined execution model will enhance operational efficiency, supported by targeted training and tools. Our sharpened focus on cross-border collaboration presents significant opportunities. With increasing demand for specialized IT competencies and globally distributed teams, we aim to expand the international workforce solutions, nearshoring, and offshoring services. Clients increasingly seek teams with the right expertise, cultural understanding, and delivery excellence, and 7N is uniquely positioned to fulfill these needs. We will continue to enhance our flexible engagement models, ensuring scalability and adaptability for our clients. Strengthening this value proposition involves exploring new technologies, expanding into emerging delivery areas, and leveraging our robust global network. Backed by Polaris’ expertise in targeted investments and acquisitions, 7N are poised for growth and enhanced service capabilities in 2025 and beyond. As a part of the strategy of the group of entities the company has at 31 December 2024 acquired the shares in 7N Poland Sp. Zoo from 7N A/S. Events after the balance sheet date No events have occurred subsequent to the balance sheet date which materially affects the assessment of the annual report. Ownership and capital structure 7N Group A/S is fully owned by 7N HoldCo A/S. Polaris Private Equity V K/S, is the ultimate majority shareholder with approx. 67%. The remaining shares are directly or indirectly owned by Executive Management, employees and the Board of Directors. The following other shareholders own more than 5% of the share capital: Hedaa NextGen A/S, CVR no. 45 22 56 74 The Company’s equity consists of one class of shares, and the loan capital consists of bank debt provided by Danske Bank and Nykredit. Management finds the current capital structure to be appropriate and provides the financial flexibility in the Group to support the strategy. 27174000 43000 -27174000 -43000 79000 0 1557000 7000 -28652000 -50000 1194000 0 -29846000 -50000 -29846000 -50000 -29846 -50000 918072000 0 918072000 0 320000 3959000 45731000 487000 50010000 487000 968082000 487000 500000 500000 447427000 -22000 447927000 478000 314626000 0 150000000 0 464626000 0 10029000 0 38720000 9000 1216000 0 1513000 0 4051000 0 55529000 9000 520155000 9000 968082000 487000 500000 -22000 478000 0 477295000 477295000 0 -29846000 -29846000 500000 447427000 447927000 0 0 0 500000 28000 528000 0 -50000 -50000 500000 -22000 478000 Note 1 – Financial income DKK '000 2024 2023 Other financial income 79 - Total 79 - Note 2 – Financial expenses DKK '000 2024 2023 Other financial expenses 1,557 7 Total 1.557 7 Note 3 – Tax on the loss for the year DKK '000 2024 2023 Transfer tax, acquisition of subsidiary 1,513 - Change in deferred tax -320 - Total 1,194 - Note 4 – Equity Investments in Group Enterprises Figures in DKK '000 2024 2023 Additions during the year 918,072 - Cost at 31 December 2023 901,048 - Name of entity Location Currency Ownership Function 7N A/S Denmark DKK 100% Subsidiary 7N Sp. z.o.o. Poland PLN 100% Subsidiary Note 5 – Deferred tax assets DKK '000 2024 2023 Deferred tax assets at 1 January - - Deferred tax recognised in the income statement 320 Deferred tax assets at 31 December 320 - Deferred tax is distributed as below: Tax losses carried forward 320 - Total 320 - Note 6 – Share capital Total nominal Quantity value DKK The Share capital consists of: Shares with a nominal value of DKK 0,01 50,000,000 500,000 Total 50,000,000 500,000 Note 7 – Long-term payables Less than 1 Between 1 More than 5 Figures in DKK '000 year and 5 year years Total At 31 December 2024 Borrowings 10,029 84,130 230,496 324,655 Payables to group companies 150,000 - 150,000 Total 10,029 234,130 230,496 474,655 The fair value of bank loans excluding capitalised loan costs is deemed to approximate the nominal value of the loans, Covenants The 7N Group A/S and 7N A/S loan facilities are subject to a leverage covenant (defined as net debt divided by 12 months consolidated rolling adjusted EBITDA) and an interest cover ratio covenant (defined as 12 months rolling adjusted EBITDA divided by net finance charges), The covenants are tested and reported end of each quarter until the maturity of the facilities, The Group has no indication of any difficulties in complying with the covenants, Note 8 – Contingent liabilities Other contingent liabilities The Group's Danish companies are jointly and severally liable for tax on the Group's jointly taxable income, etc, The total amount of corporation tax due is stated in the Financial Statements of P-7N A/S, which is the management Company in relation to joint taxation, The Group's Danish companies are also jointly and severally liable for Danish withholding taxes in the form of dividend tax, royalty tax and interest tax, Any subsequent corrections to corporation taxes and withholding taxes may result in the Company's liability constituting a larger amount, Note 9 – Charges and security The shares in 7N Group A/S as well as in the subsidiary 7N A/S have been pledged as security for the senior facility agreement entered into by 7N Group A/S. Additionally, a floating charge of DKK 30 million in 7N A/S has been provided. Furthermore, 7N Group A/S guarantees (“Selvskyldner kaution”) for all Group companies that borrow under the facilities. Note 10 – Related parties Related party transactions are not disclosed, as all transactions are entered into in the ordinary course of business at arm's length, During 2024, the company has acquired the shares in 7N Sp, Z,o,o, from the subsidiary 7N A/S, The transaction was entered into at arm’s length, The company is included in the consolidated financial statement of the ultimate parent P-7N A/S, 2100 København, Denmark, P-7N A/S, 2100 København Ø, Denmark, has a controlling interest in the company. true true Consolidated financial statements With reference to section 112 of the Danish Financial Statements Act and to the consolidated financial statements for 2024 of P-7N A/S, the Company has not prepared consolidated financial statements, Basis of recognition and measurement Income is recognized in the income statement as earned, including value adjustments of financial assets and liabilities, All expenses, including depreciation, amortization, impairment losses and write-downs, are also recognized in the income statement, Assets are recognized in the balance sheet when it is probable that future economic benefits will flow to the company, and the value of such assets can be measured reliably, Liabilities are recognized in the balance sheet when it is probable that future economic benefits will flow from the company, and the value of such liabilities can be measured reliably, On initial recognition, assets and liabilities are measured at cost, Subsequently, assets and liabilities are measured as described for each item below, On recognition and measurement, account is taken of foreseeable losses and risks arising before the date at which the annual report is presented and proving or disproving matters arising on or before the balance sheet date, Currency The annual report is presented in Danish kroner (DKK), On initial recognition, transactions denominated in foreign currencies are translated using the exchange rates applicable at the transaction date, Exchange rate differences between the exchange rate applicable at the transaction date and the exchange rate at the date of payment are recognized in the income statement as a financial item, Receivables, payables and other monetary items denominated in foreign currencies are translated using the exchange rates applicable at the balance sheet date, The difference between the exchange rate applicable at the balance sheet date and at the date at which the receivable or payable arose or was recognized in the latest annual report is recognized under financial income or expenses in the income statement, Fixed assets and other non-monetary assets acquired in foreign currencies are translated using historical exchange rates, Other external expenses Other external expenses comprise of expenses relating to ordinary activities, including expenses for administration, consultancy assistance, premises, office supplies and expenses etc, Financial income and expenses Financial income and expenses comprise interest income and expenses, foreign exchange gains and losses, and amortization of loan costs, Tax on profit/loss for the year The current and deferred tax for the year is recognized in the income statement as tax on the profit/loss for the year with the portion attributable to the profit/loss for the year, and directly in equity with the portion attributable to amounts recognized directly in equity, The company is jointly taxed with Danish group entities, In connection with the settlement of joint taxation contributions, the current Danish income tax is allocated between the jointly taxed entities in proportion to their taxable incomes, This means that entities with a tax loss receive joint taxation contributions from entities which have been able to use this loss to reduce their own taxable profit, Balance sheet Equity investments in group entities Investments in subsidiaries are recognized and measured at cost and is written down to the lower of recoverable amount and carrying amount, if indications of impairment, Dividend is recognized as income when the right is finally obtained, The carrying amount of investments in subsidiaries is examined at the balance sheet date in order to determine if there is any indication of impairment, If dividends distributed exceed the subsidiary’s result in the period for which dividend is distributed, this is considered an indication of impairment, Other receivables Other Receivables are measured at amortized cost, which usually corresponds to the nominal value, less write-downs for bad debts, Cash Cash includes deposits in bank accounts as well as operating cash, Equity The proposed dividend for the financial year is recognized as a separate item in equity, Current and deferred tax Current tax payable and receivable is recognized in the balance sheet as tax computed on the basis of the taxable income for the year, adjusted for tax paid on account, Joint taxation contributions payable and receivable are recognized as income tax under receivables or payables in the balance sheet, Deferred tax liabilities and tax assets are recognized on the basis of all temporary differences between the carrying amounts and tax bases of assets and liabilities, However, deferred tax is not recognized on temporary differences relating to goodwill which is nonamortizable for tax purposes and other items where temporary differences, except for acquisitions, have arisen at the date of acquisition without affecting the net profit or loss for the year or the taxable income, In cases where the tax value can be determined according to different taxation rules, deferred tax is measured based on management’s intended use of the asset or settlement of the liability, Deferred tax assets are recognized, following an assessment, at the expected realizable value through offsetting against deferred tax liabilities or elimination in tax on future earnings, Deferred tax is measured based on the tax rules and at the tax rates which, according to the legislation in force at the balance sheet date, will be applicable when the deferred tax is expected to crystallize as current tax, Borrowings On initial recognition, borrowings are measured at fair value less related transaction costs paid, Subsequent to initial recognition, borrowings are measured at amortized cost using the effective interest method, Any difference between the proceeds initially received and the nominal value is recognized in financial expenses over the term of the loan, Payables to group enterprises Payables to group enterprises are measured at amortized cost, Other liabilities Other liabilities are measured at amortized cost, normally corresponding to the nominal value of such payables, Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2024-01-01 2024-12-31 2023-01-01 2023-12-31 2025-06-04 Reporting class B 2025-03-26 43943839 7N Group A/S Emdrupvej 26B, 2. 2100 Copenhagen Opinion Basis for Opinion 2025-03-26 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup DK