40988262 2025-01-01 2025-12-31 40988262 2025-01-01 2025-12-31 0 40988262 2025-01-01 2025-12-31 0 40988262 2025-01-01 2025-12-31 1 40988262 2025-01-01 2025-12-31 1 40988262 2025-01-01 2025-12-31 0 40988262 2024-01-01 2024-12-31 40988262 2024-12-31 40988262 2025-12-31 iso4217:USD 2025-01-01 2026-06-29 Regnskabsklasse B Annual report 20222670 BDO Statsautoriseret Revisionsaktieselskab Kystvejen 29 8000 Aarhus C xWizard version 1.1.1541.0, by EasyX Aps. www.easyx.eu 2024-01-01 2024-12-31 Independent Auditor’s Report Basis for Opinion Opinion 40988262 2026-06-29 Sandra Jane Delany Statement by management on the annual report   The Board of Directors and Executive Board have today discussed and approved the annual   report of Aqua Comms Denmark ApS for the financial year 1 January - 31 December 2025.The annual report is prepared in accordance with the Danish Financial Statements Act.   In our opinion, the financial statements give a true and fair view of the company's   financial position at 31 December 2025 and of the results of the company's operations for  the financial year 1 January - 31 December 2025.  In our opinion, management's review includes a true and fair account of the matters dealt   with in the management's review. We recommend that the annual report should be approved  by the company at the general meeting.   2025-12-31 Copenhagen 2026-06-29 Kate Hennessy Kate Hennessy Sandra Jane Delany Independent auditor's report To the shareholder of Aqua Comms Denmark ApS Opinion   In our opinion, the Financial Statements give a true and fair view of the financial position of   the Company at 31 December 2025 and of the results of the Company’s operations for the  financial year 1 January - 31 December 2025 in accordance with the Danish Financial  Statements Act.   We have audited the Financial Statements of Aqua Comms Denmark ApS for the financial year   1 January - 31 December 2025, which comprise income statement, balance sheet, statement  of changes in equity and notes, including a summary of significant accounting policies (”the  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 Financials 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.   Hellerup 2026-06-29 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 33771231 Leif Ulbæk Jensen State Authorised Public Accountant mne23327 James Liang State Authorised Public Accountant mne34549 Aqua Comms Denmark 40988262 2019-11-25 Kate Hennessy Sandra Jane Delany Kate Hennessy PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup Management's review Business review   The Company's purpose is to provide data connections, including held assets and licenses, and to   conduct business related to the AEC-2 and NSC subsea cables. Aqua Comms (Denmark) ApS holds  all Aqua Comms Danish assets associated with the AEC-2 and NSC subsea cables. The AEC-2 cable  provides capacity from Denmark to the USA and the NSC cable provides capacity from Denmark   to the UK.   Financial review   The company's income statement for the year ended 31 December 2025 shows a loss of  USD 55,673 and the balance sheet at 31 December 2025 shows negative equity of USD  281,194.   Going Concern   The shareholder has issued a Letter of Financial Support in which the shareholder confirms   to provide necessary financial support in order for the company to continue its operation for a  period of 12 months from the date of the signing of financial statements for 2025. Management  expect that the Share Capital will be reestablished within the next years through net profit.   Uncertainty relating to recognition and measurement   Please refer to note 6.  Significant events occurring after the end of the financial year   No events have occurred after the balance sheet date which could significantly affect   the company's financial position.   Accounting policies   The annual report of Aqua Comms Denmark ApS for 2025 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 entities.   The accounting policies applied are consistent with those of last year.   The annual report for 2025 is presented in USD.   Basis of recognition and measurement   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.   Leases   Leases in terms of which the Company assumes substantially all the risks and rewards of   ownership (finance leases) are recognised in the balance sheet at the lower of the fair value of   the leased asset and the net present value of the lease payments computed by applying the   interest rate implicit in the lease or an alternative borrowing rate as the discount rate. Assets   acquired under finance leases are depreciated and written down for impairment under the same   policy as determined for the other fixed assets of the Company.   The remaining lease obligation is capitalised and recognised in the balance sheet under debt, and   the interest element on the lease payments is charged over the lease term to the income   statement.   Foreign currency translation   On initial recognition, foreign currency transactions are translated applying the exchange rate   at the transaction date. Foreign exchange differences arising between the exchange rates at   the transaction date and at the date of payment are recognised in the income statement as   financial income or financial expenses.   Receivables and 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.   Fixed assets acquired in foreign currencies are translated at the exchange rate at the transaction   date.   Income statement Gross profit   With reference to section 32 of the Danish Financial Statements Act, gross profit/loss is   calculated as asummary of revenue, other operating income and other external expenses.   Revenue   Revenue is recognized based on the Danish share of the total revenue of the AEC-2 cable.   The revenue is recognized when, the revenue can be measured reliably and it is probable   that the economic benefits will flow to the Company.   Other operating income   Other operating income comprises items of a secondary nature relative to the   company's activities, including gains on the sale of intangible assets and items of   property, plant and equipment.   Other operating expenses   Other operating expenses comprise items of a secondary nature relative to the   company's activities, including losses on the sale of intangible assets and items of   property, plant and equipment.   Other external costs   Other external expenses comprise expenses for auditors, advisors and managements fee.   Financial income and expenses   Financial income and expenses comprise interest, financial expenses in respect of finance   leases, realised andunrealised exchange adjustments.   Tax on profit/loss for the year   The company is subject to the Danish rules on compulsory joint taxation.   On payment of joint taxation contributions, the current Danish income tax is allocated between  the jointly taxed entities in proportion to their taxable income. Entities with tax losses receive   joint taxation contributions from entities that have been able to use tax losses to reduce their  own taxable profits.   Tax for the year, which comprises the current tax charge for the year and changes in the deferred   tax charge, is recognized in the income statement as regards the portion that relates to the  profit/loss for the year and directly in equity as regards the portion that relates to entries directly  in equity.   Balance sheet Property, plant and equipment   Cost comprises the cost of acquisition and expenses directly related to the acquisition up until   the time when the asset is ready for use.   Interest expenses on loans contracted directly for financing the construction of property, plant   and equipment are recognized in cost over the construction period.   Straight-line depreciation is provided on the basis of the following estimated useful lives of the   assets:   Useful life   Cable Asset   25 years   Cable Landing Station Asset   25 years   Cable Landing Station Equipment   8 years   Lightning Equipment   8 years   The useful life and residual value are re-assessed annually. A change is accounted for as an   accounting estimate, and the impact on amortisation/depreciation is recognised going  forward.   Impairment of fixed assets   The carrying amount of property, plant and equipment is tested annually for impairment, other   than what is reflected through normal amortisation and depreciation.   Receivables   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.   Prepayments   Prepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions   and interest.   Income tax and deferred tax   Current tax liabilities and current tax receivables are recognised in the balance sheet as the   estimated tax on the taxable income for the year, adjusted for tax on the taxable income for   previous years and tax paid on account.   The company and all its Danish group entities are taxed on a joint basis. The current income tax   charge is allocated between the jointly taxed entities relative to their taxable income. Tax losses  are allocated based on the full absorption method. The jointly taxed entities are eligible for the   Danish Tax Prepayment Scheme.   Joint taxation contributions payable and receivable are recognised in the balance sheet as 'Joint  taxation contributions receivable' or 'Joint taxation contributions payable'.   Deferred tax is measured according to the liability method in respect of temporary differences   between the carrying amount of assets and liabilities and their tax base, calculated on the basis   of the planned use of the asset and settlement of the liability, respectively. Deferred tax is   measured at net realisable value.   Financial debts   Debts are measured at amortised cost, substantially corresponding to nominal value.   176375 128355 230408 203563 1640 3047 -55673 -78255 0 0 -55673 -78255 -55673 -78255 2767045 2536504 2767045 2536504 2536504 2767045 637119 380547 23572 210 22396 101060 760575 404329 311895 3428 764003 716224 3300507 3483269 6151 6151 -287345 -231672 -281194 -225521 7144 25131 25131 7144 131516 3486726 65417 4191 3509248 61118 3683659 3708790 3483269 3574557 3581701 3300507 Statement of changes in equity   Retained   Share capital   earnings   Total   USD   USD   USD   Equity at 1 January 2025  6,151   -231,672  -225,521  Net profit/loss for the year   0 -55,673  -55,673  Equity at 31 December 2025  6,151   -287,345  -281,194  The share capital consists of 40,000 shares of DKK 1. No shares carry any special rights.   The company has lost more than half of the share capital. The company's management has  at the annual general meeting in 2025 explained the company's position in accordance with  §119 of the Companies Act. It is Management's assessment that equity will be restored in   the future by capital contributions, earnings or a combination thereof. Further, the main   shareholder will ensure that sufficient liquidity will be available as basis for the continuing  operations. Please refer to note 1- 'Going concern'.   Notes   1 Going concern   The shareholder has issued a Letter of Financial Support in which the shareholder confirms   to provide necessary financial support in order for the company to be able to continue its   operations for a period of 12 months from the date of the signing of financial statements  for 2025.  2025  2024   USD   USD   2 Financial costs   Interest to affiliated companies   1,640   3,047   1,640   3,047   3 Tangible assets   Other fixtures and   fittings, tools and   equipment   USD   Cost at 1 January 2025  3,433,081   Cost at 31 December 2025  3,433,081  Impairment losses and depreciation at 1 January 2025  666,169  Depreciation for the year   230,408  Impairment losses and depreciation at 31 December 2025  896,577  Carrying amount at 31 December 2025  2,536,504  Including assets under finance leases amounting to   5,837   Notes   4 Contingent liabilities   The Danish group companies are jointly and severally liable for tax on the jointly taxed   incomes of the Group. The total amount of corporation tax payable is disclosed in the   Annual Report of Aqua Comms Denmark ApS, which is the management company of the   joint taxation purposes. Moreover, the Danish group companies are jointly and severally   liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax   on unearned income. Any subsequent adjustments of corporation taxes and withholding   taxes may increase the Company’s liability.   5 Related parties and ownership structure  Aqua Comms Denmark ApS immediate parent is Aqua Comms Connect Limited a company   incorporated in Ireland, and its ultimate parent is Cube Telecom Europe Holdings  Limited, a company incorporated in the United Kingdom.   During 2025, total related party transactions were identified under the following  categories:   Cable related revenues: USD 381,504  Cable related expenses: USD 168,989   6 Uncertainty relating to recognition and measurement  In 2023, Management prepared an impairment test for other fixtures and fittings, tools   and equipment. As part of the 2025 procedures, look-back procedures have been   performed to compare actual performance with the assumptions applied in the   impairment test. Based on this assessment, the development follows expectations and   there are no indications of impairment.   The impairment test, performed in 2023, is based on measurement complexities and  uncertainty due to significant assumptions applied in the valuation model, and   measurement uncertainties exist as to whether future events will occur as expected, e.g.   expectations for growth in internet traffic, pricing of the company's services, new   customers, etc. If the assumptions are not fulfilled partly or in full, this could in the future   give rise to impairment loss on other fixtures and fittings, tools and equipment.   The recognized amount for other fixtures and fittings, tools and equipment presented in   the financial statements is measured at cost less accumulated depreciation and less any   accumulated impairment losses. Significant assumptions used in the valuation model   consist of cash flow forecasts and expected industry growth.