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31 December 2022.The annual report is prepared in accordance with the Danish Financial Statements Act.In our opinion, the consolidated financial statements and parent financial statements give a true and fairview of the company and the group financial position at 31 December 2022 and of the results of thegroup and the company operations and consolidated cash flows for the financial year 1 January - 31December 2022.In our opinion, management's review includes a fair review of the matters dealt with in the management'sreview.Management recommends that the annual report should be approved at the Annual General Meeting. Værløse Steen Alexander Jesper Kalko CEO Lars Monrad-Gylling Lars Cordt Chairman Vice Chairman Christian Bamberger Bro Jesper Kalko INDEPENDENT AUDITOR'SREPORT To the shareholder of NTI Group ApS OpinionIn our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give atrue and fair view of the financial position of the Group and the Parent Company at 31 December 2022, andof the results of the Group’s and the Parent Company’s operations as well as the consolidated cash flowsfor the financial year 1 January - 31 December 2022 in accordance with the Danish Financial StatementsAct.We have audited the Consolidated Financial Statements and the Parent Company Financial Statements ofNTI Group ApS for the financial year 1 January - 31 December 2022, which comprise income statement,balance sheet, statement of changes in equity and notes, including a summary of significant accountingpolicies , for both the Group and the Parent Company, as well as consolidated statement of cash flows(“financial statements”). Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the additionalrequirements applicable in Denmark. Our responsibilities under those standards and requirements arefurther described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of ourreport. We are independent of the Group in accordance with the International Ethics Standards Board forAccountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additionalethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities inaccordance with these requirements and the IESBA Code. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion. Statement on Management’s ReviewManagement is responsible for Management’s Review.Our opinion on the financial statements does not cover Management’s Review, and we do not express anyform of assurance conclusion thereon.In connection with our audit of the financial statements, our responsibility is to read Management’s Reviewand, in doing so, consider whether Management’s Review is materially inconsistent with the financialstatements 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 informationrequired under the Danish Financials Statements Act.Based on the work we have performed, in our view, Management’s Review is in accordance with theConsolidated Financial Statements and the Parent Company Financial Statements and has been preparedin accordance with the requirements of the Danish Financial Statement Act. We did not identify anymaterial misstatement in Management’s Review. Management’s Responsibilities for the Financial StatementsManagement is responsible for the preparation of Consolidated Financial Statements and Parent CompanyEBITA growthFinancial 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 financialcompared to 2019statements that are free from material misstatement, whether due to fraud or error.In preparing the financial statements, Management is responsible for assessing the Group’s and the ParentCompany’s ability to continue as a going concern, disclosing, as applicable, matters related to goingconcern and using the going concern basis of accounting in preparing the financial statements unlessManagement either intends to liquidate the Group or the Parent Company or to cease operations, or has norealistic alternative but to do so. Auditor’s Responsibilities for the Audit of the Financial StatementsOur objectives are to obtain reasonable assurance about whether the financial statements as a whole arefree from material misstatement, whether due to fraud or error, and to issue an auditor’s report thatincludes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an auditconducted in accordance with ISAs and the additional requirements applicable in Denmark will alwaysdetect a material misstatement when it exists. Misstatements can arise from fraud or error and areconsidered material if, individually or in the aggregate, they could reasonably be expected to influence theeconomic 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 inDenmark, we exercise professional judgment and maintain professional scepticism throughout the audit.We also:Identify and assess the risks of material misstatement of the financial statements, whether due to fraudor error, design and perform audit procedures responsive to those risks, and obtain audit evidence thatis sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraud may involvecollusion, 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 proceduresthat are appropriate in the circumstances, but not for the purpose of expressing an opinion on theeffectiveness of the Group’s and the Parent Company’s internal control.Evaluate the appropriateness of accounting policies used and the reasonableness of accountingestimates and related disclosures made by Management.Conclude on the appropriateness of Management’s use of the going concern basis of accounting inpreparing the financial statements and, based on the audit evidence obtained, whether a materialuncertainty exists related to events or conditions that may cast significant doubt on the Group’s andthe Parent Company’s ability to continue as a going concern. If we conclude that a material uncertaintyexists, we are required to draw attention in our auditor’s report to the related disclosures in thefinancial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions arebased on the audit evidence obtained up to the date of our auditor’s report. However, future events orconditions may cause the Group and the Parent Company to cease to continue as a going concern.Evaluate the overall presentation, structure and contents of the financial statements, including thedisclosures, and whether the financial statements represent the underlying transactions and events in aEBITA growthmanner that gives a true and fair view.compared to 2019Obtain sufficient appropriate audit evidence regarding the financial information of the entities orbusiness activities within the Group to express an opinion on the Consolidated Financial Statements.We are responsible for the direction, supervision and performance of the group audit. We remain solelyresponsible for our audit opinion.We communicate with those charged with governance regarding, among other matters, the planned scopeand timing of the audit and significant audit findings, including any significant deficiencies in internalcontrol that we identify during our audit. Hellerup PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab Claus Lindholm Jacobsen Kristian Højgaard Carlsen State Authorised Public Accountant State Authorised Public Accountant N T I F O R E W O R DNTI's history dates back to 1945, when NTI originally produced and supplied drawing boards for the designand construction industries. Since then, NTI has expanded into a group that, in 2023, is present in 9countries with close to 600 employees and is known for supplying digital solutions for the design andconstruction industry in Europe. The last years have, e.g. included a pandemic and war in Ukraine. Despitethis, 2022 was yet a record-breaking year for NTI. We achieved a revenue of DKK 1,598 billion (~EUR 214million), representing an impressive growth of 48,9%, while at the same time achieving an EBITDA marginof 9,9%.In recent 4 years, we have more than doubled the revenue and more than quadrupled EBITDA to DKK158,5 million (~EUR 21,3 million).2022 was also a year in which we achieved many of our other goals. Most notable was our partnering withAxcel (see info box) in September 2022. This partnership will enable us to maintain but also accelerate ourfuture ambitions of becoming one of the leading service providers in the Autodesk ecosystem.Partnering with AxcelIn September 2022, Axcel (see info box)invested in NTI together with NTI's existingmajority owner and management. The partnership with Axcel will enable the NTIGroup to grow further, both organically andthrough acquisitions, with the aim of continuingthe roll-out of our state-of-the-art softwaresolutions to customers across Europe.Acquisitions have been a key element for yearsin NTI's strategic journey, From Good to Great,to become the leading partner in Europe fordigital and sustainable solutions for themanufacturing and construction industry. Founded in 1994, Axcel is a Nordic privateequity firm focusing on mid-market companieswithin four sectors: technology, businessservices & industrials, healthcare andconsumer. Axcel accelerates value creation inits 20 portfolio companies by leveraging itsexperience and expertise in Commercialexcellence, Buy & Build, Digitilisation andSustainability. Axcel has raised six funds withtotal committed capital of EUR 2,8 billion fromboth Nordic and international investors and isin the process of raising a seventh fund. Thesefunds have made 68 platform investments,with well over 200 add-on investments and 48exits. For more information: www.axcel.dk“NTI Group is a very exciting investmentopportunity for Axcel. This investmentallows us to leverage our significantexperience within the technology sector todevelop the company and continue thegrowth journey with the managementteam”Lars CordtPartner at Axcel and responsible for theinvestment.Consolidating our presence in Sweden and GermanySince 2017, when we entered the German market for the first time, other German acquisitions havefollowed. In February 2022, CINTEG Design Solutions GmbH joined the NTI Group as our fifth strongGerman NTI company. Shortly before we opened NTI's first office in Bavaria in January 2022, which meanswe now have 14 offices across 6 federal states in Germany with a revenue run rate of approximately EUR40 million.The first acquisition that NTI made outside of Denmark was in Sweden in 2004. In June 2022, 18 yearslater, we welcomed Swedish Cadcraft AB in the NTI Group. With this acquisition, the NTI Group in Swedenmore than doubled in size in terms of employees and resulted in a revenue run rate of approximately EUR25 million. For the NTI Group this meant that the Nordic footprint and especially our Design &Manufacturing (D&M) expertise in Europe was strengthened once again.NTI's own developed softwareOur own developed software, enabling us to support our clients with digital solutions supporting their entire workflow, isan integral part of the NTI strategy. During 2022, we succeeded in getting our digital solutions out to customers also insome of the new markets for NTI like Italy.Looking forwardNew markets and consolidation in existing marketsIn December 2022, our two Swedish companies (NTI Sweden AB and the former Cadcraft AB) merged intoone Swedish company (NTI Sweden AB). For our Swedish customers, we can now support them with almosttwice the number of experts than before. The first live events as one common company were conducted inthe spring of 2023.The NTI Group in Germany has grown steadily since 2017 - and so has the collaboration between ourGerman companies. Therefore, the time has come to take the next step, and we are very proud toannounce that our German companies will merge into one company in 2023. NTI Deutschland GmbHbecame a reality 1 January 2023. NTI CWSM GmbH was the first company to operate under the name ofNTI Deutschland. The other four German entities, NTI CINTEG Design Solutions, NTI Kailer, NTI technopartand NTI CADsys follow subsequently until August. It has been, and still is, a large project merging fivecompanies with different business systems into one company, but our dedicated German colleagues haveworked diligently towards the end goal and also managed to conduct common events for our Germancustomers, thereby showcasing the extended bandwidth of our one German company. April 2023, we were happy to announce that Finnish ArkSystems had joined the NTI Group. We aredelighted to welcome our new Finnish colleagues and our Finnish customers. Finland marks the 9thcountry with an NTI presence. The world around usAlthough the world around us continues going through an uncertain time caused by the current global andeconomic situation, that may cause some headwinds and a slowdown in the market, I am optimistic aboutthe future. A potential downturn may first be seen within the construction market, as it is more exposed toincreased interest and inflation. From an environmental aspect, the climate changes are also a matter of concern globally. NTI is committedto supporting our clients to adapt to a more sustainable future and to ensure that we strive to minimise ourimpact on the surrounding environment This is, therefore, a focus area both internally (own impact) andexternally where we are looking into how we can support our clients in adapting to a more sustainablefuture society in the best possible way.Finally, together with the executive management team, I want to sincerely thank our customers who trustus with their business and our dedicated employees for their outstanding and much-appreciated work.Steen Alexander (CEO, NTI Group) NKE joins the NTI GroOur visionWe strive to be the leading advisor and our customers’preferred partner in delivering technology andconsulting services to the construction, design, andmanufacturing industry in Europe.Our missionWe want to help our customers develop profitable,better, and more sustainable designs and constructionsin an increasingly challenging world.Our promiseWe will meet your expectations through a closecooperation based on commitment, reliability, humility,and mutual respect.The NTI Group is a leading full-service supplier of digitalsolutions for the construction, design, and manufacturingindustries in Europe.We are recognized for our high expertise in BIM, 3D designand digitalization and are certified Autodesk Platinumpartner. We are delivering knowledge, education andconsulting along with the software.The NTI Group is an Autodesk Platinum Partner andamongst the largest Autodesk partners in Europe with arevenue run rate of more than EUR 230 million andapproximately 600 employees in Denmark, Finland,Germany, Iceland, Italy Norway, Spain, Sweden and TheNetherlands.OWNERSHIP STRUCTUREThe Parent is ultimately owned by (i) the Danish private equity fund Axcel (Fund VI INV8) holding approx. 62 % of theshare capital (ii) JHK ApS holding approx. 32 % of the share capital and (iii) certain members of the Board ofDirectors and certain key employees etc. holding approx. 6 % of the share capital. The current capital structure is deemed appropriate in relation to the need for financial flexibility in the Group.This annual report for 2022 will be published at NTI Group's website, https://www.nti-europe.com/information/BOARD OF DIRECTORSLars Monrad-GyllingChairmanNationality: DanishBoard function: ChairmanProfession: Director, LMG Consulting ApSChairman:NTI Group ApSKvadrat A/SVipp A/SnetIP A/SNordic Cloud Technologies ApSEmographics ApSVice chairman:Systematic A/SStibo A/SBoard:Kring SB19Lars CordtVice ChairmanNationality: DanishBoard function: Vice ChairmanProfession: Partner, Axcel Management A/SChairman:AX V Nissens III ApSAX V GUBI Holding III ApSAX VI INV5 Holding III ApS*AX VI INV8 Holding III A/S Vice chairman: AX V Nissens II ApS* DANX Group A/S*NTI Group ApSAX VI INV8 Holding II ApS*Board:Mountain Top Holding II ApS*AX V Phase One Holding III ApS*AX V GUBI Holding II ApS*Axcel Management Holding ApS*XPartners Samhällsbyggnad AB*Executive officerMNGT3 LC ApS*and group related companiesChristian Bamberger BroBoard memberNationality: DanishBoard function: Board memberProfession: Partner, Axcel Management A/SVice chairman:AX VI itm8 Holding ApS*BullWall Group ApS*emagine Consulting A/S*SuperOffice Group AS*Capture One A/S*Phase One Group ApS*Loopia Aktiebolag*Board:Axcel Management Holding ApSNTI Group ApS*and group related companiesJesper KalkoBoard memberNationality: DanishBoard function: Board member Profession: Director, NTI Group ApS Director:Hilarius ApS*AX VI INV8 Holding II ApS*Chairman:Instrumeter A/SBoard:Nordic Petrol Systems Holding ApS*Qubiqa Holding A/S*AX VI INV8 Holding II ApS*J.H. Schultz Holding A/S**and group related companiesACQUISITIONSFebruary 2022 CINTEG Design Solutions GmbH and their 14 employees join the NTI Group in Germany.With the acquisition of CINTEG Design Solutions the NTI Group had 5 strong partners in Germany at the end of2022.June 2022Cadcraft AB and their 50 employees join the NTI Group in Sweden. AWARDS & CLIENT EVENTSAutodesk Marketing Innovation AwardNTI Denmark was named the winner of the Partner Marketing Innovations Award at2022 Autodesk OTx (One Team Extension) event. We won based on our big onlineevent NTI Innovation Forum which we held the previous year. More than 650participants met online at NTI Innovation Forum where the overall theme was how webest unite the physical world with the virtual world – and more specifically how webest utilize the digital world to create and optimize products and solutions. This alsomarks the second year in a row that a company in the NTI Group has won theAutodesk Marketing Innovation Award!Client eventsNTI has proud traditions of hosting not just webinars, but also big clients events (both online and live). Some of theevents are recurring events done annually and offer good possibilities for our clients to keep updated whilenetworking with peers. Some examples:BIM Universe (Denmark)BIM Universe is the biggest BIM event in Denmark. It hasbeen done for more than 10 years now. In 2022 we hadmore than 450 participants participating. With 21sessions and lots of time to network, participants areenjoying a full day of inspiration and learning how to dothings smarter and inspiring them to tackle well-knownchallenges differently.CAD & Company University (The Netherlands)CAD & Company University (CU). This is an annual event in The Netherlands where we inspire visitors. We give thefloor to customers to share their insights and experiencesof working with Autodesk software by giving presentationsand with inspiring key-notes around the theme. It’s anevent for the AEC and Design & Manufacturing Industryand aimed at software users, management and c-level.Digital Manufacturing Conference (Italy)The Digital Manufacturing Conference (DMC) is arecurring annual event in Italy. It allows our customers togain insight and discuss with experts through acombination of main sessions and more technicalafternoon workshop sessions. 2022 was the first liveevent after Covid with more than 300 participants. Verypositive feedback was received. “It is mandatory to have a guidance when planning yourbusiness future. This event is a 'guidance' “13NTI TEAM SPIRITAt NTI the team spirit is important. During 2022 we therefore had team events in multiple countries. After years withthe Covid-pandemic it was good to see colleagues again. On this page is a small glimpse of some of our internal teamevents and other events were colleagues got together. MANAGEMENT'S REVIEWFinancial reviewIt is very satisfactory to present our 2022 Annual Reportbecause it represents the best year in the history of NTI. Wecame through the pandemic with solid results and havecontinued to develop our digital solutions with an increasedemphasis on sustainability. The market demands, and theregulatory framework within sustainability are pushing thedigitalisation agenda. Our growth journey has been a successso far, both organically and through acquisitions. Before 2017we were only present in the Nordics, but here in 2022, most ofthe revenue streams are from outside of the Nordics. The 2022 result is characterized by yet a financial year with asolid growth. A revenue of DKK 1,598 billion (or EUR 214,6million) represents a growth of 48,9%. An EBITDA of DKK 158,5million (or EUR 21,3 million) up 46% YoY with an EBITDA marginof 9,9%.NTI Group completed two acquisitions in 2022 that contributed to the financial result. In February,NTI acquired Cinteg Design Solutions GmbH (Germany), followed by the acquisition of Cadcraft AB(Sweden) in June. The total revenue impact from the two acquisitions was DKK 111,5 million (~EUR14,9 million).The group's Income Statement for the year ended 31 December 2022 shows a profit after taxes ofDKK 102,6 million, and the Balance Sheet at 31 December 2022 shows an equity of DKK 15,1 million.The cash position of the group is very solid. The recurring revenue share increased to 90% (up from89% in 2021). Recurring revenue includes revenue from software licenses/subscriptions and hotlinecontracts.30 September 2022, NTI Group was acquired by the Nordic private equity firm Axcel. Before thetransaction, all minority shareholders in the subsidiaries were acquired by NTI Group; hence the NTIentities are now 100% owned by NTI Group ApS.NTI Group’s consolidation of the ownership of its subsidiaries in NTI Group ApS has affected the equity inthe Group by -231 million. The equity movements are disclosed in the statement of change in equity(please see page 41). Development of own IP s oftwareApprox. 8% of the workforce are working with development of software, both own IP software andcustomer-specific solutions. In 2022, capital expenditure of TDKK 12.987 in proprietary software wascapitalised. Expenditure for customer-financed development and certain other development work that donot meet the criteria for capitalisation was expensed in the Income Statement.Significant events occurring after the end of the financial yearNo events have occurred after the end of the financial year that could significantly affect the company'sfinancial position. 2023 outlook - expected developmentIn 2023 we expect continued positive development in our revenue. EBIT is expected to be in same rangeas in 2022 with an uncertainty of plus/minus 5-10%. The world around us, however, continues to gothrough an uncertain time caused by the current global and economic situation, e.g. resulting in increasinginterest rates and inflation. The economic environment may cause some headwinds and a slowdown in ourmarkets, especially in the construction market. Generally, our customer base remains relatively diversifiedacross most countries where NTI operates, thereby ensuring we are not overly dependent on individualtrends in specific industries. So while we might see indications in some markets of a slowdown in particularareas, we are still positive.From an environmental aspect, the climate changes are also a matter of concern globally. Our mostsignificant impact comes from contributing to the climate goals through the technologies and solutions webring to market. Therefore, our corporate strategy, From Good to Great, incorporates a commitment todeveloping digital solutions that will enable our clients to reduce their environmental footprint.Our sustainable digital solutionsGlobal megatrends such as digitalisation, urbanisation and sustainability drive the demand for digitalsolutions and services. Digitalisation and sustainability go hand in hand. Regulations and laws also setstandards that we and our clients need to comply with. The sustainability standards and certificationsrequire that we all start working differently and towards a more sustainable environment. A part of ourstrategy, From Good to Great, is centred around ensuring that our digital solutions will support our clientsin adapting to a more sustainable future society in the best possible way.Autodesk launched their first sustainability report more than a decade ago and is committed to meetingthe growing demand for sustainable solutions. We collaborate with them, e.g. through the AutodeskSustainability Tech Partner Program that we joined in December 2022. The program's ultimate objective isto get more sustainability data and intelligence into the hands of our clients.Our M&A strategyAcquisitions have been a key element for years in NTI's strategic journey, and in April 2023, FinnishArkSystems joined the NTI Group. The growth journey through acquisitions is expected to continue as wesee good acquisition opportunities that will strengthen our offering in local markets. With 20+ acquisitionsdone, we have the experience to incorporate new members into the Group successfully, but we are alsolooking into streamlining the integration even further.Our business and strategyAs NTI is one of Europe’s largest Autodesk Platinum partners, we work directly with Autodesk and haveaccess to support from them globally. Such a close partnership enables NTI to give our customers themaximum return on their investment in software from Autodesk.With the ambition to stay within the absolute top of Autodesk partners and to have a strong portfolio ofown digital solutions, NTI invests significantly in staying on the forefront of technological development.The product offerings from Autodesk, combined with supporting software from various other suppliers,including our own software solutions, qualify NTI as one of the strongest partners in the industry. NTIcontinues investing heavily in its own software solutions, creating and enhancing solutions thatcomplement the Autodesk product portfolio. As a complete solution provider to Europe’s design,construction and manufacturing industries, our offerings include products, training courses (onsite andvirtual) and various consultancy services to support customers in achieving their most optimal solution fortheir respective businesses.The group's operational risk is related to the ability to service our customers at a continued highprofessional level, which depends on our skilled and competent staff and is related to our ability to attractand retain personnel with the necessary skills. Therefore, apart from having leading technology suppliers,NTI must be able to recruit, retain and develop the best people within our industries. NTI drives severalinitiatives designed to promote job satisfaction and the continuous development capabilities of ouremployees.Our corporate strategy, From Good to Great, was initially launched in 2019. In the last quarter of 2022, astrategy project was initiated to map out and detail strategic initiatives and goals for the next five years. Itis a natural continuation of our strategy but updated to reflect how the market is developing, e.g. with amuch stronger focus on sustainability and ESG. Onboarding of our organisation and execution of the nextsteps in our journey was initiated in Q2 2023.ENVIRONMENTAL, SOCIAL& GOVERNANCE (ESG)ESGSustainabilityClimate change and the concerning effects (e.g. heavy rainfalls, extreme droughts) require us to act. In aworld with increasing urbanisation and a growing population, the global demand for resources and theinherent challenges also demand us to work differently and in a sustainable way.Our digital solutions provide the foundation for designing and constructing in a more sustainable way. Werecognise that we have the most significant impact through our digital solutions and will therefore strive toensure that these will support the sustainability agenda. Equally, we will work on reducing our own impacton the environment.EnvironmentOur own impactAs a software and services company (see also sections on our businessand strategy and NTI at a glance), our environmental impact is limited,but we take responsibility for reducing our impact where possible. We tryto avoid unnecessary business travel by car or by airplane, using virtualmeetings to the greatest extent possible. We also have many localinitiatives ranging from waste reduction to local targets on reducingenergy consumption and paper-free offices.End of 2022, we made the NTI Group's C02 emissions baseline for 2021 and followed up at the beginning of2023 with the 2022 emission reporting. The Greenhouse Gas emission (GHG) calculations also included the firstsurveys ever to all employees on their commuting patterns. We will improve on our GHG calculation and reportEBITA growthon it annually.Actions planned for 2023 Develop sustainabilitypolicy SocialNTI EmployeesNTI bears a social responsibility, including ethics, working environment, and environmental protection.Consistently we seek to adapt and improve the working environment to ensure maximum employeesatisfaction and full compliance with national standards. Local employee surveys are conducted at somesites on a regular basis. From 2023 and onwards an NTI Group wide employee survey (anonymous) will bedone annually. This overall results of this survey will communicated to all and local management willfollow and work with local results. Employees are encouraged to reach out to local HR or management incase of concerns regarding, e.g. health, stress or non optimal working conditions. End of 2022 NTIsurveyed if workplace injuries had taken place and are now reporting on it quarterly. No workplaceinjuries have been reported. Our employees make up the foundation of NTI. Their engagement and competences that allow us tocreate sustainable designs and constructions and provide value to our clients. GovernanceActions for 2023 Whistleblower system launchedon Group levelQuarterly ESG reportingReporting, policies and whistleblower schemeWith the upcoming requirements of the EU Corporate SustainabilityReporting Directive (CSRD) and the related European SustainabilityReporting Standards (ESRS), which will apply to NTI from thefinancial year of 2025 onwards, we are starting to prepare for futureESG reporting. Equally we have also signed up for the UN GlobalCompact program and will start the reporting in 2024. Mid-2022 we launched a whistleblower reporting mechanism in the Danish company. Zero incidents havebeen reported during the year it has been available. During 2023 we will establish a whistleblowerreporting mechanism at the Group level. Our Code of Conducts (for employees and suppliers/business partners) communicate our expectations ofthe principles and ethical values we want to uphold. More policies will follow during 2023 to ensure thatour growing NTI Group is operating with the highest degree of respect for social, environmental, andethical business standards. High-risk countriesNTI Group primarily operates/conducts business in countries where we have office locations (NTI keyterritories), i.e., Denmark, Finland, Germany, Iceland, Italy, Norway, Spain, Sweden and The Netherlands.Our customers are mainly domiciled within the EU and the EEA and not in countries representing a highrisk with respect to sanctions, noting that some of our customers operate worldwide and hence limitednumber of customers/prospects are found in locations outside of key NTI territories. We generally do not have any suppliers or partners in designated high-risk countries, where the authoritiesoften have little control over social and environmental issues. NTI has prioritized keeping softwaredevelopment within NTI’s European entities, securing compliance with our CSR policy.Human and labour rightsAt NTI, we are committed to supporting proper terms of employment and working conditions. Asmentioned in the above section, we do not operate in high-risk countries. All our offices (and therebyemployees) are located in EU and the EEA. We support and respect internationally proclaimed humanrights stated in the International Bill of Human Rights and the core labour rights from the InternationalLabour Organisation’s Declaration on Fundamental Principles and Rights at Work and are a member of theUN Global Compact programme (as of 2023). All our local offices are compliant with national laws. Wehave also stated this in our Code of Conducts (for employees and suppliers/business partners) includinghow you may report a concern if you have any. The whistleblower system that will be launched on Grouplevel in 2023 will also allow for reporting of concerns.Anti-corruption and briberyActing as a responsible business is anchored in our NTI values, vision, mission and promise to our clients aswell as respect for the ten UN Global Compact Principles on human rights (we signed up for the UN GlobalCompact program in 2023), the environment and anti-corruption. Please also refer to the above sectionwhere we have stated that we are not operating in high-risk countries. Our Code of Conducts (foremployees and suppliers/business partners) also has sections on anti-corruption and bribery and how you20may report a concern if you have any. Revenue Revenue Revenue Revenue Revenue 1598736000 1073446000 798156000 622998000 502378000 542582000 394132000 269726000 201167000 180512000 EBITDA EBITDA EBITDA EBITDA EBITDA 158473000 108418000 83180000 36491000 25293000 EBITA EBITA EBITA EBITA EBITA 156494000 106039000 81522000 34850000 24137000 144164000 93543000 66558000 27299000 18442000 -3833000 -1850000 -608000 -907000 -175000 102603000 56090000 41270000 15709000 11260000 691336000 529653000 301505000 269823000 198703000 -3126000 -4273000 -2989000 -3082000 -1541000 15123000 154564000 109923000 78507000 72434000 0.34 0.37 0.34 0.32 0.36 Return on assets Return on assets Return on assets Return on assets Return on assets 0.24 0.23 0.23 0.12 0.10 0.02 0.29 0.36 0.29 0.36 1.21 0.42 0.44 0.21 0.18 Corporate social responsibility As a company, we are highly dedicated to our corporate social responsibility. We have strong corporatevalues in terms of how we collaborate in an inclusive and safe way - both internally and with our customersand partners. Naturally, we condemn any form of abuse of human rights and any form of corruption. We aregenerally aware of setting standards for our suppliers and sub-suppliers to ensure that they, in turn, areaware of their own social responsibility. During 2023 a group-wide Code of Conduct for employees as wella Code of Conduct for suppliers and business partners have been formalized to ensure that everyone has aclear understanding of the principles and ethical values that we operate by. Being an Autodesk Platinumpartner, we are also held accountable for living up to their Code of Conduct for Partners.As a part of our 2027 strategy project, we have, during the first half-year of 2023, put forward a strategicinitiative to ensure that our commitment to Environmental, Social and Governance (ESG) aspects arefollowed up with actions. As a part of this project, e.g. a materiality assessment was made to define our keyESG focus areas. We will hold ourselves accountable for reaching our goals and report on our progress. Thefollowing sections will detail and summarize how we work with ESG aspects. Diversity, Equity and Inclusion (DE&I)NTI believes that all people must have equal opportunities and have embedded this in our Code ofConduct for employees. We do not tolerate any discrimination in our company, whether sexual, gender-related, freedom of organization, religious or ethnic. We consider our employees our core strength. Wehave a very wide range of personnel and believe that diversity in the composition of our work force is amajor strength. High ethical standards and behaving responsibly towards each other, our clients, collaborators, andsociety are central to who we are. We all have a shared responsibility in creating an inclusiveorganisational culture at NTI. We are mindful that acting on DE&I is an ongoing journey that requirescontributions from all employees and leaders. ,Our values are on this are also embedded in our Code of Conduct for employees. The gender distribution amongst employees in the NTI Groupwas 25% women and 75% men (the numbers are as end of2022) which is the same level as the previous years. The gender diversity end of 2022 in leadership (definition wassharpened and streamlined end of 2022) across all companiesresulted in 22% women in leadership. In 2022, the NTI Groupmanagement consisted of one woman and five men (as seen inthe NTI Group chart on page 12).30 September 2022, NTI Group was acquired by the Nordicprivate equity firm Axcel. This also meant that a new boardelected. At the end of 2022 the board consisted of 3 men.During January 2023 a new chairman (man) was elected. Thegoal for 2023 is to add an additional female board member,hence the board will consist of 1 woman (20%) and 4 men (80%)once this is achieved.The gender distribution at intermediate level (e.g. including team leaders) has not been captured inreporting, but it is planned to look more into this in relation to possible succession management. The talentavailability differs across markets, and women unfortunately, continue to be underrepresented in theindustries that NTI is operating in, but we will continue to look into what is possible to make the genderdistribution more even.Actions planned for 2023Improve data quality on genderdiversity to get a better overviewon potential areas forimprovementConduct employee engagementsurvey amongst all NTIemployees once a year as asupplement to local employeeengagement surveys Add a female board member tothe board of NTI Group Our data ethics principlesIn the NTI Group, we are committed to using and processing data in an ethical acceptable way in allaspects of our business. We comply with statutory regulations regarding data and privacy protection.Technological advances, however, require responsible decision-making where existing laws andregulations do not necessarily suffice. It is an overarching principle for us that the software and algorithmsthat we use are purely aimed at optimizing our own decision-making processes and to support our clientsin the most appropriate way. Below are our four main principles that, together with NTI's corporate values, work as our data ethicalcompass:Trust & integrity A trustful relationship with our clients, employees and other stakeholders is essential to NTI, and we striveto build and maintain the trust of the people and companies whose data we use and process by adheringstrictly to our commitments stated in our data ethics principles. When using or processing data, we willnever compromise the fundamental rights of an individual.Transparency NTI will provide transparency around the principles of storage, use, and processing of data to ouremployees, customers, and other stakeholders to ensure their continued confidence in NTI Group.Security Data in NTI's possession is processed and stored in a secure manner. NTI is in the process of adopting andimplementing a number of policies of relevance to support this data ethics policy, including a personal dataprotection policy and an IT security policy. AccountabilityWe hold all our employees accountable for ensuring that they comply with our data ethical compass. Weencourage raising data ethical concerns and have introduced the first local whistleblower system in theNTI Group. false A C C O U N T I N G P O L I C I E SThe annual report of NTI Group ApS for 2022 has beenprepared in accordance with the provisions ofthe Danish Financial Statements Act applying to largeenterprises of reporting class C.The accounting policies are identical for both the parentcompany financial statements and the consolidatedfinancial statements except for measurement ofacquisitions where the parent company is using the CostPrice Method.The annual report for 2022 is presented in TDKK.Changes in assessment of goodwill amortisationThe company has in 2022 changed the goodwillamortisation period from 10 to 20 years.The amortisation period is based on the assessmentthat the entities in question are strategically acquiredentities with a strong market position and a long-termearning profile.The impact of the above-mentioned change inassessments has been recorded as per 1 January2022.The effect of the changes has impacted the profit forthe year 2022 positively with TDKK 6.800.Basis of recognition and measurementIncome is recognised in the income statement asearned, including value adjustments of financial assetsand liabilities. All expenses, including amortisation,depreciation and impairment losses, are alsorecognised in the income statement.Assets are recognised in the balance sheet when it isprobable that future economic benefits will flow tothe group's and the parent company's and the value ofthe asset can be measured reliably.Liabilities are recognised in the balance sheet when itis probable that future economic benefits will flowfrom the group's and the parent company's and thevalue of the liability can be measured reliably.On initial recognition, assets and liabilities aremeasured at cost. On subsequent recognition, assetsand liabilities are measured as described below foreach individual accounting item.Certain financial assets and liabilities are measured atamortised cost using the effective interest method.Amortised cost is calculated as the historic cost lessany installments and plus/less the accumulatedamortisation of the difference between the cost andthe nominal amount.On recognition and measurement, allowance is madefor predictable losses and risks which occur beforethe annual report is presented, and which confirm orinvalidate matters existing at the balance sheet date.Recognition and measurement of businesscombinationsRecently acquired entities are recognised in thefinancial statements from the date of acquisition. Soldentities are recognised in the financial statements untilthe date of disposal. Comparative figures are notrestated in respect of recently acquired entities.Discontinued operations are presented separately, seebelow.The date of acquisition is the time when the companyactually gains control over the acquiree.The acquisition method is applied to the acquisition ofnew entities where the company gains control over theacquiree. The acquirees' identifiable assets, liabilitiesand contingent liabilities are measured at fair value atthe date of acquisition. Identifiable intangible assets arerecognised if they are separable or emanate from acontractual right. Deferred tax on the revaluations madeis recognised.Positive differences (goodwill) between, on the one side,the purchase consideration, the value of non-controllinginterests in the acquiree and the fair value of anypreviously acquired investments and, on the other side,the fair value of the acquired identifiable assets,liabilities and contingent liabilities are recognised asgoodwill under ‘Intangible assets’. Goodwill is amortisedon a straight-line basis in the income statement basedon an individual assessment of its useful life.Negative differences (negative goodwill) are recognisedin the income statement at the date of acquisition.On acquisition, goodwill is ascribed to / classed with thecash-generating unit, which subsequently forms a basisfor impairment testing. Goodwill and fair valueadjustments in connection with the acquisition of aforeign entity with another functional currency than thegroup's presentation currency are accounted for asassets and liabilities belonging to the foreign entity andare translated on initial recognition into the foreignentity's functional currency using the exchange rate atthe date of the transaction.The purchase consideration for an entity consists of thefair value of the agreed consideration in the form ofassets transferred, liabilities assumed, and equityinstruments issued. If part of the purchaseconsideration is conditional upon future events or thefulfilment of agreed conditions, this part of thepurchase consideration is recognised at fair value atthe date of acquisition. Subsequent adjustments ofconditional purchase consideration are recognised inthe income statement.Expenses defrayed in connection with acquisitions arerecognised in the income statement in the year inwhich they are defrayed.If, at the date of acquisition, the identification ormeasurement of acquired assets, liabilities and/orcontingent liabilities or the size of the purchaseconsideration are associated with uncertainty, initialrecognition will be based on preliminarily calculatedamounts. If it subsequently turns out that theidentification or measurement of the purchaseconsideration, acquired assets, liabilities and/orcontingent liabilities was not correct on initialrecognition, the calculation will be adjusted withretrospective effect, including goodwill, until 12 monthsafter the acquisition, and comparative figures will berestated. Subsequently, any adjustments made will berecognised as error.Consolidated financial statementsThe consolidated financial statements comprise theparent company NTI Group ApS and subsidiaries inwhich the parent company, directly or indirectly, holdsmore than 50% of the voting rights or otherwise has acontrolling interest. Entities in which the Group holdsbetween 20% and 50% of the voting rights and overwhich it exercises significant influence, but which itdoes not control, are considered participating interestsor associates, cf. the group chart.The consolidated financial statements are prepared asa consolidation of the parent company's andsubsidiaries' financial statements by aggregatinguniform accounting items. On consolidation, intra-group income and expenses, holdings of shares, intra-group balances and dividends as well as realised andunrealised gains and losses on intra-group transactionsare eliminated.Investments in subsidiaries are set off against theproportionate share of the subsidiaries' fair value of netassets and liabilities at the acquisition date.Entities acquired or formed during the year are recognisedin the consolidated financial statements from the date atwhich control is obtained. Entities sold during the year arerecognised in the consolidated income statement until thedate of disposal. Comparative figures are not restated foracquisitions or disposals.Intra-group business combinationsFor business combinations such as the purchase and saleof investments, mergers, divisions, inflows of assets andshare exchanges, etc. when participating in companiesunder the controlling influence of the parent company, thebook value method is used, where the aggregation isconsidered to have been carried out at the time ofacquisition without adjustment of comparative figures.Differences between the agreed consideration and theacquired company's carrying amount are recognized inequity.Minority interestsIn the consolidated financial statements, the items ofsubsidiaries are recognised in full. The minorityinterests' proportionate share of subsidiaries' profit/lossand equity is presented separately under appropriation ofprofit and in a main item under equity.Income statementSegment informationInformation is provided on business segments andgeographical markets. The segment information isprovided in consideration of the group's accountingpolicies, risks and management control.RevenueIncome from sale of goods for resale and finished goods isrecognised in the income statement, provided that thetransfer of risk, usually on delivery to the buyer, has takenplace and that the income can be measured reliably and isexpected to be received. Revenue is measured at the fair value of the agreedconsideration, excluding VAT and other indirect taxes.Revenue is net of all types of discounts granted. In accordance with the interpretation of IFRS 15, theperformance obligation for sale of 3-year Autodeskproducts are met when the license is made availablefor the customer and when the customer has beeninvoiced. Sales of 1-year subscription agreements arerecognized when the sale is completed, or the licenseis renewed. Judgement for revenue recognitionWhen determining whether the Group acts as agent orprincipal when recognising revenue from sale ofAutodesk products and thereby whether revenueshould be recognised on a net or a gross basis,Management has to apply judgement. It isManagement's assessment that even though Autodeskis primarily responsible for delivering its products tothe customer, the Group has risk related to credit riskand its latitude to establish prices. Therefore,Management has assessed that the Group acts asPrincipal, recognising revenue on a gross basis fromsale of Autodesk products as a consequence. Expenses for raw materials and consumablesCosts of raw materials and consumables include theraw materials and consumables used in generating theyear’s revenue.Other ope ra ting in comeOther operating income comprises items of asecondary nature relative to the company's activities,including gains on the sale of intangible assets andproperty, plant and equipment.Other ope ra ting ex pen sesOther operating expenses comprise items of asecondary nature relative to the company's activities,including losses on the sale of intangible assets andproperty, plant and equipment.Other external costsOther external costs include expenses related todistribution, sale, advertising, administration,premises, bad debts, payments under operatingleases, etc.Staff costsStaff costs include wages and salaries, includingcompensated absence and pensions, as well as othersocial security contributions, etc. made to the entity'semployees. The item is net of refunds made by publicauthorities.Fi nan ci al in come and ex pen sesFinancial income and expenses are recognised in theincome statement at the amounts relating to thefinancial year. Net financials include interest incomeand expenses and realised and unrealisedcapital/exchange gains and losses on foreign currencytransactions. Profit/loss from investments in subsidiariesThe proportionate share of the profit/loss for the yearof subsidiaries is recognised in the parent company'sincome statement after full elimination of intra‑groupprofits/losses.Tax on profit/loss for the yearOn payment of joint taxation contributions, thecurrent Danish income tax is allocated between thejointly taxed entities in proportion to their taxableincome. Entities with tax losses receive joint taxationcontributions from entities that have been able to usetax losses to reduce their own taxable profits.Tax for the year, which comprises the current taxcharge for the year and changes in the deferred taxcharge, is recognised in the income statement asregards the portion that relates to the profit/loss forthe year and directly in equity as regards the portionthat relates to entries directly in equity.Balance sheetIntangible assetsGoodwillGoodwill is amortised over the expected economic lifeof the asset, measured by reference to management'sexperience in the individual business segments.Goodwill is amortised on a straight-linebasis over the amortisation period, which is 20 years.The amortisation period is based on the assessmentthat the entities in question are strategically acquiredentities with a strong market position and a long-termearnings profile.Development projects, patents and licencesDevelopment costs comprise costs, wages/salariesand amortisation losses that are directly and indirectlyattributable to the company's development activities.Developments projects recognised in the balancesheet are measured at cost less accumulatedamortisation and impairment losses.Following the completion of the development work,development costs are amortised on a straight-linebasis over the estimated useful life. The amortisationperiod is usually five years.Patents and licences are measured at cost lessaccumulated amortisation and impairment losses.Patents are amortised on a straight-line basis over theremaining patent period, and licences are amortisedover the term of the licence, however not more than 5years.Tangible assetsOther fixtures and fittings, tools and equipment andleasehold improvements are measured at cost lessaccumulated depreciation and impairment losses.The depreciable amount is cost less the expectedresidual value at the end of the useful life.Cost comprises the purchase price and any costsdirectly attributable to the acquisition until the datewhen the asset is available for use. The cost of self-constructed assets comprises direct and indirect costsof materials, components, sub-suppliers and wages.Straight‑line depreciation is provided based on thefollowing estimated useful lives of the assets:Useful lifeOther fixtures and fittings, tools3-5 yearsand equipmentLeasehold improvments3-5 yearsAssets costing less than DKK 30.700 are expensedin the year of acquisition.Gains or losses from the disposal of other fixturesand fittings, tools and equipment and leaseholdimprovements are recognised in the incomestatement as other operating income or otheroperating expenses, respectively.LeasesLeases for items of property, plant and equipment thattransfer substantially all the risks and rewards incidentto ownership to the company (finance leases) arerecognised in the balance sheet as assets. On initialrecognition, assets are measured at estimated cost,corresponding to the lower of fair value of the leasedasset and the present value of the future leasepayments. In calculating the net present value of thefuture lease payments, the interest rate implicit in thelease or the incremental borrowing rate is used as thediscount factor. Assets held under finance leases aresubsequently depreciated as the company's other non-current assets.The capitalised residual lease commitment isrecognised in the balance sheet as a liability, and theinterest element of the lease payment is recognised inthe income statement over the term of the lease.All other leases are operating leases. Paymentsrelating to operating leases and any other leases arerecognised in the income statement over the term ofthe lease. The company's total liabilities relating tooperating leases and other rent agreements aredisclosed under 'Contingencies, etc.'.In vest ments in subsidiariesInvestments in subsidiaries are measured at theproportionate share of the net asset value of theentities, calculated based on the group's accountingpolicies, plus or less unrealised intra-group gains orlosses and plus or less any remaining value of positiveor negative goodwill stated according to the purchasemethod. Negative goodwill is recognised in the incomestatement on acquisition. Where the negative goodwillrelates to contingent liabilities having been taken over,the negative goodwill is not recognised until thecontingent liabilities have been settled or no longerexist. The company has chosen to consider the equitymethod as consolidation method.Investments in subsidiaries, associates andparticipating interests with a negative net asset valueare measured at DKK 0, and the carrying amount ofany receivables from these entities is reduced to theextent that they are considered irrecoverable. If theparent company has a legal or constructive obligationto cover a deficit that exceeds the receivable, thebalance is recognised under provisions.Acquirees are accounted for using the purchasemethod, see the above description of consolidatedfinancial statements and calculation of goodwill.Impairment of fixed assetsThe carrying amount of intangible assets, items ofproperty, plant and equipment and investments insubsidiaries, associates and participating interests istested annually for impairment, other than what isreflected through normal amortisation anddepreciation. Where there is evidence of impairment, an impairmenttest is performed for each individual asset or group ofassets. Write-down is made to the lower of therecoverable amount and the carrying amount.StocksStocks are mea sured at cost using the FIFO method.Where the net realisable value is lower than the cost,inventories are recognised at this lower value.The cost of finished goods and work in progressincludes the cost of raw materials, consumables, directcost of labour and production overheads.The net realisable value of stocks is calculated as theexpected selling price less costs of completion andexpenses incurred to affect the sale. The net realisablevalue is determined taking into account marketability,obsolescence and expected selling price movements.ReceivablesReceivables are measured at amortised cost.An impairment loss is recognised if there is objectiveevidence that a receivable or a group of receivables isimpaired. If there is objective evidence that anindividual receivable is impaired, an impairment lossfor that individual asset is recognised.PrepaymentsPrepayments recognised under 'Current assets'comprises expenses incurred concerning subsequentfinancial years.Securities and investmentsSecurities and investments, which consist of listedshares and bonds, are measured at fair value at thebalance sheet date. Non‑listed securities aremeasured at fair value based on the estimated value inuse.EquityReserve for exchange rate adjustmentsThe year's changes in exchange rates from translatingforeign subsidiaries, participating interests andassociates based on closing rates are recognised inthe fair value reserve in the consolidated financialstatements.Changes in exchange rates from translating foreignsubsidiaries, participating interests and associates arerecognised in the net reserve according to the equitymethod.Reserve for net revaluation according to the equitymethodThe reserve for net revaluation according to theequity method in the company's financial statementscomprises net revaluation of investments insubsidiaries and associates relative to the cost.DividendsProposed dividends are disclosed as a separate itemunder equity. Dividends are recognised as a liabilitywhen declared by the annual general meeting ofshareholders.Income tax and deferred taxCurrent tax liabilities and current tax receivables arerecognised in the balance sheet as the estimated taxon the taxable income for the year, adjusted for tax onthe taxable income for previous years and tax paidon account.Deferred tax is measured according to the liabilitymethod in respect of temporary differences betweenthe carrying amount of assets and liabilities and their taxbase, calculated based on the planned use of the assetand settlement of the liability, respectively. Deferred taxis measured at net realisable value.Deferred tax is measured according to the tax rules andat the tax rates applicable in the respective countries atthe balance sheet date when the deferred tax isexpected to crystallise as current tax. Deferred taxadjustments resulting from changes in tax rates arerecognised in the income statement, except for itemstaken directly to equity.Deferred tax assets, including the tax base of tax lossesallowed for carry forward, are measured at thevalue to which the asset is expected to be realised,either as a set-off against tax on future income or as aset-off against deferred tax liabilities within the samelegal tax entity. Any deferred net tax assets aremeasured at net realisable value.LiabilitiesLiabilities, which include trade payables, payables togroup entities and other payables, are measured atamortised cost, which is usually equivalent to nominalvalue.Deferred incomeDeferred income recognised under 'Current liabilities'comprises payments received concerning income insubsequent financial years.Foreign currency translationOn initial recognition, foreign currencytransactions are translated applying theexchange rate at the transaction date. Foreignexchange differences arising between theexchange rates at the transaction date and at thedate of payment are recognised in the incomestatement as financial income or financialexpenses. If foreign currency instruments areconsidered cash flow hedges, any unrealisedvalue adjustments are taken directly to a fairvalue reserve under ‘Equity’.Receivables and payables and other monetaryitems denominated in foreign currencies aretranslated at the exchange rates at the balancesheet date. The difference between the exchangerates at the balance sheet date and the date atwhich the receivable or payable arose or wasrecognised in the latest financial statements isrecognised in the income statement as financialincome or financial expenses.Foreign subsidiaries, associates and participatinginterests are considered separate entities. Theincome statements are translated at the averageexchange rates for the month, and the balancesheet items are translated at the exchange ratesat the balance sheet date. Foreign exchangedifferences arising on translation of such entitiesopening equity at closing rate and on translationof the income statements from the exchangerates at the transaction date to closing rate aretaken directly to the fair value reserve under'Equity' in the consolidated financial statements.Foreign exchange adjustments of balances withseparate entities which are considered part of theinvestment in the subsidiary are taken directly tothe fair value reserve under 'Equity'.Correspondingly, foreign exchange gains andlosses on loans and derivative financialinstruments entered into to hedge netinvestments in such entities are taken directly toequity.Cash flow state mentThe cash flow state ment shows the group's cashflows for the year, broken down under cashflows from operating, investing and financingactivities, the year's changes in cash and cashequivalents and the group's cash and cashequivalents at the beginning and at the end ofthe year.The cash flow effect of additions and disposalsof entities is shown separately under cash flowsfrom investing activities. The cash flowstatement includes cash flows from acquiredentities from the time of acquisition, and cashflows from sold entities are included until thedate of sale.Cash flows from ope ra ting ac ti vi tiesCash flows from operating activities are statedas the group's profit or loss for the year,adjusted for non‑cash operating items, changesin working capital and paid income taxes.Dividend income from investments is recognisedunder ‘Interest income and dividend received’.Cash flows from in ves ting ac ti vi tiesCash flows from investing activities comprisepayments related to the acquisition and sale ofentities and activities as well as intangibleassets, property, plant and equipment andinvestments.Cash flows from fi nan cing ac ti vi tiesCash flows from financing activities comprisechanges in the size or composition of thegroup's share capital and related costs, as wellas the raising of loans, repayment ofinterest‑bearing debt and payment of dividendsto shareholders.Cash and cash equi va lentsCash and cash equivalents comprise cash andshort‑term securities whose remaining life isless than three months, and which are readilyconvertible into cash, and which are subject onlyto insignificant risks of changes in value. Financial ratiosThe financial ratios have been calculated as follows:Gross profit x 100 Gross margin ratio Revenue Profit/loss before financials x 100 Return on assets Average assets Equity, end of the year x 100 Solvency ratioTotal assets at year-end Profit/loss for analysis purposes x 100Return on equityAverage equity excl. non-controlling interestsEBITDA: Profit/loss before amortisation/depreciation and impairment lossesEBITA: Profit/loss before interest, taxes, and amortizationEBIT: Profit/loss before net financials 1598736000 1075835000 5090000 0 1056154000 681703000 5590000 0 -500000 0 12987000 0 0 0 102481000 54941000 10767000 2344000 294615000 230773000 6325000 4882000 0 0 8563000 4875000 -9028000 -2351000 0 0 40434000 35412000 2926000 295000 2009000 0 6759000 2145000 7705000 1688000 140331000 91693000 25709000 31373000 37729000 25799000 -1239000 -520000 0 9804000 0 0 26948000 31893000 16457000 4747000 0 0 0 3000 0 0 25989000 0 0 0 11738000 0 0 0 120399000 104069000 0 0 1137000 6789000 0 0 175720000 115608000 0 0 6464000 5967000 0 0 6464000 5967000 0 0 0 0 528127000 211546000 3439000 0 0 0 0 515000 0 0 3439000 515000 528127000 211546000 185622000 122090000 528127000 211546000 10762000 22624000 186000 7000 280074000 226836000 168000 0 0 0 5163000 6776000 1830000 0 1239000 520000 19117000 30927000 1941000 326000 6013000 1304000 0 23000 187918000 125872000 8855000 46000 505714000 407563000 17552000 7698000 545679000 219244000 494000 500000 494000 500000 -4005000 26000 0 0 18634000 119264000 107862000 53461000 0 34774000 0 0 108356000 53961000 9986000 493000 0 0 244879000 17566000 236124000 0 254865000 18059000 236124000 0 8556000 18713000 0 9537000 1118000 50322000 0 33709000 252361000 149893000 2330000 309000 19616000 0 189853000 119831000 26279000 24897000 0 0 89890000 87731000 9017000 1897000 23527000 25474000 0 0 421348000 357030000 201199000 165283000 676213000 375089000 437323000 165283000 691336000 529653000 545679000 219244000 500000 26000 119264000 34774000 0 -4031000 0 0 -4031000 0 0 0 4373000 4373000 0 0 -230686000 -30401000 -261087000 10000 0 35383000 0 35393000 4000 0 15135000 0 15139000 0 0 47702000 0 47702000 0 0 102603000 0 494000 -4005000 18634000 0 500000 0 53461000 4000 0 15135000 15139000 10000 0 35383000 35393000 0 0 47702000 47702000 0 0 26948000 494000 0 107862000 56654000 51945000 87575000 -26853000 246832000 81182000 Financial income Financial income 2926000 295000 Financial expenses Financial expenses -6630000 -2145000 34247000 24544000 208881000 54788000 Other adjustments Other adjustments -2842000 0 206039000 54788000 72363000 80770000 3126000 4273000 1048000 0 6011000 0 6609000 0 Acquisition of minority shares Acquisition of minority shares -261088000 0 Change in deposits Change in deposits -2924000 0 Minorities share of received dividend Minorities share of received dividend -4373000 7517000 -343424000 -77526000 Capital increase/decrease Capital increase/decrease 27448000 0 Proceed from borrowings from financial institutions Proceed from borrowings from financial institutions 241427000 0 Repayment to financial institutions Repayment to financial institutions -23153000 0 0 28250000 245722000 -28250000 108337000 -50988000 75550000 126538000 4031000 0 187918000 Note 1 - Segment informationGROUP TDKK 2022 2021 Revenue by activities - primary segment Software 1.401.495 949.493 Consultancy & Hotline 104.327 73.954 Training 45.312 30.043 Other 47.602 19.956 Group total 1.598.736 1.073.446 Revenue by geography - secondary segment Scandinavia 612.550 567.291 Rest of the world 986.185 506.155 Group total 1.598.736 1.073.446 Note 2 - Staff Costs GROUP PARENT TDKK 2022 2021 2022 2021 Wages and salaries 250.478 198.546 6.170 4.753 Pensions 16.260 8.053 95 87 Other social security costs 27.877 24.174 60 42 294.615 230.773 6.325 4.882 Including remuneration to Executive Board Executive Board 2.781 2.220 1.561 1.552 2.781 2.220 1.561 1.552 The Board of Directors have not received remuneration in 2022. 558 417 6 5 GROUP PARENT TDKK 2022 2021 2022 2021 Note 3 - Depreciation, amortisation, and impairment losses Amortisation intangible assets 12.331 12.496 0 0 Depreciation tangible assets 1.978 2.379 0 0 14.309 14.875 0 0 Note 4 - Financial income Other financial income 548 295 175 0 Foreign exchange gains 2.378 0 1.834 0 2.926 295 2.009 0 Note 5 - Financial costs Interest paid to subsidiaries 0 0 2.772 1.054 Interest expenses, banks etc. 5.359 0 4.847 0 Other financial costs 1.400 2.145 86 634 6.759 2.145 7.705 1.688 Note 6 - Tax on profit/loss for the year Current tax for the year 34.247 24.544 -1.239 -520 Deferred tax for the year 3.482 1.257 0 0 Adjustment of tax concerning previous years 0 -2 0 0 37.729 25.799 -1.239 -520 102603000 56090000 26948000 31893000 Note 8 – Intangible assets Completed Development development Acquired Customer projects in TDKK projects patents relations Software Goodwill progress Cost at 1 January 2022 5.256 8 0 0 165.584 6.789 Additions for the year 11.851 0 0 4.987 24.790 1.137 Additions through mergers and business combinations 1.879 0 27.720 0 735 0 Disposals for the year 0 0 0 0 0 0 Transfer 0 0 0 6.789 0 -6.789 Cost at 31 December 2022 18.986 8 27.720 11.776 191.109 1.137 Impairment losses and amortisation at 1 January 2022 509 5 0 0 61.515 0 Additions through mergers and business combinations 0 0 0 656 0 Depreciation for the year 2.020 3 1.731 38 8.539 0 Reversal of impairment and depreciation of sold assets 0 0 0 0 0 0 Impairment losses and amortisation at 31 December 2022 2.529 8 0 38 70.710 0 Carrying amount at 31 December 2022 16.457 0 25.989 11.738 120.399 1.137 Goodwill The group's investments in its subsidiaries are of strategic importance to the group. Considering the group's expected plans for increasing activities and increasing earnings, the economic life of goodwill has been set at 20 years. Development projects Development projects concerns the development of new own-IP solutions and add-ons to cooperate with the third-party software the group distributes. The development projects in progress are expected to be completed in 2023. The projects are progressing as planned using the resources that the management has set aside for the development. It is expected that the new solutions will be sold on the current market to the company's existing customers. Note 9 -Tangible assets Other fixtures and fittings, TDKK tools and equipment Leasehold improvements Cost at 1 January 2022 16.952 1.069 Additions for the year 3.126 0 Additions through mergers and business combinations 4.202 0 Disposals for the year -1.893 0 Transfer 0 0 Cost at 31 December 2022 22.387 1.069 Impairment losses and amortisation at 1 January 2022 10.985 1.069 Additions through mergers and business combinations 3.805 0 Depreciation for the year 1.978 0 Reversal of impairment and depreciation of sold assets -845 0 Impairment losses and amortisation at 31 December 2022 15.923 1.069 Carrying amount at 31 December 2022 6.464 0 Note 10 - Investment in subsidiaries PARENT TDKK 2022 2021 Cost at 1 January 2022 211.547 99.270 Additions for the year 316.580 112.297 Disposals for the year 0 -20 Cost at 31 December 2022 528.127 211.547 Parent company Investments in subsidiaries are specified as follows: Registered Name office Ownership interest NTI Group ApS Denmark 100% NTI A/S Denmark 100% NTI Holding Norge AS Norway 100% NTI AS Norway 100% NTI Sweden AB Sweden 100% NTI CWSM GmbH Germany 100% NTI Kailer GmbH Germany 100% CADsys Vertriebs- und Entwicklungsgesellschaft mbH Germany 100% NTI technopart Cax Systeme GmbH Germany 100% CINTEG Design Solutions GmbH Germany 100% NTI EHF Iceland 100% NTI CAD & Co. Group B.V. Netherland 100% CAD & Company B.V. Netherland 100% CAD & Company IT Solutions B.V. Netherland 100% Ampersand Software B.V Netherland 100% NKE Srl. Italy 100% NKE CAD Systems SL Spain 100% Note 11 - Trade receivables GROUP PARENT TDKK 2022 2021 2022 2021 The following trade receivables fall due for payment more than 1 year after year end. 262 245 0 0 Note 12 - Prepayments Prepayments comprise prepaid expenses regarding rent, insurance premiums, subscriptions and interest. Note 13 - Equity The share capital consists of 49.426.921 shares of a nominal value of DKK 0,01. No shares carry any special rights. Note 14 – Provision for deferred tax Provision for deferred tax at 1 January 2022 493 -742 0 0 Deferred tax recognized in income statement 3.482 1.256 0 0 Provisions for deferred tax through mergers and business combinations 6.011 -21 0 0 Provision for deferred tax at 31 December 2022 9.986 493 0 0 Provision for deferred tax Intangible assets 10.679 639 0 0 Property, plant and equipment -504 -134 0 0 Trade receivables -325 -147 0 0 Prepayments 135 135 0 0 Transferred to deferred tax assets 0 0 0 0 9.986 493 0 0 Note 15 - Long term debt Group Debt Debt Instalment Instalment Debt at 1 January at 31 within 1 year within 1-5 years outstanding December after 5 years Banks 26.742 253.435 8.556 8.755 236.124 Other payables 9.537 0 0 0 0 36.279 253.435 8.556 8.755 236.124 Parent Debt Debt Debt at 31 Instalment Instalment outstanding at 1 January December next year within 1-5 years after 5 years Banks 0 236.124 0 0 236.124 Other payables 9.537 0 0 0 0 9.537 236.124 0 0 236.124 Note 16 - Deferred income Deferred income consists of payments received in respect of income in subsequent financial years. Note 17 - Significant events occurring after the end of the financial year No events have occurred after the end of the financial year that could significantly affect the company's financial position Note 18 - Rent and lease liabilities GROUP PARENT TDKK 2022 2021 2022 2021 Operating lease liabilities. Total future payments: Within 1 year 11.357 4.373 0 0 Between 1 and 5 years 12.746 3.196 0 0 24.103 7.569 0 0 Total lease liabilities 24.103 16.568 0 0 Note 19 - Contingent liabilities The company is jointly taxed with AX VI INV8 Holding III A/S (management company), and jointly and severally liable with other jointly taxed entities for payment of income taxes for 1 October 2022 and onwards as well as for payment of withholding taxes on dividends, interest and royalties which fall due for payment on or after 1 October 2022. Before 1 October 2022, the company was jointly taxed with its parent company, Hilarius ApS {management company) and jointly and severally liable with the other companies in the jointly taxed entities for corporation tax on the jointly taxed income and for any withholding taxes on interest, royalties, and dividends. Note 20 - Mortgages and collateral GROUP PARENT TDKK 2022 2021 2022 2021 As security for the debt to financial institutions, 237.239 TDKK, the following assets have been put up as security: Other fixtures and fittings, tools and equipment 1.073 0 0 0 Inventory 0 0 0 0 Trade Receivables 16.970 980 0 0 Intra-group loans 166.595 0 0 0 Floating charges 184.688 980 0 0 As security for the debt to financial institutions, 236.124 TDKK, the Group’s shares in the following subsidiaries have been put up as security: NTI A/S NTI Holding AS NTI AS NTI CAD & Co. Group B.V. NKE Srl. The group has provided guarantees for TDKK 1.045. Note 21 - Related parties and ownership structure Related parties with controlling interest in NTI Group ApS: NTI Group Holding ApS, Lejrvej 15, 3500 Værløse (immidiate parent company) AX VI INV8 Holding I ApS, Lejrvej 15, 3500 Værløse AX VI INV8 Holding II ApS, Lejrvej 15, 3500 Værløse AX VI INV8 Holding III A/S, Lejrvej 15, 3500 Værløse (Ultimate parent company) Transactions All transactions with related parties have been effected on market terms. Consolidated financial statements The company is reflected in the consolidated report of: NTI Group Holding ApS, Lejrvej 15, 3500 Værløse (immidiate parent company) AX VI INV8 Holding III A/S, Lejrvej 15, 3500 Værløse (Ultimate parent company) Note 22 - Fee to auditors appointed at the general meeting TDKK GROUP PARENT 2022 2021 2022 2021 PwC Statsautoriseret Revisionspartnerselskab Audit fee 1.318 286 750 185 Other services 548 185 490 140 1.866 471 1.239 325 In 2021 the Group auditor appointed at the general meeting, was CROWE Statsautoriseret Revisionspartnerselskab. Note 23 – Cash flow statement - adjustment TDKK GROUP 2022 2021 Financial income -2.926 -295 Financial expenses 6.759 2.145 Depreciation. amortisation and impairment losses. including losses and gains on sales 14.309 14.875 Tax on profit/loss for the year 37.729 25.799 Minority interests' share of net profit/loss of subsidiaries 0 9.804 Other adjustments 783 -383 56.654 51.945 Note 24 – Cash flow statement – change in working capital Change in receivables -34.274 -22.043 Change in payable to group entities, joint taxation 19.168 -136.832 Change in trade payables. etc 102.681 132.022 87.575 -26.853 NTI Group ApS Lejrvej 15 3500 Værløse Furesø www.nti-europe.com PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab Consolidated financial statementsThe company is reflected in the group report as the parent company NTI Group Holding ApS. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2022-01-01 2022-12-31 2021-01-01 2021-12-31 2023-06-23 6 Reporting class C, large enterprise 39084694 2017-11-13 2023-06-23 33771231 Strandvejen 44 2900 Hellerup Opinion Basis for Opinion 2023-06-23 mne23328 33771231 mne44112 14309 14875 0 0