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Revisionspartnerselskab 25578198 Klaus Rytz statsautoriseret revisor mne33205 Dampfærgevej 28 2100 Copenhagen Danmark 2026-07-03 Mikael Palade Regnskabsklasse C, stor virksomhed Revisionspåtegning Ja CaseWare fra Revisorgruppen Danmark kapitalejeren Copenhagen 2026-07-01 Copenhagen 2026-07-01 Grundlag for konklusion Konklusion The key figures appearing from the survey have been calculated as follows:Gross margin ratio Gross profit x 100 / RevenueProfit margin (EBIT margin) Operating profit or loss (EBIT) x 100 / RevenueSolvency ratio Equity, closing balance x 100 / Total assets, closing balance 773366000 744008000 0 0 3102000 3297000 0 0 311306000 309850000 0 0 81404000 97097000 1673000 13805000 383758000 340358000 -1673000 -13805000 312531000 302654000 0 0 53058000 53997000 0 0 18169000 -16293000 -1673000 -13805000 0 0 0 8200000 11827000 22111000 1962000 9027000 32721000 97370000 18822000 76517000 -2725000 -91552000 -18533000 -73095000 429000 -2192000 -5623000 -4353000 -3154000 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-414000 56000 414000 4623000 2964000 337000 1016000 384000 3259000 1364000 746494000 746494000 746494000 746494000 746494000 746494000 Zacco A/S Denmark 100 0 100 Zacco Denmark A/S Denmark 100 0 100 Zacco Norway AS Norway 100 0 100 Zacco Sweden AB Sweden 100 0 100 Zacco GmbH Germany 100 0 100 Zacco Digital Trust Sweden AB Sweden 100 0 100 Zacco UK Ltd United Kingdom 100 0 100 Zacco India R&D Private Limited India 100 0 100 1813000 1813000 1813000 3740000 -161000 3579000 3579000 -16510000 -15517000 72000 52000 72000 52000 0 0 20000 0 -20000 0 0 72000 72000 72000 72000 158935000 158935000 158935000 158935000 158935000 158935000 158935000 158935000 211508000 211508000 314919000 9052000 -211508000 -211508000 0 0 211508000 211508000 -12910000 -68742000 -3153000 0 0 0 518000 0 0 374609000 208873000 211508000 302009000 314919000 84388000 93027000 -10332000 -8639000 74056000 84388000 1009000 1063000 84000 77000 0 10000 0 0 5000 10000 0 0 53058000 53997000 -11827000 -22111000 32721000 97370000 429000 -2192000 -3029000 -29466000 4163000 20981000 -2777000 7998000 Today, the Board of Directors and the Executive Board have approved the annual report of Orca Holding Denmark ApS for the financial year 1 April 2025 - 31 March 2026. The annual report has been prepared in accordance with the Danish Financial Statements Act. We consider the chosen accounting policy to be appropriate, and in our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 31 March 2026, and of the results of the Group and the Company's operations as well as the consolidated cash flows for the financial year 1 April 2025 – 31 March 2026. Further, in our opinion, the Management's review gives a true and fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the Annual General Meeting. Antonio Marsico Anna Therese Högberg Selva Selvaratnam Andrea Jayne Davis Roberta Vezzoli Xiaojiao Ma Gilbert Benjamin Kamieniecky We have audited the consolidated financial statements and the parent company financial statements of Orca Holding Denmark ApS for the financial year 1 April 2025 – 31 March 2026 comprising income statement, balance sheet, statement of changes in equity and notes, including accounting policies, for the Group as well as for the Parent Company and a cash flow statement for the Group. The consolidated financial statements and parent company financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the Group's and the Parent Company's assets, liabilities and financial position at 31 March 2026  and of the results of the Group's and the Parent Company's operations and consolidated cash flows for the financial year 1 April 2025 – 31 March 2026  in accordance with the Danish Financial Statements Act. Basis for OpinionWe 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 consolidated financial statements and the parent company financial statements" section of our report. We are independent of the Group 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. Management is responsible for the preparation of consolidated financial statements and parent company financial statements that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control that Management determines is necessary to enable the preparation of consolidated financial statements and parent company financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements and the parent company financial statements, Management is responsible for assessing the Group's and the Parent 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 consolidated financial statements and the parent company financial statements unless Management either intends to liquidate the Group or the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance as to whether the consolidated financial statements and the parent company 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 in Denmark will always detect a material misstatement when it exists. Misstatements may 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 financial statement users made on the basis of these consolidated financial statements and parent company financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also identify and assess the risks of material misstatement of the consolidated financial statements and the parent company 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 Group´s and the Parent 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 consolidated financial statements and the parent company 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 Group´s and 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 consolidated financial statements and the parent company 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 Group and the Company to cease to continue as a going concern. evaluate the overall presentation, structure and contents of the consolidated financial statements and the parent company financial statements, including the disclosures, and whether the consolidated financial statements and the parent company financial statements represent the underlying transactions and events in a manner that gives a true and fair view. Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the Group as a basis for forming an opinion on the consolidated financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion. 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. Statement on Management’s ReviewManagement is responsible for the Management's review. Our opinion on the consolidated financial statements and the parent company financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the consolidated financial statements and the parent company financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the consolidated financial statements or the parent company financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the Management's review is in accordance with the consolidated financial statements and the parent company financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of the Management's review. 664816000 28717000 -28765000 -20894000 -75259000 -56547000 -82326000 871510000 56000 998000 0 77100000 1591000 -658688000 677622000 32800000 38827000 20525000 473 9.2 5.1 4.3 2.3 -2.2 -4.3 44.4 43.9 8.8 Development in activities and financial positionRevenue in April 2025-March 2026 increased 4%, compared with 8% in April 2024-March 2025. The revenue growth is below the expectations. EBIT full year April 2025-March 2026 was DKK 18.2 million, compared to DKK -16.3 million in April 2024-March 2025. EBT in April 2025-March 2026 was DKK -2.7 million, an increase from DKK -91.6 million the preceding year April 2024-March 2025. Cash at bank and in hand has increased from DKK 59.3 million to DKK 92.2 million between March 2026 and March 2025.  The group has a plan for the coming financial year April 2026-March 2027 to achieve revenue between DKK 800.0 million and DKK 810.0 million, representing a growth between 3% and 5%, and EBITDA between DKK 75.0 million of DKK 81.0 million. Capital resourcesIt is essential for the group’s continued operations to attract and retain well educated staff who understand how to do the best service for our customers. Intellectual capitalThe group's business is a people business. Retaining and attracting the right people with the right skills, competences, knowledge, commitment and customer relations are the most important intellectual capital resources in the business. As an established business, operating for more than 150 years, the group has a comprehensive network of domestic and international customers and business partners. Events after the balance sheet dateNo events after balance sheet date. Corporate social responsibility report pursuant to section 99 a of the Danish Financial Statements ActCorporate social responsibility forms an integral part of the group core values and is embedded in the way we carry out business, in both domestic and international settings. In connection with the Danish Statements Act § 99a, the management will report on matters in relation to its corporate social responsibility. The group's focus areas for corporate social responsibility are environmental and climate issues, human rights, and equal rights and opportunities for all. Business ModelThe group specializes in protecting a range of tangible and intangible assets; from ideas, visions, data, know-how and trade secrets to intellectual property rights such as patents and trademarks, among others. We rely on the four guiding steps: We identify, manage, monitor, and then enforce when necessary. The group provides its services using professional staff in Europe or India and our clients and customers are primarily based in Scandinavia and Germany, but also spread across several other countries. The services are often delivered in cooperation with a global network of preferred agents. Environmental and climate mattersThe group believes that businesses are responsible for maintaining good environmental practices and operate in a sustainable manner. The group's risks related to Environment and Climate relates mainly to energy consumption and use of materials. We are therefore committed to reducing our environmental impact and continually improving our environmental performance as an integral and fundamental part of our business strategy and operating methods. The group continues to establish office locations, both within and beyond Europe, potentially resulting in additional travel and its associated emissions. It has always been our ambition to limit air travel wherever possible and prioritize meetings via phone or video.  Our policy is to:  Wholly support and comply with the requirements of current environmental legislation and codes of practice Minimize our waste and reuse or recycle as much of it as possibleStrive to minimize printingUse, as far as possible, electronic communication when we communicate with clients, agents and authorities Encourage clients and agents to use electronic communication when communicating with the group Strive to recycle and possibly reuse electronics and other equipmentMinimize energy and water usage in our buildings, vehicles and processes in order to conserve supplies, and minimize our consumption of natural resources, especially where they are non-renewableApply the principles of continuous improvement in respect to air, water, noise and light pollution from our premises and reduce any impacts from our operations on the environment and local community As far as possible, purchase products and services that do minimal damage to the environment and encourage others to do the same Assess the environmental impact in advance of any new processes or products we intend to introduce. The group's Leadership Team is responsible for environmental management and performance and the integration of sustainable development within the group. All employees share this responsibility and are supported by key staff to help promote best practice, continual improve-ment and to monitor performance. As a service company rather than a manufacturing one we believe our main environmental matters relates to travelling and energy consumption in our offices. To address this, we monitor the number of business trips taken by flight and encourage our employees to use trains whenever possible. Over the past five years, we have successfully reduced the number of business flights in the range of 50%, and we are committed to continuing this positive trend to further minimize our environmental impact. We host weekly Group Leadership meetings and monthly Business Reviews online. In addition to travel, the area which can have an environmental impact for the group is our office leases. We are in dialogue with our landlords about environmental impact and for instance the landlord of the group’s head-office in Copenhagen are ISO 14001 Certified and have DGNB certification Platinum. Furthermore, when moving any of our offices to new premises, we prioritize sustainability and strive at only signing rental agreements corresponding to what is referred to as “green rental agreements”. Such rental agreements incorporate sustainability principles and environmental considerations into the terms and conditions and typically include clauses relating to energy efficiency, resource management, sustainable materials, indoor environmental quality, collaboration, and communication, etc. While we cannot directly control CO2 emission,  we have during the year continued our discussions with our landlords and suppliers and re-emphasized the importance of their work to implement actions in order to reduce the CO2 emissions. We have also during the year reviewed our travel policy with the intention of travelling less and more environmental friendly. Human rightsThe group follows and respects the UN Global Compact initiative as well as the UN Universal Declaration of Human Rights.  We implemented a group common Anti-Harassment and non-Discrimination Policy to give equal rights and opportunities.  Once a year we perform an Employee Engagement Survey with 30 standard questions regarding job satisfaction, work environment and leadership, as well as associated free text fields. The main yearly Engagement survey has been moved from May to September after feedback from leaders about workloads at the beginning of a new financial year. The Engagement survey is combined with team workshops to discuss specific actions for a team or requests back to global leadership for change. The data collection and compilation are made by an external third party to ensure anonymous handling. Actions from the 2025 survey have focused around developing a formal career and competency framework, reevaluating the structure of a future PFP bonus program, surveying employees around retirement plans and support, and an Identity project of the group values/principles. We are also supporting Star For Life Ukraine in their work with Human Rights with a focus on children rights by investing in the future of countless children, empowering them with education and technology. We have recently repurposed and gifted 30 computers to Star for Life Ukraine. The laptops will be used in the recently opened 13th Star for Life Ukraine TechLab, located in Zaporizhzhia. Employee conditions and social mattersThe group is influenced by the Scandinavian working culture, as most of our offices are located in Scandinavia and Northern Europe. This means that we have a flat organizational structure and that future employees should expect to be involved “from day one”. We believe in freedom under responsibility and support flexibility in the job as long as the responsibility goes both ways. We also encourage competency development in order for our employees to stay up-to-date with changes in the industry and continue to improve their skills. The group has high ambitions with regard to employee conditions, employee benefits for example in connection with long-term illness, and pregnancy should be more generous than the local legislation. Responsibility for workplace health and safety is handled by a representative from the group Leadership Team and local workplace health and safety employee representatives. The group works proactively to create a good physical and psychological work environment. As mentioned, Employee Satisfaction Surveys are carried out once a year with the target of 80% participation in these surveys. The result of participation in the last Employee Satisfaction Survey in November 2025 was 87.5%, that is an increase of 5.5% on the May 2025 survey. Our overall process when the data is collected and compiled following these steps:   Each Global Practice director gets their respective Practice results, and the team managers get their team results.The results are presented at Global Practice all staff meetings and in respective team meetings.CHRO checks that feedback is given. Each region decides how to bench-mark team by team and development over time. If serious issues or feedback arise that is handled case by case by the CHRO and if relevant together with HR-responsible/Global Practice director/CEO/COO or the group's Leadership Team-representative. The employee turnover is also measured and analyzed in all parts of the the group. We conduct exit-interviews with employees who choose to resign and use that feedback to constantly improve. During recent years, turnover has remained stable. The group has implemented all applicable labour and health and safety laws, and we strive to present all employees with the opportunities and training to continually develop their capabilities and skills. During the year the group has conducted a cross-border trainee program and initiated a focused Mentorship program with training and support, and reward-enhanced KPIs on Mentors for their Trainees’ milestone achievements. The group has created a program of “lunch and learn” opportunities to increase cross-team collaboration and learning internally. We have also launched a program of workshops for Managers at all levels with the first workshops focused on performance management, feedback, employment laws, work environment and well-being. The group offices continue to be our primary place of work but recent global events and rapid advances in technology have led the transition to more flexible working environments. The group supports flexibility in the workplace and we recognize that the possibility to work from outside of the office may sometimes be necessary, as well as contributing to a healthy work/life balance. We have a common group policy that in the guideline part highlights that the group encourages all employees to remain vigilant and use caution when working remotely.  Since 2023, and in compliance with the EU Whistleblowing Directive, the group has implemented a whistleblower function in all countries that we operate in. Anti-corruption and anti-briberyThe group believes that sustainable success in business is only possible where there is free and fair competition. Based on these fundamental principles and our legal obligations, the group has a policy not to tolerate any form of corruption or bribery, and the overall objective is to prevent any officer, director, agent or person performing services for our company, or in its name, from giving or receiving bribes of any kind. The group shall conduct its business in full legal compliance wherever it operates and the group has zero tolerance for corruption, whether public or private, whether direct or indirect. The group strives to continue applying said policy. The main risks with regard to corruption and bribery are in contacts with government officials in countries where the group operates. Since the group has limited large-scale procurement and because the group apply a strict quality standard, including a four eyes principal in all case-handling the risk for the group's employees receiving bribes is small.  “Bribery and Corruption” is a part of the Whistle Blowing service provided by an external partner which has received zero reports during the year. We have direct link from our Intranet regarding Code of Conduct where we among other things refer to The UN Convention against Corruption and The OECD Convention combatting Bribery of Foreign Public Officials. Report on the company’s policy on data ethics according to section 99 d of the Danish Financial Statements ActAt the group, we take data ethics seriously and have a number of policies as guidelines:   Ownership – it is the client or individual who owns their dataSecurity and Confidentiality – we shall maintain a high level of security and confidentiality in order not to comprise the data of our clients and other stakeholders Trust – it is not just about knowing what you are doing with data at any given moment, but rather understanding what is happening with it and how it is being respected across the entirety of the lifecycle Accountability - make data ethics part of the day to day business for the whole organization, not just the data specialists In practice this means that we try to make sure that our processes and systems have been and will be set up in a way that respects the individual rights to privacy and autonomy. When deemed appropriate (and in line with prevailing legislation) we obtain consent for data collection and use of data. We publish our privacy policies and aim for transparency about data practices. We always aim for handling all data in a way to mitigate the risk of harm and discrimination and to make sure all our staff is also aware of these important matters. As examples of our committed work to data ethics and security we can mention the following. SecurityAn important part of data ethics is to makes sure all our data are handled and stored in a secure way. Our security processes and organiza-tional measures are regularly tested to assess their effectiveness and all controls are regularly reviewed and adjusted to ensure they remain fit for purpose in maintaining a consistently high level of protection. Such procedures and processes govern all of our operations. We limit access only to areas required for an employee to complete tasks associated with their role, we conduct regular reviews of system access lists and we implement immediate termination of access for personnel who no longer require it. We also employ minimum complexity and strength requirements for user credentials, Multi-Factor Authentication (MFA) and the use of industry standard levels of encryption. The data of every client who has allowed their confidential information to be accessible via the cloud is kept separate from the data of other clients or customers. Access is restricted, monitored and logged, irrespective of who is accessing the system. Our Cyber Defence Centre (CDC) continuously monitors all incoming, outgoing and internal data traffic, as part of protecting our network infrastructure and communi-cations. With the use of end point detection and response tools and user behavior analytics our CDC are able to quickly respond to any ongoing threats. Our CDC is ISO certified for ISO 27001: Information Security, ISO 27701: Privacy Information and ISO 22301: Business Continuity Management Systems. The group's employees receive regular training and updates on organizational policies and procedures as part of our program called BeAware. This includes security requirements and education as well as training on the correct use of information-processing facilities. All decisions regarding data ethics and security are anchored within our corporate management who continuously monitor the subject and if needed, amend and update the policies. PrivacyPrivacy is a critical aspect of our operations and we are committed to securing personal information. Aside from securing data digitally within our systems, we also have robust policies and processes in place to ensure that all information is handled in adherence to regulatory requirements. We have a Data Protection Policy in order to establish an internal control system containing legally binding principles for the processing of all Personal Data within the group of companies in accordance with the EU General Data Protection Regulation 2016/679 (GDPR). A written contract in the form of a Data Protection Agreement is entered into when the group is processing Personal Data and similarly, a Data Protection Agreement is entered into when someone else is processing Personal Data on behalf of the group. If there is a transfer of Personal Data from the group to a country outside the EEA not recognised by the EU Commission as ensuring an ade-quate level of protection, we provide appropriate safeguards by entering into an EU Standard Contractual Clauses (SCC). When we act as processor, we keep the Personal Data confidential and ensure that anyone allowed to process Personal Data is committed to confidentiality. We only make Personal Data available to employees who actually need the Personal Data to perform services and we implement appropriate technical and organizational security measures. We have procedures in place in the unlikely event of a breach of Personal Data and we have an appointed Data Protection Officer. Disclosure of assumptions related to development projects Development projects in progress and prepayments for intangible assets are recognized in Zacco A/S and relate to development of a new ERP-system. The group’s development projects are continuously reviewed for indications of impairment. If this is the case, write-downs are made to lower recoverable value. The ongoing measurement of the recoverable amount of the group's development projects is inherently discretionary. GroupParent 31/3 202631/3 202531/3 202631/3 2025 18.Deferred tax assetsDeferred tax assets 1 April 202513.6938.9036.8212.742Deferred tax of the net profit or loss for the year3.6034.7901.9934.080 17.29613.6938.8146.822 The following items are subject to deferred tax: Intangible assets175000 Property, plant, and equipment1908800 Trade receivables1.59774000 Pension asset (net)026600 Accrued costs30263000 Borrowing costs2.1502.1502.1502.150 Losses carried forward to next years12.8829.8196.6644.672 17.29613.6938.8146.822 The Group has an unrecognised deferred tax asset relating to Zacco GmbH and a recognized deferred tax asset of mDKK 15 as of 31 March 2026, which among other things, relates to tax losses carry forward. The management expects a positive result in the coming years. Based on this, the management expects that the recognized deferred tax asset can be utilized within the coming 3-4 years. Group 31/3 202631/3 2025 22.Provisions for deferred taxProvisions for deferred tax 1 April 202584.38893.027Provisions for deferred tax concerning company transfer-10.332-8.639 74.05684.388 24.Disclosures on fair value Group Derived financial instruments Fair value at 31 March 2026261.551 Unrealised change in fair value of the year recognised in the statement of financial activity-259 The fair value of the interest rate swap is recognized under other receivables within current assets. To partly hedge the floating-rate loan in SEK expiring in December 2030 (see note 23), the Company has entered into an interest rate swap with its financial institution as counterparty. The interest rate swap has a notional amount of SEK 255,000,000 and the hedged swap matures in December 2027. During the term of the contract, the Company receives the prevailing 3 months floating rate and pays a fixed rate of 2.36%. The interest rate swap is classified as Level 2 in the fair value hierarchy, and no significant unobservable inputs are included in the valuation. The interest rate swap has critical terms identical to those of the loan, and the Company applies cash flow hedging of future interest payments. 25.Contractual obligations and contingencies, etc. DKK in thousands Lease liabilities71.496 Total contractual obligations71.496 Within 1 year20.549 Between 1 and 5 years46.320 After 5 years4.627 Security has been granted for a senior facilities agreement between SE-Banken AB and Orca Holding Denmark Aps as parent and original borrower. The security consists of pledged shares (shares of Zacco Denmark A/S, Zacco Sweden AB and Zacco Norway AS), floating charge mortgage (Zacco Denmark A/S 58 mDKK and Zacco Sweden AB 37,9 mSEK), and security agreement related to bank accounts, operating assets and trade receivables (Zacco Norway AS). Joint taxationThe company acts as administration company for the group of companies subject to the Danish scheme of joint taxation and is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, to pay the total corporation tax. The company is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for any obligations to withhold tax on interest, royalties, and dividends. Any subsequent adjustments of corporate taxes or withholding taxes, etc., may result in changes in the company's liabilities. 26.Related partiesUltimate parent company and parent company of larger groupThe Company is a subsidiary undertaking of Orca Holdings Limited, which is the ultimate parent company incorporated in the Cayman Islands. Orca Holdings Limited is an entity controlled by Investcorp Technology Secondary Fund 2018, L.P. and Mill Reef Capital Fund ScS, both of which are established in the Cayman Islands and Luxembourg, respectively.  TransactionsPayables to parent companies are disclosed in the balance sheet, and interest expense is disclosed in note 6. The annual report for Orca Holding Denmark ApS has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class C enterprises (large enterprises).   The accounting policies are unchanged from last year, and the annual report is presented in DKK. ReclassificationsReferring to the true and fair view set out in the Danish Financial Statements Act, the Company has reclassified individual items in the income statement. The reclassifications have affected the presentation of other financial income and other financial expenses, included related notes, but have not affected results before tax, results for the year or equity. Comparative figures have been restated accordingly. Foreign currency translationTransactions in foreign currency are translated by using the exchange rate prevailing at the date of the transaction. Differences in the rate of exchange arising between the rate at the date of transaction and the rate at the date of payment are recognised in the profit and loss account as an item under net financials. If currency positions are considered to hedge future cash flows, the value adjustments are recognised directly in equity in a fair value reserve. Receivables, payables, and other foreign currency monetary items are translated using the closing rate. The difference between the closing rate and the rate at the time of the occurrence or initial recognition in the latest financial statements of the receivable or payable is recognised in the income statement under financial income and expenses. Fixed assets acquired and paid for in foreign currency are measured at the exchange rate prevailing at the date of  the transaction. Group enterprises abroad, associates, and equity investments are considered to be independent entities. The income statements are translated at an average exchange rate for the month, and the balance sheet items are translated at the closing rates. Currency translation differences, arising from the translation of the equity of group enterprises abroad at the beginning of the year to the closing rate and from the translation of income statements from average prices to the closing rate, are recognised directly in equity in the fair value reserve in the Consolidated Financial Statement. This also applies to differences arising from translation of income statements from average exchange rate to closing rate. Translation adjustment of balances with group enterprises abroad that are considered part of the total investment in group enterprises are recognised directly in equity in the fair value reserve. Likewise, foreign exchange gains and losses on loans and derived financial instruments for currency hedging independent group enterprises abroad are recognised directly in equity. When recognising foreign group enterprises which are integral units, the monetary items are translated using the closing rate. Non-monetary items are translated using the exchange rate prevailing at the time of acquisition or at the time of the subsequent revaluation or write-down for impairment of the asset. Income statement items are translated using the exchange rate prevailing at the date of the transaction. However, items in the income statement derived from non-monetary items are translated using historical prices. Business combinationsAcquisitions completed by the 1 July 2018 or later (method of consolidation)Acquisition of group enterprises are dealt with in accordance with the acquisition method, and afterwards the assets and liabilities of the acquired entity are measured at fair value at the date of acquisition. If it is possible to measure the value reliably, acquired contingent liabilities are measured at fair value under the item Equity investments in group enterprises. The date of acquisition is the date when control of the acquired entity is obtained. The cost of the acquired entity represents the fair value of the consideration agreed upon, including the considerations that are conditional on future events. Transaction costs directly attributable to the acquisition of group enterprises are recognised in the income statement as incurred. Positive differences between the cost of the acquired entity and the identified assets and liabilities are recognised in the equity investment as goodwill, which is amortised on a straight-line basis in the income statement over the expected useful life. Amortisation of goodwill is allocated to the functions to which the goodwill relates. If the difference is negative, this is recognised immediately in the income statement. If the allocation of the purchase price is not final, positive and negative differences from acquired group enterprises may, as a result of changes in recognition and measurement of the identified net assets, be adjusted up to 12 months from the date of acquisition. These adjustments are also reflected in the value of goodwill or negative goodwill, including depreciation already made. If the cost includes contingent considerations, these are measured at fair value at the date of acquisition. Subsequently, contingent considerations at fair value are measured again. Value adjustments are recognised in the income statement. In case of step-by-step acquisitions, the value of the hitherto equity holding in the acquired entity is measured again at the fair value at the date of acquisition. The difference between the carrying amount of the hitherto equity investment and the fair value is recognised in the income statement. DerivativesAt their initial recognition, derivatives are recognised at cost in the statement of financial position. Hereafter, they measured at fair value. Positive and negative fair values of derivatives are recognised under other receivables and payables, respectively. Changes in the fair value of derived financial instruments classified as and meeting the criteria for hedging the fair value of a recognised asset or a recognised liability are recognised in the income statement together with changes in the fair value of the hedged asset or the hedged liability. Changes in the fair value of derived financial instruments classified as hedging of future cash flows are recognised in other receivables or other payables, and in equity. If the future transaction results in the recognition of assets or liabilities, amounts previously recognised in equity are transferred to the cost of the asset or the liability, respectively. If the future transaction results in income or costs, amounts recognised in equity on a continuing basis are transferred to the income statement for the period in which the hedged item affected the income statement. For derived financial statements that are no longer recognised as hedging instruments, changes in fair value are recognised in the income statement on a current basis. RevenueThe enterprise will be applying IFRS 15 as its basis of interpretation for the recognition of revenue. The revenue is recognised when the control of the identifiable individual performance obligations has been performed in respect of the customer whereby the customer gains control of the asset or the service. Sales remunerations are allocated proportionally to the individual performance obligations in the agreement. Revenue from service contracts is recognised on a linear basis over the period during which the service is performed. Revenue is measured at fair value of agreed remunerations, less VAT and expenses. All forms of discount are recognised in revenue.  Revenue from contracts, including variable considerations such as quantity discounts and performance-related payments are recognised at the most probable consideration value. Revenue is not recognised until it is deemed most likely that changes in the estimated variable consideration will not subsequently result in the reversal of a material part of the amount, thus reducing revenue. Cost of salesCost of sales comprises costs (official fees, agent fees etc.) incurred to generate revenue for the year. This item also comprises out of pocket expenses paid by Danish and foreign employees and charges to public authorities. Own work capitalisedOwn work capitalised includes staff cost and other internal costs incurred during the financial year and recognised in the cost of proprietary intangible assets. Other external expensesOther external costs comprise distribution costs and costs related to sales, sales campaigns, administration, office premises, operating leases, etc. Other external costs also include development costs that do not qualify for capitalisation.  Depreciation, amortisation, and write-down for impairmentDepreciation, amortisation, and write-down for impairment comprise depreciation on, amortisation of, and write-down for impairment of intangible and tangible assets, respectively. Income from investments in group enterprisesDividend from investments in group enterprises is recognised in the financial year in which the dividend is declared. If the dividend received exceeds the proportionate share of the year's result, this is considered an indication of impairment, which entails a requirement to prepare an impairment test. Financial income and expensesFinancial income and expenses comprise interest income and expense, financial costs regarding finance leases, gains and losses on securities, payables and transactions denominated in foreign currencies, amortisation of financial assets and liabilities as well as surcharges and refunds under the onaccount tax scheme, etc. Dividends from equity investments in group entities measured at cost are recognised as income in the Parent Company's income statement in the financial year when the dividends are declared. Tax on net profit or loss for the yearTax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity.  The parent and the Danish group enterprises are subject to Danish rules on compulsory joint taxation of Danish group enterprises. The parent acts as an administration company in relation to the joint taxation. This means that the total Danish income tax payable by the Danish group companies is paid to the tax authorities by the company. The current Danish income tax is allocated among the jointly taxed companies proportional to their respective taxable income (full allocation with reimbursement of tax losses). Intangible assetsDevelopment and technology assetsExpenses on research activities are recognized in the statement of profit and loss. Expenses on development activities are capitalized if the product or process is technically and commercially feasible and the Group intends to and has the technical ability and sufficient resources to complete development, future economic benefits are probable and if the Group can measure reliably the expenses attributable to the intangible asset during its development. Profit and loss from the sale of development projects, patents, and licenses are measured as the difference between the sales price less sales costs and the carrying amount at the time of sale. Profit or loss are recognised in the income statement as other operating income or other operating expenses, respectively. Capitalized development costs are amortized on a straight-line basis over 3-5 years. Customer rights, customer relationsship and brandCustomer rights, customer relationship and brand are measured at cost less accrued amortisation. Customer rights, customer relationship and brand are amortised for a period of 15-20 years. GoodwillGoodwill is amortised on a straight-line basis over the estimated useful life determined on the basis of Management's experience within the individual business areas. The maximum amortisation period is between 5 and 25 years. The amortisation period is determined based on the expected payback period and is longest for strategically acquired entities with a strong market position and long-term earnings profile.  Property, plant, and equipmentLand and buildings is measured at cost plus revaluations and less accrued depreciation and write-down for impairment. Land is not subject to depreciation. Land and buildings is revaluated on the basis of regular, independent fair-value assessments. Net revaluation at fair value adjustment is recognised directly in equity less deferred tax and tied up in a particular revaluation reserve. Net impairment loss at fair value adjustment is recognised in the income statement. The depreciable amount is cost plus revaluations at fair value less expected residual value after the end of the useful life of the asset. The amortisation period is fixed at the acquisition date and reassessed annually. If the residual value exceeds the carrying mount of the asset, depreciation is discontinued. Reversal of previous revaluations and recognised deferred taxes concerning revaluations are recognised directly in company equity. Other property, plant, and equipment are measured at cost less accrued depreciation and write-down for impairment. The depreciable amount is cost less any expected residual value after the end of the useful life of the asset. The amortisation period and the residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, the depreciation is discontinued. Depreciation is done on a straight-line basis according to an assessment of the expected useful life and the residual value of the individual assets: Useful lifeResidual valueOther fixtures and fittings, tools and equipment3-5years0-20 % Minor assets with an expected useful life of less than 1 year are recognised as costs in the income statement in the year of acquisition. Profit or loss derived from the disposal of property, land, and equipment is measured as the difference between the sales price less selling costs and the carrying amount at the date of disposal. Profit or loss is recognised in the income statement as other operating income or other operating expenses. Investments in group enterprisesInvestments in group enterprises are recognised and measured at cost. If the recoverable amount is lower than the cost price, it shall be written down for impairment to this lower value. Other financial investmentsOther financial investments are measured at cost. Write-down for impairment is done to the recoverable amount if this value is lower than the carrying amount. DepositsDeposits are measured at amortised cost and represent lease deposits, etc. ReceivablesReceivables are measured at amortised cost, which usually corresponds to nominal value. In order to meet expected losses, impairment takes place at the net realisable value. The company has chosen to use IAS 39 as a basis for interpretation when recognising impairment of financial assets, which means that impairments must be made to offset losses where an objective indication is deemed to have occurred that an account receivable or a portfolio of accounts receivable is impaired. If an objective indication shows that an individual account receivable has been impaired, an impairment takes place at individual level. PrepaymentsPrepayments recognised under assets comprise incurred costs concerning the following financial year. Cash and cash equivalentsCash and cash equivalents comprise cash at bank and on hand. EquityShare premiumShare premium comprises premium payments made in connection with the issue of shares. Costs incurred for carrying through an issue are deducted from the premium. The premium reserve can be used for dividend, for issuing bonus shares, and for covering losses. Income tax and deferred taxAs administration company, Orca Holding Denmark ApS is liable to the tax authorities for the subsidiaries' corporate income taxes. Current tax liabilities and current tax receivable are recognised in the statement of financial position as calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and for tax paid on account. The company is jointly taxed with consolidated Danish companies. The current corporate income tax is distributed between the jointly taxed companies in proportion to their taxable income and with full distribution with reimbursement as to tax losses. The jointly taxed companies are comprised by the Danish tax prepayment scheme. Joint taxation contributions payable and receivable are recognised in the statement of financial position as ”Tax receivables from group enterprises" or "Income tax payable to group enterprises" Deferred tax is measured on the basis of temporary differences in assets and liabilities with a focus on the statement of financial position. Deferred tax is measured at net realisable value. Adjustments take place in relation to deferred tax concerning elimination of unrealised intercompany gains and losses. Deferred tax is measured based on the tax rules and tax rates applying under the legislation prevailing in the respective countries on the reporting date when the deferred tax is expected to be released as current tax. Changes in deferred tax due to changed tax rates are recognised in the income statement, except for items included directly in the equity. Deferred tax assets, including the tax value of tax losses allowed for carryforward, are recognised at the value at which they are expected to be realisable, either by settlement against tax of future earnings or by set-off in deferred tax liabilities within the same legal tax unit. Any deferred net tax assets are measured at net realisable value. Pension obligations and provisionsTo the extent that pension obligations are not covered by insurance, they are recognised in the balance sheet as provisions. The calculation of the liability is based on actuarial computations or on the capitalised values. Provisions are recognised when - in consequence of an event occurred before or on the balance sheet date - the Company has a legal or constructive obligation and it is probable that economic benefits must be given up to settle the obligation. Liabilities other than provisionsFinancial liabilities other than provisions related to borrowings are recognised at the received proceeds less transaction costs incurred. In subsequent periods, the financial liabilities are recognised at amortised cost, corresponding to the capitalised value when using the effective interest rate. The difference between the proceeds and the nominal value is recognised in the income statement during the term of the loan. Other liabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value. The cash flow statement shows the cash flows of the group for the year, divided in cash flows deriving from operating activities, investment activities and financing activities, respectively, the changes in the liabilities, and group’ cash and cash equivalents at the beginning and the end of the year, respectively. A cash flow statement for the parent has not been prepared as the cash flows of the enterprise are included in the consolidated cash flow statement, cf. section 86, subsection 4, of the Danish Financial Statements Act. The effect on cash flows derived from the acquisition and sale of enterprises appears separately under cash flows from investment activities. In the statement of cash flows, cash flows derived from acquirees are recognised as of the date of acquisition, and cash flows derived from sold enterprises are recognised until the date of sale. Cash flows from operating activitiesCash flows from operating activities are calculated as the group's share of the profit adjusted for non-cash operating items, changes in the working capital, and corporate income tax paid. Dividend income from equity investments are recognised under “Interest income and dividend received”. Cash flows from investment activitiesCash flows from investment activities comprise payments in connection with the acquisition and sale of enterprises and activities as well as the acquisition and sale of intangible assets, property, plant, and equipment, and investments, respectively. Cash flows from financing activitiesCash flows from financing activities include changes in the size or the composition of the group's share capital and costs attached to it, as well as raising loans, repayments of interest-bearing payables and payment of dividend to shareholders. Cash and cash equivalentsCash and cash equivalents comprise cash on hand and demand deposits and short-term financial instruments with a term of less than 3 months, which can easily be converted into cash and cash equivalents and are associated with an insignificant risk of value change.