33952473 2022-12-31 33952473 2021-12-31 33952473 2024-12-31 33952473 2023-12-31 33952473 2024-01-01 fsa:ContributedCapitalMember 33952473 2024-01-01 fsa:ReserveForDevelopmentExpenditureMember 33952473 2024-01-01 fsa:RetainedEarningsMember 33952473 2024-12-31 fsa:ContributedCapitalMember 33952473 2024-12-31 fsa:ReserveForDevelopmentExpenditureMember 33952473 2024-12-31 fsa:RetainedEarningsMember 33952473 2024-01-01 fsa:CompletedDevelopmentProjectsMember 33952473 2024-01-01 fsa:DevelopmentProjectsInProgressMember 33952473 2024-12-31 fsa:CompletedDevelopmentProjectsMember 33952473 2024-12-31 fsa:DevelopmentProjectsInProgressMember 33952473 2024-01-01 fsa:FixturesFittingsToolsAndEquipmentMember 33952473 2024-01-01 fsa:LeaseholdImprovementsMember 33952473 2024-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 33952473 2024-12-31 fsa:LeaseholdImprovementsMember 33952473 2024-01-01 fsa:DepositsLongtermInvestmentsAndReceivablesMember 33952473 2024-12-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember 33952473 2024-12-31 fsa:OtherLongtermPayablesMember 33952473 2023-12-31 fsa:OtherLongtermPayablesMember 33952473 2024-12-31 fsa:OtherShorttermPayablesMember 33952473 2023-12-31 fsa:OtherShorttermPayablesMember 33952473 2024-01-01 2024-12-31 33952473 2024-01-01 2024-12-31 1 33952473 2024-01-01 2024-12-31 memberOfBoardIdentifier_executive_board_1 33952473 2024-01-01 2024-12-31 memberOfBoardIdentifier_executive_board_2 33952473 2024-01-01 2024-12-31 memberOfBoardIdentifier_executive_board_3 33952473 2024-01-01 2024-12-31 2 33952473 2022-01-01 2022-12-31 33952473 2021-01-01 2021-12-31 33952473 2023-01-01 2023-12-31 33952473 2024-01-01 2024-12-31 fsa:ContributedCapitalMember 33952473 2024-01-01 2024-12-31 fsa:ReserveForDevelopmentExpenditureMember 33952473 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 33952473 2024-01-01 2024-12-31 fsa:ManagementMember 33952473 2023-01-01 2023-12-31 fsa:ManagementMember 33952473 2024-01-01 2024-12-31 fsa:CompletedDevelopmentProjectsMember 33952473 2024-01-01 2024-12-31 fsa:DevelopmentProjectsInProgressMember 33952473 2024-01-01 2024-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 33952473 2024-01-01 2024-12-31 fsa:LeaseholdImprovementsMember 33952473 2024-01-01 2024-12-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember iso4217:DKK pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2024-01-01 2023-01-01 2024-12-31 2023-12-31 33952473 Manyone Denmark ApS Sundkaj 153 2. tv 2150 Nordhavn 2011-09-19 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Strandvejen 44 2900 Hellerup Denmark 39 45 39 45 koebenhavn@pwc.dk 2025-06-27 Søren Lehmann Poulsen Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning The Executive Board has today considered and adopted the Annual Report of Manyone Denmark ApS for the financial year 1 January - 31 December 2024. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In our opinion the Financial Statements give a true and fair view of the financial position at 31 December 2024 of the Company and of the results of the Company operations for 2024. In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review. We recommend that the Annual Report be adopted at the Annual General Meeting. 2025-06-27 Nordhavn Mads Riisager Gustafsen Executive Officer Jorge Hernández Fernández Executive Officer Lasse Jensby Dahl Executive Officer To the shareholder of Manyone Denmark ApS Opinion In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2024 and of the results of the Company´s operations for the financial year 1 January - 31 December 2024 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of Manyone Denmark ApS for the financial year 1 January - 31 December 2024, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (”the Financial Statements”). Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the ”Auditor’s responsibilities for the audit of the Financial Statements” section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the Financial Statements, Management is responsible for assessing the Company´s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company´s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company´s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Management is responsible for Management’s Review. Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, in our view, Management’s Review is in accordance with the Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. Hellerup 2025-06-27 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Flemming Eghoff State Authorised Public Accountant mne30221 Martin Birch State Authorised Public Accountant mne42825 81864000 59248000 6841000 14074000 -40000 1227000 5197000 11896000 56676000 50290000 98000 69000 1202000 631000 30280000 23183000 122 71 0.118 0.178 0.121 0.28 0.639 0.501 0.534 0.461 0.213 0.346 0.194 0.582 Key activities The company's key activity is consulting and development within digital strategy, creativity, design and user experience disciplines. Development in the year The income statement of the Company for 2024 shows a profit of DKK 10,233,462, and at 31 December 2024 the balance sheet of the Company shows a positive equity of DKK 53,203,268. The past year and follow-up on development expectations from last year The fiscal year 2024 presented challenges due to a slow down in the Danish market. The company's financial performance was below expectations regarding growth and as a result of this the 2024 profit came in short of the expected 15-20 mio. DKK. As growth targets were not achieved, operational adjustments, including reduction measures, has been taken to increase operational efficiency and align the cost structure with the lower revenue. The third quarter was particularly challenging due to a general market downturn across European regions. Strategic investments have been deployed to bolster future revenue generation and solidify Manyone's international presence and operational effectiveness. These include (1) integrating Artificial Intelligence, refining delivery models, enhancing market offerings, and optimizing internal workflows to meet the demands of an AI-centric potential. Moreover, (2) resources have been allocated to sharpen Manyone's value proposition, facilitating support for large-scale transformations driven by technological advancements and other significant global trends.A key component of these strategic investments was the integration of Mano ApS, a Danish agency specializing in marketing, brand transformation, and strategy. Capital resources As the group continues to pursue a growth strategy and expand it’s international operations the Group has invested significantly in operations and product development. At the time of the submission of the Annual Report for 2024 Management is of the opinion that the required cash reserves to finance the increase in working have been obtained and as such the Annual Report is prepared under the assumption of going concern. Reference is made to note 1. Special risks - operating risks and financial risks Foreign exchange risks Manyone Denmark ApS has international clients and is therefore exposed to fluctuations in currency rates. Management continuously assesses this risk and decides on mitigating actions if necessary. Targets and expectations for the year ahead Manyone Denmark ApS will continue to grow in the Danish market and continue to offer the best solutions to clients. We expect to see positive development and a profit between DKK 15-20m in FY 2025. Research and development The company has development activities relating to the way of working in the Manyone Group and a platform to assess market trends. Reference is made to the disclosure in note 8. External environment Manyone is actively working on reducing the company’s CO2 emissions and are tracking its emissions in collaboration with Goodwings and EmissionTwin. The results are being published in an annual climate report published on the Manyone website. Intellectual capital resources The most important knowledge resources are related to competencies within digital and industrial design with teams made up of Anthropologist, Researchers, user experience (UX) Designers, Digital Strategists, Creative Technologists and Product Designers. Uncertainty relating to recognition and measurement The Annual Report as been subject to uncertainty regarding recognition and measurement in the Annual Report. Reference is made to note 2. Unusual events The financial position at 31 December 2024 of the Company and the results of the activities and cash flows of the Company for the financial year for 2024 have not been affected by any unusual events. Subsequent events No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. 81825307 87639747 68584237 71371404 3409822 989761 9831248 15278582 4694585 2477277 1332868 1091083 13192965 16664776 2959503 3974635 10233462 12690141 10233462 12690141 14162075 11768669 8411000 0 22573075 11768669 134534 224099 266128 643036 400662 867135 1960914 1950010 1960914 1950010 24934651 14585814 10027152 6667983 632506 588798 46477360 59680503 52621 208550 1090204 1586177 58279843 68732011 0 2492369 58279843 71224380 83214494 85810194 80003 80003 17606999 9179562 35516266 33710241 53203268 42969806 4827608 2464151 4827608 2464151 2580543 2502951 2580543 2502951 11660511 10218117 856575 1030920 2959228 1467306 3117061 14107018 596046 1220890 3413654 9829035 22603075 37873286 25183618 40376237 83214494 85810194 80003 9179562 33710241 0 0 10233462 0 8427437 -8427437 80003 17606999 35516266 As the company and the group continues to pursue a growth strategy and expand it’s international operations the Group has invested significantly in operations and product development. As such the Group has incurred significant negative cash flows from operating and investing actitivities. To finance operations the Group has in 2024 received capital injections from its existing shareholders, performed cost reductions as well raised new financing from credit institutions. In 2025 the Group has worked to improve operations and cash flows which is expected to be fully implemented during the year. In addition, Management has in 2025 initiated discussions to secure the required cash reserve to finance the increase in working capital through a combination of debt and equity in cooperation with shareholders and financing partners. In general, management makes judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. Management continuously reassesses these estimates and judgments based on several factors under the given circumstances.The value of all recognised development projects are in the financial statements amortised over their useful lives. Every year, the management evaluates an impairment assessment to make sure the total value of the is fair. The estimated value is based on management estimates and assumptions and by nature subject to uncertainty. No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. 64284130 66849957 3527040 3710070 773067 811377 68584237 71371404 3691444 4272045 3691444 4272045 110 119 Including remuneration to the Executive Board: 4556839 2465286 137746 11991 4694585 2477277 1162723 999398 170145 91685 1332868 1091083 596046 1220890 2363457 2563642 0 190103 2959503 3974635 12018669 0 0 13650043 5239043 -5239043 17257712 8411000 250000 0 2845637 0 3095637 0 14162075 8411000 Completed development projects include development of a platform to assess market trends as well as a project to develop the way of working the Manyone Group. It is Management's assessment that there is a market for the development projects which will ensure future economic benefits for the Group. Costs for the development projects are amortised over 5 years, as they are completed. Management has not found any indications of impairment in relation to the carrying amount, but refers to note 2 on uncertainty in recognition and measurement. 2841650 1340919 97713 0 2939363 1340919 2617551 697883 187278 376908 2804829 1074791 134534 266128 1950010 10904 1960914 1960914 Selling price of work in progress 7179399 3989775 Payments received on account -9506121 -4868283 Total -2326722 -878508 Recognised in the balance sheet as follows: Contract work in progress recognised in assets 632506 588798 Prepayments received recognised in debt -2959228 -1467306 Total -2326722 -878508 Prepayments consist of prepaid expenses concerning rent, insurance premiums and subscriptions. Deferred tax liabilities at 1 January 2464151 -99491 Amounts recognised in the income statement for the year 2363457 2563642 Deferred tax liabilities at 31 December 4827608 2464151 0 0 2580543 2502951 2580543 2502951 0 1864164 3413654 7964871 Payments due within 1 year are recognised in short-term debt. Other debt is recognised in long-term debt. The debt falls due for payment as specified below: Other payables Charges and security The following assets have been placed as security with bankers: Floating charge (Virksomhedspant) 30000000 28000000 Rental and lease obligations Lease obligations under operating leases. Total future lease payments: Within 1 year 820581 1585673 Between 1 and 5 years 1384493 3000000 Total 2205074 4585673 Other contingent liabilities The group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The total amount of corporation tax payable is disclosed in the Annual Report of SLP Holding 2016 Aps, which is the management company of the joint taxation purposes. Moreover, the group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company's liability. Basis Controlling interest Manyone A/SSLP Holding 2016 ApS Parent CompanyUltimate Parent Company Transactions The Company has chosen only to disclose transactions which have not been made on an arm's length basis in accordance with section 98(c)(6) of the Danish Financial Statements Act. Consolidated Financial Statements The Company is included in the Group Annual Report of the Parent Company of the largest and smallest group: Name Place of registered office Manyone A/S Nordhavn SLP Holding 2016 ApS Lunderskov The Annual Report of Manyone Denmark ApS for 2024 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to medium-sized enterprises of reporting class C. The accounting policies applied remain unchanged from last year. The Financial Statements for 2024 are presented in DKK. true With reference to section 86(4) of the Danish Financial Statements Act and to the cash flow statement included in the consolidated financial statements of Manyone A/S, the Company has not prepared a cash flow statement. Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably. Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Business combinations Pooling of interests Intragroup business combinations are accounted for under the book value method. Under this method, the two enterprises are combined at carrying amounts, and no differences are identified. Any consideration which exceeds the carrying amount of the acquired enterprise is recognised directly in equity. The book value method is applied at the date of acquisition, and comparative figures have not been restated. All leases are considered operating leases. Payments made under operating leases are recognised in the income statement on a straight-line basis over the lease term. Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognised directly in equity. Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the transaction date rates are recognised in financial income and expenses in the income statement. Fixed assets acquired in foreign currencies are measured at the transaction date rates. Net revenue from consulting and development is recognized in the income statement according to the production criterion. Contract work in progress (construction contracts) is recognised at the rate of completion, which means that revenue equals the selling price of the work completed for the year (percentage-of-completion method). This method is applied when total revenues and expenses in respect of the contract and the stage of completion at the balance sheet date can be measured reliably, and it is probable that the economic benefits, including payments, will flow to the Company. The stage of completion is determined on the basis of the ratio between the expenses incurred and the total expected expenses of the contract. Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales. Direct expenses primarily include operating expenses used to achieve revenue for the year. Other external expenses comprise expenses for premises, sales as well as office expenses, etc. With reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue, work on own account recognised in assets, direct expenses and other external expenses. Staff expenses comprise wages and salaries as well as payroll expenses. Amortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment. Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Tax for the year consists of current tax for the year and deferred tax for the year. The tax attributable to the profit for year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. The Company is jointly taxed with Danish group companies. The tax effect of the joint taxation with the subsidiaries is allocated to enterprises showing profits or losses in proportion to their taxable incomes (full allocation with credit for tax losses). Costs of development projects comprise salaries, amortisation and other expenses directly or indirectly attributable to the Company’s development activities. Development projects that are clearly defined and identifiable and in respect of which technical feasibility, sufficient resources and a potential future market or development opportunity in the enterprise can be demonstrated, and where it is the intention to manufacture, market or use the project, are recognised as intangible assets. This applies if sufficient certainty exists that the value in use of future earnings can cover cost of sales, distribution and administrative expenses involved as well as the development costs. Development projects that do not meet the criteria for recognition in the balance sheet are recognised as expenses in the income statement as incurred. Capitalised development costs are measured at cost less accumulated amortisation and impairment losses or at a lower recoverable amount. An amount corresponding to the recognised development costs is allocated to the equity item 'Reserve for development costs'. The reserve comprises only development costs recognised in financial years beginning on or after 1 January 2016. The reserve is reduced by amortisation of and impairment losses on the development projects on a continuing basis. As of the date of completion, capitalised development costs are amortised on a straight-line basis over the period of the expected economic benefit from the development work. The amortisation period is year. Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses. Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are: Other fixtures and fittings, tools and equipment 2-8 years Leasehold improvements 2-8 years The fixed assets’ residual values are determined at nil. Depreciation period and residual value are reassessed annually. Assets with a useful life of more than 1 year are capitalized and depreciated over their useful lives. The carrying amounts of intangible assets and property, plant and equipment and investments are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation. The recoverable amount of the asset is calculated as the higher of net selling price and value in use. Where a recoverable amount cannot be determined for the individual asset, the assets are assessed in the smallest group of assets for which a reliable recoverable amount can be determined based on a total assessment. Other fixed asset investments consist of deposit. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. Contract work in progress is measured at selling price of the work performed calculated on the basis of the stage of completion. The stage of completion is measured by the proportion that the contract expenses incurred to date bear to the estimated total contract expenses. Where it is probable that total contract expenses will exceed total revenues from a contract, the expected loss is recognised as an expense in the income statement. Where the selling price cannot be measured reliably, the selling price is measured at the lower of expenses incurred and net realisable value. Payments received on account are set off against the selling price. The individual contracts are classified as receivables when the net selling price is positive and as liabilities when the net selling price is negative. Expenses relating to sales work and the winning of contracts are recognised in the income statement as incurred. Prepayments comprise prepaid expenses concerning rent, insurance premiums and subscriptions. Deferred tax is recognised in respect of all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised in respect of temporary differences concerning goodwill not deductible for tax purposes and other items - apart from business acquisitions - where temporary differences have arisen at the time of acquisition without affecting the profit for the year or the taxable income. Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. In cases where the computation of the tax base may be made according to alternative tax rules, deferred tax is measured on the basis of the intended use of the asset and settlement of the liability, respectively. Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities. Deferred tax assets and liabilities are offset within the same legal tax entity. Current tax receivables and liabilities are recognised in the balance sheet at the amount calculated on the basis of the expected taxable income for the year adjusted for tax on taxable incomes for prior years. Tax receivables and liabilities are offset if there is a legally enforceable right of set-off and an intention to settle on a net basis or simultaneously. Debts are measured at amortised cost, substantially corresponding to nominal value. Return on assets Profit/loss of primary operations x 100 / Total assets at year end Solvency ratio Equity at year end x 100 / Total assets at year end Return on equity Net profit for the year x 100 / Average equity