37894036 2023-12-31 37894036 2022-12-31 37894036 2023-01-01 fsa:ContributedCapitalMember 37894036 2023-01-01 fsa:SharePremiumMember 37894036 2023-01-01 fsa:ReserveForDevelopmentExpenditureMember 37894036 2023-01-01 fsa:RetainedEarningsMember 37894036 2023-12-31 fsa:ContributedCapitalMember 37894036 2023-12-31 fsa:SharePremiumMember 37894036 2023-12-31 fsa:ReserveForDevelopmentExpenditureMember 37894036 2023-12-31 fsa:RetainedEarningsMember 37894036 2023-01-01 fsa:DevelopmentProjectsInProgressMember 37894036 2023-12-31 fsa:DevelopmentProjectsInProgressMember 37894036 2023-01-01 fsa:PropertyPlantAndEquipmentInProgressMember 37894036 2023-12-31 fsa:PropertyPlantAndEquipmentInProgressMember 37894036 2023-01-01 2023-12-31 37894036 2023-01-01 2023-12-31 1 37894036 2023-01-01 2023-12-31 memberOfBoardIdentifier_executive_board_1 37894036 2023-01-01 2023-12-31 memberOfBoardIdentifier_executive_board_2 37894036 2023-01-01 2023-12-31 memberOfBoardIdentifier_executive_board_3 37894036 2023-01-01 2023-12-31 memberOfBoardIdentifier_board_of_director_1 37894036 2023-01-01 2023-12-31 memberOfBoardIdentifier_board_of_director_2 37894036 2023-01-01 2023-12-31 memberOfBoardIdentifier_board_of_director_3 37894036 2023-01-01 2023-12-31 memberOfBoardIdentifier_board_of_director_4 37894036 2023-01-01 2023-12-31 memberOfBoardIdentifier_board_of_director_5 37894036 2023-01-01 2023-12-31 memberOfBoardIdentifier_board_of_director_6 37894036 2022-01-01 2022-12-31 37894036 2023-01-01 2023-12-31 fsa:ContributedCapitalMember 37894036 2023-01-01 2023-12-31 fsa:SharePremiumMember 37894036 2023-01-01 2023-12-31 fsa:ReserveForDevelopmentExpenditureMember 37894036 2023-01-01 2023-12-31 fsa:RetainedEarningsMember 37894036 2023-01-01 2023-12-31 fsa:DevelopmentProjectsInProgressMember 37894036 2023-01-01 2023-12-31 fsa:PropertyPlantAndEquipmentInProgressMember iso4217:DKK pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2023-01-01 2022-01-01 2023-12-31 2022-12-31 37894036 Kaffe Bueno ApS Islevdalvej 211 tv 2610 Rødovre Gladsaxe 71460021 camilo@kaffebueno.com 2016-07-15 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Strandvejen 44 2900 Hellerup Denmark 39 45 39 45 koebenhavn@pwc.dk 2024-07-04 Marcel Lubben Regnskabsklasse B Erklæring om udvidet gennemgang The Executive Board and Board of Directors have today considered and adopted the Annual Report of Kaffe Bueno ApS for the financial year 1 January - 31 December 2023. 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 2023 of the Company and of the results of the Company operations for 2023. 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. 2024-07-04 Rødovre Juan Pablo Medina Ramirez Alejandro Franco Sanchez Camilo Jose Fernandez Schembri Marcel Lubben Chairman Juan Pablo Medina Ramirez Alejandro Franco Sanchez Camilo Jose Fernandez Schembri Marika King Martin Lersch To the shareholder of Kaffe Bueno ApS Opinion We have performed an extended review of the Financial Statements of Kaffe Bueno ApS for the financial year 1 January - 31 December 2023, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies. The Financial Statements are prepared in accordance with the Danish Financial Statements Act. Based on the work performed, in our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2023 and of the results of the Company´s operations for the financial year 1 January - 31 December 2023 in accordance with the Danish Financial Statements Act. Basis for Opinion We conducted our extended review in accordance with the Danish Business Authority´s Assurance Standard for Small Enterprises and FSR – Danish Auditors´ standard on extended review of financial statements prepared in accordance with the Danish Financial Statements Act. Our responsibilities under those standards and requirements are further described in the ”Practitioner´s responsibilities for the extended review 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 evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. 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 responsibility is to express a conclusion on the Financial Statements. This requires that we plan and perform procedures to obtain limited assurance in respect of our conclusion on the Financial Statements and, moreover, that we perform supplementary procedures specifically required to obtain additional assurance in respect of our conclusion. An extended review consists of making inquiries, primarily of Management and others within the enterprise, as appropriate, and applying analytical procedures and the supplementary procedures specifically required as well as assessing the evidence obtained. An extended review is less in scope than an audit and, consequently, we do not express an audit opinion on the Financial Statements. Hellerup 2024-07-04 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Christopher Kowalczyk State Authorised Public Accountant mne47863 Key activities The Company’s main business activity is to upcycle coffee by products to produce health promoting ingredients for the personal care, human nutrition, animal nutrition, advanced biomaterials and agriculture. The Company does this using biotech, green chemistry, and nanotech, to break down and valorise coffee and sell these ingredients B2B. Development in the year The Company's income statement for the year ended 31 December 2023 shows a loss of DKK 10,937,982, and the balance sheet at 31 December 2023 shows a positive equity of DKK 38,335,731. Capital resources The company effectively closed a Series-A round in December 2023 with Borregaard A/S as the lead investor. All existing investors from previous round also participated in the Series-A. Subsequent events In March 2024, the Company officially closed its EIC Accelerator project.No other major events have occurred after the balance sheet date which could significantly affect the company's financial position. -8665135 1281898 3834764 3450232 78497 38131 -12578396 -2206465 1895 0 875562 516174 -13452063 -2722639 -2514081 -397557 -10937982 -2325082 452685 89223 -11390667 -2414305 890021 309655 890021 309655 11015865 5374265 11015865 5374265 169789 1589 169789 1589 12075675 5685509 150924 264197 150924 264197 219832 197592 38730855 73781 3405527 959831 0 131238 219905 1589405 42576119 2951847 4063558 12844385 46790601 16060429 58866276 21745938 96249 61149 0 0 694216 241531 37545266 -1313706 38335731 -1011026 2975468 6350680 2975468 6350680 1528732 523539 148786 140236 280801 145751 15596758 15596758 17555077 16406284 20530545 22756964 58866276 21745938 61149 0 241531 -1313706 35100 50249639 0 0 0 0 0 -11390667 0 -50249639 0 50249639 0 0 452685 0 96249 0 694216 37545266 3698470 3371004 0 14359 111335 28711 24959 36158 3834764 3450232 8 8 -2445696 -397557 -68385 0 -2514081 -397557 381306 658863 1040169 71651 78497 150148 890021 5374265 5641600 11015865 11015865 The company has authorized the management team to issue warrants with the right to subscribe for up to in total nominally DKK 3.950 shares of each nominally DKK 3.950 in the company and to adopt the related capital increases and amendments of the articles of association. The company has not made any pledges or securities in 2023. The Annual Report of Kaffe Bueno ApS for 2023 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B as well as selected rules applying to reporting class C. The accounting policies applied remain unchanged from last year. The Financial Statements for 2023 are presented in DKK. true 1 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. Danish kroner is used as the presentation currency. All other currencies are regarded as foreign currencies. Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Gains and losses 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. 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 rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement. Fixed assets acquired in foreign currencies are measured at the transaction date rates. Revenue from the sale of goods is recognised when the risks and rewards relating to the goods sold have been transferred to the purchaser, the revenue can be measured reliably and it is probable that the economic benefits relating to the sale will flow to the Company. Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales. Other external expenses comprise indirect production costs and 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, change in inventories of finished goods, work in progress and goods for resale, work on own account recognised in assets, other operating income, expenses for raw materials and consumables and other external expenses. Staff costs include wages and salaries including compensated absence and pensions as well as other social security contributions etc. made to the entity's employees. Amortisation, depreciation and impairment losses comprise depreciation and impairment of property, plant and equipment. Other operating income and other operating expenses comprise items of a secondary nature to the main activities of the Company, including gains and losses on the sale of 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 changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. Development costs and costs relating to rights developed by the Company are recognised in the income statement as costs in the year of acquisition. 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. In the case of assets of own construction, cost comprises direct and indirect expenses for labour, materials, components and sub-suppliers. Interest expenses on loans contracted directly for financing the construction of property, plant and equipment are recognised in cost over the construction period. The fixed assets’ residual values are determined at nil. Depreciation period and residual value are reassessed annually. Inventories are measured at the lower of cost under the FIFO method and net realisable value. The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses and costs of completion. The net realisable value is determined allowing for marketability, obsolescence and development in expected selling price. The cost of raw materials and consumables equals landed cost. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. Prepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Deferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes 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 within the same legal tax entity. 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. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity. Current tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses. Loans are recognised initially at the proceeds received net of transaction expenses incurred. Subsequently, the loans are measured at amortised cost; the difference between the proceeds and the nominal value is recognised as an interest expense in the income statement over the loan period. Mortgage loans are measured at amortised cost, which for cash loans corresponds to the remaining loan. Amortised cost of debenture loans corresponds to the remaining loan calculated as the underlying cash value of the loan at the date of raising the loan adjusted for depreciation of the price adjustment of the loan made over the term of the loan at the date of raising the loan. Other debts are measured at amortised cost, substantially corresponding to nominal value. Deferred income comprises payments received in respect of income in subsequent years.