40610650 2024-12-31 40610650 2023-12-31 40610650 2024-01-01 fsa:ContributedCapitalMember 40610650 2024-01-01 fsa:RetainedEarningsMember 40610650 2024-12-31 fsa:ContributedCapitalMember 40610650 2024-12-31 fsa:RetainedEarningsMember 40610650 2024-01-01 fsa:InvestmentsInGroupEnterprisesMember 40610650 2023-01-01 fsa:InvestmentsInGroupEnterprisesMember 40610650 2024-12-31 fsa:InvestmentsInGroupEnterprisesMember 40610650 2023-12-31 fsa:InvestmentsInGroupEnterprisesMember 40610650 2024-12-31 1 fsa:SubsidiaryMember 40610650 2024-01-01 2024-12-31 40610650 2024-01-01 2024-12-31 1 40610650 2024-01-01 2024-12-31 memberOfBoardIdentifier_executive_board_1 40610650 2023-01-01 2023-12-31 40610650 2024-01-01 2024-12-31 fsa:ContributedCapitalMember 40610650 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 40610650 2024-01-01 2024-12-31 fsa:InvestmentsInGroupEnterprisesMember 40610650 2023-01-01 2023-12-31 fsa:InvestmentsInGroupEnterprisesMember 40610650 2024-01-01 2024-12-31 1 fsa:SubsidiaryMember iso4217:DKK pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2024-01-01 2023-01-01 2024-12-31 2023-12-31 40610650 MATE.mothership ApS Gråbrødretorv, 11,1 1154 Copenhagen Copenhagen PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Strandvejen 44 2900 Hellerup Denmark 39 45 39 45 koebenhavn@pwc.dk 2025-06-25 Janus Christian Fjeldborg Regnskabsklasse B Revisionspåtegning Today the Executive Board have discussed and approved the Annual Report of MATE.mothership ApS for the financial year 1 January - 31 December 2024. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In my opinion the Financial Statements give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2024 and of the results of the Company's operations for the financial year 1 January - 31 December 2024. I recommend that the Annual Report be adopted at the Annual General Meeting. 2025-06-25 Copenhagen Janus Christian Fjeldborg CEO To the shareholder of MATE.mothership ApS Qualified Opinion In our opinion, excepting the potential effects of the matter described in the Basis for qualified opinion paragraph, 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 MATE.mothership 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 Qualified Opinion We were appointed auditors of the Company at the end of 2023 following the completion of the restructuring of the subsidiary Mate.Bike International ApS. In the Financial Statements for 2022, the Company's former auditors qualified their report in respect of the completeness of trade payables, the completeness of provisions, the existence and completeness of other payables, the recognition of revenue and the existence and completeness of other expenses. This may affect the comparative information for 2023 in the income statement. We therefore qualify our report in this respect. 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 qualified 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. Plan and perform the audit to obtain sufficient appropriate audit evidence regarding the consolidated financial information of the entities or business units as a basis for forming an opinion on the Financial Statements. We are responsible for the direction, supervision and review of the audit work performed. 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. Hellerup 2025-06-25 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab René Otto Poulsen State Authorised Public Accountant mne26718 -103663 2077603 1803 4748524 -105466 -2670921 877806 0 379 42453337 21995 2075805 750724 37706611 0 98000 750724 37608611 750724 37608611 16454486 0 16454486 0 16454486 0 974 62589 974 62589 48534 0 49508 62589 16503994 62589 627572 627572 15353384 -974020 15980956 -346448 497911 359660 25127 49377 523038 409037 523038 409037 16503994 62589 627572 -974020 0 15576680 0 750724 627572 15353384 The purpose of the company is to own capital shares in other companies. 0 4631103 0 65189 1803 26808 0 25424 1803 4748524 0 4 379 42450406 0 2931 379 42453337 Gain on remission of debt etc. 0 40635166 21399 0 596 2075805 21995 2075805 0 98000 0 98000 69138438 69138438 69138438 69138438 -69138438 -69099199 877806 -39239 25093333 0 9516653 0 -52683952 -69138438 16454486 0 Mate.Bike Internatinal ApS, København 100 16454486 877806 Investments in subsidiaries are specified as follows: Other adjustments consists of contribution from groupReversals for the year of revaluations in previous years consists of negative equity value beginning of year The Annual Report of MATE.mothership ApS for 2024 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 2024 are presented in DKK. true With reference to section 110 of the Danish Financial Statements Act, no consolidated financial statements are prepared. 1 Other external expenses include other production, sales, delivery and administrative costs, including costs of energy, marketing, premises, loss on bad debts, lease expenses, etc. With reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of 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. The proportional share of the results of subsidiaries, stated according to the Parent Company’s accounting policies and with full elimination of unrealised intercompany profits/losses and deduction of amortisation of added value and goodwill resulting from purchase price allocation at the date of acquisition, is recognised in the Parent Company’s Income Statement.In connection with transfers, potential profits are recognised when the economic rights related to the sold subsidiaries are transferred, however, at the earliest when the profit has been realised or is regarded as realisable. Moreover, realised losses other than impairments are included where identified. Financial income and expenses include interest income and expenses, financial expenses of finance leases, realised and unrealised gains and losses arising from securities, debt and transactions in foreign currencies, as well as charges and allowances under the tax-on-account scheme, etc. Financial income and expenses are recognised by the amounts that relate to the financial year. Interest income and expenses are calculated on amortised cost prices. The tax for the year, which consists of the current tax for the year and changes in deferred tax, is recognised in the Income Statement by the share that may be attributed to the profit for the year, and is recognised directly in equity by the share that may be attributed to entries directly to equity. Investments in subsidiaries are recognised and measured under the equity method. The item “Investments in subsidiaries” in the balance sheet include the proportionate ownership share of the net asset value of the enterprises calculated on the basis of the fair values of identifiable net assets at the time of acquisition. The total net revaluation of investments in subsidiaries is transferred upon distribution of profit to “Reserve for net revaluation under the equity method“ under equity. The reserve is reduced by dividend distributed to the Parent Company and adjusted for other equity movements in the subsidiaries. Subsidiaries with a negative net asset value are recognised at DKK 0. Any legal or constructive obligation of the Parent Company to cover the negative balance of the enterprise is recognised in provisions. Receivables are measured at amortised cost which usually corresponds to nominal value. The value is written down to meet expected losses. **Accruals, assets**Accruals recognised as assets include costs incurred relating to the subsequent financial year. Current tax liabilities and receivable current tax are recognised in the Balance Sheet as the calculated tax on the taxable income for the year, adjusted for tax on the taxable income for previous years and taxes paid on account.The Company is subject to joint taxation with Danish Group companies. The current corporation tax is distributed among the joint taxable companies in proportion to their taxable income and with full allocation and refund related to tax losses. The joint taxable companies are included in the tax-on-account scheme. Joint taxation contributions receivable and payable are recognised in the Balance Sheet under current assets and liabilities, respectively.Deferred tax is measured on the temporary differences between the carrying amount and the tax value of assets and liabilities.Deferred tax assets, including the tax value of tax loss carryforwards, are measured at the amount at which the asset is expected to be used within a reasonable number of years, either by setoff against tax on future earnings or by setoff 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 under the legislation in force on the Balance Sheet date will be applicable when the deferred tax is expected to crystallise as current tax. Any changes in the deferred tax resulting from changes in tax rates, are recognised in the income statement, except from items recognised directly in equity. **Liabilities**Financial liabilities are recognised at the time of borrowing by the amount of proceeds received less transaction costs. In subsequent periods, the financial liabilities are measured at amortised cost equal to the capitalised value when using the effective interest, the difference between the proceeds and the nominal value being recognised in the Income Statement over the loan period.The amortised cost of current liabilities corresponds usually to the nominal value.