32072291 2025-01-01 2025-12-31 32072291 2025-01-01 2025-12-31 2 32072291 2025-01-01 2025-12-31 1 32072291 2025-01-01 2025-12-31 1 32072291 2024-01-01 2024-12-31 32072291 2025-12-31 32072291 2024-12-31 32072291 2025-01-01 d:ContributedCapitalMember 32072291 2025-01-01 d:ReserveForDevelopmentExpenditureMember 32072291 2025-01-01 d:RetainedEarningsMember 32072291 2025-01-01 2025-12-31 d:ContributedCapitalMember 32072291 2025-01-01 2025-12-31 d:ReserveForDevelopmentExpenditureMember 32072291 2025-01-01 2025-12-31 d:RetainedEarningsMember 32072291 2025-12-31 d:ContributedCapitalMember 32072291 2025-12-31 d:ReserveForDevelopmentExpenditureMember 32072291 2025-12-31 d:RetainedEarningsMember 32072291 2025-01-01 2025-12-31 1 32072291 2024-01-01 2024-12-31 1 32072291 2025-01-01 d:CompletedDevelopmentProjectsMember 32072291 2025-01-01 2025-12-31 d:CompletedDevelopmentProjectsMember 32072291 2025-12-31 d:CompletedDevelopmentProjectsMember 32072291 2025-01-01 d:PlantAndMachineryMember 32072291 2025-01-01 d:FixturesFittingsToolsAndEquipmentMember 32072291 2025-01-01 d:LeaseholdImprovementsMember 32072291 2025-01-01 2025-12-31 d:PlantAndMachineryMember 32072291 2025-01-01 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 32072291 2025-01-01 2025-12-31 d:LeaseholdImprovementsMember 32072291 2025-12-31 d:PlantAndMachineryMember 32072291 2025-12-31 d:FixturesFittingsToolsAndEquipmentMember 32072291 2025-12-31 d:LeaseholdImprovementsMember 32072291 2025-01-01 d:LongtermDebtToBanksMember 32072291 2025-12-31 d:LongtermDebtToBanksMember 32072291 2025-01-01 d:LongtermDebtToOtherCreditInstitutionsMember 32072291 2025-12-31 d:LongtermDebtToOtherCreditInstitutionsMember iso4217:DKK xbrli:pure 2024-12-31 Baker Tilly Denmark 35257691 35257691 Revisionspåtegning Baker Tilly Denmark Poul Bundgaards Vej 1, 1. 2500 Valby 2025-01-01 2025-12-31 false false 2024-01-01 Jonas Pedersen Regnskabsklasse B true false false 2026-07-08 CaseWare-FSR false Annual report The executive board has today discussed and approved the annual report of Tuco Production ApS for the financial year 1 January - 31 December 2025. 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 financial position at 31 December 2025 and of the results of the company's operations for the financial year 1 January - 31 December 2025. In my opinion, management's review includes a fair review of the matters dealt with in the management's review. Management recommends that the annual report should be approved by the company in general meeting. Jonas Pedersen To the shareholder of Tuco Production ApS Opinion We have audited the financial statements of Tuco Production ApS for the financial year 1 January - 31 December 2025, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equi­ty and notes. The financial statements are prepared under the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the com­pany's financial position at 31 December 2025 and of the results of the company's operations for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act. 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' Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and 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 the 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. Statement on management's reviewManagement is responsible for management's review.Our opinion on the financial statements does not cover management's review, and we do not express 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, we conclude that 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 of management's review. Odense 2026-07-06 Baker Tilly Denmark Jeppe Pedersen State Authorized Public Accountant mne33677 Tuco Production ApS Mørkebjergvej  3 5600  Faaborg 32072291 Faaborg-Midtfyn 35257691 Hjallesevej 126 5230 Odense M Business reviewThe company's main activity is to produce and repair boats and vessels as well af to provide subcontractor work to the maritime industry. Unusual mattersThe company's financial position at 31 December 2025 and the results of its operations for the financial year ended 31 December 2025 are not affected by any unusual matters. Financial review The company's income statement for the year ended 31 December 2025 shows a loss of DKK 10.961.491, and the balance sheet at 31 December 2025 shows equity of DKK 2.168.386.The result reflects a year of investment and transition. During 2025, the company incurred significant costs for product development, the build-up of production capacity and preparation of the organisation for a markedly rising level of activity, particularly within the defense and USV segments. These investments weigh on the result for the year but have been made to position the company for the growth already materialising in 2026.   With the new co-investors, Bonnesen Mølby Invest, and the capital injected, the company stands on a significantly strengthened foundation. Demand for ProZero vessels, including Unmanned Surface Vessels (USVs), continues to grow, driven by geopolitical developments and increasing interest in autonomous capabilities across both defense and offshore applications.   To ensure financial statements with positive equity, the parent company, Tuco Group ApS, has made a tax-free group contribution of DKK 8,5 million as a portion of the intercompany balance. On this basis, management assesses that a solid foundation for the company’s continued operations has been established.   In connection with the audit of work in progress, it was found that a specific project had not been recognized as of 31 December 2024, whereby work in progress at the beginning of the year was overstated following material pre payments.    In the audit of the company's funded projects recognized under other receivables, it was found that specific projects had not been calculated at the applicable rates in accordance with signed contracts, whereby other receivables at the beginning of the year were understated.   As a result of the errors identified, the comparative figures for 2024 have been adjusted. Result before tax is affected by t.DKK 2.285, tax for the year is affected by t.DKK 582. Total assets and equity have been reduced t.DKK 1.783. Significant events occurring after the end of the financial yearOrder intake has developed strongly in 2026, and the company is experiencing significant demand for both manned and unmanned platforms. Management expects a substantial improvement in the result in the coming year as a result of the higher level of activity and the effect of the investments made. 5575275 24778000 15188247 22589000 650510 1051000 416010 149000 -10679492 989000 18044 132000 3459473 2826000 -14120921 -1705000 -3159430 -269000 -10961491 -1436000 2493367 -218000 -13454858 -1218000 5991197 2795000 5991197 2795000 11371787 3310000 128749 24000 0 0 11500536 3334000 17491733 6129000 2857490 3038000 3732304 2942000 0 6542000 6589794 12522000 997002 734000 16387928 12656000 15175346 16019000 613828 472000 18274 598000 33192378 30479000 206506 532000 39988678 43533000 57480411 49662000 125000 125000 4673133 2180000 -2629747 2326000 2168386 4631000 3194246 5237000 3194246 5237000 12537135 3303000 12537135 3303000 1247437 4086000 1751686 3258000 0 748000 5724366 7149000 1171541 95000 24197837 16230000 14454 14000 5473323 4641000 0 270000 39580644 36491000 52117779 39794000 57480411 49662000 125000 2179766 4108111 0 0 -1783000 0 0 8500000 2493367 -13454858 125000 4673133 -2629747 Special items include significant income and expenses of special interest to the company’s revenue-generating operating activities, such as significant non-recurring amounts which, in the opinion of management, is not part of the company’s primary operations.   Since 2019, the company has been a party to pending legal proceedings regarding the delivery of boats.    The company has made a claim against the customer in connection with the order amounting to TDKK 1.500, which the customer subsequently disputed. In subsequent financial years, judgments have been made in the case. The company was not successful, which is why the management has chosen to reverse the receivable.   The case has been appealed and the main hearing was scheduled on 30 and 31 March 2026 but ended up being decided on May 12. Tuco Production ApS won the case and was awarded a total compensation package of around TDKK 1.470.   The management considers the income to be of a one-off nature and deviates from what is assessed as part of primary operations.   Special items for the year are specified below, including where these are recognized in the income statement. Final ruling of outstanding legal claims (other operating income, gross profit) 1470415 0 12252834 19573000 1652129 1782000 380194 308000 903090 926000 15188247 22589000 38 42 190 0 17854 132000 18044 132000 1086538 922000 2372935 1825000 0 79000 3459473 2826000 -613828 -975000 -2042902 964000 -502700 -258000 4191856 3535000 7726856 -1397285 -338374 -1735659 5991197 Development costs includes the continues development of the ProZero workboat range and the design and production drawings and other development costs associated with the ProZero project. The costs are depreciated over a straight line period, or fully, as specific designs and items are no longer being used. The valuation of the capitalized development costs related to intangible assets is subject to uncertainty, as the design remains in the development phase.   However, management believes that the capitalized development costs can be maintained, as the design has been developed with the purpose of scalable sales, and as the company has received positive market feedback they expect increased commercial activity in 2026.   Management expects demand to increase in line with continued product maturity and market activities. 6389457 67000 81762 8360708 119133 0 14750165 186133 81762 3080634 42991 81762 297744 14393 0 3378378 -57384 81762 11371787 128749 0 4864384 13784572 1247437 0 2525170 0 0 0 Work in progress, selling price 24.365.29613.429Work in progress, payments received on account -9.148.909-868 1171541 95000 Deferred income consists of  received grants which will be recognised as other income over the depreciation period for the related assets. As long as the terms of the grant are met there will be no claim for repayment. Operating lease liabilities. Total future lease payments:Within 1 year432.7131.203Between 1 and 5 years1.000.0004.3121.432.7135.515Instruction obligation regarding operational leasing. Expected residual values at the end of the contracts21.75022Rent obligation, irrevocable period 6 months.780.000780 The company is involved in an ongoing legal dispute, which has been brought before the Eastern High Court. The Company is awaiting an expert appraisal. It is management’s assessment that the claim is unfounded, and therefore no provision has been made. If the company loses the legal dispute the claim will potentially be material.   The company has been sued in a case regarding extra work, which management does not believe is justified. Management assesses that the company has a good case, which is why no provision has been made for this.The company is jointly taxed with Danish Companies, with Tuco Group ApS as the administration company. The company is therefore held liable under the corporation Tax Act rules accordingly for any obligation to withhold tax on interest, royalties and dividends for the jointly taxed companies. As security regarding a bankloan TDKK 1.752 the company has issued a loss gurantee in connection with Kompas Bank and Vækstfonden limited to 70-75 % of the loan debt.As security for the engagements with the bank, Vækstfonden and the other group companies they have secured it in floating charge in the company's assets in the amount of TDKK 26.200. The booked value amounts to TDKK 23.673.The floating charge are also used as security in relation to the bank engagement in Tuco Group ApS' and ProZero International ApS.   The Company has made an ulimited self-confidential gurantee regarding the bank engagements in Tuco Group ApS. The total obligation amounts to TDKK 0 at 31 December 2025. The annual report of Tuco Production ApS for 2025 has been prepared in accordance with the provisions of the Danish Financial Statements Act ap­plying to en­ter­pri­ses of re­por­ting class B, as well as provisions applying to reporting class C entities.The accounting policies applied are consistent with those of last year.The annual report for 2025 is pre­sen­ted in DKK In connection with the audit of work in progress, it was found that a specific project had not been recognized as of 31 December 2024, whereby work in progress at the beginning of the year was overstated following material pre payments.    In the audit of the company's funded projects recognized under other receivables, it was found that specific projects had not been calculated at the applicable rates in accordance with signed contracts, whereby other receivables at the beginning of the year were understated.As a result of the errors identified, the comparative figures for 2024 have been adjusted. Result before tax is affected by t.DKK 2.285, tax for the year is affected by t.DKK 582. Total assets and equity have been reduced t.DKK 1.783. Income is recognised in the income statement as earned, including value adjustments of financial assets and liabilities. All expenses, including amortisation, depreciation and impairment losses, are also recognised in the income statement.Assets are recognised in the balance sheet when it is probable that future economic benefits 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 from the company and the value of the liability can be measured reliably.On initial recognition, assets and liabilities are measured at cost. On subsequent recognition, assets and liabilities are measured as described below for each individual accounting item.Certain financial assets and liabilities are measured at amortised cost using the effective interest method. Amortised cost is calculated as the historic cost less any installments and plus/less the accumulated amortisation of the difference between the cost and the nominal amount.On recognition and measurement, allowance is made for predictable losses and risks which occur before the annual report is presented and which confirm or invalidate matters existing at the balance sheet date. In pursuance of section 32 of the Danish Financial Statements Act, the company does not disclose its revenue. Gross profit reflects an aggregation of revenue, changes in inventories of finished goods and work in progress and other operating income less costs of raw materials and consumables and other external expenses. Revenue is measured at the fair value of the agreed consideration, excluding VAT and other indirect taxes. Revenue is net of all types of discounts granted.Income from customised products is recognised as production is carried out, implying that revenue corresponds to the selling price of contracts completed in the year (percentage-of-completion method). This method is applied where the total income and expenses relating to the contract and the stage of completion at the balance sheet date can be estimated reliably and it is probable that future economic benefits will flow to the Company. Costs of raw materials and consumables include the raw materials and consumables used in generating the year’s revenue. Other operating income comprises items of a secondary nature relative to the company's activities, including gains on the sale of intangible assets and property, plant and equipment. Other external costs include expenses related to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc.Other external costs also comprise research and development costs that do not qualify for capitalisation. 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. Depreciation, amortisation and impairment of intangible assets and property, plant and equipment comprise the year's depreciation, amortisation and impairment of intangible assets and property, plant and equipment. Financial income and expenses are recognised in the income statement at the amounts that relate to the financial year. Net financials include interest income and expenses, liabilities and foreign currency transactions, amortisation of financial assets and liabilities and surcharges and allowances under the Danish Tax Prepayment Scheme, etc. The company is subject to the Danish rules on compulsory joint taxation of the Group's Danish subsidiaries. Subsidiaries participate in the joint taxation arrangement from the time when they are included in the consolidated financial statements and until the time when they withdraw from the consolidation.On payment of joint taxation contributions, the current Danish income tax is allocated between the jointly taxed entities in proportion to their taxable income. Entities with tax losses receive joint taxation contributions from entities that have been able to use tax losses to reduce their own taxable profits.Tax for the year, which comprises the current tax charge for the year and changes in the deferred tax charge, is recognised in the income statement as regards the portion that relates to the profit/loss for the year and directly in equity as regards the portion that relates to entries directly in equity. 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 Group can be demonstrated, and there it is the intention to manufacture, market or use the projects, 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 administration 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.    Capitalized development costs are measured at cost less accumulated amortisation and impairment losses accumulated amortisation and impairment losses or at a lower recoverable amount. An amount corresponding to the recognized development costs in allocated to the equity item” Reserve for development costs”. The reserve comprises only development costs recognised in the financial years beginning on or after 1. January 2016. The reserve is reduced by amortization 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 15 years. Items of  plant and machinery and fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses.The depreciable amount is cost less the expected residual value at the end of the useful life.Cost comprises the purchase price and any costs directly attributable to the acquisition until the date when the asset is available for use. The cost of self-constructed assets comprises direct and indirect costs of materials, components, sub-suppliers and wages.Straight-line depreciation is provided on the basis of the following estimated useful lives of the assets:  Useful life Residual valuePlant and machinery 5-15 years 0 TDKKOther fixtures and fittings, tools and equipement 5-10 years 0 TDKKLeasehold improvements 10 years 0 TDKK The carrying amount of intangible assets, property, plant and equipment and investments in subsidiaries and associates is reviewed for impairment, other than what is reflected through normal amortisation and depreciation, on an annual basis. Stocks are mea­sured at cost using the FIFO method.  Where the net realisable value is lower than the cost, inventories are recognised at this lower value.The cost of goods for resale, raw materials and consumables comprises the purchase price plus delivery costs.The cost of finished goods and work in progress includes the cost of raw materials, consumables, direct cost of labour and production/production overheads.The net realisable value of stocks is calculated as the expected selling price less direct costs of completion and expenses incurred to effect the sale. The net realisable value is determined taking into account marketability, obsolescence and expected selling price movements. Receivables are measured at amortised cost.An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable is impaired, an impairment loss for that individual asset is recognised. Contract work in progress is measured at the selling price of the work performed. The selling price is measured by reference to the stage of completion at the balance sheet date and the expected aggregate income from the individual work in progress. The stage of completion is determined as the share of the expenses incurred relative to the expected total expenses for the individual work in progress.Where the selling price of work in progress cannot be estimated reliably, the selling price is measured at the lower of costs incurred and net realisable value.The individual work in progress is recognised in the balance sheet under receivables or payables. Net assets comprise the sum of work in progress where the selling price of the work performed exceeds invoicing on account. Net liabilities comprise the sum of work in progress where invoicing on account exceeds the selling price.Selling costs and costs incurred in securing contracts are recognised in the income statement as incurred. Prepayments comprise costs incurred concerning subsequent financial years. Cash and cash equivalents comprise cash and short-term securities whose remaining life is less than three months and which are readily convertible into cash and which are subject only to insignificant risks of changes in value. Current tax liabilities and current tax receivables are recognised in the balance sheet as the estimated tax on the taxable income for the year, adjusted for tax on the taxable income for previous years and tax paid on account.Joint taxation contributions payable and receivable are recognised in the balance sheet as 'Joint taxation contributions receivable' or 'Joint taxation contributions payable'.Deferred tax is measured according to the liability method in respect of temporary differences between the carrying amount of assets and liabilities and their tax base, calculated on the basis of the planned use of the asset and settlement of the liability, respectively. Deferred tax is measured at net realisable value.Deferred tax is measured according to the tax rules and at the tax rates applicable in the respective countries at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax adjustments resulting from changes in tax rates are recognised in the income statement, with the exception of items taken directly to equity. Financial liabilities are recognised on the raising of the loan at the proceeds received net of transaction costs incurred. On subsequent recognition, the financial liabilities are measured at amortised cost, corresponding to the capitalised value, using the effective interest method. Accordingly, the difference between the net proceeds and the nominal value is recognised in the income statement over the term of the loan.Mortgage debt is thus measured at amortised cost, which for cash loans corresponds to the outstanding debt. For bond loans, amortised cost corresponds to an outstanding debt calculated as the underlying cash value of the loan at the time of borrowing, adjusted by amortisation of the value adjustment of the loan at the time of borrowing.Other liabilities, which include trade payables, payables to group entities and other payables, are measured at amortised cost, which is usually equivalent to nominal value. Deferred income comprises payments received concerning income in subsequent reporting years. On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Foreign-exchange differences arising between the exchange rates at the transaction date and at the date of payment are recognised in the income statement as financial income or financial expenses. If foreign currency transactions are considered cash flow hedges, the value adjustments are taken directly to equity.Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the latest financial statements is recognised in the income statement as financial income or financial expenses.