27373968 2024-02-01 2025-01-31 27373968 2024-02-01 2025-01-31 1 27373968 2024-02-01 2025-01-31 1 27373968 2024-02-01 2025-01-31 1 27373968 2024-02-01 2025-01-31 2 27373968 2024-02-01 2025-01-31 3 27373968 2024-02-01 2025-01-31 4 27373968 2022-02-01 2023-01-31 27373968 2021-02-01 2022-01-31 27373968 2020-01-01 2021-01-31 27373968 2023-01-31 27373968 2022-01-31 27373968 2021-01-31 27373968 2023-02-01 2024-01-31 27373968 2025-01-31 27373968 2024-01-31 27373968 2024-02-01 2025-01-31 d:RetainedEarningsMember 27373968 2025-01-31 d:ContributedCapitalMember 27373968 2025-01-31 d:RetainedEarningsMember 27373968 2024-02-01 27373968 2023-02-01 27373968 2024-02-01 d:LeaseholdImprovementsMember 27373968 2024-02-01 d:FixturesFittingsToolsAndEquipmentMember 27373968 2024-02-01 2025-01-31 d:LeaseholdImprovementsMember 27373968 2024-02-01 2025-01-31 d:FixturesFittingsToolsAndEquipmentMember 27373968 2025-01-31 d:LeaseholdImprovementsMember 27373968 2025-01-31 d:FixturesFittingsToolsAndEquipmentMember 27373968 2024-02-01 d:DepositsLongtermInvestmentsAndReceivablesMember 27373968 2024-02-01 2025-01-31 d:DepositsLongtermInvestmentsAndReceivablesMember 27373968 2025-01-31 d:DepositsLongtermInvestmentsAndReceivablesMember iso4217:USD xbrli:pure Årsrapport Revisionspåtegning 32895468 Regnskabsklasse C, mellemstor virksomhed 2025-07-28 Langagervej 1 Beierholm 4000 9220 Aalborg Ø Nadav Sadan Opinion Basis for Opinion 2025-07-28 2023-02-01 4000 2024-01-31 2024-02-01 2025-01-31 27373968 NVIDIA Denmark ApS Ledreborg Allé 130 B Roskilde true Roskilde Beierholm Himmelev Bygade 70 Roskilde Danmark true We have on this day presented the annual report for the financial year 01.02.24 - 31.01.25 for NVIDIA Denmark ApS. The annual report is presented in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the company's assets, liabilities and financial position as at 31.01.25 and of the results of the company's activities and cash flows for the financial year 01.02.24 - 31.01.25. We believe that the management's review includes a fair review of the matters dealt with in the management's review. The annual report is submitted for adoption by the general meeting. Nadav Sadan Managing Director Nadav Sadan Chairman Ofer Perets Henning Lysdal Gideon Rosenberg To the Shareholder of NVIDIA Denmark ApS We have audited the financial statements of NVIDIA Denmark ApS for the financial year 01.02.24 - 31.01.25, which comprise income statement, balance sheet, statement of changes in equity, cash flow statement and notes to the financial statements, including material accounting policy information. The financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion the financial statements give a true and fair view of the company's financial position at 31.01.25 and of the results of the company's operations and cash flows for the financial year 01.02.24 - 31.01.25 in accordance with the Danish Financial Statements Act. 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 management’s review.Our opinion on the financial statements does not cover the management’s review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, it is 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 by law and regulations.Based on the work we have performed, we conclude that the management’s review is in accordance with the financial statements and has been prepared in accordance with the requirements of Danish Financial Statements Act. We did not identify any material misstatement of the management’s review. 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 judgment 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. Roskilde Birgit Sode State Authorised Public Accountant mne28909 45961000 13302000 15686000 19161000 -16267000 -1553000 -33000 -86000 -137000 14717000 -13356000 -1669000 16472000 8871000 14835000 6537000 1075000 769000 697000 355000 8833000 -5883000 7473000 47 998 -1680 -20 42 33 54 -66 50 Ratios definitionsReturn on equity:Profit/loss for the year x 100Average equitySolvency ratio:Equity, end of year x 100Total assets Primary activitiesStarting February 1st, 2022, the company provides research and development services of integrated microelectronics to Mellanox Technologies Ltd (“MTL”), its indirect parent company which is used in fibre-optic interconnect in computers and network systems.In addition, the company is receiving royalties from granting Mellanox Technologies Ltd a non-exclusive, sublicensable license to reproduce, manufacture, distribute, and use all its intangible rights and products for the purpose of MTL´s business activity in each territory. Development in activities and financial affairsThe income statement for the period 01.02.24 - 31.01.25 shows a profit of USD 6,378,406 against USD 3,278,911 for the period 01.02.23 - 31.01.24. The balance sheet shows equity of USD 11,490,598. OutlookThe company expects a profit before tax in the region of USD 6-7 M for the coming year. 87382598 43533505 78735809 38820690 768821 666206 7877968 4046609 297038 193777 2361 469 8172645 4239917 1794239 961006 6378406 3278911 1303284 170857 6447994 1815403 7751278 1986260 49897 51584 49897 51584 7801175 2037844 14005318 8468594 71837 1266069 627018 260879 935752 0 15639925 9995542 3804050 3420718 19443975 13416260 27245150 15454104 260226 260226 11230372 4851966 11490598 5112192 734525 130225 11988291 7229672 59451 83055 2972285 2898960 15754552 10341912 15754552 10341912 27245150 15454104 Figures in USDShare capitalRetained earningsTotal equity Statement of changes in equity for 01.02.24 - 31.01.25 Balance as at 01.02.24260,2264,851,9665,112,192Net profit/loss for the year06,378,4066,378,406 Balance as at 31.01.25260,22611,230,37211,490,598 6378406 260226 11230372 2271894 1425240 -6836932 -4739231 604300 -479171 4831944 3558758 7249612 3044507 297038 193777 -2361 -469 -623783 -643011 6920506 2594804 -6537174 -1074945 0 16465 -6537174 -1058480 0 -7000000 0 -7000000 383332 -5463676 3420718 8884394 3804050 3420718 3804050 3420718 11397931 10371886 1803647 1453928 65534231 26994876 92 83 Remuneration for the management: Remuneration for the Executive Board and Board of Directors106,86660,945 106866 60945 With reference to section 98b(3) no. 1 of the Danish Financial Statements Act, remuneration for the Executive Board and Board of Directors are summarized for 2024/25 and 2023/24, as information would otherwise lead to amounts being shown for a single member of management.Members of the company’s Board of Directors are also full-time employees of either the company or an affiliated entity within the NVIDIA group and accordingly are remunerated with cash salaries from their respective local NVIDIA employing entity for their service as NVIDIA employees. Additionally, the Directors may receive from the NVIDIA group parent entity, NVIDIA Corporation, restricted stock units (“RSUs”) for NVIDIA Corporation common stock. The values above represent the estimated number of hours each Director devotes to activities for the company’s Board in the fiscal year, divided by estimated total working hours in the fiscal year, multiplied by the sum of that Director’s cash salary for the fiscal year and the share-based compensation expense for all RSUs that vested for that Director during the fiscal year. 6378406 3278911 3.Property, plant and equipment Figures in USDLeasehold improvementsOther fixtures and fittings, tools and equipment Cost as at 01.02.241,688,6824,242,788Additions during the year1,197,0655,340,109 Cost as at 31.01.252,885,7479,582,897 Depreciation and impairment losses as at 01.02.24-1,516,038-2,432,507Depreciation during the year-66,425-702,396 Depreciation and impairment losses as at 31.01.25-1,582,463-3,134,903 Carrying amount as at 31.01.251,303,2846,447,994 1688682 4242788 1197065 5340109 2885747 9582897 -1516038 -2432507 -66425 -702396 -1582463 -3134903 1303284 6447994 48898 999 49897 49897 31.01.2531.01.24 USDUSD 5.Prepayments Prepaid rent65,2710Other prepayments870,4810 Total935,7520 6.Deferred tax Provisions for deferred tax as at 01.02.241,266,0691,960,047Deferred tax recognised in the income statement-1,194,232-693,978 Provisions for deferred tax as at 31.01.2571,8371,266,069 Deferred tax is distributed as below: Property, plant and equipment24,60928,876Tax losses47,2281,237,193 Total71,8371,266,069 As at 31.01.25, the company has recognised a deferred tax asset of USD 71,837, which can primarily be attributed to tax losses carried forward. The deferred tax asset is recognised on the basis of expectations of positive operating results for the coming years. 1266069 1960047 -1194232 -693978 As at 31.01.25, the company has recognised a deferred tax asset of USD 71,837, which can primarily be attributed to tax losses carried forward. The deferred tax asset is recognised on the basis of expectations of positive operating results for the coming years. 7.Contingent liabilitiesOther contingent liabilitiesThe company has entered into rent agreements with total remaining rent payment of USD 1,547,000 8.Related partiesControlling influenceBasis of influenceMellanox Technologies UK Ltd, United KingdomSolo shareholderMellanox Technologies Ltd, IsraelIndirect parent companyNvidia Corporation, United StatesUltimate parent companyRelated party transactions are not disclosed, as all transactions are entered into in the ordinary course of business at arms’ length.Remuneration for the management is specified in note 1. Staff costs. 768821 666206 -297038 -193777 2361 469 1794239 961006 3511 -3375 The annual report is presented in accordance with the provisions of the Danish Financial Statements Act (Årsregnskabsloven) for medium-sized enterprises in reporting class C. Basis of recognition and measurementIncome is recognised in the income statement as earned, including value adjustments of financial assets and liabilities. All expenses, including depreciation, amortisation, impairment losses and write-downs, 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 such assets 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 such liabilities can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below.On recognition and measurement, account is taken of foreseeable losses and risks arising before the date at which the annual report is presented and proving or disproving matters arising on or before the balance sheet date. CURRENCYThe annual report is presented in USD. The exchange rate DKK to USD is 7,2569 as at 31.01.25 and 6,85 as at 31.01.24.On initial recognition, transactions denominated in foreign currencies are translated using the exchange rates applicable at the transaction date. Exchange rate differences between the exchange rate applicable at the transaction date and the exchange rate at the date of payment are recognised in the income statement as a financial item. Receivables, payables and other monetary items denominated in foreign currencies are translated using the exchange rates applicable at the balance sheet date. The difference between the exchange rate applicable at the balance sheet date and at the date at which the receivable or payable arose or was recognised in the latest annual report is recognised under financial income or expenses in the income statement. Fixed assets and other non-monetary assets acquired in foreign currencies are translated using historical exchange rates. Gross profitGross profit comprises revenue and other operating income and other external expenses. RevenueIncome from the sale of services is recognised in the income statement in line with completion of services, which means that revenue corresponds to the selling price of the work performed for the year. Other operating incomeOther operating income comprises income of a secondary nature in relation to the enterprise’s activities, including gains on the sale of intangible assets and property, plant and equipment. Other external expensesOther external expenses comprise also research and development costs that do not qualify for capitalization , Staff costsStaff costs comprise wages and salaries as well as other staff-related costs.Wages and salaries and other staff-related costs associated with the research and development activity are also recognised under staff costs. Depreciation and impairment lossesThe depreciation of property, plant and equipment aim at systematic depreciation over the expected useful lives of the assets. Assets are depreciated according to the straight-line method based on the following expected useful lives and residual values:The basis of depreciation is the cost of the asset less the expected residual value at the end of the useful life. Moreover, the basis of depreciation is reduced by any impairment losses. The useful life and residual value are determined when the asset is ready for use and reassessed annually.Property, plant and equipment are impaired in accordance with the accounting policies referred to in the ‘Impairment losses on fixed assets’ section. Other net financialsInterest income and interest expenses, foreign exchange gains and losses on transactions denominated in foreign currencies etc. are recognised in other net financials. Tax on profit/loss for the yearThe current and deferred tax for the year is recognised in the income statement as tax on the profit/loss for the year with the portion attributable to the profit/loss for the year. Property, plant and equipmentProperty, plant and equipment comprise leasehold improvements as well as other fixtures and fittings, tools and equipment.Property, plant and equipment are measured in the balance sheet at cost less accumulated depreciation and impairment losses. Cost comprises the purchase price and expenses resulting directly from the purchase until the asset is ready for use. Interest on loans arranged to finance production is not included in the cost.Property, plant and equipment are depreciated using the straight-line method based on useful lives and residual values, which are stated in the ‘Depreciation and impairment losses' section.Gains and losses on the disposal of property, plant and equipment are determined as the difference between the selling price, if any, less selling costs and the carrying amount at the date of disposal less any costs of disposal. Impairment losses on fixed assetsThe carrying amount of fixed assets which are not measured at fair value is assessed annually for indications of impairment over and above what is reflected in depreciation.If the company's realised return on an asset or a group of assets is lower than expected, this is considered an indication of impairment.If there are indications of impairment, an impairment test is conducted of individual assets or groups of assets.The assets or groups of assets are impaired to the lower of recoverable amount and carrying amount.The higher of net selling price and value in use is used as the recoverable amount. The value in use is determined as the present value of expected net cash flows from the use of the asset or group of assets as well as expected net cash flows from the sale of the asset or group of assets after the expiry of their useful lives.Impairment losses are reversed when the reasons for the impairment no longer exist. ReceivablesReceivables are measured at amortised cost, which usually corresponds to the nominal value, less write-downs for bad debts.Write-downs for bad debts are determined based on an individual assessment of each receivable if there is no objective evidence of individual impairment of a receivable.Deposits recognised under assets comprise deposits paid to the lessor under leases entered into by the company. PrepaymentsPrepayments recognised under assets comprise costs incurred in respect of subsequent financial years. CashCash and cash equivalents include cash in hand and deposits (up to three months from the date of investment) held at call with banks. Current and deferred taxCurrent tax payable and receivable is recognised in the balance sheet as tax computed on the basis of the taxable income for the year, adjusted for tax paid on account.Deferred tax liabilities and tax assets are recognised on the basis of all temporary differences between the carrying amounts and tax bases of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is non-amortisable for tax purposes and other items where temporary differences, except for acquisitions, have arisen at the date of acquisition without affecting the net profit or loss for the year or the taxable income. In cases where the tax value can be determined according to different taxation rules, deferred tax is measured on the basis of management’s intended use of the asset or settlement of the liability.Deferred tax assets are recognised, following an assessment, at the expected realisable value through offsetting against deferred tax liabilities or elimination in tax on future earnings.Deferred tax is measured on the basis of the tax rules and at the tax rates which, according to the legislation in force at the balance sheet date, will be applicable when the deferred tax is expected to crystallise as current tax. PayablesShort-term financial payables are measured at amortised cost, normally corresponding to the nominal value of such payables. Other short-term payables are measured at net realisable value. The cash flow statement is prepared using the indirect method, showing cash flows from operating, investing and financing activities as well as cash and cash equivalents at the beginning and end of the year.Cash flows from operating activities comprise the net profit or loss for the year, adjusted for non-cash operating items, income tax paid and changes in working capital.Cash flows from investing activities comprise payments in connection with the acquisition and divestment of companies and financial assets as well as the purchase, development, improvement and sale of intangible assets and property, plant and equipment.Cash flows from financing activities comprise changes in the company's share capital and associated costs and financing from and dividends paid to shareholders as well as the arrangement and repayment of long-term payables. Cash and cash equivalents at the beginning and end of the year comprise cash.