33771894 2025-01-01 2025-12-31 cmn:ConsolidatedMember 33771894 2025-01-01 2025-12-31 cmn:ConsolidatedMember 1 33771894 2025-01-01 2025-12-31 cmn:ConsolidatedMember 1 33771894 2024-01-01 2024-12-31 cmn:ConsolidatedMember 33771894 2025-12-31 cmn:ConsolidatedMember 33771894 2024-12-31 cmn:ConsolidatedMember 33771894 2024-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 33771894 2024-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 33771894 2025-01-01 2025-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 33771894 2025-12-31 cmn:ConsolidatedMember fsa:ContributedCapitalMember 33771894 2025-12-31 cmn:ConsolidatedMember fsa:RetainedEarningsMember 33771894 2023-12-31 cmn:ConsolidatedMember 33771894 2025-01-01 2025-12-31 cmn:ConsolidatedMember fsa:ShorttermDeferredIncomeMember 33771894 2025-01-01 2025-12-31 33771894 2024-01-01 2024-12-31 33771894 2025-12-31 33771894 2024-12-31 33771894 2024-12-31 fsa:ContributedCapitalMember 33771894 2024-12-31 fsa:ReserveForDevelopmentExpenditureMember 33771894 2024-12-31 fsa:RetainedEarningsMember 33771894 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 33771894 2025-01-01 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 33771894 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 33771894 2025-12-31 fsa:ContributedCapitalMember 33771894 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 33771894 2025-12-31 fsa:RetainedEarningsMember 33771894 2025-01-01 2025-12-31 fsa:ShorttermDeferredIncomeMember iso4217:DKK xbrli:pure Annual report 2026-07-31 Steffen Bjerregaard The Executive Board has today considered and approved the annual report of CAWA SECURITY ApS for the financial year 01.01.2025 - 31.12.2025. The annual report is presented in accordance with the Danish Financial Statements Act. In my opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 31.12.2025and of the results of their operations and the consolidated cash flows for the financial year01.01.2025 -31.12.2025. I believe that the management commentary contains a fair review of the affairs and conditions referred to therein. I recommend the annual report for adoption at the Annual General Meeting. Ølstykke Steffen Bjerregaard CEO To the shareholders of CAWA SECURITY ApS We have audited the consolidated financial statements and the parent financial statements of CAWA SECURITY ApS for the financial year 01.01.2025 - 31.12.2025, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for the Group as well as the Parent, and the consolidated cash flow statement. The consolidated financial statements and the parent financial statements are prepared in accordance with the Danish Financial Statements Act. ​​ ​​In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view​of the Group's and the Parent's financial position at 31.12.2025 and of the results of their operations and the consolidated cash flows for the financial year 01.01.2025 - 31.12.2025 in accordance with the Danish Financial Statements Act. We conducted our audit in accordance with International Standards on Auditing (ISAs) and 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 consolidated financial statements and the parent financial statements" section of this auditor’s report. We are independent of the Group 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 consolidated financial statements and parent 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 consolidated financial statements and parent financial statements that are free from material misstatement, ​whether due to fraud or error. ​​ ​​In preparing the consolidated financial statements and the parent financial statements, Management is responsible for assessing the Group's and the Entity’s ability to continue ​as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going ​concern basis of accounting in preparing the​consolidated financial statements and the parent financial statements unless Management either intends to liquidate ​the Entity or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and the parent 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 consolidated financial statements and parent 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 consolidated financial statements and the parent 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 Group's and the Entity’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 consolidated financial statements and the parent 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 Group's and the Entity’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 consolidated financial statements and the parent 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 ​Group and the ​Entity to cease to continue as a going concern.​Evaluate the overall presentation, structure and content of the consolidated financial statements and the parent financial statements, including the disclosures ​in the notes, and whether the consolidated financial statements and the parent financial statements represent the underlying transactions and ​​events in a manner that gives a true and fair view.Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the consolidated financial statements and the parent financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. 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. Management is responsible for the management commentary. ​​ ​​Our opinion on the consolidated financial statements and the parent financial statements does not cover the management commentary, and we do not express ​any form of assurance conclusion thereon. ​​ ​​In connection with our audit of the consolidated financial statements and the parent financial statements, our responsibility is to read the management ​commentary and, in doing so, consider whether the management commentary is materially inconsistent with ​the consolidated financial statements and the parent financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. ​​​Moreover, it is our responsibility to consider whether the management commentary provides the information ​​required by relevant law and regulations.Based on the work we have performed, we conclude that the management commentary is in accordance with ​​the consolidated financial statements and the parent financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary. During our audit, we observed that, contrary to the Danish Companies Act, the entity has granted a loan to a shareholder, whereby management may incur liability. As of 31 December 2025, the loan has accrued interest in accordance with section 215 of the Danish Companies Act. Management may be held liable. Copenhagen Deloitte Statsautoriseret Revisionspartnerselskab 33963556 Henrik Wolff Mikkelsen State Authorised Public Accountant mne33747 Financial highlights2025​DKK'0002024​DKK'0002023​DKK'0002022​DKK'0002021​DKK'000Key figuresGross profit/loss(47,208)3,7421,0031,3743,642Operating profit/loss(66,484)(15,617)(4,771)(2,138)120Net financials(3,681)(1,922)(31)(54)(195)Profit/loss for the year(70,287)(17,504)(4,802)(2,460)(74)Balance sheet total190,492205,7857,3129,7747,797Investments in property, plant and equipment41485000Equity(86,170)(15,883)(6,020)(1,219)1,241Cash flows from operating activities3,75938,148000Cash flows from investing activities(609)(34,123)000Cash flows from financing activities(1,330)2,975000RatiosReturn on equity (%)137.65159.83132.67(22,363.64)0.00Equity ratio (%)(45.24)(7.72)(82.33)(12.47)15.92In accordance with section 128(4) of the Danish Financial Statements Act, comparative figures for the parent company are provided for the years 2021 - 2023.Financial highlights are defined and calculated in accordance with the current version of "Recommendations & ​Ratios" issued by the CFA Society Denmark.Return on equity (%):Profit/loss for the year * 100​Average equityEquity ratio (%) :​Equity * 100 ​​​Balance sheet total Primary activitiesThe Group’s primary activities focus on the development and commercialisation of energy storage solutions, including residential and commercial battery solutions and associated grid-balancing services and installation of green energy systems. Further, the Group has a substantial footprint in the alarm systems business and related equipment, conducted through e-commerce and partnerships. Development in activities and financesThe Group recorded a loss for the year of DKK 70,287,322 (DKK 17,504,110). The result reflects continued investment in the Group’s energy storage technology platform and market expansion, while the underlying alarm systems business developed in line with expectations.​​During the preparation of the 2025 financial statements, we identified that Cawa Security ApS had not recorded its acquisition of 100% of the shares in Solarkraft in Överlida AB, effective 17 January 2024. As a consequence, the​comparative figures have been adjusted accordingly: assets increased by DKK 34,078,909, liabilities increased by DKK 35,472,734 and the result for 2024 reduced by DKK 1,393,825. ​ ​Additionally, subscription revenue was not correctly accrued in the prior period. Comparative figures have been adjusted, resulting in a gross profit improvement of DKK 91,705. Deferred income of DKK 1,261,943 has been recognized, and equity has been reduced by DKK 1,353,649. ​ ​The Company has lost more than 50% of its share capital and is therefore subject to the capital loss provisions of Section 119 of the Danish Companies Act. Management expects that equity will be restored with support from its parent company. Profit/loss for the year in relation to expected developmentsThe result for the year is in line with the Group’s updated expectations, reflecting the planned scale-up of the Group’s energy storage activities alongside a stable alarm systems business. OutlookManagement expects continued market momentum and growth, with the Group anticipating continuous growth in line with previous years’ rate. This expectation assumes successful completion of the Group’s ongoing capital raising and continued roll-out of the energy storage platform, and is subject to market and execution uncertainties. Our expectations for the coming year point to a result in the range of DKK -5 to +5 million. The forecast carries considerable uncertainty due to timing variations in key projects, which could materially impact the final outcome. Use of financial instrumentsThe Group is exposed to currency risk, as part of its funding and group activities are denominated in foreign currency, and to liquidity risk in connection with its ongoing investment and financing requirements. The Group does not currently use derivative financial instruments to hedge these exposures, which management monitors on an ongoing basis.​​Risks and uncertainties​The Group’s principal risks relate to the execution and timing of the roll-out of its energy storage platform, the pace of market adoption, and access to the capital required to fund continued investment. The Group is also exposed to currency risk, as part of its funding and group activities are denominated in foreign currency. Continued growth is in line with the completion of the ongoing capital raising; management expects this funding to be secured and has prepared the financial statements on a going concern basis. Events after the balance sheet dateAs per 31 December 2025, equity was negative by DKK 86.2 million due to heavy investments in the growth realized for 2025 and also planned for future years. Due to the equity being negative, the parent company Emaldo Ltd. has issued a letter of support to the Danish subgroup. ​ ​Group Management is in dialogue with several investors and expect to close these during the third quarter of 2026. ​ ​Based on the results for the first half of 2026, the budgets for the group, the letter of support from the parent company, it is Management’s assessment that the group and the company has the significant cash resources to continue the planned activities in the coming years. ​Other than that no events after the balance sheet date have occured. -47207655 3742099 15767165 15592326 3508696 3766363 -66483516 -15616590 159090 43368 220251 347897 1465399 1467019 2594483 846491 -70164057 -17538835 123265 -34725 -70287322 -17504110 118142 204274 8986823 0 27048156 30429175 36153121 30633449 569159 317016 569159 317016 398830 203824 398830 203824 37121110 31154289 64958382 127706081 12709882 0 77668264 127706081 48176843 36359640 15382945 0 770016 2049081 1010549 820836 1406266 559125 66746619 39788682 8955719 7135864 153370602 174630627 190491712 205784916 104706 104706 -86274977 -15987655 -86170271 -15882949 500000 0 500000 0 399744 385481 399744 385481 31043 1039 9817573 8748087 250789654 198267149 2393401 40982 11495946 12963183 1234622 1261944 275762239 221282384 276161983 221667865 190491712 205784916 104706 -15987655 -15882949 -70287322 -70287322 104706 -86274977 -86170271 3508696 3766363 500000 0 67564511 52666352 120369 -821833 5210060 39994292 555126 425364 4235667 2347609 -2229154 -75707 3758673 38147754 414057 84560 195006 0 0 34038909 -609063 -34123469 -3149610 -4024285 -1329755 2974735 -1329755 2974735 1819855 6999020 7135864 136844 8955719 7135864 1 Judgements regarding going concernAs per 31 December 2025, equity was negative by DKK 86.2 million due to heavy investments in the growth realized for 2025 and also planned for future years. Due to the equity being negative, the parent company Emaldo Ltd. has issued a letter of support to the Danish subgroup. ​ ​Group Management is in dialogue with several investors and expect to close these during the third quarter of 2026. ​ ​Based on the results for the first half of 2026, the budgets for the group, the letter of support from the parent company, it is Management’s assessment that the group and the company has the significant cash resources to continue the planned activities in the coming years. ​ ​The Annual Report for 2025 has based on the above been prepared in accordance with the going concern assumption. 2 Events after the balance sheet dateOther than what is already mentioned in note 1 no significant events after det balance sheet date have occured. 3 Staff costs2025​DKK2024​DKKWages and salaries15,605,81715,494,340Pension costs73,04053,040Other social security costs88,30844,94615,767,16515,592,326Average number of full-time employees1110With reference to The Danish Financial Statements Act § 98b, subsection 3, management remuneration has not been disclosed. 11 10 4 Other financial income2025​DKK2024​DKKOther interest income28,246345,509Exchange rate adjustments02,388Other financial income192,0050220,251347,897 5 Other financial expenses2025​DKK2024​DKKOther interest expenses1,415,998502,438Exchange rate adjustments1,178,4850Other financial expenses0344,0532,594,483846,491 6 Tax on profit/loss for the year2025​DKK2024​DKKCurrent tax123,2650Change in deferred tax0(34,725)123,265(34,725) 7 Proposed distribution of profit/loss2025​DKK2024​DKKRetained earnings(70,287,322)(17,504,110)(70,287,322)(17,504,110) -70287322 -17504110 -70287322 -17504110 8 Intangible assetsCompleted development projects​DKKAcquired rights​DKKGoodwill​DKKCost beginning of year660,849033,810,194Additions08,986,8230Cost end of year660,8498,986,82333,810,194Amortisation and impairment losses beginning of year(456,575)0(3,381,019)Amortisation for the year(86,132)0(3,381,019)Amortisation and impairment losses end of year(542,707)0(6,762,038)Carrying amount end of year118,1428,986,82327,048,156 9 Property, plant and equipmentOther fixtures and fittings, tools and equipment​DKKCost beginning of year446,080Additions414,057Disposals(15,877)Cost end of year844,260Depreciation and impairment losses beginning of year(129,064)Depreciation for the year(155,257)Reversal regarding disposals9,220Depreciation and impairment losses end of year(275,101)Carrying amount end of year569,159 10 Financial assetsDeposits​DKKCost beginning of year203,824Additions195,006Cost end of year398,830Carrying amount end of year398,830 11 Receivables from owners and managementDuring the financial year and the comparative year, the Company had a receivable from a shareholder of DKK 823 thousand excluding interest. No interest and repayment terms have been agreed, nor has security been provided for the loan. The loan bears interest in accordance with applicable legislation at 11.75%. 12 PrepaymentsPrepayments comprises costs related to subsequent financial years. 13 Other provisions Other provisions relate to warranties on own goods and products. 14 Non-current liabilities other than provisionsDue after ​more than 12 ​months​2025​DKKOutstanding ​after 5 years​2025​DKKOther payables399,744399,744399,744399,744Other payables consists of frozen holiday funds. 15 Deferred incomeDeferred income comprises subscription revenue related to subsequent financial years 16 Changes in working capital2025​DKK2024​DKKIncrease/decrease in inventories50,037,817(127,706,081)Increase/decrease in receivables(27,353,011)(39,597,432)Increase/decrease in trade payables etc.44,879,705219,969,86567,564,51152,666,352 17 Other unrecognised commitmentsUnrecognised rental and lease commitments2025​DKK2024​DKKTotal liabilities under lease rental or agreements until maturity 1,426,257318,780 18 Transactions with related partiesParent​DKKSubsidiaries​DKKOther related parties​DKKInterest expense ​484,63500Receivables09,906,226828,550Liabilities other than provisions34,038,9091,326,3430 19 Group relationsName and registered office of the Parent preparing consolidated financial statements for the largest group: ​Emaldo Limited, Hong Kong 20 SubsidiariesRegistered inOwnership ​​​%Equity​DKKProfit/loss​DKKEmaldo ApSDenmark100.00(74,624,051)(64,064,359)Emaldo ABSweden100.00390,697372,437Solarkraft ABSweden100.00587,814206,191 1360501 2184704 2072256 2369741 86132 93962 -797887 -278999 1380 0 194174 48563 1441888 1393825 234626 311743 -2278847 -1936004 -2278847 -1936004 118142 204274 118142 204274 36038137 34078909 203824 203824 36241961 34282733 36360103 34487007 4082350 1055528 4082350 1055528 2883376 1674460 5550544 4302201 124882 2902 1010549 820836 96409 78380 9665760 6878779 1070559 1100618 14818669 9034925 51178772 43521932 104706 104706 92151 73290 -4445827 -2148119 -4248970 -1970123 399744 385481 399744 385481 1064560 521615 51299028 41450472 1429788 1872543 1234622 1261944 55027998 45106574 55427742 45492055 51178772 43521932 104706 73290 507724 0 0 -2655843 -2655843 -1970123 18861 -18861 0 -2278847 -2278847 104706 92151 -4445827 -4248970 The Company has lost more than 50% of its share capital and is therefore subject to the capital loss provisions of Section 119 of the Danish Companies Act. Management expects that equity will be restored with support from its parent company. 1 Judgements regarding going concernAs per 31 December 2025, equity was negative by DKK 4.2 million due to heavy investments in the growth realized for 2025 and also planned for future years. Due to the equity being negative, the parent company Emaldo Ltd. has issued a letter of support to the Danish subgroup. ​ ​Group Management is in dialogue with several investors and expect to close these during the third quarter of 2026. ​ ​Based on the results for the first half of 2026, the budgets for the group, the letter of support from the parent company, it is Management’s assessment that the group and the company has the significant cash resources to continue the planned activities in the coming years. ​ ​The Annual Report for 2025 has based on the above been prepared in accordance with the going concern assumption. 2 Events after the balance sheet dateOther than what is already mentioned in note 1 no significant events after det balance sheet date have occured. 3 Staff costs2025​DKK2024​DKKWages and salaries2,003,7312,286,407Pension costs53,04053,040Other social security costs15,48530,2942,072,2562,369,741Average number of full-time employees79With reference to The Danish Financial Statements Act § 98b, subsection 3, management remuneration has not been disclosed. 7 9 4 Depreciation, amortisation and impairment losses2025​DKK2024​DKKAmortisation of intangible assets86,13293,96286,13293,962 5 Other financial income2025​DKK2024​DKKFinancial income from group enterprises043,368Other interest income2,1692,807Exchange rate adjustments02,388Other financial income192,0050194,17448,563 6 Other financial expenses2025​DKK2024​DKKOther interest expenses35,254311,743Exchange rate adjustments199,3720234,626311,743 7 Proposed distribution of profit and loss2025​DKK2024​DKKRetained earnings(2,278,847)(1,936,004)(2,278,847)(1,936,004) -2278847 -1936004 -2278847 -1936004 8 Intangible assetsCompleted development projects ​DKKCost beginning of year660,849Cost end of year660,849Amortisation and impairment losses beginning of year(456,575)Amortisation for the year(86,132)Amortisation and impairment losses end of year(542,707)Carrying amount end of year118,142 9 Financial assetsInvestments in group enterprises​DKKDeposits​DKKCost beginning of year34,078,909203,824Additions1,959,2280Cost end of year36,038,137203,824Carrying amount end of year36,038,137203,824A specification of investments in subsidiaries is evident from the notes to the consolidated financial statements. 10 Receivables from owners and managementDuring the financial year and the comparative year, the Company had a receivable from a shareholder of DKK 823 thousand excluding interest. No interest and repayment terms have been agreed, nor has security been provided for the loan. The loan bears interest in accordance with applicable legislation at 11.75%. 11 PrepaymentsPrepayments comprises costs related to subsequent financial years. 12 Other payables2025​DKK2024​DKKHoliday pay obligation399,744385,481399,744385,481 13 Deferred incomeDeferred income comprises subscription revenue related to subsequent financial years 14 Other unrecognised commitmentsUnrecognised rental and lease commitments2025​DKK2024​DKKTotal liabilities under rental or lease agreements until maturity 262,324318,780 15 Contingent liabilitiesThe Entity serves as the administration company in a Danish joint taxation arrangement. According to the joint ​taxation provisions of the Danish Corporation Tax Act, the Entity is therefore liable for income taxes etc. for the ​jointly taxed entities, and also for obligations, if any, relating to the withholding of tax on interest, royalties and ​dividends for these entities. 16 Transactions with related partiesParent​DKKSubsidiaries​DKKAssociates​DKKOther related parties​DKKInterest expense1,441,888 ​0 ​0 ​0 ​Receivables07,509,7730828,550Liabilities other than provisions34,038,90902,556,79511,867,611 This annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act ​governing reporting class C enterprises (medium).The accounting policies applied to these consolidated financial statements and parent financial statements are consistent with those applied last year. Non-comparabilityReclassification of individual items in the income statement and balance sheet has been made with no effect on ​the income statement and equity. Material errors in previous yearsDuring the preparation of the 2025 financial statements, we identified that Cawa Security ApS had not recorded its acquisition of 100% of the shares in Solarkraft in Överlida AB, effective 17 January 2024. Comparative figures have been adjusted accordingly: assets increased by DKK 34,078,909; liabilities increased by DKK 35,472,734; and the result reduced by DKK 1,393,825. ​ ​Additionally for the parent company, subscription revenue was not correctly accrued in the prior period. Comparative figures have been adjusted, resulting in a gross profit improvement of DKK 91,705. Deferred income​of DKK 1,261,943 has been recognized, and equity has been reduced by DKK 1,353,649. Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic ​​benefits will flow to the Entity, and the value of the asset can be measured reliably. ​​ ​​Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a ​​result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the ​​value of the liability can be measured reliably. ​​ ​​On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial ​​recognition is effected as described below for each financial statement item. ​​ ​​Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm ​​or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and ​​measurement. ​​ ​​Income is recognised in the income statement when earned, whereas costs are recognised by the amounts ​​attributable to this financial year. Consolidated financial statementsThe consolidated financial statements comprise the Parent and the group enterprises (subsidiaries) that are controlled by the Parent. Control is achieved by the Parent, either directly or indirectly, holding more than 50% of the voting rights or in any other way possibly or actually exercising controlling influence. Enterprises in which the Group, directly or indirectly, holds between 20% and 50% of the voting rights and exercises significant, but not controlling, influence are regarded as associates.Basis of consolidationThe consolidated financial statements are prepared on the basis of the financial statements of the Parent and its subsidiaries. The consolidated financial statements are prepared by combining uniform items. On consolidation, intra-group income and expenses, intra-group accounts and dividends as well as profits and losses on transactions between the consolidated enterprises are eliminated. The financial statements used for consolidation have been prepared applying the Group’s accounting policies.​​Subsidiaries’ financial statement items are recognised in full in the consolidated financial statements. Minority interests’ pro rata shares of the profit/loss and the net assets are disclosed as separate items in Management's proposal for the distribution of net profit/loss and equity, respectively.​​Investments in subsidiaries are offset at the pro rata share of such subsidiaries’ net assets at the acquisition date,​with net assets having been calculated at fair value. Business combinationsNewly acquired or newly established enterprises are recognised in the financial statements from the time ​​of acquiring or establishing such enterprises. Divested or wound-up enterprises are recognised in the income ​​statement up to the time of their divestment or winding-up. ​​ ​​The purchase method is applied at the acquisition of new enterprises, under which identifiable assets and ​​liabilities of these enterprises are measured at fair value at the acquisition date. Provisions for costs of ​restructuring of the enterprise acquired are only made in so far as such restructuring was decided by the ​​enterprise acquired prior to acquisition. Allowance is made for the tax effect of restatements.Positive differences in amount (goodwill) between cost of the acquired share and fair value of the assets ​​and liabilities taken over are recognised in intangible assets, and they are amortised systematically over ​​the income statement based on an individual assessment of their useful lives. If the useful life cannot be ​​estimated reliably, it is fixed at 10 years. Useful life is reassessed annually. Foreign currency translationOn initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction ​date. Receivables, payables and other monetary items denominated in foreign currencies that have not been ​settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange ​differences that arise between the rate at the transaction date and the rate in effect at the payment date, or the ​rate at the balance sheet date, are recognised in the income statement as financial income or financial expenses. ​Property, plant and equipment, intangible assets, inventories and other non-monetary assets that have been ​purchased in foreign currencies are translated using historical rates. ​​ ​​When recognising foreign subsidiaries and associates that are independent entities, the income statements ​​are translated at average exchange rates for the months that do not significantly deviate from the rates at the ​transaction date. Balance sheet items are translated using the exchange rates at the balance sheet date. Goodwill​​is considered belonging to the independent foreign entity and is translated using the exchange rate at the ​balance sheet date. Exchange differences arising out of the translation of foreign subsidiaries’ equity at the ​beginning of the year at the balance sheet date exchange rates and out of the translation of income statements ​from average rates to the exchange rates at the balance sheet date are recognised directly in the translation reserve in equity. ​​ ​​Exchange adjustments of outstanding accounts with independent foreign subsidiaries, which are considered ​​part of the total investment in the subsidiary in question, are recognised directly in the translation reserve in equity.When recognising foreign subsidiaries that are integral entities, monetary assets and liabilities are translated ​using the exchange rates at the balance sheet date. Non-monetary assets and liabilities are translated at the ​exchange rate at the time of acquisition or the time of any subsequent revaluation or writedown. The items of the ​​income statement are translated at the average rates of the months; however, items deriving from non-monetary ​​assets and liabilities are translated using the historical rates applicable to the relevant non-monetary items. Gross profit or lossGross profit or loss comprises revenue, changes in inventories of finished goods, other operating income, costs of​raw materials and consumables and external expenses. RevenueRevenue from the sale of manufactured goods and goods for resale is recognised in the income statement ​​when delivery is made and risk has passed to the buyer. Revenue from the sale of services is recognised in the ​income statement when delivery is made to the buyer. Revenue is recognised net of VAT, duties and sales ​discounts and is measured at fair value of the consideration fixed. Other operating incomeOther operating income includes revenues of a secondary nature relative to the company's principal business activities, including reimbursements of salaries Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for normal inventory ​writedowns. Costs of raw materials and consumablesCost of goods sold comprises expenses for the purchase of raw materials and auxiliary materials less discounts, as well as the year's change in inventory. Other external expensesOther external expenses comprise costs for distribution, sales, advertising, administration, premises, bad debts, and operating lease expenses Staff costsStaff costs comprise wages and salaries, and social security contributions, pension contributions, etc . for entity ​staff. Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating toproperty, plant and equipment comprise depreciation, amortisation and impairment losses for the financial year. Other financial income from group enterprisesOther financial income from group enterprises comprises interest income etc. on receivables from group ​enterprises.Other financial incomeOther financial income comprises interest income, including interest income on receivables from group enterprises and transactions in foreign currencies, and tax relief under the Danish Tax Prepayment Scheme etc. Financial expenses from group enterprisesFinancial expenses from group enterprises comprise interest expenses etc. from payables to group enterprises.Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group ​enterprises, payables and transactions in foreign currencies and tax surcharge under the Danish Tax Prepayment Scheme etc. Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the ​​income statement by the portion attributable to the profit for the year and recognised directly in equity by the ​portion attributable to entries directly in equity.The Parent is jointly taxed with all of its Danish group enterprises. The current Danish income tax is allocated among the jointly taxed entities proportionally to their taxable income (full allocation with a refund concerning tax losses). GoodwillGoodwill is the positive difference between cost and fair value of assets and liabilities arising from acquisitions. Goodwill is amortised straight-line over its estimated useful life, which is fixed based on the experience gained by ​Management for each business area. For one amount of goodwill, it has not been possible to estimate useful ​life reliably, for which reason such useful life has been set at 10 years. For other amounts of goodwill, useful life has been determined based on an assessment ofwhether the enterprises are strategically acquired enterprises ​with a strong market position and a long-term earnings profile and whether the amount of goodwill includes ​intangible resources of a temporary nature that cannot be separated and recognised as separate assets. Useful ​lives are reassessed annually. The amortisation periods used are 10years. ​​ ​​Goodwill is written down to the lower of recoverable amount and carrying amount.Intellectual property rights etc.Intellectual property rights etc. comprise development projects completed and in progress with related ​intellectual property rights, acquired intellectual property rights and prepayments for intangible assets.Development projects on clearly defined and identifiable products and processes, for which the technical rate ​​of utilisation, adequate resources and a potential future market or development opportunity in the enterprise ​​can be established, and where the intention is to manufacture, market or apply the product or process in ​question, are recognised as intangible assets. Other development costs are recognised as costs in the income ​​statement as incurred. When recognising development projects as intangible assets, an amount equalling ​​the costs incurred less deferred tax is taken to equity in the reserve for development costs that is reduced ​​as the development projects are amortised and written down. ​​​ ​​​The cost of development projects comprises costs such as salaries and amortisation that are directly and ​​indirectly attributable to the development projects. ​​ ​​​Completed development projects are amortised on a straight-line basis using their estimated useful lives ​​which are determined based on a specific assessment of each development project. For development projects protected by intellectual property rights, the maximum period of amortisation is the remaining duration of the relevant rights. The amortisation periods used are 3-5years. Intellectual property rights acquired are measured at cost less accumulated amortisation. Patents are amortised ​on a straight-line basis over their remaining duration, and licences are amortised on a straight-line basis over the term of the agreement.​ ​Intellectual property rights etc. are written down to the lower of recoverable amount and carrying amount. Property, plant and equipmentOther fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses. ​ ​Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of ​ the asset until the time when it is ready to be put into operation. ​ ​The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line depreciation is made on the basis of the following estimated useful lives of the assets:Useful life Other fixtures and fittings, tools and equipment3-5 years ​Estimated useful lives and residual values are reassessed annually. ​​ ​​Items of property, plant and equipment are written down to the lower of recoverable amount and carrying ​​amount. Investments in group enterprisesInvestments in group enterprises are measured at cost. Investments are written down to the ​​lower of recoverable amount and carrying amount. InventoriesInventories are measured at the lower of cost using the FIFO method and net realisable value. ​​ ​​Cost consists of purchase price plus delivery costs. Cost of manufactured goods and work in progress consists ​​of costs of raw materials, consumables, direct labour costs. ReceivablesReceivables are measured at amortised cost, usually equalling nominal value, less writedowns for bad and ​​doubtful debts. PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at ​​cost. CashCash comprises cash in hand and bank deposits. Other provisionsOther provisions comprise anticipated costs of non-recourse guarantee commitments, returns, loss on ​​contract work in progress, decided and published restructuring, etc. ​​ ​​Other provisions are recognised and measured as the best estimate of the expenses required to settle the ​​liabilities at the balance sheet date. Provisions that are estimated to mature more than one year after the ​​balance sheet date are measured at their discounted value. ​​ ​​Non-recourse guarantee commitments comprise commitments to remedy defects and deficiencies within ​​the guarantee period.​​​Once it is probable that total costs will exceed total income from a contract in progress, provision is made ​​for the total loss estimated to result from the relevant contract. Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. Prepayments received from customersPrepayments received from customers comprise amounts received from customers prior to delivery of the ​​goods agreed or completion of the service agreed. Tax payable or receivable Current tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's ​​taxable income, adjusted for prepaid tax. Deferred incomeDeferred income comprises income received for recognition in subsequent financial years. Deferred income ​​is measured at cost. Cash flow statementThe cash flow statement shows cconsolidated cash flows from operating, investing and financing activities, and cash ​and cash equivalents at the beginning and the end of the financial year. ​​ ​​Cash flows from operating activities are presented using the indirect method and calculated as the operating ​​profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid. ​​ ​​Cash flows from investing activities comprise payments in connection with acquisition and divestment of ​ enterprises, activities and fixed asset investments, and purchase, development, improvement and sale, ​​etc. of intangible assets and property, plant and equipment. ​​ ​​Cash flows from financing activities comprise changes in the size or composition of the contributed capital ​​and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend. ​​ ​​Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk. ​​No cash flow statement has been prepared for the Parent as its cash flows are included in the consolidated cash flow statement, refer to section 86(4) of the Danish Financial Statements Act. The cash flow statement shows cconsolidated cash flows from operating, investing and financing activities, and cash ​and cash equivalents at the beginning and the end of the financial year. ​​ ​​Cash flows from operating activities are presented using the indirect method and calculated as the operating ​​profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid. ​​ ​​Cash flows from investing activities comprise payments in connection with acquisition and divestment of ​ enterprises, activities and fixed asset investments, and purchase, development, improvement and sale, ​​etc. of intangible assets and property, plant and equipment. ​​ ​​Cash flows from financing activities comprise changes in the size or composition of the contributed capital ​​and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend. ​​ ​​Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk. ​​No cash flow statement has been prepared for the Parent as its cash flows are included in the consolidated cash flow statement, refer to section 86(4) of the Danish Financial Statements Act. Ikke væsentlig usikkerhed vedr. fortsat drift Ikke væsentlig usikkerhed vedr. fortsat drift true Grundlag for konklusion Konklusion 2026-07-31 2026-07-31 Revisionspåtegning Regnskabsklasse C, mellemstor virksomhed 2024-12-31 2024-01-01 33963556 Weidekampsgade 6 Deloitte Statsautoriseret Revisionspartnerselskab 2300 København S 2025-12-31 2025-01-01 CAWA SECURITY ApS 33771894 København S 2300 6 Weidekampsgade Egedal Ølstykke 3650 true 4 Bygmarken