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cmn:ConsolidatedMember 38102885 2023-12-31 38102885 2022-01-01 2022-12-31 cmn:ConsolidatedMember 38102885 2021-01-01 2021-12-31 cmn:ConsolidatedMember 38102885 2024-01-01 2024-12-31 cmn:ConsolidatedMember 0 38102885 2023-01-01 2023-12-31 cmn:ConsolidatedMember 1 38102885 2022-01-01 2022-12-31 cmn:ConsolidatedMember 2 38102885 2021-01-01 2021-12-31 cmn:ConsolidatedMember 3 38102885 2022-12-31 cmn:ConsolidatedMember 38102885 2021-12-31 cmn:ConsolidatedMember 38102885 2024-01-01 2024-12-31 cmn:ConsolidatedMember 4 38102885 2023-01-01 2023-12-31 cmn:ConsolidatedMember 5 38102885 2022-01-01 2022-12-31 cmn:ConsolidatedMember 6 38102885 2021-01-01 2021-12-31 cmn:ConsolidatedMember 7 38102885 2024-01-01 2024-12-31 cmn:ConsolidatedMember 8 38102885 2023-01-01 2023-12-31 cmn:ConsolidatedMember 9 38102885 2022-01-01 2022-12-31 cmn:ConsolidatedMember 10 38102885 2021-01-01 2021-12-31 cmn:ConsolidatedMember 11 38102885 2024-01-01 2024-12-31 cmn:ConsolidatedMember 12 38102885 2023-01-01 2023-12-31 cmn:ConsolidatedMember 13 38102885 2022-01-01 2022-12-31 cmn:ConsolidatedMember 14 38102885 2021-01-01 2021-12-31 cmn:ConsolidatedMember 15 38102885 2024-01-01 2024-12-31 cmn:ConsolidatedMember 16 38102885 2023-01-01 2023-12-31 cmn:ConsolidatedMember 17 38102885 2022-01-01 2022-12-31 cmn:ConsolidatedMember 18 38102885 2021-01-01 2021-12-31 cmn:ConsolidatedMember 19 38102885 2024-01-01 2024-12-31 cmn:ConsolidatedMember 20 38102885 2023-01-01 2023-12-31 cmn:ConsolidatedMember 21 38102885 2022-01-01 2022-12-31 cmn:ConsolidatedMember 22 38102885 2021-01-01 2021-12-31 cmn:ConsolidatedMember 23 38102885 2024-01-01 2024-12-31 cmn:ConsolidatedMember 24 38102885 2023-01-01 2023-12-31 cmn:ConsolidatedMember 25 38102885 2022-01-01 2022-12-31 cmn:ConsolidatedMember 26 38102885 2021-01-01 2021-12-31 cmn:ConsolidatedMember 27 38102885 2024-01-01 2024-12-31 cmn:ConsolidatedMember 28 38102885 2023-01-01 2023-12-31 cmn:ConsolidatedMember 29 38102885 2022-01-01 2022-12-31 cmn:ConsolidatedMember 30 38102885 2021-01-01 2021-12-31 cmn:ConsolidatedMember 31 38102885 2024-01-01 2024-12-31 cmn:ConsolidatedMember 32 38102885 2023-01-01 2023-12-31 cmn:ConsolidatedMember 33 38102885 2022-01-01 2022-12-31 cmn:ConsolidatedMember 34 38102885 2021-01-01 2021-12-31 cmn:ConsolidatedMember 35 38102885 2024-01-01 2024-12-31 cmn:ConsolidatedMember 0 iso4217:USD xbrli:pure 2024-01-01 2024-12-31 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Board of Directors and the Executive Board have today discussed and approved the annual report of Globe Tracker ApS for the financial year 1 January – 31 December 2024.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The annual report has been prepared in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2024 and of the results of their operations and consolidated cash flows for the financial year 1 January – 31 December 2024.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We recommend that the annual report be approved at the annual general meeting.</td></tr></table> Tórshavn 2025-07-10 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent auditor's report</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the shareholders of Globe Tracker ApS</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Opinion</td></tr><tr><td colspan="1">We have audited the consolidated financial statements and the parent company financial statements of Globe Tracker ApS for the financial year 1 January – 31 December 2024, which comprise income statement, balance sheet, statement of changes in equity and notes, including accounting policies, for the Group and the Parent Company, and a consolidated cash flow statement. The consolidated financial statements and the parent company financial statements are prepared in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2024 and of the results of the Group's and the Parent Company's operations as well as the consolidated cash flows for the financial year 1 January – 31 December 2024 in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for opinion</td></tr><tr><td colspan="1">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 company financial statements" (hereinafter collectively referred to as "the financial statements") section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independence</td></tr><tr><td colspan="1">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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management's responsibilities for the financial statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of consolidated financial statements and parent company financial statements that give a true and fair view in accordance with the Danish Financial Statements Act. Moreover, Management is responsible 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.</td></tr><tr><td colspan="1">In preparing the financial statements, Management is responsible for assessing the Group's and the Parent 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 Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Auditor's responsibilities for the audit of the financial statements</td></tr><tr><td colspan="1">Our objectives are to obtain reasonable assurance as to 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 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 the financial statements.</td></tr><tr><td colspan="1">As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also</td></tr><tr><td colspan="1">►     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.</td></tr><tr><td colspan="1">►     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 Parent Company's internal control.</td></tr><tr><td colspan="1">►     Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.</td></tr><tr><td colspan="1">►     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 Group's and the Parent 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 Group and the Parent Company to cease to continue as a going concern.</td></tr><tr><td colspan="1">►     Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.</td></tr><tr><td colspan="1">►     Plan and perform the audit of the financial statements to obtain sufficient appropriate audit evidence regarding the consolidated financial information of the entities or business units as a basis for forming an opinion on the financial statements. We are responsible for the direction, supervision and review of the audit work performed. We remain solely responsible for our audit opinion.</td></tr><tr><td colspan="1">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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on the Management's review</td></tr><tr><td colspan="1">Management is responsible for the Management's review.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">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 the Danish Financial Statements Act. We did not identify any material misstatement of the Management's review.</td></tr></table> Copenhagen 2025-07-10 8531000 102000 47 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="16%" align="right" valign="middle" ><b>5</b></td><td width="84%" colspan="5" align="left" valign="middle" ><b>Depreciation, amortisation and impairment losses</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="16%" ></td><td width="16%" ></td><td width="16%" colspan="1" align="center" valign="middle" ><b>Group</b></td><td width="16%" colspan="1" align="center" valign="middle" ><b>Group</b></td><td width="16%" colspan="1" align="center" valign="middle" ><b>Parent Company</b></td><td width="20%" colspan="1" align="center" valign="middle" ><b>Parent Company</b></td></tr><tr><td width="16%" ></td><td width="16%" colspan="1" align="left" valign="middle" ><b>USD'000</b></td><td width="16%" align="right" valign="middle" ><b>2024</b></td><td width="16%" align="right" valign="middle" ><b>2023</b></td><td width="16%" align="right" valign="middle" ><b>2024</b></td><td width="20%" align="right" valign="middle" ><b>2023</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="16%" ></td><td width="16%" colspan="1" align="left" valign="middle" >Intangible assets</td><td width="16%" align="right" valign="middle" >1.217</td><td width="16%" align="right" valign="middle" >2.104</td><td width="16%" align="right" valign="middle" >1.217</td><td width="20%" align="right" valign="middle" >2.104</td></tr><tr><td width="16%" ></td><td width="16%" colspan="1" align="left" valign="middle" >Property, plant and equipment</td><td width="16%" align="right" valign="middle" >150</td><td width="16%" align="right" valign="middle" >96</td><td width="16%" align="right" valign="middle" >150</td><td width="20%" align="right" valign="middle" >90</td></tr><tr><td width="16%" ></td><td width="16%" ></td><td width="16%" align="right" valign="middle" >1.367</td><td width="16%" align="right" valign="middle" >2.200</td><td width="16%" align="right" valign="middle" >1.367</td><td width="20%" align="right" valign="middle" >2.194</td></tr><tr><td colspan="6"></td></tr></table> 963000 869000 -519000 0 2315000 0 1101000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>.Amortised over</td><td>5 years</td><td /><td>5 years</td></tr><tr><td /><td>.Completed development projects</td></tr><tr><td /><td>.Completed development projects include the development of the Groups own developed tracking devices for dry and reefer container tracking and monitoring and includes the models Gen 1, Gen 2, Gen 2.5 and Gen 2.75 which is the basis of the Groups business, and which are expected to generate future cash flow.</td></tr><tr><td /><td>.Development projects in progress</td></tr><tr><td /><td>Development projects in progress relates to software improvements on the Groups tracking devices and mainly concerns optimization of current as well as development of new API (Application Programming Interface) and GUI (Graphical User Interface).</td></tr><tr><td /><td /><td>Parent Company</td><td>Parent Company</td><td>Parent Company</td><td>Parent Company</td></tr><tr><td /><td>USD'000</td></tr></table> 14000 156000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>..Amortised over</td><td>3-5 years</td></tr><tr><td /><td /><td>Parent Company</td><td>Parent Company</td></tr><tr><td /><td>USD'000</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="50%" align="right" valign="middle" ><b>12</b></td><td width="50%" colspan="1" align="left" valign="middle" ><b>Prepayments</b></td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >Prepayments consists of prepaid costs, such as prepaid software licenses and insurance premiums.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="16%" ></td><td width="16%" ></td><td width="16%" colspan="1" align="center" valign="middle" ><b>Group</b></td><td width="16%" colspan="1" align="center" valign="middle" ><b>Group</b></td><td width="16%" colspan="1" align="center" valign="middle" ><b>Parent Company</b></td><td width="20%" colspan="1" align="center" valign="middle" ><b>Parent Company</b></td></tr><tr><td width="16%" ></td><td width="16%" colspan="1" align="left" valign="middle" ><b>USD'000</b></td><td width="16%" align="right" valign="middle" ><b>2024</b></td><td width="16%" align="right" valign="middle" ><b>2023</b></td><td width="16%" align="right" valign="middle" ><b>2024</b></td><td width="20%" align="right" valign="middle" ><b>2023</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="16%" align="right" valign="middle" ><b>14</b></td><td width="84%" colspan="5" align="left" valign="middle" ><b>..Deferred tax</b></td></tr><tr><td width="16%" ></td><td width="16%" colspan="1" align="left" valign="middle" >Deferred tax at 1 January 2024</td><td width="16%" align="right" valign="middle" >18</td><td width="16%" align="right" valign="middle" >1</td><td width="16%" align="right" valign="middle" >0</td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td width="16%" ></td><td width="16%" colspan="1" align="left" valign="middle" >Adjustments</td><td width="16%" align="right" valign="middle" >-17</td><td width="16%" align="right" valign="middle" >17</td><td width="16%" align="right" valign="middle" >0</td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td colspan="6"></td></tr><tr><td width="16%" ></td><td width="16%" colspan="1" align="left" valign="middle" ><b>Deferred tax at 31 December 2024</b></td><td width="16%" align="right" valign="middle" >1</td><td width="16%" align="right" valign="middle" >18</td><td width="16%" align="right" valign="middle" >0</td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td colspan="6"></td></tr><tr><td width="16%" ></td><td width="84%" colspan="5" align="left" valign="middle" >Deferred tax relates to</td></tr><tr><td width="16%" ></td><td width="16%" colspan="1" align="left" valign="middle" >...Property, plant and equipment</td><td width="16%" align="right" valign="middle" >1</td><td width="16%" align="right" valign="middle" >18</td><td width="16%" align="right" valign="middle" >0</td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td colspan="6"></td></tr><tr><td width="16%" ></td><td width="16%" ></td><td width="16%" align="right" valign="middle" >1</td><td width="16%" align="right" valign="middle" >18</td><td width="16%" align="right" valign="middle" >0</td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td colspan="6"></td></tr><tr><td width="16%" ></td><td width="84%" colspan="5" align="left" valign="middle" >Deferred tax is recognised in the balance sheet as follows</td></tr><tr><td width="16%" ></td><td width="16%" colspan="1" align="left" valign="middle" >Deferred tax liabilities</td><td width="16%" align="right" valign="middle" >1</td><td width="16%" align="right" valign="middle" >18</td><td width="16%" align="right" valign="middle" >0</td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td colspan="6"></td></tr><tr><td width="16%" ></td><td width="16%" ></td><td width="16%" align="right" valign="middle" >1</td><td width="16%" align="right" valign="middle" >18</td><td width="16%" align="right" valign="middle" >0</td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td colspan="6"></td></tr><tr><td width="16%" ></td><td width="84%" colspan="5" align="left" valign="middle" >Deferred tax liabilities are expected to</td></tr><tr><td width="16%" ></td><td width="84%" colspan="5" align="left" valign="middle" >be set off within</td></tr><tr><td width="16%" ></td><td width="16%" colspan="1" align="left" valign="middle" >0-1 year (shot-term portion)</td><td width="16%" align="right" valign="middle" >1</td><td width="16%" align="right" valign="middle" >18</td><td width="16%" align="right" valign="middle" >0</td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td width="16%" ></td><td width="16%" colspan="1" align="left" valign="middle" >> 1 year (long-term portion)</td><td width="16%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td colspan="6"></td></tr><tr><td width="16%" ></td><td width="16%" ></td><td width="16%" align="right" valign="middle" >1</td><td width="16%" align="right" valign="middle" >18</td><td width="16%" align="right" valign="middle" >0</td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td colspan="6"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="50%" align="right" valign="middle" ><b>15</b></td><td width="50%" colspan="1" align="left" valign="middle" ><b>.Other provisions</b></td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >Other provisions comprise provisions for compensation totalling USD 6,881 thousand. The commitment is expected to be settled in the coming financial year.</td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="16%" ></td><td width="16%" ></td><td width="16%" colspan="1" align="center" valign="middle" ><b>Group</b></td><td width="16%" colspan="1" align="center" valign="middle" ><b>Group</b></td><td width="16%" colspan="1" align="center" valign="middle" ><b>Parent Company</b></td><td width="20%" colspan="1" align="center" valign="middle" ><b>Parent Company</b></td></tr><tr><td width="16%" ></td><td width="16%" colspan="1" align="left" valign="middle" ><b>USD'000</b></td><td width="16%" align="right" valign="middle" ><b>2024</b></td><td width="16%" align="right" valign="middle" ><b>2023</b></td><td width="16%" align="right" valign="middle" ><b>2024</b></td><td width="20%" align="right" valign="middle" ><b>2023</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="16%" align="right" valign="middle" ><b>16</b></td><td width="84%" colspan="5" align="left" valign="middle" ><b>Non-current liabilities</b></td></tr><tr><td width="16%" ></td><td width="84%" colspan="5" align="left" valign="middle" >Non-current liabilities are specified as follows</td></tr><tr><td width="16%" ></td><td width="84%" colspan="5" align="left" valign="middle" ><b>Other credit institutions</b></td></tr><tr><td width="16%" ></td><td width="16%" colspan="1" align="left" valign="middle" >0-1 years</td><td width="16%" align="right" valign="middle" >762</td><td width="16%" align="right" valign="middle" >617</td><td width="16%" align="right" valign="middle" >762</td><td width="20%" align="right" valign="middle" >617</td></tr><tr><td width="16%" ></td><td width="16%" colspan="1" align="left" valign="middle" >1-5 years</td><td width="16%" align="right" valign="middle" >2.741</td><td width="16%" align="right" valign="middle" >2565</td><td width="16%" align="right" valign="middle" >2.741</td><td width="20%" align="right" valign="middle" >2.565</td></tr><tr><td width="16%" ></td><td width="16%" colspan="1" align="left" valign="middle" >> 5 years</td><td width="16%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td colspan="6"></td></tr><tr><td width="16%" ></td><td width="16%" ></td><td width="16%" align="right" valign="middle" >3.503</td><td width="16%" align="right" valign="middle" >3182</td><td width="16%" align="right" valign="middle" >3.503</td><td width="20%" align="right" valign="middle" >3.182</td></tr><tr><td colspan="6"></td></tr><tr><td width="16%" ></td><td width="16%" colspan="1" align="left" valign="middle" ><b>Total non-current liabilities</b></td><td width="16%" align="right" valign="middle" >3.503</td><td width="16%" align="right" valign="middle" >3182</td><td width="16%" align="right" valign="middle" >3.503</td><td width="20%" align="right" valign="middle" >3.182</td></tr><tr><td colspan="6"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="16%" align="right" valign="middle" ><b>17</b></td><td width="84%" colspan="5" align="left" valign="middle" ><b>Deferred income</b></td></tr><tr><td width="16%" ></td><td width="84%" colspan="5" align="left" valign="middle" >Deferred income consists of advanced billings.</td></tr><tr><td width="16%" ></td><td width="84%" colspan="5" align="left" valign="middle" ><b>Consolidated financial statements and parent company financial statements 1 January – 31 December</b></td></tr><tr><td width="16%" ></td><td width="84%" colspan="5" align="left" valign="middle" ><b>Notes</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="16%" ></td><td width="16%" ></td><td width="16%" colspan="1" align="center" valign="middle" ><b>Group</b></td><td width="16%" colspan="1" align="center" valign="middle" ><b>Group</b></td><td width="16%" colspan="1" align="center" valign="middle" ><b></b></td><td width="20%" colspan="1" align="center" valign="middle" ><b></b></td></tr><tr><td colspan="6"></td></tr></table> -11499000 -11499000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="50%" align="right" valign="middle" ><b>19</b></td><td width="50%" colspan="1" align="left" valign="middle" ><b>Contractual obligations and contingencies, etc.</b></td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >The Group’s rent liabilities include a rent obligation totalling USD 155 thousand and buy obligation regarding production of USD 1,941 thousand.</td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >The Parent Company’s rent liabilities include a rent obligation totalling USD 155 thousand and buy obligation regarding production of USD 1,941 thousand.</td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="50%" align="right" valign="middle" ><b>20</b></td><td width="50%" colspan="1" align="left" valign="middle" ><b>Collateral</b></td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >As security for the Group’s debt to banks, creditors and other suppliers, the Company has provided security or other collateral in its assets for at total amount of USD 2,723 thousand (DKK 19,450 thousand). The total carrying amount of these assets is USD 13,856 thousand.</td></tr><tr><td colspan="2"></td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >As security for the Parent Company’s debt to banks, creditors and other suppliers, the Company has provided security or other collateral in its assets for at total amount of USD 2,723 thousand (DKK 19,450 thousand). The total carrying amount of these assets is USD 13,856 thousand.</td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="25%" ></td><td width="25%" ></td><td width="25%" colspan="1" align="center" valign="middle" ><b>Group</b></td><td width="25%" colspan="1" align="center" valign="middle" ><b>Group</b></td></tr><tr><td width="25%" ></td><td width="25%" colspan="1" align="left" valign="middle" ><b>USD'000</b></td><td width="25%" align="right" valign="middle" ><b>2024</b></td><td width="25%" align="right" valign="middle" ><b>2023</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="25%" align="right" valign="middle" ><b>22</b></td><td width="75%" colspan="3" align="left" valign="middle" ><b>Changes in working capital</b></td></tr><tr><td width="25%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Changes in inventories</td><td width="25%" align="right" valign="middle" >2.397</td><td width="25%" align="right" valign="middle" >-526</td></tr><tr><td width="25%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Changes in receivables</td><td width="25%" align="right" valign="middle" >1.312</td><td width="25%" align="right" valign="middle" >3.672</td></tr><tr><td width="25%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Changes in trade and other payables</td><td width="25%" align="right" valign="middle" >-1.385</td><td width="25%" align="right" valign="middle" >-2.834</td></tr><tr><td colspan="4"></td></tr><tr><td width="25%" ></td><td width="25%" ></td><td width="25%" align="right" valign="middle" >2.324</td><td width="25%" align="right" valign="middle" >312</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Accounting policies</td></tr></table> Regnskabsklasse C, mellemstor virksomhed <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The annual report of Globe Tracker ApS for 2024 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to medium reporting class C entities.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Presentation currency</td></tr><tr><td colspan="1">The financial statements for 2024 are presented in US dollars (USD'000). Prior to 2024, the annual report was presented in DKK thousands. The reason behind the change is that the management has assessed USD as presentation currency to be more relevant as transactions and booking are made in USD (functional currency).</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Consolidated financial statements</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Control</td></tr><tr><td colspan="1">The consolidated financial statements comprise the Parent Company Globe Tracker ApS and group entities controlled by Globe Tracker ApS (control).</td></tr><tr><td colspan="1">Control means the power to exercise decisive influence over a group entity's financial and operating decisions. Moreover, the possibility of yielding a return from the investment is required.</td></tr><tr><td colspan="1">In assessing whether the Parent Company controls an entity, de facto control is also taken into consideration.</td></tr><tr><td colspan="1">The existence of potential voting rights that may currently be exercised or converted into additional voting rights is considered when assessing whether an entity may become empowered to exercise decisive influence over another entity's financial and operating decisions.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Significant influence</td></tr><tr><td colspan="1">Entities over whose financial and operating decisions the Group can exercise significant influence are classified as associates. Significant influence is deemed to exist when the Parent Company holds or controls, directly or indirectly, more than 20% of the voting rights of an entity but does not control it.</td></tr><tr><td colspan="1">The existence of potential voting rights that may currently be exercised or converted into voting rights is considered when assessing whether significant influence exists.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Preparation of consolidated financial statements</td></tr><tr><td colspan="1">The consolidated financial statements are prepared as a consolidation of the Parent Company's and the individual group entities' financial statements, which are prepared according to the Group's accounting policies. On consolidation, intra-group income and expenses, shareholdings, intra-group balances and dividends as well as realised and unrealised gains on intra-group transactions are eliminated. Unrealised gains on transactions with associates and equity interests are eliminated in proportion to the Group's ownership interest in the entity. Unrealised losses are eliminated in the same way as unrealised gains unless they do not reflect impairment.</td></tr><tr><td colspan="1">The group entities' financial statement items are included 100% in the consolidated financial statements.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">External business combinations</td></tr><tr><td colspan="1">Newly acquired entities are recognised in the consolidated financial statements from the acquisition date. Entities sold or otherwise disposed of are recognised in the consolidated financial statements up to the date of disposal. Comparative figures are not restated to reflect newly acquired entities. Discontinuing operations are presented separately, see below.</td></tr><tr><td colspan="1">The acquisition date is the date when the Group actually obtains control of the acquiree.</td></tr><tr><td colspan="1">The purchase method is applied to acquisitions of new businesses over which the Group obtains control. The acquired businesses' identified assets, liabilities and contingent liabilities are measured at fair value at the acquisition date. Identifiable intangible assets are recognised if they are separable or arise from a contractual right. Deferred tax on revaluations is recognised.</td></tr><tr><td colspan="1">Positive differences (goodwill) between, on the one hand, the consideration for the acquiree, the value of non-controlling interests in the acquired entity and the fair value of any previously acquired equity investments and, on the other hand, the fair value of the assets, liabilities and contingent liabilities acquired are recognised as goodwill in intangible assets. Goodwill is amortised on a straight-line basis in the income statement based on an individual assessment of the economic life of the asset.</td></tr><tr><td colspan="1">Negative differences (negative goodwill) are recognised in the income statement at the acquisition date.</td></tr><tr><td colspan="1">Upon acquisition, goodwill is allocated to the cash-generating units, which subsequently form the basis for impairment testing. Goodwill and fair value adjustments in connection with the acquisition of a foreign entity with a functional currency different from the Group's presentation currency are accounted for as assets and liabilities belonging to the foreign entity and are, on initial recognition, translated into the foreign entity's functional currency using the exchange rate at the transaction date.</td></tr><tr><td colspan="1">The purchase consideration for an entity consists of the fair value of the agreed consideration in the form of assets transferred, liabilities assumed and equity instruments issued. If part of the purchase consideration is contingent on future events or compliance with agreed terms, such part of the purchase consideration is recognised at fair value at the acquisition date. Subsequent adjustments of contingent purchase considerations are recognised in the income statement.</td></tr><tr><td colspan="1">Expenses incurred to acquire entities are recognised in the income statement in the year in which they are incurred.</td></tr><tr><td colspan="1">If uncertainties regarding the identification or measurement of acquired assets, liabilities or contingent liabilities or the determination of the purchase consideration exist at the acquisition date, initial recognition will take place on the basis of provisional values. If it turns out subsequently that the identification or measurement of the purchase consideration, acquired assets, liabilities or contingent liabilities was incorrect on initial recognition, the statement will be adjusted retrospectively, including goodwill, until 12 months after the acquisition, and comparative figures will be restated. Subsequently, any adjustments are recognised as errors.</td></tr><tr><td colspan="1">Gains or losses from the divestment of group entities that implies that control is no longer maintained are calculated as the difference between, on the one hand, the net selling price and, on the other hand, the proportionate share of the carrying amount of net assets. If the Parent Company still holds equity investments in the divested group entity, the remaining proportionate share of the carrying amount forms the basis for the measurement of equity investments in associates, participating interests or securities and equity investments.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Foreign currency translation</td></tr><tr><td colspan="1">On initial recognition, transactions denominated in foreign currencies are translated at the exchange rates at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses.</td></tr><tr><td colspan="1">Receivables, 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.</td></tr><tr><td colspan="1">Fixed assets acquired in foreign currency are measured at the exchange rate at the transaction date.</td></tr><tr><td colspan="1">Foreign group entities, associates and equity interests are considered separate entities. The income statements are translated at the average exchange rates for the month, and the balance sheet items are translated at the exchange rates at the balance sheet date. Foreign exchange differences arising on translation of the opening equity of foreign group entities at the exchange rates at the balance sheet date and on translation of the income statements from average exchange rates to the exchange rates at the balance sheet date are recognised directly in equity.</td></tr><tr><td colspan="1">Foreign exchange adjustments of balances with independent foreign group entities that are considered part of the total net investment in the group entity are recognised directly in the translation reserve under equity. Correspondingly, foreign exchange gains and losses on loans and derivative financial instruments hedging net investments in foreign group entities are recognised directly in the translation reserve under equity.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Income statement</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Revenue</td></tr><tr><td colspan="1">The Company has chosen IAS 18 as interpretation for revenue recognition.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Revenue from the sale of goods</td></tr><tr><td colspan="1">Income from the sale of finished goods is recognised in revenue when the most significant rewards and risks have been transferred to the buyer, the income can be measured reliably and payment is expected to be received. The date of the transfer of the most significant rewards and risks is based on standardised terms of delivery based on Incoterms® 2020.</td></tr><tr><td colspan="1">Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts and rebates granted are recognised in revenue.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Revenue from sale of services</td></tr><tr><td colspan="1">Income from service is recognized as revenue as the services are provided.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Staff costs</td></tr><tr><td colspan="1">Staff costs include wages and salaries, including compensated absence and pension to the Company’s employees, as well as other social security contributions, etc. The item is net of refunds from public authorities.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">Amortisation/depreciation</td></tr><tr><td colspan="2">The item comprises amortisation/depreciation of intangible assets and property, plant and equipment.</td></tr><tr><td colspan="2">The basis of amortisation/depreciation which is calculated as cost less any residual value, is amortised/depreciated on a straight line basis over the expected useful life. The expected useful lives of the assets are as follows</td></tr><tr><td>Finalised development projects</td><td>5 years</td></tr><tr><td>Acquired intangible assets</td><td>5 years</td></tr><tr><td>Fixtures and fittings, other plant and equipment</td><td>3-5 years</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Profit/loss from investments in group entities, associates and equity interests</td></tr><tr><td colspan="1">The proportionate share of the results of the underlying entities is recognised in the income statement after elimination of intra-group profit/loss and after tax. Group entities are subject to full elimination of intra-group profit/loss and ownership interests are not considered. Participating interests and associates are subject only to proportionate elimination of profit/loss taking into consideration ownership interests.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial income and expenses</td></tr><tr><td colspan="1">Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Financial income and expenses comprise interest income and expenses as well as allowances and surcharges under the advance-payment-of-tax scheme, etc.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Tax for the year</td></tr><tr><td colspan="1">Tax for the year comprises current income tax, joint taxation contribution and changes in deferred tax for the year due to changes in the tax rate. The tax expense relating to the profit/loss for the year is recognised in the income statement, and the tax expense relating to amounts recognised directly in equity is recognised directly in equity.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Balance sheet</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Intangible assets</td></tr><tr><td colspan="1">On initial recognition, intangible assets are measured at cost.</td></tr><tr><td colspan="1">Amortisation is made over the estimated economic life without the determination of a residual value.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Development projects</td></tr><tr><td colspan="1">Development costs comprise expenses, salaries and amortisation charges directly attributable to development activities.</td></tr><tr><td colspan="1">Development projects that are clearly defined and identifiable and where the technical feasibility, sufficient resources and a potential future market or development potential are evidenced, and where the Parent Company intends to produce, market or use the project, are recognised as intangible assets provided that the cost can be measured reliably and that there is sufficient assurance that future earnings can cover production costs, selling costs and administrative expenses as well as development costs. Other development costs are recognised in the income statement as incurred.</td></tr><tr><td colspan="1">Development costs that are recognised in the balance sheet are measured at cost less accumulated amortisation and impairment losses.</td></tr><tr><td colspan="1">On completion of a development project, development costs are amortised on a straight-line basis over the estimated useful life. The amortisation period is usually 5 years.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">Property, plant and equipment</td></tr><tr><td colspan="2">Fixtures and fittings, other plant and equipment are measured at cost less accumulated depreciation and impairment losses. Cost includes the acquisition until the time at which the assets is ready for use.</td></tr><tr><td colspan="2">Gains or losses are calculated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses from disposal of property, plant and equipment are recognised in the income statement as other operating income or other operating expenses.</td></tr><tr><td>Fixtures and fittings, tools and equipment</td><td>3-5 years</td></tr><tr><td colspan="2">Depreciation is based on the residual value of the asset and is reduced by impairment losses, if any. The depreciation period and the residual value are determined at the acquisition date and are reassessed annually. Where the residual value exceeds the carrying amount of the asset, no further depreciation charges are recognised.</td></tr><tr><td colspan="2">In case of changes in the depreciation period or the residual value, the effect on the depreciation charges is recognised prospectively as a change in accounting estimates.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Investments in subsidiaries</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Equity investments in group entities in the parent company financial statements.</td></tr><tr><td colspan="1">Equity investments in group entities are measured according to the equity method in the parent company financial statements. The Parent Company has chosen to consider the equity method a measurement method.</td></tr><tr><td colspan="1">On initial recognition, equity investments in group entities and associates and participating interests are measured at cost, i.e. plus transaction costs. The cost is allocated in accordance with the acquisition method; see the accounting policies regarding the consolidated financial statements above.</td></tr><tr><td colspan="1">The cost is adjusted by shares of profit/loss after tax calculated in accordance with the Group's accounting policies less or plus unrealised intra-group gains/losses.</td></tr><tr><td colspan="1">Identified increases in value and goodwill, if any, compared to the underlying entity's net asset value are amortised in accordance with the accounting policies in the consolidated financial statements. Negative goodwill is recognised in the income statement.</td></tr><tr><td colspan="1">Dividend received is deducted from the carrying amount.</td></tr><tr><td colspan="1">Equity investments in group entities and associates and equity interests measured at net asset value are subject to impairment test requirements if there is any indication of impairment.</td></tr><tr><td colspan="1">Net revaluation of equity investments is recognised under equity in the net revaluation reserve according to the equity method to the extent that the carrying amount exceeds cost.</td></tr><tr><td colspan="1">Gains or losses on disposal of group entities, equity interests and associates are made up as the difference between the net selling price and the carrying amount of net assets at the date of disposal plus non-amortised goodwill. The gains and losses are recognised in the income statement as income from equity investments.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Impairment of fixed assets</td></tr><tr><td colspan="1">The carrying amount of intangible assets, property, plant and equipment and equity investments in group entities is tested annually for indication of impairment other than the decrease in value reflected by amortisation/depreciation made.</td></tr><tr><td colspan="1">Impairment tests are conducted on individual assets or cash-generating units when there is indication of impairment. Write-down is made to the lower of the recoverable amount and carrying amount.</td></tr><tr><td colspan="1">The recoverable amount is the higher of the net selling price of an asset and its value in use. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the group of assets and the expected net cash flows from the disposal of the asset or the group of assets after the end of the useful life.</td></tr><tr><td colspan="1">Previously recognised impairment losses are reversed when the reason for recognition no longer exists. Impairment losses on goodwill are not reversed.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Inventories</td></tr><tr><td colspan="1">Inventories are measured at cost in accordance with the FIFO method. Where the net realisable value is lower than cost, inventories are written down to this lower value. The net realisable value of inventories is determined as the selling price less any discounts, costs of completion and costs incurred to effect the sale, taking into account marketability, obsolescence and developments in the expected selling price.</td></tr><tr><td colspan="1">Goods for resale and raw materials and consumables are measured at cost, comprising purchase price plus delivery costs and other costs directly related to the purchase.</td></tr><tr><td colspan="1">Finished goods are measured at cost, comprising the cost of raw materials and consumables.</td></tr><tr><td colspan="1">Borrowing costs are not recognised in the cost.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Receivables</td></tr><tr><td colspan="1">The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables.</td></tr><tr><td colspan="1">Receivables are measured at amortised cost.</td></tr><tr><td colspan="1">Write-down for bad and doubtful debts is made when there is objective evidence that a receivable or a portfolio of receivables has been impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis.</td></tr><tr><td colspan="1">Receivables in respect of which there is no objective evidence of individual impairment are tested for objective evidence of impairment on a portfolio basis. The portfolios are primarily based on the country of domicile and credit ratings of the debtors in accordance with the credit risk management policy of the Parent Company and the Group. The objective evidence applied to portfolios is determined based on historical loss experience.</td></tr><tr><td colspan="1">Impairment losses are calculated as the difference between the carrying amount of the receivables and the present value of the expected cash flows, including the realisable value of any collateral received. The effective interest rate of the individual receivable or portfolio is used as discount rate.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Prepayments</td></tr><tr><td colspan="1">Prepayments comprise costs incurred concerning subsequent financial years.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Equity</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Net revaluation reserve according to the equity method</td></tr><tr><td colspan="1">The net revaluation reserve according to the equity method comprises net revaluations of equity investments in group entities and associates and participating interests compared to cost comprising i.a. recognised shares of profit/loss and foreign exchange adjustments less dividends.</td></tr><tr><td colspan="1">The reserve can be eliminated in case of losses, realisation of equity investments or changes in accounting estimates.</td></tr><tr><td colspan="1">The reserve cannot be recognised at a negative amount.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Reserve for development costs</td></tr><tr><td colspan="1">Reserve for development costs comprise recognised development costs after tax, which are capitalised as intangible assets. The reserve cannot be used to distribute dividend or cover losses. The reserve will be reduced or dissolved if the recognised development costs are amortised or no longer part of the Company's operations. This is done by a transfer directly to the distributable reserves under equity.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Provisions</td></tr><tr><td colspan="1">Provisions comprise anticipated costs related to other provisions etc. Provisions are recognised when the Group has a legal or constructive obligation as a result of a past event at the balance sheet date, and it is probable that an outflow of the Company's resources embodying economic benefits will be required to settle the obligation. Provisions are measured at net realisable value or fair value. If the obligation is expected to be settled far into the future, the obligation is measured at fair value.</td></tr><tr><td colspan="1">When it is probable that the total contract expenses will exceed the total contract revenue, a provision is made for the total anticipated loss on the contract. The provision is recognised in other external expenses.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Corporation tax and deferred tax</td></tr><tr><td colspan="1">Current tax payables and receivables are recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on taxable income in previous years and tax paid on account.</td></tr><tr><td colspan="1">Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to non-deductible goodwill and on office premises and other items where temporary differences – apart from acquisitions – arise at the acquisition date without affecting either profit/loss for the year or taxable income. Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on Management's intended use of the asset or settlement of the liability, respectively.</td></tr><tr><td colspan="1">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 assets are recognised at the expected value of their utilisation; either as a set-off against deferred tax liabilities in the same legal tax entity. Changes in deferred tax due to changes in the tax rate are recognised in the income statement.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Liabilities other than provisions</td></tr><tr><td colspan="1">The Company has chosen IAS 39 as interpretation for recognition and measurement of liabilities.</td></tr><tr><td colspan="1">Financial liabilities are recognised at the date of borrowing at the proceeds received less transaction costs paid. On subsequent recognition, financial liabilities are measured at amortised cost, corresponding to the capitalised value, using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan.</td></tr><tr><td colspan="1">Financial liabilities also include the capitalised residual lease commitment in respect of finance leases.</td></tr><tr><td colspan="1">Other liabilities are measured at net realisable value.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Lease liabilities</td></tr><tr><td colspan="1">The company has interpretation for classification and recognition of leases chosen IAS 17.</td></tr><tr><td colspan="1">All leasing contracts are considered as operational leasing and other rent contracts are recognised in the profit and loss statement over the contract period. The company’s total liability regarding operational lease- and rent contracts are stated under contractual obligations and contingencies.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Deferred income</td></tr><tr><td colspan="1">Deferred income recognised as a liability comprises payments received concerning income in subsequent financial reporting years.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Cash flow statement</td></tr><tr><td colspan="1">The cash flow statement shows the Group's cash flows from operating, investing and financing activities for the year, the year's changes in cash and cash equivalents as well as the Group's cash and cash equivalents at the beginning and end of the year.</td></tr><tr><td colspan="1">The cash flow effect of acquisitions and disposals of entities is shown separately in cash flows from investing activities. Cash flows from acquisitions of entities are recognised in the cash flow statement from the date of acquisition. Cash flows from disposals of entities are recognised up until the date of disposal.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Cash flows from operating activities</td></tr><tr><td colspan="1">Cash flows from operating activities are calculated as the Group's share of the profit/loss adjusted for non-cash operating items, changes in working capital, interest received and paid regarding operations as well as corporation tax paid. Interest received is classified as cash flows from operating activities. Furthermore, dividends received are classified as operating activity.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Cash flows from investing activities</td></tr><tr><td colspan="1">Cash flows from investing activities comprise payments in connection with acquisitions and disposals of entities, activities and intangible assets, property, plant and equipment and investments.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Cash flows from financing activities</td></tr><tr><td colspan="1">Cash flows from financing activities comprise changes in the size or composition of the Group's share capital and related costs as well as the raising of loans, repayment of interest-bearing debt and payment of dividend to shareholders.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Transactions with no cash flow effect</td></tr><tr><td colspan="1">Transactions with no cash flow effect, such as e.g. the entering into finance leases, are not included in the cash flow statement. Significant transactions with no cash flow effect are disclosed in the notes.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Cash and cash equivalents</td></tr><tr><td colspan="1">Cash and cash equivalents comprise cash and short-term marketable securities with a remaining term of three months or less that are subject to only minor risks of changes in value.</td></tr></table> 1374000 2324000 -706000 414000 1828000 -2120000 -385000 -1735000 14000 2199000 9000 -2222000 322000 4107000 150000 16637000 0 14224000 9297000 8521000 -2315000 -1279000 8633000 1374000 -11286000 0 1100000 1832000 -12018000 -519000 Globe Tracker ApS Strandgade 91 1401 København K 38102885 2016-10-12 Copenhagen 2025-07-10 Kári Davidsen <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Principal activities</td></tr><tr><td colspan="1">Globe Tracker’s (GT) primary business is to develop and sell telematic solutions in the field of global tracking and monitoring of supply chains, both within hardware and software. GT Group consist of Globe Tracker Aps incorporated in Denmark, and the wholly owned subsidiaries Globe Tracker Americas Inc., Globe Tracker Singapore Pte. Ltd. and Globe Tracker Spf. in the Faroe Islands. The main activity of the group takes place in the parent company, while the subsidiaries contribute to the value chain through research and development, sales and support as well as administrative services.</td></tr><tr><td colspan="1">The group also operates branches in Rotterdam, Netherland primarily concerned with installation, deployment and customer success services and two software development hubs. One in Reykjavik, Iceland and the other in Sofia, Bulgaria.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Development in activities and financial matters</td></tr><tr><td colspan="1">The company Income statement for the financial year 2024 shows revenue of USD 14 mill., which is in line with previous years. Revenue less cost of sales improved to USD 4.9 mill from USD 3.5 mill in 2023. Other external expenses increased from USD 2.3 mill. to USD 8.5 mill. in 2024, due to one-off expenses relating to the period 2021-2024. These expenses and additional write down on inventory of USD 0.6 mill have full impact on the gross margin which was USD -1,3 mill. instead of a gross profit of USD 5,5 mill. reflecting an improvement in sales and operations of USD 3,4 mill. compared to last year.</td></tr><tr><td colspan="1">Staff costs include amongst others severance payments and other costs totalling USD 2.8 mill. relating to change of management. These costs will not be recurring.</td></tr><tr><td colspan="1">Due to these expenses, the result is a net loss of USD 11,5 mill.</td></tr><tr><td colspan="1">On the balance sheet, equity is positive with USD 1,1 mill increasing by more than USD 4 mill from last year. The company’s debt is decreased by a half, partly be transferring debt to equity. This s a substantial improvement of the numbers in the balance sheet.</td></tr><tr><td colspan="1">In 2024 the company has continued its path in the reefer telematics market and prepared for the pivot into the dry container market and asset tracking market in general. Focus is continuously to harvest on the large investments Globe Tracker has made in the market through the years and to expand its product portfolio being hard ware, platform and analytics. Revenue is expected to grow due to much higher demand for telematics services in the years to come. The drivers for growth are demand for better efficiency in cargo-operations, high focus on security and also quality of the cargo.</td></tr><tr><td colspan="1">GT Group has decided to convert the financial statements to USD, effective from 1 January 2023. This is to reflect the fact that the group is operating in USD.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Knowledge resources</td></tr><tr><td colspan="1">The company’s most important quality parameters are the experience the company has through the years within its skilled employees and focused and market-oriented product roadmap. Therefore, the company continuously strives to attract, develop and retain employees with high levels of competences.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">External environment</td></tr><tr><td colspan="1">Globe Tracker is determined to minimize any negative impact on the environment, recognising that optimizing supply chains directly contributes to reducing carbon emissions, a goal that remains central to the company's analytics roadmap.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Research and development activities</td></tr><tr><td colspan="1">The company is committing considerable resources to research and development activities. R&amp;D activities include development of telematics hardware and software for reefer containers and processing of the data. Since 2024 the company also focus its R&amp;D on dry containers, chassis, truck trailer and many more. GT has also continued development of customer portals and platform, which are supplied to customers on a white label basis,</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Recognition and measurement uncertainties</td></tr><tr><td colspan="1">Valuation of acquired and internally developed technologies are uncertain until they have proved their value in the market. GT has embraced a cautious approach to capitalizing R&amp;D costs. Moreover, development projects are periodically reviewed to determine their technical feasibility and recoverable amount.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Events after the balance sheet date</td></tr><tr><td colspan="1">Prior to the Company’s AGM, existing investors have given binding and written commitment that up to and including 30 June 2026, standing shareholder loans will subordinate to any other debt that may be owed by the company. In addition, the shareholders have committed themselves to provide the Group with the additional liquidity to enable the group to continue as a going concern for the rest of 2025 should such funding be necessary.</td></tr><tr><td colspan="1">In addition, no subsequent events have occurred, which are expected to have a material impact on the financial statements.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Outlook</td></tr><tr><td colspan="1">The company’s outlook is positive. Demand for telematics within the logistics sector is increasing, and Globe Tracker expects to benefit from this. Many actors in the market are fast adopting telematics solutions. Focus is on profitability and on the same time still be market leader in product development within the telematics within the shipping and logistics industry.</td></tr><tr><td colspan="1">Based on this, projected net operating profits for 2025 are expected to be positive.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Key figures</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial ratios</td></tr></table> -1279000 -733000 14000 -79.34 -0.0899 0.0498 -7.7762 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">The financial ratios stated under "Financial highlights" have been calculated as follows</td></tr><tr><td>Operating margin</td><td>Operating profit/loss(EBIT) x 100 / Revenue</td></tr><tr><td>Gross margin</td><td>Gross profit/loss x 100 / Revenue</td></tr><tr><td>.Current ratio</td><td>Current assets x 100 / Current liabilitites</td></tr><tr><td>Equity ratio</td><td>Equity at year end x 100 / Total equity and liabilities at year end</td></tr><tr><td>Return on equity</td><td>Profit / loss after tax x 100 / Average equity</td></tr></table> Årsrapport 30700228 EY Cortex Park Vest 3 5230 Odense M xWizard version 1.1.1382.0, by EasyX Aps. www.easyx.eu 2023-01-01 2023-12-31 Revisionspåtegning Grundlag for konklusion Konklusion Joel undir Leitinum Chief Executive Officer Hjalti Hvítklett Símin Pauli Svend Sivertsen Fróði Magnussen Chair <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="2" align="left" valign="middle" ><b>Noter</b></td></tr><tr><td colspan="2"></td></tr><tr><td width="50%" align="right" valign="middle" ><b>2</b></td><td width="50%" colspan="1" align="left" valign="middle" ><b>Material uncertainty related to recognition and measurement</b></td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >Material counting estimates relate to measurement of finalized development projects and development projects in progress. Recoverable amount is based on value-in-use in which valuation is based on the lower value of cost value and estimated discounted cash flows generated by the assets or CGU's in which the assets play a significant part.</td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >Estimated cash flows are uncertain both in relation to size and timing, both of which can have a significant effect on discounted cash flows.</td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" ><b>Financing</b></td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >The shareholders of the company, who up until now have provided financing, have declared that they accept to subordinate their full loan balances to the company, including subsequent interest accruals amounting to 1,8 mUSD at the balance sheet date.</td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >Further, the shareholders have pledged to fund the budgetted cash requirements until 31 December 2025, after which, the company’s operations are expected to be cash positive. However, should the budget assumptions fail to materialise with adverse effect on cash flows, the shareholders have committed themselves to support the company with the necessary cash for the same period of time.</td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >Based on that, management has prepared the financial statements under a going concern assumption.</td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="50%" align="right" valign="middle" ><b>3</b></td><td width="50%" colspan="1" align="left" valign="middle" ><b>Events after the balance sheet date</b></td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >Prior to the Company’s AGM, existing investors have given binding and written commitment that up to and including 30. June 2026, standing shareholder loans will subordinate to any other debt that may be owed by the company.</td></tr><tr><td colspan="2"></td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >In addition, no subsequent events have occurred, which are expected to have a material impact on the financial statements.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Staff costs</td></tr><tr><td /><td>Staff costs and incentive plans</td></tr><tr><td /><td /><td>Group</td><td>Group</td><td>Parent Company</td><td>Parent Company</td></tr><tr><td /><td>USD'000</td><td>2024</td><td>2023</td><td>2024</td><td>2023</td></tr></table> 6874000 43000 29 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Staff costs include remuneration of the Group’s Executive Board totalling USD 263 thousand</td></tr><tr><td /><td>(2023: USD 871 thousand) as well as remuneration of the Group’s Board of Directors totalling USD 42 thousand (2023: USD 51 thousand).</td></tr><tr><td /><td>Staff costs include remuneration of the Parent Company’s Executive Board totalling USD 263 thousand</td></tr><tr><td /><td>(2023: USD 871 thousand) as well as remuneration of the Parent Company’s Board of Directors totalling USD 42 thousand (2023: USD 51 thousand).</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="16%" align="right" valign="middle" ><b>5</b></td><td width="84%" colspan="5" align="left" valign="middle" ><b>Depreciation, amortisation and impairment losses</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="16%" ></td><td width="16%" ></td><td width="16%" colspan="1" align="center" valign="middle" ><b>Group</b></td><td width="16%" colspan="1" align="center" valign="middle" ><b>Group</b></td><td width="16%" colspan="1" align="center" valign="middle" ><b>Parent Company</b></td><td width="20%" colspan="1" align="center" valign="middle" ><b>Parent Company</b></td></tr><tr><td width="16%" ></td><td width="16%" colspan="1" align="left" valign="middle" ><b>USD'000</b></td><td width="16%" align="right" valign="middle" ><b>2024</b></td><td width="16%" align="right" valign="middle" ><b>2023</b></td><td width="16%" align="right" valign="middle" ><b>2024</b></td><td width="20%" align="right" valign="middle" ><b>2023</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="16%" ></td><td width="16%" colspan="1" align="left" valign="middle" >Intangible assets</td><td width="16%" align="right" valign="middle" >1.217</td><td width="16%" align="right" valign="middle" >2.104</td><td width="16%" align="right" valign="middle" >1.217</td><td width="20%" align="right" valign="middle" >2.104</td></tr><tr><td width="16%" ></td><td width="16%" colspan="1" align="left" valign="middle" >Property, plant and equipment</td><td width="16%" align="right" valign="middle" >150</td><td width="16%" align="right" valign="middle" >96</td><td width="16%" align="right" valign="middle" >150</td><td width="20%" align="right" valign="middle" >90</td></tr><tr><td width="16%" ></td><td width="16%" ></td><td width="16%" align="right" valign="middle" >1.367</td><td width="16%" align="right" valign="middle" >2.200</td><td width="16%" align="right" valign="middle" >1.367</td><td width="20%" align="right" valign="middle" >2.194</td></tr><tr><td colspan="6"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Financial expenses</td></tr><tr><td /><td /><td>Group</td><td>Group</td><td>Parent Company</td><td>Parent Company</td></tr><tr><td /><td>USD'000</td><td>2024</td><td>2023</td><td>2024</td><td>2023</td></tr></table> 963000 865000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Tax for the year</td></tr></table> -520000 0 2315000 0 1101000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>.Amortised over</td><td>5 years</td><td /><td>5 years</td></tr><tr><td /><td>.Completed development projects</td></tr><tr><td /><td>.Completed development projects include the development of the Company’s own developed tracking devices for dry and reefer container tracking and monitoring and includes the models Gen 1, Gen 2, Gen 2.5 and Gen 2.75 which is the basis of the Company’s business, and which are expected to generate future cash flow.</td></tr><tr><td /><td>.Development projects in progress</td></tr><tr><td /><td>Development projects in progress relates to software improvements on the Company’s tracking devices and mainly concerns optimization of current as well as development of new API (Application Programming Interface) and GUI (Graphical User Interface).</td></tr></table> 14000 150000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>..Amortised over</td><td>3-5 years</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Investments.</td></tr></table><br><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>.Name and registered office</td><td>.Voting rights and ownership</td><td>.Profit/loss</td><td>.Equity</td></tr><tr><td /><td /><td /><td>USD'000</td><td>USD'000</td></tr><tr><td /><td>Globe Tracker America Inc, Sarasota USA</td><td>100%</td><td>6</td><td>28</td></tr><tr><td /><td>Globe Tracker Føroyar Sp/f, Tórshavn Faroe Islands</td><td>100%</td><td>91</td><td>153</td></tr><tr><td /><td>Globe Tracker Singapore Pte. Ltd, Singapore</td><td>100%</td><td>14</td><td>57</td></tr><tr><td /><td>All group entities are independent entities.</td></tr></table><br><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Investments.</td></tr><tr><td /><td>USD'000</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="50%" align="right" valign="middle" ><b>12</b></td><td width="50%" colspan="1" align="left" valign="middle" ><b>Prepayments</b></td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >Prepayments consists of prepaid costs, such as prepaid software licenses and insurance premiums.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="14%" align="right" valign="middle" ><b>13</b></td><td width="86%" colspan="6" align="left" valign="middle" ><b>Share capital</b></td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >The share capital consists of 66,707,176 shares of DKK 1 each.</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >No shares have special rights.</td></tr><tr><td width="14%" ></td><td width="86%" colspan="6" align="left" valign="middle" >Analysis of changes in the share capital over the past 5 years</td></tr><tr><td width="14%" ></td><td width="14%" ></td><td width="14%" colspan="1" align="center" valign="middle" ><b>Parent company</b></td><td width="14%" colspan="1" align="center" valign="middle" ><b>Parent company</b></td><td width="14%" colspan="1" align="center" valign="middle" ><b>Parent company</b></td><td width="14%" colspan="1" align="center" valign="middle" ><b>Parent company</b></td><td width="16%" colspan="1" align="center" valign="middle" ><b>Parent company</b></td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" ><b>USD'000</b></td><td width="14%" align="right" valign="middle" ><b>2024</b></td><td width="14%" align="right" valign="middle" ><b>2023</b></td><td width="14%" align="right" valign="middle" ><b>2022</b></td><td width="14%" align="right" valign="middle" ><b>2021</b></td><td width="16%" align="right" valign="middle" ><b>2020</b></td></tr><tr><td colspan="7"></td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >Opening balance</td><td width="14%" align="right" valign="middle" >27.363</td><td width="14%" align="right" valign="middle" >17.052</td><td width="14%" align="right" valign="middle" >17.052</td><td width="14%" align="right" valign="middle" >17.052</td><td width="16%" align="right" valign="middle" >10.421</td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >.Capital increase</td><td width="14%" align="right" valign="middle" >16.637</td><td width="14%" align="right" valign="middle" >10.311</td><td width="14%" align="right" valign="middle" >0</td><td width="14%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >6.631</td></tr><tr><td width="14%" ></td><td width="14%" colspan="1" align="left" valign="middle" >.Capital reduction</td><td width="14%" align="right" valign="middle" >-34.669</td><td width="14%" align="right" valign="middle" >0</td><td width="14%" align="right" valign="middle" >0</td><td width="14%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="14%" ></td><td width="14%" ></td><td width="14%" align="right" valign="middle" >9.331</td><td width="14%" align="right" valign="middle" >27.363</td><td width="14%" align="right" valign="middle" >17.052</td><td width="14%" align="right" valign="middle" >17.052</td><td width="16%" align="right" valign="middle" >17.052</td></tr><tr><td colspan="7"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="16%" ></td><td width="16%" ></td><td width="16%" colspan="1" align="center" valign="middle" ><b>Group</b></td><td width="16%" colspan="1" align="center" valign="middle" ><b>Group</b></td><td width="16%" colspan="1" align="center" valign="middle" ><b>Parent Company</b></td><td width="20%" colspan="1" align="center" valign="middle" ><b>Parent Company</b></td></tr><tr><td width="16%" ></td><td width="16%" colspan="1" align="left" valign="middle" ><b>USD'000</b></td><td width="16%" align="right" valign="middle" ><b>2024</b></td><td width="16%" align="right" valign="middle" ><b>2023</b></td><td width="16%" align="right" valign="middle" ><b>2024</b></td><td width="20%" align="right" valign="middle" ><b>2023</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="16%" align="right" valign="middle" ><b>14</b></td><td width="84%" colspan="5" align="left" valign="middle" ><b>..Deferred tax</b></td></tr><tr><td width="16%" ></td><td width="16%" colspan="1" align="left" valign="middle" >Deferred tax at 1 January 2024</td><td width="16%" align="right" valign="middle" >18</td><td width="16%" align="right" valign="middle" >1</td><td width="16%" align="right" valign="middle" >0</td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td width="16%" ></td><td width="16%" colspan="1" align="left" valign="middle" >Adjustments</td><td width="16%" align="right" valign="middle" >-17</td><td width="16%" align="right" valign="middle" >17</td><td width="16%" align="right" valign="middle" >0</td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td colspan="6"></td></tr><tr><td width="16%" ></td><td width="16%" colspan="1" align="left" valign="middle" ><b>Deferred tax at 31 December 2024</b></td><td width="16%" align="right" valign="middle" >1</td><td width="16%" align="right" valign="middle" >18</td><td width="16%" align="right" valign="middle" >0</td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td colspan="6"></td></tr><tr><td width="16%" ></td><td width="84%" colspan="5" align="left" valign="middle" >Deferred tax relates to</td></tr><tr><td width="16%" ></td><td width="16%" colspan="1" align="left" valign="middle" >...Property, plant and equipment</td><td width="16%" align="right" valign="middle" >1</td><td width="16%" align="right" valign="middle" >18</td><td width="16%" align="right" valign="middle" >0</td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td colspan="6"></td></tr><tr><td width="16%" ></td><td width="16%" ></td><td width="16%" align="right" valign="middle" >1</td><td width="16%" align="right" valign="middle" >18</td><td width="16%" align="right" valign="middle" >0</td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td colspan="6"></td></tr><tr><td width="16%" ></td><td width="84%" colspan="5" align="left" valign="middle" >Deferred tax is recognised in the balance sheet as follows</td></tr><tr><td width="16%" ></td><td width="16%" colspan="1" align="left" valign="middle" >Deferred tax liabilities</td><td width="16%" align="right" valign="middle" >1</td><td width="16%" align="right" valign="middle" >18</td><td width="16%" align="right" valign="middle" >0</td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td colspan="6"></td></tr><tr><td width="16%" ></td><td width="16%" ></td><td width="16%" align="right" valign="middle" >1</td><td width="16%" align="right" valign="middle" >18</td><td width="16%" align="right" valign="middle" >0</td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td colspan="6"></td></tr><tr><td width="16%" ></td><td width="84%" colspan="5" align="left" valign="middle" >Deferred tax liabilities are expected to</td></tr><tr><td width="16%" ></td><td width="84%" colspan="5" align="left" valign="middle" >be set off within</td></tr><tr><td width="16%" ></td><td width="16%" colspan="1" align="left" valign="middle" >0-1 year (shot-term portion)</td><td width="16%" align="right" valign="middle" >1</td><td width="16%" align="right" valign="middle" >18</td><td width="16%" align="right" valign="middle" >0</td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td width="16%" ></td><td width="16%" colspan="1" align="left" valign="middle" >> 1 year (long-term portion)</td><td width="16%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td colspan="6"></td></tr><tr><td width="16%" ></td><td width="16%" ></td><td width="16%" align="right" valign="middle" >1</td><td width="16%" align="right" valign="middle" >18</td><td width="16%" align="right" valign="middle" >0</td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td colspan="6"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="50%" align="right" valign="middle" ><b>15</b></td><td width="50%" colspan="1" align="left" valign="middle" ><b>.Other provisions</b></td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >Other provisions comprise provisions for compensation totalling USD 6,881 thousand. The commitment is expected to be settled in the coming financial year.</td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="16%" ></td><td width="16%" ></td><td width="16%" colspan="1" align="center" valign="middle" ><b>Group</b></td><td width="16%" colspan="1" align="center" valign="middle" ><b>Group</b></td><td width="16%" colspan="1" align="center" valign="middle" ><b>Parent Company</b></td><td width="20%" colspan="1" align="center" valign="middle" ><b>Parent Company</b></td></tr><tr><td width="16%" ></td><td width="16%" colspan="1" align="left" valign="middle" ><b>USD'000</b></td><td width="16%" align="right" valign="middle" ><b>2024</b></td><td width="16%" align="right" valign="middle" ><b>2023</b></td><td width="16%" align="right" valign="middle" ><b>2024</b></td><td width="20%" align="right" valign="middle" ><b>2023</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="16%" align="right" valign="middle" ><b>16</b></td><td width="84%" colspan="5" align="left" valign="middle" ><b>Non-current liabilities</b></td></tr><tr><td width="16%" ></td><td width="84%" colspan="5" align="left" valign="middle" >Non-current liabilities are specified as follows</td></tr><tr><td width="16%" ></td><td width="84%" colspan="5" align="left" valign="middle" ><b>Other credit institutions</b></td></tr><tr><td width="16%" ></td><td width="16%" colspan="1" align="left" valign="middle" >0-1 years</td><td width="16%" align="right" valign="middle" >762</td><td width="16%" align="right" valign="middle" >617</td><td width="16%" align="right" valign="middle" >762</td><td width="20%" align="right" valign="middle" >617</td></tr><tr><td width="16%" ></td><td width="16%" colspan="1" align="left" valign="middle" >1-5 years</td><td width="16%" align="right" valign="middle" >2.741</td><td width="16%" align="right" valign="middle" >2565</td><td width="16%" align="right" valign="middle" >2.741</td><td width="20%" align="right" valign="middle" >2.565</td></tr><tr><td width="16%" ></td><td width="16%" colspan="1" align="left" valign="middle" >> 5 years</td><td width="16%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td colspan="6"></td></tr><tr><td width="16%" ></td><td width="16%" ></td><td width="16%" align="right" valign="middle" >3.503</td><td width="16%" align="right" valign="middle" >3182</td><td width="16%" align="right" valign="middle" >3.503</td><td width="20%" align="right" valign="middle" >3.182</td></tr><tr><td colspan="6"></td></tr><tr><td width="16%" ></td><td width="16%" colspan="1" align="left" valign="middle" ><b>Total non-current liabilities</b></td><td width="16%" align="right" valign="middle" >3.503</td><td width="16%" align="right" valign="middle" >3182</td><td width="16%" align="right" valign="middle" >3.503</td><td width="20%" align="right" valign="middle" >3.182</td></tr><tr><td colspan="6"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="16%" align="right" valign="middle" ><b>17</b></td><td width="84%" colspan="5" align="left" valign="middle" ><b>Deferred income</b></td></tr><tr><td width="16%" ></td><td width="84%" colspan="5" align="left" valign="middle" >Deferred income consists of advanced billings.</td></tr><tr><td width="16%" ></td><td width="84%" colspan="5" align="left" valign="middle" ><b>Consolidated financial statements and parent company financial statements 1 January – 31 December</b></td></tr><tr><td width="16%" ></td><td width="84%" colspan="5" align="left" valign="middle" ><b>Notes</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="16%" ></td><td width="16%" ></td><td width="16%" ></td><td width="16%" ></td><td width="16%" colspan="1" align="center" valign="middle" ><b>Parent Company</b></td><td width="20%" colspan="1" align="center" valign="middle" ><b>Parent Company</b></td></tr><tr><td colspan="6"></td></tr></table> -11499000 -11499000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="50%" align="right" valign="middle" ><b>19</b></td><td width="50%" colspan="1" align="left" valign="middle" ><b>Contractual obligations and contingencies, etc.</b></td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >The Group’s rent liabilities include a rent obligation totalling USD 155 thousand and buy obligation regarding production of USD 1,941 thousand.</td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >The Parent Company’s rent liabilities include a rent obligation totalling USD 155 thousand and buy obligation regarding production of USD 1,941 thousand.</td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="50%" align="right" valign="middle" ><b>20</b></td><td width="50%" colspan="1" align="left" valign="middle" ><b>Collateral</b></td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >As security for the Group’s debt to banks, creditors and other suppliers, the Company has provided security or other collateral in its assets for at total amount of USD 2,723 thousand (DKK 19,450 thousand). The total carrying amount of these assets is USD 13,856 thousand.</td></tr><tr><td colspan="2"></td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >As security for the Parent Company’s debt to banks, creditors and other suppliers, the Company has provided security or other collateral in its assets for at total amount of USD 2,723 thousand (DKK 19,450 thousand). The total carrying amount of these assets is USD 13,856 thousand.</td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="25%" align="right" valign="middle" ><b>21</b></td><td width="75%" colspan="3" align="left" valign="middle" ><b>Related parties</b></td></tr><tr><td width="25%" ></td><td width="75%" colspan="3" align="left" valign="middle" ><b>Related party transactions</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="25%" ></td><td width="25%" colspan="1" align="left" valign="middle" ><b>USD'000</b></td><td width="25%" align="right" valign="middle" ><b>2024</b></td><td width="25%" align="right" valign="middle" ><b>2023</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="25%" ></td><td width="75%" colspan="3" align="left" valign="middle" ><b>Parent Company</b></td></tr><tr><td width="25%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Interest expenses, associates</td><td width="25%" align="right" valign="middle" >963</td><td width="25%" align="right" valign="middle" >1.206</td></tr><tr><td width="25%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Purchased services from subsidiaries</td><td width="25%" align="right" valign="middle" >2.196</td><td width="25%" align="right" valign="middle" >2.064</td></tr><tr><td width="25%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Payables to associates</td><td width="25%" align="right" valign="middle" >1.799</td><td width="25%" align="right" valign="middle" >13.927</td></tr><tr><td width="25%" ></td><td width="75%" colspan="3" align="left" valign="middle" >Remuneration of the Parent Company's Executive Board and the Board of Directors is disclosed in note 4.</td></tr><tr><td colspan="4"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="7">Statement of changes in equity</td></tr><tr><td /><td /><td>Parent Company</td><td>Parent Company</td><td>Parent Company</td><td>Parent Company</td><td>Parent Company</td></tr></table><br><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="5">Statement of changes in equity</td></tr><tr><td /><td /><td>Group</td><td>Group</td><td>Group</td></tr></table> 16637000 0 0 0 0 0 14224000 9297000 10357000 -2315000 -3115000 6917000 1367000 -11399000 111000 1097000 1828000 -12019000 -520000 Ledelsespåtegning 6773000 95000 50 1206000 918000 -369000 4000 -8575000 -8575000 2200000 311000 -4412000 10000 724000 -5126000 -452000 -4674000 119000 1742000 -53000 -1808000 0 5722000 -760000 15274000 11741000 2321000 -932000 2144000 6868000 2200000 -6924000 0 108000 2124000 -8940000 -365000 2311000 -2016000 119000 -0.4533 0.1513 -0.1662 1.7448 5187000 1000 31 1206000 915000 -383000 4000 -8575000 -8575000 15222000 11741000 4047000 -932000 366000 5188000 2194000 -7016000 75000 108000 2121000 -8954000 -379000 8321000 4919000 3544000 3544000 1448000 440000 13313000 8903000 429000 188000 245000 -4048000 0 1779000 0 1101000 0 0 0 0 2317000 -1779000 116000 0 10100000 6020000 5080000 3544000 3544000 0 1986000 556000 1430000 15628000 10120000 5510000 443000 344000 99000 395000 1090000 4080000 0 1430000 99000 0 550000 550000 6159000 9478000 2568000 12046000 1746000 0 509000 805000 220000 3280000 395000 15721000 21880000 9331000 0 0 -8241000 1000 6881000 6882000 2741000 2741000 762000 1192000 4848000 2845000 0 251000 426000 843000 11167000 13908000 21880000 8321000 4919000 3544000 3544000 1448000 440000 13313000 8903000 396000 170000 -4048000 0 1779000 0 1101000 0 0 0 0 2317000 -1779000 116000 0 10100000 6020000 5080000 3544000 3544000 0 1986000 556000 1430000 15628000 10120000 5510000 410000 320000 90000 1090000 4080000 0 1430000 90000 238000 519000 757000 6357000 9478000 2568000 12046000 1668000 2000 509000 785000 220000 3184000 317000 15547000 21904000 9331000 216000 4296000 -12753000 0 6881000 6881000 2741000 2741000 762000 1192000 4848000 2737000 229000 251000 330000 843000 11192000 13933000 21904000 429000 188000 14000 156000 443000 344000 99000 396000 170000 14000 150000 410000 320000 90000 7000 107000 7000 231000 13000 0 111000 0 199000 75000 20000 218000 238000 7000 107000 114000 541000 519000 9000 0 550000 550000 519000 519000 Profit/loss before net financials -11285000 Profit/loss before net financials -6923000 Other adjustments of non-cash operating items 6881000 Other adjustments of non-cash operating items 0 Cash generated from operations before changes in working capital -3030000 Cash generated from operations before changes in working capital -4723000 Arrangement of payables to shareholders 3785000 Arrangement of payables to shareholders 5722000 1004000 244000 3403000 0 1008000 4411000 241000 241000 0 541000 541000 5193000 9239000 5203000 14442000 2528000 0 385000 1501000 55000 4469000 245000 19156000 24349000 27363000 0 0 -31411000 -4048000 18000 671000 689000 2565000 2565000 617000 13927000 5883000 2758000 0 252000 641000 1065000 25143000 27708000 24349000 27363000 105000 3441000 -34957000 16637000 -34669000 0 0 0 0 0 0 0 0 0 0 0 111000 0 0 0 2315000 -1217000 -243000 0 0 34669000 -11499000 -2315000 1217000 243000 -111000 9331000 216000 4296000 -12753000 27363000 -31411000 16637000 -34669000 0 0 34669000 -11499000 9331000 -8241000 3403000 0 1008000 4411000 226000 226000 114000 519000 633000 5270000 9239000 5203000 14442000 2528000 13000 385000 1478000 55000 4459000 187000 19088000 24358000 27363000 105000 3441000 -34957000 -4048000 0 671000 671000 2565000 2565000 617000 13927000 5883000 2739000 186000 251000 491000 1076000 25170000 27735000 24358000 18480000 1088000 -1058000 -6189000 84000 -0.2867 0.035 0.2015 2.033 48 1343000 -853000 -67000 -7256000 192000 -0.5527 -0.0635 0.0255 -1.7982 47 Profit/loss before net financials -11285000 Profit/loss before net financials -6924000 Profit/loss before net financials -5298000 Profit/loss before net financials -7423000 5586000 -5782000 2892000 4452000 407000 923000 Non-fixed assets 15721000 Non-fixed assets 19155000 Non-fixed assets 23111000 Non-fixed assets 11503000 Balance sheet total 21879000 Balance sheet total 24349000 Balance sheet total 28698000 Balance sheet total 15955000 Current liabilities other than provisions 9310000 Current liabilities other than provisions 25813000 Current liabilities other than provisions 31276000 Current liabilities other than provisions 13629000 Cash flows from operating activities -1734000 Cash flows from operating activities -526000 Cash flows from operating activities -7673000 Cash flows from operating activities -7892000 Cash flows from investing activities -2222000 Cash flows from investing activities 3672000 Cash flows from investing activities -2075000 Cash flows from investing activities -600000 Cash flows from financing activities 4107000 Cash flows from financing activities -2833000 Cash flows from financing activities 10230000 Cash flows from financing activities 8444000 Total cash flows 151000 Total cash flows -759000 Total cash flows 482000 Total cash flows -48000 Current ratio 1.4079 Current ratio 0.7421 Current ratio 0.7416 Current ratio 0.844 EY Godkendt Revisionspartnerselskab 30700228 Allan Nørgaard State Authorised Public Accountant mne35501