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38102885 2023-12-31 1 38102885 2023-01-01 2023-12-31 2 38102885 2023-12-31 2 38102885 2023-01-01 2023-12-31 3 38102885 2023-01-01 fsa:DepositsLongtermInvestmentsAndReceivablesMember cmn:ConsolidatedMember 38102885 2023-01-01 fsa:DepositsLongtermInvestmentsAndReceivablesMember 38102885 2023-01-01 2023-12-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember cmn:ConsolidatedMember 38102885 2023-01-01 2023-12-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember 38102885 2023-12-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember cmn:ConsolidatedMember 38102885 2023-12-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember 38102885 2023-01-01 2023-12-31 cmn:ConsolidatedMember 0 38102885 2023-01-01 2023-12-31 cmn:ConsolidatedMember 0 38102885 2023-01-01 2023-12-31 cmn:ConsolidatedMember 1 38102885 2023-01-01 2023-12-31 cmn:ConsolidatedMember 2 38102885 2023-01-01 2023-12-31 cmn:ConsolidatedMember 0 iso4217:DKK xbrli:pure 2023-01-01 2023-12-31 102670000 79194000 27301000 -6289000 2464000 34994000 14797000 -47327000 506000 731000 14307000 -60397000 -2558000 -57839000 <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><tr><td /><td /><td>DKK'000</td><td>DKK'000</td><td>DKK'000</td><td>DKK'000</td><td>DKK'000</td></tr></table> 69542000 0 0 0 0 <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>Notes</b></td></tr><tr><td width="50%" ></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 genereted 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 wich 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 three major shareholders of the company, who up til now have provided financing, have declared that they accept subordinance of their full loan balances to the company, including subsequent interest accruals, amountng to mDKK 93 at the Balance Sheet date.</td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >The summons to the AGM states, that the main shareholders intend to convert debts totalling kDKK 50.000 to equity at the AGM, rendering equity positive.</td></tr><tr><td colspan="2"></td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >The budget does indicate mDKK 2 need to fund the operations of the company in the company months after which the operations is expected to be cash positive. However, should the budget assumptions fail to materialize whit adverse effect on cash flows, the same three mayor shareholders have declared that they are willing to support the comany with cash, either through loans or share capital emissions.</td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >In addition, refer to note 3 – Events after the balance sheet date – for description of the capital increase proposed at the annual general meeting.</td></tr><tr><td colspan="2"></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 width="100%" colspan="3" align="left" valign="middle" ><b>DKK'000</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Changes in working capital</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Changes in inventories</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Changes in receivables</td></tr><tr><td colspan="3"></td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" ><b>Changes in working capital total</b></td><td width="33%" align="right" valign="middle" >2102</td><td width="34%" align="right" valign="middle" >-24638</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="100%" colspan="1" align="left" valign="middle" ><b>Events after the balance sheet date</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The notice to the Company’s Annual General meeting proposes that the Company’s capital is increased with DKK 50 million by conversion of debt, without preemptive rights for existing shareholders.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >In addition, no subsequent events have occurred which materially could affect the financial statements.</td></tr><tr><td colspan="1"></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>DKK'000</td><td>2023</td><td>2022</td><td>2023</td><td>2022</td></tr></table> 34988000 6000 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 /><td>Staff costs include remuneration of the Group’s Executive Board totalling DKK 5,880 thousand</td></tr><tr><td /><td>(2022: DKK 3,213 thousand) as well as remuneration of the Group’s Board of Directors totalling DKK 342 thousand (2022: DKK 342 thousand).</td></tr><tr><td /><td>Staff costs include remuneration of the Parent Company’s Executive Board totalling DKK 5,880 thousand</td></tr><tr><td /><td>(2022: DKK 2,004 thousand) as well as remuneration of the Parent Company’s Board of Directors totalling DKK 342 thousand (2022: DKK 342 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="100%" colspan="5" align="left" valign="middle" ><b>Depreciation, amortisation and impairment losses</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" ><b>DKK'000</b></td><td width="20%" align="right" valign="middle" ><b>2023</b></td><td width="20%" align="right" valign="middle" ><b>2022</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" >Intangible assets</td><td width="20%" align="right" valign="middle" >14190</td><td width="20%" align="right" valign="middle" >6120</td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" >Property, plant and equipment</td><td width="20%" align="right" valign="middle" >607</td><td width="20%" align="right" valign="middle" >421</td></tr><tr><td colspan="5"></td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" ><b>Depreciation, amortisation and impairment losses total</b></td><td width="20%" align="right" valign="middle" >14797</td><td width="20%" align="right" valign="middle" >6541</td></tr><tr><td colspan="5"></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>DKK'000</td><td>2023</td><td>2022</td><td>2023</td><td>2022</td></tr></table> 8134000 6173000 <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> -2585000 27000 <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>IMIntangible assets</td></tr><tr><td /><td /><td>Group</td><td>Group</td><td>Group</td><td>Group</td></tr><tr><td /><td>DKK'000</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>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> 11747000 0 14190000 <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>MAProperty, plant and equipment</td></tr><tr><td /><td /><td>Group</td><td>Group</td></tr><tr><td /><td>DKK'000</td></tr></table> 803000 607000 <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>Equity investments in group 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>FINDeposits, investments</td></tr><tr><td /><td /><td>Group</td><td>Group</td><td>Parent Company</td><td>Parent Company</td></tr><tr><td /><td>DKK'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 /><td>Nærtstående part</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="100%" colspan="1" align="left" valign="middle" ><b>Prepayments</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Prepayments consists of prepaid costs, such as prepaid software licenses and insurance premiums.</td></tr><tr><td colspan="1"></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="100%" colspan="6" align="left" valign="middle" ><b>Share capital</b></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >The share capital consists of 184,559,123 shares of DKK 1.00 each.</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >No shares have special rights.</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Analysis of changes in the share capital over the past 5 years</td></tr><tr><td colspan="6"></td></tr><tr><td width="16%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="16%" align="right" valign="middle" ><b>2023</b></td><td width="16%" align="right" valign="middle" ><b>2022</b></td><td width="16%" align="right" valign="middle" ><b>2021</b></td><td width="16%" align="right" valign="middle" ><b>2020</b></td><td width="20%" align="right" valign="middle" ><b>2019</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="16%" colspan="1" align="left" valign="middle" >Opening balance</td><td width="16%" align="right" valign="middle" >115017</td><td width="16%" align="right" valign="middle" >115017</td><td width="16%" align="right" valign="middle" >115017</td><td width="16%" align="right" valign="middle" >70287</td><td width="20%" align="right" valign="middle" >42320</td></tr><tr><td width="16%" colspan="1" align="left" valign="middle" >Capital increase</td><td width="16%" align="right" valign="middle" >69542</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" >44730</td><td width="20%" align="right" valign="middle" >27967</td></tr><tr><td colspan="6"></td></tr><tr><td width="16%" colspan="1" align="left" valign="middle" ><b>Share capital total</b></td><td width="16%" align="right" valign="middle" >184559</td><td width="16%" align="right" valign="middle" >115017</td><td width="16%" align="right" valign="middle" >115017</td><td width="16%" align="right" valign="middle" >115017</td><td width="20%" align="right" valign="middle" >70287</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="60%" colspan="3" align="left" valign="middle" ><b>DKK'000</b></td><td width="20%" align="right" valign="middle" ><b>2023</b></td><td width="20%" align="right" valign="middle" ><b>2022</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>.Deferred tax</b></td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" >Deferred tax at 1 January 2023</td><td width="20%" align="right" valign="middle" >0</td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" >Adjustments</td><td width="20%" align="right" valign="middle" >0</td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Deferred tax relates to</td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >Property, plant and equipment</td><td width="20%" align="right" valign="middle" >124</td><td width="20%" align="right" valign="middle" >7</td><td width="20%" align="right" valign="middle" >0</td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Deferred tax is recognised in the balance sheet as follows</td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >Deferred tax liabilities</td><td width="20%" align="right" valign="middle" >124</td><td width="20%" align="right" valign="middle" >7</td><td width="20%" align="right" valign="middle" >0</td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" ><b>Deferred tax at 31 December 2023</b></td><td width="20%" align="right" valign="middle" >124</td><td width="20%" align="right" valign="middle" >7</td><td width="20%" align="right" valign="middle" >0</td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Deferred tax liabilities are expected to</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >be set off within</td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" >0-1 year (shot-term portion)</td><td width="20%" align="right" valign="middle" >0</td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" >> 1 year (long-term portion)</td><td width="20%" align="right" valign="middle" >0</td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr><tr><td width="60%" colspan="3" align="left" valign="middle" ><b>Deferred tax at 31 December 2023</b></td><td width="20%" align="right" valign="middle" >0</td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></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="100%" colspan="1" align="left" valign="middle" ><b>.Other provisions</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Other provisions comprise provisions for compensation totalling DKK 4,526 thousand. The commitment is expected to be settled in the coming financial year.</td></tr><tr><td colspan="1"></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="60%" colspan="3" align="left" valign="middle" ><b>DKK'000</b></td><td width="20%" align="right" valign="middle" ><b>2023</b></td><td width="20%" align="right" valign="middle" ><b>2022</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Non-current liabilities</b></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Non-current liabilities are specified as follows</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Other credit institutions</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >1-5 years</td><td width="20%" align="right" valign="middle" >17300</td><td width="20%" align="right" valign="middle" >17207</td><td width="20%" align="right" valign="middle" >17300</td><td width="20%" align="right" valign="middle" >17207</td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >> 5 years</td><td width="20%" align="right" valign="middle" >0</td><td width="20%" align="right" valign="middle" >2302</td><td width="20%" align="right" valign="middle" >0</td><td width="20%" align="right" valign="middle" >2302</td></tr><tr><td colspan="5"></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" ><b>Total non-current liabilities</b></td><td width="20%" align="right" valign="middle" >21460</td><td width="20%" align="right" valign="middle" >20274</td><td width="20%" align="right" valign="middle" >21460</td><td width="20%" align="right" valign="middle" >20274</td></tr><tr><td colspan="5"></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="100%" colspan="1" align="left" valign="middle" ><b>Deferred income</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Deferred income consists of advanced billings.</td></tr><tr><td colspan="1"></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>Distribution of profit/loss</td></tr></table> -57839000 <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="1" align="left" valign="middle" ><b>Contractual obligations and contingencies, etc.</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Group’s rent liabilities include a rent obligation totalling DKK 1,544 thousand and buy obligation regarding production of DKK 16,026 thousand.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Parent Company’s rent liabilities include a rent obligation totalling DKK 1,544 thousand and buy obligation regarding production of DKK 16,026 thousand.</td></tr><tr><td colspan="1"></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="100%" colspan="1" align="left" valign="middle" ><b>Collateral</b></td></tr><tr><td width="100%" 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 DKK 19,450 thousand. The total carrying amount of these assets is DKK 115,988 thousand.</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" 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 DKK 19,450 thousand. The total carrying amount of these assets is DKK 115,988 thousand.</td></tr><tr><td colspan="1"></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="100%" colspan="3" align="left" valign="middle" ><b>Related parties</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Related party transactions</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="33%" align="right" valign="middle" ><b>2023</b></td><td width="34%" align="right" valign="middle" ><b>2022</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Interest expenses, associates</td><td width="33%" align="right" valign="middle" >8135</td><td width="34%" align="right" valign="middle" >5376</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Purchased services from subsidiaries</td><td width="33%" align="right" valign="middle" >13919</td><td width="34%" align="right" valign="middle" >16221</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Payables to associates</td><td width="33%" align="right" valign="middle" >93938</td><td width="34%" align="right" valign="middle" >81092</td></tr><tr><td width="100%" 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="3"></td></tr></table> Ledelsespåtegning 2023-01-01 2023-12-31 <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">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> 103023000 15586000 -13600000 -57839000 803000 -0.4533 0.1513 -0.1662 1.7448 50 <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 liabilities</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> 79194000 15652000 -6289000 14466000 46324000 14842000 -46700000 0 725000 14326000 -60301000 -2462000 69542000 14842000 2102000 -29757000 67000 4886000 -34576000 -3049000 -31527000 803000 11748000 -358000 -12193000 0 38600000 -5120000 45681000 643000 <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="5" align="left" valign="middle" ><b>Depreciation, amortisation and impairment losses</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="20%" align="right" valign="middle" ><b>2023</b></td><td width="20%" align="right" valign="middle" ><b>2022</b></td><td width="20%" ></td><td width="20%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >Intangible assets</td><td width="20%" align="right" valign="middle" >14190</td><td width="20%" align="right" valign="middle" >6120</td><td width="20%" ></td><td width="20%" ></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >Property, plant and equipment</td><td width="20%" align="right" valign="middle" >652</td><td width="20%" align="right" valign="middle" >465</td><td width="20%" ></td><td width="20%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" ><b>Depreciation, amortisation and impairment losses total</b></td><td width="20%" align="right" valign="middle" >14842</td><td width="20%" align="right" valign="middle" >6585</td><td width="20%" ></td><td width="20%" ></td></tr><tr><td colspan="5"></td></tr></table> 8134000 6192000 -2489000 27000 11747000 0 14190000 <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>2023</td><td>2023</td><td>2023</td><td>2023</td></tr><tr><td /><td /><td>DKK'000</td><td>DKK'000</td><td>DKK'000</td><td>DKK'000</td></tr><tr><td /><td /><td>Parent Company</td><td>Parent Company</td><td>Parent Company</td><td>Parent Company</td></tr></table> 803000 650000 <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>MAAmortised over</td><td>3-5 years</td></tr><tr><td /><td /><td>2023</td><td>2023</td></tr><tr><td /><td /><td>DKK'000</td><td>DKK'000</td></tr><tr><td /><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 /><td>MAAmortised over</td><td>3-5 years</td></tr><tr><td /><td /><td>Parent Company</td><td>Parent Company</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="100%" colspan="1" align="left" valign="middle" ><b>Prepayments</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Prepayments consists of prepaid costs, such as prepaid software licenses and insurance premiums.</td></tr><tr><td colspan="1"></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="100%" colspan="6" align="left" valign="middle" ><b>Share capital</b></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >The share capital consists of 184,559,123 shares of DKK 1.00 each.</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >No shares have special rights.</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Analysis of changes in the share capital over the past 5 years</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="20%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="20%" align="right" valign="middle" ><b>2023</b></td><td width="20%" align="right" valign="middle" ><b>2022</b></td><td width="20%" ></td><td width="20%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>.Deferred tax</b></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >Deferred tax at 1 January 2023</td><td width="20%" align="right" valign="middle" >7</td><td width="20%" align="right" valign="middle" >7</td><td width="20%" ></td><td width="20%" ></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >Adjustments</td><td width="20%" align="right" valign="middle" >117</td><td width="20%" align="right" valign="middle" >0</td><td width="20%" ></td><td width="20%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" ><b>Deferred tax at 31 December 2023</b></td><td width="20%" align="right" valign="middle" >124</td><td width="20%" align="right" valign="middle" >7</td><td width="20%" align="right" valign="middle" >0</td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" ><b>Deferred tax at 31 December 2023</b></td><td width="20%" align="right" valign="middle" >124</td><td width="20%" align="right" valign="middle" >7</td><td width="20%" align="right" valign="middle" >0</td><td width="20%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Deferred tax liabilities are expected to</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >be set off within</td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >0-1 year (shot-term portion)</td><td width="20%" align="right" valign="middle" >124</td><td width="20%" align="right" valign="middle" >7</td><td width="20%" ></td><td width="20%" ></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >> 1 year (long-term portion)</td><td width="20%" align="right" valign="middle" >0</td><td width="20%" align="right" valign="middle" >0</td><td width="20%" ></td><td width="20%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" ><b>Deferred tax at 31 December 2023</b></td><td width="20%" align="right" valign="middle" >124</td><td width="20%" align="right" valign="middle" >7</td><td width="20%" ></td><td width="20%" ></td></tr><tr><td colspan="5"></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="20%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="20%" align="right" valign="middle" ><b>2023</b></td><td width="20%" align="right" valign="middle" ><b>2022</b></td><td width="20%" ></td><td width="20%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Non-current liabilities</b></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Non-current liabilities are specified as follows</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Other credit institutions</b></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >0-1 years</td><td width="20%" align="right" valign="middle" >4160</td><td width="20%" align="right" valign="middle" >765</td><td width="20%" align="right" valign="middle" >4160</td><td width="20%" align="right" valign="middle" >765</td></tr><tr><td colspan="5"></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" ><b>Total non-current liabilities</b></td><td width="20%" align="right" valign="middle" >21460</td><td width="20%" align="right" valign="middle" >20274</td><td width="20%" align="right" valign="middle" >21460</td><td width="20%" align="right" valign="middle" >20274</td></tr><tr><td colspan="5"></td></tr></table> -57839000 <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="1" align="left" valign="middle" ><b>Contractual obligations and contingencies, etc.</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Group’s rent liabilities include a rent obligation totalling DKK 1,544 thousand and buy obligation regarding production of DKK 16,026 thousand.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Parent Company’s rent liabilities include a rent obligation totalling DKK 1,544 thousand and buy obligation regarding production of DKK 16,026 thousand.</td></tr><tr><td colspan="1"></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="100%" colspan="1" align="left" valign="middle" ><b>Collateral</b></td></tr><tr><td width="100%" 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 DKK 19,450 thousand. The total carrying amount of these assets is DKK 115,988 thousand.</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" 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 DKK 19,450 thousand. The total carrying amount of these assets is DKK 115,988 thousand.</td></tr><tr><td colspan="1"></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="100%" colspan="3" align="left" valign="middle" ><b>Related parties</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Related party transactions</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="33%" align="right" valign="middle" ><b>2023</b></td><td width="34%" align="right" valign="middle" ><b>2022</b></td></tr><tr><td colspan="3"></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="33%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="33%" align="right" valign="middle" ><b>2023</b></td><td width="34%" align="right" valign="middle" ><b>2022</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Changes in working capital</b></td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Changes in inventories</td><td width="33%" align="right" valign="middle" >-3548</td><td width="34%" align="right" valign="middle" >-45721</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Changes in receivables</td><td width="33%" align="right" valign="middle" >24765</td><td width="34%" align="right" valign="middle" >-27866</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Changes in trade and other payables</td><td width="33%" align="right" valign="middle" >-19115</td><td width="34%" align="right" valign="middle" >48949</td></tr><tr><td colspan="3"></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 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 2023.</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 2023 and of the results of their operations and consolidated cash flows for the financial year 1 January – 31 December 2023.</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 2024-07-09 <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">Conclusion</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 2023, 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 2023 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 2023 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">Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. 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 2024-07-09 Globe Tracker ApS Strandgade 91, 1401 København K 38102885 2016-10-12 Copenhagen 2024-07-09 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">Group chart</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">Operating 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">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 Island. 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 and Hamburg, primarily concerned with installation and customer success services.</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 2023 shows revenue of DKK 103 mill, net loss of DKK 58 mill and the Balance Sheet as of 31 December 2023 shows a net equity of DKK -27 mill. The equity is restored with a conversion of shareholder loans to equity of totally DKK 50 mill. yielding a net equity of DKK 15 mill in Q2 2024.</td></tr><tr><td colspan="1">In the Financial Report for 2022, management estimated annual profits for 2023 to be in the range of kDKK 0-1,000: This was based on expectation of concluding several commercial sales agreements. The expected contracts were not concluded however, and projected saled in the second half of 2023 was significantly lower than budgetted. The change in management also entailed severence payments increasing staff costs significantly. Following missing sales, management also found it necessary to recognize impairments on inventories, and technologies, where recoverable amount dit not meet carrying amounts.</td></tr><tr><td colspan="1">These reasons combined have lead to a significantly lower annual result than management anticipated when preparing the annual accounts for 2022.</td></tr><tr><td colspan="1">Innovative devices have been developed for the dry market, and are expected to be released late 2024 to early 2025.</td></tr><tr><td colspan="1">2023 has been a year of transition for GT Group. 30 June 2023, Joel undir Leitinum who held the position as Chairman of the Board was appointed new CEO, and subsequently, changes were made to the management group as well. Focus is to harvest on the large investments Globe Tracker has done in the market. The new management has primarily focused on profitability and technical developments. 7 years of continuous growth in revenues shows a downwards trend in 2023. Revenue decreased in 2023 compared to 2022 due to lower hardware demands as the market has been in a waiting position due to the political turmoils around the globe , but in 2024 the demand has recovered, and deployment of telematics devices has increased. Revenue growth in previous years has been achieved based on low margins on hardware, in order to build on the base for network service revenues. Focus has been on cost efficiency and enhancing our supply with a stronger focus on the Saas part of the business.</td></tr><tr><td colspan="1">Previous years’ supply deficiencies in component supply and the following focus on building inventory has stopped proved integral to the GT’s ability to maintain production levels. However, it has also resulted in obsoleteness and recognitions of impairments have been necessary in 2023 burdening the Income Statement. On the other hand, technical innovations have been successful, resulting in a wider range of supply items and a higher cost efficiency of our revenues. Globe Tracker expects to gain revenue this year from new products on top of present reefer telematics and customer platforms.</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 skilled employees. 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">The company’s current activities do not impact the environment negatively, taking into consideration that supply chain optimization is a carbon emission reduction project in its own right.</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 GPS tracker / sensors for freezer containers and processing of the data. GT has also developed customer portals and platform, which are supplied to customers on a white label basis,</td></tr><tr><td colspan="1">In addition, resources have been committed to developing devices including door and temp sensors for dry containers. Analytics are part of the current product portfolio and will have special focus in the years to come.</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 2025, standing shareholder loans will subordinate to any other debt that may be owed by the company.</td></tr><tr><td colspan="1">Further, the notice to the Company’s AGM proposes that the Company capital is increased with up to DKK 50 mill by conversion of debt, without pre-emptive rights for existing shareholders.</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><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">As described above the newly appointed management has focused on primary profitability. This has yielded positive results, as the group has achieved positive EBITDA from February 2024 and EBIT positivity in April 2024. This is a considerable improvement compared to previous years.</td></tr><tr><td colspan="1">GT considers the market for dry container tracking as its primary growth potential.</td></tr><tr><td colspan="1">Steps are taken to setup a subsidiary in Sofia Bulgaria, to employ highly skilled engineers. This will enhance GT’s technological edge and provide further cost efficiency to our R&amp;D department.</td></tr><tr><td colspan="1">On the other hand, the Group is still burdened with expenses resulting from past decisions, which will impact the Income Statement for 2024 negatively.</td></tr><tr><td colspan="1">Projected profits for 2024 are expected to be in the range of kUSD -1,000 to 500.</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>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 /><td>The annual report of Globe Tracker ApS for 2023 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 /><td>Presentation currency</td></tr><tr><td /><td>The financial statements are presented in Danish Kroner (DKK'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 /><td>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 /><td>Control</td></tr><tr><td /><td>The consolidated financial statements comprise the Parent Company Globe Tracker ApS and group entities controlled by Globe Tracker ApS (control).</td></tr><tr><td /><td>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 /><td>In assessing whether the Parent Company controls an entity, de facto control is also taken into consideration.</td></tr><tr><td /><td>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 /><td>Significant influence</td></tr><tr><td /><td>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 /><td>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 /><td>Preparation of consolidated financial statements</td></tr><tr><td /><td>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 /><td>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 /><td>External business combinations</td></tr><tr><td /><td>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 /><td>The acquisition date is the date when the Group actually obtains control of the acquiree.</td></tr><tr><td /><td>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 /><td>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 /><td>Negative differences (negative goodwill) are recognised in the income statement at the acquisition date.</td></tr><tr><td /><td>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 /><td>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 /><td>Expenses incurred to acquire entities are recognised in the income statement in the year in which they are incurred.</td></tr><tr><td /><td>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 /><td>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 /><td>Foreign currency translation</td></tr><tr><td /><td>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 /><td>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 /><td>Fixed assets acquired in foreign currency are measured at the exchange rate at the transaction date.</td></tr><tr><td /><td>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 /><td>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 /><td>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 /><td>Revenue</td></tr><tr><td /><td>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 /><td>Revenue from the sale of goods</td></tr><tr><td /><td>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 /><td>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 /><td>Revenue from sale of services</td></tr><tr><td /><td>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 /><td>Staff costs</td></tr><tr><td /><td>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 /><td>Amortisation/depreciation</td></tr><tr><td /><td>The item comprises amortisation/depreciation of intangible assets and property, plant and equipment.</td></tr><tr><td /><td>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 /><td>Finalised development projects</td><td /><td>5 years</td></tr><tr><td /><td>Acquired intangible assets</td><td>5 years</td></tr><tr><td /><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 /><td>Profit/loss from investments in group entities, associates and equity interests</td></tr><tr><td /><td>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 /><td>Financial income and expenses</td></tr><tr><td /><td>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 /><td>Tax for the year</td></tr><tr><td /><td>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 /><td>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 /><td>Intangible assets</td></tr><tr><td /><td>On initial recognition, intangible assets are measured at cost.</td></tr><tr><td /><td>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 /><td>Development projects</td></tr><tr><td /><td>Development costs comprise expenses, salaries and amortisation charges directly attributable to development activities.</td></tr><tr><td /><td>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 /><td>Development costs that are recognised in the balance sheet are measured at cost less accumulated amortisation and impairment losses.</td></tr><tr><td /><td>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 /><td>Property, plant and equipment</td></tr><tr><td /><td>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 /><td>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 /><td>Fixtures and fittings, tools and equipment</td><td>3-5 years</td></tr><tr><td /><td /><td>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 /><td /><td>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 /><td /><td>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 /><td /><td>Equity investments in group entities in the parent company financial statements.</td></tr><tr><td /><td /><td>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 /><td /><td>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 /><td /><td>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 /><td /><td>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 /><td /><td>Dividend received is deducted from the carrying amount.</td></tr><tr><td /><td /><td>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 /><td /><td>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 /><td /><td>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 /><td /><td>Impairment of fixed assets</td></tr><tr><td /><td /><td>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 /><td /><td>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 /><td /><td>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 /><td /><td>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 /><td /><td>Inventories</td></tr><tr><td /><td /><td>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 /><td /><td>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 /><td /><td>Finished goods are measured at cost, comprising the cost of raw materials and consumables.</td></tr><tr><td /><td /><td>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 /><td /><td>Receivables</td></tr><tr><td /><td /><td>The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables.</td></tr><tr><td /><td /><td>Receivables are measured at amortised cost.</td></tr><tr><td /><td /><td>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 /><td /><td>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 /><td /><td>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 /><td /><td>Prepayments</td></tr><tr><td /><td /><td>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 /><td /><td>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 /><td /><td>Net revaluation reserve according to the equity method</td></tr><tr><td /><td /><td>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 /><td /><td>The reserve can be eliminated in case of losses, realisation of equity investments or changes in accounting estimates.</td></tr><tr><td /><td /><td>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 /><td /><td>Reserve for development costs</td></tr><tr><td /><td /><td>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 /><td /><td>Provisions</td></tr><tr><td /><td /><td>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 /><td /><td>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 expences.</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 /><td>Corporation tax and deferred tax</td></tr><tr><td /><td /><td>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 /><td /><td>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 /><td /><td>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 /><td /><td>Liabilities other than provisions</td></tr><tr><td /><td /><td>The Company has chosen IAS 39 as interpretation for recognition and measurement of liabilities.</td></tr><tr><td /><td /><td>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 /><td /><td>Financial liabilities also include the capitalised residual lease commitment in respect of finance leases.</td></tr><tr><td /><td /><td>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 /><td /><td>Lease liabilities</td></tr><tr><td /><td /><td>The company has interpretation for classification and recognition of leases chosen IAS 17.</td></tr><tr><td /><td /><td>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 /><td /><td>Deferred income</td></tr><tr><td /><td /><td>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 /><td /><td>Cash flow statement</td></tr><tr><td /><td /><td>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 /><td /><td>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 /><td /><td>Cash flows from operating activities</td></tr><tr><td /><td /><td>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 /><td /><td>Cash flows from investing activities</td></tr><tr><td /><td /><td>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 /><td /><td>Cash flows from financing activities</td></tr><tr><td /><td /><td>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 /><td /><td>Transactions with no cash flow effect</td></tr><tr><td /><td /><td>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 /><td /><td>Cash and cash equivalents</td></tr><tr><td /><td /><td>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> Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Cortex Park Vest 3 5230 Odense M xWizard version 1.1.1264.0, by EasyX Aps. www.easyx.eu 2022-01-01 2022-12-31 Revisionspåtegning Grundlag for konklusion Konklusion 124647000 7340000 -7138000 -41748000 565000 -0.2867 0.035 -0.2015 2.303 48 107907000 12379000 -2980000 7341000 36492000 6586000 -35737000 0 4312000 11450000 -42875000 -1127000 6586000 -24638000 -54265000 4312000 3389000 -53342000 -1588000 -51754000 565000 13386000 44000 -13995000 13500000 69000000 3251000 35839000 653000 7782000 3668000 -2822000 1695000 -41748000 90583000 -5756000 -450000 -48942000 1297000 -0.5527 -0.0635 0.0255 -1.7982 47 Profit/loss before net financials -46701000 Profit/loss before net financials -35737000 Profit/loss before net financials -50069000 35030000 -27299000 17300000 22951000 0 6801000 29752000 1627000 1627000 0 3651000 3651000 62319000 35093000 97412000 17048000 0 2598000 10122000 372000 30140000 1651000 129203000 164233000 184559000 0 0 -211858000 124000 4526000 4650000 17300000 4160000 93938000 39678000 18595000 0 1701000 4323000 7187000 169582000 186882000 164233000 1650000 89791000 60039000 21703000 1265000 37679000 -39002000 19509000 24219000 0 7976000 32195000 1475000 1475000 0 4009000 4009000 53319000 40546000 93865000 33544000 0 2945000 17955000 807000 55251000 6770000 155886000 193565000 115017000 0 0 -154019000 7000 2094000 2101000 19509000 765000 117045000 37254000 44456000 0 1817000 2969000 6651000 210957000 230466000 193565000 6770000 30025000 2746000 6224000 Non-fixed assets 129202000 Non-fixed assets 155886000 Non-fixed assets 77586000 Balance sheet total 164232000 Balance sheet total 193565000 Balance sheet total 107611000 Current liabilities other than provisions 174107000 Current liabilities other than provisions 210957000 Current liabilities other than provisions 91923000 Cash flows from operating activities -3548000 Cash flows from operating activities -51754000 Cash flows from operating activities -53228000 Cash flows from investing activities 24765000 Cash flows from investing activities -13995000 Cash flows from investing activities -4044000 Cash flows from financing activities -19115000 Cash flows from financing activities 69000000 Cash flows from financing activities 56950000 Total cash flows 2102000 Total cash flows 3251000 Total cash flows -322000 Current ratio 0.7421 Current ratio 0.7416 Current ratio 0.844 124330000 107907000 22869000 -2980000 -3466000 26514000 6541000 -36521000 652000 4312000 11441000 -42998000 -1250000 -41748000 26514000 0 27 7782000 3659000 -2945000 1695000 -41748000 22951000 0 6801000 29752000 1522000 1522000 769000 3500000 4269000 35543000 62319000 35093000 97412000 17054000 88000 2598000 9967000 372000 30079000 1260000 128751000 164294000 184559000 719000 23206000 -235783000 -27299000 0 4526000 4526000 17300000 17300000 4160000 93938000 39678000 18460000 1266000 1695000 3312000 7258000 169767000 187067000 164294000 89791000 60039000 2670000 1149000 24219000 0 7976000 32195000 1325000 1325000 1602000 3866000 5468000 38988000 53319000 40546000 93865000 33525000 492000 2945000 17853000 807000 55622000 6121000 155608000 194596000 115017000 1552000 25113000 -180684000 -39002000 0 2094000 2094000 19509000 19509000 765000 117045000 37254000 45783000 2121000 1695000 2109000 5223000 211995000 231504000 194596000 115017000 1552000 25113000 -180684000 -39002000 45849000 1867000 542000 69542000 0 0 0 0 0 0 0 0 0 0 -833000 0 0 11748000 -14190000 535000 0 0 -57839000 -11748000 14190000 -535000 833000 184559000 719000 23206000 -235783000 115017000 -154019000 -39002000 6770000 78044000 45849000 2090000 615000 69542000 0 0 -57839000 184559000 -211858000 Profit/loss before net financials -46701000 Profit/loss before net financials -35738000 Other adjustments of non-cash operating items 0 Other adjustments of non-cash operating items -475000 Cash generated from operations before changes in working capital -31859000 Cash generated from operations before changes in working capital -29627000 Arrangement of payables to shareholders 38600000 Arrangement of payables to shareholders 55500000 3519000 46168000 21949000 23900000 23900000 7976000 0 0 9957000 11225000 0 0 0 11747000 -9957000 2965000 56125000 33174000 22951000 23900000 23900000 0 9766000 2965000 6801000 0 9957000 11225000 0 0 0 11747000 -9957000 2965000 56125000 33174000 22951000 23900000 23900000 0 9766000 2965000 6801000 21949000 23900000 0 2090000 615000 803000 650000 2893000 1265000 1628000 1867000 542000 803000 607000 2670000 1149000 1521000 50000 1552000 50000 1918000 50000 719000 769000 50000 1552000 1602000 1339000 506000 0 1025000 652000 7000 Globe Tracker America Inc, Sarasota USA 369000 0 419000 Globe Tracker Føroyar Sp/f, Tórshavn Faroe Islands 38000 0 151000 Globe Tracker Singapore Pte. Ltd, Singapore 99000 0 296000 All group entities are independent entities. 4009000 3866000 -358000 -366000 3651000 3651000 3500000 3500000 Joel undir Leitnum Chief Executive Officer Jan Jakobsen Chair Símin Pauli Svend Sivertsen Fróði Magnussen EY Godkendt Revisionspartnerselskab 30700228 Allan Nørgaard State Authorised, Public Accountant mne35501 Dirch Passers Allé 36, P.O. Box 250, DK-2000 Frederiksberg