39083930 2025-01-01 2025-12-31 39083930 2025-01-01 2025-12-31 1 39083930 2025-01-01 2025-12-31 1 39083930 2025-01-01 2025-12-31 1 39083930 2024-01-01 2024-12-31 39083930 2025-12-31 39083930 2024-12-31 39083930 2024-12-31 fsa:ContributedCapitalMember 39083930 2024-12-31 fsa:RetainedEarningsMember 39083930 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 39083930 2025-12-31 fsa:ContributedCapitalMember 39083930 2025-12-31 fsa:RetainedEarningsMember 39083930 2025-01-01 2025-12-31 fsa:OtherShorttermPayablesMember iso4217:DKK xbrli:pure Annual report 2026-08-03 Andrew Pearson The Board of Directors and the Executive Board have today considered and approved the annual report of Shoreline ApS for the financial year 01.01.2025 - 31.12.2025. The annual report is presented in accordance with the Danish Financial Statements Act. In my opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2025 and​of the results of its operations for the financial year 01.01.2025 - 31.12.2025. I believe that the management commentary contains a fair review of the affairs and conditions referred to therein. I recommend the annual report for adoption at the Annual General Meeting. Esbjerg Andrew Pearson Andrew Pearson To the shareholders of Shoreline ApS We have audited the financial statements of Shoreline ApS for the financial year01.01.2025 - ​31.12.2025, which comprise the income statement, balance sheet, statement of changes in equity and ​notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act.​​ ​​In our opinion, the financial statements give a true and fair view of the Entity’s financial position at31.12.2025and of the results of its operations for the financial year 01.01.2025 - 31.12.2025 in accordance with the Danish Financial Statements Act. We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further ​described in the "Auditor’s responsibilities for the audit of the financial statements" section of this auditor’s report. We are independent of the Entity in accordance with the International Ethics Standards Board for ​Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical ​requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with ​these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. We draw attention to Note 1 in the financial statements, which describes the material uncertainty related to going​concern. The Entity is wholly owned by and financially dependent on Shoreline AS (Norway), which had negative book equity at 31 December 2025 and has historically been dependent on investor financing. Subsequent to the balance sheet date, Shoreline AS completed the first tranche of a convertible loan from existing investors in July 2026. The loan matures on 29 April 2027 and conversion to equity is contingent on a future qualified financing. The Entity also has a receivable from Shoreline AS of DKK 7.4 million, the recoverability of which is dependent on the parent company's financial development. As stated in Note 1, these events and conditions indicate that a material uncertainty exists that may cast significant doubt on the Entity's ability to continue as a going concern. Our opinion is not modified in respect of this matter. Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines ​is necessary to enable the preparation of financial statements that are free from material misstatement, ​whether due to fraud or error.​​In preparing the financial statements, Management is responsible for assessing the Entity’s ability to continue ​as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going ​concern basis of accounting in preparing the financial statements unless Management either intends to liquidate ​the Entity or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are ​free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes ​our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted ​in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material ​misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, ​individually or in the aggregate, they could reasonably be expected to influence the economic decisions of ​users taken on the basis of these financial statements.​​As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, ​we exercise professional judgement and maintain professional scepticism throughout the audit. We also:Identify and assess the risks of material misstatement of the financial statements, whether due to ​fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence ​that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a ​material misstatement resulting from fraud is higher than for one resulting from error, as fraud may ​involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.​Obtain an understanding of internal control relevant to the audit in order to design audit procedures ​that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the ​effectiveness of the Entity’s internal control.​Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates ​and related disclosures made by Management. ​Conclude on the appropriateness of Management’s use of the going concern basis of accounting in ​preparing the 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 Entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to ​draw attention in our auditor’s report to the related disclosures in the 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 ​Entity to cease to continue as a going concern.​Evaluate the overall presentation, structure and content of the financial statements, including the disclosures ​in the notes, and whether the financial statements represent the underlying transactions and ​events in a manner that gives a true and fair view.We communicate with those charged with governance regarding, among other matters, the planned scope ​and timing of the audit and significant audit findings, including any significant deficiencies in internal control ​that we identify during our audit. Management is responsible for the management commentary. ​​Our opinion on the financial statements does not cover the management commentary, and we do not express ​any form of assurance conclusion thereon. ​​In connection with our audit of the financial statements, our responsibility is to read the management ​commentary and, in doing so, consider whether the management commentary is materially inconsistent with ​the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. ​​Moreover, it is our responsibility to consider whether the management commentary provides the information ​required by relevant law and regulations.Based on the work we have performed, we conclude that the management commentary is in accordance with ​the financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary. Odense Deloitte Statsautoriseret Revisionspartnerselskab 33963556 Martin Lund Nielsen State Authorised Public Accountant mne45861 Primary activitiesThe object of the company is development and sales of integrated simulation solutions for construction, ​operation and maintenance of industrial plants. Development in activities and financesThe Entity's activities are closely integrated with the Shoreline group, and the Entity is dependent on the continued financial support and operational viability of its parent company, Shoreline AS. The Entity's revenue is generated through the group structure, and at 31 December 2025 the Entity had a significant receivable from Shoreline AS of DKK 7.4 million, which has not been settled as of the date of this report. Shoreline AS incurred a net loss in 2025 and had negative book equity at 31 December 2025. ​​Subsequent to the balance sheet date, Shoreline AS completed the first tranche of a convertible loan from existing investors in July 2026, approved unanimously at an extraordinary general meeting, with a rights offering opened to all existing shareholders. The group has a strong track record of resolving convertible financing rounds​through conversion to equity, with all previous convertible rounds (except portions of one smaller loan) having been converted rather than repaid in cash. ​​Management has assessed the going concern assumption based on the group's financial forecast, the completed financing and the parent company's confirmation of financial support, and considers it appropriate to prepare the financial statements on a going concern basis. However, material uncertainty exists in relation to the going concern assumption — see Note 1. 10068150 17129451 9273852 16297601 794298 831850 0 54846 416743 423393 377555 463303 95750 103845 281805 359458 281805 359458 281805 359458 0 0 0 0 207839 207839 207839 207839 207839 207839 7379631 7115647 6660 0 168509 217300 0 94038 7554800 7426985 2020 276561 7556820 7703546 7764659 7911385 50000 50000 2432133 2150328 2482133 2200328 0 10774 0 10774 4532796 4573683 4532796 4573683 299808 439529 50298 34845 399624 652226 749730 1126600 5282526 5700283 7764659 7911385 50000 2150328 2200328 281805 281805 50000 2432133 2482133 1 Material uncertainty related to going concernThe Entity is wholly owned by Shoreline AS (Norway) and its operations are fully integrated with the Shoreline group. The Entity's revenue is generated through the group structure, and the Entity is dependent on the continued financial support and operational viability of its parent company. At 31 December 2025, the Entity had a receivable from Shoreline AS of DKK 7.4 million, which has not been settled as of the date of approval of this annual report. ​ ​Shoreline AS reported a net loss of NOK 39.0 million for 2025 (2024: NOK 54.9 million) and had negative book equity at 31 December 2025. Subsequent to the balance sheet date, Shoreline AS completed the first tranche of a​convertible loan from existing investors in July 2026, raising USD 628,778, approved unanimously at an extraordinary general meeting. A rights offering to all existing shareholders has been opened, which may bring the total amount up to USD 1,478,744. The convertible loan carries 10% interest per annum and matures on 29 April 2027. Conversion of the convertible loan to equity is contingent on a future qualified financing of at least USD 5 million, which has not yet been secured. In the absence of such a qualified financing prior to the maturity date, the loan documents provide for potential cash repayment or conversion into Series A Preferred Stock at the​maturity date. However, based on the group's historical track record, where all previous convertible financing rounds (with the exception of portions of one smaller loan) have been resolved through conversion to equity rather than cash repayment, Management considers conversion to equity to be the more probable outcome. ​​The group's financial forecast for 2026 and 2027 shows expected revenue growth, positive monthly EBITDA from August 2026 and a positive liquidity development throughout the forecast period, based on a conservative scenario. The forecast assumes no additional external financing beyond the proceeds of the convertible loan. ​​Shoreline AS has confirmed its intention to provide the necessary financial support to Shoreline ApS so that Shoreline ApS is able to meet its obligations as and when they fall due, for a period of at least 12 months from the date of approval of this annual report. On this basis, Management has prepared the financial statements on a​going concern basis. Notwithstanding the above, material uncertainty exists that may cast significant doubt on the Entity's ability to continue as a going concern. The uncertainty relates primarily to the parent company's negative book equity and historical dependency on investor financing, the convertible loan maturing in April 2027​which will require refinancing or conversion at that time, the recoverability of the receivable from Shoreline AS of DKK 7.4 million which is dependent on the parent company's financial development, and the realisation of the forecasted revenue and cash flows. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. 2 Staff costs2025​DKK2024​DKKWages and salaries8,476,12414,749,899Pension costs757,2191,305,698Other social security costs40,509242,0049,273,85216,297,601Average number of full-time employees1423 14 23 3 Tax on profit/loss for the year2025​DKK2024​DKKCurrent tax113,18470,848Change in deferred tax(17,434)32,99795,750103,845 4 Property, plant and equipmentOther fixtures and fittings, tools and equipment​DKKCost beginning of year230,270Cost end of year230,270Depreciation and impairment losses beginning of year(230,270)Depreciation and impairment losses end of year(230,270)Carrying amount end of year0 5 Financial assetsDeposits​DKKCost beginning of year207,839Cost end of year207,839Carrying amount end of year207,839 6 Non-current liabilities other than provisionsDue after more than 12 months​2025​DKKOutstanding after 5 years​2025​DKKOther payables4,532,796'04,532,7960 7 Other payables2025​DKK2024​DKKWages and salaries, personal income taxes, social security costs, etc. payable233,94172,826Holiday pay obligation139,383542,400Other costs payable26,30037,000399,624652,226 8 Other unrecognised commitmentsUnrecognised rental and lease commitments2025​DKK2024​DKKLiabilities under rental or lease agreements until maturity in total84,010641,873 9 Assets charged and collateralLoans are secured by way of a deposited mortgage deed registered to the mortgagor of t.DKK 4.000 nominal in simple claims, stocks of goods, equipment and in intellectual property rights. ​​The carrying amount of mortgaged assets is ​t.DKK 7.555​ ​ This annual report has been presented in accordance with the provisions of the Danish Financial Statements ​Act governing reporting class B enterprises with addition of a few provisions for reporting class C.The accounting policies applied to these financial statements are consistent with those applied last year. Gross profit or lossGross profit or loss comprises revenue and external expenses. RevenueRevenue from the sale of services is recognised in the income statement when delivery is made to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed. Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary ​activities, including profit from the sale of intangible assets and property, plant and equipment, and salary refunds. Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities, including expenses for ​premises, stationery and office supplies, marketing costs, etc. Staff costsStaff costs comprise salaries and wages, and social security contributions, pension contributions, etc for entity staff. Other financial incomeOther financial income comprises dividends etc. received on other investments, interest income, including ​interest income on receivables from group enterprises, net capital or exchange gains on securities, payables ​and transactions in foreign currencies, amortisation of financial assets, and tax relief under the Danish ​Tax Prepayment Scheme etc. Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group ​enterprises, net capital or exchange losses on securities, payables and transactions in foreign currencies, ​amortisation of financial liabilities, and tax surcharge under the Danish Tax Prepayment Scheme etc. Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the ​income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity. Property, plant and equipmentOther fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses. ​​Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the asset until the time when it is ready to be put into operation. ​​The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line depreciation is made on the basis of the following estimated useful lives of the assets:Useful life Other fixtures and fittings, tools and equipment3-4 yearsFor leasehold improvements and assets subject to finance leases, the depreciation period cannot exceed ​the contract period. ​​Estimated useful lives and residual values are reassessed annually. ​​Items of property, plant and equipment are written down to the lower of recoverable amount and carrying ​amount. ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and ​doubtful debts. Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based value of assets and liabilities, for which the tax-based value is calculated based on the planned use of each asset. PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at ​cost. CashCash comprises bank deposits. Operating leasesLease payments on operating leases are recognised on a straight-line basis in the income statement over the term of the lease. Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. Tax receivable or payableCurrent tax receivable or payable is recognised in the balance sheet, stated as tax computed on this year's ​taxable income, adjusted for prepaid tax. Væsentlig usikkerhed vedr. fortsat drift true Grundlag for konklusion Konklusion 2026-08-03 2026-08-03 true 2024-01-01 2024-12-31 Odense 5100 5 Tværkajen, Postboks 10 Esbjerg Esbjerg 6700 Regnskabsklasse B Revisionspåtegning 2025-12-31 2025-01-01 1 Kanalen Shoreline ApS 39083930 33963556 2300 København S Weidekampsgade 6 Deloitte Statsautoriseret Revisionspartnerselskab