29794626 2025-01-01 2025-12-31 29794626 2025-01-01 2025-12-31 1 29794626 2024-01-01 2024-12-31 29794626 2025-12-31 29794626 2024-12-31 29794626 2025-01-01 c:AcquiredIntangibleAssetsMember 29794626 2025-12-31 c:AcquiredIntangibleAssetsMember 29794626 2025-01-01 2025-12-31 c:AcquiredIntangibleAssetsMember 29794626 2025-01-01 c:FixturesFittingsToolsAndEquipmentMember 29794626 2025-12-31 c:FixturesFittingsToolsAndEquipmentMember 29794626 2025-01-01 2025-12-31 c:FixturesFittingsToolsAndEquipmentMember 29794626 2025-01-01 c:InvestmentsInGroupEnterprisesMember 29794626 2024-01-01 c:InvestmentsInGroupEnterprisesMember 29794626 2025-01-01 2025-12-31 c:InvestmentsInGroupEnterprisesMember 29794626 2024-01-01 2024-12-31 c:InvestmentsInGroupEnterprisesMember 29794626 2025-12-31 c:InvestmentsInGroupEnterprisesMember 29794626 2024-12-31 c:InvestmentsInGroupEnterprisesMember 29794626 2025-01-01 2025-12-31 c:SubsidiaryMember 2 29794626 2025-12-31 c:SubsidiaryMember 2 29794626 2025-01-01 2025-12-31 c:SubsidiaryMember 3 29794626 2025-12-31 c:SubsidiaryMember 3 29794626 2025-01-01 2025-12-31 c:SubsidiaryMember 4 29794626 2025-12-31 c:SubsidiaryMember 4 29794626 2025-01-01 c:ParticipatingInterestsMember 29794626 2024-01-01 c:ParticipatingInterestsMember 29794626 2025-12-31 c:ParticipatingInterestsMember 29794626 2024-12-31 c:ParticipatingInterestsMember 29794626 2025-01-01 2025-12-31 c:ParticipatingInterestsMember 29794626 2024-01-01 2024-12-31 c:ParticipatingInterestsMember 29794626 2025-01-01 2025-12-31 c:OtherRelatedEntitiesMember 1 29794626 2025-12-31 c:OtherRelatedEntitiesMember 1 29794626 2025-01-01 c:DepositsLongtermInvestmentsAndReceivablesMember 29794626 2025-01-01 2025-12-31 c:DepositsLongtermInvestmentsAndReceivablesMember 29794626 2025-12-31 c:DepositsLongtermInvestmentsAndReceivablesMember 29794626 2025-01-01 2025-12-31 c:ManagementMember 29794626 2025-12-31 c:ManagementMember 29794626 2025-01-01 c:ContributedCapitalMember 29794626 2024-01-01 c:ContributedCapitalMember 29794626 2025-12-31 c:ContributedCapitalMember 29794626 2024-12-31 c:ContributedCapitalMember 29794626 2025-01-01 c:ReserveForNetRevaluationAccordingToEquityMethodMember 29794626 2024-01-01 c:ReserveForNetRevaluationAccordingToEquityMethodMember 29794626 2025-01-01 2025-12-31 c:ReserveForNetRevaluationAccordingToEquityMethodMember 29794626 2024-01-01 2024-12-31 c:ReserveForNetRevaluationAccordingToEquityMethodMember 29794626 2025-12-31 c:ReserveForNetRevaluationAccordingToEquityMethodMember 29794626 2024-12-31 c:ReserveForNetRevaluationAccordingToEquityMethodMember 29794626 2025-01-01 c:RetainedEarningsMember 29794626 2024-01-01 c:RetainedEarningsMember 29794626 2025-01-01 2025-12-31 c:RetainedEarningsMember 29794626 2024-01-01 2024-12-31 c:RetainedEarningsMember 29794626 2025-12-31 c:RetainedEarningsMember 29794626 2024-12-31 c:RetainedEarningsMember 29794626 2025-01-01 2025-12-31 1 iso4217:DKK xbrli:pure Årsrapport 34209936 Grant Thornton, Godkendt Revisionspartnerselskab Lautrupsgade, 11 2100, København Ø 2024-01-01 2024-12-31 2025-01-01 2025-12-31 29794626 Worldticket ApS Amagerfælledvej 106, 11, 3. 2300 København S 2006-10-16 Grant Thornton, Godkendt Revisionspartnerselskab 34209936 Michael Beuchert statsautoriseret revisor mne32794 Lautrupsgade 11 2100 København Ø Danmark +45 33 110 220 info@dk.gt.com 2026-08-04 Adam Randall Weiss Regnskabsklasse B Revisionspåtegning Ja CaseWare fra Revisorgruppen Danmark aktionærerne København 2026-08-04 København S 2026-08-04 Grundlag for konklusion med forbehold Konklusion med forbehold The key figures appearing from the survey have been calculated as follows: -47119000 -40979000 7155000 5957000 59000 218000 0 66000 -54333000 -47220000 -186000 -378000 -346000 -705000 1008000 1137000 1516000 871000 -55373000 -48037000 1004000 817000 -56377000 -48854000 -19384000 -705000 -36993000 -48149000 417000 444000 417000 444000 1000 34000 1000 34000 215000 354000 19344000 19690000 819000 575000 20378000 20619000 20796000 21097000 2904000 2887000 25153000 16439000 151000 156000 97000 0 1029000 996000 29334000 20478000 6244000 5657000 35578000 26135000 56374000 47232000 0 1805000 1805000 0 19384000 -60439000 -23445000 -58634000 -2256000 655000 609000 655000 609000 2081000 0 2081000 0 4499000 0 11697000 20524000 6316000 2496000 717000 0 85003000 23131000 1004000 817000 3036000 1911000 112272000 48879000 114353000 48879000 56374000 47232000 6901000 5707000 212000 184000 42000 66000 7155000 5957000 8 7 1516000 871000 1516000 871000 787000 787000 343000 27000 370000 417000 1327000 1327000 1293000 33000 1326000 1000 6002000 3602000 0 2400000 6002000 6002000 -6257000 -5860000 0 -19000 -182000 -378000 -2000 0 -6441000 -6257000 -654000 -609000 654000 609000 215000 354000 Worldticket China Ltd China 100 Worldticket Thailand Ltd Thailand 100 Worldticket OTA ApS Denmark 100 306000 306000 306000 306000 19384000 20089000 -346000 -705000 19038000 19384000 19344000 19690000 Flexflight ApS Roskilde 49.99 575000 244000 819000 819000 5.00 97000 1805000 1805000 1805000 1805000 19384000 0 -19384000 -705000 0 20089000 0 19384000 -23445000 83247000 0 23514000 -36994000 -48149000 0 -82057000 -60439000 -23445000 Today, the Managing Director has approved the annual report of Worldticket ApS for the financial year 1 January - 31 December 2025. The annual report has been prepared in accordance with the Danish Financial Statements Act. I consider the chosen accounting policy to be appropriate, and in my opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2025 and of the results of the Company's operations for the financial year 1 January – 31 December 2025. Further, in my opinion, the Management's review gives a true and fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the Annual General Meeting. Adam Randall Weiss We have audited the financial statements of Worldticket ApS for the financial year 1 January - 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity, notes and a summary of significant accounting policies, for the Company. The financial statements are prepared under the Danish Financial Statements Act. In our opinion, except for the possible effect of the matter described in the “Basis for Qualified Opinion” section of our report, the financial statements give a true and fair view of the financial position of the Company at 31 December 2025, and of the results of the Company's operations for the financial year 1 January – 31 December 2025 in accordance with the Danish Financial Statements Act. Basis for Qualified OpinionAs described below, we have identified matters relating to the the occurrence of external costs and revenue, the completeness and valuation of prepayments from customers and the valuation of intercompany balances and investements. Due to the pervasiveness of these matters, we issue a qualified opinion. External expenses: The Company has recognised external costs of approximately DKK 31,158 thousand in the income statement in relation to activities carried out by other group entities on behalf of the entity. We have not been able to verify to which extent these costs relate to Worldticket ApS. Therefore, we qualify our opinion in relation to the occurrence of these costs. Prepayments received from customers: The Company has recognised prepayments received from customers of DKK 11.697 thousand related to payable to airline customers. Management has derecognised payables totalling DKK 17.610 thousand on the basis that these amounts will not be settled, recognising corresponding revenue in the income statement.  We have not obtained sufficient appropriate audit evidence to support the completeness and valuation of the remaining payable or the occurrence of the recognised revenue. Receivables from group enterprises and payables to group enterprise: The Company has recognised intercompany receivables of DKK 25.153 thousand in the balance sheet. We have not obtained sufficient appropriate audit evidence to support the valuation of receivables from group enterprises. We have not obtained sufficient appropriate audit evidence to conclude on the valuation of the recognised investment. Investments in participating interests The Company's financial statements include an investment in FlexFlight ApS, in which the parent holds a 49,99% ownership interest. The carrying amount of the investment as of 31 December 2025 amounts to DKK 19.344 thousand.  As described in the audit opinion for Flexflight ApS, the financial statements of Flexflight ApS for the year ended 31 December 2025 are subject to a qualified opinion due to insufficient appropriate audit evidence regarding the valuation and completeness of prepayments from customers recognized as liabilities.. The carrying amount of the company's investments in Flexflight ApS is dependent on the underlying financial position and results of Flexflight ApS. Due to the matters described above, we were unable to obtain appropriate audit evidence regarding the valuation of the investments in Flexflight ApS as at 31 December 2025. Accordingly, our opinion is qualified in respect of this matter. We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Den­mark. Our responsibilities under those standards and requirements are further described in the “Auditor’s Responsibilities for the Audit of the Financial Statements” section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Den­mark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Material Uncertainty Related to Going ConcernThe company has prepared its financial statements under the going concern assumption. The Company reports a significant net loss for the year, a negative equity and has negative net working capital. Reference is made to Note 1 regarding the financial resources of the company.  Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Den­mark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Den­mark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. Plan and perform the audit of the financial statements to obtain sufficient appropriate audit evidence regarding consolidated financial information of the entities or business units as a basis for forming an opinion on the financial statements. We are responsible for the direction, supervision and review of the audit work performed. We remain solely responsible for our audit opinion.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. Statement on Management’s ReviewManagement is responsible for Management’s Review. Our opinion on the financial statements does not cover Management’s Review, 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 Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that Management’s Review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of Management’s Review. Description of key activities of the companyWorldTicket is a market-leading tier-two provider of sales and distribution platforms for regional, midsized and low cost airlines. The SaaS solution, Sell-More-Seats® (W1 SMS), is used as the sales and distribution platform by more than 50 airlines globally and has generated significant annual growth over the last years. Significant changes in the company's activities and financial mattersThere have been no significant changes in activities and financial matters. The gross loss for the year totals DKK -47.119.000 against DKK -40.979.000 last year. Profit or loss from ordinary activities after tax totals DKK -56.377.000 against DKK -48.854.000 last year. Management considers the net profit or loss for the year unsatisfactory. Liquidity and capital resources The Company incurred a net loss for the financial year, has negative working capital  and has a negative equity.  The company is subject to the capital loss provisions of the Danish Companies Act, and Management has addressed the capital loss and the measures to restore the capital position at a general meeting. Management has implemented a number of measures which, in Management's assessment, will make the company profitable and provide adequate liquidity for the coming financial year. On this basis, Management has prepared the financial statements on a going concern basis. The measures are described below. Commercial launch of core technology platform: Following a multi-year development program representing a substantial cumulative investment, the Company has completed development and commenced commercial deployment of its Orchestrated Virtual Interlining product. The transition from development to accretive revenue-generating operations is expected to materially improve the Company's revenue trajectory and operating results as customer implementations progress through the forecast period. Strategic investment and commercial partnership: The Company has entered into a term sheet and letter of intent with a recognized industry participant regarding a strategic investment and an associated commercial partnership. While the transaction remains subject to final documentation and customary closing conditions, Management expects that, upon completion, it will strengthen the Company's capital position and accelerate commercial adoption across the product portfolio. Structural reduction of the cost base: Management has implemented significant and sustained reductions to the Company's operating expense base through automation, AI-enabled efficiencies and consolidation around core product lines. These reductions have lowered the Company's ongoing cash requirements relative to prior periods. Events occurring after the end of the financial yearNo events have occured after the end of the financial year. 1.Liquidity and capital resourcesThe Company incurred a net loss for the financial year, has negative working capital  and has a negative equity.  The company is subject to the capital loss provisions of the Danish Companies Act, and Management has addressed the capital loss and the measures to restore the capital position at a general meeting. Management has implemented a number of measures which, in Management's assessment, will make the company profitable and provide adequate liquidity for the coming financial year. On this basis, Management has prepared the financial statements on a going concern basis. The measures are described below. n Capital Injection The owners have subsequent to the year end secured additional financing of approximately 32 mio DKK, which will be injected into the Worldticet/Flexflight structure to support the going concern in the short term. Commercial launch of core technology platform: Following a multi-year development program representing a substantial cumulative investment, the Company has completed development and commenced commercial deployment of its Orchestrated Virtual Interlining product. The transition from development to accretive revenue-generating operations is expected to materially improve the Company's revenue trajectory and operating results as customer implementations progress through the forecast period. Strategic investment and commercial partnership: The Company has entered into a term sheet and letter of intent with a recognized industry participant regarding a strategic investment and an associated commercial partnership. While the transaction remains subject to final documentation and customary closing conditions, Management expects that, upon completion, it will strengthen the Company's capital position and accelerate commercial adoption across the product portfolio. Structural reduction of the cost base: Management has implemented significant and sustained reductions to the Company's operating expense base through automation, AI-enabled efficiencies and consolidation around core product lines. These reductions have lowered the Company's ongoing cash requirements relative to prior periods. 2.Special itemsSpecial items include significant income and expenses of a special nature relative to the enterprise's ordinary operating activities. Special items for the year are specified below, indicating where they are recognised in the income statement. Income: Sale of development projects025.000Revenue from old debt17.61011.985Income related to other payments recieved023.206 17.61060.191Expenses: Impairment of trade receiveables0996Impairment of group receiveables14.19165.498Legal proceedings12.0280 26.21966.494Special items are recognised in the following items in the financial statements: Gross profit-8.609-6.303 Profit of special items, net-8.609-6.303 12.Contractual obligations and contingencies, etc.The total rental obligation at 31. december 2025 amount to 373 thousand. The company has issued payment guarantees with creditors totalling 4.481 thousand. The Company is involved in legal proceedings which may result in financial obligations. The Company is involved in legal proceedings concerning a claim of approximately DKK 23,7 million, where a judgment has been made but subsequently appealed, and the final outcome therefore remains uncertain. Joint taxationThe company acts as administration company for the group of companies subject to the Danish scheme of joint taxation and is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, to pay the total corporation tax. The company is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for any obligations to withhold tax on interest, royalties, and dividends. Any subsequent adjustments of corporate taxes or withholding taxes, etc., may result in changes in the company's liabilities. The annual report for Worldticket ApS has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class B enterprises. Furthermore, the company has decided to comply with certain rules applying to reporting class C enterprises. The accounting policies are unchanged from last year, and the annual report is presented in DKK. Gross lossGross loss comprises the revenue, changes in inventories of finished goods, and work in progress, own work capitalised, other operating income, and external costs. The enterprise will be applying IAS 18 as its basis of interpretation for the recognition of revenue. Revenue comprises the value of services provided during the year, including outlay for customers less VAT and price concessions directly associated with the sale. Revenue is recognised in the income statement on the completion of sales. This is generally considered to be the case when:The service has been provided before the end of the financial yearA binding sales agreement existsThe sales price has been determinedPayment has been received, or is anticipated with a reasonable degree of certainty. This ensures that recognition does not take place until the total income and costs and stage of completion at the reporting date can be reliably validated and it seems probable that the economic benefits, including payments, will flow to the enterprise. Cost of sales comprises costs concerning purchase of raw materials and consumables less discounts and changes in inventories. Other operating income comprises items of a secondary nature as regards the principal activities of the enterprise, including profit from the disposal of intangible and tangible assets Other external costs comprise costs incurred for distribution, sales, advertising, administration, premises, loss on receivables, and operational leasing costs. Staff costsStaff costs include salaries and wages, including holiday allowances, pensions, and other social security costs, etc., for staff members. Depreciation, amortisation, and writedown for impairmentDepreciation, amortisation, and writedown for impairment comprise depreciation on, amortisation of, and writedown for impairment of intangible and tangible assets, respectively. Other operating costsOther operating costs comprise items of secondary nature as regards the principal activities of the enterprise, including losses on the disposal of intangible and tangible assets. Fincancial income and expensesFinancial income and expenses are recognised in the income statement with the amounts concerning the financial year. Financial income and expenses comprise interest income and expenses, financial expenses from financial leasing, realised and unrealised capital gains and losses relating to securities, debt and transactions in foreign currency, amortisation of financial assets and liabilities as well as surcharges and reimbursements under the advance tax scheme, etc. Other operating expensesOther operating expenses comprise items of secondary nature as regards the principal activities of the enterprise, including losses on the disposal of intangible and tangible assets. Results from investments in subsidiaries and associates as well as participating interestAfter full elimination of intercompany profit or loss less amortised consolidated goodwill, the investment in the individual entities are recognised in the income statement as a proportional share of the entities' post-tax profit or loss. After full elimination of intercompany profit or loss less amortised of consolidated goodwill, the investment in the individual associates are recognised in the income statement as a proportional share of the associate' post-tax profit or loss. After full elimination of intercompany profit or loss less amortised of consolidated goodwill, the investment in the individual participating interests are recognised in the income statement as a proportional share of the participating interest' post-tax profit or loss. Tax on net profit or loss for the yearTax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity.  The company is subject to Danish rules on compulsory joint taxation of Danish group enterprises. The company acts as an administration company in relation to the joint taxation. This means that the total Danish tax payable by the Danish consolidated companies is paid to the tax authorities by the company. The current Danish income tax is allocated among the jointly taxed companies proportional to their respective taxable income (full allocation with reimbursement of tax losses). Intangible assetsDevelopment projects, patents, and licencesDevelopment costs and internally generated rights are recognised in the income statement as costs in the acquisition year. Patents and licenses are measured at cost less accrued amortisation. Patents are amortised on a straightline basis over the remaining patent period and licenses are amortised over the contract period, however, for a maximum of 10 years. Capitalized development projects are armotized over 6 years. Property, plant, and equipmentLand and buildings is measured at cost plus revaluations and less accrued depreciation and write-down for impairment. Land is not subject to depreciation. Land and buildings is revaluated on the basis of regular, independent fair-value assessments. Net revaluation at fair value adjustment is recognised directly in equity less deferred tax and tied up in a particular revaluation reserve. Net impairment loss at fair value adjustment is recognised in the income statement. The depreciable amount is cost plus revaluations at fair value less expected residual value after the end of the useful life of the asset. The amortisation period is fixed at the acquisition date and reassessed annually. If the residual value exceeds the carrying mount of the asset, depreciation is discontinued. Reversal of previous revaluations and recognised deferred taxes concerning revaluations are recognised directly in company equity. Other property, plant, and equipment are measured at cost less accrued depreciation and write-down for impairment. The depreciable amount is cost less any expected residual value after the end of the useful life of the asset. The amortisation period and the residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, the depreciation is discontinued. Depreciation is done on a straight-line basis according to an assessment of the expected useful life: Useful lifeOther fixtures and fittings, tools and equipment3-5years Minor assets with an expected useful life of less than 1 year are recognised as costs in the income statement in the year of acquisition. Profit or loss derived from the disposal of property, land, and equipment is measured as the difference between the sales price less selling costs and the carrying amount at the date of disposal. Profit or loss is recognised in the income statement as other operating income or other operating expenses. LeasesThe enterprise will be applying IAS 17 as its base of interpretation for recognition of classification and recognition of leases. At their initial recognition in the statement of financial position, leases concerning property, plant, and equipment where the company holds all essential risks and advantages associated with the proprietary right (finance lease) are measured either at fair value of the asset being leased or at the present value of the future lease payments, whichever value is lower. When calculating the present value, the discount rate used is the internal rate of return of the lease or, alternatively, the borrowing rate of the enterprise. Hereafter, assets held under a finance lease are treated in the same way as other similar property, plant, and equipment. The capitalised residual lease commitment is recognised in the statement of financial position as a liability other than provisions, and the interest part of the lease is recognised in the income statement for the term of the contract. All other leases are regarded as operating leases. Payments in connection with operating leases and other lease agreements are recognised in the income statement for the term of the contract. The company's total liabilities concerning operating leases and lease agreements are recognised under contingencies, etc. Impairment loss relating to non-current assetsThe carrying amount of both intangible and tangible fixed assets as well as equity investments in subsidiaries, associates og participating interest are subject to annual impairment tests in order to disclose any indications of impairment beyond those expressed by amortisation and depreciation respectively. If indications of impairment are disclosed, impairment tests are carried out for each individual asset or group of assets, respectively. Writedown for impairment is done to the recoverable amount if this value is lower than the carrying amount. The recoverable amount is the higher value of value in use and selling price less expected selling cost. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the asset group and expected net cash flows from the sale of the asset or the asset group after the end of their useful life. Previously recognised impairment losses are reversed when conditions for impairment no longer exist. Impairment relating to goodwill is not reversed. Investments in subsidiaries and associates as well as participating interestInvestments in subsidiaries and associates as well as participating interest are recognised and measured by applying the equity method. The equity method is used as a method of consolidation. Investments in subsidiaries and associates as well as participating interest are recognised in the statement of financial position at the proportionate share of the enterprise's equity value. This value is calculated in accordance with the parent's accounting policies with deductions or additions of unrealised intercompany gains and losses as well as with additions or deductions of the remaining value of positive or negative goodwill calculated in accordance with the acquisition method. Negative goodwill is recognised in the income statement at the time of acquisition of the equity investment. If the negative goodwill relates to contingent liabilities acquired, negative goodwill is not recognised until the contingent liabilities have been settled or lapsed. Consolidated goodwill is amortised over its estimated useful life, which is determined on the basis of the management's experience with the individual business areas. Consolidated goodwill is amortised on a straight-line basis over the amortisation period, which represent 5-20 years. The depreciation period is determined on the basis of an assessment that these are strategically acquired enterpriseswith a strong market position and a long-term earnings profile. In relation to material assets and liabilities recognised in subsidiaries and associates as well as participating interest but are not represented in the parent, the following accounting policies have been applied. Investments in subsidiaries and associates as well as participating interest with a negative equity value are measured at DKK 0, and any accounts receivable from these enterprises are written down to the extent that the account receivable is uncollectible. To the extent that the parent has a legal or constructive obligation to cover an negative balance that exceeds the account receivable, the remaining amount is recognised under provisions. To the extent the equity exceeds the cost, the net revaluation of equity investments in subsidiaries and associates as well as participating interest  transferred to the reserve under equity for net revaluation according to the equity method. Dividends from subsidiaries expected to be adopted before the approval of this annual report are not subject to a limitation of the revaluation reserve. The reserve is adjusted by other equity movements in subsidiaries and associates as well as participating interest. Newly acquired or newly established companies are recognised in the financial statement as of the time of acquisition. Sold or liquidated companies are recognised until the date of disposal. On the acquisition of enterprises, the acquisition method, the uniting-of-interests method or the book value method is applied, cf. the above description under Business combinations. DepositsDeposits are measured at amortised cost and represent lease deposits, etc. ReceivablesReceivables are measured at amortised cost, which usually corresponds to nominal value. In order to meet expected losses, impairment takes place at the net realisable value. The company has chosen to use IAS 39 as a basis for interpretation when recognising impairment of financial assets, which means that impairments must be made to offset losses where an objective indication is deemed to have occurred that an account receivable or a portfolio of accounts receivable is impaired.If an objective indication shows that an individual account receivable has been impaired, an impairment takes place at individual level. Accounts receivable for which there is no objective indication of impairment at the individual level are evaluated at portfolio level for objective indication of impairment. The portfolios are primarily based on the debtors' domicile and credit rating in accordance with the company's and the group's credit risk management policy. Determination of the objective indicators applied for portfolios are based on experience with historical losses. Impairment losses are calculated as the difference between the carrying amount of accounts receivable and the present value of the expected cash flows, including the realisable value of any securities received. The effective interest rate for the individual account receivable or portfolio is used as the discount rate. Prepayments and accrued incomePrepayments and accrued income recognised under assets comprise incurred costs concerning the following financial year. Cash on hand and demand depositsCash on hand and demand deposits comprise cash at bank and on hand. EquityReserve for development costsThe reserve for development costs comprises recognised development costs less related deferred tax liabilities. The reserve cannot be used as dividends or for covering losses. The reserve is reduced or dissolved if the recognised development costs are amortised or abandoned. This is done by direct transfer to the distributable reserves of the equity. EquityReserve for net revaluation according to the equity methodThe reserve for net revaluation according to the equity method comprises net revaluation of equity investments in subsidiaries, associates and equity interests proportional to cost. The reserve may be eliminated in the event of losses, realisation of equity investments, or changes in the accounting estimates. The reserve cannot be recognised by a negative amount. Income tax and deferred taxAs administration company, Worldticket ApS is liable to the tax authorities for the subsidiaries' corporate income taxes. Current tax liabilities and current tax receivable are recognised in the statement of financial position as calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and for tax paid on account. The company is jointly taxed with consolidated Danish companies. The current corporate income tax is distributed between the jointly taxed companies in proportion to their taxable income and with full distribution with reimbursement as to tax losses. The jointly taxed companies are comprised by the Danish tax prepayment scheme. Joint taxation contributions payable and receivable are recognised in the statement of financial position as ”Tax receivables from group enterprises" or "Income tax payable to group enterprises" Deferred tax is measured on the basis of temporary differences in assets and liabilities with a focus on the statement of financial position. Deferred tax is measured at net realisable value. Adjustments take place in relation to deferred tax concerning elimination of unrealised intercompany gains and losses. Deferred tax is measured based on the tax rules and tax rates applying under the legislation prevailing in the respective countries on the reporting date when the deferred tax is expected to be released as current tax. Changes in deferred tax due to changed tax rates are recognised in the income statement, except for items included directly in the equity. Deferred tax assets, including the tax value of tax losses allowed for carryforward, are recognised at the value at which they are expected to be realisable, either by settlement against tax of future earnings or by set-off in deferred tax liabilities within the same legal tax unit. Any deferred net tax assets are measured at net realisable value. Prepayments received from customers The company acts as an intermediary in transactions by collecting payments from end customers, with the majority of the amounts contractually payable to airline partners. Accordingly, the liability is initially recognized at point of sale. Management exercises estimate the portion of the prepayment received from customers which are no longer payable to Airline partners. that represents the company’s income. This assessment is based on historical settlement patterns, contractual terms, and industry guidelines.   Liabilities other than provisionsOther liabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value. Accruals and deferred incomePayments received concerning future income are recognised under accruals and deferred income.