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fsa:OtherShorttermPayablesMember cmn:ConsolidatedMember 36561009 2025-12-31 fsa:OtherShorttermPayablesMember 36561009 2024-12-31 fsa:OtherShorttermPayablesMember iso4217:USD pure xbrli:pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2025-01-01 2024-01-01 2025-12-31 2024-12-31 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning true 2026-06-08 Morten Spurr Pihlkjær The Executive Board and Board of Directors have today considered and adopted the Annual Report of Dixa ApS for the financial year 1 January - 31 December 2025. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In our opinion the Financial Statements and the Consolidated Financial Statements give a true and fair view of the financial position at 31 December 2025 of the Company and the Group and of the results of the Company and Group operations and of consolidated cash flows for 2025. In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review. We recommend that the Annual Report be adopted at the Annual General Meeting. Copenhagen 2026-05-21 Christian Lohmann Thomas Neergaard Hansen Mads Christian Blicher Fosselius Christian Brøndum Chairman Uwe Horstmann Jocelyn Christopher White Eric Charles Salzman To the shareholder of Dixa ApS Opinion 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 2025 and of the results of the Group’s and the Parent Company’s operations as well as of the consolidated cash flows for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act.We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of Dixa ApS for the financial year 1 January - 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for both the Group and the Parent Company, as well as consolidated statement of cash flows (”the Financial Statements”). Basis for Opinion 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 Group in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for 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, in our view, Management’s Review is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. 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, 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 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. 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 Group’s and the Parent 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 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.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 group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the Consolidated Financial Statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Hellerup 2026-05-21 PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Tue Stensgård Sørensen Alexander Oliver Duschek State Authorised Public Accountant State Authorised Public Accountant mne32200 mne47774 Dixa ApS Artillerivej 86, st. tv. 2300 Copenhagen S 36561009 Copenhagen S Strandvejen 44 2900 Hellerup Seen over a 5-year period, the development of the Group is described by the following financial highlights:Cash flows from:Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark. 6919000 3110000 7428000 -24690000 -57499000 -19216000 -1780000 4021000 1286000 -27949000 -52935000 -17056000 36781000 63868000 97809000 0 0 41000 120000 171000 11653000 38385000 82761000 -10648000 -27506000 -10144000 -10247000 -5187000 -18264000 -2566000 -2666000 85954000 134 140 164 233 168 0.224 0.328 0.671 0.900 0.196 0.141 0.015 0.317 0.601 0.846 4.832 -2.133 -1.117 0.874 0.326 Key activitiesDixa ApS’ primary activity is development and innovation within the customer experience industry and operation of an agentic AI customer support platform. The platform empowers companies and brands to connect and engage with customers and partners across all types of communication channels.Development in the yearThe income statement of the Group for 2025 shows a gross profit uplift of 42% driven by strong growth in the core business. The result shows a loss of USD 9.0 million mainly due to impairment of investments in subsidiaries and extraordinary financials expenses. At 31 December 2025 the balance sheet of the Group shows a negative equity of USD 3.3 million.The past year and follow-up on development expectations from last yearThe result of the year shows USD -9.0 million. The result was negatively impacted by extraordinary financial expenses related to the refinancing of the debt facilities and by impairments of investment in subsidiaries. Adjusting for such non-recurring items, the core operations show a result in line with expectations stated in the annual report for 2024.Liquidity risksDuring 2025, Dixa refinanced the debt facilities and conducted a capital injection from existing investors and management of total USD 5.5 million. The Management assesses that the Group has sufficient liquidity for continued operations. At the end of 2025, the Group had a cash position of USD 8 million.Targets and expectations for the year aheadThe Management expects to keep investing considerably into both product improvements, new features, and market growth in the coming year. In total, the Management expects an EBIT for 2026 of approximately USD 0.Research and developmentThe company’s largest asset is the company’s Research & Development project containing the Dixa platform and the company’s employees working within this area. The Company is spending significant resources on product development and are constantly working towards keeping the strong set of competences, which are employed today in Dixa. It is Dixa’s strategy to keep and further develop the current strong competences and resources in the company.External environmentThe Group has no activities directly affecting the environment. It is the Group’s interest to conduct environmentally sound operations.Intellectual capital resourcesThe Group’s primary knowledge resources are employees and the historically developed know-how within development of IT-platforms. The Group’s future earnings are therefore conditional on the knowledge resources within development but in particular also on market knowledge.Uncertainty relating to recognition and measurementPlease refer to note 2 regarding the Management's assessment of uncertainty relating to recognition and measurement.Use of financial instrumentsThe Group's financial risks constitute exposures in connection with its financial position and its ability to provide liquidity and cash flows for its future operations. The Group operates internationally, which is why the Group is exposed to changes in exchange rates, especially in relation to USD vs. EUR/DKK and GBP. The Group has a combined credit facility of EUR 15 million with one lender. The loan carries a fixed interest rate. The Group does not use derivative financial instruments for hedging purposes.The Group or the parent company has no other material loans.Unusual eventsThe financial position at 31 December 2025 of the Group and the results of the activities and cash flows of the Group for the financial year for 2025 have not been affected by any unusual events except extraordinary financial expenses related to the debt refinancing and the impairment of investments in subsidiaries.Subsequent eventsNo events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. 16070330 11336233 11912739 4560697 13372786 15714482 9449408 9248779 7941675 4908829 8286269 4366475 0 -59784 0 -59784 -5244131 -9227294 -5822938 -8994773 193090 322310 386360 317910 4236576 3142568 4448118 3350857 -9287617 -12047552 -9884696 -12027720 -293545 -74910 0 0 -8994072 -11972642 -9884696 -12027720 7047907 6468156 7047908 6352999 3002243 6445438 2009667 4553396 346812 849541 0 0 2475920 2650094 2475920 2650094 12872882 16413229 11533495 13556489 15715 25045 7161 11824 25992 45459 8447 19568 41707 70504 15608 31392 0 0 4736013 5876015 267684 303379 101455 88497 267684 303379 4837468 5964512 13182273 16787112 16386571 19552393 1780952 2061879 1659910 1920115 0 0 341724 0 295055 291897 250549 170743 364642 606763 248429 468302 2440649 2960539 2500612 2559160 7824581 8425973 7190052 8056665 10265230 11386512 9690664 10615825 23447503 28173624 26077235 30168218 50353 45710 50353 45710 0 0 7428585 7022413 930252 1606740 847224 885304 -4277216 -2078375 -10204549 -6708912 -3296611 -425925 -1878387 1244515 219082 516804 0 0 1051369 933487 1051369 933487 1270451 1450291 1051369 933487 16154795 17118750 16154795 17118750 709552 686484 709552 686484 16864347 17805234 16864347 17805234 0 399973 0 399973 529486 691318 398337 468186 0 0 2299381 2068221 2147748 1508048 2099521 1455350 1165902 1658204 775426 1090228 4766180 5086481 4467241 4703024 8609316 9344024 10039906 10184982 25473663 27149258 26904253 27990216 23447503 28173624 26077235 30168218 45710 1606740 -2078375 -425925 -3877 676488 0 672611 766 0 6795231 6795997 0 0 -8994072 -8994072 50353 930252 -4277216 -3296611 45710 7022413 885304 -6708912 1244515 -3877 0 38080 0 34203 766 0 0 6795231 6795997 0 406172 0 -406172 0 0 0 0 -9884696 -9884696 50353 7428585 847224 -10204549 -1878387 -8994072 -11972642 11600385 7416421 -1177559 48919 1428754 -4507302 193090 296025 2332907 2222961 -711063 -6434238 2977004 2832803 Deposits 35695 401678 -2941309 -2431125 21179447 0 0 19811 17635572 2767642 Capital increase 5499997 1 Non-current liabilities 23068 0 1979190 2747832 -1673182 -6117531 8425973 15294606 1071790 -751102 7824581 8425973 Cash and cash equivalents are specified as follows:Exchange adjustments16,954-1Other adjustments-130,168-177,971 7824581 8425973 7824581 8425973 The Company’s equity is negative, and the Company is subject to requirements pertaining to loss of capital in accordance with the Danish Companies Act § 119.The Company expects to restore its equity through future operations. On this basis, the financial statements are prepared in accordance with the going concern assumption. Development projectsThe Group's uncertainty relating to recognition and measurement relates to the Group's development projects and goodwill. The management has performed an assessment of the potential impairment indicators that relate to the booked values as of 31.12.2025.Tax Credit Scheme (LL8x)The Group has been selected for inspection by the Danish Tax Agency with primary focus on the Group's historical use of the rules of the Tax Credit Scheme (LL8x). The Danish Tax Agency has preliminarily concluded that the Group does not fulfil the conditions for using the Tax Credit Scheme for the income years 2021 and 2022. It is Management's assessment that all requirements for using the Tax Credit Scheme have been observed for the income years 2021 as well as 2022 and that several of the Group's development projects in 2023 and 2024 are qualified for using this scheme. On this basis, the Group's Management has initiated a dialogue with the Danish Tax Agency about the preliminary decision. The Group has initiated a number of meetings with the Danish Tax Agency in 2024-2025 and will carry on the process in 2026, hoping that the Danish Tax Agency will change its preliminary decision. Management has submitted a response to the Danish Tax Agency (DTA) and during 2025, an expert appraisal of the tax matter has been initiated to further the resolution of the case.For considerations of prudence, Management has chosen to recognise the tax credit received for the income years 2021 (USD 815 thousand) and 2022 (USD 652 thousand) in the annual report for the year ended 31 December 2025 as a tax liability. The potential tax credit receivable for the income years 2023, 2024 and 2025 has not been recognised due to the ongoing uncertainty regarding the outcome of the tax case.RefinancingThe Group has a combined credit facility of EUR 15 million with one lender in the Parent Company. The issued loan contains a warrant element, which was issued in relation to raising of long-term debt during the year. The repayment of the previous loan in the Parent Company also had warrant element, which is recognized at fair value of USD 1,051 thousand (2024: USD 933 thousand). There is uncertainty regarding the fair value measurement. 12160248 14365792 8612399 8520567 1027735 1093579 780675 679422 131145 200661 56334 48790 53658 54450 0 0 13372786 15714482 9449408 9248779 134 140 66 68 Remuneration to the Executive Board has not been disclosed in accordance with section 98 B(3) of the Danish Financial Statements Act. Dixa has, as of 31 December 2025, the following warrant incentive plans targeted employees and key stakeholders.Warrant program 2.19 (AoA Art. 2.19) – 33.557.153 are outstanding out of the total of 47,899,232 authorized warrant. The warrants will terminate in January 2031 and most of the warrants have a strike price of DKK 3.55. Warrant program 2.17 (AoA Art. 2.17) – 1,121,249 are outstanding and the authorization to issue more is closed. The warrants will latest terminate on 6 July 2032 and most of the warrants have a strike price of DKK 7.12. Warrant program 2.12 (AoA Art. 2.12) – 7,976,563 are outstanding and the authorization to issue more is closed. The warrants will terminate in January 2032 and most of the warrants have a strike price of DKK 7.12. Warrant program 2.10 (AoA art. 2.10) – 4,023,999 warrants are outstanding and the authorization is closed. The warrants will latest terminate on 30 June 2031 and most of the warrants have a strike price of DKK 4.62. Warrant program 2.9 (AoA Art. 2.9) - 200,000 warrants are outstanding and the authorization is closed. The warrants will terminate March 2030 and most of the warrants have a strike price of DKK 2.58. Warrant program Wuessen Lending S.á.r.l. – 3,009,000 warrants are outstanding and the authorization is closed. The warrants will terminate in April 2031 and most of the warrants have a strike price of DKK 2.71.The warrants/options provide the employees and other key stakeholders the right to purchase shares at the strike price as individually agreed, however within the ranges of each authorisation. Executive Board and Board of Directors have a total of 13,470,101 warrants at 31 December 2025 with an average exercise price of DKK 0.40. 0 0 195900 11154 193090 322310 190460 306756 193090 322310 386360 317910 0 0 216292 219443 4173298 2821640 4168548 2810486 63278 320928 63278 320928 4236576 3142568 4448118 3350857 4177 0 0 0 -297722 -74910 0 0 -293545 -74910 0 0 -9884696 -12027720 32550343 8332779 20049225 2650094 2153203 707985 0 329640 0 0 0 2977004 0 0 0 21983 3458835 0 0 -3458835 38162381 9040764 20049225 2475920 26082187 1887341 19199684 0 1501207 277732 0 0 0 2353529 373337 0 3531080 1519919 129392 0 31114474 6038521 19702413 0 7047907 3002243 346812 2475920 5 years5 years10 years5 years5 years Development projects comprises the Dixa platform, which is the heart in Dixa's business the one and only business area. The development is improved with new versions, features and data to understand the business and needs from the clients. The future return on the development project is expected to exceed the investment. The growth of business within Dixa is big but the profit and loss statement of the year is also affected from massive investments in sales and new business areas.Amortisation is done in a 5 year period and the management does not have any further indication of impairment to the book values as of 31.12.2025.Development projects comprises the Dixa platform, which is the heart in Dixa's business the one and only business area. The development is improved with new versions, features and data to understand the business and needs from the clients. The future return on the development project is expected to exceed the investment. Dixa has seen strong business growth; however, the profit and loss statement reflects the impact of heavy investments in sales and the development of new business areas.Amortisation is done in a 5 year period and the management does not have any further indication of impairment to the book values as of 31.12.2025. 17310364 5691745 2650094 2153203 707985 329640 0 0 2977004 0 0 21983 3458835 0 -3458835 22922402 6399730 2475920 10957365 1138349 0 1501049 262429 0 0 1759066 0 3416080 1230219 0 15874494 4390063 0 7047908 2009667 2475920 355073 166857 306521 95722 38128 11907 38128 11906 147784 0 147784 0 245417 178764 196865 107628 330028 121398 294697 76154 36036 8378 36895 9999 11422 22996 5896 13028 -147784 0 -147784 0 229702 152772 189704 99181 15715 25992 7161 8447 3-5 years3-5 years3-5 years3-5 years 50155613 53116748 6238759 -2961135 56394372 50155613 -44279598 -46893819 -5507853 2614221 -1870908 0 -51658359 -44279598 4736013 5876015 Investments in subsidiaries are specified as follows: Dixa Ltd United Kingdom 1.00 259348 153231 Dixa Inc United States 1.00 127492 8135 Dixa Australia Holding Pty Ltd Australia 1.00 2780000 0 Elevio Pty Ltd (subsidiary to Dixa Australia Holding) Australia 1.00 -213509 3881 Dixa GmbH Germany 1.00 -21040 11830 Miuros SAS France 1.00 2163141 255813 303379 88497 7942 11017 1941 1941 45578 0 267684 101455 267684 101455 Prepayments comprise incurred costs relating to subsequent financial years. USD127,773,30973,939,00046,466,00066,830,7884,867,24450,353 A-shares 20113 B-shares 11639 C-shares 7315 D-shares 10520 E-shares 766 Deferred tax liabilities at 1 January516,804591,71400Amounts recognised in the income statement for the year-297,722-74,91000Deferred tax liabilities at 31 December219,082516,80400 In 2025, the Company repaid their loan to Deutsche Bank and entered into a new loan facility agree­ment with Viola Credit. The previous loan contained a warrant element to Deutsche Bank which is still valid and is recognized at fair value of USD 1,051 thousand (2024: USD 933 thousand). 1,767,979 warrants related to the Deutsche Bank loan are outstanding and the authorization to issue more is closed. The warrants will latest terminate on 1 January 2032 and the warrants have a strike price of DKK 3.80. Payments due within 1 year are recognised in short-term debt. Other debt is recognised in long-term debt.The debt falls due for payment as specified below:Credit institutions16,154,79517,518,72316,154,79517,518,723Other payables1,875,4542,344,6881,484,9781,776,712Warrant program 2.22 (Articles of Association (“AoA”) Art. 2.22) – 3,600,000 are outstanding and the authorization to issue more is closed. The warrants will terminate in July 2034 and the warrants have a strike price of DKK 0.001. 0 0 0 0 16154795 17118750 16154795 17118750 16154795 17118750 16154795 17118750 0 399973 0 399973 0 0 0 0 709552 686484 709552 686484 709552 686484 709552 686484 1165902 1658204 775426 1090228 Deferred income consists of payments received in respect of income in subsequent years. 193090 322310 4236576 3142568 7963658 4849045 -293545 -74910 11600385 7416421 555585 -1380839 1710076 -1429758 -23068 0 -1177559 48919 Contingent assetsThe Group has unrecognised deferred tax assets of USD 18,943 thousand regarding to carry forward tax losses. Rental and lease obligationsTotal liabilities under rental or lease agreements until maturity967,2651,035,434566,138657,699Other contingent liabilitiesA floating charge of a nominal amount of EUR 20,000k has been provided as security for loan of the Group’s goodwill, domain names and rights protected by the Danish Consolidate Patents Act, the Danish Consolidate Trademark Act, the Danish Consolidate Designs Act, the Danish Utility Models Act, the Danish Patterns Act, the Danish Copyright Act and the Danish Act on Protection of the Design of Semiconductor Products (topography), operating equipment and unsecured claims relating to the sale of goods and services, also including inventories of raw materials, semi-manufactures and finished goods as well as vehicles that are not or have not previously been registered. Related partiesRelated parties consist of the company's management and board of directors and these related parties.TransactionsThe Company's intercompany transactions for the year:Financial expenses: USD 216,292Other external expenses: USD 4,343,723Other external income: USD 721,154 No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. The Annual Report of Dixa ApS for 2025 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to medium-sized enterprises of reporting class C.The accounting policies applied remain unchanged from last year.The Consolidated Financial Statements and the Parent Company Financial Statements for 2025 are presented in USD. Recognition and measurementRevenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement.Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably.Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably.Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below.Recognition and measurement take into account predictable losses and risks occurring before the presentation of the Annual Report which confirm or invalidate affairs and conditions existing at the balance sheet date. Basis of consolidationThe Consolidated Financial Statements comprise the Parent Company, Dixa ApS, and subsidiaries in which the Parent Company directly or indirectly holds more than 50% of the votes or in which the Parent Company, through share ownership or otherwise, exercises control.On consolidation, items of a uniform nature are combined. Elimination is made of intercompany income and expenses, shareholdings, dividends and accounts as well as of realised and unrealised profits and losses on transactions between the consolidated enterprises.The Parent Company's investments in the consolidated subsidiaries are set off against the Parent Company's share of the net asset value of subsidiaries stated at the time of consolidation. Business combinationsBusiness acquisitions carried through on or after 1 July 2018Acquisitions of subsidiaries are accounted for using the purchase method under which the identifiable assets and liabilities of the entity acquired are measured at fair value at the time of acquisition. Acquired contingent liabilities are recognised at fair value in the Consolidated Financial Statements to the extent that the value can be measured reliably.The time of acquisition is the time when the Group obtains control of the entity acquired.The cost of the entity acquired is the fair value of the consideration agreed, including consideration contingent on future events. Transaction costs directly attributable to the acquisition of subsidiaries are recognised in the income statement as incurred.Positive differences between the cost of the entity acquired and identifiable assets and liabilities are recognised as goodwill in intangible assets in the balance sheet and are amortised in the income statement on a straight-line basis over their estimated useful lives. Where the differences are negative, they are recognised immediately in the income statement.Where the purchase price allocation is not final, positive and negative differences from acquired subsidiaries due to changes to the recognition and measurement of identifiable net assets may be adjusted for up to 12 months after the time of acquisition. These adjustments are also reflected in the value of goodwill or negative goodwill, including in amortisation already made.Where cost includes contingent consideration, this is measured at fair value at the time of acquisition. Contingent consideration is subsequently measured at fair value. Any value adjustments are recognised in the income statement.In respect of step acquisitions, any previously held investments in the entity acquired are remeasured at fair value at the time of acquisition. The difference between the carrying amount of the investment previously held and the fair value is recognised in the income statement. All leases are considered operating leases. Payments made under operating leases are recognised in the income statement on a straight-line basis over the lease term. Translation policiesUSD is used as the presentation currency. All other currencies are regarded as foreign currencies.Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognised directly in equity.Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the transaction date rates are recognised in financial income and expenses in the income statement.Income statements of foreign subsidiaries and associates that are separate legal entities are translated at transaction date rates or approximated average exchange rates. Balance sheet items are translated at the exchange rates at the balance sheet date. Exchange adjustments arising on the translation of the opening equity and exchange adjustments arising from the translation of the income statements at the exchange rates at the balance sheet date are recognised directly in equity.Income statements of enterprises that are integrated entities are translated at transaction date rates or approximated average exchange rates; however, items derived from non-monetary balance sheet items are translated at the transaction date rates of the underlying assets or liabilities. Monetary balance sheet items are translated at the exchange rates at the balance sheet date, whereas non-monetary items are translated at transaction date rates. Exchange adjustments arising on the translation are recognised in financial income and expenses in the income statement. On initial recognition in the balance sheet, derivative financial instruments are measured at cost and subsequently at fair value, which has been calculated as the discounted value of expected future net cash flows by using an approximate risk-free interest rate adjusted for any factors that a potential market participant would attribute value to when acquiring the instrument. Derivative financial instruments are recognised in other receivables or other payables.The Company holds a loan where warrants for preference shares has been issued to the lender. The loan is a hybrid contract containing a host debt contract and an embedded derivative, i.e. the warrants. The warrants and the host debt contract are accounted for separately as the economic characteristics and risks of the warrants are not closely related to the host debt contract. Warrants are classified upon initial recognition as an equity instrument due to the substance of the contractual agreement and are measured at fair value. Warrants are subsequently remeasured. The amount allocated to the host debt contract is presented as a financial liability and measured at amortized cost. Incentive schemesThe value of share-based payment, including share option and warrant plans that do not involve an outflow of cash and cash equivalents, offered to the Executive Board and a number of senior employees is not recognised in the income statement. The most significant conditions of the share option plans are disclosed in the notes. RevenueRevenue is mainly derived from sales of licenses, support and maintenance agreements, & other revenue such as training. The sales agreements are divided into individually identifiable performance obligations that are recognized and measured separately at fair value. Where a sale agreement includes multiple performance obligations, the total sales value of the sale agreement is allocated proportionally to the individual performance obligations of the agreement. Revenues are recognized in the income statement when the individual identifiable performance obligations have been met and the goods or services are transferred to the customer and the customer obtains control. Recognized revenue is measured at the fair value of the agreed remuneration, exclusive VAT and charges levied on behalf of third parties. All types of discounts granted are recognized in revenue. Cost of goods soldCost of goods sold comprise the purchase price etc. for goods sold in the year. Other external expensesOther external expenses comprise expenses for premises, sales as well as office expenses, etc. Gross profitWith reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue, work on own account recognised in assets, cost of goods sold and other external expenses. Staff costs include wages and salaries including compensated absence and pensions as well as other social security contributions etc. made to the entity's employees. Amortisation, depreciation and impairment lossesAmortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment. Other operating income and expensesOther operating income and other operating expenses comprise items of a secondary nature to the main activities of the Group, including gains and losses on the sale of intangible assets and property, plant and equipment. Income from investments in subsidiariesDividends from subsidiaries are recognised as income in the income statement when adopted at the General Meeting of the subsidiary. Financial income and expenses comprise interest, financial expenses in respect of realised and unrealised exchange adjustments, price adjustment of securities, amortisation of mortgage loans as well as extra payments and repayment under the on-account taxation scheme. Tax on profit/loss for the yearTax for the year consists of current tax for the year and deferred tax for the year. The tax attributable to the profit for year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity.Any changes in deferred tax due to changes to tax rates are recognised in the income statement. Intangible fixed assetsGoodwillGoodwill is amortised on a straight-line basis over the estimated useful life of 10 years, determined on the basis of Management’s experience with the individual business areas. Development projectsCosts of development projects comprise salaries, amortisation and other expenses directly or indirectly attributable to the Company’s development activities.Development projects that are clearly defined and identifiable and in respect of which technical feasibility, sufficient resources and a potential future market or development opportunity in the enterprise can be demonstrated, and where it is the intention to manufacture, market or use the project, are recognised as intangible assets. This applies if sufficient certainty exists that the value in use of future earnings can cover cost of sales, distribution and administrative expenses involved as well as the development costs.Development projects that do not meet the criteria for recognition in the balance sheet are recognised as expenses in the income statement as incurred.Capitalised development costs are measured at cost less accumulated amortisation and impairment losses or at a lower recoverable amount. An amount corresponding to the recognised development costs is allocated to the equity item 'Reserve for development costs'. The reserve is reduced by amortisation of and impairment losses on the development projects on a continuing basis.As of the date of completion, capitalised development costs are amortised on a straight-line basis over the period of the expected economic benefit from the development work. The amortisation period is 5 year. Other intangible fixed assetsRights are measured at cost less accumulated amortisation and less any accumulated impairment losses or at a lower value in use.Software licences and rights are amortised over the period of the agreements, which is the term of the agreement years and 5 years, respectively. Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses.Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Interest expenses on loans contracted directly for financing the construction of property, plant and equipment are recognised in cost over the construction period.Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are:Other fixtures and fittings, tools and equipment3-5 years Leasehold improvements3-5 years The fixed assets’ residual values are determined at nil.Depreciation period and residual value are reassessed annually. Impairment of fixed assetsThe carrying amounts of intangible assets and property, plant and equipment and investments are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation.The recoverable amount of the asset is calculated as the higher of net selling price and value in use. Where a recoverable amount cannot be determined for the individual asset, the assets are assessed in the smallest group of assets for which a reliable recoverable amount can be determined based on a total assessment.Goodwill, head office buildings and other assets for which a separate value in use cannot be determined as the asset does not on an individual basis generate future cash flows are reviewed for impairment together with the group of assets to which they are attributable. Investments in subsidiariesInvestments in subsidiaries are measured at cost. Where cost exceeds the recoverable amount, write-down is made to this lower value. Other fixed asset investments consist of deposit. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. PrepaymentsPrepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. ProvisionsProvisions are recognised when - in consequence of an event occurred before or on the balance sheet date - the Group has a legal or constructive obligation and it is probable that economic benefits must be given up to settle the obligation. Deferred tax assets and liabilitiesDeferred tax is recognised in respect of all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised in respect of temporary differences concerning goodwill not deductible for tax purposes and other items - apart from business acquisitions - where temporary differences have arisen at the time of acquisition without affecting the profit for the year or the taxable income.Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. In cases where the computation of the tax base may be made according to alternative tax rules, deferred tax is measured on the basis of the intended use of the asset and settlement of the liability, respectively.Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities.Deferred tax assets and liabilities are offset within the same legal tax entity. Current tax receivables and liabilitiesCurrent tax receivables and liabilities are recognised in the balance sheet at the amount calculated on the basis of the expected taxable income for the year adjusted for tax on taxable incomes for prior years. Tax receivables and liabilities are offset if there is a legally enforceable right of set-off and an intention to settle on a net basis or simultaneously. Loans, such as loans from credit institutions, are recognised initially at the proceeds received net of transaction expenses incurred. Subsequently, the loans are measured at amortised cost; the difference between the proceeds and the nominal value is recognised as an interest expense in the income statement over the loan period.Other debts are measured at amortised cost, substantially corresponding to nominal value. Deferred incomeDeferred income comprises payments received in respect of income in subsequent years. With reference to section 86(4) of the Danish Financial Statements Act, the Parent Company has not prepared a cash flow statement for the Company itself but has only prepared a cash flow statement for the Group.The cash flow statement shows the Group’s cash flows for the year broken down by operating, investing and financing activities, changes for the year in cash and cash equivalents as well as the Group’s cash and cash equivalents at the beginning and end of the year.Cash flows from operating activitiesCash flows from operating activities are calculated as the net profit/loss for the year adjusted for changes in working capital and non-cash operating items such as depreciation, amortisation and impairment losses, and provisions. Working capital comprises current assets less short-term debt excluding items included in cash and cash equivalents.Cash flows from investing activitiesCash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets, property, plant and equipment as well as fixed asset investments.Cash flows from financing activitiesCash flows from financing activities comprise cash flows from the raising and repayment of long-term debt as well as payments to and from shareholders.Cash and cash equivalentsThe cash flow statement cannot be immediately derived from the published financial records. Cash and cash equivalents comprise ”Cash at bank and in hand”. Financial HighlightsExplanation of financial ratiosReturn on assetsProfit/loss of primary operations x 100 / Total assets at year endSolvency ratioEquity at year end x 100 / Total assets at year endReturn on equityNet profit for the year x 100 / Average equity