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cmn:ConsolidatedMember fsa:OtherReceivablesMember 43869752 2025-01-01 2025-12-31 cmn:ConsolidatedMember fsa:OtherReceivablesMember 43869752 2025-12-31 cmn:ConsolidatedMember fsa:OtherReceivablesMember 43869752 2025-01-01 2025-12-31 PricewaterhouseCoopers cmn:ConsolidatedMember 43869752 2024-01-01 2024-12-31 PricewaterhouseCoopers cmn:ConsolidatedMember iso4217:DKK 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, stor virksomhed Revisionspåtegning true 2026-06-04 Mikkel Drucker The Executive Board and Board of Directors have today considered and adopted the Annual Report of guardsix MidCo 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 2026-04-14 Jacob Sjørslev Frandsen CEO James Michael Pflaging Marianne Kjeldgaard Knudsen Jacob Sjørslev Frandsen Chairman Dominik Bastian Hertzler Kweilen Hatleskog To the shareholder of guardsix MidCo 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 guardsix MidCo 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 2026-04-14 PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Søren Alexander Frederik Tvedeskov Jantzen State Authorised Public Accountant State Authorised Public Accountant mne42824 mne47815 guardsix MidCo ApS Valkendorfsgade 13A Copenhagen K 43869752 Copenhagen Strandvejen 44 Hellerup Seen over a 3-year period, the development of the Group is described by the following financial highlights:Earnings before interest, taxes, depreciation and amortisation27,895-42,923-30,298Amortisation, depreciation and impairment losses of intangible assets and property, plant and equipment-163,187-139,418-95,074Cash flows from: 110867000 98811000 -125495000 -12092000 -148972000 1270838000 3273000 244000 132000 997282000 -107812000 -1039913000 1146152000 -1573000 263 279 289 0.944 0.753 0.891 0.759 -1.078 -1.132 0.133 0.142 0.099 0.755 0.705 0.785 0.163 0.191 0.299 Key activitiesGuardsix Group (including Guardsix DK) operates globally within cybersecurity solutions. The offering comprises Security Information and Event Management (SIEM), Security Orchestration, Automation and Response (SOAR), and Network Detection and Response (NDR), in addition to advanced threat detection and response capabilities designed to protect against cyberattacks, internal fraud, and industrial espionage. The solutions further enable organizations to comply with relevant regulatory requirements, including GDPR, NIS2, PCI, SOX, and ISO 27001.CustomersPrimary focus is on the European market, while global markets are served through a partner network. Solutions are delivered both directly to end customers and indirectly through partners, including Managed Security Service Providers (MSSPs).Development in the yearThe income statement for 2025 shows an EBITDA of TDKK 27,895 and a loss of TDKK 141,603. As of 31 December 2025, equity amounts to TDKK 835,192.The past year and follow-up on development expectations from last yearPerformance for the year is in line with expectations outlined in the latest annual report and supports the overall growth strategy. Operating margins (EBITDA) exceed expectations, driven by an increased focus on professionalization and operational optimization.Capital resourcesA negative financial result has been reported. Capital resources are described in Note 1.Special risks - operating risks and financial risksExposure relates primarily to fluctuations in exchange rates and interest rate levels. A low-risk financial policy is maintained, whereby exposure to exchange rate, interest rate, and credit risks arises only when justified by commercial conditions.Principal risk factors have been identified that could materially and adversely affect future financial results or financial position. These include delays in the development and release of new or enhanced products and services, slower market acceptance and transition of customers to such products and services, and insufficient anticipation or response to developments in IT trends.Further risks relate to the ability to optimize and integrate product lines and services, as well as the potential adverse impact of the prevailing economic environment on the markets served.Mitigating actions include established controls, with ongoing review and management of risks by management and the Board of Directors through insurance coverage, business policies, and organizational structures.Targets and expectations for the year aheadContinued growth is expected in 2026. A revenue growth rate of 10–15% is targeted, corresponding to revenue in the range of DKK 210–225 million. Positive operating results are expected, with EBITDA in the range of DKK 15–30 million.Research and developmentThe ambition is to achieve a leading market position through continued development of cybersecurity solutions. Significant intellectual capital exists within customer knowledge, technology, and employees.TechnologyTechnology development remains a key priority. Advanced data architectures, analytics, and machine learning are leveraged to deliver differentiated functionality.Research and development activitiesContinued investment in research and development is expected to support future customer and market requirements.Intangible Key ResourcesPrincipal intangible resources include specialized developers with expertise in software development, security architecture, and operations. Proprietary technology and accumulated know-how are essential to maintaining a competitive position.Branches abroadA foreign branch is established in Sweden:Name: Immune SverigeRegistered office: Vasagatan 28, 111 20 StockholmUncertainty relating to recognition and measurementMeasurement uncertainty relates primarily to development costs. Significant accounting estimates and uncertainties are associated with this area, as described in Note 9. Further details are provided in Note 9.Unusual eventsThe financial position as at 31 December 2025, as well as the results of operations and cash flows for the financial year, have not been affected by any unusual events.Subsequent eventsNo significant subsequent events have occurred that require adjustment to or disclosure in the financial statements. Statement of corporate social responsibilityIn compliance with section 99a of the Danish Financial Statements Act on social, please find below a summary on how the Group satisfies the requirements of the legislation.For further details on the business model, reference is made to the section on Business/Primary Activities.Environment and climatePolicyCSRD-aligned reporting has not yet been implemented; however, particular attention is given to compliance with environmental regulations to minimize the environmental impact of operations.RisksPotential risks may arise from environmental impacts related to operations. The primary impacts are as follows:•Business travel•Energy consumption related to the operation of office facilities•Energy consumption related to software development, including associated add-ons and the use of AI in operationsResultNo incidents were identified in 2025 in relation to environmental impact.ActivitiesEnergy, water, paper, and other resources are managed in collaboration with investors, employees, customers, contractors, and suppliers, with a focus on minimizing consumption, as well as reusing and recycling waste.Going forward, these collaborative efforts will be further strengthened to enhance sustainable practices.99A Human rightsPolicyHuman rights are upheld in accordance with the Code of Ethics and Business Conduct, as well as established practices and core values. Equality is promoted, and discrimination in employment, training, and working conditions is prevented on the basis of race, age, religion, color, sex, political opinion, ethnicity, sexual orientation, disability, country of origin, or social origin.Equal opportunities for men and women are ensured, and this is reflected across all managerial levels.RiskThere is a risk of biased recruitment, which may result in a corporate culture that does not reflect the surrounding society. A balanced gender representation in management is considered a strength, as it contributes positively to value creation and the overall development of the business.ActivitiesAn inclusive working environment is promoted in which individual differences are valued. This includes fostering dignity and respect for all employees, attracting a diverse workforce, and applying fair and objective selection criteria in recruitment processes.Inclusive facilities are provided, and applicable equal opportunity legislation is complied with. Harassment of any kind is not tolerated. Practices are regularly reviewed to promote fairness and support gender diversity.KPIA policy has been established for the underrepresented gender to support a balanced representation of men and women across all managerial levels. The objective is to align with industry standards and ensure that gender diversity metrics reflect relevant best practices and benchmarks within the sector.PerformanceIn 2025, no incidents of biased recruitment were identified, supporting a diverse and inclusive corporate culture that reflects the surrounding society.At year-end 2025, one female member was represented in top management. While relevant professional qualifications remain the primary selection criteria for all positions, continued focus is placed on diversity, including ongoing evaluation of initiatives to attract and develop a diverse employee base.Social and employee conditionsPolicyCommitment includes protecting the health and safety of employees, visitors, contractors, and other stakeholders, as well as minimizing pollution and other adverse environmental impacts.RisksPrimary risks relate to workplace accidents.ActivitiesDuring 2025, audits have been conducted to identify and address workplace hazards. Employees are encouraged to report injuries, accidents, near-misses, and hazards promptly to ensure appropriate investigation and corrective action.Going forward, comprehensive audits will continue to be performed to identify and mitigate workplace risks. Reporting of incidents will be actively encouraged to support timely investigation and implementation of corrective measures, thereby contributing to a safe working environment.KPISignificant incidents are recorded and actively monitored.PerformanceNo accidents resulting in significant material damage or personal injury were reported in 2025.Anti-corruption and briberyPolicyBusiness is conducted with integrity and a strong commitment to transparency. In accordance with the Code of Ethics and Business Conduct, a zero-tolerance approach to corruption and bribery is applied across all activities.RiskExposure relates to potential non-compliance with anti-corruption legislation by employees, suppliers, or partners, as well as the associated legal and financial consequences.ActivitiesAll employees are required to annually confirm that they have read, understood, and complied with the relevant policies.Ongoing efforts focus on maintaining integrity and transparency in business operations, supported by strict enforcement of anti-corruption and anti-bribery principles.KPIThe objective is to ensure full compliance with the Code of Ethics and Business Conduct and to prevent any violations of anti-corruption rules, both internally and in relation to external partners.PerformanceIn 2025, no incidents of non-compliance with anti-corruption legislation involving employees, suppliers, or partners were identified. Statement on data ethicsHigh standards of data ethics are maintained, ensuring transparency and accountability in all data processes. Compliance with GDPR and other relevant regulations is ensured, supported by robust security measures to protect personal data and mitigate risks of harm and bias. Continuous employee training supports the maintenance of these standards. The objective is to foster trust through responsible data practices. 194466000 169200000 0 0 21703000 45966000 0 0 26633000 2072000 0 0 7398000 5948000 0 0 51907000 83821000 343000 1358000 183497000 127469000 -343000 -1358000 155602000 170392000 500000 0 163187000 139418000 0 0 12385000 0 812000 0 -147677000 -182341000 -1655000 -1358000 13700000 4234000 818000 35000 17363000 7131000 3431000 3067000 -151340000 -185238000 -4268000 -4390000 -9737000 -3507000 -449000 -41000 -141603000 -181731000 -3819000 -4349000 65892000 70945000 0 0 367024000 418228000 0 0 51762000 58781000 0 0 533999000 606383000 0 0 5380000 12013000 0 0 1024057000 1166350000 0 0 5513000 6317000 0 0 1026000 0 0 0 6539000 6317000 0 0 0 0 1279421000 1258372000 2971000 3018000 0 0 2971000 3018000 1279421000 1258372000 1033567000 1175685000 1279421000 1258372000 0 23000 0 0 0 23000 0 0 30782000 43333000 0 0 0 0 23260000 24516000 5284000 15342000 488000 4851000 185000 184000 0 0 8769000 7833000 0 0 45020000 66692000 23748000 29367000 28272000 38764000 2390000 709000 73292000 105479000 26138000 30076000 1106859000 1281164000 1305559000 1288448000 117000 110000 117000 110000 0 0 0 0 272000 0 0 0 834803000 903038000 1301940000 1240609000 835192000 903148000 1302057000 1240719000 85610000 94567000 0 0 627000 1673000 0 0 86237000 96240000 0 0 0 18243000 0 0 858000 1639000 0 0 0 0 0 12258000 213000 204000 0 0 1071000 20086000 0 12258000 1610000 1137000 0 0 139550000 165973000 0 0 6603000 4269000 0 440000 0 4978000 1166000 33119000 313000 1349000 313000 1349000 36283000 83984000 2023000 563000 184359000 261690000 3502000 35471000 185430000 281776000 3502000 47729000 1106859000 1281164000 1305559000 1288448000 110000 0 0 903038000 903148000 0 0 -272000 0 -272000 7000 73368000 0 0 73375000 0 0 0 -141603000 -141603000 0 -73368000 0 73368000 0 117000 0 272000 834803000 835192000 110000 0 1240609000 1240719000 7000 73368000 0 73375000 0 0 -8218000 -8218000 0 0 -3819000 -3819000 0 -73368000 73368000 0 117000 0 1301940000 1302057000 -141603000 -181731000 161649000 141045000 -3744000 87168000 16302000 46482000 13700000 4234000 17363000 7131000 12639000 43585000 -779000 -5029000 13418000 48614000 23097000 46415000 3074000 244000 -47000 0 0 79787000 -26124000 -126446000 308000 308000 4978000 0 222000 0 6931000 90996000 791000 0 2214000 90688000 -10492000 12856000 38764000 25908000 28272000 38764000 Cash and cash equivalents are specified as follows:Exchange adjustments2720Other adjustments02,237 28272000 38764000 28272000 38764000 The Board of Directors and Executive Management have approved the budget for 2026 at the board meeting in December 2025, including the corresponding capital requirements. A committed revolving credit facility has been secured to cover the necessary capital needs, and positive financial results are expected in 2026. These anticipated results will contribute to the Company’s financial stability and support its ability to meet obligations as they fall due, further reinforcing the assumption of going concern.Based on this, the Board of Directors and Executive Management assess that the Company has sufficient capital resources to continue its operations. Management has therefore prepared the Annual Report under the assumption of going concern. Geographical and business segmentsSouthern Europe (SMEA)32,66931,75700Central Europe (CMEA)42,41940,08700Northern Europe (Nordics)94,29067,04700Rest of World (Other)25,08830,30900194,466169,20000All revenue is derived from software subscription-based activities. Other income26,6332,0720026,6332,07200The company has received DKK 24,9 million in insurance settlement. 136658000 148413000 500000 0 8871000 10959000 0 0 10073000 11006000 0 0 0 14000 0 0 155602000 170392000 500000 0 5537000 4024000 500000 0 263 279 1 1 As the Executive Board consist of a single member, remuneration to the Executive Board and the Board of Directors is presented collectively in accordance with section 98 B(3) of the Danish Financial Statements Act. 148448000 136958000 0 0 2675000 1243000 0 0 12064000 1217000 0 0 163187000 139418000 0 0 0 0 615000 0 549000 894000 194000 34000 13151000 3340000 9000 1000 13700000 4234000 818000 35000 4350000 5395000 3322000 3035000 13013000 1736000 109000 32000 17363000 7131000 3431000 3067000 424000 -5029000 0 0 -8957000 -4048000 0 0 -725000 -1574000 -449000 -41000 -479000 7144000 0 0 -9737000 -3507000 -449000 -41000 -3819000 -4349000 88358000 502276000 70190000 725379000 12013000 0 0 0 0 21704000 4878000 0 0 0 0 17249000 0 0 0 -17249000 100729000 502276000 70190000 725379000 16468000 17413000 84048000 11409000 118996000 0 0 976000 0 0 11088000 18400000 50228000 7019000 72384000 0 976000 0 0 0 0 34837000 135252000 18428000 191380000 11088000 65892000 367024000 51762000 533999000 5380000 5 years10 years10 years10 years All projects are enabled from an agile perspective and the Company has detailed time and material monitoring which enables a tight management of project costs. The costs of the development projects are primarily salaries and other costs, which are directly traceable to the actual projects which are organized by development product. The intangible assets are recognized based on the management assessments with the following overall criteria:The development projects are based on clear functional specifications and corresponding tickets that are monitored in a timeline and are technically possible to complete with full transparency.• Intention to market the products as soon as they are completed and released.• Ability of applying the products to the partners and customers of guardsix mostly in Europe and the US.• Based on a plan of how the future economic benefits will be exploited.• guardsix has sufficient resources to complete the projects.• The value is calculated reliably based on future projected cash flows and the capitalized costs related to the individual projects.We release new features to existing products continuously. All projects proceed as planned using the resources allocated by management for development. As development projects focus on new features for existing products, they are expected to be marketable to the current market and existing customers. 8167000 0 2122000 1151000 2695000 0 7594000 1151000 1850000 0 2675000 125000 2444000 0 2081000 125000 5513000 1026000 3-5 years 3450000 0 1258372000 1125580000 21049000 132792000 1279421000 1258372000 1279421000 1258372000 Investments in subsidiaries are specified as follows:TDKKTDKK1101,298,19523,077 guardsix BidCo ApS Denmark 1.00 1298195000 23077000 3018000 47000 2971000 2971000 Prepayments consist of prepaid expenses concerning rent, insurance premiums and subscriptions. The share capital consists of nominally DKK 117,048.34 shares of DKK 1.00. The shares have been divided into A-, B-, C- and D-shares. They are distributed as A-shares nom. DKK 18,257.74, B-shares nom. DKK 20,363.41, C-shares nom. DKK 28,400.46 and D-shares nom. DKK 50,026.73. Deferred tax liabilities at 1 January94,56783,80100PPA adjustments prior year07,12400Exchange rate differences0-9500Deferred tax liabilities from acquisition07,09000Adjustments prior year47969500Amounts recognised in the income statement for the year-8,957-4,04800Amounts recognised in equity for the year -479000Deferred tax liabilities at 31 December85,61094,56700Intangible assets95,200104,47000Property, plant and equipment-5-500Tax loss carry-forward-9,585-9,8980085,61094,56700 13700000 4234000 17363000 7131000 167451000 139418000 -9737000 -3507000 161649000 141045000 23000 119000 21673000 12750000 -1046000 87212000 24394000 12913000 -3744000 87168000 Rental and lease obligationsThe Group has entered into irrevocable leases concerning office rent. The remaining obligation amounts to:11,6215,32005,320Guarantee obligationsThe Company has provided security in the form of a payment guarantee. The amounts are recognized under cash and cash equivalents. The obligation amounts to:040000The Group has provided a third party with a guarantee that amounts to:010,00000Other contingent liabilitiesOther contractual commitments349000Other contractual commitments relate to IT licenses with a contract period of 12 months or less.The group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The total amount of corporation tax payable is disclosed in the Annual Report of Summa AdminCo ApS, which is the management company of the joint taxation purposes. Moreover, the group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company's liability.The Parent company has an unrecognised deferred tax asset of TDKK 1,315. TransactionsThe Company has chosen only to disclose transactions which have not been made on an arm's length basis in accordance with section 98(c)(6) of the Danish Financial Statements Act.The Group Annual Report of Summa Cyber TopCo AB may be obtained at the following address:Box 27085104 SundsvallStockholmSverige Consolidated Financial StatementsThe Company is included in the Group Annual Report of the Parent Company of the largest and smallest group:Summa Cyber TopCo ABStockholmSwedenThe Group Annual Report of may be obtained at the following address: PricewaterhouseCoopers 1054000 2756000 1551000 1323000 450000 2597000 3055000 6676000 No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. The Annual Report of guardsix MidCo ApS for 2025 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to large 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 TDKK.A reclassification of staff costs amounting to DKK 3,185 thousand has been made in the comparative year, decreasing pension costs and increasing other social security costs. 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. Basis of consolidationThe Consolidated Financial Statements comprise the Parent Company, guardsix MidCo 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. Enterprises in which the Group holds between 20% and 50% of the votes and exercises significant influence but not control are classified as associates.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. Translation policiesDanish kroner 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; however, see the section on hedge accounting.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. Segment information on revenueInformation on geographical and business segments is based on the Group´s risks and returns and its internal financial reporting system. RevenueRevenue from sale of licenses on a subscription model which provides the customer with a right to access the software as it exist at anytime in the subscription period is recognized in the income statement on a straight line during the subscription period.As income recognition criteria for sale of perpetual licenses and hardware, the completed contract method is applied so that revenue comprises invoiced revenue for the year. Revenue from the sale is recognised in the income statement when delivery is made and risk has passed to the buyer before the end of the financial year.As income recognition criteria for sale of consulting services, the production criterion is applied so that revenue comprises invoiced revenue for the year reduced by prepayments and with addition for work in progress measured at market value.Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales. Direct expensesDirect expenses primarily include operating expenses for the year. Other external expensesOther external expenses comprise expenses for premises, sales as well as office expenses, etc. 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. However, dividends relating to earnings in the subsidiary before it was acquired by the Parent Company are set off against the cost of the subsidiary. Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. 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.The tax effect of the joint taxation is allocated to enterprises in proportion to their taxable incomes. Intangible fixed assetsGoodwillGoodwill is amortized on a straight-line basis over an expected useful life of 10 years. The amortization period reflects management’s assessment of the specific time horizon over which the underlying synergies and benefits from the acquisition are expected to contribute to the Group’s operations.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 comprises only development costs recognised in financial years beginning on or after 1 January 2016. 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 assetsAcquired patents and rights are measured at cost less accumulated amortisation and less any accumulated impairment losses or at a lower value in use.Acquired patents are amortised over the remaining patent period or a shorter useful life. The amortisation period is 10 years. Acquired rights are amortised over the period of the agreements, which is 10 years. 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 improvements5 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 receivables (fixed assets). 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. 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 ratiosGross marginGross profit x 100 / RevenueProfit marginProfit/loss of primary operations x 100 / RevenueReturn 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