41485787 2025-01-01 2025-12-31 41485787 2025-01-01 2025-12-31 1 41485787 2025-01-01 2025-12-31 1 41485787 2024-01-01 2024-12-31 41485787 2025-12-31 41485787 2024-12-31 41485787 2024-01-01 d:ContributedCapitalMember 41485787 2024-01-01 d:RetainedEarningsMember 41485787 2024-01-01 d:ProposedDividendRecognisedInEquityMember 41485787 2024-01-01 2024-12-31 d:RetainedEarningsMember 41485787 2024-01-01 2024-12-31 d:ProposedDividendRecognisedInEquityMember 41485787 2024-12-31 d:ContributedCapitalMember 41485787 2024-12-31 d:RetainedEarningsMember 41485787 2024-12-31 d:ProposedDividendRecognisedInEquityMember 41485787 2025-01-01 2025-12-31 d:ProposedDividendRecognisedInEquityMember 41485787 2025-01-01 2025-12-31 d:RetainedEarningsMember 41485787 2025-12-31 d:ContributedCapitalMember 41485787 2025-12-31 d:RetainedEarningsMember 41485787 2025-12-31 d:ProposedDividendRecognisedInEquityMember iso4217:DKK xbrli:pure Risskov Regnskabsklasse B Danmark Opinion Erklæring om udvidet gennemgang Årsrapport Basis for Opinion Langagervej 1 2025-12-31 Beierholm 2025-01-01 2026-06-30 9220 Aalborg Ø 2026-06-30 David Edward Harry Carter 2024-01-01 2024-12-31 Søborg 41485787 2860 DTCH Holding ApS Åmindevej 9 8240 Risskov Beierholm 32895468 Knud Højgaards Vej 9 true I have on this day presented the annual report for the financial year 01.01.25 - 31.12.25 for DTCH Holding ApS. The annual report is presented in accordance with the Danish Finan­cial Sta­te­ments Act. In my opinion, the financial statements give a true and fair view of the company's assets, liabilities and financial position as at 31.12.25 and of the results of the company's activities for the financial year 01.01.25 - 31.12.25. The annual report is submitted for adoption by the general meeting. David Edward Harry Carter To the shareholder of DTCH Holding ApS We have conducted an extended review of the fi­nan­cial sta­te­ments of DTCH Holding ApS for the financial year 01.01.25 - 31.12.25, which comprise in­co­me sta­te­ment, ba­lan­ce sheet, statement of changes in equity and notes to the financial statements, including material accounting policy information. The fi­nan­cial sta­te­ments are prepared in accordance with the Danish Finan­cial Sta­te­ments Act.Based on the work performed, in our opinion, the fi­nan­cial sta­te­ments give a true and fair view of the company's financial position at 31.12.25 and of the results of the company's operations for the financial year 01.01.25 - 31.12.25 in accordance with the Danish Finan­cial Sta­te­ments Act. We conducted our extended review in accordance with the Danish Business Authority’s Assurance Standard for Small Enterprises and FSR – Danish Auditors’ standard on extended review of financial statements prepared in accordance with the Danish Financial Statements Act. Our responsibilities under those standards and requirements are further described in the ‘Auditor’s responsibilities for the extended review 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 evidence we have obtained is sufficient and appropriate to provide a basis for our basis for conclusion. Management is responsible for the preparation of fi­nan­cial sta­te­ments that give a true and fair view in accordance with the 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 responsibility is to express a conclusion on the fi­nan­cial sta­te­ments. This requires that we plan and perform procedures in order to obtain limited assurance for our conclusion on the fi­nan­cial sta­te­ments and in addition perform specifically required supplementary procedures to obtain further assurance for our conclusion.An extended review comprises procedures that primarily consist of inquiries to management and others within the company, as appropriate, analytical procedures, the specifically required supplementary procedures as well as evaluation of the evidence obtained.The procedures performed in an extended review are less than those performed in an audit, and accordingly, we do not express an audit opinion on the financial statements. Soeborg, Copenhagen Philip Heick-Poulsen State Authorised Public Accountant mne34280 4583582 1300810 677399 303064 689209 689209 4498358 1226038 -1281384 -917501 -400000 0 13697414 29586635 17176390 39339 -5160360 28629795 -920935 6539564 284093 193182 -4523518 21897049 12750000 16250000 -17273518 5647049 22298535 22523505 1616048 1890287 23914583 24413792 582956 400000 21664201 18935709 22247157 19335709 46161740 43749501 12099240 7312435 12099240 7312435 37500 50000 1407415 5240374 922768 1833 167905 0 34428176 37403631 36963764 42695838 226408602 238199168 226408602 238199168 1367857 4198567 276839463 292406008 323001203 336155509 40000 40000 295597351 312870869 12750000 16250000 308387351 329160869 9266924 8544 57250 53750 0 6429463 5289678 502883 14613852 6994640 14613852 6994640 323001203 336155509 Figures in DKKContributed capitalRetained earningsProposed dividend for the financial yearTotal equityStatement of changes in equity for 01.01.24 - 31.12.24Balance as at 01.01.2440,000193,378,78019,400,000212,818,780Net effect of correction of material errors0113,845,0400113,845,040Adjusted balance as at 01.01.2440,000307,223,82019,400,000326,663,820Dividend paid00-19,400,000-19,400,000Net profit/loss for the year05,647,04916,250,00021,897,049Balance as at 31.12.2440,000312,870,86916,250,000329,160,869Statement of changes in equity for 01.01.25 - 31.12.25Balance as at 01.01.2540,000312,870,86916,250,000329,160,869Dividend paid00-16,250,000-16,250,000Net profit/loss for the year0-17,273,51812,750,000-4,523,518Balance as at 31.12.2540,000295,597,35112,750,000308,387,351 40000 193378780 19400000 113845040 -19400000 5647049 16250000 40000 312870869 16250000 -16250000 -17273518 12750000 40000 295597351 12750000 1.Primary activitiesThe company's activities comprise acting as a holding company and conduct investment business, including making loans and providing security for third party obligations, as well as other related business. 663000 300000 2376 2376 12023 688 1 1 394004 33199 13303410 29553436 31.12.2531.12.24DKKDKK5.ReceivablesReceivables which fall due for payment more than 1 year after the end of the financial year32,148,07034,198,142 6.Fair value informationFigures in DKKListed securities and equity investmentsFair value as at 31.12.25226,408,601Unrealised changes of fair value recognised in the income statement for the year5,893,370 7.Contingent liabilitiesOther contingent liabilitiesThe company is taxed jointly with the other Danish companies in the group and has joint, several and unlimited liability for income taxes and any obligations to withhold tax at source on interest, royalties and dividends for the jointly taxed companies. The liability also includes any subsequent corrections to the calculated tax liability as a consequence of changes made to the jointly taxable income etc. The company har committed its contribution to other equity investments. As of 31. December 2025, the unpaid capital commitment amounts to DKK 17.908 8.Charges and securityAs security for debt to credit institutions of DKK 9.267k, a charge has been provided over assets including other investments. The total carrying amount of the pledged assets is DKK 81.705k. The annual report is presen­ted in ac­cord­ance with the provisions of the Danish Fi­nan­cial Statements Act (Årsregn­skabs­lov­en) for enterprises in re­port­ing class B with application of pro­vi­sions for a higher reporting class. Basis of recognition and measurementIncome is recognised in the income state­ment as earned, including value adjust­ments of fin­an­cial assets and liabilities. All ex­penses, including depreciation, amortisa­tion, impair­ment losses and write-downs, are also recognised in the in­come state­ment.Assets are recognised in the balance sheet when it is probable that future economic bene­fits will flow to the company, and the value of such assets can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow from the company, and the value of such liabilities can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below.On recognition and measurement, account is taken of foreseeable losses and risks arising before the date at which the annual report is presented and proving or disproving matters arising on or before the balance sheet date. CURRENCYThe annual report is presen­ted in Danish kroner (DKK).On initial recognition, transactions den­ominated in foreign currencies are trans­lated using the exchange rates applicable at the transaction date. Exchange rate differences between the exchange rate applicable at the transaction date and the exchange rate at the date of payment are recognised in the income statement as a financial item. Receivables, payables and other monetary items denominated in foreign currencies are translated using the exchange rates applicable at the balance sheet date. The difference between the ex­change rate applicable at the balance sheet date and at the date at which the receivable or payable arose or was recognised in the latest annual report is recognised under financial income or ex­penses in the income statement. Fixed assets, inventories and other non-monetary assets acquired in foreign currencies are translated using historical exchange rates. Gross profitGross profit comprises other operating income and other external ex­penses. Other operating incomeOther operating income comprises income of a secondary nature in relation to the enterprise’s activities, including rental income, negative goodwill and gains on the sale of intangible assets and property, plant and equipment. Other external expensesOther external expenses comprise costs re­lating to distribution, sales and advertising and administration, premises and bad debts to the extent that these do not exceed normal write-downs. Staff costsStaff costs comprise wages and salaries as well as other staff-related costs. De­pre­ci­a­tion and impair­ment lossesThe de­pre­ci­a­tion of prop­er­ty, plant and equip­ment aim at systematic de­pre­ci­a­tion over the expected useful lives of the assets. Assets are de­pre­ci­ated according to the straight-line method based on the following ex­pected useful lives and residual values:Land is not depreciated.The basis of de­pre­ci­a­tion is the cost of the asset less the expected residual value at the end of the useful life. Moreover, the basis of de­pre­ci­a­tion is reduced by any impairment losses. The useful life and residual value are determined when the asset is ready for use and reassessed annually.Prop­er­ty, plant and equip­ment are impaired in accordance with the accounting policies referred to in the ‘Impairment losses on fixed assets’ section. Other operating expensesOther operating expenses comprise costs of a secondary nature in relation to the enterprise’s activities, including costs relating to rental activities and losses on the sale of intangible assets and property, plant and equipment. Income from equity investments in as­so­ci­atesDividends from equity investments measured at cost are recognised as income in the financial year in which the dividend is declared.Income from equity investments in equity investments in as­so­ci­ates also comprises gains and losses on the sale of equity investments. Other net financialsInterest income and interest expenses, for­eign exchange gains and losses on trans­ac­tions denominated in foreign currencies, gains and losses on other securities and equity invest­ments etc. are recognised in other net financials.Dividends from other equity investments are recognised as income in the financial year in which the dividend is declared. Tax on profit/loss for the yearThe current and deferred tax for the year is recognised in the income statement as tax on the profit/loss for the year with the portion attributable to the profit/loss for the year, and directly in equity with the portion attributable to amounts recognised directly in equity.The company is jointly taxed with Danish consolidated enterprises. In connection with the settlement of joint taxation contributions, the current Danish income tax is allocated between the jointly taxed enterprises in proportion to their tax­able incomes. This means that enter­prises with a tax loss receive joint taxation contributions from enterprises which have been able to use this loss to reduce their own taxable profit. Other taxesOther taxes comprises tax amounts that are calculated on a basis other than the income for the year. Property, plant and equipmentOther property, plant and equipmentOther property, plant and equipment comprise other fixtures and fittings, tools and equipment.Other property, plant and equipment are meas­ured in the balance sheet at cost less accumulated depreciation and impairment losses. Cost comprises the purchase price and expenses resulting directly from the purchase until the asset is ready for use. Interest on loans arranged to finance production is not included in the cost.Other property, plant and equipment are depreci­ated using the straight-line method based on useful lives and residual values, which are stated in the ‘De­pre­ci­a­tion and impair­ment losses' section.Gains and losses on the disposal of property, plant and equipmentGains and losses on the disposal of property, plant and equipment are determined as the difference between the selling price, if any, less selling costs and the carrying amount at the date of disposal less any costs of disposal. Investment propertiesInvestment properties comprise invest­ments in land and buildings for the purpose of earning a return on such investments in the form of regular operating income and capital gains on sale. Investment properties are recognised at cost at the date of acquisition. Cost comprises the purchase price plus expenses resulting directly from the purchase until the asset is ready for use. Interest on loans arranged to finance production is not included in the cost.Investment properties are subsequently measured in the balance sheet at cost less accumulated depreciation and impairment losses.The cost of investment properties is decomposed into separate components that are depreciated separately if the useful lives of the individual components vary.Investment properties are depreciated using the straight-line method based on useful lives and residual values, which are stated in the ‘De­pre­ci­a­tion and impair­ment losses’ section. Equity investments in as­so­ci­atesEquity investments in associates are measured in the balance sheet at cost less any impairment losses. Transaction costs directly attributable to the acquisition are recognised in the cost of equity investments. The acquisition of equity investments in associates is recognised in accordance with the acquisition method, according to which the identifiable assets and liabilities of acquired equity investments are measured at fair value at the date of acquisition.Gains or losses on disposal of equity investments are determined as the difference between the disposal consideration and the carrying amount of net assets at the time of sale, including non-amortised goodwill, as well as the expected costs of divestment or discontinuation. Gains and losses are recognised in the income statement under income from equity investments. Impairment losses on fixed assetsThe carrying amount of fixed assets which are not measured at fair value is assessed annually for indications of impairment over and above what is reflected in de­pre­ci­a­tion.If the company's realised return on an asset or a group of assets is lower than expected, this is considered an indication of impairment.If there are indications of impairment, an impairment test is conducted of individual assets or groups of assets.If dividends are distributed on equity investments in as­so­ci­ates exceeding the year earnings from the enterprise in question, this is considered an indication of impairment.The assets or groups of assets are impaired to the lower of recoverable amount and carrying amount.The higher of net selling price and value in use is used as the recoverable amount. The value in use is determined as the present value of expected net cash flows from the use of the asset or group of assets as well as expected net cash flows from the sale of the asset or group of assets after the expiry of their useful lives.Impairment losses are reversed when the reasons for the impairment no longer exist. InventoriesInventories are measured at cost calculated according to the FIFO-method. Inventories are written down to the lower of cost and net realisable value.The cost of raw materials and consumables as well as goods for resale is determined as purchase prices plus expenses resulting directly from the purchase.The net realisable value of inventories is determined as the selling price less costs of completion and costs necessary to make the sale and is determined taking into account marketability, obsolescence and the expected development in the selling price. ReceivablesReceivables are measured at amortised cost, which usually corresponds to the nom­inal value, less write-downs for bad debts.Write-downs for bad debts are determined based on an individual assessment of each receivable if there is no objective evidence of individual impairment of a receivable. Other investmentsOther securities are measured at fair value, equivalent to the market value at the balance sheet date.Equity investments that are not classified as group enterprises, associates or participating interests and which are not traded in an active market are measured in the balance sheet at cost. Other equity invest­ments classified as current assets are written down to the lower of cost and net realisable value. Other equity investments that are traded in an active market are measured at fair value, equivalent to the market value at the balance sheet date. CashCash includes deposits in bank account. Equity The proposed dividend for the financial year is recognised as a separate item in equity. Current and deferred taxCurrent tax payable and receivable is recognised in the balance sheet as tax computed on the basis of the taxable income for the year, adjusted for tax paid on account.Joint taxation contributions payable and receivable are recognised as income tax under receivables or payables in the balance sheet.Deferred tax liabilities and tax assets are recognised on the basis of all temporary differences between the carrying amounts and tax bases of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is non-amortisable for tax purposes and other items where temporary differ­ences, except for acquisitions, have arisen at the date of acquisition without affecting the net profit or loss for the year or the tax­able income. In cases where the tax value can be determined according to different taxation rules, deferred tax is measured on the basis of management’s intended use of the asset or settlement of the liability.Deferred tax assets are recognised, following an assessment, at the expected realisable value through offsetting against deferred tax liabilities or elimination in tax on future earnings.Deferred tax is measured on the basis of the tax rules and at the tax rates which, according to the legislation in force at the balance sheet date, will be applicable when the deferred tax is expected to crystallise as current tax. PayablesShort-term financial payables are measured at amortised cost, normally corresponding to the nominal value of such payables. Other short-term payables are measured at net realisable value.