Annual Report
2024
Personalised communication to millions
Annual General Meeting
Date: 3 April 2025
Chair: Jakob Vig Schnack
Business reg. no. 25063864
Annual Report 2024
2
Executive summary
2024 highlights ..................................................................................................................................................................... 3
Letter from the Chair and the CEO ................................................................................................................................ 4
Key figures and ratios ......................................................................................................................................................... 5
Equity story ............................................................................................................................................................................ 6
Financial review
Financial review .................................................................................................................................................................... 8
Financial calendar 2025 ..................................................................................................................................................... 9
Financial outlook and guidance .....................................................................................................................................10
Governance
Risk management ..............................................................................................................................................................12
Governance structure .......................................................................................................................................................13
Security and IT compliance ............................................................................................................................................14
Shareholder information ..................................................................................................................................................14
Board of Directors .............................................................................................................................................................. 15
Exceutive Leadership and Management ...................................................................................................................16
Financial statement
Statement by the management ....................................................................................................................................18
Independent auditor’s report .........................................................................................................................................19
Income statement ..............................................................................................................................................................20
Statement of comprehensive income .........................................................................................................................20
Statement of financial position ......................................................................................................................................21
Cash flow statement .........................................................................................................................................................22
Statement of changes in equity ....................................................................................................................................22
Notes ......................................................................................................................................................................................23
Definition of key figures and ratios ..............................................................................................................................35
Contents
Annual Report 2024
* Original guidance published on 22 February 2024.
3
Total ARR
DKK 65.5M
Guidance DKK 66-74*
Cashflow from
operating activities
DKK 12.2M
Up DKK 18.7M YOY
ARR subscriptions
DKK 54.3M
Guidance of DKK 56-60M*
Revenue
DKK 60.2M
Guidance DKK 62-66M*
ARR transactions
DKK 11.2M
Guidance of DKK 10-14M*
EBITDA
DKK 1.0M
Guidance DKK 0-2M*
2024
2024 highlights
Annual Report 2024
4
With continued geopolitical conflicts and uncertainty,
“change is the only constant” seems highly applicable
to 2024 – and Agillic faced its share of hurdles.
Overall, for Agillic, sales were affected by higher
uncertainty and limited appetite for tech investments
in the market. Client portfolio changes, driven mainly
by mergers and acquisitions, where clients were forced
onto other platforms as part of new global contracts and
commitments, severely affected Agillic. However, on a
positive note, several new clients chose Agillic as their
customer engagement platform in 2024. In 2024, we
finally closed the year-long tax credit dispute with the
Danish Tax Authorities and in Agillic’s favour, positively
impacting both the net result and liquidity.
The Agillic platform saw strong innovation in 2024.
Big and small, from the new ‘Content Designer’ to
embedding AI solutions such as the ‘AI Translator’,
more than 50 new features and improvements were
released. All releases with the single objective to further
empower our clients to create and deliver personalised
customer engagement faster, more efficiently, and more
effectively than before.
We also deliver our platform within a fully compliant
framework. Privacy and security are uncompromising
priorities to our clients and Agillic alike, and we conduct
annual audits of our GDPR compliance and security
level in accordance with the ISAE 3000 type II standard.
We are pleased to announce that 2024 was completed
without any security breaches.
In Q4, the Board of Directors appointed a new CEO,
Christian Samsø, with the aim of strengthening the
organisation, management, and sales to better meet
market demands and expectations for growth and prof-
itability. In support, operations were further optimised
through simplification and improved ways of working
to reduce staff functions and balance the cost base.
2024 was a challenging year for Agillic with total ARR
(DKK 65.5 million) and revenue (DKK 60.2 million)
ending below guidance, but with EBITDA (DKK 1
million) within guidance.
Outlook for 2025
2025 will undoubtedly present it’s challenges too, but
with a refocused strategy and a new and committed
management team, we feel confident to deliver on our
ambitions for growth and profitability.
Building on a strong client portfolio, we look to further
strengthen Agillic’s Nordic position as the leading
customer engagement platform and to pivot in verticals
where Agillic historically has had a strong foothold. We
will deploy a new sales and marketing approach along
with new sales team members to support the effort.
We maintain an unwavering commitment to invest in
Agillic’s customer engagement platform. More features
will emerge as our innovation cycles continues to
shorten, driving more business value to clients faster
and at greater scale.
Agillic’s Client Success and Centre of Excellence teams
are invaluable in helping our clients and partners
grow and thrive, maximising the business value of
the platform. Local and accessible support is a given
with Agillic – far beyond industry standards – and is an
important pillar in our client offering.
International expansion continuous to rely on Agillic’s
ecosystem of solution and technology partners with
whom we go-to-market and innovate. In this model,
clients, partners and Agillic all benefit from our joint
commercial engagements. The clients’ business results,
the cornerstone of our shared success.
Finally, we would like to express our sincere gratitude
to our clients, partners and all our employees for their
commitment and the progress we have achieved.
Christian Samsø, CEO
Joar Welde, Chair
A year of significant changes
LETTER FROM THE CHAIR AND THE CEO
Annual Report 2024
55
DKK million 2024 2023 2022 2021 2020
Income statement
Revenue 60.2 64.7 67.0 52.8 50.5
Gross profit 48.8 52.2 49.6 45.1 44.2
Operational costs 47.8 50.3 48.5 44.4 43.9
EBITDA 1.0 1.9 1.1 0.7 0.3
EBIT (12.2) (11.4) (11.1) (11.1) (8.5)
Net financials (1.2) (3.8) (2.8) (2.1) (2.3)
Net profit (loss) for the year (3.3) (27. 5 ) (10.6) (10.5) (8.0)
Balance sheet
Total assets 44.2 47.2 52.8 61.6 63.8
Equity (22.3) (20.3) (15.0) (4.5) (5.8)
Cash 6.4 9.8 7.4 20.6 16.3
Cash flow
Cash flow from operating activities 12.2 (6.5) 3.1 6.1 3.1
Investments in tangible assets - - - - 0.9
Key ratios
Gross margin 81% 80% 74% 85% 88%
Clients end of period 118 122 118 97 82
Average number of employees 41 47 48 47 55
SaaS metrics*
ARR subscriptions 54.3 5 7. 8 54.1 45.7 40.7
ARR transactions 11.2 12.3 22.6 10.0 5.8
Total ARR 65.5 70.1 76.7 55.7 46.5
Change in ARR (%) (7%) (9%) 38% 20% (16%)
Average ARR 0.6 0.6 0.7 0.6 0.6
CAC 0.5 0.3 0.1 0.3 0.5
Months to recover CAC 12 7 3 8 12
Share perfomance (listed 22 March 2018)
Oustanding shares end of period ('000) 11,062.0 11,062.0 10,260.9 10,187.8 9,435.5
Share price end of period (DKK) 9.0 19.0 23.7 25.8 19.6
Market cap (million) 100 210 243 263 185
ARR multiple (times) 1.5x 3.0x 3.2x 4.7x 4.0x
*) See key definitions on page 35.
Key figures and ratios
Annual Report 2024
6
advantages such as:
• Higher conversion rates
• Enhanced customer satisfaction
• Operational efficiency
• Increased customer lifetime value
Designed for an ecosystem of strategic partnerships
across CDP, CMS, CRM, Customer Service, eCommerce,
and Business Intelligence, the platform continuously
integrates best-of-breed technologies to accelerate the
implementation process and deliver fast time to value.
Agillic holds a leading position in the Nordics, scaling
its business through strategic partnerships and direct
sales.
Business model
Agillic is a subscription business. Clients pay a yearly
license for access to the Agillic platform and pay an
additional fee for transactions sent, such as email and
SMS.
Delivering impactful, meaningful, and profitable customer experiences
The Agillic stock
Agillic was listed on Nasdaq First North Growth Market
Denmark in March 2018. Agillic’s market value amounted
to DKK 100 million at the end of 2024, compared to DKK
210 million at the end of 2023. Ticker: AGILC
Agillic partner strategy
Agillic is a software company with no professional
services and has therefore established a mutual
bond with partners across all priority markets.
And Agillic is a best of breed technology, enforcing our
position with strong ecosystem tech partnerships to
eliminate all frictions from our clients’ business process
and time to value.
2024 financial performance
Total revenue: DKK 60.2 million
EBITDA: DKK 1.0 million
Total ARR: DKK 65.5 million
ESG Report 2024
Agillic’s third ESG report, covering 2024, serves as a
testament to the ongoing efforts to integrate ethical
practices and sustainability into the fabric of Agillic’s
operations, ensuring a positive legacy for future gene-
rations. The ESG report does not represent a full CSR
report as defined in DFSA article 99a (2023). The report
is available at agillic.com/esg.
Equity story
Agillic is certified as a ‘Nasdaq ESG Transparency Partner’.
Watch our client stories
agillic.com/client-stories
2024
Financial review
Annual Report 2024
0.4
0.2
0
0.6
0.8
1
1.2
1.6
1.4
1.8
2
8
Income statement
The revenue from subscriptions decreased by 5% to
DKK 50.0 million (2023: DKK 52.4 million) with a total
revenue of DKK 60.2 million (2023: DKK 64.7 million).
Gross profit was DKK 48.8 million (2023: DKK 52.2
million) with a gross profit margin of 81% (2023: 80%).
Staff costs were DKK 34.5 million (2023: DKK 36.8
million, a decrease of DKK 2.3 million, although 2024
was impacted by severance costs of DKK 2.1 million. The
number of employees ended in 2024 at 42 compared
to 50 by the end of 2023.
Despite 2024 was impacted by both the decrease in
gross profit of DKK 3.2 million as well as one-time costs
for consultancy fees and severance costs of total DKK
3.1 million, EBITDA ended at DKK 1.0 million (2023:
DKK 1.9 million).
Profit/loss for the year
Due to the continued investment in developing the Agillic
customer engagement platform, total depreciation was
DKK 13.2 million compared to DKK 13.3 million in 2023.
EBIT amounted to DKK -12.2 million compared to DKK
-11.4 million in 2023.
Profit before tax was DKK -13.4 million vs. DKK -15.2
million in 2023.
As we received approval of 71% of the applied tax
credit scheme and thereby concluded the full tax
credit scheme review for 2019-2022, the profit/loss was
positively impacted by DKK 1.7 million in net financial
income and DKK 8.8 million in tax. Furthermore, tax
credit for 2023 was received and recognised as tax
income in 2024 by DKK 1.6 million. Profit/loss for the
year was DKK -3.3 million compared to DKK -27.5 million
in 2023.
Assets
Investment in the development of the Agillic customer
engagement platform continued in 2024. The devel-
opment costs included capitalised salary costs and costs
from external consultants. Development costs during
2024 amounted to DKK 10.9 million capitalised (2023:
DKK 11.7 million).
Cash position
As of 31 December 2024, cash at bank amounted to
DKK 6.4 million compared to DKK 9.8 million as of 31
December 2023.
Despite the continued investment in the Agillic
customer engagement platform of DKK 10.9 million
and the installments on debt of DKK 4.8 million, cash
remained at the same level as 2023 due to cash flow
from operating activities increased to DKK 12.2 million
(2023: DKK -6.5 million). This was due to a reduction
in working capital from trade payables, other payables,
deferred income, etc.
Cash flow from investing activities amounted to DKK
-10.9 million (2023: DKK -11.7 million). Cash flow
from investments mainly consisted of investments in
developing the Agillic platform.
Net change in cash amounted to DKK -3.4 million (2023:
DKK 2.4 million), and as of 31 December 2024, cash
at bank amounted to DKK 6.4 million (2023: DKK 9.8
million).
Equity
As of 31 December 2024, total equity amounted to DKK
-22.3 million (31 December 2023: DKK -20.2 million).
Liabilities and deferred income
The total borrowings to the Export and Investment Fund
of Denmark (EIFO) amounted to DKK 19.0 million (31
December 2023: DKK 23.8 million).
According to IFRS Accounting Standards, Agillic
recognises revenue over the subscription period
starting from when the client commences using the
platform. Clients typically subscribe for one year and are
invoiced the full amount when signing the agreement.
The invoiced amount is recognised as deferred income
when paid and then released proportionally over the
subscription period. On 31 December 2024, deferred
income amounted to DKK 27.4 million (31 December
2023: DKK 19.1 million).
SaaS metrics
The general key performance figure for Software-as-
a-Service (SaaS) companies, annual recurring revenue
(ARR), illustrates the annualised value of a client’s
subscription agreement and transactions processed
by the client via the platform.
As of 2024, ARR from subscriptions was DKK 54.3
million compared to DKK 57.8 million as of 2023, a
decrease of DKK 3.5 million corresponding to a decrease
of 6% with a decline in ARR from transactions from
DKK 12.3 million to DKK 11.2 million. As of 2024, total
ARR was DKK 65.5 million, compared to DKK 70.1
million as of 2023, a decrease of DKK 5.6 million. The
decrease in ARR from subscriptions is associated with
the decrease in number of clients, bringing the number
of clients to 118 clients (2023: 122 clients).
ARR from subscriptions was DKK 54.3 million, a decrease of 6% leading to a revenue of DKK 60.2 million whilst EBITDA was DKK 1.0 million
2021
0.3
0.7
1.1
1.9
1.0
2022 2023 20242020
EBITDA 2020-2024
DKK million
Financial review
Annual Report 2024
ARR subscriptions ARR transactions ARR total
9
Factors impacting the ARR development
•
Upselling to existing clients: Clients increase number of unique active recipients (UAR), and/or deploy additional
communication channels, and/or increase the number of transactions
• When clients churn and when less transactions take place temporarily, ARR decreases
• Sales of subscriptions to new clients increases the ARR
• As long as the value of upselling to existing clients and the sales to new clients exceeds the value of the churning
clients, the ARR from subscriptions will increase
ARR development 2020-2024
Subscriptions & transactions (DKK million)
2020
5.8
40.7
2021
10.0
46.5
2022
22.6
55.7
2023 2024
70.1
65.5
11.2
12.3
76.7
Annual General Meeting
3 April 2025
Q1 results 2025
7 May 2025
Q2 results and half-year
report 2025
27 August 2025
Q3 results 2025
23 October 2025
Q4 results and annual
report 2025
25 February 2026
Financial
calendar
2025
45.7 57. 8 54.354.1
Annual Report 2024
Financial guidance
10
The geopolitical uncertainties impacted 2024 that
became a challenging year. Despite the fact that Agillic
is facing these uncertainties into 2025, we believe
that Agillic through a focussed strategy on sales and
a lean organisation can get back on the growth track.
Therefore, we expect ARR from subscription for 2025 will
increase 3-10% to DKK 56-60 million and the changes
will primarily take effect in the second half of 2025.
The increase in ARR from subscription combined with
the operational optimisations implemented during the
last 1-12 months results in an improvement in EBITDA
and therefore we expect EBITDA to be DKK 5-8 million.
Agillic will invest in marketing and sales to win new
clients and deliver growth in ARR towards second half
2025 primarily with a focus on the Nordic markets.
Agillic will also continue to invest in developing the
Agillic customer engagement platform to improve the
clients’ user experience and enhance ROI.
Financial guidance
The financial outlook is based on several assumptions,
including that macroeconomic trends will not signifi-
cantly change the business conditions for Agillic other
than previously stated during 2025.
2025
Agillic has on 6 February 2025 published its guidance
for 2025:
• Revenue: DKK 60 to 63 million
• EBITDA: DKK 5 to 8 million
• ARR from subscriptions: DKK 56 to 60 million
Refocused strategy and committed management team shall get Agillic back on growth track while
increasing profitability.
ARR subscriptions development
Actual and 2025 guidance (DKK million)
2023 2024 2025
54.3
56-60
57. 8
Financial outlook and guidance for 2025
2024
Governance
Annual Report 2024
12
Agillic is subject to several risks and uncertainties, with
potential short-term and long-term implications for our
business. The purpose of our risk management approach
is to address these in an effective and timely manner.
It is essential to ensure that Agillic stays competitive
and compliant with data legislations and maintains a
sufficient cash position to support the new strategy.
Risk management organisation
The Board of Directors is ultimately responsible for risk
management. It has appointed the Audit Committee
and Information Security Committee to act on its
behalf in monitoring the effectiveness of Agillic’s risk
management. While recurring risks are evaluated on
a running basis, monitoring is mainly performed in
connection with board meetings. The responsibility
of the Audit Committee and Information Security
Committee is to adopt guidelines for critical areas of
risk, monitor developments, and ensure that plans are
in place to manage individual risks, including strategic,
operational, financial, and compliance risks.
Competition
The martech market is characterised by large inter-
national vendors investing heavily in winning market
share and allocating significant resources in sales and
marketing. Agillic’s competitors also include emerging
fast-growing vendors with innovative solutions. To
mitigate the risk of increased competition impacting
the business negatively, Agillic has a constant focus
on developing an innovative and unique customer
experience platform and investing in customer success,
sales and marketing.
Product development
Agillic depends on innovation and must continually
dedicate resources to development. Should Agillic not
be able to maintain its capacity to innovate, the company
and its offering are at risk of becoming obsolete in regard
to clients’ requests for functionality. In September
2024, Agillic obtained a patent on the Agillic platform’s
method for computer-implemented large-scale data
communication. The method is useful since it reduces
the complexity and efforts required to carry out such
processing compared to other solutions leading to lower
power consumption and lower financial operating costs.
Attracting and keeping new talent
As a growing company continuous recruitment of addi-
tional competencies is necessary. Skilled backend and
frontend programmers are in high demand and it can be
challenging to attract and retain these profiles. If Agillic
cannot attract highly qualified employees, it may have
consequences for Agillic’s innovation capability and
growth rate. The risk is mitigated by working actively
with recruitment as well as developing and maintaining
an attractive working environment for all employees.
Internationalisation
International operations and the liquidity required to
build the new international partner network structure
are monitored by centralised financial controlling
systems and guidelines.
Liquidity risk
On 31 December 2024, cash amounted to DKK 6.4
million. Agillic is investing in resources to grow the
business. This is financed by operational excellence and
new business. Based on the forecast for 2025 additional
financing is not needed in the next period.
Currency risk
Currency risk is the risk that arises from changes in
exchange rates, affecting Agillic’s results. The general
objective of Agillic’s currency risk management is to
limit and delay any adverse impact of exchange rate
fluctuations on earnings and cash flows, thus increasing
the predictability of the financial results. Agillic also aims
to balance incoming and outgoing payments in local
currency and monitors the development in exchange
rates and adjusts price lists when required. The highest
currency exposure for Agillic is NOK.
Interest risk
Interest rate risk arises in relation to interest-bearing
assets and liabilities. Agillic’s has interest-bearing
borrowings subject to a variable short-term interest
rate which is adjusted on a quarterly basis. Agillic seeks
to reduce the interest rate risk by having the maturity
and repricing of the client contracts match that of the
borrowings.
Handling of personal data
To ensure compliance with GDPR and other relevant
regulation, Agillic applies a strict Information Security
Management System (ISMS). Improvements to the
ISMS are considered and reviewed regularly by Agillic’s
Information Security Committee and presented to
Executive Leadership and the Board of Directors for
approval. Operational procedures and guidelines are
regularly reviewed from a risk perspective and aligned
with the ISMS. Agillic’s handling of personal data is
audited in accordance with the ISAE 3000 standard
on an annual basis.
Cyber security
As for all SaaS companies, cyberattacks and viruses
present serious potential threats to Agillic. To reduce any
risk, Agillic maintains a very secure IT infrastructure, and
security protocols and vulnerability tests are reviewed
on a monthly basis. All employees are trained in Agillic’s
strict IT-policies both upon employment and on an
annual basis.
Data security
Agillic has established an industry-standard security
programme, dedicated to providing a high level of
documented data security and allowing clients to have
confidence in Agillic’s custodianship of their data. The
security programme is aligned with the ISO 27001
standard to ensure that Agillic operates in compliance
with relevant legal requirements and agreements and
is audited by an external auditing company according
to ISAE 3000.
Agillic does not allow for sub-processors outside of
the EU/EEA to handle any client data, but does use
Amazon Web Services (AWS), an American owned
company, with its data centre located in Ireland. To
mitigate any potential legal concern in this regard all data
is fully encrypted and the decryption key is kept secure
outside AWS in accordance with the guidance on the
use of cloud services from the Danish Data Protection
Authority.
Business continuity
If an incident occurs, Agillic has processes in place to
handle the situation effectively. As part of the process,
Agillic’s client data is backed up every day to prevent
data-loss scenarios. All backups are encrypted, both
in transit and at rest, using strong industry encryption
techniques. All backups are geographically distributed to
several locations inside the EU to maintain redundancy
in the event of a natural disaster or a location-specific
failure.
In the highly competitive and rapidly changing technology market where Agillic operates risks are plenty. Agillic’s risk management focus is on data
security, investment in innovation and internationalisation to keep ahead of competition, as well as on attracting and retaining talent.
Risk management
Annual Report 2024
13
Corporate governance structure
Shareholders
Board of Directors
Organisation
Executive Leadership
and Management
Audit Committee
Chair
Information Security Committee
Good corporate governance is an important focus area at Agillic. We continuously develop our
practices with the objective of supporting and securing processes and procedures.
The ultimate authority over Agillic sits with the share-
holders. At the annual general meetings, shareholders
approve the annual report and any amendments
proposed to Agillic’s Articles of Association. Share-
holders also elect board members and the independent
auditor.
The Board of Directors, the Executive Leadership
and Management
The management of Agillic is distributed between the
Board of Directors and the Executive Leadership and
Management. The Board of Directors supervises the
Executive Leadership’s work and is responsible for
Agillic’s overall management and strategic direction,
while the Executive Leadership is in charge of
day-to-day management. The Executive Leadership
and Management consists of the Chief Executive Officer,
the Chief Financial Officer, the Chief Solution Officer,
the Chief Experience Officer, the Chief Technology
Officer, the Chief Client & Partnerships Officer. As per
31 December 2024 Agillic’s Board of Directors consisted
of five shareholder-elected members. Two of the five
members are shareholders.
Board members are elected by the shareholders at the
Annual General Meeting, serve for a one-year term and
are eligible for re-election.
The Chair of the Board
The shareholders elect the Chair of the Board at the
annual general meeting. The Chair performs admini-
strative tasks, such as planning board meetings to
ensure a balance between overall strategy setting and
the financial and managerial supervision of the company.
The Audit Committee consists of Andreas Sandbu and
Jesper Lohmann. It is responsible for assisting the Board
in overseeing the financial reporting process, the effec-
tiveness of the internal control and risk management
systems, as well as security and quality issues in relation
to client audits.
Information Security Committee
The Information Security Committee (ISC) holds the
overall responsibility for Agillic’s Information Security
Management. The Information Security Committee
must ensure that Agillic’s ISMS is compliant and
inspection-ready for annual audits. The ISC consists
of a board member (Thorsten Koehler), the CFO, the
CTO, and the VP of Service Operations.
Agillic is not covered by the Danish Financial Statement
of Act, section 107B.
Corporate Governance
Agillic aspire to follow the recommendations on corporate
governance from the Danish Committee on Corporate
Governance. As a starting point, we have published a
compliance report leveraging the framework provided
by The Association of Listed Growth Companies – see
Governance structure
Annual Report 2024
14
As a software provider Agillic handles our clients’ and our clients’ customers’ data. This is why
Agillic’s services are developed based on a “security by design” principle. Agillic has implemented a
series of industry standards, best practices, and processes, and made security issues a top priority
for all of our employees.
At the core of Agillic’s data security is an indus-
try-standard security program, dedicated to providing
a high level of documented data security. This allows
Agillic’s clients to have confidence in our custodianship
of their data. The security programme is aligned with
the ISO 27001 standard to ensure that Agillic operates
in compliance with relevant legal requirements and
agreements. Agillic’s GDPR compliance and security
level was last audited by Deloitte in March 2024
according to the ISAE 3000 type II standard. All key
control areas from the ISO 27001 standard are audited,
including:
• Risk Management
• Information Security Policies
• Organisation of Information Security
• Human Resource Security
• Asset Management
• Access Control
• Operations Security
• Communications Security
• Supplier Relationships
• nformation Security Incident Management
• nformation Security Aspects of Business
• Continuity Management
• Compliance
A dynamic security approach
The security landscape is constantly changing as
cybercriminals discover new ways to compromise
data. Therefore, Agillic’s security approach is dynamic
and constant optimisation is a main objective. Agillic’s
security team works across the organisation and
takes exhaustive steps to identify and mitigate risks,
implement best practices, and constantly evaluate ways
to enhance security.
Agillic has taken precautions in terms of technology
and processes to safeguard the Agillic platform and
our clients’ data. We monitor the technology and the
security-related developments in the market and
optimise our employees’ skill sets on an ongoing basis.
EU GDPR
Agillic is a data processor and is, as such, subject
to the General Data Protection Regulation (GDPR).
Agillic’s customer engagement platform supports
our clients’ GDPR compliance, and Agillic meets all
data processor requirements and have implemented
adequate processes to keep data safe.
GDPR guarantees consumers a series of basic funda-
mental rights concerning data privacy. When addressing
consumers’ fundamental rights, Agillic aim to make it
easy for our clients to comply with consumers’ requests
for data privacy.
Security and IT compliance
Share capital and warrants
At the end of 2024, the share capital in Agillic comprised
11,062,005 shares of DKK 0.1 each, corresponding to
a nominal share capital of DKK 1,106,200.50.
Each share carries one vote. The shares must be named
and noted in Agillic’s share register in order to give
holders access to voting. At the end of 2024, Agillic
A/S had 590 (2023: 678) registered shareholders.
Agillic has issued warrants by the end of 2024 with the
right to sign 628,345 (2023: 699,345) share of DKK
62,834.50 (2023: 69,934.50) nominal value.
Ownership
At the end of 2024, 63% (2023: 64%) of the share
capital was ultimately owned by six (2023: six) share-
holders, each of whom owned over 5% of the share
capital or the votes.
At the end of 2024, members of Agillic’s Board of
Directors, and Executive Leadership and Management
owned a total of 14% (2023: 4%) of the share capital.
Share price and trading activities
At the end of 2024, the price of the Agillic share was
DKK 9.00 compared to DKK 19.00 at the end of 2023.
In 2024, a total of 2,408,770 (2023: 3,059,316) shares
were traded, corresponding to 21.8% (2023: 27.7%) of
the total number of shares.
Agillic’s market value amounted to DKK 100 million at
the end of 2024 compared to DKK 210 million at the
end of 2023.
Dividends
Agillic has not paid any dividend and, until further notice,
it is Agillic’s dividend policy to invest any profit in the
further growth of the company.
Communication with Agillic’s shareholders
According to the Nasdaq First North Growth Market
Nordic Rulebook on 19 April 2024, Agillic is only liable
for issuing half-year and year-end reports. In addition,
Agillic has decided to issue a “trading statement”
following Q1 and Q3. The year-end report is issued in
connection with the release of the annual report.
Investors are encouraged to sign up for Agillic investor
news at agillic.com/investor
For further information, investors, analysts and the
media are encouraged to contact:
Christian Samsø, CEO, Agillic A/S
+45 24 88 24 24
christian.samsoe@agillic.com
Claus Boysen, CFO, Agillic A/S
+45 28 49 18 46
claus.boysen@agillic.com
Certified Adviser
HC Andersen Capital
Pernille F. Andersen
pernille@hcandersencapital.dk
Agillic A/S shares have been listed on Nasdaq First North Growth Market Copenhagen
since 22 March 2018 with ID-code DK0060955854 and the ticker AGILC.
Shareholder information
Annual Report 2024
15
Joar Welde
Chair of the Board
Joar Welde has been Chair of the
Board since 29 March 2023. Joar is a
Partner and Owner at Viking Venture.
He is an experienced Private Equity
investor with 15 years of experience
in building leading European SaaS
growth companies. He has served
as Chair of the Board of listed SaaS
companies such as Mercell and Ørn
Software. Before joining Viking,
Joar worked in M&A at EY and as a
consultant at DNB. Joar has a BBA
from the Norwegian Business School
and a MBA from the University of
Warwick, UK.
Shares: 0
Warrants: 0
Andreas Sandbu
Board member
Andreas is a Senior Investment
Manager at Viking Venture. He leads
Viking Venture’s efforts towards the
Danish market and is responsible
for deal sourcing and execution, as
well as the development of portfolio
companies. He previously led Viking
Venture’s Operational Excellence
team and has worked with 10+ Nordic
B2B SaaS companies. Prior to joining
Viking Venture, Andreas worked as a
Project Leader for Boston Consulting
Group. Andreas is a graduate of The
Norwegian University of Science
and Technology (NTNU) with both
a MSc in Industrial Economics and
Technology Management and a BSc
in Economics. He has also spent a
year at Harvard University.
Shares: 0
Warrants: 0
Jesper Genter Lohmann
Board member
Jesper Lohman is an investor and has
been a member of the board since
September 2013. Jesper holds an
MSc in Economics and Business
Administration. In 2009, Jesper
co-founded the investment company
Dico, of which he is a director. Prior
to co-founding Dico, Jesper held
management positions at Carlsberg,
JP/Politiken, Thorn EMI, Vacasol
International and DIBS Payment
Services. Jesper has been involved in
more than 30 executed transactions
with Dico portfolio companies. He
currently also serves on the board of
Freetrailer, HelloRetail, Junkbusters,
Weply, Vita Media Group, Dental
Media, Copyright Agent, and Axcess
Nordic. Independent.
Holdings in Agillic through Lohmann
Holding ApS: 105,761 shares
Warrants: 0
Thorsten Köhler
Board member
Thorsten Köhler is a former strategic
advisor for the office of the CEO,
Marc Benioff, at Salesforce. He is
tech-savvy entrepreneur, digital
transformation expert and recognised
as an effective and energetic leader;
passionate about culture, emerging
technologies, and the relentless
pursuit of innovation. He has over
30 years of market knowledge and
extensive management and sales
experience to inspire and enable
CEOs to activate a more personalised
customer experience and to build
cutting edge, user-centric platforms,
products, and services. Independent.
Shares: 0
Warrants: 50,000
Jan Juul
Board member
Jan Juul is Vice President, Head of the
EMEA Solution Consulting organ-
isation at ServiceNow. Jan brings
more than 30 years of experience
in the IT and software industry,
including extensive experience in
SaaS based hyper growth markets.
Jan has served in a number of Sales,
Presales and Professional Services
leadership roles at European and
International level, including a 4-year
relocation to London for NetIQ. Jan
have successfully helped establish
a number of US based Software
companies into both Nordic and
European markets, including creation
of market strategy and the devel-
opment of people, processes and
technology to become successful in
a diverse cultural and multi-language
market. Independent.
Shares: 25,000
Warrants: 25,000
Board of Directors
Annual Report 2024
16
Executive Leadership Management
Christian Samsø
Chief Executive Officer
Christian was appointed CEO in
November 2024 and has broad expe-
rience within subscription-based and
SaaS B2B businesses. He has had
various CEO-positions in the last 25
years, including Egmont Kid & Teens,
Goodiebox, and SaaS B2B companies
like MapsPeople, Skandiaweb, and
CBIT, focusing on aggressive growth
and profitability. Key competencies
are international sales, partner sales
management, business development,
and scale-ups. Christian holds
three board positions (MapsPeople,
Readynez, and GI Networks) and an
MSc in management and marketing
from CBS, Copenhagen.
Shares: 0
Warrants: 0
Claus Boysen
Chief Financial Officer
Claus joined Agillic in March 2022
and brings vast experience across
global strategy, financial planning
and operations, M&A, post-merger
integration, capital raising, and
listings on First North Stockholm.
Claus holds an Executive MBA in
Business Adminstration and a Higher
Diploma Degree in Accounting and
has many years of experience in
the technology industry. Previous
assignments include the role as
Group CFO at WorldTicket and
Group CFO at Lauritz.com – the latter
of which he led to an IPO.
Shares: 0
Warrants: 90,000
Bo Sannung
Chief Solution Officer
Holdings in Agillic: 111,293
(owned via Sannung ApS).
Warrants: 10,000
Rasmus Houlind
Chief Experience Officer
Holdings in Agillic: 152,045
(partly owned via Omnichannel
Institute ApS). Warrants: 10,000
Martin Lindboe
Chief Technology Officer
Shares: 0
Warrants: 75,000
Luis González
Chief Client & Partnerships Officer
Shares: 0
Warrants: 0
2024
Financial statements
Annual Report 2024
18
Executive Leadership
Board of Directors
Statement by the management
Annual Report 2024
19
Independent auditor’s report
Business Registration No 33 96 35 56
MNE no 33747
MNE no 32127
Annual Report 2024
20
(DKK '000) 2024 2023
Profit/(loss) for the year (3,278 ) (27,501 )
Other comprehensive income 0 0
Total comprehensive income (3,278 ) (27,501 )
Note (DKK '000) 2024 2023
3 Revenue 60,187 64,679
4 Direct external costs (11,343 ) (12,458 )
Gross profit 48,844 52,221
Other operating income 839 583
5 Other external costs (14,110 ) (14,098 )
6,7 Staff costs (34,548 ) (36,800 )
EBITDA 1,025 1,906
8 Depreciation and amortisation of intangible and tangible assets (13,231 ) (13,263 )
Operating profit (EBIT) (12,206 ) (11,357 )
9 Financial income 2,183 297
9 Financial expenses (3,345 ) (4,096 )
Profit before tax (13,368 ) (15,156 )
10 Tax 10,090 (12,345 )
Profit/(loss) for the year (3,278 ) (27,501 )
15 Earnings per share (EPS) (0.30 ) (2.52 )
15 Earnings per share, diluted (DEPS) (0.30 ) (2.52 )
Income statement Statement of comprehensive income
Annual Report 2024
21
Note (DKK '000) 31 Dec 2024 31 Dec 2023
EQUITY AND LIABILITIES
Equity
15 Share capital 1,106 1,106
Reserve development costs 24,957 25,945
Retained earnings (48,378 ) (47,297 )
Total equity (22,315 ) (20,246 )
Liabilities
16 Borrowings, long-term 12,308 17,189
17 Leasing obligations, long-term 2,584 -
18 Other payables 3,236 2,885
Non-current liabilities 18,128 20,074
16 Borrowings, short-term 6,672 6,574
17 Leasing obligations, short-term 1,188 1,146
Trade payables 5,373 4,848
Tax payables - 8,235
18 Other payables 7,709 7,402
19 Deferred income 27,431 19,138
Current liabilities 48,373 47,343
Total liabilities 66,501 67,417
TOTAL EQUITY AND LIABILITIES 44,186 47,171
Note (DKK '000) 31 Dec 2024 31 Dec 2023
ASSETS
Non-current assets
Patent 500 500
Software developed 29,768 31,035
12 Intangible assets 30,268 31,535
Fixtures and equipment - 15
Right-of-use assets 3,663 958
Leasehold improvements - 4
13 Tangible assets 3,663 977
Deposits 672 586
Other non-current assets 672 586
Total non-current assets 34,603 33,098
Current assets
14 Trade receivables 1,964 3,489
Other receivables 100 35
Tax receivables - -
Prepayments 1,156 741
Cash 6,363 9,808
Total current assets 9,583 14,073
TOTAL ASSETS 44,186 47,171
Statement of financial position
Annual Report 2024
22
Note (DKK '000) 2024 2023
Profit/(loss) for the year (3,278 ) (27,501 )
Adjustments for non-cash items:
Tax on profit for the year (10,090 ) 12,345
Financial income and expenses 1,162 3,798
Share-based payments 1,209 1,093
Right-of-use assets, leasehold (1,142 ) (1,111 )
Depreciation, amortisation and impairment 13,231 13,263
11 Changes in working capital 10,084 (6,392 )
Total 11,176 (4,505 )
Net financials, paid (2,654 ) (1,993 )
Income taxes, received 3,721 -
Cash flow from operating activities 12,243 (6,498 )
12 Purchase of intangible assets (10,882 ) (11,715 )
13 Purchase of tangible assets - -
Cash flow from investing activities (10,882 ) (11,715 )
Issuance of shares, net of costs - 21,202
11 Repayments long-term - 358
11 Repayments short-term (4,806 ) (908 )
Cash flow from financing activities (4,806 ) 20,652
Change in cash and cash equivalents (3,445 ) 2,439
Cash and cash equivalents at 1 January 9,808 7,369
Cash and cash equivalents at 31 December 6,363 9,808
(DKK '000)
Share
capital
Reserve for
development
costs
Retained
earnings Total
Equity at 1 January 2023 1,026 25,879 (41,945 ) (15,040 )
Profit for the year - 66 (27,567 ) (27,501 )
Other comprehensive income for the year - - - -
Total comprehensive income for the year - 66 (27,567 ) (27,501 )
Transactions with owners
Issue of share capital 80 - 22,416 22,496
Costs related to issuance of new shares (1,294 ) (1,294 )
Share-based payments - - 1,093 1,093
Equity at 31 December 2023 1,106 25,945 (47,297 ) (20,246 )
Profit for the year - (988 ) (2,290 ) (3,278 )
Other comprehensive income for the year - - - -
Total comprehensive income for the year - (988 ) (2,290 ) (3,278 )
Transactions with owners
Issue of share capital - - - -
Share-based payments - - 1,209 1,209
Equity at 31 December 2024 1,106 24,957 (48,378 ) (22,315 )
For further details on share capital, refer to note 15.
Cash flow statement Statement of changes in equity
Annual Report 2024
23
GENERAL
Statement of compliance
The financial statements of Agillic A/S for 2024 have
been prepared in accordance with IFRS Accounting
Standards as adopted by the EU and additional
Danish requirements for the presentation of financial
statements according to the Danish Financial
Statement Act for enterprises in reporting class B
and certain provisions applying to reporting class C.
On 25 February 2025, the Board of Directors and the
Executive Leadership considered and approved the
annual report for 2024 of Agillic A/S. The annual report
will be presented to the shareholders for approval at
the Annual General Meeting to be held on 3 April 2025.
Basis of preparation
The financial statements are presented in Danish
Kroner (DKK), which is the functional currency of
Agillic A/S. All amounts have been rounded to the
nearest DKK thousand, unless otherwise indicated. The
financial statements have been prepared on a going
concern basis and in accordance with the historical cost
convention, except where IFRS explicitly requires use
of other values. For the purpose of clarity, the financial
statements and the notes to the financial statements
are prepared using the concepts of materiality and
relevance. This means that line items not considered
material in terms of quantitative and qualitative
measures or relevant to financial statement users are
aggregated and presented together with other items
in the financial statements. Similarly, information not
considered material is not presented in the notes. The
accounting policies, except as described below, have
been applied consistently during the financial year and
for the comparative figures.
Operating segments
At this point Agillic only operates in one segment and
segments are not a part of the internal management
reporting, hence operating segments are not presented
in the financial statements.
Foreign currency translation
Transactions denominated in currencies other than
the functional currency are considered transactions
in foreign currency. On initial recognition, transactions
denominated in foreign currencies are translated to
the functional currency at the exchange rates at the
transaction date. Foreign exchange adjustments
arising between the exchange rates at the transaction
date and at the date of payment are recognised in the
income statement under financial income or financial
expenses. Monetary assets and liabilities denominated
in foreign currencies are translated at the exchange
rates at the reporting date. The difference between the
exchange rates at the reporting date and at the date of
transaction or the exchange rate in the latest financial
statements is recognised in the income statement
under financial income or financial expenses.
Non-IFRS financial measures
Agillic uses certain financial measures that are
not defined in IFRS to describe Agillic’s financial
performance. These financial measures may
therefore be defined and calculated differently from
similar measures in other companies, and thus not
be comparable. The definitions of non-IFRS financial
measures are included in definitions of key figures and
ratios on page 35.
INCOME STATEMENT
Revenue recognition
Agillic recognises revenue from the following major
sources:
• Subscriptions
• Transactions
• Professional services and other
Revenue is mainly derived from subscription fees
charged for Agillic software licenses, transaction
fees and professional service and training fees. For
software contracts, which are comprised of several
components, the total contract sum is allocated to the
separate performance obligations for the purpose of
revenue recognition.
Revenue recognition requires an agreement with the
client, which creates enforceable rights and obligations
between the parties, has commercial substance,
and identifies payment terms. In addition, it must
be probable that the consideration determined in
the contract will be collected. Revenue is measured
based on the consideration to which Agillic expects
to be entitled in a contract with a client and exclude
amounts collected on behalf of third parties. Agillic
recognises revenue when it transfers control of the
license or service to a client. All revenue is derived
from contracts with clients.
Note 1 – Accounting policies
Notes to the financial statements
Note
1 Accounting policies 23
2 Critical accounting estimates and judgements 25
3 Revenue 26
4 Direct external costs 26
5 Other external costs 26
6 Staff costs 27
7 Share-based payments 27
8 Depreciation and amortisation of intangible and tangible assets 29
9 Financial income and expenses 29
10 Tax 29
11 Notes to cash flow statement 30
12 Intangible assets 30
13 Tangible assets 31
14 Trade receivables 31
15 Share capital and earnings per share 32
16 Borrowings 32
17 Leasing obligations 32
18 Other payables 33
19 Deferred income 33
20 Contingent liabilities and commitments 33
21 Related parties 33
22 Financial risks 34
Annual Report 2024
24
Subscription fees
Subscription fees cover license, hosting and main-
tenance. Fixed term subscription agreements give the
right to use the software for a determined period of
time, which can be extended at the end of the initial
term. Standard perpetual software licenses provide
clients with the right to use the software whilst the
contract remains in force. New subscription fees are
comprised of income derived from new clients and
additional subscription income originating from supple
-
mentary sales (uplifts) to existing clients. The main
possible performance obligation related to subscription
agreements has been identified as the right to use
the software. The right to use software license is
considered a separate performance obligation when
it satisfies the following conditions: can be delivered
separately from other services, can be installed by
a third party, can be used without upgrades, and is
functional without upgrades or technical support.
Agillic has assessed that the client obtains control of
the license when a contract is agreed, the license is
delivered, and the client has the right to use it. Revenue
relating to subscription fees are recognised over time.
The transaction price allocated to these subscriptions is
recognised as a contract liability (deferred income) at the
time of the initial sales transaction and is released on a
straight-line basis over the subscription agreement period.
Transaction fees
Transaction fees relate to outbound transactions, i.e.
email, SMS, etc. Transactions are sold on price per unit
for the relevant transaction and revenue is calculated
based on transactions sent and recognised when
control of the goods has been transferred, being at
the point the client purchases the goods by sending
out transactions.
Direct external costs
Direct external costs comprise costs incurred to achieve
the year’s revenue including hosting and transaction costs.
Other operating income
Other operating income and other operating expenses
comprise income and expenses of a secondary nature
relative to the primary activities of Agillic, such as salary
compensations.
Other external costs
Other external costs comprise sales and marketing
costs, external consultancy costs, other employee
related costs, IT and software costs, investor relations
costs, rent costs, allowances for doubtful trade
receivables and other administrative expenses.
Staff costs
Staff costs consist of salaries, sales commissions,
bonuses, pensions and social costs, share-based
payments, vacation pay, and other benefits. Salaries,
bonuses, pensions and social costs, share-based
payments, vacation pay, and other benefits are
recognised in the year in which the associated services
are rendered by the employees. Agillic has entered into
retirement benefits schemes and similar agreements
with employees. Contributions to defined contribution
plans are recognised in the income statement in the
period to which they relate, and any contributions
outstanding are recognised in the statement of financial
position as other liabilities.
Share-based payments
The Board of Directors, the Executive Leadership and
other employees have been granted warrants. The
warrants are measured at fair value at the grant date
and are recognised as an expense in staff costs over the
vesting period. Expenses are set off against equity. The
fair value of the warrants is measured using the Black-
Scholes valuation method or other generally accepted
valuation techniques. The calculation takes into account
the terms and conditions under which the warrants
are granted. Subsequent fair value adjustments are
not recognised in the income statement. If subsequent
modifications to a warrant program increase the value
of the warrants granted, measured before and after the
modification, the increase is recognised as an expense.
If the modification occurs before the vesting period, the
increase in value is recognised as an expense over the
period for services to be received. If the modification
occurs after the vesting date, the increase in value is
recognised as an expense immediately. Consideration
received for warrants sold are recognised directly in
equity.
Financial income and financial expenses
Financial income and expenses include interest income,
interest expense, amortisation of borrowing issue costs
and realised and unrealised exchange gains and losses.
Tax
Tax on the profit/loss for the year comprises the year’s
current tax and changes in deferred tax. The tax expense
relating to the profit/loss for the year is recognised in
the income statement, and the tax expense relating to
items recognised in other comprehensive income and
directly in equity, respectively, is recognised in other
comprehensive income or directly in equity.
Current tax payable and receivable is recognised in
the balance sheet as the expected tax on the taxable
income for the year, adjusted for tax paid on account.
The current tax charge for the year is calculated based on
the tax rates and rules enacted at the balance sheet date.
Deferred tax is calculated using the liability method
on all temporary differences between the accounting
and taxable values of assets and liabilities. Deferred
tax assets are assessed yearly and only recognised
to the extent that it is more likely than not that they
can be utilised. Deferred tax assets, including the tax
value of tax losses carried forward, are recognised as
other non-current assets and measured at the amount
at which they are expected to be realised, either by
setting off deferred tax liabilities or by setting off tax on
future earnings within the same legal entity or a jointly
taxed entity. Deferred tax is measured based on the
tax legislation and statutory tax rates in the respective
countries that will apply under the legislation in force
on the balance sheet date when the deferred tax asset
is expected to crystallise as current tax. Changes in
deferred tax resulting from changes in tax rates are
recognised in the income statement. Agillic recognises
deferred tax assets relating to losses carried forward
when Executive Leadership finds that these can be
offset against taxable income in the foreseeable future.
An assessment is made taking into consideration the
effect of restrictions in utilisation in local tax legislation.
Future taxable income is assessed based on budgets as
well as Executive Leadership’s expectations regarding
growth and operating margin in the coming years.
STATEMENT OF FINANCIAL POSITION
Intangible assets
Intangible assets with determinable useful lives are
measured at cost less accumulated amortisation and
impairment losses. Intangible assets include developed
software and patents. Amortisation is provided on a
straight-line basis over the expected useful lives of the
finite-lived assets, which are as follows:
Software developed 5 years
Patents 50 years
Expected useful lives are reassessed regularly. Agillic
regularly reviews the carrying amounts of its finite-lived
intangible assets to determine whether there is an
indication of an impairment loss.
Software developed
Software developed by Agillic is recognised as an asset
if the cost of development is reliably measurable and
an analysis shows that future economic benefits from
using the software exceed the cost. Cost is defined
as development costs incurred to make the software
ready for use. Once a software application has been
developed the cost is amortised over the expected
useful life. The cost of development consists primarily
of direct salaries and other directly attributable devel-
opment costs. Amortisation and impairment charges
are recognised in the income statement. For Agillic, the
measurement of intangible assets could be affected
by significant changes in judgment and assumptions
underlying their calculation. The estimated useful life
reflects the period over which Agillic expects to derive
economic benefit from intangible assets.
Tangible assets
Property, plant, and equipment are measured at cost
less accumulated depreciation and accumulated
impairment. Property, plant, and equipment are depre-
ciated on a straight-line basis over the expected useful
lives of the finite-lived assets, which are as follows:
Leasehold improvements over the lease
term up to 10
years
Fixtures and equipment 3-5 years
Tangible assets are tested for impairment if indications
of impairment exist. Tangible assets are written down
to its recoverable amount, if the carrying amount
exceeds the higher of the fair value less costs to sell
and the value in use. Depreciation and impairment
charges are recognised in the income statement.
Impairment of tangible and intangible assets
The carrying amounts of tangible assets and intangible
assets with determinable useful lives are reviewed
regularly to determine whether there are any indi
-
cations of impairment. If such indications are found,
the recoverable amount of the asset is calculated to
determine any need for an impairment write-down
and, if so, the amount of the write-down. For intangible
assets with indeterminable useful lives the recoverable
amount is calculated annually, regardless of whether
any indications of impairment have been found. If the
asset does not generate any cash flows independently
of other assets, the recoverable amount is calculated
for the smallest cash-generating unit that includes
the asset. The recoverable amount is calculated as
the higher of the fair value less costs to sell and the
value in use of the asset or the cash-generating unit,
respectively. In determining the value in use, the
estimated future cash flows are discounted to their
present value, using a discount rate reflecting current
market assessments of the time value of money as
Annual Report 2024
25
well as risks that are specific to the asset or the
cash-generating unit and which have not been
taken into account in the estimated future cash
flows. If the recoverable amount of the asset or
the cash-generating unit is lower than the carrying
amount, the carrying amount is written down to the
recoverable amount. For cash-generating units, the
write-down is allocated in such a way that goodwill
amounts are written down first, and any remaining
need for write-down is allocated to other assets in
the unit, although no individual assets are written
down to a value lower than their fair value less costs
to sell. Impairment write-downs are recognised in the
income statement. If write-downs are subsequently
reversed as a result of changes in the assumptions
on which the calculation of the recoverable amount
is based, the carrying amount of the asset or the
cash-generating unit is increased to the adjusted
recoverable amount, not, however, exceeding the
carrying amount that the asset or cash-generating
unit would have had, had the write-down not been
made.
Deposits
Deposits are primarily related to leasing of offices.
Deposits which will not be returned within one year of
the balance sheet date are recognised as non-current
assets.
Trade receivables
Trade receivables are measured at amortised cost
less allowance for lifetime expected credit losses.
To measure the expected credit losses, credit risk for
trade receivables have been based on an individual
assessment. Trade receivables are written off when
all possible options have been exhausted and there
is no reasonable expectation of recovery. The cost of
allowances for expected credit losses and write-offs
for trade receivables are recognised in the income
statement under other administrative expenses.
Prepayments
Prepayments are recognised as an asset and comprise
incurred costs relating to subsequent financial years.
Prepayments are measured at cost.
Right-of-use assets, leasehold
Agillic must recognise all leasing agreements,
including operational leasing agreements, in the
balance sheet. This means that a leasing obligation
must be recognised measured at the present value of
the future leasing payments, as described below, and
a corresponding leasing asset adjusted for payments
made to the lessor prior to the start of the leasing
agreement, and incentive payments received from
the lessor.
Agillic has chosen not to recognise directly related
costs to the leasing asset.
In assessing future leasing payments, Agillic has
reviewed its operational leasing agreements and
identified those leasing payments that relate to a
leasing component and that are fixed or variable,
but which change in line with fluctuations in an
index or an interest rate. Agillic has chosen not to
recognise payments related to service components
as part of the leasing obligation. When assessing
the expected lease period, Agillic has identified the
non-cancellable lease period in the agreement. The
leasing assets are depreciated on a straight-line basis
over the expected lease period, which is 36 months.
The average alternative borrowing rate used when
discounting future lease payments in connection with
measuring the leasing obligation is set at Agillic’s
marginal borrowing rate of 4.6% p.a.
Borrowings
Borrowings are measured at amortised cost.
Trade payables and other payables
Other payables include bonus and commission
accruals, vacation pay obligations, payroll taxes and
VAT. Payables are measured at cost.
Deferred income
Deferred income comprises income received relating
to subsequent financial years. Deferred income is
measured at cost. When a client pays consideration
in advance, or an amount of consideration is due
contractually before transferring of the license or
service, then the amount received in advance is
presented as a liability. Deferred income represents
contractual prepayments from clients for unsat-
isfied or partially satisfied performance obligations
in relation to licenses, maintenance, and services.
License billing generally occurs at periodic intervals
(e.g. quarterly or yearly) prior to revenue recognition,
resulting in liabilities.
CASH FLOW STATEMENT
The cash flow statement is presented according to
the indirect method commencing with the results for
the year. The cash flow statement shows Agillic’s cash
flows divided into operating, investing and financing
activities as well as cash and cash equivalents at
the beginning and end of the year. Cash flows
from operating activities are calculated using the
indirect method as the profit for the year adjusted for
non-cash items, changes in working capital, changes
in contract assets, financial income received, financial
expenses paid and income tax paid. Cash flows from
investing activities consist of receipts and payments
in connection with acquisitions and disposals of
companies and operations, intangible assets and
property, plant, and equipment, as well as other
non-current assets and liabilities. Cash flows from
financing activities are comprised of changes in share
capital and related costs, purchase of treasury shares,
proceeds from loans and distributions of dividends
to shareholders. Cash and cash equivalents consist
of cash at bank and in hand less.
New and revised IFRS standards in issue but not
yet effective
New standards and interpretations not yet adopted.
IASB has issued new or amended accounting
standards and interpretations that have not yet
become effective and have consequently not been
implemented in the financial statements for 2024.
Agillic expects to adopt the accounting standards and
interpretations when they become mandatory. None
of the new or amended standards or interpretations
are expected to have a significant impact on the
financial statements.
Adoption of new or amended IFRSs. Management
has assessed the impact of new or amended and
revised accounting standards and interpretations
(IFRSs) issued by the IASB and IFRSs endorsed by
the European Union effective on or after 1 January
2024. It is assessed that application of amendments
effective from 1 January 2024 has not had a material
impact on the financial statements for 2024.
Furthermore, Management does not anticipate any
significant impact on future periods from the adoption
of these amendments.
Note 2 – Critical accounting
estimates and judgements
In the application of Agillic’s accounting policies,
which are described in note 1, Executive Leadership
is required to make judgements (other than those
involving estimations) that have a significant impact
on the amounts recognised and to make estimates and
assumptions about the carrying amounts of assets
and liabilities that are not readily apparent from other
sources. The estimates and associated assumptions
are based on historical experience and other factors
that are considered to be relevant. Actual results
may differ from these estimates. The estimates
and underlying assumptions are reviewed on an
ongoing basis. Revisions to accounting estimates
are recognised in the period in which the estimate is
revised if the revision affects only that period, or in the
period of the revision and future periods if the revision
affects both current and future periods. Critical
judgements that have the most significant effect on
the amounts recognised in financial statements, key
assumptions concerning the future and other key
sources of estimation uncertainty at the reporting
period that may have a significant risk of causing
a material adjustment to the carrying amounts of
assets and liabilities within the next financial year,
are described below.
Performance obligation
Agillic is contractually obligated to deliver online
access through the platform (subscription), hosting
of the platform and access as well as maintenance
of the platform within the subscription period. These
three services are not sold separately.
It is Agillic’s judgement, that the three services do not
have a separate value from a customer perspective,
as subscriptions do not comprise any value without
hosting, and maintenance service do not comprise
value without the customer also subscribing to the
platform. It is not technically possible to choose
hosting by a third party, and the maintenance service
only concerns the Agillic platform and therefore has
no value towards other online platforms. Based
on the above factors, Agillic considers its delivery
of subscription, hosting and maintenance as one
complete performance obligation.
Software developed
The measurement of developed software could
be affected by significant changes in judgement
and assumptions underlying their calculation. The
expected useful life of five years reflects the period
over which Agillic expects to derive economic benefit
from software developed. Estimation of useful life
are associated with uncertainty and may be subse-
quently adjusted.
Trade receivables
Allowances have been recognised according to the
lifetime expected credit loss method as introduced
under IFRS 9. We refer to note 14 for a specification
of the loss.
Annual Report 2024
26
Note 3 – Revenue
Note 4 – Direct external costs
Note 5 – Other external costs
All revenue is derived from contracts with clients. No client has more than 10% of the revenue, and in all material aspect revenue
derive from Denmark.
Contract liabilities are presented as deferred income, see note 19.
(DKK '000) 2024 2023
Subscription fees 45,669 48,278
Transaction fees on subscription 4,283 4,118
Transaction fees by consumption 10,210 12,018
Professional services and other fees 25 265
Total revenue 60,187 64,679
(DKK '000) 2024 2023
Hosting costs 4,382 5,462
Transaction costs 6,961 6,996
Total direct external costs 11,343 12,458
(DKK '000) 2024 2023
Sales and marketing costs 3,812 5,006
External consultancy costs 9,026 9,265
External consultancy costs transferred to capitalised development costs (4,668) (6,246)
Other employee related costs 1,646 2,041
Other administrative expenses 4,294 4,032
Total other external costs 14,110 14,098
Note 6 – Staff costs
Board of Directors Executive Leadership Other key management
2024 2023 2024 2023 2024 2023
Remuneration
Salaries, Board fees and bonus 250 250 3,831 - 7,778 10,136
Share-based payments 453 234 581 - 167 954
Defined contribution pension plans 0 0 353 - 584 761
Total remuneration 703 484 4,765 - 8,529 11,851
(DKK '000) 2024 2023
Salaries 37,165 38,546
Share-based payments 1,209 1,093
Pension plans (defined contribution) 2,172 2,329
Social security and other costs 216 301
Total staff costs prior to capitalisation 40,762 42,269
Staff costs transferred to capitalised development costs (6,214) (5,469)
Total staff costs 34,548 36,800
Employees
Average number of employees (FTE) 41 47
Number of employees year end (FTE) 42 50
The remuneration for Executive Leadership in 2024 includes severance cost.
With reference to the Danish Financial Statements Act article 98B subsection 3 the remuneration for 2023 for the
Executive Leadership is included in the other key management section.
Annual Report 2024
27
(DKK '000) 2024 2023
Costs of share-based payments 1,209 1,093
Total costs of share-based payments 1,209 1,093
Note 7 – Share-based payments
Warrant programme October 2020
The Board of Directors have used the authorisation
in the Articles of Association article 3.3 to allocate
warrants to the Management where the participants
acquire the right to subscribe of in total 414,345
shares at a nominal value of DKK 0.10 each. Shares
can be subscribed for at DKK 23.10 per share at a
nominal value of DKK 0.10
All warrants have been granted.
414,345 warrants will be vesting in the period
1 October 2020 to 30 april 2025 and exercise of the
warrants must happen in the period 1 October 2020
to 30 april 2025.
There are no performance conditions for the granting
of the warrants but each participant must remain an
employee during the vesting period.
The issue of all shares will have a dilutive effect of
maximum 4.39%.
Warrant programme March/April 2022
The Board of Directors have used the authorisation
in the Articles of Association article 3.11 to allocate
155,000 warrants to the members of the Board of
Management where the participants acquire the
right to subscribe of in total 155,000 shares at a
nominal value of DKK 0.10 each. The 75,000 shares
can be subscribed for at DKK 24.80 per share at
a nominal value of DKK 0.10. The 80,000 shares
can be subscribed for at DKK 25.54 per share at a
nominal value of DKK 0.10.
All warrants have been granted.
The exercise price of 75,000 warrants is fixed at
24.80 DKK per share corresponding to the average
share price on 1 December 2021. The warrants vest
with 7,500 warrants on 1 December 2022, 15,000
warrants on 1 December 2023, 22,500 warrants
1 December 2024, and 30,000 warrants on 1
December 2025.
The exercise price of 80,000 warrants is fixed at
25.54 DKK per share corresponding to the average
share price on 1 March 2022. The warrants vest
with 8,000 warrants on 1 March 2023, 16,000
warrants on 1 March 2024, 24,000 warrants on 1
March 2025, and 32,000 warrants on 1 March 2026.
The warrants can be exercised in periods of 14 days
starting the day after the publication of the Agillic’s
financial reports. The warrants shall be exercised no
later than 12 months after the final vesting.
The warrants include conditions on accelerated
vesting in case of change of control, e.g. a takeover
bid, merger or delisting.
The issue of all shares will have a dilutive effect of 0.78%.
The conditional warrant program of 75,000 has
been terminated due to warrant holder having left
Agillic.
Warrant programme June 2022
The Board of Directors have used the authorisation
in the Articles of Association article 3.10 to allocate
105,000 warrants to the members of Management
where the participants acquire the right to subscribe
of in total 105,000 shares at a nominal value of DKK
0.10 each. 105,000 of the shares can be subscribed
to at DKK 20,0392 per share, at a nominle value of
DKK 0.10.
All warrants have been granted
The vesting of the first 50,000 warrants issue to
Management, is subject to Agillic’s achievement of
the financial performance targets: The performance
target was not meet.
Costs of share-based payments are recognised as staff costs with a corresponding effect in equity.
Consideration received for warrants sold is recognised directly in equity.
The vesting of 55,000 warrants issued to Management
and the six other employee of Agillic is subject to a
cliff of twelve (12) months and further conditional
upon Agillic’s achievement of the following financial
performance targets for the financial year 2022:
The financial performance targets were meet.
Subject to the Agillic’s achievement of the
performance targets above and expiration of the
cliff respectively, the warrants issued to Management
and the six other employees of Agillic vest in eight (8)
equal installments with 1/8 each quarter on the dates
of disclosure of Agillic’s annual report, interim report
or quarterly financial statement, as the case may be.
Subject to vesting, the warrants can be exercised in
periods of 14 days starting the day after publication
of Agillic’s annual report, half-year reports and or
interim reports, respectively. The warrants issued
to Management and the six employees shall be
exercised no later than 12 months after the final
vesting. The warrants issued to Management shall be
exercised no later than 36 months after the vesting
date (the date of the annual general meeting in 2023).
The warrants include conditions on accelerated
vesting in case of change of control, e.g. a takeover
bid, merger or delisting.
The issue of all shares will have a dilutive effect of
1.02%.
Warrant programme July 2022
The Board of Directors have used the authorisation
in the Articles of Association article 3.2 to allocate
75,000 warrants to two new members of the Board
of Management where the participants acquire
the right to subscribe of in total 75,000 shares at
a nominal value of DKK 0.10 each. Shares can be
subscribed for at DKK 16.9555 per share at a nominal
value of DKK 0.10.
All warrants have been granted.
Warrants can be exercised in periods of 14 days
starting the day after the publication of the Agillic’s
annual report, half-year report or quarterly financial
statement, respectively. The Warrants shall be
exercised no later than 12 months after the vesting
of the last instalment.
The issue of all shares will have a dilutive effect of
0.73%.
The warrants include conditions on accelerated
vesting in case of change of control, e.g. a takeover
bid, merger or delisting.
Warrant programme September 2023
The Board of Directors have used the authorisation
in the Articles of Association article 3.1 to allocate
75,000 warrants to Management where the parti-
cipants acquire the right to subscribe of in total
75,000 shares at a nominal value of DKK 0.10 each.
Shares can be subscribed for at DKK 19.00 per share
at a nominal value of DKK 0.10.
All warrants have been granted.
The warrants vest with 7,500 warrants on 1 October
2024, 15,000 warrant on 1 October 2025, 22,500
warrant on 1 October 2026 and 30,000 warrants
on 1 October 2027.
Warrants can be exercised in periods of 14 days
starting the day after the publication of Agillic’s
annual report. The warrants shall be exercised no
later than 12 months after the final vesting.
The issue of all shares will have a dilutive effect of
0.68%.
The warrants include conditions on accelerated
vesting in case of change of control, e.g. a takeover
bid, merger or delisting.
Annual Report 2024
28
0 warrants were exercised during 2024 (2023: 0).
Number of warrants
Executive Leadership
and Management Board of Directors
Outstanding at 1 January 2024 674,345 75,000
Granted - -
Re-allocation -
Exercised - -
Cancelled (121,000)
Outstanding at 31 December 2024 553,345 75,000
Warrants outstanding
Weighted
average
exercise price
DKK
Vesting
period
Exercise
period 2024 2023
Warrant programme October 2020 23.10 Oct-20 - Apr-25 Oct-20 - Apr-25 414,345 414,345
Warrant programme April 2022 25.54 Apr-22 - Mar-26 Mar-23 - Mar-27 24,000 80,000
Warrant programme June 2022 20.04 Jun-22 - Mar-25 Jun-22 - Aug-25 40,000 105,000
Warrant programme July 2022 16.96 Jul-22 - Mar-24 Jul-22 - Mar-25 75,000 75,000
Warrant programme September 2023 19.00 Oct 24 - Oct 27 Oct 24 - Oct 28 75,000 75,000
Outstanding at 31 December 628,345 749,345
Outstanding warrants have the following characteristics:
Specification of outstanding warrants:
2024 2023
Average remaining life of outstanding warrants at 31 December (years) 1.58 3.75
Exercise price for outstanding warrants at 31 December (DKK) 16.96 - 25.54 16.96 - 25.54
Warrant programme
September 2023
Warrant programme
July 2022
Warrant programme
June 2022
Warrant programme
April 2022
Warrant programme
October 2020
Average share price (DKK) 19.10 17. 35 18.20 27. 90 19.70
Expected volatility rate (% p.a.) 49 42 45 44 40
Risk-free interest rate (% p.a.) 3.02 0.65 1.23 (0.25) (0.64)
Expected warrant life (no. years) 4 2.67 3.17 4 4.5
Exercise price (DKK) 19.00 16.96 20.04 25.17 23.10
Fair value all warrants (DKK '000) 595 366 552 811 2,092
Expected volatility rate is applied based on the annualised volatility on relevant peer groups derived from the standard deviation of daily
observations over 12 months ending 2024.
The fair value of the warrants issued is measured at calculated market price at the grant date based on the Black-Scholes option pricing
model. The calculation is based on the following assumptions at the grant date:
Annual Report 2024
29
Note 8 – Depreciation and amortisation
of intangible and tangible assets
Note 9 – Financial income and expenses
(DKK '000) 2024 2023
Software developed 12,149 11,860
Fixtures and equipment 15 226
Right-of-use asset 1,063 1,047
Leasehold improvements 4 130
Total depreciation and amortisation of intangible and tangible assets 13,231 13,263
(DKK '000) 2024 2023
Financial income
Interest income, banks 14 -
Other interest income 2,169 -
Foreign exchange rate adjustments (net) - 297
Total financial income 2,183 297
Financial expenses
Interest expense, banks 10 -
Interest expense financial liabilities carried at amortised cost 2,505 2,083
Other interest expense 696 2,013
Foreign exchange rate adjustments (net) 134 -
Total financial expenses 3,345 4,096
Note 10 – Tax
(DKK '000) 2024 2023
Current income tax 287 -
Adjustment for current tax of prior periods (10,377) 12,345
Adjustment deferred tax 7,324 (14,988)
Total (2,766) (2,643)
Unrecognised deferred tax ( 7, 3 24) 14,988
Total (10,090) 12,345
Profit/(loss) before tax (13,368) (13,368)
Income tax, tax rate of 22% (2,941) (3,334)
Tax effect from:
Non-deductible expenses (329) 465
Adjustment of temporary differences, deferred tax 501 73
Tax losses carried forward 3,056 2,796
Tax on profit for the year - -
Effective tax rate 0% 0%
(DKK '000) 2024 2023
Intangible assets 6,659 6,846
Tangible assets 981 290
Tax losses carried forward (35,223) (42,043)
(27,583) (34,907)
Unrecognised tax asset 27,583 34,907
Total deferred tax - -
Agillic’s tax losses are not expected to be used in full. No deferred tax assets have been recognised in respect of the DKK 35.2 million (2023:
DKK 42.0 million) as it is not considered probable that there will be taxable profits awailable in the foreseeable future. All recognised tax
losses may be carried forward indefinitely.
Other interest income and other interest expense is mainly related to interest on corporate tax payments.
Annual Report 2024
30
Note 11 – Notes to cash flow statement
(DKK '000) 2024 2023
Changes in working capital
Changes in trade receivables, other receivables, prepayments etc. 959 580
Changes in trade payables, other payables, deferred income etc. 9,125 (6,972)
Total changes in working capital 10,084 (6,392)
Borrowings/repayment (-) long-term
Borrowings at 1 January, net 17,189 21,518
Change from long term to short term (4,952) (4,737)
Repayment of loans and debt to credit institutions - 358
Amortised borrowing costs 71 50
Borrowings long-term at 31 December 12,308 17,189
Borrowings/repayment (-) short-term
Borrowings at 1 January, net 6,574 2,796
Change from long term to short term 4,952 4,737
Repayment of loans and debt to credit institutions (4,806) (908)
Change in accrued interest (113) (110)
Amortised borrowing costs 65 59
Borrowings short-term at 31 December 6,672 6,574
Note 12 – Intangible assets
(DKK '000)
Patent
Client
contracts
Software
developed Total
2024
Cost beginning of year 500 2,254 83,027 85,781
Additions - - -
Additions from internal development - - 10,882 10,882
Disposals - - - -
Cost end of year 500 2,254 93,909 96,663
Amortisation beginning of year - 2,254 51,992 54,246
Amortisation - - 12,149 12,149
Disposals - - - -
Amortisation end of year - 2,254 64,141 66,395
Carrying amount end of year 500 - 29,768 30,268
2023
Cost beginning of year 500 2,254 71,312 74,066
Additions - - - -
Additions from internal development - - 11,715 11,715
Disposals - - - -
Cost end of year 500 2,254 83,027 85,781
Amortisation beginning of year - 2,254 40,192 42,446
Amortisation - - 11,800 11,800
Disposals - - - -
Amortisation end of year - 2,254 51,992 54,246
Carrying amount end of year 500 - 31,035 31,535
Capitalised software development costs relates to development of
the existing proprietary customer engagement platform platform.
The platform is under continuous development for the use of
clients and partners and is sold as a license to use the platform
for a given period. The user has acces to upgrades and new
functionalities during the contract period.
Development costs for the year covers both development of
frontend and backend par t of the platform. Both par t s to increase
the user experience and functionalities within the platform in
order to increase Agillic’s revenue by maintaining existing clients
and acquire new clients.
It is Management’s assessment that the expec ted useful lives of the
finite-lived assets, as well as the expec ted future revenue streams
from the assets is sufficient to cover the value of recognised
developed software at the reporting date.
In 2024, Agillic expensed DKK 0 million (2023: DKK 0 million)
for development projects, primarily planning, administrative and
other general overhead expenditures not meeting the recognition
criteria applicable to internally generated intangible assets.
Annual Report 2024
31
Note 13 – Tangible assets
Fixtures and
equipment
Right-of-
use asset
Leasehold
improvements
Total
2024
Cost beginning of year 1,151 4,186 390 5,727
Additions - 3,768 - 3,768
Disposals - (4,186) - (4,186)
Cost end of year 1,151 3,768 390 5,309
Depreciation beginning of year 1,136 3,228 386 4,750
Depreciation 15 1,063 4 1,082
Disposals - (4,186) - (4,186)
Depreciation end of year 1,151 105 390 1,646
Carrying amount end of year - 3,663 - 3,663
2023
Cost beginning of year 1,151 4,186 390 5,727
Additions - - - -
Disposals - - - -
Cost end of year 1,151 4,186 390 5,727
Depreciation beginning of year 910 2,181 256 3,347
Depreciation 226 1,047 130 1,403
Disposals - - - -
Depreciation end of year 1,136 3,228 386 4,750
Carrying amount end of year 15 958 4 977
Agillic’s right-of-use assets are related to the lease of office
facilities, and hence the non-cancellable period from the leases
expired in 2024 a reassessment hereof has been made.
The expected lease period for the rent of the office facilities is
36 months.
When assessing the initial value of the lease asset a discounting
rate of 4.6% is applied, as this reflec t s the Incremental Borrowing
Rate (IBR) of the company for a loan with similar qualities and
securities.
The right-of-use assets are depreciated on a straight-line basis
over the expected lease period of 36 months.
The interest expense on lease obligations amounts to DKK 0.0m
(2023: DKK 0.0m.)
Leasing obligations are specified within note 17.
Agillic has chosen not to recognise directly related costs to the
leasing asset. In accordance with the transitional provisions in
IFRS 16, Agillic has chosen to implement the standard:
• Not to recognise leasing agreements with a term of less than
12 months or with low value, which means the only recognised
lease is the rent of the facilities at Masnedøgade 22, 2100
Copenhagen.
• Not to reassess whether an ongoing contract is or contains a lease
In assessing future leasing payments, Agillic has reviewed its
operational leasing agreements and identified those leasing
payments that relate to a leasing component and that are fixed
or variable, but which change in line with fluctuations in an index
or an interest rate. Agillic has chosen not to recognise payments
related to service components as part of the leasing obligation.
(DKK '000) 31 Dec 2024 31 Dec 2023
Trade receivables
Trade receivables, gross 2,414 3,939
Allowances for doubtful trade receivables:
Balance beginning of year 450 450
Change in allowance during the year - -
Realised losses during the year - -
Allowances for doubtful trade receivables year end 450 450
Trade receivables, net 1,964 3,489
Trade receivables (net) can be specified as follows:
Not past due 778 2,894
Past due, but not impaired:
Not more than 30 days 1,186 313
Between 31 and 60 days - -
Between 61 and 90 days - 282
More than 90 days - -
Trade receivables, net 1,964 3,489
The carrying amount is equivalent to the fair value of the assets.
Note 14 – Trade receivables
In 2024, allowances have been recognised according to the lifetime expected credit loss method as introduced under IFRS
9. The expected loss on trade receivables is DKK 0.45 million (2023: 0.45 million) according to IFRS 9.
Annual Report 2024
32
Note 15 – Share capital and earnings per share
Share capital
As at 31 December 2024, the share capital consisted of 11,062,005 (2023: 11,062,005) shares with a nominal value of DKK 0.10. The
shares are not divided into classes and carry no right to fixed income.
(DKK ‘000) 2024 2023
Issued and fully paid shares:
At 1 January 2024, 11,062,005 shares of DKK 0.10 each 1,106 1,026
Capital increase, registered 24 March2023 - 80
Share capital at 31 December 2024 1,106 1,106
Earnings per share
The calculation of earnings per share is based on the following:
Profit/(loss) for the year (3,278) (27.501)
Weighted average number of shares used for calculation
of earnings per share
11,062,005 10,901,793
Average anti-dilutive effect of outstanding share options 645,503 651,222
Weighted average number of shares used for calculation of
diluted earnings per share 11,707,508 11,553,015
Earnings per share (EPS) (0.30) (2.52)
Earnings per share, diluted (DEPS) (0.30) (2.52)
Note 16 – Borrowings
The funding package consist of:
• The existing credit line is DKK 3.0 million (2023: DKK 3.0 million). At 31 December 2024, the credit line was not utilised. The credit facility
is renegotiated on a yearly basis. The credit line bears an annual variable interest rate subject to DANBOR +3.0%.
• Existing loans from the Export and Investment Fund of Denmark (EIFO) amounts to DKK 31.0 million (2023: DKK 31.0 millon). The loans
mature in between 2025-2028. No covenants apply. The variable interest rate is subject to adjustment quarterly based upon the 3-months
CIBOR plus a premium
Booked value is assessed to be represented the fair value of borrowings at end year.
(DKK '000) 31 Dec 2024 31 Dec 2023
Borrowings are due as follows:
Within 1 year 6,672 6,574
From 1-5 years 12,308 17,189
After 5 years - -
Total borrowings 18,980 23,763
Borrowings are recognised accordingly:
Borrowings, long-term 12,308 17,189
Borrowings, short-term 6,672 6,574
Note 17 – Leasing obligations
The average alternative borrowing rate used when discounting future lease payments in connection with measuring the leasing
obligation is set at Agillic’s marginal borrowing rate of 4.67% p.a. (2023: 2.63%).
Leasing obligations relate to rented office facilities.
(DKK '000) 31 Dec 2024 31 Dec 2023
Leasing obligations are due as follows:
Within 1 year 1,188 1,146
From 1-5 years 2,584 -
After 5 years - -
Total leasing obligations 3,772 1,146
Leasing obligations are recognised accordingly:
Leasing obligations, long-term 2,584 -
Leasing obligations, short-term 1,188 1,146
Annual Report 2024
33
Note 20 – Contingent liabilities and commitments
The Executive Leadership assesses that the outcome of pending claims and other disputes will have no material impact on the
Agillic’s financial position.
A mortgage of DKK 18 million is registered as collateral for Agillic’s debt to the Export and Investment Fund of Denmark (EIFO) of DKK 18.9
million as per 31 December 2024, against assets with a booked value of DKK 32.2 million (2023: DKK 35.0 million).
A mortgage of DKK 3 million is registered as collateral for Agillic’s credit facility at Danske Bank, against assets with a booked value of DKK
32.2 million (2023: DKK 35.0 million).
A guarantee of NOK 60,000 has been provided to the Norwegian Tax Authorities.
Note 21 – Related parties
Agillic’s related parties exercising a significant influence comprise the company’s Board of Directors and Board of Management as well as
relatives of these persons.
Related parties also comprise companies in which the individuals mentioned above have material interests.
Agillic did not enter into any agreements, deals, or other transactions in 2024 in which the company’s Board of Directors or Board
of Management had a financial interest, except for transactions following from the employment relationship. See note 6, staff costs.
All agreements relating to these transactions are based on market price (arm’s length). Agillic has had the following transactions with
related parties:
There has not been any transactions with related parties. There has been a normal remuneration to one of the Board of Directors. For
Board of Management and other key management personnel, there has not been any transactions other than presented in note 6, staff
costs. Key management personnel consists of parties with significant influence not already disclosed as part of the Board of Directors and
the Board of Management.
Members of the Board of Directors are elected by the shareholders at the Annual General Meeting for terms of one year. Refer to page 15
for additional information on members of the Board of Directors.
Note 19 – Deferred income
Revenue relating to subscriptions is recognised over time although the customer pays up-front in full for these subscriptions. A contract
liability is recognised for revenue at the time of the initial sales transaction and is released over the contract period.
All of the deferred income per 31 December 2023 was recognised as revenue in 2024.
(DKK '000) 31 Dec 2024 31 Dec 2023
Arising from contracts with customers 27,431 19,138
Total deferred income 27,431 19,138
Current 27,431 19,138
Non-current - -
Total deferred income 27,431 19,138
(DKK ‘000) 2024 2023
Transactions
Outstanding balances
Sale and purchase of shares – major shareholders - -
Note 18 – Other payables
(DKK '000) 31 Dec 2024 31 Dec 2023
Accrued vacation payables, long-term 3,236 2,885
Accrued vacation payables, short-term 1,805 1,700
Bonus, commission, etc. payables 2,811 1,623
Payroll taxes, VAT, etc. 3,090 3,788
Other accrued costs 3 291
Total other payables 10,945 10,287
Current 7,709 7,402
Non-current 3,236 2,885
Total other payables 10,945 10,287
Annual Report 2024
34
Due to the nature of its operations, investments, and financing,
Agillic is exposed to a number of financial risks. It is Agillic’s policy
to operate with a low risk profile, so that currency risk, interest
rate risk and credit risk only occur in commercial relations.
The scope and nature of Agillic’s financial instruments appear
from the income statement and statement of financial position
in accordance with the accounting policies applied. Provided
below is information about factors that may influence amounts,
time of payment, or reliability of future payments, where such
information is not provided directly in the financial statements.
This note addresses only financial risks directly related to
Agillic’s financial instruments. Agillic’s most important opera-
tional and commercial risk factors are described in more detail
on page 12.
Currency risk
Currency risk is the risk that arises from changes in exchange
rates and affects Agillic’s result.
The general objective of Agillic’s currency risk management
is to limit and delay any adverse impact of exchange rate
fluctuations on earnings and cash flows and thus increase
the predictability of the financial results. Agillic also aim to
balance incoming and outgoing payments in local currency
as much as possible as well as monitoring the development
in exchange rates and adjust price lists when required.
The most significant financial risk in Agillic relates to exchange
rate fluctuations. The greatest exposure in foreign currency is to
NOK and in 2024, 8.4% (2023: 14.2%) of Agillic’s revenue was
denominated in NOK. Furthermore, Agillic generally seek to ensure
that contract s with clients are entered into in DKK , NOK or EUR .
Based on the net exposure of Agillic, the hypothetical impact of
exchange rate fluctuations on revenue and EBI TDA , is as follows:
Interest rate risk
Interest rate risk arises in relation to interest-bearing assets and
liabilities. Agillic’s interest-bearing borrowings of DKK 18,980
thousand as per 31 December 2024 is subject to a variable rate
of interest based on a 3-months CIBOR plus a premium.
If market interest rates increased by one percentage point, the
interest rate sensitivity as calculated based on the loan balance
to credit institutions as per end of 2024, would lead to a yearly
increase in interest expenses of DK K 190 thousand. A correspond-
ing decrease in market interest rates would have the opposite
impact.
Liquidity risk
Agillic ensures sufficient liquidity resources by liquidity man-
agement . In order to limit Agillic’s counterpar t y risk , deposits are
only made in well-reputed banks. The cash reser ve and expec ted
cash flow for 2024 are considered to be adequate to meet the
obligations of Agillic as they fall due.
Credit risk
The main credit risk in Agillic is related to trade receivables . Agillic
does not have material risks related to a single client or partner.
Agillic’s business model leads to a very limited credit risk as the
majorit y of the subscr iption based revenue derived from contracts
with clients are subject upfront annual invoicing and payment.
Ag i l lic d i d n o t h i s tor i c a l l y ha d a ny s i gin fi c a n t los s o n t r a d e r e c e i v a b l e s
and the risk of significant losses on the total receivables as per
31 December 2024 is estimated to be limited.
Also refer to note 14, trade receivables.
Capital structure
Agillic manages its capital to ensure that the company will be able
to continue as going concern while maximising the return to share-
holders through the optimisation of the debt and equity balances.
The capital structure of the Agillic consist s of net debt and equity.
The Board of Directors reviews the capital structure continually
to consider if the current capital structure is in accordance with
Agillic’s and shareholders’ interests.
Note 22 – Financial risks
(DKK '000) 31 Dec 2024 31 Dec 2023
Specification of financial assets and liabilities:
Trade receivables 1,964 3,489
Other receivables 100 35
Tax receivables - 5,976
Cash 6,363 9,808
Total financial assets measured at amortised cost 8,427 19,308
Debt to credit institutions 18,980 23,763
Prepayments from clients - -
Trade payables 5,373 4,848
Other payables 7,709 15,637
Total financial liabilities measured at amortised cost 32,062 44,248
Sensitivity to a 10% increase in NOK exchange rate 2024 2023
Revenue 535 917
EBITDA (358) 1,091
Annual Report 2024
35
Annual recurring revenue
Annual recurring revenue (ARR) is the value of
subscriptions at a given date, including trans-
action-based use, entered into with Agillic and
converted to a monthly value multiplied by 12.
New subscriptions are included in ARR at the time
of entering into the binding agreement, which would
typically occur at the time of signing the agreement.
For changes to existing subscriptions, ARR is included
at the time that the change enters into force.
Subscriptions that are terminated or not renewed
are reduced on ARR at the time that the agreement
ceases to exist.
Subscriptions are typically entered into with an
irrevocable period of 12-36 months. Inclusion of ARR
is conducted in the following manner:
For 12 month subscriptions, ARR is included as 1
times the value of the agreement. For 24 month
subscriptions, ARR is included as ½ times the value
of the agreement. For 36 month subscriptions, ARR
is included as 1/3 times the value of the agreement.
Monthly subscriptions are included in ARR as 12
times the actual monthly value of the subscription
(MRR).
In addition to the value of subscriptions, the clients’
transaction-based subscription use, including email
and SMS transactions, are also included in ARR. The
value of ARR from transaction-based use is calculated
as the latest quarter’s actual transaction-based use
multiplied by 4.
From quarter to quarter, ARR is calculated as the
value from the last day of the most recent quarter’s
ARR adjusted for changes until the last day of the
current quarter.
The following elements are included in the calculation
of the changes in ARR:
+ Additional sales to existing clients (subscrip-
tion-based upgrades/additional services)
+ Agreed upon price adjustments to existing
subscriptions
+ New sales of subscriptions
+ The change (+/-) in transaction use derived from
the subscriptions
- Termination or downgrading of subscription
= Change in ARR
ARR is calculated in Danish Kroner. When entering
into an agreement in a foreign currency, a currency
conversion is conducted at the time of entering into
the agreement.
ARR multiple
Customer Acquisition
Costs (CAC)
Earnings per share (EPS)
Earnings per share,
diluted (DEPS)
EBITDA
EBIT
Gross profit margin (%)
Number of employees year
end (FTE)
Years to recover CAC
Market cap / ARR.
The sales and marketing cost (including direct related cost, like travel
costs, personal IT costs, costs of office, etc.) of acquiring one new
customer.
Net profit divided by the weighted average number of shares.
Net profit divided by the weighted average number of shares, inlcuding
the dilutive effect of stock options.
Net profit before interests, tax, depreciation, amortisation and result from
joint ventures.
Earnings before interest and tax.
Gross profit as a percentage of Revenue.
Number of full-time equivalent employees (part-time employees
translated into full-time employees) at the end of the year.
Average number of years to recover the costs of acquiring one new
customer (CAC) calculated as CAC divided by Average ARR*Gross profit
margin %.
Definitions of key figures and ratios
Annual Report 2024
36
Board of Directors
Joar Welde, Chair
Andreas Sandbu
Jesper Lohmann
Jan Juul
Thorsten Köhler
Executive Leadership
Christian Samsø, CEO
Claus Boysen, CFO
Date of establishment
2 December 1999
Financial year
1 January - 31 December
Auditor
Deloitte Statsautoriseret Revisionspartnerselskab
CVR no. 33963556
Agillic A/S
Masnedøgade 22, 2
nd
floor
2100 Copenhagen
Denmark
contact@agillic.com
agillic.com
Business reg. no. 25063864