2
3
CONTENT
Board of Directors Report ............................................................. 4
Consolidated accounts Duett Software Group AS ...................... 14
Auditors Report ............................................................................ 43
4
BACKGROUND AND OPERATIONS
Duett Software Group AS (the “Company”) is the
owner of Duett AS and Taskline AS in Norway
and Skyhost Aps in Denmark (together the
“Subsidiaries”). The Company and its Subsidiaries
comprise the “Duett Software Group” or “the
Group”. Duett Software Group AS is owned by Duo
as majority owner together with management and
employees of Duett AS and Skyhost.
STRATEGY
Norway and is a provider of software and
hosting services to accounting offices and their
customers. Skyhost Aps operates in the Danish
market and is a provider of task management,
fleet management and time registration
software to municipalities, contractors and
leasing companies.
Duett Software Group AS acquired Skyhost Aps
on 16 April 2021. The acquisition rationale for
Skyhost was to increase the Groups breadth of
software offerings, expand the Group’s presence
in a new region and cross-sell Skyhost’s
functionality to customers of Duett AS in
Norway.
Duett Software Group AS acquired Taskline AS
on 16 June 2023. The acquisition rationale for
Taskline was to increase the Groups breadth of
software offerings for accounting agencies.
In both the Norwegian and Danish markets, we
offer modern solutions based on future-oriented
technology which is developed in-house. The
uniqueness of the solutions, value-added
functionality, deep industry expertise and
excellent customer service have differentiated
Duett Software Group from other players in the
market. The strategy of the Group is to continue
to leverage these assets with both our existing
products and new initiatives to further increase
the Group’s market share.
Social responsibility
details
ENVIRONMENT
The Group is committed to ensuring that its
operations are safe and do not harm either
its employees or the natural environment.
The Group also strives to provide all
employees with a healthy and safe working
environment. Quality, health, safety and
the environment are integral aspects of
the Group’s activities, and systems are
in place to monitor and follow up any
accidents or incidents. The nature of the
business involves a low risk of pollution of
the external environment. The most critical
input factor with regard to the environment
is electricity.
Board of Directors
Report
5
ANTI-CORRUPTION AND BRIBERY
Looking ahead, we will continue to refine
our anti-corruption framework to address
emerging challenges. Our goal is to instill
a culture of integrity that permeates every
level of the organization.
THE COMPANY
Human rights, equal opportunities and anti
discrimination is described in the section of
Equality report.
“Quality, health, safety
and the environment are
integral aspects of the
company’s activities”
6
Corporate
governance details
CORPORATE GOVERNANCE
The Board of Directors and management
are committed to promoting good corporate
governance. The Group believes that good
corporate governance builds trust among
shareholders, customers and other stakeholders,
and thus supports maximum value creation over
time.
Management and the organization regularly
adapt to ensure the Group is equipped to
effectively manage all of its obligations to bond
holders, customers, employees, authorities and
other stakeholders.
DIALOGUE BETWEEN THE COMPANY
AND ITS STAKEHOLDERS
The communication between the company
and shareholders primarily takes place at the
Company’s Annual General Meeting and via
company announcements.
THE GENERAL MEETING AND THE
BOARD OF DIRECTORS
The General Meeting has the final authority over
the Company. The Board of Directors ensures
that shareholders are given detailed information
and an adequate basis for the decisions to
be made by the General Meeting. The General
Meeting elects the Board of Directors, which
currently consists of four members.
The Board of Directors of Duett Software Group is
the same in 2023 compared to 2022. The Board
members are:
Chairman of the Board:
Adam Dawid Malinowski (b. 1986)
Board member:
Bjørnar Håkensmoen (b. 1969)
Board member:
Maurice Andre Hernandez (b. 1981)
Board member:
Rachel Lee Spasser (b. 1967)
Duett Software Group has Board insurance with a
coverage of NOK 50 million.
AMENDMENT OF ARTICLES OF
ASSOCIATION
Resolutions to amend the Articles of Association
must be approved by at least 2/3 of the votes
cast as well as at least 2/3 of the voting share
capital represented at the General Meeting.
BOARD RESPONSIBILLITIES
The Board of Directors main tasks include
participating in, developing, and adopting the
Group’s strategy, performing the relevant control
functions and serving as an advisory body for
the executive management. The Board reviews
and adopts the Group’s plans and budgets. Items
of major strategic or financial importance to the
Group are also administered by the Board. The
Board is responsible for hiring the CEO, defining
the CEO’s job description and setting the CEO’s
compensation. The Board periodically reviews the
Group’s policies and procedures to ensure that
the Group is managed in accordance with good
corporate governance principles, and that it acts in
an ethical manner.
SOCIAL RESPONSIBILITY
The company’s Board of Directors and
management have implemented guidelines
for values and ethics. The goal is to create
a corporate culture that contributes to good
business standards. Raising awareness of the
guidelines has been the company’s main focus
in this area. The Group has not had any known
violations of the policy.
The Board of Directors receives regular financial
reports on the Group’s business and financial
status.
FINANCIAL REPORTING
The Board of Directors receives regular financial
reports on the Group’s business and financial
status.
7
NOTIFICATION OF MEETINGS AND
DISCUSSION OF ITEMS
The Board schedules regular meetings each year.
Ordinarily, the Board meets four times a year.
Additional meetings may be convened on an ad
hoc basis.
All Board members receive regular information
about the Group’s operational and financial status
in advance of the scheduled Board meetings. The
Board members also regularly receive operations
reports and participate in strategy reviews. The
Group’s business plan, strategy and risks are
regularly reviewed and evaluated by the Board.
The Board Members are free to consult the
Group’s senior executives as needed. Ordinarily,
the Chairman of the Board proposes the agenda
for each Board meeting. In addition to the Board
Members, Board meetings are attended by the
executive management. Other participants are
summoned as needed. The Board approves
decisions of particular importance to the Group
including the strategies and strategic plans, the
approval of significant investments, and the ap-
proval of business acquisitions and disposals.
CONFLICTS OF INTEREST
In a situation involving a member of the Board
personally, this member will recluse him or
herself from the discussions and voting on the
issue.
THE BOARD’S SELF-EVALUATION
The Board’s composition, competencies, working
methods and interaction are discussed on an
ongoing basis and evaluated formally on an
annual basis. The composition of the Board is
considered appropriate in terms of professional
experience and relevant expertise to perform
its tasks. The Board of Directors continuously
assesses whether the competencies and
expertise of members need to be updated.
THE TRANSPARENCY ACT
The report is published on www.duett.no.
EMPLOYEES, MANAGEMENT AND THE
BOARD OF DIRECTORS
By the end of 2023 Duett Software Group had
129 employees (125 FTE) 26% of the employees
were women. Duett AS had 114 employees (112
FTE), represented by 84 men and 30 women,
and SkyHost ApS had 15 Employees (14 FTE),
represented by 11 men and 4 women. Although
Duett AS had certain new hires in 2023, the
number of overall FTEs has not increased due to
voluntary and involuntary employee turnover. The
expectation is that the number FTE’s will increase
in 2024 as the company makes key investments
to drive future growth and product capabilities.
Duett Software Group AS has worked
continuously through 2023 to ensure a common
corporate culture across the Group. The
company practices a policy of equal treatment
of employees and promotes a positive working
environment, seeing this as key to being an
attractive employer. No accidents or injuries were
registered in 2023. The sickness absence rate
for 2023 was 5,78% for Duett AS. Currently, sick
leave data is not tracked at SkyHost ApS.
To ensure that our employees reach their full
potential we encourage personal development
and learning by providing continuous training and
education.
EQUALITY REPORT
It is a fundamental human right to be treated
equally, with dignity, respect and consideration,
and to be entitled to take part on an equal basis
with others in working life. We work actively,
purposefully and systematically to promote
equality and prevent discrimination on the basis
of gender, pregnancy, maternity or adoption
leave, caregiving duties, ethnicity, religion, beliefs,
disability, sexual orientation, or gender identity.
The topic of gender equality and discrimination
work is a focus area for the working environment
committee in the company.
The work on gender equality includes recruit-
ment, pay and working conditions, promotions,
development opportunities, facilitation and the
possibility of combining work and family life.
8
In connection with the recruitment of staff,
candidates are selected on the basis of the
qualification principle and all announcements are
free of discriminatory variables.
The CHRO and the CEO have reviewed all the
companies’ guidelines in the various personnel
policy areas. This is also followed up by HR
throughout the year.
ANALYSIS
To ensure our efforts to promote equality and
prevent discrimination, analyses are carried out
at least four times a year. This is in connection
with year-end, annual salary adjustments and
reports to our owners.
Four employee surveys have been conducted.
Three smaller surveys and one main survey.
To further strengthen the analysis work, a new
HRIS solution was procured and implemented
in January 2023. This HR system gives us better
capacity to make data-driven analyses, assess-
ments and decisions that support our equality
work.
WHISTLEBLOWER
The employees have the opportunity to carry
out anonymous whistleblowing via our HR
system which satisfies the legal requirements.
The employees also have access to information
on how they can whistleblower externally in a
responsible manner if they wish to do so.
EMPLOYMENT CONDITIONS
We have a clear policy for our employees to be
offered permanent full-time positions. In 2023,
we had one temporary employee and only 5 % of
the employees had a part-time position. The part-
time positions are voluntary. Our employees also
have access to comprehensive health insurance
that ensures our employees good mental and
physical health care services. In the autumn of
2022, we started to provide a new low-threshold
service within mental health care.
GENDER BALANCE
As with other tech companies, the share of wom-
en in our company is too low. The total gender
balance in the company was 26,72 % female and
73,28 % males. Although we strive to create a
good gender balance, female candidates seldom
appear in our recruitment processes for technical
positions.
We are focused on improving the gender balance
at our company. For instance, in 2023 we hired a
female Chief Marketing Office.
The Board of Duett Software Group consists of
three men and one woman.
9
SALARY BALANCE
Our Salary Policy stipulates that the
determination and adjustment of pay must
consider the following aspects:
1. The company’s financial situation
2. Competition in the recruitment market
3. The qualification of the employee or
candidate
4. The employee’s performance
5. Feedback from the employee
In order to carry out an objective analysis of the
gender balance in terms of pay, the positions
are classified based on four levels (Individual
Contributor 1-4). The IC levels are based on the
their functional area in the company and type of
competence.
The diagram below shows the gender’s average
salary in percentage relation to the average salary
for the IC area. 100% corresponds to the average
salary regardless of gender.The management
team is excluded due to few leaders on the
different management levels.
GOING-CONCERN ASSUMPTIONS
The Board of Directors confirms that the
assumption of a going-concern is met and
that the annual financial statements have been
prepared in accordance with this assumption.
The graph is showing the gender balance based upon base salary
10
Financial results
Duett Software Group AS is the holding company
for the Group and is owned by Duo Holdings AS.
Duo Holdings AS has presented consolidated
accounts in accordance with Norwegian GAAP
and for all practical purposes, the consolidated
accounts for Duo Holdings AS are considered
identical to the consolidated accounts for Duett
Software Group AS. The main difference consists
of bank deposits in Duo Holding AS. The figures in
brackets on the subsequent pages pertain to the
previous year.
2023
REVENUE
Total revenues for 2023 increased by 23.7% to NOK
327.0 million (NOK 264.3 million).
OPERATING EXPENSES
The total operating expenses amounted to NOK
336.3 million (NOK 289.2 million).
The salary and personnel expenses for 2023
were NOK 112.1 million (NOK 84.1 million) which
is up 33.3% compared to 2022. Measured as a
percentage of total revenues for the whole Group,
salary and personnel expenses is stable with 31.8%
in 2022 and 34.3% in 2023.
Depreciation and amortization decreased from NOK
100.8 million in 2022 to NOK 68.7 million in 2023.
Other operating expenses increased from NOK 29.6
million in 2022 to NOK 56.8 million in 2023.
NET FINANCE
Net finance for 2023 was negative NOK 48.2 million
(NOK 37.7 million). Net finance for both years were
primarily interest expenses, the increase in which
was primarily due to higher interest rates.
PROFIT AND LOSS AND INCOME TAXES
Loss before tax was NOK 57.5 million in 2023
compared to a loss before tax of NOK 62.6 million
in 2022.
Income tax was a net benefit of NOK 4.1 million in
2023 compared to NOK 8.2 million in 2022. Loss
after tax was NOK 53.4 million compared to NOK
54.4 million in 2022.
CASH FLOW
Cash flow from operating activities
Duett Group had a positive cash flow of NOK
66.3 million in the period between January and
December 2023 compared to NOK 56.7 million in
2022.
Net cash flow from investments was NOK -29.2
million (NOK -24.6 million)
Duett Group capitalized a total of NOK 16.8 million
of employee expenses and consultancy related to
product development in 2023, compared to NOK
22.6 million in 2022.
Net cash flow from financing activities in 2023 was
NOK -58.4 million (NOK -47.2 million)
Total cash and cash equivalents available at the end
of 2023 was NOK 39.0 million (NOK 58.8 million).
FINANCIAL POSITION
At the end of December 2023, Duett Software
Group AS total assets amounted to NOK 874.0
million (NOK 899.5 million). Non-current assets
amounted to NOK 795.3 million (NOK 816.1
million). Current assets amounted to a total value
of NOK 78.8 million (NOK 83.4 million) of which
NOK 39.0 million (NOK 58.8 million) is cash and
cash equivalents. Accounts receivables amounted
to NOK 20.5 million (NOK 14.5 million).
At the end of December 2023, Duett Group’s non-
current liabilities amounted to NOK 564.6 million
(NOK 572.8 million). Of this, leasing obligations
represented NOK 11.4 million (NOK 15.5 million)
and were calculated in accordance with IFRS 16.
Current liabilities at the end of 2023 was NOK 96.4
million (NOK 72.0 million). Accounts payables
amounted to NOK 25.1 million (NOK 11.8 million).
Leases amounted to NOK 8.9 million (NOK 10.5
million). Prepaid revenue amounted to NOK 14.3
million (NOK 11.7 million). Other current liabilities at
the end of 2023 totaled NOK 34.0 million (NOK 22.9
million).
11
EQUITY
Total equity amounted to NOK 213.1 million (NOK
254.7 million). The equity ratio is 24.4% (28.3%). See
consolidated statement of changes in equity for
details.
HOLDING COMPANY
The company had an operating revenue of NOK
16.4 million (NOK 31.4 million), which for both
years are Group contributions from subsidiaries.
The operating profit for the year was NOK 11.0
million (NOK 28.2 million). Net financial items were
negative by NOK 45.3 million (NOK 33.1 million),
while the profit before tax was NOK -34.2 million
(NOK -4.9 million) and profit after tax was NOK
-35.4 million (NOK -8.9 million).
DIVIDEND
The company is in an expansion phase where
investments in products, services and the team are
prioritized and the Board therefore proposes that no
dividends be paid for 2023.
RISK
The Group’s regular business activities involve
exposure to different types of risk. The Group
handles such risks proactively and the Board
regularly analyzes its operations and potential risk
factors and takes steps to reduce risk exposure.
The Group has quality systems implemented in line
with the requirements that apply to the business.
Financial risk factors are discussed in Note 3.
The Board of Directors receives regular reports
on financial results from the Group. The Board
considers that risk management and internal
control of the Group is adequate in terms of the size
and nature of the business. According to the law,
annual meetings are held with the external auditor.
RESEARCH AND DEVELOPMENT
The company is developing its own software.
The company develops financial systems with
functionality adapted to different industries.
The main industries are agriculture, real estate,
contractors and craftsmen.
Continuous development is crucial to ensuring
competitiveness in the future and thereby the
basis of existence for the business. The carrying
value of software developed by the company was
NOK 42.4 million at the end of 2023 (NOK 46.2
in 2022), which is the book value of internally-
developed software from the balance sheet in
the company accounts. See note 12 for detailed
information about capitalized and total costs for
development.
OUTLOOK
This forward-looking statement reflects our current
view of the outlook based on how we view today’s
operating results. The outlook is subject to risk and
uncertainty as the views expressed relate to future
events and circumstances.
The Group plans to continue its growth through
organic growth initiatives, cross-selling and
geographic expansion opportunities in both Duett
AS and Skyhost ApS.
We will continue to focus on developing our own
innovative solutions that will modernize the way
the accounting industry performs its services. We
will also, through both proprietary solutions and
partnerships, further develop the range of services
that accountants can offer their customers in all
industries. In terms of mergers and aquisitions, we
will continue to pursue interesting opportunities to
strengthen our geographic presence and expand
our offerings.
12
13
RESEARCH AND
DEVELOPMENT
We are increasing the number of
employees in the development
department to continue to improve
the Company’s products and enhance
functionality
REVENUE
NOK 327.0
MILLIONS
have increased to 327.0 in
2023 vs 264.3 in 2022
Tynset, April 23, 2024
Adam David Malinowsky
Chairman of the board
Rachel Lee Spasser
Board member
Maurice Andre Hernandez
Board member
Erik Carson Harrell
CEO
14
We confirm that, to the best of our knowledge, the financial statements for the period from 1
January to 31 December 2023 have been prepared in accordance with applicable standards
and give a true and fair view of the Group’s assets, liabilities, financial position and results of
operations. We confirm that the Board of Directors report provides a true and fair view of the
development and performance of the business and the position of the group, together with a
description of the key risks and uncertainty factors that they are facing.
Declaration by the Board
of Directors
Tynset, April 23, 2024
The Board of Directors of Duett Software Group AS
Adam David Malinowsky
Chairman of the board
Rachel Lee Spasser
Board member
Maurice Andre Hernandez
Board member
Erik Carson Harrell
CEO
15
Profit and loss
Consolidated statement of profit and loss Notes 2023 2022
Revenue 5 327 045 485 264 323 704
Materials, software and services 13 98 768 466 74 720 266
Salary and personell costs 6 112 123 781 84 131 275
Other operating expenses 7,8 56 819 631 29 564 171
Depreciation and amortizations 11,12 68 652 172 100 827 931
Operating expenses 336 364 050 289 243 642
Operating profit/loss(-) -9 318 565 -24 919 938
Finance income 9 2 219 033 1 010 019
Finance expenses 9 50 454 563 38 721 185
Net finance -48 235 530 -37 711 166
Profit/loss(-) before tax -57 554 095 -62 631 105
Income tax expenses 10 -4 329 507 -8 219 220
Profit/loss(-) after tax -53 224 588 -54 411 885
Attributable to:
Equity holders of the parent company -53 224 588 -54 411 885
Consolidated statement of other comprehensive income
Net profit/(loss) after tax -53 224 588 -54 411 885
Items that will not be reclassified to profit and loss
Foreign currency translation differences - foreign operations 11 623 174 8 582 296
Other comprehensive income for the period, net of tax 11 623 174 8 582 296
Total comprehensive income for the period -41 601 413 -45 829 589
Attributable to:
Equity holders of the parent company
-41 601 413 -45 829 589
16
Financial position
Consolidated statement of financial position
(Amounts in NOK)
Notes 31 December
2023
31 December
2022
31 December
2021
ASSETS
Non-current assets
Property and equipment 11 15 663 708 16 059 616 16 203 819
Intangible assets 12 324 532 255 346 648 079 408 811 246
Goodwill 12 435 621 303 429 461 301 424 906 555
Right of use assets 8 19 459 311 23 879 318 26 978 774
Receivables 16 0 0 0
Other investments 0 2 501 2 501
Total non-current assets 795 276 578 816 050 815 876 902 894
Current assets
Inventory 1 477 132 1 482 607 1 865 154
Accounts receivables 15 20 531 741 14 460 781 15 204 740
Other receivables and prepayments 16 17 737 384 8 635 781 5 268 732
Cash and deposits 14 39 018 911 58 844 134 73 048 920
Total current assets 78 765 168 83 423 303 95 387 546
TOTAL ASSETS 874 041 745 899 474 119 972 290 441
17
EQUITY AND LIABILITIES Notes 31 December
2023
31 December
2022
31 December
2021
Equity
Share capital 19 3 493 200 3 493 200 3 493 200
Other paid in capital 368 770 887 368 770 887 368 770 887
Total paid in capital 372 264 087 372 264 087 372 264 087
Other equity and exchange differences
Other equity and exchange differences -159 194 060 -117 592 647 -71 763 058
Total other equity -159 194 060 -117 592 647 -71 763 058
Total equity 213 070 027 254 671 440 300 501 029
Non-current liabilities
Bonds 17 493 722 702 490 998 806 488 560 062
Lease liabilities 8 11 404 183 15 461 501 19 717 947
Deferred tax 10 59 486 996 66 369 115 80 178 317
Total non-current liabilities 564 613 881 572 829 422 588 456 326
Current liabilities
Credit facility 14 0 0 0
Accounts payables 25 086 552 11 763 137 12 179 632
Lease liabilities 8 8 929 805 10 460 740 9 969 760
VAT and other public taxes 13 106 410 10 532 271 13 648 154
Current tax payable 10 945 700 4 581 237 3 078 761
Prepaid revenue 5 14 313 443 11 709 220 24 289 113
Other current liabilities 18 33 975 929 22 926 653 20 167 665
Total current liabilities 96 357 838 71 973 257 83 333 086
TOTAL EQUITY AND LIABILITIES 874 041 745 899 474 119 972 290 441
Tynset, April 23, 2024
Adam David Malinowsky
Chairman of the board
Rachel Lee Spasser
Board member
Maurice Andre Hernandez
Board member
Erik Carson Harrell
CEO
18
Cashflow
Consolidated statement of cashflows
(Amounts in NOK)
Notes 2023 2022
Operating activities
Profit/loss(-) before tax -57 554 095 -62 631 105
Taxes paid -4 581 237 -5 245 972
Depreciation and amortization 68 348 280 101 351 375
Net finance 48 235 531 37 711 166
Change in:
Trade receivables -7 214 877 985 932
Inventory 104 469 476 801
Trade payables 13 748 963 -441 951
Prepaid revenue 1 870 308 -12 983 210
Other net working capital 3 324 688 -2 500 335
Cashflow operating activities 66 282 030 56 722 700
Investing activities
Capitalized development costs 12 -16 783 849 -22 591 385
Purchase of tangible assets -2 323 369 -1 999 666
Purchase of intangible assets 22 -10 075 816 0
Casflow investing activities -29 183 034 -24 591 051
Financing activities
Bonds 17 0 0
Expenses related to establishment of bond 0 0
Repayment of debt 17 0 0
Payment of lease 8 -12 112 918 -10 225 724
Paid interest -46 274 578 -36 953 009
Other financing activities 0 0
Cashflow financing activities -58 387 496 -47 178 733
Net change in cash and cash equivalents -21 288 499 -15 047 084
Cash and cash equivalents at the beginning of period 58 844 134 73 048 920
Foreign currency translation differences for cash and cash equivalents 1 463 277 842 298
Cash and cash equivalents at end of period 39 018 911 58 844 134
19
Equity
Consolidated statement of changes in equity
(Amounts in NOK)
Note Share
capital
Other paid in
capital
Exchange
differences
Other equity Total Equity
Opening balance on 1 January 2022 3 493 200 368 770 887 -102 131 -71 660 927 300 501 029
New equity 0 0 0 0
Total comprehensive income for the period 0 0 8 582 296 -54 411 885 -45 829 589
Closing balance on 31 December 2022 3 493 200 368 770 887 8 480 165 -126 072 812 254 671 440
New equity 0 0 0 0 0
Total comprehensive income for the period 0 0 11 623 174 -53 224 588 -41 601 413
Closing balance on 31 December 2023 3 493 200 368 770 887 20 103 399 -179 297 399 213 070 027
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KPMG AS
Vangsveien 73
N
-2317 Hamar
Telephone +47 45 40 40 63
Internet www.kpmg.no
Enterprise 935 174
627 MVA
To the General Meeting of Duett Software Group AS
Independent Auditor’s Report
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Duett Software Group AS, which comprise:
• the financial statements of the parent company Duett Software Group AS (the Company),
which comprise the “Balanse” as at 31 December 2023, the “Resultatregnskap” and “Indirekte
Kontantstrøm” for the year then ended, and notes to the financial statements, including a
summary of significant accounting policies, and
• the consolidated financial statements of Duett Software Group AS and its subsidiaries (the
Group), which comprise the consolidated statement of financial position as at 31 December
2023, the consolidated statement of profit and loss, consolidated statement of other
comprehensive income, consolidated statement of changes in equity and consolidated
statement of cashflows for the year then ended, and notes to the financial statements,
including material accounting policy information.
In our opinion
• the financial statements comply with applicable statutory requirements,
• the financial statements give a true and fair view of the financial position of the Company as at
31 December 2023, and its financial performance and its cash flows for the year then ended in
accordance with the Norwegian Accounting Act and accounting standards and practices
generally accepted in Norway, and
• the consolidated financial statements give a true and fair view of the financial position of the
Group as at 31 December 2023, and its financial performance and its cash flows for the year
then ended in accordance with IFRS Accounting Standards as adopted by the EU.
Our opinion is consistent with our additional report to the Board of Directors.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our
responsibilities under those standards are further described in the Auditor’s Responsibilities for the
Audit of the Financial Statements section of our report. We are independent of the Company and the
Group as required by relevant laws and regulations in Norway and the International Ethics Standards
Board for Accountants’ International Code of Ethics for Professional Accountants (including
Penneo document key: UQ7J1-GLFE8-82HPA-F02EE-CGBOG-FB1V4
2
International Independence Standards) (IESBA Code), and we have fulfilled our other ethical
responsibilities in accordance with these requirements. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit
Regulation (537/2014) Article 5.1 have been provided.
We have been the auditor of the Company for 4 years from the election by the general meeting of the
shareholders on 31 August 2020 for the accounting year 2020.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the financial statements of the current period. These matters were addressed in the
context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we
do not provide a separate opinion on these matters.
Identification of indicators and Impairment of Intangible assets and Goodwill
Reference is made to Note 2.10 Intangible assets and goodwill, Note 4 Critical accounting estimates
and judgements in terms of accounting policies Note 12 Intangible assets
The Key Audit Matter
How the matter was addressed in our audit
The group has recognized NOK 436 million in
Goodwill and NOK 325 million in intangible assets
as of 31st December 2023. Out of the NOK 325
million in intangible assets, NOK 42 million is self-
developed technology recognized based on an
assumption of future economic benefit. The
remaining NOK 283 million of intangible assets
are previously acquired through business
combinations.
The intangible assets are amortized based on
their useful life and are subject of impairment test
to the extent an indication of impairment has been
identified. The identification process is important
to ensure intangible assets are reflected
appropriately. The process includes elements of
judgement and consideration of internal and
external factors.
Goodwill of NOK 435 million are recognized from
previous transactions. Goodwill is not amortized in
accordance with IAS 36, but subject of an annual
impairment test. The group has performed a value
in use calculation to determine the recoverable
amount. This is based on the most recent budget
and a future growth assumption, discounted with
the Group WACC.
Performance of annual impairment test of
Goodwill consist of several judgements and are
highly dependent on managements assumptions.
The judgements described in the preceding
paragraphs combined with the material amounts
involved makes the identification of impairment
triggers and value in use testing of Goodwill a Key
Audit Matter.
Our procedures include among other
• Made inquiries of management regarding
the indicators they assess as possible
impairment for relevant assets.
• Evaluated management’s indicator
assessment on the basis of our knowledge
of the business and other audit evidence
during the audit.
• Evaluated the valuation techniques,
assumptions and data used by management
in estimating the value in use.
• Evaluated the appropriateness and
likelihood of the sensitivities and their impact
on the overall estimated value in use and
assessed whether additional sensitivity
analysis would have been appropriate.
• Evaluated whether judgements and
decisions made by management when
estimating value in use are indicators of
possible management bias.
• Evaluated the completeness, accuracy and
relevance of disclosures required by IAS 36.
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Other Information
The Board of Directors and the CEO (management) are responsible for the information in the Board of
Directors’ report and the other information accompanying the financial statements. The other
information comprises information in the annual report, but does not include the financial statements
and our auditor’s report thereon. Our opinion on the financial statements does not cover the
information in the Board of Directors’ report nor the other information accompanying the financial
statements.
In connection with our audit of the financial statements, our responsibility is to read the Board of
Directors’ report and the other information accompanying the financial statements. The purpose is to
consider if there is material inconsistency between the Board of Directors’ report and the other
information accompanying the financial statements and the financial statements or our knowledge
obtained in the audit, or whether the Board of Directors’ report and the other information
accompanying the financial statements otherwise appears to be materially misstated. We are required
to report if there is a material misstatement in the Board of Directors’ report or the other information
accompanying the financial statements. We have nothing to report in this regard.
Based on our knowledge obtained in the audit, it is our opinion that the Board of Directors’ report
• is consistent with the financial statements and
• contains the information required by applicable statutory requirements.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation of financial statements of the Company that give a true
and fair view in accordance with the Norwegian Accounting Act and accounting standards and
practices generally accepted in Norway, and for the preparation of the consolidated financial
statements of the Group that give a true and fair view in accordance with IFRS Accounting Standards
as adopted by the EU. Management is responsible for such internal control as management
determines is necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s and
the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going
concern. The financial statements of the Company use the going concern basis of accounting insofar
as it is not likely that the enterprise will cease operations. The consolidated financial statements of the
Group use the going concern basis of accounting unless management either intends to liquidate the
Group or to cease operations, or has no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that
an audit conducted in accordance with ISAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of
these financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain
professional scepticism throughout the audit. We also:
• identify and assess the risks of material misstatement of the financial statements, whether due
to fraud or error. We design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The
risk of not detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• obtain an understanding of internal control relevant to the audit in order to design audit
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procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Company's and the Group's internal control.
• evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
• conclude on the appropriateness of management’s use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the Company's and the
Group's ability to continue as a going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our auditor’s report to the related disclosures in the
financial statements or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditor’s report.
However, future events or conditions may cause the Company and the Group to cease to
continue as a going concern.
• evaluate the overall presentation, structure and content of the financial statements, including
the disclosures, and whether the financial statements represent the underlying transactions
and events in a manner that achieves a true and fair view.
• obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Group to express an opinion on the consolidated financial
statements. We are responsible for the direction, supervision and performance of the group
audit. We remain solely responsible for our audit opinion.
We communicate with the Board of Directors regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.
We also provide the Board of Directors with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.
From the matters communicated with the Board of Directors, we determine those matters that were of
most significance in the audit of the financial statements of the current period and are therefore the
key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes
public disclosure about the matter or when, in extremely rare circumstances, we determine that a
matter should not be communicated in our report because the adverse consequences of doing so
would reasonably be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
Report on Compliance with Requirement on European Single Electronic Format (ESEF)
Opinion
As part of the audit of the financial statements of Duett Software Group AS, we have performed an
assurance engagement to obtain reasonable assurance about whether the financial statements
included in the annual report, with the file name 9845007554C7945DAC83-2023-12-31-en, have been
prepared, in all material respects, in compliance with the requirements of the Commission Delegated
Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) and
regulation pursuant to Section 5-5 of the Norwegian Securities Trading Act, which includes
requirements related to the preparation of the annual report in XHTML format, and iXBRL tagging of
the consolidated financial statements.
In our opinion, the financial statements, included in the annual report, have been prepared, in all
material respects, in compliance with the ESEF regulation.
Management’s Responsibilities
Management is responsible for the preparation of the annual report in compliance with the ESEF
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regulation. This responsibility comprises an adequate process and such internal control as
management determines is necessary.
Auditor’s Responsibilities
Our responsibility, based on audit evidence obtained, is to express an opinion on whether, in all
material respects, the financial statements included in the annual report have been prepared in
compliance with ESEF. We conduct our work in compliance with the International Standard for
Assurance Engagements (ISAE) 3000 – “Assurance engagements other than audits or reviews of
historical financial information”. The standard requires us to plan and perform procedures to obtain
reasonable assurance about whether the financial statements included in the annual report have been
prepared in compliance with the ESEF Regulation.
As part of our work, we have performed procedures to obtain an understanding of the Company’s
processes for preparing the financial statements in compliance with the ESEF Regulation. We
examine whether the financial statements are presented in XHTML-format. We evaluate the
completeness and accuracy of the iXBRL tagging of the consolidated financial statements and assess
management’s use of judgement. Our procedures include reconciliation of the iXBRL tagged data with
the audited financial statements in human-readable format. We believe that the evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
Hamar, 25 April 2024
KPMG AS
Stein Erik Lund
State Authorised Public Accountant
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