ANNUAL
REPORT
2024
Duett Software Group
2
3
CONTENT
Board of Directors Report .............................................................4
Consolidated accounts Duett Software Group AS.......................14
Financial statements for parent company 2024 .........................45
Auditors Report.............................................................................58
4
BACKGROUND AND OPERATIONS
Duett Software Group AS (the “Company”) is the
owner of Duett AS and Taskline AS in Norway,
Duett Software Poland sp.zo.o in Poland and
Skyhost ApS, Traede ApS and DSG Denmark 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 Holdings AS. Duo
Holdings AS is owned by the Private Equity
company AKKR as majority owner, and
management and employees of Duett, Skyhost
and Traede are minority investors.
STRATEGY
operates in Norway and provides software and
hosting services to accounting offices and their
end-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.
Through the acquisition of Traede ApS on 9
October 2024, the Group expanded its industry
focus and Nordic region presence. Traede’s
single platform offers a solution for B2B and
B2C sales, invoicing as well as CRM, purchasing
and order handling.
With the acquisition of Duett Software sp.zo.o
on 23 July 2024, the Company established its
own software development subsidiary providing
software development services to Duett,
Taskline and Traede.
Duett Software Group AS acquired Taskline AS
on 16 June 2023. The acquisition rationale for
Taskline was to increase the Group’s range of
software product offerings towards existing and
new accounting agencies.
Duett Software Group AS acquired Skyhost ApS
on 16 April 2021. The acquisition rationale for
Skyhost was to increase the Groups range of
software product offerings, expand the Group’s
presence in a new region and cross-sell
Skyhost’s functionality to customers of Duett AS
in Norway. 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 harm neither it’s
employees nor the natural environment.
Board of Directors
Report
5
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 on any issues. The nature of the
business involves a low risk of pollution to the
external environment. The most critical input
factor regarding the environment is electricity.
ANTI-CORRUPTION AND BRIBERY
Looking ahead, we 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
Group’s activities”
6
Corporate
governance details
CORPORATE GOVERNANCE
The Board of Directors and management are
committed to promoting sound corporate
governance, which the Group believes builds trust
among customers, employees, shareholders and
other stakeholders, and thus supports healthy
value creation over the long term.
Management and the organization regularly
adapt to ensure the Group is equipped to
effectively manage all its obligations to
bondholders, customers, employees, authorities
and other stakeholders.
DIALOGUE BETWEEN THE COMPANY AND
ITS STAKEHOLDERS
Communication between the Company and
shareholders primarily takes place at the
Company’s Annual General Meeting and via
company announcements, and communication
with bond investors is conducted both during the
quarterly reporting cycles and on an ad hoc
basis.
THE GENERAL MEETING AND THE BOARD
OF DIRECTORS
The General Meeting has the final authority over
the Company. The Board of Directors ensure that
shareholders receive detailed and adequate
information for decision-making at the Annual
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
unchanged from last year, and is comprised of:
Chairman of the Board:
Adam Dawid Malinowski (b. 1986)
Board member:
Maurice André Hernandez (b. 1981)
Board member:
Rachel Lee Spasser (b. 1967)
Board member:
Erik Carsson Harrell, CEO (b. 1967)
Duett Software Group has ensured adequate
insurance covering the Board’s responsibilities in
all areas of operation.
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, ensuring sound financial
management, performing the relevant control
functions and serving as an advisory body for the
executive management. Items of significant
strategic or financial importance to the Group are
also administered by the Board. The Board is
responsible for hiring the CEO, ensuring a sound
job description and delegation of authority levels
for the CEO, 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 sound corporate
governance principles, and that it acts in an ethical
manner.
CORPORATE SOCIAL RESPONSIBILITIES
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 solid
business standards; ensuring awareness of the
guidelines is a continuous focus area for the
Company. The Group has no known violations of
this policy during 2024.
FINANCIAL REPORTING
The Board of Directors receives regular updates
on the Group’s business operations and financial
status.
7
NOTIFICATION OF MEETINGS AND
DISCUSSION OF ITEMS
The Board schedules regular meetings each year,
with typically four annual meetings. 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 plans, strategies and risks are
regularly reviewed and evaluated by the Board.
Ordinarily, the Chairman of the Board proposes
the agenda for each Board meeting. In addition to
the Board members, Board meetings are typically
attended by select members of executive man-
agement. Other participants are summoned as
needed. The Board approves decisions of particu-
lar importance to the Group including strategic
plans, the annual budget, significant investments,
and any 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 all 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 in performing
its tasks. The Board of Directors continuously
assess whether the competencies and expertise
of members need to be amended.
THE TRANSPARENCY ACT
The Group has implemented formal guidelines
for due diligence as required by the OECD Guide-
lines for Multinational Enterprises. Further
information about this is available on the Group’s
website.
EMPLOYEES, MANAGEMENT AND THE
BOARD OF DIRECTORS
At the end of 2024, Duett Software Group had
172 employees (168 FTE), whereof 28% were
women. Duett AS had 133 employees (130 FTE),
represented by 97 men and 36 women, SkyHost
ApS had 19 employees (18 FTE), represented by
12 men and 7 women, and Traede ApS had 17
FTE, 11 men and 6 women. The remaining Group
subsidiaries had no employees.
Duett Software Group AS has worked
continuously through 2024 to ensure a common
corporate culture across the Group. The company
has adopted a policy of equal treatment of
employees and promotes a positive working
environment, seeing this as key to remaining an
attractive employer. No accidents or injuries were
registered in 2024. The absence rate for 2024
was 4.6% in Duett AS and 2.2% for Skyhost ApS.
Absence data for Traede Aps will be tracked from
2025 onwards.
To ensure that our employees reach their full
potential, we encourage personal development
and learning by providing continuous training and
education.
EQUALITY REPORT
At Duett Software Group, we work actively,
purposefully and systematically to promote
equality and prevent discrimination based on
gender, pregnancy, maternity or adoption leave,
care tasks, ethnicity, religion, life stance, disability,
sexual orientation, gender identity, gender
expression, or combinations of these equality
grounds. The topic of gender equality and anti-
discrimination work is an area of priority for the
working environment committee in the Group.
8
Our gender equality work includes recruitment,
pay and working conditions, promotions,
development opportunities, facilitation and the
opportunity to combine work and family life. In
connection with the recruitment of employees,
candidates are selected based on the
qualification principle, and all announcements are
free of discriminatory variables.
The Group’s CEO and CHRO review all company
policies in the various personnel policy areas.
EQUALITY ANALYSES
To ensure our efforts to promote equality and
prevent discrimination, analyses are carried out at
least four times per annum. This is conducted in
connection with year-end activities, annual salary
adjustments and periodic reporting to our main
owners. Four employee surveys are conducted
per annum.
WHISTLEBLOWER
The Group’s employees have readily access to
anonymous whistleblowing via our HR system,
which complies with legal requirements.
Employees also have readily access to
information on how to conduct whistleblowing
from an external source.
GENDER BALANCE
Gender balance is a challenge in the technology
sector in which the Group operates. The overall
gender balance in the Group was 28% women
and 72% men. We also observe a similar skewed
trend in our management teams, where 24% of
managers are women. Although we strive to
create a sound gender balance, we experience
that few qualified female candidates apply to
open positions within our core operations. Please
refer to the figures below for an overview of the
gender balance by department and business
units.
BASE SALARY GENDER GAP
9
SALARY BALANCE
The Group’s policy on salaries takes into account
the following aspects:
1. The Company's financial situation
2. Competition in the recruitment market
3. The qualifications of the individual
candidate/employee
4. The employee's performance
5. Employee feedback
To be able to carry out an objective analysis of
the gender balance in terms of pay, the positions
are classified based on four IC-levels (Individual
Contributors). The IC-levels are based on
functional areas in the Company and their
expertise-composition. The chart below shows
the gender's average salary in percentage relation
to the average salary for the IC-area. The red line
shows the average salary between the sexes. The
analysis shows that there is a relatively small gap
between the sexes and that women generally
have higher wages than the average between the
sexes. IC-4 is the only area where men have
higher average earnings than the average
between the sexes.
The overall gap for the Company shows that men
are ~3% above women. The main explanation for
this lies in an uneven gender distribution between
the departments, whereby the most male-
dominated positions are characterized by
technical positions where it is challenging to
recruit women. 100% corresponds to the average
salary regardless of gender. The Executive
Management Team is excluded from the analysis
due the limited sample group.
0,13 %
-2,10 %
0,11 %
1,81 %
2,19 %
-
0,46 %
1,83 %
-
0,58 %
-2,33 %
-3,38 %
Male Female
IC 1
IC 2
IC 3
IC 4
Duett Software
Group
The graph shows the gender balance based on base salary across four IC-levels (Individual Contributors)
10
2024 FINANCIAL REVIEW
GOING-CONCERN ASSUMPTIONS
The Board of Directors considers that the Group
entities and Company have adequate resources to
continue operating for the foreseeable future.
Therefore, adopting the going concern basis,
following §3-3a of the Norwegian Accounting Act, in
preparing the consolidated and company financial
statements is considered appropriate.
FINANCIAL RESULTS
Duett Software Group AS is the corporate level
company for the Group and is owned by Duo
Holdings AS. Duo Holdings AS has presented
consolidated accounts in accordance with
Norwegian GAAP. Duett Software Group presents
consolidated accounts in accordance with
International Financial Reporting Standards in its
annual report. Figures in brackets on the
subsequent pages pertain to the previous year.
REVENUE
Total revenues for 2024 increased by 13% to NOK
369 million (NOK 327 million).
OPERATING EXPENSES
The total operating expenses amounted to NOK
355 million (NOK 336 million). The salary and
personnel expenses for 2024 were NOK 121 million
(NOK 112 million) which is up 8% compared to
2023. Measured as a percentage of total revenues
for the whole Group, salary and personnel expenses
are stable at 34% in 2023 and 33% in 2024.
Depreciation and amortization decreased from NOK
69 million in 2023 to NOK 68 million in 2024. Other
operating expenses increased fr om NOK 57 million
in 2023 to NOK 60 million in 2024.
NET FINANCE
Net finance for 2024 was negative NOK 54 million
(NOK 48 million). Net finance for both years was
primarily interest expenses.
PROFIT AND LOSS AND INCOME TAXES
Loss before tax was NOK 39.0 million in 2024
compared to a loss before tax of NOK 58 million
in 2023.
Income tax was a net cost of NOK 2 million in 2024
compared to a tax benefit of NOK 4 million in 2023.
Loss after tax was NOK 41 million compared to
NOK 53 million in 2023.
CASH FLOW
The Group had a positive cash flow from operating
activities of NOK 77 million in the period between
January and December 2024 compared to NOK 71
million in 2023. Net cash generated from operating
activities was NOK 22 million after paid interest and
income taxes. Net cash flow from investing
activities was NOK -56 million (NOK -29 million) due
to further investments in product development.
The Group capitalized a total of NOK 55 million of
employee expenses and consultancy related to
product development in 2024, compared to NOK 17
million in 2023. Net cash flow from financing
activities in 2024 was NOK 71 million
( NOK -12 million) due to funds received related to
the acquisition of Traede ApS. Total cash and cash
equivalents available at the end of 2024 were NOK
74 million (NOK 39 million).
FINANCIAL POSITION
At the end of December 2024, the Group’s total
assets amounted to NOK 1 080 million (NOK 874
million). Non-current assets amounted to NOK 963
million (NOK 795 million). Current assets
amounted to a total value of NOK 117 million
(NOK 79 million) of which NOK 74 million
(NOK 39 million) is cash and cash equivalents.
Accounts receivable amounted to
NOK 22 million (NOK 21 million).
At the end of December 2024, the Group’s non-
current liabilities amounted to NOK 624 million
(NOK 565 million) whereof the bond obligation
represents NOK 496 million. The remainder
consists of obligations towards the former
shareholders of Traede ApS, deferred tax liabilities
of NOK 70 million and the long-term portion of
leasing obligations of NOK 15 million
(NOK 11 million). Lease obligations were calculated
in accordance with IFRS 16.
11
Current liabilities at the end of 2024 were NOK 118
million (NOK 96 million). Accounts payable
amounted to NOK 17 million (NOK 25 million).
Leases amounted to NOK 9 million (NOK 9 million).
Prepaid revenue amounted to NOK 17 million
(NOK 14 million). Other current liabilities at the end
of 2024 were NOK 54 million (NOK 34 million).
EQUITY
Total equity amounted to NOK 339 million
(NOK 213 million). The equity ratio is 31% (24%).
See consolidated statement of changes in equity
for details.
HOLDING COMPANY
The financial statements for the holding company
are prepared in accordance with Norwegian GAAP,
and show an operating revenue of NOK 44 million
(NOK 16 million), which for both years consists
mainly of Group contributions from subsidiaries.
The operating profit for the year was NOK 36 million
(NOK 11 million). Net financial items were negative
with NOK 49 million (NOK 45 million), while the
profit before tax was NOK -14 million
(NOK -34 million) and profit after tax was NOK -19
million (NOK -35 million).
DIVIDEND
The company is in an expansion phase where
investments in products and services are a priority,
and the Board therefore proposes that no dividends
be paid for 2024.
RISKS
The Group’s regular business activities entail
exposure to various types of risk. The Group
manages such risks proactively, and the Board of
Directors regularly analyses its operations, and
potential risk factors and takes steps to manage
and reduce risk exposure. The Group has quality
systems implemented in line with the requirements
that apply to the business.
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 are adequate in terms of the
size and nature of the business. A Board meeting
where the external auditor is present is held
annually, typically once the annual reporting is
complete.
RESEARCH AND DEVELOPMENT
The Group continuously develops its software and
solutions with functionality adapted to our
customers’ needs across our different industries.
The Group’s main industries are agriculture, retail,
real estate, and construction.
Continuous development is a driver to ensure future
competitiveness. The carrying value of software
developed internally was NOK 61 million at the end
of 2024 (NOK 42 million in 2023), which is the book
value of internally- developed software in Duett,
Skyhost and Traede.
OUTLOOK
The Group’s outlook reflects its current view of the
combined business in the environment in which it
operates. The outlook is subject to risk and
uncertainty.
The Group’s strategy is to continue to grow
organically through a range of initiatives directed
towards higher customer uptake of our products
and services as they are developed and released, as
well as expand cross-selling within the geographic
presence of our Group subsidiaries. Further, we will
continue to opportunistically pursue relevant targets
for mergers and acquisitions to strengthen our
geographic and vertical presence and expand our
offerings.
We will continue to focus on developing 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 may offer their customers across
all industries.
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 369.2
MILLIONS
have increased to 369.2 in
2024 vs 327.0 in 2023
Oslo, April 10, 2025
Adam David Malinowsky
Chairman of the board
Rachel Lee Spasser
Board member
Maurice André 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 2024 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
Oslo, April 10, 2025
The Board of Directors of Duett Software Group AS
Adam David Malinowsky
Chairman of the board
Rachel Lee Spasser
Board member
Maurice André Hernandez
Board member
Erik Carson Harrell
CEO
Consolidated statement of profitt
and loss and other comprehensive income Note 2024 2023
Amounts in NOK
Revenue 5, 20 369 236 031 327 045 485
Materials, software and licenses 13 105 810 486 98 768 466
Gross profit 263 425 545 228 277 019
Salary and personnel expenses 6 120 982 474 112 123 781
Other operating expenses 7, 8, 22 60 210 085 56 819 631
Total operating expenses 181 192 558 168 943 412
EBITDA 82 232 987 59 333 607
Depreciation and amortization 8, 11,12 67 624 428 68 652 172
Operating profit 14 608 559 -9 318 565
Finance income 9 1 754 988 2 219 033
Finance costs 9 55 353 558 50 454 563
Net finance costs -53 598 570 -48 235 530
Profit/loss(-) before tax -38 990 011 -57 554 095
Income tax expense 10 1 464 704 -4 329 507
Profit/loss(-) after tax -40 454 715 -53 224 588
Attributable to
Equity holders of the parent company -40 454 715 -53 224 588
Other comprehensive income
Profit/(loss) after tax -40 454 715 -53 224 588
Items that may be reclassified to profit and loss
Foreign currency translation differences - foreign operations 6 403 092 11 623 174
Other comprehensive income for the period, net of tax 6 403 092 11 623 174
Total comprehensive income for the period -34 051 623 -41 601 413
Attributable to:
Owners of the Company -34 051 623 -41 601 413
15
Profit and loss
Consolidated statement of financial position Notes 31 December 31 December 31 December
2024 2023 2022
Amounts in NOK
ASSETS
Non-current assets
Property, plant and equipment 11 13 704 844 15 663 708 16 059 616
Intangible assets 12 388 573 420 324 532 255 346 648 079
Goodwill 12 536 543 936 435 621 303 429 461 301
Right-of- use assets 8 23 408 461 19 459 311 23 879 318
Other non-current assets 24 951 150 0 2 501
Total non-current assets 963 181 810 795 276 578 816 050 815
Current assets
Inventories 1 207 068 1 477 132 1 482 607
Trade receivable 15, 20, 24 22 141 142 20 531 741 14 460 781
Other receivables and prepayments 16, 24 19 447 783 17 737 384 8 635 781
Cash and equivalents 14, 24 74 304 279 39 018 911 58 844 134
Total current assets 117 100 271 78 765 168 83 423 303
TOTAL ASSETS 1 080 282 082 874 041 745 899 474 119
16
Financial position
Consolidated statement of financial position Notes 31 December 31 December 31 December
2024 2023 2022
EQUITY AND LIABILITIES
Equity
Share capital 19 3 563 064 3 493 200 3 493 200
Share premium 546 812 736 368 770 887 368 770 887
Total paid in capital 550 375 800 372 264 087 372 264 087
Retained earnings
Other equity and currency exchange differences -211 842 525 -159 194 060 -117 592 647
Total other equity -211 842 525 -159 194 060 -117 592 647
Total equity 338 533 275 213 070 027 254 671 440
Liabilities
Bond loan 17 496 350 266 493 722 702 490 998 806
Non-current lease liabilities 8, 24 14 691 171 11 404 183 15 461 501
Other non-current financial liabilities 20, 24 10 176 196 0 0
Provisions 22, 25 33 179 665 0 0
Deferred tax liabilities 10 69 568 297 59 486 996 66 369 115
Total non-current liabilities 623 965 595 564 613 881 572 829 422
Credit facility 14 0 0 0
Account payable 20, 24 17 041 643 25 086 552 11 763 137
Current lease liabilities 8, 24 9 100 915 8 929 805 10 460 740
VAT and other public taxes 15 229 525 13 106 410 10 532 271
Current tax payable 10. 21, 24 5 020 580 945 700 4 581 237
Deferred income 5 17 239 748 14 313 443 11 709 220
Other current liabilities 18, 20, 24, 25 54 150 801 33 975 929 22 926 653
Total current liabilities 117 783 211 96 357 838 71 973 257
TOTAL EQUITY AND LIABILITIES 1 080 282 982 874 041 745 899 474 119
17
Oslo, April 10, 2025
Adam David Malinowsky
Chairman of the board
Rachel Lee Spasser
Board member
Maurice André Hernandez
Board member
Erik Carson Harrell
CEO
Consolidated statement of cashflow
Note 2024 2023
Amounts in NOK
Profit/loss(-) for the period -40 454 715 -53 224 588
Adjustments for:
Depreciation and amortization 67 624 428 68 348 250
Net finance costs 52 285 571 48 235 531
Tax expense 1 464 704 -4 329 507
Changes in:
Inventory 331 891 104 469
Trade and other receivables 1 116 630 -7 214 877
Prepayments 2 187 500 1 870 308
Trade and other payables -8 306 472 13 748 963
Other net working capital 1 193 707 3 324 688
Cash generated from operating activities 77 443 244 70 863 238
Interest paid -51 841 477 -46 274 578
Income taxes paid -4 058 344 -4 581 237
Net cash generated from operating activities 21 543 422 20 007 423
Cash flows from investing activities
Proceeds from sale of property, pland and equipment 0
Acquisition of subsidiaries, net of cash acquired 22 37 994 0
Development expenditure 12 -54 535 233 -16 783 849
Acquisition of property, pland and equipment 22 -1 640 596 -2 323 369
Purchase of intangible assets 22 0 -10 075 816
Net cash used in investing activities -56 137 834 -29 183 034
Cash flows from financing activities
Proceeds from issuing of share capital 19 15 500 002 0
Funds received
related to business acquisition 17,22 66 569 776 0
Payment of lease liabilities 8 -11 491 213 -12 112 918
Net cash financing activities 70 578 565 -12 112 918
Net change in cash and cash equivalents 35 984 153 -21 288 529
Cash and cash equivalents at the beginning of period 39 018 911 58 844 134
Effects of movements in exchange rates on cash held -698 786 1 463 277
Cash and cash equivalents at end of period 74 304 279 39 018 911
whereof restricted cash 5 445 798 8 645 951
18
Cashflow
19
Equity
Consolidated statement of changes in equity
Amounts in NOK
Note Share capital Other paid Exchange Other equity Total Equity
in capital differences
Opening balance on January 1 2023 3 493 200 368 770 887 8 480 165 -126 072 812 254 671 440
New equity 0 0 0 0 0
OCI for the period 0 0 11 623 174 -53 224 588 -41 601 413
Closing balance on December 31 2023 3 493 200 368 770 887 20 103 339 -179 297 399 213 070 027
New equity 69 864 178 041 849 178 111 713
Total comprehensive income for the period 6 403 092 -40 454 715 -34 051 623
Fair value adjustment related to acquisition -18 596 843 -18 596 843
Closing balance on December 31 2024 3 563 064 546 812 736 26 506 431 -238 348 957 338 533 275
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22
23
24
25
26
27
28
29
30
31
32
33
3434
3535
36
37
38
39
40
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Amounts in NOK
42
43
44
Annual Report 2024
Due Soware Group AS
Income statement
Balance sheet
Cash flow statement
Notes to the financial statements
Org.no.: 923 311 459
INCOME STATEMENT
DUETT SOFTWARE GROUP AS
OPERATING INCOME AND OPERATING EXPENSES Note 2024 2023
Income from subsidiaries 1 43 408 719 16 415 369
Other income 350 386 0
Total income 43 759 105 16 415 369
Other expenses 2 8 193 492 5 379 092
Total expenses 8 193 492 5 379 092
Operang profit 35 565 613 11 036 277
FINANCIAL INCOME AND EXPENSES
Interest income from group companies 1 6 160 711 4 363 596
Other interest income 5 066 2 382
Other financial income 706 938 1 695
Interest expense to group companies 1 2 948 288 1 066 702
Other interest expenses 3 49 328 572 45 539 244
Other financial expenses 3 3 646 389 3 045 165
Net financial items -49 050 534 -45 283 438
Net profit before tax -13 484 921 -34 247 161
Income tax expense 4 5 238 801 1 171 611
Net profit or loss -18 723 722 -35 418 772
ATTRIBUTABLE TO
Loss brought forward 5 18 723 722 35 418 772
Total -18 723 722 -35 418 772
DUETT SOFTWARE GROUP AS SIDE 2
BALANCE SHEET
DUETT SOFTWARE GROUP AS
ASSETS Note 2024 2023
NON-CURRENT ASSETS
INTANGIBLE ASSETS
PROPERTY, PLANT AND EQUIPMENT
NON-CURRENT FINANCIAL ASSETS
Investments in subsidiaries 6 838 683 465 808 044 979
Loan to group companies 1 100 022 499 0
Total non-current financial assets 938 705 964 808 044 979
Total non-current assets 938 705 964 808 044 979
CURRENT ASSETS
DEBTORS
Accounts receivables 437 983 0
Other short-term receivables 118 464 181 917
Receivables from group companies 1 85 417 733 53 189 663
Total receivables 85 974 180 53 371 579
INVESTMENTS
Cash and cash equivalents 7 45 936 605 2 363 644
Total current assets 131 910 785 55 735 223
Total assets 1 070 616 748 863 780 202
DUETT SOFTWARE GROUP AS PAGE 3
BALANCE SHEET
DUETT SOFTWARE GROUP AS
EQUITY AND LIABILITIES Note 2024 2023
EQUITY
PAID-IN CAPITAL
Share capital 8 3 563 064 3 493 200
Share premium reserve 546 812 737 368 770 887
Total paid-up equity 550 375 801 372 264 087
RETAINED EARNINGS
Uncovered loss -56 514 756 -37 791 034
Total retained earnings -56 514 756 -37 791 034
Total equity 5 493 861 045 334 473 053
LIABILITIES
PROVISIONS
Deferred tax 4 802 942 1 381 006
Total provisions 802 942 1 381 006
OTHER NON-CURRENT LIABILITIES
Bonds 3 496 350 266 493 722 702
Total non-current liabilies 496 350 266 493 722 702
CURRENT LIABILITIES
Trade payables 446 660 281 818
Tax payable 4 5 816 865 1 760 420
Public dues payable 597 429 0
Liabilies to group companies 1 58 889 509 21 301 102
Other current liabilies 13 852 034 10 860 102
Total current liabilies 79 602 496 34 203 441
Total liabilies 576 755 704 529 307 149
Total equity and liabilies 1 070 616 748 863 780 202
DUETT SOFTWARE GROUP AS PAGE 4
BALANCE SHEET
DUETT SOFTWARE GROUP AS
Oslo, April 10 2025
The board of Due Soware Group AS
Erik Carson Harrell
Chief Execuve Officer
Adam Dawid Malinowski
Chairman of the board
Maurice André Hernandez
Member of the board
Rachel Lee Spasser
Member of the board
DUETT SOFTWARE GROUP AS PAGE 5
CASH FLOW STATEMENT
DUETT SOFTWARE GROUP AS
NRS Indirect method
Note
2024
2023
CASH FLOWS FROM OPERATING ACTIVITIES
Profit/loss before tax
4
-13 484 921
-34 247 161
Taxes paid
4
-1 760 420
-4 581 237
Net finance
49 050 534
28 868 069
Change in accounts receivable
-437 983
0
Change in accounts payable
164 842
199 383
Change in other accrual items
3 785 021
2 547 106
Net cash flows from operang acvies
37 317 073
-7 213 840
CASH FLOWS FROM INVESTMENT ACTIVITIES
Payments for investments in subsidiaries
6
-1 592 131
-10 075 816
Net cash flows from investment acvies
-1 592 131
-10 075 816
CASH FLOWS FROM FINANCING ACTIVITIES
Recieved interest
6 165 777 20 783 042
Payed interest
-52 720 954
-47 690 158
Payment recieved of intercompany balances
0 45 830 000
Net change intercompany balances
6
38 903 197
478 652
Capital increase 15 500 000 0
Net cash flows from financing acvies
7 848 020
19 401 536
Net change in cash and cash equivalents
43 572 962
2 111 880
Cash and cash equivalents at 1.1
2 363 643
251 763
Cash and cash equivalents at the end of the period
45 936 605
2 363 643
DUETT SOFTWARE GROUP AS
PAGE 6
1
5, 8
NOTES FOR FINANCIAL STATEMENT
DUETT SOFTWARE GROUP AS
PAGE 7
ACCOUNTING PRINCIPLES:
The financial statements have been prepared in accordance with the Accounting Act and generally
accepted accounting principles. The company has also followed relevant provisions in the Norwegian
Accounting Standard prepared by the Norwegian Accounting Standards Board.
Group Relations
Duett Software Group AS is a subsidiary in a group with Duo Holdings AS, organization no. 922 098 719.
Duo Holdings AS prepares consolidated financial statem
ents that include Duett Software Group AS.
Operating Income
Duett Software Group AS is a purely investment company where the main activity is the purchase and sale
of securities and other investments. Returns on investments are therefore included in operating income.
Use of Estimates
In preparing the financial statements, estimates and assumptions have been made that affect the income
statement and the valuation of assets, liabilities, contingent assets, and uncert
ain liabilities on the balance
sheet date, in accordance with generally accepted accounting principles. Areas that largely involve such
judgments, a high degree of complexity, or areas where assumptions and estimates are significant to the
financial statements are described in the notes.
Currency
Transactions in foreign currency are converted at the exchange rate at the transaction date. Monetary
items in foreign currency are converted to Norwegian kroner using th
e exchange rate on the balance sheet
date. Non-monetary items that are measured at historical cost in foreign currency are converted to
Norwegian kroner using the exchange rate at the transaction date. Non-monetary items measured at fair
value in foreign currency are converted at the exchange rate prevailing at the measurement date. Currency
exchange rate changes are recognized continuously in the income statement under other financial items.
Tax
The tax expense in th
e income statement includes both the payable tax for the period and changes in
deferred tax. Deferred tax is calculated using the tax rate at the end of the fiscal year (22%) based on
taxable and deductible temporary differences existing between accounting and tax values. Taxable and
deductible temporary differences that reverse or may reverse in the same period are offset and netted.
The net deferred tax asset is recognized to the extent that it is probable that it can be uti
lized.
Current Assets and Short-Term Liabilities
Current assets and short-term liabilities typically include items due for payment within one year after the
last day of the fiscal year, as well as items related to the operating cycle. Current assets are valued at the
lower of cost or expected fair value (Lower of Cost or Market principle). Short-term liabilities are
recognized at nominal value at the transaction date.
Long-Term Liabilities
Long-term liabilities are in
itially measured at the value of the consideration, less directly attributable
transaction costs. Subsequent measurement is at amortized cost using the straight-line method.
NOTES FOR FINANCIAL STATEMENT
DUETT SOFTWARE GROUP AS
PAGE 8
Subsidiaries and Associated Companies
Subsidiaries and associates are evaluated using the cost method in the company’s accounts. The
investment is valued at the acquisition cost of the shares unless impairment has been necessary.
Impairment to fair value is carried out when the decline in value is due to reasons that are not expected to
be temporary and it is considered necessary according to generally accepted accounting principles.
Impairments are reversed when the
basis for the impairment is no longer present.
Dividends, group contributions, and other distributions from subsidiaries are recognized as income in the
same year they are allocated in the giver's accounts. If the dividend/group contribution exceeds the share
of earned profit after the acquisition date, the excess portion represents a repayment of invested capital,
and the distributions are deducted from the value of the investments in the parent company’s balance
s
heet.
Receivables
Receivables are recognized in the balance sheet at nominal value, less provisions for expected losses.
Provisions for expected losses are made based on an individual assessment of each receivable.
Cash Flow Statement
The cash flow statement has been prepared using the indirect method. Cash and cash equivalents include
cash, bank deposits, and other short-term, liquid investments.
NOTES FOR FINANCIAL STATEMENT
DUETT SOFTWARE GROUP AS
PAGE 9
Note 1 Intercompany items between companies in the same group
2024 2023
Receivables
Loans to companies in the same group 100 022 499 0
Customer receivables within the group 0 0
Other short-term receivables within the group 85 417 733 53 189 663
Total 185 440 232 53 189 663
Liabilities
Loans from companies in the same group 0 0
Debt to suppliers within the group 0 0
Other short-term liabilities within the group 58 889 509 21 301 102
Total 58 889 509 21 301 102
Interim balances in the group are calculated with interest at an interest rate equivalent to the group's
borrowing rate.
Note 2 Salary costs and benefits, remuneration to the chief executive, board and auditor
In 2024 the company employed 0 man-years.
PENSION LIABILITIES
The company is not obligated to have an occupational pension scheme under the Mandatory Occupational
Pensions Act.
REMUNERATION TO LEADING PERSONNEL
Chief Executive Board
Total 0 0
No loans have been granted to or security provided in favor of the CEO or Chairman of the Board.
AUDITOR
Audit fees expensed for 2024 amount to NOK 892 882 ex. VAT .
In addition there is a fee for other services of NOK 41 825 ex. VAT .
NOTES FOR FINANCIAL STATEMENT
DUETT SOFTWARE GROUP AS
PAGE 10
Note 3: Debt to Credit Institutions
The Group has a bond loan with a nominal value of NOK 500,000,000. The total limit of the loan is
NOK 1 500 000 000.
Bond loan: NOK 500 000 000
Accrued expenses: NOK -3 649 734
Net loan in the balance sheet: NOK -496 350 266
The loan matures in full on April 12, 2026. The interest is calculated at 3-month NIBOR + 5 percent per
year, and is paid quarterly.
Incurrence Test
An incurrence test must be conducted at the time of each quarterly financial statem
ent. This is calculated
as debt/EBITDA, where the following requirements apply:
The incurrence test is satisfied if the gearing ratio is equal to or lower than:
(a) 5.50, from and including the issuance date to, but excluding, April 12, 2023;
(b) 5.00, from and including April 12, 2023 to, but excluding, April 12, 2024; and
(c) 4.50, from and including April 12, 2024 to, but excluding, the maturity date.
This test is conducted quarterly and for any extension of the bond. The in
currence test shows a value of 4.7
as of December 31, 2024. This test is only relevant for the extension of the bond and is not a compliance
covenant for the existing bond. The test is based on consolidated figures for Duett Software Group AS.
Security and Guarantees
As security for the due and punctual fulfillment of the secured obligations, the following securities are
provided:
All shares in Duett Software Group AS
All shares owned by a group company
Accounts receivable for each group company
Any intercompany loan granted to a group company
Any subordinated loan, and
Guarantees from each group company.
The market value of the bond is 96.25 on the Oslo Stock Exchange as of December 31, 2024.
There is an option for redeeming the bond before the principal maturity date under certain conditions.
These conditions and more detailed information about the bond can be found in the consolidated financial
statements of Duett Software Group AS.
NOTES FOR FINANCIAL STATEMENT
DUETT SOFTWARE GROUP AS
PAGE 11
Note 4 Tax
This year's tax expense 2024 2023
Entered tax on ordinary profit/loss:
Payable tax 5 816 865 1 760 420
Changes in deferred tax -578 064 -588 809
Tax expense on ordinary profit/loss 5 238 801 1 171 611
Taxable income:
Result before tax -13 484 921 -34 247 161
Permanent differences 0 52 532
Changes in temporary differences 2 627 564 2 676 408
Cut interest deduction 37 297 652 39 520 132
Taxable income 26 440 295 8 001 911
Payable tax in the balance:
Payable tax on this year's result -3 733 053 -1 850 961
Payable tax on received Group contribution 9 549 918 3 611 381
Total payable tax in the balance 5 816 865 1 760 420
The tax effect of temporary differences that has formed the basis for deferred tax and deferred tax
advantages, specified on type of temporary differences
2024 2023 Difference
Other differences 3 649 734 6 277 298 2 627 564
Total 3 649 734 6 277 298 2 627 564
Cut interest deduction -108 929 130 -71 631 478 37 297 652
Not included in the deferred tax calculation 108 929 130 71 631 478 -37 297 652
Basis for deferred tax assets 3 649 734 6 277 298 2 627 564
Deferred tax assets (22 %) 802 942 1 381 006 578 064
Note 5 Equity capital
Share capital Share premium Other equity
capital
Total equity
capital
Pr. 31.12.2023 3 493 200 368 770 887 -37 791 034 334 473 053
Result of the year -18 723 722 -18 723 722
Capital increase 69 864 178 041 850 0 178 111 714
Pr 31.12.2024 3 563 064 546 812 737 -56 514 756 493 861 045
NOTES FOR FINANCIAL STATEMENT
DUETT SOFTWARE GROUP AS
PAGE 12
Note 6: Investment in Companies within the Same Group
Investments in subsidiaries are accounted for using the cost method.
Subsidiaries Carrying Amount
Duett AS NOK 628 432 851
Skyhost ApS NOK 169 536 312
Taskline AS NOK 10 143 054
Duett Poland Software sp.z.o.o NOK 21 703
DSG Denmark ApS NOK 30 549 545
Total Investments NOK 838 683 465
Specification of Group companies:
Group companies Acquisition Year Ownership Equity Annual Result
Percentage
Duett AS 2019 100% 6 093 427 32 933 131
Skyhost ApS 2021 100% 35 103 663 11 678 210
T
askline AS 2023 100% 2 704 204 -905 232
Traede ApS 2024 100% 30 312 286 3 474 575
Duett Poland Software sp.z.o.o 2024 100% -976 738 -950 796
DSG Denmark ApS 2024 100% - 2 204 702 -2 235 302
The Norwegian companies Duett AS and Taskline AS have their business addresses in Oslo.
The Polish subsidiary has an office in Warsaw, Poland.
The business office for Skyhost ApS is in Sabro, Denmark.
DSG Denmark ApS and its subsidiary, Traede ApS, have their business offices in Copenhagen.
DSG Denmark ApS was founded in September 2024 with a share capit
al of DKK 40,000. A capital
contribution of NOK 30.5 million was made to strengthen the equity.
DSG Denmark ApS purchased the shares of Traede ApS on October 9, 2024, for DKK 96.8 million. The
purchase price was settled with a loan from the parent company, Duett Software Group AS. The purchase
agreement includes an earn-out clause based on the company's performance in 2025.
The shares in Duett Poland were purchased in July 2024 for EUR 1,800.
An impairment test has been perform
ed regarding any potential loss in value related to the carrying
amount of shares in subsidiaries, and no indications of impairment were identified as of December 31,
2024.
Note 7 Bank deposits
The company has no restricted bank deposits and no overdraft facility.
NOTES FOR FINANCIAL STATEMENT
DUETT SOFTWARE GROUP AS
PAGE 13
Note 8 Shareholders
THE SHARE CAPITAL OF DUETT SOFTWARE GROUP AS AS OF DECEMBER 31 CONSISTS OF:
Total Face value Entered
Ordinary shares 34 932 102,0 3 563 064
Total 34 932 3 563 064
OWNERSHIP STRUCTURE
Shareholders' ownership in % as of December 31:
Ordinære Owner interest Share of votes
Duo Holdings AS 34 932 100,0 100,0
Duett Software Group AS prepares consolidated financial statements, which include the following group
companies in the consolidation: Duett AS, Skyhost ApS, Taskline AS, Duett Poland Software sp.z.o.o, and
DSG Denmark ApS. A copy of the consolidated financial statements can be obtained at the company’s
headquarter
s at Karenslyst Allé, 0278 Oslo.
The parent company in the group, Duo Holdings AS, also has its headquarters at the same address and
prepares consolidated accounts where Duett Software Group AS is included in the consolidation.
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 balance sheet as at 31 December 2024, the income statement and cash
flow statement 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 financial position as at 31 December 2024,
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 2024, 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 2024, 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
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
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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 Duett Software Group AS for 5 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 and Note 22 Business
combinations
The Key Audit Matter
How the matter was addressed in our audit
The group has recognized NOK 537 million in
Goodwill and NOK 389 million in intangible assets
as of 31st December 2024. Out of the NOK 389
million in intangible assets, NOK 61 million is
internally developed technology recognized based
on an assumption of future economic benefit. The
remaining NOK 328 million of intangible assets
are previously acquired through business
combinations. The group recognised initially NOK
60 million of intangible assets to fair value through
business combinations in 2024.
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. Intangible assets acquired in 2024
are identified through the purchase price
allocation process. These processes include
elements of judgement and consideration of
internal and external factors.
Goodwill of NOK 536 million are recognized from
previous transactions, out of which NOK 96
million is acquired in 2024. 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 required
rate of return.
Performance of annual impairment test of
Goodwill consist of several judgements and are
highly dependent on managements assumptions.
The judgements described in the preceding
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.
• Reviewed the allocation of the purchase
price to the identifiable assets acquired and
liabilities assumed, ensuring compliance
with IFRS 3 requirements.
• Evaluated the valuation techniques,
assumptions and data used by management
in estimating fair value of acquired assets
and 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
and IFRS 3.
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paragraphs combined with the material amounts
involved makes the identification of impairment
triggers and value in use testing of Goodwill a Key
Audit Matter.
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.
Our opinion on the Board of Directors' report applies correspondingly to the statement on Corporate
Governance.
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:
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• 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
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 Audit Committee 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 9845007554C7945DAC83-2024-12-31-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
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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
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, 10 April 2025
KPMG AS
Stein Erik Lund
State Authorised Public Accountant
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