Annual
CONTENTS
Page 2 of 65
COMPANY DETAILS................................................................................................................................................................ 3
Company
........................................................................................................................................................................................3
Executive Board
.............................................................................................................................................................................3
Board of Directors ...........................................................................................................................................................................3
Company auditors ...........................................................................................................................................................................3
MANAGEMENT’S STATEMENT ............................................................................................................................................... 4
INDEPENDENT AUDITOR’S REPORT ....................................................................................................................................... 5
MANAGEMENT COMMENTARY ............................................................................................................................................. 7
Financial highlights of the Group ....................................................................................................................................................7
Management commentary .............................................................................................................................................................8
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME .............................................................................................. 13
CONSOLIDATED STATEMENT OF FINANCIAL POSITION ....................................................................................................... 14
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ....................................................................................................... 16
CONSOLIDATED CASH FLOW STATEMENT ........................................................................................................................... 18
NOTES
................................................................................................................................................................................. 19
PARENT INCOME STATEMENT ............................................................................................................................................. 49
PARENT STATEMENT OF FINANCIAL POSITION ................................................................................................................... 50
PARENT STATEMENT OF CHANGES IN EQUITY .................................................................................................................... 52
PARENT CASHFLOW STATEMENT ........................................................................................................................................ 53
PARENT NOTES .................................................................................................................................................................... 54
Page 3 of 65
COMPANY DETAILS
Company
Central Business Registration no. 3 4 71 57 26
Registered in: Copenhagen , Denmark
Executive Board
Board of Directors
Birger Elmgaard Sørensen
Company auditors
BDO Statsautoriseret revisionsaktieselskab
Havneholmen 29
DK-1561 København V
Central Business Registration no. 20 22 26 70
General Meeting
The Annual General Meeting is held on April 7, 2025
Page 4 of 65
Executive Board:
Michael Henrik Stadi
Group CEO
Board of Directors:
Peter Andreas Nielsen
Chairman
Karina Rothoff Brix
Birthe Tofting
Birger Elmgaard Sørensen
Board member
Board member
Page 5 of 65
INDEPENDENT AUDITOR’S REPORT
Page 6 of 65
INDEPENDENT AUDITOR’S REPORT continued
CVR no. 20 22 2 6 70
MNE no. mne44386
Page 7 of 65
MANAGEMENT COMMENTARY
Financial highlights of the Group
2024
DKK’000
2023
DKK’000
2022
DKK’000
2021
DKK’000
2020
DKK’000
Key figures
Revenue 44.207
78.189
53.862
24.220
6.789
Other operating income
7.393
2.323
628
250
326
Total income
51.600
80.512
54.490
24.470
7.115
Cost of goods sold
-18.559
-36.867
-27.199 -10.483 -3.705
Cost of goods sold %
42%
47%
50%
43%
55%
Gross profit/loss
9.141
25.515
18.401
11.051
66
Profit before depreciation, interest, and tax (EBITDA*)
-14.580
3.539
3.456
791
1.649
Operating profit/loss
-17.613
1.326
3.073
601
-5.970
Net financials
677 -446
-289
61
-211
Profit/loss for the year
-14.031
370
2.651
660
-5.861
Balance sheet total
89.975
99.915
53.266
18.315
15.276
Investments in property, plant, and equipment
476
1.797
74
58
88
Equity
62.959
73.147
30.680
14.087
11.850
Equity ratio (%)
69,97
73,21
57,6%
76,9%
77,6%
*
EBITDA is defined as Earnings Before Interest Depreciation and Amortisation
Financial highlights are defined and calculated in accordance with the current version of “Recommendations
& Ratios” issued by the CFA Society Denmark.
Equity ratio (%)
Equity x 100 / Balance sheet total
Cost of goods sold (%)
Cost of goods sold x 100 / Revenue
Page 8 of 65
Management commentary
Primary activities, products and markets
The primary activities of FOM Technologies A/S are design, development and sale of advanced machinery and
equipment for material production and research. The company is a leading global supplier of lab- and pilot-scale slot-
die coating tools for advanced material R&D and the upscaling of technologies to commercial production.
FOM Technologies provides precise, flexible, and user-friendly equipment to some of the world’s largest companies, the
most prestigious universities and research institutions. Its solutions are widely used in energy harvesting (solar cells), energy
storage (batteries and fuel cells), and other smart surface technologies. FOM Technologies' products are sold worldwide
and are renowned for their precision and accuracy. The company relies on high-value and rare automation components, as
well as products with extremely low tolerances. In 2024, the company focused on expanding its supply chain, improving
procurement processes, and strengthening its Scandinavian and European supplier network to ensure shorter lead times
for its global customer base. The company’s mission is to collaborate closely with customers to deliver high-quality,
innovative solutions, driving a brighter and more sustainable future.
While FOM Technologies designs and develops its own products, it does not manufacture them directly. Instead, its technical
and mechanical solutions are produced by wholly owned or external sub-suppliers, most of which are located within 1–2
hours of transport time from Copenhagen, in Scandinavia and Northern Europe. The company’s primary markets include
North America (U.S. and Canada), the EU, and Asia, with the United States representing the largest share of revenue among
these regions.
FOM Technologies has been a publicly traded company since June 2020, listed on the Nasdaq First North Growth Market
under the ticker “FOM”.
Financial development for the year.
Due to lower order intake in the photovoltaic (solar cell research) segment and a slower energy storage market (batteries
and fuel cells) in 2024, the company experienced a negative growth compared to the growth rates of the financial years
(2020–2023). As a result, the company downgraded its initial financial guidance to total income and EBITDA (EBITDA is
defined as Earnings Before Interest Depreciation and Amortisation) expectations for 2024, in August 2024.
During 2024, the European and American solar panel markets faced intense competition from Chinese manufacturers,
impacting the demand for solar cell performance optimization technologies and equipment worldwide. For FOM
Technologies, this led to fewer inquiries and longer lead times from inquiry to order submission.
With an unchanged corporate cost base of approximately 30 full-time employees (FTEs), the company’s EBITDA and earnings
were also negatively affected. Despite lower top-line the company have decided to maintain current cost base, as we
anticipate the topline to increase to a level that justifies the cost base and in accordance with the long-term strategy lined
out after the capital injection in Q4 2023.
For the financial year 2024, FOM Technologies publishes the following result:
Total income: 52 million DKK
EBITDA: -15 million DKK
FTEs at year-end: 30
Page 9 of 65
Management commentary
continued
This should be seen in comparison with the initial guidance in the annual report of 2023:
DKK
Guidance for 2024 (in 2023 Annual Report) Actual result 2024 Deviation
Total income: 65 to 80 million 52 million -13 million
EBITDA -8 to +2 million -15 million -7 million
In august 2024, we revised the original guidance to the following:
DKK
Guidance for 2024 (Company Announcement 15 August 2024) Actual result 2024 Deviation
Total income: 45 to 60 million 52 million +7 million
EBITDA -15 to -5 million -15 million +0,4 million
Strategic Investments & Market Trends
Despite the lower order inflow in 2024, the company has continued its aggressive investment in innovation, development
of new products, establishment of strategic partnerships, building a global distribution network and scaling the organisation
outside the headquarter in Copenhagen.
Among the positive elements in 2024 is the awarding of contracts from returning customers, including some of the world's
most prestigious universities and research institutions as well as new orders from corporate customers within the fuel-cell
and battery segment. The company continues to see a trend towards an increased ratio of corporate customers compared
to academic (universities and research institution) customers.
Approach and Implementation of AI in the company's future strategy
The company recognizes artificial intelligence (AI) as a key technology for future business development. We have therefore
initiated a strategic effort to integrate AI into both our products and marketing activities. In our product portfolio, AI will be
used to optimize processes, enhance user experiences, and create more valuable solutions for our customers. This includes
process automation, advanced data analysis, and AI-driven solutions to increase efficiency and precision in our products and
services going forward.
In marketing, we will leverage AI to improve customer communication, optimize campaigns, and strengthen our market
understanding through predictive analytics. By utilizing AI-powered tools, we can target our messaging more precisely and
ensure a more data-driven approach to our marketing strategy.
The company views AI as an essential driver of innovation and competitiveness. We approach AI implementation with a
responsible and ethical mindset, ensuring transparency, data security, and compliance with applicable regulations. AI will
be used to create value for both the company and our customers, while we continuously evaluate technological
advancements and potential risks.
R&D and Research Collaborations
On the research side, 2024 has been extraordinary. FOM Technologies is increasingly being offered participation in
European research consortia with participation from leading academic institutions from the
continent and the US, both
within research into energy harvesting areas (future solar cell) and within energy storage (battery and fuel-cell technology).
At present
FOM Technologies is participating in 6 R/D projects, where the external funding is allocated to global projects.
The duration of these projects is on average 2 to 3 years.
The value it creates for FOM Technologies to participate in research collaborations is based on two dimensions. We
create and grow networks in academia and among the consortium partners. We get co-funding for innovation we
would otherwise have to fund ourselves.
Page 10 of 65
Management commentary
continued
Science & Learning -
Advancing Knowledge and Customer Confidence
FOM Technologies has built a science team consisting of no less than six Ph.D.s to serve as the cornerstone of success,
enabling agility, innovation, and competitive advantage in a rapidly evolving business landscape. O
ur Science & Learning
division plays a crucial role in supporting our customers by providing expert training, in-depth knowledge, and commissioned
research. With our unique team of PhD-level specialists, we are committed to equipping our customers with the insights
and expertise they need to maximize the value of our technology and equipment.
Through our state-of-the-art laboratories in Denmark and Seattle, we offer comprehensive technology programs tailored to
our customers’ needs. Beyond training, our Science & Learning division also provides commissioned research services,
delivering customized studies and analyses to help customers optimize their processes, validate methodologies, and explore
new applications for our technology. This collaborative approach strengthens our partnerships and reinforces our
commitment to scientific excellence.
The Science & Learning team also provide training on sold machines and equipment. These sessions can be conducted onsite
or online, ensuring flexibility and accessibility regardless of location. By combining theoretical knowledge with hands-on
experience, we empower our customers to confidently integrate and utilize our solutions in their own operations.
By offering the best value proposition in the industry, we ensure that our customers have the knowledge and confidence
they need before investing in our technology. Our goal is not only to sell equipment but to build long-term relationships
founded on trust, expertise, and continuous support. As we expand and refine our Science & Learning initiatives, we remain
dedicated to setting new standards for customer education and scientific collaboration, reinforcing our position as a trusted
partner in the industry.
Technical & Innovation – Exploring new products and time to market.
In line with the previously announced strategy, we strengthened our Research and Development (R&D) activities
further during 2024 to be the driving force behind the development of new products and technologies. All R/D
competences were merged into a newly established division called: Technical & Innovation. With our dedicated team
of experts, we continually explore new technologies, methodologies, and market trends to stay at the forefront of our
industry.
Our R&D efforts focus not only on improving existing products and services but also identifying new opportunities for
expansion and differentiation. Through rigorous experimentation, prototyping, and testing, we refine our ideas and
concepts, ensuring that only the most promising innovations move forward to implementation. Collaboration with
external partners, academic institutions, and industry leaders enriches our R&D ecosystem, providing diverse
perspectives and access to specialized knowledge.
We prioritize sustainability and ethical considerations in our R&D endeavors, seeking solutions that not only drive
business success but also contribute positively to society and the environment. Continuous learning and adaptation
are central to our R&D culture, allowing us to respond to market shifts and emerging challenges. Overall, our R&D
activities serve as a catalyst for driving long-term value creation, fostering a culture of innovation, and maintaining our
competitive edge in an ever-evolving landscape. For 2024 FOM Technologies spent 2 % of our revenue on Research &
Development activities.
Service Lifecycle Management – Driving Customer Satisfaction and Recurring Revenue
Through 2024 we have in line with the previously announced strategy built
our Service Lifecycle Management division
as a key strategic initiative to enhance customer service, improve satisfaction, and over time generate recurring revenue.
This new division focuses on providing comprehensive after-sales support, maintenance, and lifecycle services, ensuring
that our customers get the most out of our technology and equipment.
By offering tailored service agreements, proactive maintenance, and continuous technical support, we help customers
maximize uptime, optimize performance, and extend the lifespan of their investments. This not only strengthens our
customer relationships but also reinforces our commitment to delivering long-term value beyond the initial purchase.
Page 11 of 65
Management commentary
continued
Despite being a newly formed division, Service Lifecycle Management has already built a strong platform in 2024.As we
continue to develop and expand our service offerings, we see significant potential for further growth in this area, driving
both customer loyalty and financial stability.
Moving forward, we will focus on enhancing our digital service capabilities, expanding predictive maintenance solutions,
and strengthening our global service network. By doing so, we aim to provide best-in-class customer support while securing
sustainable, recurring revenue streams for the future.
FOM Technologies AB - Strengthening our supply chain and quality through strategic acquisition
In Q2 2024
, FOM Technologies A/S took a significant step toward securing our supply chain and enhancing product quality
by acquiring the Swedish production company: Industri Konsult AB, a well-established manufacturer based in Helsingborg
(Sweden). This strategic acquisition aligns with our long-term vision of ensuring stability, efficiency, and excellence in our
production processes, and just after the acquisition the company was re-named FOM Technologies AB.
By integrating FOM Technologies AB into our operations, we gain greater control over key components of our supply chain,
reducing potential disruptions and improving lead times which has been a long-term focus and priority for the company.
Moreover, the company’s strong expertise and high production standards allow us to enhance the quality of our products,
reinforcing our commitment to delivering superior solutions to our customers.
This acquisition not only strengthens our operational foundation but also fosters synergies between our teams in Denmark
and Sweden. With shared values of innovation and quality craftsmanship, we are confident that this investmentwill drive
long-term growth and create value for our stakeholders.
As we move forward, we remain focused on optimizing our new supply chain structure and leveraging the expertise of our
expanded team to set even higher standards for quality and reliability.
FOM Technologies Inc. - Expanding Our Presence in North America
In Q4 2024 Martin Kiener,
the founder of FOM Technologies A/S, relocated to Seattle, USA, to spearhead the development
of our sales organization in North America. This strategic move reflects our commitment to accelerating growth and
capitalizing on the vast market potential in the United States and beyond.
With a solid foundation built in Denmark and Europe, expanding into North America presents a significant opportunity to
scale our business, reach old and new customers, and strengthen our brand presence. By [establishing and] growing a
dedicated sales and science organization on the ground, we aim to expand and strengthen relationships with key partners,
enhance customer service, and drive sustainable growth in this dynamic market.
Under Martin Kiener’s leadership, our North American expansion will be guided by the same values of quality, innovation,
and customer focus that have driven our success out of Scandinavia. As we continue to invest in this strategic initiative, we
are confident that it will unlock new opportunities and further solidify our position as a global leader in our industry. We
look forward to the journey ahead and to sharing our progress in the years to come.
Subsidiaries
FOM Technologies AS/ owns shares in the following companies:
Company name: Ownership: Home place:
FOM Technologies Inc. 100,00 % Palo Alto, California, USA
FOM Technologies AB 100,00 % Helsingborg, Sweden
MLMC Therapeutics ApS 51,00 % Kastrup, Denmark
Page 12 of 65
Management commentary
continued
Environmental conditions and ESG reporting
Environmental conditions play a crucial role in the success and sustainability of a scaling company such as FOM
Technologies. Firstly, these conditions encompass factors like climate, geography, and natural resources, which can
directly impact operational efficiency and costs. Secondly, environmental conditions also include the socio-political
landscape, such as government policies, regulations, and societal attitudes towards sustainability. Compliance with
environmental regulations not only ensures legal standing but also fosters positive public perception and long-term
viability. Moreover, a scaling company must assess environmental risks and opportunities to anticipate market shifts
and innovate accordingly.
Embracing eco-friendly practices not only reduces negative impacts but also opens doors to new markets and investors
increasingly prioritizing sustainability. Furthermore, maintaining a strong commitment to environmental stewardship
can attract top talent, foster employee morale, and enhance brand reputation. Customers today are more conscious
of environmental issues, preferring to support companies aligned with their values. Navigating and adapting to
environmental conditions is integral for a scaling company to mitigate risks, seize opportunities, and build a resilient
business model that thrives amidst changing ecological and societal landscapes.
Last year's voluntary option of ÅRL section 99a has ended. (ÅRL section 99a requires the company to add a sustainable
reporting directly in the annual report).
Changes after the balance sheet date
No significant changes have occurred after the balance sheet date.
Conclusion
Considering the lower total income and a lower EBITDA realized in 2024 compared to 2023 and to the initial
guidance published in Q4 2023,
management considers the 2024 financial year
to be not satisfactory.
EXPECTATIONS TO 2025
The expected future development
Like in 2024, 2025 will be an investment year for the company. A solid capital base from cash injection in late Q4 2023,
allows the company to continue the strategic focus on offering and selling our products and technology on a global scale
combined with planned investments in:
The organisation and HQ in Copenhagen.
Growing our US sales subsidiary: FOM Technologies Inc.
Expansion of our newly acquired Swedish manufacturing subsidiary: FOM Technologies AB
Strong R/D and innovation in new and more advanced products targeting the global corporate
up-scale of material science.
The financial guidance for the financial year 2025, has been estimated to the best of our abilities taking risk and other
global macro-economic into account:
The company's guidance for 2025 is stated as follows:
Total income:
In the range of DKK 40 million to DKK 60 million
EBITDA:
In the range of DKK - 15 million to DKK -5 million
Page 13 of 65
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Note
4
5
6-7
8
9
10
11
11
Other comprehensive income
Items that may be reclassified to profit or
loss:
Exchange differences on translation of
foreign operations
Total comprehensive income for the period,
net of tax
Total comprehensive income for the
period is attributable to:
Owners of FOM Technologies A/S
Non-controlling interests
Earnings per share for profit attributable to the ordinary equity holders of FOM Technologies A/S
Basic earnings per share
Diluted earnings per share
2024
DKK
2023
DKK
-1,48
-1,48
2024
DKK
2023
DKK
Revenue
Other operating income
Total income
Costs of goods sold
-18.558.670 -36.867.221
Other external expenses -23.900.151 -18.129.508
Gross Profit
Staff costs
-23.721.123 -21.976.303
Profit before depreciation, interest, and tax -14.580.156
Amortisation, depreciation, and impairment -3.033.107 -2.213.422
Operating Profit -17.613.263 1.325.585
Financial income 1.751.091
Financial expenses -1.073.857 -970.806
Profit before tax
-16.936.029
Tax on profit/loss for the year
-212.653 -
Deferred Tax
-509.228
Profit for the year
-14.031.257
2024
DKK
2023
DKK
-13.988.919 370.369
2024
DKK
2023
DKK
-13.923.002
-
-60.112
-13.988.919
16
16
Page 14 of 65
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31.12.202
4
31.12.202
3
DKK DKK
Software
Acquired licenses 47.749 90.389
Acquired trademarks 302.761 355.393
Development projects completed
Development projects in progress
Goodwill 320.665
12
INTANGIBLE ASSETS 2.711.522
Leasehold improvements
Other fixtures and fittings, tools, and equipment
Plant & Equipment 348.227
13
PROPERTY, PLANT AND EQUIPMENT 1.470.891
Land and buildings
14
RIGHT OF USE ASSETS
Deposits
15
FINANCIAL ASSETS 989.868
11
Deferred income tax asset 2.011.429
TOTAL NON-CURRENT ASSETS 15.126.076
Raw materials
Work-in-progress 506.438 558.466
Finished Goods 10.884.722
INVENTORIES
15
Trade receivables
4
Contract asset
Other receivables
Prepayments
Cash
TOTAL CURRENT ASSETS
TOTAL ASSETS 89.974.563
CONSOLIDATED
STATEMENT
OF
FINANCIAL
POSITION
continued
Page 15 of 65
Note
31.12.2024
DKK
31.12.2023
DKK
16
Share capital
Retained
earnings
Other capital reserve 4.077.940
Non-controlling interests -166.146
-100.229
EQUITY
Deferred Tax Liability
14
Lease debt
Other
payables
17,20
Provisions
20
Deferred
income
NON
-
CURRENT
LIABILITIES
18
Credit institutions
14
Lease debt
Trade
payables
Tax payables
Other payables
17
Other provisions 274.307
20
Deferred income 2.434.384
4
Contract liability
Prepayments
CURRENT LIABILITIES 19.926.318
LIABILITIES
TOTAL
EQUITY
AND
LIABILITIES
Page 16 of 65
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share
Capital
Share
Premium
Retained
earnings
Other
Capital
reserve Total
Non-
controlling
interests
Total Equity
DKK
Equity at 1/1 2023
-40.116
Profit for the year
Other comprehensive
income
Total comprehensive
income for the
period
-60.112
Transactions with
owners in their
capacity as owners:
Capital increase 117.579 43.444.317
Transfers
-43.444.317 43.444.317
Costs related to
equity transactions
-2.971.995
-2.971.995
-2.971.995
Share-based
payments
Share-based
payments (warrants
exercised)
Transfers
-360.000 360.000
Share-based
payments (warrants
expired)
-796.080
Development costs
Equity at 31/12 2023
-100.229
Page 17 of 65
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY continued
Share
Capital
Share
Premium
Retained
earnings
Other
Capital
reserve Total
Non-
controlling
interests
Total Equity
DKK
Equity at 1/1 2024
-100.229
Profit for the year
-13.965.340
-13.965.340
-65.917
-14.031.257
Other comprehensive
income
Total comprehensive
income for the
period
-13.923.002
-13.923.002
-65.917
-13.988.919
Transactions with
owners in their
capacity as owners:
Capital increase 11.025 2.568.975
Transfers
-2.568.975 2.568.975
Costs related to
equity transactions
Share-based
payments
Share-based
payments (warrants
exercised)
Transfers
-796.000 796.000
Share-based
payments (warrants
expired)
Correction
adjustment
Equity at 31/12 2024
-166.146
Page 18 of 65
CONSOLIDATED CASH FLOW STATEMENT
Note
2024
DKK
2023
DKK
Profit/loss before financial items and tax (EBIT) -17.613.263
Depreciation and amortization 3.033.107
Share-based payments 420.147
Change in inventories
-2.338.613
-3.310.903
Change in receivables
-6.879.303
Change
in
trade
payables
-
CASH FLOWS FROM PRIMARY ACTIVITIES -8.298.329
-9.233.363
Financial income received 1.751.091
Financial costs paid -1.073.857
-970.806
Income
taxes
paid/received
-
CASH FLOW FROM OPERATION ACTIVITIES -8.240.162
-9.679.476
12 Acquisition of intangible assets -1.348.852
-463.548
13 Acquisition of property, plant and equipment
-446.860
-1.796.573
22
Business combinations (net of cash acquired)
-
Deposit
-
CASH FLOW FROM INVESTING ACTIVITIES -3.576.997 -2.118.621
Proceeds from capital increase 800.000
Proceeds from capital increase from business combinations 2.580.000
Costs incurred during changes of contributed capital -
-2.971.995
21 Other credit institutions 77.012
-11.486
21 Repayment on leases
on leases
-1.596.591
-1.061.574
CASH FLOW FROM FINANCING ACTIVITIES
Currency adjustments -14.102
-216
NET CASH FLOW FOR THE PERIOD
-9.970.840
Cash and cash equivalents - beginning of the year
Net cash flow for the period
CASH AND CASH EQUIVALENTS BY END OF PERIOD
Cash and cash equivalents
TOTAL CASH AND CASH EQUIVALENTS BY END OF PERIOD
2024
DKK
2023
DKK
-
Page 19 of 65
NOTES
1.
Accounting policies
1.1
Basis of preparation
1.2
Basis of consolidation
1.3
Business combinations
1.4
New standards and interpretations not yet adopted
1.5
Summary of material accounting policy information
2.
Significant judgments
3.
Operating segments
4.
Revenue from contracts with customers
5.
Other operating income
6.
Staff costs
7.
Share-based payments
8.
Amortisation, depreciation and impairment
9.
Financial income
10.
Financial expenses
11.
Tax for the year
12.
Intangible Assets
13.
Property, Plant and Equipment
14.
Right of use assets
15.
Financial Assets and Liabilities
16.
Share capital & Earnings per share
17.
Provisions
18.
Credit institutions
19.
Capital management
20.
Financial risk management
21.
Changes in liabilities from financing activities
22.
Business combinations
23.
Related parties
24.
Events after the reporting date
25.
Assets charged and security
Page 20 of 65
Note 1 Accounting policies
This note provides a list of the significant accounting policies adopted in the preparation of these consolidated
financial statements to the extent they have not already been disclosed in the other notes above. These policies
have been consistently applied to all the years presented, unless otherwise stated. The financial statements are
for the Group consisting of FOM Technologies A/S and its subsidiaries.
1.1. Basis of preparation
The Group's consolidated financial statements have been prepared in accordance with IFRS Accounting
Standards as adopted by the EU and additional Danish disclosure requirements for the financial statements of
reporting class B enterprises in accordance with the Danish Financial Statements Act. The Group has
furthermore, voluntarily opted for an additional selection according to accounting class C.
The financial statements are presented in Danish kroner (DKK), which is FOM Technologies A/S’ (the Parent
company) functional currency. Unless otherwise stated, the amounts presented in the financial statements are not
rounded. The financial statements have been prepared on a going concern basis and in accordance with the
historical cost convention, except where IFRS explicitly requires use of other values.
1.2. Basis of consolidation
Subsidiaries are all entities over which the Group has control. The Group controls an entity where the Group is
exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those
returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on
which control is transferred to the Group. They are deconsolidated from the date that control ceases. The
acquisition method of accounting is used to account for business combinations by the Group.
Intercompany transactions, balances and unrealised gains on transactions between group companies are
eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the
transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency
with the policies adopted by the group.
Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated
statement of profit or loss, statement of comprehensive income, statement of changes in equity and balance sheet
respectively.
1.3. Business combinations
Acquisitions of subsidiaries are accounted for in accordance with IFRS 3 - Business Combinations under which
the identifiable assets and liabilities of the entity acquired are measured at fair value at the time of acquisition.
Acquired contingent liabilities are recognised at fair value in the Consolidated Financial. Statements to the
extent that the value can be measured reliably.
The time of acquisition is the time when the Group obtains control of the entity acquired.
The cost of the entity acquired is the fair value of the consideration agreed, including consideration contingent
on future events. Transaction costs directly attributable to the acquisition of subsidiaries are recognised in the
income statement as incurred.
Positive differences between the cost of the entity acquired and identifiable assets and liabilities are
recognised as goodwill in intangible assets in the balance sheet. Where the differences are negative, they are
recognised immediately in the income statement.
Where cost includes contingent consideration, this is measured at fair value at the time of acquisition.
Contingent consideration is subsequently measured at fair value. Any value adjustments are recognised in the
income statement.
Page 21 of 65
1. Accounting policies continued
1.4. New standards and interpretations not yet adopted
Certain new accounting standards, amendments to accounting standards and interpretations have been
published that are not mandatory for 31 December 2024 reporting periods and have not been early adopted by
the Group. The Group’s assessment of the impact of these new standards and amendments is set out below:
IFRS 18 Presentation and Disclosure in Financial Statements
Effective for annual periods beginning on or after 1 January 2027
IFRS 18 will replace IAS 1 Presentation of financial statements and will impact the presentation and disclosures
of the Group. The Group is currently assessing the impact of IFRS 18 and will on continuing basis assess the
impact.
1.5. Summary of material accounting policy information
The following are the material accounting policies applied by the Group in preparing its consolidated
financial statements.
Foreign currency translation
The functional currency is DKK and transactions denominated in currencies other than the functional currency are
considered transactions in foreign currency. On initial recognition, transactions denominated in foreign currencies
are translated to the functional currency at the exchange rates at the transaction date. Foreign exchange rate
adjustments arising between the transaction date and at the date of payment are recognized in the income
statement under financial income or financial expenses. Monetary assets and liabilities denominated in foreign
currencies are translated to the year-end exchange rates on the reporting date. The difference between the
exchange rates at the reporting date and at the date of transaction or the exchange rate in the latest financial
statements is recognized in the income statement under financial income or financial expenses.
The results and financial position of foreign operations that have a functional currency different from the
presentation currency are translated into the presentation currency as follows:
assets and liabilities for each balance sheet presented are translated at the closing rate at the date of
that balance sheet
income and expenses for each statement of profit or loss and statement of comprehensive income are
translated at average exchange rates (unless this is not a reasonable approximation of the cumulative
effect of the rates prevailing on the transaction dates, in which case income and expenses are translated
at the dates of the transactions), and
all resulting exchange differences are recognized in other comprehensive income
Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the
chief operating decision maker (CODM).
Executive Management assesses the financial performance and position of the group and makes strategic
decisions. Executive Management has been identified as being the CODM.
Cash flow statement
The cash flow statement is presented using the indirect method and shows cash flows from operating,
investment, and financing activities for the year as well as cash and cash equivalents at the beginning and end
of the financial year.
Cash flows from operating activities are calculated based on operating profit/loss, adjusted for the cash flow
effect of non-cash operating items, working capital changes, financial expenses paid and income tax paid.
Cash flows from investment activities comprise payments in connection with the acquisition and sale of non-
current intangible assets, property, plant, and equipment as well as financial assets. Cash flows from financing
activities comprise payments arising from changes in the size or composition of the share capital.
Page 22 of 65
1. Accounting policies continued
Income statement: Revenue
Sale of standardized machinery and equipment
Revenue related to the sale of standardized machinery and equipment is recognized at a point in time. This is
usually when the customer has received the machinery. However, if a contract includes a customer acceptance
clause, revenue is not recognized before the customer acceptance is received. Payments follow a payment
schedule, for which a portion is paid upfront.
Sale of customized machinery and equipment
Revenue related to the sale of customized machinery is recognized over time using a cost-to-cost measure.
Revenue is recognized over time because the machinery being transferred is highly specialized to the customer’s
specifications (that is, the machinery has no alternative use).
For contracts for customized machinery, the Group always has an enforceable right to payment for performance
completed to date. The consideration is paid in accordance with a contract specific payment schedule, for which
a portion is paid upfront.
If the goods and services rendered by the Group exceed the payment, a contract asset is recognised. If the
payments exceed the goods and services rendered, a contract liability is recognised
Payment terms differ based on customers but usually lies in the range of 0-60 days.
Refer to note 4 on elaboration of the accounting policies related to the recognition of revenue from contracts with
customers.
Income statement: Other operating income
Other operating income includes items of a secondary nature in relation to the primary activity of the company,
including profit on sale of fixed assets and public grants and other grants for research and development projects.
Income from grants is recognised at fair value when there is a reasonable assurance that the grant will be
received, and the Group will comply with all attached conditions. It is recognised on a systematic basis over the
periods that the related costs, for which it is intended to compensate, are expensed.
Income statement: Cost of goods sold
Cost of goods sold comprises goods consumed in the financial year measured at cost, adjusted for ordinary
inventory write downs and costs incurred to achieve the years revenue.
Income statement: External expenses
External expenses comprise selling costs, facility costs, administrative expenses and research and development
costs.
Income statement: Staff costs
Staff costs include wages and salaries including holiday pay and pensions and other social security costs etc. to
the Group’s employees. Staff costs are reduced with payments received from public authorities.
Staff costs include sharebased payments. Executive management and key employees have been granted
warrants. The warrants are
measured at fair value at the grant date and are recognised as an expense in staff
costs over the vesting period. Expenses are set off against equity. The fair value of the warrants is measured using
the Black Scholes valuation
method. The calculation considers the terms and conditions under which the
warrants are granted. Fair value is not subsequently remeasured. If subsequent modifications to a warrant
program increase the value of the warrants granted, measured before and after modification, the increase is
recognised as an expense. If
modification occurs before the vesting period, the increase in value is recognised as
an expense over the period
for services to be received. If modification occurs after the vesting date, the
increased value is recognised as an expense immediately. Consideration received for warrants sold are
recognised directly in equity.
Page 23 of 65
1. Accounting policies continued
Income statement: Financial income and expenses
Financial income and expenses is recognised with amounts concerning the financial year. Financial items
comprise interest, realised and unrealised exchange gains and losses as well as interest surcharge and interest
reimbursements under the Danish Tax Prepayment Scheme.
Income statement: Tax on profit or loss for the year income taxes
Tax on profit or loss for the year represents 22% of the booked profit or loss adjusted for non-taxable and
non-deductible items.
Tax on profit or loss for the year consists of the anticipated tax portion of the taxable income for the year
adjusted for the changes for the year in deferred tax. Changes in deferred taxes, due to adjustments of tax
rates are recognised in the income statement. Corporation tax relating to the financial year which has not been
settled at the balance sheet date is to be classified as corporation tax in receivables or liabilities other than
provisions.
The Group is subject to the Danish Tax Prepayment Scheme. Interest reimbursement and interest surcharge
have
been recognised in financial income and expenses.
Balance sheet assets: Intangible assets
Intangible assets are measured at cost less accumulate amortisation. Cost comprises the acquisition price as
well as costs directly related to the acquisition until the time when the asset is ready to be put into operation.
Assets are amortised on a straight-line basis over their estimated useful lives:
Acquired licenses: 5 years
Acquired trademarks: 5 years
Acquired software:
3-5 years
Development projects completed: 3-5 years
Goodwill Indefinite
Development projects that are not completed are measured at cost with zero amortisation. Development
projects in progress consist of the development of new machines. The development projects in progress
essentially consists of costs in the form of external costs directly attributable to the development project.
During the period of development, development projects that are not completed are tested for impairment
annually.
Completed development projects consist of both new developed machines and upgraded versions of existing
machine lines. The development projects completed essentially consists of costs in the form of external costs
directly attributable to the development project.
In the case of sale, the profit/loss is included in the income statement under other operating income and other
operating expenses.
Balance sheet assets: Property, plant, and equipment
Property, plant, and equipment are measured at cost less accumulate amortisation and depreciation. The
basis of amortisation and depreciation is cost less estimated residual value after the end of useful life.
Cost comprises the acquisition price as well as costs directly related to the acquisition until the time when
the asset is ready to be put into operation. The cost price for an asset is divided into separate components,
that are depreciated separately, if the useful life of the individual components is significantly different.
Page 24 of 65
1. Accounting policies continued
Depreciation is initiated when the assets are ready to be taken into operation. Assets are depreciated on a
straight-line basis over their estimated useful lives with following residual values:
Other fixtures, etc.: 3-5 years
Leasehold improvements 3-5 years
Plant and Equipment 3-5 years
The residual value is zero unless otherwise stated.
Minor purchases with useful lives below one year have been
recognised as an expense in the income statement in external expenses.
Estimated useful lives and residual values are reassessed annually.
In the case of sale, the profit/loss is included in the income statement under other operating income and other
operating expenses.
Balance sheet assets: Impairment of intangible asset and property, plant and equipment
The carrying amount of intangible assets and property, plant and equipment is reviewed annually for indication of
impairment for loss, apart from what is expressed by usual amortisation and depreciation. If this applies,
impairment for loss is made of each asset or group of assets, respectively, to lower recoverable amount.
As recoverable amount, the higher of expected net selling price and net present value is applied. The net present
value is calculated as the present value of the anticipated cash flows from the use of the asset or the group of
assets.
Impairment for loss for the year is recognised in the income statement as amortisation, depreciation and
impairment for intangible assets and property, plant, and equipment.
Goodwill, development projects in progress and other intangible assets with indefinite useful lives are not
subject to amortisation and are tested annually for impairment, or more frequently if events or changes in
circumstances indicate that they might be impaired. Goodwill is attributed to cash-generating units on
acquisition and impaired before other assets.
Balance sheet assets: Right-of use assets
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include
the net present value of the following lease payments:
• fixed payments (including in-substance fixed payments), less any lease incentives receivable
• variable lease payments that are based on an index or a rate, initially measured using the index or rate as at the
commencement date
• amounts expected to be payable by the group under residual value guarantees
• the exercise price of a purchase option if the group is reasonably certain to exercise that option
• payments of penalties for terminating the lease, if the lease term reflects the group exercising that option.
Lease payments to be made under reasonably certain extension options are also included in the measurement of
the liability.
Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over
the lease period to produce a constant periodic rate of interest on the remaining balance of the liability for each
period.
The Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset
is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment
losses, and adjusted for any remeasurement of lease liabilities.
Page 25 of 65
1. Accounting policies continued
Right-of-use assets are measured at cost comprising the following:
• the amount of the initial measurement of lease liability
• any lease payments made at or before the commencement date less any lease incentives received
• any initial direct costs, and
• restoration costs.
Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated
useful lives of the assets.
Balance sheet assets: Other receivables (fixed assets)
Other receivables recognised under fixed assets comprise loans and rental deposits measured at amortised
cost, which usually corresponds to nominal amount. In events when the carrying amount exceeds the
recoverable amount, impairment for loss is made to such lower value. Impairment for loss for the year is
recognised in the income statement as impairment for loss of financial assets.
Balance sheet assets: Inventories
Inventories are measured at cost according to the FIFO method. In the event of cost exceeding net realisable
value, write-down is made to this lower value.
Cost of goods for resale, finished goods, work-in-progress as well as raw materials and consumables comprises
purchase price plus landing costs.
The net realisable value of inventories is calculated at the amount expected to be generated by sale in the
process of normal operations with deduction of selling expenses and costs of completion. The net realisable
value is determined allowing for marketability, obsolescence, and development in expected sales sum.
Balance sheet assets: Receivables
Trade receivables are recognised initially at the amount of consideration that is unconditional, unless they
contain significant financing components when they are recognised at fair value. They are subsequently
measured at amortised cost less loss allowance. The Group applies the IFRS 9 simplified approach to measuring
expected credit losses which uses a lifetime expected loss.
Balance sheet assets: Cash and cash equivalents
Cash comprises bank deposits.
Balance sheet: Contract work in progress
Contract work in progress has been recognised according to a cost-to-cost method (percentage-of-completion
Method), solely for customer contracts that are of a custom nature and according to which work in progress is
measured at the market value of the work performed. The market value is measured based on the degree of
completion at the balance sheet date and the total anticipated income from each work in progress. Completion
is
calculated as the proportion of the costs incurred in relation to the expected total costs of the individual
work in progress.
When the market value of the individual work in progress cannot be measured reliably, the market value is
recognized at cost or net realizable value, if this value is lower.
Each work in progress is recognised in the balance sheet in receivables or liabilities other than provisions
depending on the net value of the selling price less on account invoicing and prepayments.
Costs in connection with sales work and contracting are recognised in the income statement as incurred. Any
finance costs of financing of work in progress are included in financial expenses.
Page 26 of 65
1. Accounting policies continued
Balance sheet: Prepayments
Prepayments comprise costs incurred relating to subsequent financial years.
Balance sheet: Equity
Management's proposed dividends for the financial year is disclosed as a separate item in equity.
Warrants are recognized in the financial statements under staff costs and settled
directly in equity as other
capital reserve.
Other capital reserve comprises solely the share-based payments (warrants programme).
Balance sheet Liabilities: Provision for deferred tax
Deferred tax is measured according to the liability method. Provision has been made for deferred tax by 22%
on all temporary differences between carrying amount and tax-based value of assets and liabilities. Deferred
tax is also measured with respect of the planned use of the asset and the settlement of the liability.
The tax-based values of tax losses carried forward are included in the statement of deferred tax if it is
probable that the losses can be utilised.
Balance sheet: Financial liabilities
Financial liabilities are recognized when raising the loan at the proceeds received after deduction of
borrowing costs, directly addressed by the loan. In subsequent periods, financial liabilities are measured
at amortized cost equal to the capitalized value using the effective interest rate, so the difference between
the proceeds and the nominal value are recognized in the income statement over the loan period.
Other liabilities other than provisions have been measured at amortised cost which corresponds to nominal
value.
Balance sheet: Provisions
Provision comprises the estimated accrued cost of the warranty on the products shipped upon recognition
of the sale of the product. The accrued costs are estimated as 1,40% of the total revenue. With continued
growing revenue the senior management has sought it reasonable to increase the accrued percentage from
0,75% previously to 1,40% of the total revenue for future expenses related to current sales. The general
terms of warranty on standard products is 12 months. The change in the accounting estimate is immaterial.
Other short-term provisions comprise the estimated expected loss provisioning on a single contract work
asset project. The contractual performance obligation consists of a new machine type being delivered for the
first time. Upon realisation of the estimated loss on the performance obligation of the custom machine, the
total expected loss (274t.DKK) as per the projected budget has been accrued as loss provisioning. The
performance obligation will be completed in Q2 2025 where the expected loss will be realized.
Balance sheet Liabilities: Deferred income
Deferred income comprises income received relating to subsequent years. It is recognized if a payment is
received, or a payment is due (whichever is earlier) from a customer before the Group transfers the related
deliverables. Deferred income is recognised as revenue when the Group performs under the contract (i.e.,
transfers control of the related performance obligation to the customer).
Related party transactions
Intercompany transactions between the group affiliated companies are on terms equivalent to those that
prevails in arm’s length transactions. The nature of transactions between the parent and its subsidiaries
includes purchase of sales of goods and transfers under finance arrangements.
Page 27 of 65
Note 2 Significant judgments
As part of the preparation of the financial statements, Management makes a number of, accounting estimates
and assumptions as a basis for recognizing and measuring the Groups assets, liabilities, income, and expenses
as well as judgements made in applying the Group’s accounting policies. The estimates, judgements and
assumptions made are based on experience gained and other factors that are considered sensible by
Management in the circumstances, but which are inherently subject to uncertainty and volatility.
The assumptions are always made with a conservative approach to ensure that the level of uncertainty is at a
minimum. Unforeseen events or circumstances may occur, for which reason the actual results may differ from
the estimates and judgements made.
Management considers the following accounting estimates and judgements to be significant in the preparation
of
the financial statements.
Development costs
The Group capitalizes costs for development projects. Initial capitalization of costs is based on management’s
judgement that technological and economic feasibility is confirmed, usually when a product development
project has reached a defined milestone according to an established project management model. In
determining the amounts to be capitalized, Management makes assumptions regarding the expected future
cash generation of the project and the expected period of benefits.
Impairment of non-financial assets
Impairment exists when the carrying value of an asset or cash-generating unit exceeds its recoverable amount,
which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal
calculation is based on available data from binding sales transactions, conducted at arm’s length, for similar
assets or observable market prices less incremental costs of disposing of the asset. The assumptions are always
made with a conservative approach to ensure that the level of uncertainty is at a minimum. Unforeseen events or
circumstances may occur, for which reason the actual results may differ from the estimates and judgements
made.
Goodwill
The unallocated purchase price (positive amount) is recognised in the statement of financial position as goodwill,
which is allocated to the Group’s cash-generating units. Management determines the acquired cash-generating
units, the cash-generating units that already existed in the Group and the allocation of goodwill. The allocation of
goodwill is based on the expected future cash flows for the business.
Management’s assessment of indication of impairment is based on the cash-generating units (CGUs). If there are
indications that the carrying amount of assets exceeds the value of future cash flows from the assets
(recoverable amount), an impairment test must be carried out.
The recoverable value is calculated as the highest value of the net selling price (fair value less selling costs) and
the value in use at continued use.
The impairment test is carried out within the Group’s CGUs. The impairment test is done by estimating the
recoverable amount at value in use calculated as the present value of the total expected cash flows within the
CGU. If the value in use is lower than the carrying amounts of the assets in the CGU, the assets are written down
by first reducing the value of any goodwill allocated to the CGU and then pro rata reducing the value of the other
assets of the CGU on the basis of the carrying amount of each asset. The assets are not written down to a lower
amount than the individual assets net selling price.
The present value of expected future cash flows (value in use) is based on budgets and business plans. Key
parameters are annual growth rate in the first five years, EBIT-margin and growth expectations beyond the next
five years, including the estimation of WACC.
Page 28 of 65
Note 2 Significant judgments continued
Recognition of revenue related to customized machinery and equipment
The Group sells highly specialized machinery and equipment that is customized to the specific customer’s
request for which revenue is recognized over time.
In determining that revenue should be recognized over time, Management has assessed that the customized
machinery has no alternative use (i.e., the customized machines cannot be readily redirected to another
customer).
Share-based payments
Estimating fair value for share-based payment programmes requires determination of the most appropriate
valuation model, which depends on the terms and conditions of the grant.
The chosen valuation model requires determination of appropriate inputs to the valuation model including
duration of the share option, volatility, exercise price and risk-free interest rate.
The selection of models and use of appropriate inputs determine the calculation of the fair value for share-
based payment transactions which are disclosed in note 7.
Right of use assets
The determination of the lease term may differ from the contractual lease term and thus affects the amount
recorded for the entity’s lease obligation and related right-of-use asset. If the determined lease term is longer
than the contractual lease term, the larger the lease liability and related right-of-use asset.
In determining the lease term, management considers all facts and circumstances that create an economic
incentive to exercise an extension option, or not to exercise a termination option. Extension options (or
periods after the termination options) are only included in the lease term if the lease is reasonably certain to
be extended (or not terminated).The Group has determined the lease term as the non-cancellable term of
the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be
exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be
exercised. The Group applies judgement in evaluating whether it is reasonably certain to exercise the option
to renew or terminate the lease.
Deferred tax asset
The net deferred tax asset of 2m.DKK includes an amount of approx. 3m.DKK carried-forward tax loss from
the year 2024. The Group has incurred the loss following heavy investments in the organisation and the
acquisition of the manufacturing operations in Sweden (FOM Technologies AB). The Group has concluded that
the deferred tax assets will be recoverable using the estimated future taxable income based on the budgets
and forecasts for the Group. The loss can be carried forward indefinitely and have no expiry date.
Note 3 Operating segments
The Group serves one segment, comprising the entire company FOM Technologies A/S, which is inherent to
how the Executive Management considers and operates the Group. The main nature of the business is
development and production of machinery equipment for material research entities worldwide.
The results of the single reporting segment are shown in the statements of comprehensive income of the
Parent company.
Executive Management is the Chief Operating Decision Maker (CODM). Executive Management, which is made
up
of the senior leadership across the respective divisions, are responsible for the strategic decision making
and
for the monitoring of the operating results of the single operating segment for the purpose of performance
assessment.
Page 29 of 65
Note 3 Operating segments
continued
The segment performance is evaluated by the CODM monthly based on profit or loss for the single segment and
is measured consistently with profit or loss in the financial statements of the Group.
The CODM furthermore monitors revenue based on product lines. Refer to note 4 for a disaggregation of
revenue on this basis. The Group has not reported revenue attributed to foreign countries as the costs to
develop this information would be excessive.
Non-current operating assets are all geographically located in Denmark.
Note 4 Revenue from contracts with customers
The Group derives revenue from the transfer of goods and services over time and at a point in time in the
following revenue categories:
Revenue recognized at a point in
time:
Revenue recognized over time:
Clients who accounted for more than 10% of the revenue:
Novo Energy R&D AB (Revenue recognized over time).
The revenue category Machines comprise the sales of machinery and equipment which is the main part of the
Group’s business. The category Additional products comprise the sales of additional products and components
as
well as optional solutions for the machinery and equipment sold. The category Services & other comprise
installation services, support, and service-type warranties.
The Group’s customer contracts may comprise multiple deliverables such as machinery, equipment, support,
training, installation services and service-type warranties. These deliverables represent separate performance
obligations and are accounted as such. The transaction price is always fixed and comprise no variable
consideration. The transaction price is allocated between the performance obligations based on their
standalone selling prices.
The amount of inventory recognized as an expense during the year 2024 amounted to DKK 16.226.526 (2023: DKK
34.479.294).
Revenue related to services is recognized over time. This is because the customer simultaneously receives and
consumes the benefits provided by the Group as the Group performs. In recognizing revenue, Management
applies an input method such as cost incurred, or labour hours expended. Management has determined that
these methods of measuring progress most appropriately reflect the Group’s transfer of control of the
promised services to the customer. Revenue related to service-type warranties are recognized over the
warranty period on a straight-line basis.
2024 2023
DKK DKK
Machines
20.955.871 37.521.433
Machine options
14.615.683 15.521.394
Additional products (consumables)
1.848.707 1.426.191
Total 37.420.261 54.469.018
Machines 3.009.252 21.341.457
Services & Other
3.777.620 2.378.923
Total 6.786.872 23.720.380
Total Revenue 44.207.133 78.189.398
Page 30 of 65
Note 4 Revenue from contracts with customers continued
For the purposes of recognizing revenue related to machinery and equipment, the Group separates its
customer contracts into two categories:
Sale of standardized machinery and equipment; and
Sale of customized machinery and equipment.
During 2024, the amount of revenue recognized that was included in the contract work in progress liability
balance at the beginning of the period was DKK 1.303.593 (2023: DKK 2.285.732).
All of the Group's customer contracts are for periods of one year or less. As permitted under IFRS 15, the
transaction price allocated to these unsatisfied contracts is not disclosed.
31.12.2024
DKK
31.12.2023
DKK
Contract work in progress
6.895.353
19.959.112
On
account
invoicing
-
5.067.087
-
6.538.679
Total
1.828.268
13.420.433
Contract work in progress classification in the annual report
Contract asset (work in progress)
Contract liability (current liability)
Total
The decrease in contract work in progress is mainly due to the completion of two larger
projects from previous year.
Note
5
Other operating income
2024
2024
DKK
2023
DKK
Income from external R&D projects
Total Other operating income
7.392.655
2.322.641
7.392.655
2.322.641
31.12.2024
DKK
31.12.2023
DKK
2.692.433 14.724.026
-864.167 -1.303.593
1.828.268
13.420.433
Page 31 of 65
Note 6
Note
7
Staff costs
2024
DKK
2023
DKK
Wages and salaries
-19.013.566
-17.941.260
Share-based payments -420.147
-1.106.585
Pensions
-2.699.703
-2.093.419
Social security costs -598.132 -219.560
Other staff costs
-989.575
-615.478
Total staff costs
-23.721.123
-21.976.302
Average number of employees
37
Costs of share-based payments are recognised in profit or loss as staff costs with a
corresponding entry in equity.
Key management remuneration*
2024
DKK
2023
DKK
Wages and salaries
-7.242.724 -6.177.357
Share-based payments -419.105
-795.042
Pensions
-577.971
-457.310
Social security costs -160.751 -11.929
Total staff costs
-8.400.551
-7.441.638
Average number of employees
10 8
*Key management comprises of the Board of Directors, Executive Board and Senior Management.
Board of Directors and Executive Board
remuneration
2024
DKK
2023
DKK
Wages and salaries
-3.483.347 -3.140.082
Share-based payments -169.519
-649.971
Pensions
-239.680
-222.080
Social security costs -5.544 -4.544
Total staff costs
-3.898.090
-4.016.677
Average number of employees
6 5
Share-based payments
2024
DKK
2023
DKK
Cost
of
share
-
based
payments
related
to
2022
-
grant
-70.332
Cost
of
share
-
based
payments
related
to
2023
-
grant
-
7.647
-1.036.253
Cost of share-based payments related to 2024-grant
-412.500
Total
-420.147 -1.106.585
Page 32 of 65
N
ote
7
Share-based payments continued
Warrant programme
FOM Technologies A/S has an incentive programme under which warrants are awarded to key employees of
FOM Technologies A/S. After the completion of the public listing in June 2020, employees were offered to
participate in the company’s first Employee Share Scheme (i.e., the warrant programme). FOM Technologies
A/S has granted warrants to key employees during the years 2020-2024. Warrants are granted once annually.
The main terms of the warrant programs are laid out in the company’s Articles of Association, which can be
found on the company’s website at www.fomtechnologies.com
The warrants programmes are granted with the intention to be a combined incentive and retention tool. If the
employee leaves the company prior to exercising the warrants, the warrants are lost, and the shares cancelled
from the warrant programme. The warrants can only be exercised after a 12-month period and only during
exercise windows (expected to be approx. 18 months after the grant date).
For the warrants programme 2020 and 2021 the exercise window is a 3-week period after the publication of
the annual reports in respectively 2023 and 2024. For the 2022-2024 warrants programme, the annual
frequency for exercising warrants, was increased from one time per year to twice a year and the length of the
exercise window was decreased from three-weeks to a 5-days period after the publishing of annual or half-
annual reports in 2025-2027. There is no cash alternative, and the arrangement is classified as equity settled.
*Cancelled warrants are the result of employees leaving their position before exercising their warrants
regarding all warrant programmes for the year ended.
**Exercise price of warrants granted in 2024 is based on the official FOM Technologies Nasdaq FN closing price on the
30th of dec. 2023 (DKK 26,20). Theoretical market value of warrants granted: DKK 4,50 calculated using the Black
Scholes model.
***Exercised warrants were exercised at price DKK 20,00 on the 27/3 2024 and 2/4 2024.
The official closing price those 2 trading days was: DKK 22,90 and 24,50 respectively.
W
Specification of outstanding warrants
Weighted
average
exercise
price
Key
management
personnel
Employees
Total
Number of warrants:
Outstanding 1. January 2021
33,75 78.000 30.000 108.000
Granted 2021
20,00 60.000 65.000 125.000
*Cancellation of warrants
N/A - -27.500 -27.500
Outstanding at 31 December 2021
26,19 138.000 67.500 205.500
Granted 2022
31,00 100.000 50.000 150.000
*Cancellation of warrants
N/A - -14.000 -14.000
Outstanding at 31 December 2022
28,21 238.000 103.500 341.500
Granted 2023
37,00 65.000 60.000 125.000
Expired warrants
N/A -93.000 -93.000
Exercised 2023
20,00 - -20.000 -20.000
*Cancellation of warrants
N/A - -18.000 -18.000
Outstanding at 31 December 2023
29,86 210.000 125.500 335.500
Granted 2024
26,20** 125.000 - 125.000
Expired warrants
N/A -36.500 -5.000 -41.500
Exercised 2024
20,00*** -30.000 -10.000 -40.000
*Cancellation of warrants
N/A -110.000 - -110.000
Outstanding at 31 December 2024
31,11 158.500 110.500 269.000
Page 33 of 65
Note
7 Share-based payments continued
Vesting and exercise periods of the 3 warrants programmes
Vesting period Exercise period I Exercise period II
Warrants
programs:
MM.YY
-
MM.YY
MM.YY
-
MM.YY
MM.YY
-
MM.YY
202
4
2020 Warrants
programme
11.20-10.21 *03.22-03.22 *03.23-03.23
Expired
2021 Warrants
programme
06.21-05-22 *03.23-03.23 *03.24-03.24
Expired
*3-week period after publishing of Annual Report
Warrants
programs:
MM.YY
-
MM.YY
MM.YY
-
MM.YY
MM.YY
-
MM.YY
2024
2022 Warrants
programme
01.22-12-22 *03.24-03.24
*08.24-08-24
*03.25-03-25
*08.25-08.25
84.000
2023 Warrants
programme
02.23-01-24 *03.25-03.25
*08.25-08-25
*03.26-03-26
*08.26-08.26
85.000
2024 Warrants
programme
01.24-12.24 *03.26-03.26
*08.26-08-26
*03.27-03.27
*08.27-08.27
100.000
* 5-day period after publishing of Annual Report & Half Year Report
Outstanding at 31 December 2024
269.000
Theoretical market value
The fair value of the warrants issued, are measured as a calculated market price at the grant date,
based on the Black-Scholes option pricing model. The calculation is based on the following
assumptions at the grant date:
Warrant programme:
Black-Scholes parameters:
2022
2023
2024
Granting date
14.01.2022
01.02.2023
26.01.2024
Initial issued warrants
150.000
125.000
125.000
Market share price (DKK)
39,05
42,00
26,20
Exercise price (DKK)
31,00
37,00
26,20
Theoretical market value (DKK)
9,84
9,49
4,50
Vesting period (No. of months)
12
12
12
Approx.
duration
(Years
[Y]and
Months [M])
2Y 3M
2Y 2M
2Y
Volatility rate (% p.a.)
25,00%
25,00%
30,00%
Risk
free
interest
rate
(%
p.a.)
0,10%
2,55%
3,30
%
*Volatility rate applied is based on the annualised volatility on peer groups derived from the standard deviation of daily
observations over 12 months ending when the programme is granted.
Page 34 of 65
Note 8 Amortization, depreciation, and impairment
2024 2023
DKK DKK
Depreciation on Right-of-use assets -1.845.111 -1.303.614
Depreciation on Intangible rights -621.658 -599.898
Depreciation on Property, Plant & Equipment -566.338 -309.910
Total depreciation -3.033.107 -2.213.422
Note
9
Financial income
2024
DKK
2023
DKK
Interest income
754.075
189.833
Other financial income
9.010
Exchange rate adjustments
988.006 334.860
Total Financial income
1.751.091
524.693
This note provides a breakdown of the items included in financial income
Note
10 Financial expenses
2024
DKK
2023
DKK
Interest expenses
-491.512
-438.382
Other financial expenses -421.609 -111.072
Exchange rate adjustments
-160.736 -421.352
Total Financial income
-1.073.857 -970.806
This note provides a breakdown of the items included in financial expenses
Note
11
Tax for the year
Page 35 of 65
This note provides an analysis of the group’s income tax expense and shows what
amounts are recognized directly in equity and how the tax expense is affected by
non-assessable and non-deductible items. It also explains significant estimates
made in relation to the group’s tax position.
Tax for the year
2024
DKK
2023
DKK
Tax on profit for the year
-212.653
-
Adjustment of tax in previous years -
-
2.424
Adjustment of deferred tax 3.117.425
-
506.804
2.904.772
-509.228
Calculation of effective tax rate
2024
DKK
2023
DKK
Profit before tax -16.936.029
879.472
Tax using the Danish tax rate 22 %
3.725.926 -193.484
Effect of tax rates in foreign jurisdictions
-21.294
-
Non-tax-deductible expenses -127.510
-245.266
Tax-exempt income and tax incentives 29.966
11.899
Adjustment of tax in previous years
-340.970
-2.424
Non-recognized tax losses
-361.346
-79.953
Utilization of tax losses, not recognized
0
-
Total income tax recognized in income
2.904.772
-509.228
statement
Effective tax rate 17%
58%
Deferred tax
2024
DKK
2023
DKK
Operation equipment -1.441.519
-1.846.904
Software
-41.303
-24.303
Acquired trademarks -5.740
-17.891
Leasehold improvements -5.836
-
Development projects -394.757
-225.952
Current assets
-2.725.738 -2.991.364
Untaxed prior years profit, Sweden -315.493
-
Liabilities 1.539.575
1.869.614
Tax losses, carried forward
5.402.240 2.601.097
Total deferred tax*
2.011.429
-635.703
* The net deferred tax asset of 2m.DKK includes an amount of approx. 3m.DKK carried-forward tax loss from
the year 2024. The Group has incurred the loss following heavy investments in the organisation and the
acquisition of the manufacturing operations in Sweden (FOM Technologies AB). The Group has concluded
that the deferred tax assets will be recoverable using the estimated future taxable income based on the
budgets and forecasts for the Group. The loss can be carried forward indefinitely and have no expiry date.
Page 36 of 65
Note 12 Intangible Assets
Development projects
A fundamental and critical component of the Group’s business model is to continuously develop new, and
improving existing, product designs that are utilized by the Group in its offerings to customers. Eligible costs
related to these development projects are capitalized. Any costs related to research activities are expensed as
incurred. Research costs of 838t.DKK are included the external expenses for 2024. For 2023 the amount was
456t.DKK.
Development costs that are directly attributable to the design and testing of identifiable products controlled by
the Group are recognized as intangible assets where the following criteria are met:
it is technically feasible to complete the project so that it will be available for use
Management intends to complete the project and use or sell it
there is an ability to use or sell the outcome of the project
it can be demonstrated how the project will generate probable future economic benefits
adequate technical, financial, and other resources to complete the development and to use or sell the
project are available, and
the expenditure attributable to the project during its development can be reliably measured.
Directly attributable costs that are capitalized as part of the project comprise directly attributable costs that can
be measured reliably. Capitalized development costs are
recorded as intangible assets and are amortized from the
point at which the asset is ready
for use. Development projects in progress are not amortised. Rather, they are
tested annually for impairment.
The intangible assets held by the Group increased primarily because of an increase in development projects in
progress.
Acquired
licenses
Acquired
Trademarks
Software Completed
development
projects
Development
projects in
progress
Total DKK
Cost at 1/1 2023 213.200 384.453 258.461 913.349 560.734 2.330.197
Additions for the year - 199.106 74.080 110.972 79.390 463.548
Transfers 355.940 -355.940 -
Disposals for the year - -
-
-
- -
Cost at 31/12 2023 213.200 583.559 332.541 1.380.261 284.184 2.793.745
Amortisation and
impairment at 1/1 2023
68.468
124.366
57.356
279.993
-
530.183
Amortisation for the year 54.343 103.800 84.359 357.397 - 599.899
Amortisations,
impairment, disposals for
the year
-
-
-
-
-
-
Amortisation and
impairment at 31/12 2023
122.811
228.166
141.715
637.390
-
1.130.082
Carrying amount at 31
December 2023
90.389
355.393
190.826
742.871
284.184
1.663.663
Page 37 of 65
Note 12 Intangible Assets continued
Acquired
licenses
Acquired
Trademarks
Software Completed
development
projects
Developm
ent
projects in
progress
Goodwill Total DKK
Cost at 1/1 2024 213.200 583.559 332.541 1.380.261 284.184 - 2.793.745
Additions for the year - 73.840 159.840 272.638 842.534 1.348.852
Additions for the year
from acquisition of
business combinations
320.665 320.665
Transfers -
Disposals for the year - - -
- - -
Cost at 31/12 2024 213.200 657.399 492.381 1.652.899 1.126.718 320.665 4.463.262
Amortisation and
impairment at 1/1 2024
122.811
228.166
141.715
637.390
-
-
1.130.082
Amortisation for the
year
42.640
126.472
104.668
347.878
-
-
621.658
Amortisations,
impairment, disposals
for the year
-
-
-
-
-
-
-
Amortisation &
impairment at 31/12
2024
165.451
354.638
246.383
985.268
-
-
1.751.740
Carrying amount at 31
December 2024
47.749
302.761
245.998
667.631
1.126.718
320.665
2.711.522
Goodwill on cash generating units
Goodwill has been tested on Group level, which represents lowest level of CGU at
which management monitors goodwill for internal purposes:
2024 2023
FOM Technologies A/S
320.665
-
Carrying amount at 31 December
320.665
-
Impairment test
Goodwill is monitored by management at Group level.
The Group tests whether goodwill has suffered any impairment on an annual basis. The recoverable amount of a cash generating
unit (CGU) is determined based on value-in-use calculations.
For the value-in-use calculation the cash flow projections are based on financial budgets and forecasts approved by management
covering a five-year period. Cash flows beyond the five-year period are extrapolated using the estimated growth rates stated below.
These growth rates are consistent with forecasts included in industry reports specific to the industry in which each CGU operates.
2024 2023
FOM Technologies
Growth rate in budget period
avg.
9,8%
N/A
EBIT Margin %
avg.
0,8%
N/A
Terminal period growth rate
2,0%
N/A
Discount rate (WACC)
12,0%
N/A
Page 38 of 65
Note 12 Intangible Assets continued
Management must determine the values assigned to each of the above key assumptions as follows:
Growth rate in budget period
This is the average growth rate used to determine revenue in the budget period. This key figure is based on past performance and
management’s expectations.
EBIT margin
This is the average EBIT-margin in the budget period defined as EBIT divided by revenue. This key figure is based on past performance
and management’s expectations to the future.
Terminal rate growth rate
This is the growth rate used to extrapolate cash flows beyond the budget period. The rates are consistent with forecasts included in
industry reports.
Discount rate
The discount rate is the weighted average cost of capital (WACC) that reflects the risk-free interest rate, the market risk premium and
the risk premium associated with the particular cash generating unit.
During the impairment tests management has concluded that there were no impairment losses for 2024.
Management finds that no reasonable change in key assumptions upon which a recoverable amount is based would lead to an
impairment loss.
Note 13 Property, Plant and Equipment
Leasehold
improve-
ments
Other
fixtures
Plant and
Equipment
Total DKK
Cost at 1/1 2023 -
167.762 - 167.762
Additions for the year 220.784 1.575.789 - 1.796.573
Cost at 31 December 2023 220.784 1.743.551 - 1.964.335
Depreciation and impairment as at 1 January -
93.429 - 93.429
Depreciation for the year 17.631
292.279
- 309.910
Depreciation, impairment, disposals for the year -
-
- -
Depreciation and impairment at 31 December 2023 17.631 385.708 - 403.339
Carrying amount at 31 December 2023 203.153 1.357.843 - 1.560.996
Cost at 1/1 2024 220.784 1.743.551 - 1.964.335
Additions for the year - 9.919 436.941 446.860
Additions for the year from acquisition of business
combinations
-
29.373
-
29.373
Cost at 31 December 2024 220.784 1.782.843 436.941 2.440.568
Depreciation and impairment as at 1 January 17.631 385.708 - 403.339
Depreciation for the year 44.157 433.467 88.714 566.338
Depreciation, impairment, disposals for the year - - - -
Depreciation and impairment at 31 December 2024 61.788 819.175 88.714 969.677
Carrying amount at 31 December 2024 158.996 963.668 348.227 1.470.891
Page 39 of 65
Note 14 Right of use assets
The Group's leasing activities and how they are accounted for:
During the first half year 2023, the Group entered into a number of lease agreements, involving leasing of office
premises and parking spots. During 2024, the Group entered into a new office lease through one of its subsidiaries.
The average lease maturity is 4.25 years but may have extensions options, which Management does not expect to
use.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined,
which is generally the case for leases in the Group, the lessee’s incremental borrowing rate is used, being the rate that
the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-
of-use asset in a similar economic environment with similar terms, security, and conditions.
If a readily observable amortising loan rate is available to the individual lessee (through recent financing or market data)
which has a similar payment profile to the lease, then the Group uses that rate as a starting point to determine the
incremental borrowing rate.
The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not
included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take
effect, the lease liability is reassessed and adjusted against the right-of-use asset.
Payments associated with short-term leases of equipment and all leases of low-value assets are recognized on a
straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less.
The group has a short-term lease agreement for parking spots that are adjacent to the leasehold property and external
storage.
31.12.2024 31.12.2023
DKK DKK
Amounts recognised in statement of financial position:
Land and buildings 1.925.323 9.559.820
Additions to right-of-use assets 1.925.323 9.559.820
Land and buildings 7.942.366 8.256.206
Right- of use assets at 31 December 7.942.366 8.256.206
Current lease liabilities 2.217.032 1.521.207
Non-current lease liabilities 6.215.893 6.977.039
Lease liabilities at 31 December 8.432.925 8.498.246
Amounts recognised in statement of profit or loss:
Depreciation Land and buildings -1.845.111 -1.303.614
Total depreciation charge of right-of-use assets -1.845.111 -1.303.614
Interest expense (included in financial expenses) -495.879 -414.426
Expenses related to short term leases -315.407 -170.990
The group did not incur any significant expenses related
to leases of low-value assets or variable lease payments
Total cash outflow related to leases 2.407.876 1.646.990
Page 40 of 65
Note 15
Financial Assets and Liabilities
31.12.2024 31.12.2023
DKK DKK
Financial assets at
amortized cost:
Trade receivables*
8.151.956 5.122.888
Other receivables
5.409.138 2.252.479
Deposits 989.868 984.000
Cash and cash
equivalents 38.066.945 48.037.785
Total 52.617.907 56.397.152
Financial liabilities at
amortized cost:
Trade payables
3.799.565 4.724.997
Debt to credit
institutions 378.929 301.917
Lease liabilities 8.432.925 8.498.246
Other payables
5.254.707 3.232.065
Total 17.866.126 16.757.225
*The carrying amounts are assessed as equivalent to the fair value of the assets and liabilities.
The Group’s exposure to various risks associated with the financial instruments is discussed in note
20.
Trade Receivables
31.12.2024 31.12.2023
DKK DKK
Trade receivables* 8.151.956 5.122.888
Write-downs - -
Total 8.151.956 5.122.888
*The carrying amounts are equivalent to the fair value of the assets.
Trade Receivables Aged list 31.12.2024
Settled in
January 2025
DKK DKK
Not passed due 3.416.915 2.878.454 84%
Due 330.098 330.098 100%
Overdue by 0-30 days 4.404.943 - 0%
Total 8.151.956 3.208.552 39%
Expected credit loss 0% 0%
The carrying amounts includes two items that are overdue with more than 30 days.
The total carrying amount has been settled by 39% in January 2025.
Page 41 of 65
Note
16
Share capital & Earnings per share
31.12.2024 31.12.2023
The share capital comprises:
Number of
shares
Nominal
value
Number of
shares
Nominal
value
Ordinary shares (fully paid)
9.504.952 950.495 9.354.696 935.470
Changes in share capital:
31.12.2024 31.12.2023
Opening balance
935.470 777.891
Capital increase
15.025 157.579
Total
950.495 935.470
All shares are fully paid, and no shares carry any special rights.
31.12.2024 31.12.2023
Total dividend paid out for the year
-
-
Total dividend proposed for the year
-
-
31.12.2024 31.12.2023
Basic earnings per share:
Total basic earnings per share attributable to
the ordinary equity holders
-1,48
0,04
Diluted earnings per share:
Total diluted earnings per share attributable
to the ordinary equity holders
-1,48
0,04
Reconciliation of earnings used in calculating
earnings per share:
Profit for the year as presented in the income
statement
-14.031.257
370.244
Weighted average number of ordinary shares
used as the denominator used in calculating basic earnings per
share:
9.504.952
9.354.696
Weighted average number of ordinary shares
used as the denominator in calculating diluted earnings per
share:
9.773.952 9.690.196
.
Page 42 of 65
Note 17
Provisions
Note 18 Credit institutions
The carrying amount is equivalent to the fair value of the liabilities.
Note 19 Capital Management
The Group manages its capital with the aim to ensure that it will be able to continue as a going
concern and continue to fund its growth and development, while maximizing the return to
shareholders through responsible optimization of the capital structure. A solid capital base from cash
injection in late Q4 2023, allows the Group to continue the strategic focus on offering and selling our
products and technology on a global scale combined with planned investments in
the growth of the
Group.
Management reviews the capital structure continually to consider if the current capital structure
is in accordance with the Group’s and shareholders’ interests.
The Group does not enter into any speculative transactions.
Note 20
Financial risk management
As a result of its operations, financing and investments, the group is exposed to financial risks,
including currency-/ interest-/ raw material-/ liquidity-/ credit risks as well as the risk of financial
instruments, which can affect the group's results, assets, liabilities, and equity. The following
describes these risks, how they arise, the group's policy for managing the risks and the potential
consequences for the Group. The group's risks are managed centrally in the group's finance
function. The financial management thus focuses solely on managing the financial risks that are
a direct consequence of the group's operations and financing.
31.12.2024 31.12.2023
DKK DKK
Warranty obligation* 583.000 583.000
Expected loss on contract asset** 274.307 -
Total 857.307 583.000
*The warranty obligation represents an accrued cost of the warranty on the products shipped
upon recognition of the sale of the product. The senior management has sought it reasonable
considering the continued growing revenue to increase the accrued amount of the total revenue
for future expenses related to current sales from 0,75% to 1,4%. The general terms of warranty on
standard products is 12 months.
**The Expected loss on contract asset comprises the estimated expected loss provisioning on a
single contract work asset project. The contractual performance obligation consists of a new
machine type being delivered for the first time. Upon realisation of the estimated loss on the
performance obligation of the custom machine, the total expected loss (274t.DKK) as per the
projected budget has been accrued as loss provisioning. The performance obligation will be
completed in Q2 2025 where the expected loss will be realized.
31.12.2024 31.12.2023
DKK DKK
Debt to credit institutions 378.929 301.917
Total 378.929 301.917
Page 43 of 65
Note 20 Financial risk management
continued
Market risk
Foreign exchange risk
Being a global company with revenue streams on all 6 continents and subsidiaries in US, Sweden and
a headquarter base in Denmark, foreign exchange risk in an inevitable part of our business.
The Group’s foreign exchange risk is a result of fluctuations in exchange prices between invoiced
currencies of income combined with the currencies of raw materials, components, production
materials and personnel cost. The group primarily invoices in EUR and in USD and in very rare
occasions we have invoiced customers in North America in CAD. Binding prices on machines,
equipment or services in EUR, USD and CAD are hedged by added premiums based on historical
volatility calculations.
Based in Denmark, most fixed costs are settled in DKK, which is why DKK has been chosen as the
Group's primary functional currency. For our Swedish subsidiary fixed costs are settled in SEK, and
for our US subsidiary fixed costs are settled in USD.
As the majority of the variable production cost is invoiced in EUR and USD, which matches our inflow
in same currencies, the major part of the foreign exchange risk is settled towards revenue stream.
The Group's primary exposure is therefore the fluctuations in EUR vs. DKK and in USD vs. DKK. Due
to the fixed DKK/EUR exchange rate policy, the exposure to EUR is therefore considered immaterial.
The foreign exchange risk of DKK vs. USD is hedged by calculated premiums embedded in quoted
prices and offers and is accordingly offset by currency trading in currency risk management systems,
executed through the company's financial partners.
Any variable cost in GBP is minimal, and if it occurs - it is hedged accordingly.
The company has internal expert competences in currency-/ trading, -hedge and currency risk
management, and have very advanced IT systems to execute, hedge and minimise foreign exchange
risk in-house.
The group does not make speculative currency trading and does not have lines for leveraged currency
trading.
Interest rates
The Group has neither short-term nor long-term debt and therefore has no interest-bearing debt.
Thus, it is only the derived effect on society and the desire to invest globally where
changed
interest levels have a macroeconomic impact on the Group’s sales. As the Group does
not incur debt,
there is no hedging of interest rate risk apart from normal liquidity netting of operating flow
Credit risk
As a result of the group's operations, where the majority of sales are made by receiving advance
payment from the customer, the group is exposed to credit risks in connection with
payment in
arrears. The group's policy for assuming credit risks means that all major customers
are credit
assessed and credit insured before entering a contract and thereafter on an ongoing basis. The
management of the credit risk is based on cooperation with one of the
world's largest credit
insurance companies. The group does not have significant risks regarding
individual customers or
business partners.
Page 44 of 65
Note 20 Financial risk management
continued
In addition, the credit risk on bank deposits is limited because the counterparties, holding
significant deposits, are banks with high credit-ratings (minimum A3/A-) assigned by
international credit-rating agencies. The Group’s policy is only to invest its cash deposits with
highly rated financial institutions
.
Liquidity risk
It is the group's policy to ensure strong financial flexibility and thus to develop and maintain a
strong and healthy capital structure which supports long-term profitable growth and controlled
development in key figures. The group's capital resources include liquid funds and unused
drawing rights. Since 2019, FOM Technologies has had a credit facility that has not been used
since establishment. The credit facility is on market terms. We believe that the current capital
structure and liquidity reserve is sufficient to operate under current financial guidance.
Contractual maturities of financial liabilities
At 31 December 2023 < 1 year 1-5 years >5 year
Total
contractual
cashflows
Carrying
amount
Other payables
3.232.065 - 290.116* 3.522.181 3.522.181
Trade Payables
4.724.997 - - 4.724.997 4.724.997
Lease liabilities
1.997.520 7.854.447 9.851.967 8.498.246
Credit institutions
301.917 301.917 301.917
Total DKK
10.256.499 7.854.447 290.116 18.401.062 17.047.341
*The amount 290.116 DKK consists of frozen holiday pay including interest.
At 31 December 2024 < 1 year 1-5 years >5 year
Total
contractual
cashflows
Carrying
amount
Other payables
4.964.591 - 290.116* 5.254.707 5.254.707
Trade Payables
3.799.565 - - 3.799.565 3.799.565
Lease liabilities
2.217.032 7.127.390 9.344.422 8.432.925
Credit institutions
378.929 378.929 378.929
Total DKK
11.360.117 7.127.390 290.116 18.777.623 17.866.126
*The amount 290.116 DKK consists of frozen holiday pay including interest.
Page 45 of 65
Note 21 Changes in liabilities from financing activities
31.12.2023
Credit
institutions
Lease liabilities Total DKK
Debt as at 1 January 2023 313.403 -
313.403
Proceeds -
-
-
Repayment -11.486 -1.061.574 -1.073.060
Cash flows -11.486 -1.061.574 -1.073.060
New leases - 9.559.820 9.559.820
Non-cash flows -
9.559.820
9.559.820
Debt as at 31 December 2023 301.917
8.498.246
8.800.163
31.12.2024
Credit
institutions
Lease liabilities Total DKK
Debt as at 1 January 2024 301.917 8.498.246
8.800.163
Proceeds 77.012
-
77.012
Repayment
-1.596.591 -1.596.591
Cash flows 77.012 -1.596.591 -1.519.579
New leases - 1.925.323 1.925.323
Remeasurement on lease - -394.054 -394.054
Non-cash flows -
1.531.270
1.531.270
Debt as at 31 December 2024 378.929
8.432.925 8.811.854
Note 22
Business combinations
Summary of acquisition
On 6 May 2024, the Group acquired 100% of the voting shares in Industrikonsult Skåne AB. The Group is acquiring the
Swedish production company Industrikonsult, to ensure better control over the Group’s supply chain as Industrikonsult is
one of the Group's most important sub-suppliers. The company was shortly after the acquisition renamed to FOM
Technologies AB.
Details of the purchase consideration, the net assets acquired, and goodwill are as follows:
Purchase consideration:
DKK
Cash paid 1.191.641
Equity issue 2.580.000
Settlement of pre-existing relationship -124.161
Total purchase consideration 3.647.480
Net outflow of cash - investing activities
DKK
Cash paid -1.191.641
Less cash acquired 1.701.428
Settlement due to acquisition -418.006
Net inflow of cash - investing activities 91.781
Page 46 of 65
Note 22
Business combinations continued
The assets and liabilities recognised as a result of the acquisition are as follows:
DKK
Property, plant and equipment 29.543
Inventories 711.600
Work in progress 2.401.500
Trade receivables 251.412
Other assets 239.022
Cash and cash equivalents 1.701.428
Deferred tax liabilities* -470.293
Trade payables -82.217
Income tax liabilities -364.556
Prepayments -611.765
Other liabilities* -478.859
Net identifiable assets acquired 3.326.815
Goodwill arising from the acquisition* 320.665
Net assets acquired 3.647.480
During audit of
the Group’s Annual Report 2024, it was discovered that the deferred tax liability as stated in the Group’s H1 2024
-
Note 8 was
incorrectly listed as: -1.695.892 DKK and other liabilities incorrectly listed as -581.795 DKK.
The correct number for deferred tax liability has been calculated as: -470.293 DKK and the correct number for other Liabilities as: -478.859 DKK
respectively.
The correction results in a similar adjustment of the net goodwill of the acquisition from 1.649.200 DKK to 320.665 DKK.
The correction has no impact on total income or earnings. The error occurred as the H1 report 2024 was not audited.
The goodwill is attributable to the knowhow of the workforce and synergies between the Group and the
acquired. It will not be deductible for tax purposes.
Settlement of pre-existing relationship
Industrikonsult has a trade receivable with a carrying amount of DKK 124,1 thousands related to FOM. This is regarded
as a pre-existing relationship that is effectively settled at the acquisition date and which reduces the consideration paid.
Both the recorded payable and the corresponding receivable approximates fair value, hence no gain or loss is attributed
to the settlement.
Acquired receivables
The fair value of the acquired trade receivables, after settlement of pre-existing relationship, is DKK 127,3 thousands.
The carrying amount of the trade receivables corresponds to the fair value.
Revenue and profit contribution
The acquired business contributed revenues of DKK 634 thousands and net loss of DKK 6.751 thousands to the Group
for the period from 6 May 2024 to 31 December 2024. If the acquisition had occurred on 1 January 2024, consolidated
pro-forma revenue and net loss for the period ended 31 December 2024 would have been DKK 3.468 thousand and
DKK 5.490 thousands respectively.
Significant non-cash activities
During the period, a non-cash capital increase occurred due to the acquisition of Industrikonsult AB. The capital increase
had a value of DKK 2.580 thousands in total, with DKK 11 thousands recognized as share capital and DKK 2.569
thousands recognized as share premium.
Page 47 of 65
Note 23 Related parties
The following table sets out the group’s principal subsidiaries at year end. Unless otherwise stated, they
have share capital solely of ordinary shares that are held directly by the group, and the proportion of
ownership interests held equals the voting rights held by the group. The country of incorporation or
registration is also their principal place of business.
Name of entity
Place of
business
Ownership interest held
by the group
Ownership interest held by
non-controlling interest
Principal activities
2024
2023
2024
2023
FOM Technologies AB
Sweden
100%
-
-
-
Same as parent
FOM
Technologies
Inc.
USA
100%
100%
0%
0%
Same
as
parent
MLMC
Therapeutics
ApS
Denmark
51%
51%
49%
49%
Biotechnology R/D
The group is controlled by the following entities with ownership of more than 5%:
2024
2023
Name
of
entity
Type
Place
of
business
Ownership interest held by
non-controlling interests
Ownership interest held
by non-controlling
interests
FOMT
Holding
ApS
Ultimate
Parent
company
Denmark
21,86%
21,57
%
Arbejdsmarkedets
Tillægspension
Principal
shareholder
Denmark
13,74% 13,96%
Graham Bryce
Principal
shareholder
Great Britain
11,84%
12,02%
Coridats Capital ApS
Principal
shareholder
Denmark
10,84%
11,01%
Ulstrup Invest ApS
Principal
shareholder
Denmark
N/A 5,73%
Trading transactions
During the year, Group companies entered into the following transactions with related parties.
Name
of
entity
All amounts in T.DKK
Sales of goods
Purchase of goods
Amounts owed by
related parties
Amounts owed to
related parties
2024
2023
2024
2023
2024
2023
2024
2023
FOM Technologies A/S
[parent]
4.321
1.628
3.849
5.383
255
471
FOM Technologies AB
3.849
471
FOM Technologies Inc.
4.321
1.628
5.042
152
MLMC Therapeutics ApS
341
103
Page 48 of 65
Note 24 Events after the reporting date
No events have occurred after the end of the financial year of material importance for the Group’s
financial position.
Note
25
Assets charged and security
Group pledge: T.DKK 1.000 in the Group inventory, debtors, intangible assets has been deposited
as security for account with credit institution. The value of the assets charged as per 31 December
is T.DKK 31.570.
Page 49 of 65
PARENT INCOME STATEMENT
2024 2023
Distribution of profit/loss DKK DKK
Proposed dividends for the financial year - -
Retained earnings -10.809.954 734.009
Profit/Loss for the year
-10.809.954 734.009
Note
2024
DKK
2023
DKK
4
Revenue
42.578.871
77.730.327
5 Other operating income
7.392.655
2.322.641
Total income
49.971.526
80.052.968
Costs of goods sold
-19.229.713
-36.867.221
Other external expenses -22.613.919 -17.849.022
Gross Profit 8.127.894
25.336.725
6-7 Staff costs
-20.119.448
-21.553.525
Profit before depreciation, interest, and tax
-11.991.554
3.783.200
8 Amortisation, depreciation, and impairment -2.822.355
-2.145.894
Operating Profit
-14.813.909
1.637.306
9 Financial income
1.809.731
483.022
10 Financial expenses -768.401
-877.432
Profit before tax
-13.772.579
1.242.896
Adjustment of tax in previous years
-
-2.083
11 Deferred Tax
2.962.625
-506.804
Profit for the year
-10.809.954
734.009
Page 50 of 65
PARENT STATEMENT OF FINANCIAL POSITION
ASSETS
31.12.2024
31.12.2023
Note
DKK
DKK
Software
245.998
190.826
Acquired licenses 47.749
90.389
Acquired trademarks 147.696
140.956
Development projects completed
667.631
742.871
Development
projects
in
progress
1.126.718
284.184
12
INTANGIBLE
ASSETS
2.235.79
2
1.449.226
Leasehold
improvements
158.996
203.153
Other
fixtures
and fittings,
tools,
and
equipment
963.668
1.357.843
Plant and Equipment
348.227
-
13
PROPERTY,
PLANT
AND
EQUIPMENT
1.470.891
1.560.996
14
RIGHT OF USE ASSETS
6.124.003
8.256.206
Investments in group enterprises 4.242.877
40.800
Deposits
989.868
984.000
15
FINANCIAL ASSETS 5.232.745
1.024.800
11 Deferred Tax Asset 2.326.922
-
TOTAL NON-CURRENT ASSETS 17.390.353
12.291.228
Raw materials
7.028.694
5.807.103
Work-in-progress 506.438
558.466
Finished goods 10.884.722
9.753.756
INVENTORIES
1
8
.
419
.
854
16.119.325
15
Trade receivables
5.419.754
5.122.888
Trade Receivables from group enterprises 4.384.539
1.015.896
Other receivables from group enterprises 2.291.643
357.606
4
Contract
asset
3.009.253
14.724.026
Other receivables
3.845.174
2.251.583
Prepayments
1.226.685
1.193.988
Cash
34.200.506
47.155.368
TOTAL CURRENT ASSETS
72.797.408
87.940.680
TOTAL
ASSETS
90.187.761
100.231.908
PARENT
STATEMENT
OF
FINANCIAL
POSITION
continued
Page 51 of 65
EQUITY & LIABILITIES
Note
31.12.2024
DKK
31.12.2023
DKK
Share capital
950.495 935.470
Retained earnings
60.240.108
68.282.162
Reserve for development projects
1.399.592
801.103
Other capital reserve
4.077.940
3.657.793
EQUITY
66.668.135
73.676.528
11 Deferred Tax Liability
-
635.703
14 Lease debt 4.984.537
6.977.039
Other payables
290.116
290.116
17 Provisions
583.000
583.000
Deferred income - 92.975
NON-CURRENT LIABILITIES 5.857.653
8.578.833
18 Credit institutions
236.076
213.679
14 Lease debt 1.619.480
1.521.207
Trade payables
3.315.312
4.721.356
Other payables
4.371.095
3.110.562
Other payables to group enterprises
495.728
-
17 Provisions
274.307
-
Deferred income
2.434.384
4.628.267
4 Contract liability
-
1.303.593
Prepayments
4.915.591
2.477.883
CURRENT
LIABILITIES
17.661.973
17.976.547
LIABILITIES
23.519.626
26.555.380
TOTAL
EQUITY
AND
LIABILITIES
90.187.761
100.231.908
Page 52 of 65
PARENT STATEMENT OF CHANGES IN EQUITY
Share
Capital
Share
Premium
Retained
earnings
Reserve for
development
costs
Other
Capital
reserve
Total Equity
DKK
Equity at 1/1 2023
777.891
25.526.765
1.194.090
3.347.288
30.846.034
Capital increase 117.579 43.444.317
43.561.896
Transfers
-43.444.317 43.444.317
-
Costs related to equity
transactions
-2.971.995
-2.971.995
Share-based payments
1.106.585 1.106.585
Share-based payments
(warrants exercised)
40.000
360.000
400.000
Transfers
-360.000 360.000
-
Share-based payments
(warrants expired)
796.080
-796.080
-
Development costs
392.987 -392.987
-
Transferred from
distribution of profit/loss
734.009
734.009
Correction adjustment
-1
-1
Equity at 31/12 2023 935.470 - 68.282.162 801.103 3.657.793 73.676.528
Share
Capital
Share
Premium
Retained
earnings
Reserve for
development
costs
Other
Capital
reserve
Total Equity
DKK
Equity at 1/1 2024
935.470
68.282.162
801.103
3.657.793
73.676.528
Capital increase 11.025 2.568.975
2.580.000
Transfers
-2.568.975 2.568.975
-
Costs related to equity
transactions
-
Share-based payments
420.147 420.147
Share-based payments
(warrants exercised)
4.000
796.000
800.000
Transfers
-796.000 796.000
-
Share-based payments
(warrants expired)
-
Development costs
-598.489 598.489
-
Transferred from
distribution of profit/loss
-10.809.954
-10.809.954
Correction adjustment
1.414
1.414
Equity at 31/12 2024 950.495 - 60.240.108 1.399.592 4.077.940 66.668.135
Page 53 of 65
PARENT CASHFLOW STATEMENT
Note
2024
DKK
2023
DKK
Profit/loss before financial items and tax (EBIT)
-14.813.909
1.637.306
Depreciation and amortization 2.822.355
2.145.894
Share-based payments 420.147
1.106.585
Change in inventories
-1.794.091
-3.310.903
Change in receivables
3.982.501
-6.990.755
Change
in
trade
payables
-
692.801
-
4.863.716
CASH FLOWS FROM PRIMARY ACTIVITIES -10.075.798
-10.275.589
Financial income received 1.809.731
483.022
Financial costs paid -768.401
-877.432
Income
taxes
paid/received
-
-
CASH FLOW FROM OPERATION ACTIVITIES -9.034.468
-10.669.999
12 Acquisition of intangible assets -1.333.807
-391.003
13 Acquisition of property, plant and equipment -446.860
-1.796.573
Investment in Group companies
-
4.202.077
-
Deposit
-
5.868
141.500
CASH FLOW FROM INVESTING ACTIVITIES -5.988.612 -2.046.076
Proceeds from capital increase
800.000
43.961.896
Proceeds from capital increase from acquisition of subsidiaries
2.745.997
-
Costs incurred during changes of contributed capital
-
165.997
-2.971.995
1
8
Credit
institutions
22.397
65.304
Repayment on leases
-
1.500.176
-
1.061.574
CASH FLOW FROM FINANCING ACTIVITIES 2.068.218
39.993.631
Rounding adjustments -
-2
NET CASH FLOW FOR THE PERIOD
-12.954.862
27.277.554
Cash and cash equivalents - beginning of the year
Net cash flow for the period
CASH AND CASH EQUIVALENTS BY END OF PERIOD
Cash and cash equivalents
TOTAL CASH AND CASH EQUIVALENTS BY END OF PERIOD
2024
DKK
2023
DKK
47.155.368
19.877.814
-
12.954.862
27.277.554
34.200.506
47.155.368
34.200.506
47.155.368
34.200.506
47.155.368
Page 54 of 65
PARENT NOTES
1.
Accounting policies in the parent’s separate financial statements
2.
Investments in subsidiaries
3.
Contingent liabilities and other contractual obligations
4.
Revenue
5.
Other operating income (Please refer to Group Note 5)
6.
Staff costs
7.
Share-based payments (Please refer to Group Note 7)
8.
Amortisation, depreciation, and impairment
9.
Financial income
10.
Financial expenses
11.
Tax of the year
12.
Intangible assets
13.
Property, Plant & Equipment
14.
Right of use assets
15.
Financial assets
16.
Share capital & Earnings per share (Please refer to Group Note 16)
17.
Provisions
18.
Credit institutions
19.
Capital management (Please refer to Group Note 19)
20.
Financial risk management (Please refer to Group Note 20)
21.
Changes in liabilities from financing activities
22.
Security
23.
Related parties (Please refer to Group Note 23)
24.
Events after the reporting date (Please refer to Group Note 24)
Page 55 of 65
Note 1 Accounting policies in the parent’s separate financial statements
The accounting policies for the Parent are the same as for the Group in the consolidated financial statements with
the following exception:
●
Investments in subsidiaries
●
Dividends on investments in subsidiaries
Investments in subsidiaries are measured at cost. Cost is the value of the costs incurred in acquiring or creating
the asset,
comprising the consideration paid to acquire or create the asset plus transaction costs.
Investments accounted for at cost are not subsequently remeasured. Such investments are measured in the
separate financial statements at the original cost of the investment until the investment is de-recognised or
impaired. Indications of impairment of investments in subsidiaries are assessed annually by Management.
Dividends on investments in subsidiaries are recognised in the income statement of the Parent in the financial year
in which the dividend is declared.
Equity
Reserve for development costs
The reserve for development costs comprises recognised development costs less related deferred tax liabilities.
The reserve cannot be used as dividend or for covering losses. The reserve is reduced or dissolved if the recognised
development costs are amortised or abandoned. This is done by direct transfer to the distributable reserves of the
equity
Note 2 Investments in subsidiaries
2024
DKK
2023
DKK
At 1 January
40.800
40.800
Additions
4.202.077
-
Disposals
-
-
At 31 December
4.242.877
40.800
It is Management’s assessment that no indications of impairment existed at 31 December 2024. Impairment tests
have therefore not been carried out for subsidiaries.
Note 3 Contingent liabilities and other contractual obligations
FOM Technologies A/S is the administration company and subject to the Danish rules on mandatory joint taxation
of the Group. FOM Technologies A/S accordingly pays all income taxes to the tax authorities under the joint taxation
scheme. Danish subsidiaries are included in the joint taxation from the date when they are included in the
consolidated financial statements and up to the date when they are excluded from the consolidation. The jointly
taxed Danish companies are taxed under the on-account tax scheme.
On payment of joint taxation contributions, the current Danish income tax is allocated between the Danish jointly
taxed companies in proportion to their taxable income.
In addition, tax on profit/loss and deferred tax are calculated and recognised as described in note 11 in the consolidated
financial statements.
Page 56 of 65
Note 4 Revenue
The Group derives revenue from the transfer of goods and services over time and at a point in time in the following revenue
categories:
Revenue recognized at a point in time:
Revenue recognized over time:
Clients who accounted for more than 10% of the revenue:
Novo Energy R&D AB (Revenue recognized over time).
The revenue category Machines comprise the sales of machinery and equipment which is the main part of the
Company’s business. The category Additional products comprise the sales of additional products and components
as
well as optional solutions for the machinery and equipment sold. The category Services & other comprise
installation services, support, and service-type warranties.
The Company’s customer contracts may comprise multiple deliverables such as machinery, equipment, support,
training, installation services and service-type warranties. These deliverables represent separate performance
obligations and are accounted as such. The transaction price is always fixed and comprise no variable consideration.
The transaction price is allocated between the performance obligations based on their standalone selling prices.
The amount of inventory recognized as an expense during the year 2024 amounted to DKK 15.731.731 (2023: DKK
34.467.182).
Revenue related to services is recognized over time. This is because the customer simultaneously receives and
consumes the benefits provided by the Company as the Company performs. In recognizing revenue, Management
applies an input method such as cost incurred, or labour hours expended. Management has determined that these
methods of measuring progress most appropriately reflect the Company’s transfer of control of the promised
services to the customer. Revenue related to service-type warranties are recognized over the warranty period on
a straight-line basis.
For the purposes of recognizing revenue related to machinery and equipment, the Company separates its
customer contracts into two categories:
Sale of standardized machinery and equipment; and
Sale of customized machinery and equipment.
2024 2023
DKK DKK
Machines
21.676.066 37.062.362
Machine options
14.044.337 15.521.394
Additional products (consumables)
694.584 1.426.191
Total 36.414.987 54.009.947
Machines 3.009.253 21.341.457
Services & Other
3.154.632 2.378.923
Total 6.163.884 23.720.380
Total Revenue 42.578.871 77.730.327
Page 57 of 65
Note 4 Revenue from contracts with customers continued
During 2024, the amount of revenue recognized that was included in the contract work in progress liability
balance at the beginning of the period was DKK 1.303.593 (2023: DKK 2.285.732).
All of the Group's customer contracts are for periods of one year or less. As permitted under IFRS 15, the
transaction price allocated to these unsatisfied contracts is not disclosed.
31.12.2024
DKK
31.12.2023
DKK
Contract work in progress
3.009.253
19.959.112
On
account
invoicing
-
-
6.538.679
Total
3.009.253
13.420.433
Contract work in progress classification in the annual report
Contract asset (work in progress)
Contract liability (current liability)
Total
The decrease in contract work in progress is mainly due to the completion of two larger projects from previous year.
Note 5 Other operating income
Please refer to Group Note 5
Note 6 Staff Costs
2024 2023
DKK
DKK
Wages and salaries -16.057.785 -17.518.482
Share-based payments -420.147 -1.106.585
Pensions -2.478.439 -2.093.419
Social security costs -261.880 -219.560
Other staff costs -901.197 -615.478
Total staff costs -20.119.448 -21.553.524
Average number of full-time employees 30 27
Key management remuneration*
2024 2023
DKK DKK
Wages and salaries -6.875.512 -6.177.357
Share-based payments -419.105 -795.042
Pensions -480.769 -457.310
Social security costs -13.662 -11.929
Total staff costs -7.789.048 -7.441.638
Average number of full-time employees 9 8
*Key management comprises of the Board of Directors, Executive Board
and Senior Management.
31.12.2024
DKK
31.12.2023
DKK
3.009.253 14.724.026
- -1.303.593
3.009.253
13.420.433
Page 58 of 65
Note 6 Staff Costs continued
Board of Directors and Executive Board
remuneration 2024 2023
DKK DKK
Wages and salaries -3.483.347 -3.140.082
Share-based payments -169.519 -649.971
Pensions -239.680 -222.080
Social security costs -5.544 -4.544
Total staff costs -3.898.090 -4.016.677
Average number of full-time employees 6 5
Note 7 Share-based payments
Please refer to Group Note 7
Note 8
Note
9
Note
10
Amortisation, depreciation, and impairment
2024
DKK
2023
DKK
Depreciation on right of use assets -1.738.149
-1.303.614
Amortisation on Intangible assets -547.241
-532.370
Depreciation on Other fixtures -536.965
-309.910
Total depreciation
-2.822.355
-2.145.894
Financial income
2024
DKK
2023
DKK
Interest income
812.715
208.927
Other financial income 9.010
-
Exchange rate adjustments
988.006
274.095
Total Financial income
1.809.731
483.022
Financial expenses
2024
DKK
2023
DKK
Interest expenses
-481.659
-423.688
Other financial expenses -211.431
-111.072
Net Exchange rate adjustments
-75.311 -342.672
Total Financial income -768.401
-877.432
Note
11
Page 59 of 65
Tax for the year 2024
DKK
2023
DKK
Adjustment of tax in previous years -
-2.083
Adjustment of deferred tax 2.962.625
-506.804
Total 2.962.625
-508.887
Calculation of effective tax rate
2024
DKK
2023
DKK
Profit before tax
-13.772.579
1.242.896
Tax using the Danish tax rate 22 %
3.029.967 -273.437
Non tax-deductible expenses -97.308
-245.266
Tax-exempt income and tax incentives
29.966
11.899
Adjustment of tax in previous years
-2.083
Utilization of tax losses, not recognized
-
-
Total income tax recognized in income
statement
2.962.625 -508.887
Effective tax rate
22%
41%
Deferred tax
2024
DKK
2023
DKK
Operation equipment -1.441.519 -1.846.904
Software
-41.303 -24.303
Acquired trademarks -5.740 -17.891
Leasehold improvements
-5.836
-
Development projects -394.757 -225.952
Current assets -2.725.738 -2.991.364
Liabilities 1.539.575 1.869.614
Tax losses, carried forward
5.402.240 2.601.097
Total deferred tax 2.326.922 -635.703
Page 60 of 65
Note 12 Intangible assets
Acquired
licenses
Acquired
Trademarks
Software
Completed
development
projects
Development
projects in
progress
Total DKK
Cost at 1/1 2023 213.200 90.909 258.461 913.349 560.734 2.036.653
Additions for the year -
126.561
74.080 110.972 79.390 391.003
Transfers 355.940 -355.940 -
Disposals for the year -
-
-
-
Cost at 31 December 2023 213.200 217.470 332.541 1.380.261 284.184 2.427.656
Amortisation and
impairment as at 1 January
68.468 40.243 57.356 279.993 -
446.060
Amortisation for the year 54.343 36.271 84.359 357.397 -
532.370
Amortisations, impairment,
disposals for the year
-
-
-
-
-
-
Amortisation and
impairment at 31 December
2023
122.811 76.514 141.715 637.390
-
978.430
Carrying amount at 31
December 2023
90.389 140.956 190.826 742.871 284.184 1.449.226
Cost at 1/1 2024 213.200 217.470 332.541 1.380.261 284.184 2.427.656
Additions for the year -
58.795 159.840 272.638 842.534 1.333.807
Transfers - - - - - -
Disposals for the year -
-
-
- -
Cost at 31 December 2024 213.200 276.265 492.381 1.652.899 1.126.718 3.761.463
Amortisation and
impairment as at 1 January
122.811 76.514 141.715 637.390
-
978.430
Amortisation for the year 42.640 52.055 104.668 347.878 0 547.241
Amortisations, impairment,
disposals for the year
-
-
-
-
-
-
Amortisation and
impairment at 31 December
2024
165.451 128.569 246.383 985.268 0 1.525.671
Carrying amount at 31
December 2024
47.749 147.696 245.998 667.631 1.126.718 2.235.792
Page 61 of 65
Note 13
Property, Plant and Equipment
Leasehold
improvements
Other
fixtures
Plant and
Equipment
Total DKK
Cost at 1/1 2023 -
167.762 - 167.762
Additions for the year 220.785 1.575.789 - 1.796.573
Cost at 31 December 2023 220.785 1.743.551 - 1.964.335
Depreciation and impairment as at 1 January -
93.429 - 93.429
Depreciation for the year 17.631 292.279 - 309.910
Depreciation, impairment, disposals for the year -
-
- -
Depreciation and impairment at 31 December
2023
17.631
385.708
-
403.339
Carrying amount at 31 December 2023 203.153 1.357.843 - 1.560.996
Leasehold
improvements
Other
fixtures
Plant and
Equipment
Total DKK
Cost at 1/1 2024 220.785 1.743.551 - 1.964.335
Additions for the year 0 9.919 436.941 446.860
Cost at 31 December 2024 220.785 1.753.470 436.941 2.411.195
Depreciation and impairment as at 1 January 17.631 385.708 - 403.339
Depreciation for the year 44.157 404.094 88.714 536.965
Depreciation, impairment, disposals for the year -
-
- -
Depreciation and impairment at 31 December
2024
61.788
789.802
88.714
940.304
Carrying amount at 31 December 2024 158.996 963.668 348.227 1.470.891
Page 62 of 65
Note 14 Right of use assets
Right of use assets
31.12.2024 31.12.2023
DKK DKK
Amounts recognised in statement of financial position:
Land and buildings
- 9.559.820
Additions to right-of-use assets
- 9.559.820
Land and buildings
6.124.003 8.256.206
Right- of use assets at 31 December
6.124.003 8.256.206
Current lease liabilities
1.619.480 1.521.207
Non-current lease liabilities
4.984.537 6.977.039
Lease liabilities at 31 December
6.604.017 8.498.246
Amounts recognised in statement of profit or loss:
Depreciation Land and buildings
-1.738.149 -1.303.614
Total depreciation charge of right-of-use assets
-1.738.149 -1.303.614
Interest expense (included in financial expenses)
-476.625 -414.426
Expenses related to short term leases
-180.354 -170.990
Expenses related to leases of low value (not incl. in short term leases) -
-
The group did not incur any significant expenses related to variable lease
payments.
Total cash outflow related to leases
2.157.155 1.646.990
The Group's leasing activities and how they are accounted for:
During the first half year 2023, the Company entered into a number of lease agreements, involving leasing of office
premises and parking spots. The average lease maturity is 5.5 years.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined,
which is generally the case for leases in the Group, the lessee’s incremental borrowing rate is used, being the rate that
the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-
of-use asset in a similar economic environment with similar terms, security, and conditions.
If a readily observable amortising loan rate is available to the individual lessee (through recent financing or market data)
which has a similar payment profile to the lease, then the Group uses that rate as a starting point to determine the
incremental borrowing rate.
The Company is exposed to potential future increases in variable lease payments based on an index or rate, which are
not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate
take effect, the lease liability is reassessed and adjusted against the right-of-use asset.
Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are recognized
on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or
less.
Page 63 of 65
Note 15 Financial Assets and Liabilities
31.12.2024 31.12.2023
DKK DKK
Financial assets at
amortized cost:
Trade receivables*
5.419.754 5.122.888
Other receivables
3.845.174 2.251.583
Deposits 989.868 984.000
Cash and cash
equivalents 34.200.506 47.155.368
Total 44.455.302 55.513.839
Financial liabilities at
amortized cost:
Trade payables
3.315.312 4.721.356
Debt to credit
institutions 236.076 213.679
Lease liabilities 6.604.017 8.498.246
Other payables
4.661.211 3.400.678
Total 14.816.616 16.833.959
*The carrying amounts are assessed as equivalent to the fair value of the assets and liabilities.
Trade Receivables
31.12.2024
DKK
31.12.2023
DKK
Trade receivables*
5.419.754 5.122.888
Write-downs -
-
Total
5.419.754
5.122.888
*The carrying amounts are equivalent to the fair value of the assets.
Trade Receivables Aged list 31.12.2024
Settled in
January 2025
DKK DKK
Not passed due 684.713 381.182
56%
Due 330.098 330.098
100%
Overdue by 0-30 days 4.404.943 -
0%
Total 5.419.754 711.280 13%
Expected credit loss 0 0%
The carrying amounts includes 3 items that are overdue with more than 30 days.
The total carrying amount has been settled by 13% in January 2025.
Page 64 of 65
Note 16 Share capital & Earnings per share
Please refer to Group Note 16
Note 17 Provision
Please refer to Group Note 17
Note 18 Credit institutions
Note 19 Capital management
Please refer to Group Note 19
Note 20 Financial risk management
Please refer to Group Note 20
Note 21 Changes in liabilities from financing activities
31.12.2023
Credit
institutions
Lease liabilities Total DKK
Debt as at 1 January 2023 148.375 -
148.375
Proceeds 65.304
-
65.304
Repayment - -1.061.574 -1.061.574
Cash flows 65.304 -1.061.574 -996.270
New leases - 9.559.820 9.559.820
Non-cash flows -
9.559.820
9.559.820
Debt as at 31 December 2023 213.679
8.498.246
8.711.925
31.12.2024 31.12.2023
DKK DKK
Debt to credit institutions 236.076 213.679
Total 236.076 213.679
The debt to credit institutions is 22.397 higher compared to 2023.
Page 65 of 65
Note 21 Changes in liabilities from financing activities continued
31.12.2024
Credit
institutions
Lease liabilities Total DKK
Debt as at 1 January 2024 213.679 8.498.246
8.711.925
Proceeds 22.397
-
22.397
Repayment - -1.500.176 -1.500.176
Cash flows 22.397 -1.500.176 -1.477.779
New leases - - -
Remeasurement on lease - -394.054 -394.054
Non-cash flows -
-394.054
-394.054
Debt as at 31 December 2024 236.076
6.604.017 6.840.093
Note 22
S
ecurity
The parent company has pledged a guarantee for the credit account of the subsidiary MLMC Therapeutics ApS for the
amount of 200 t.DKK
.
Note 23
Related parties
Please refer to Group Note 23
Note 24
Events after the reporting date
Please refer to Group Note 24