Shape Robotics A/S
Lyskær 3C, 4, 2730 Herlev
Annual Report - 2024
CVR No 38 32 26 56
The Annual Report was
presented and adopted at the
Annual General Meeting of the
Company on / 2025
Name:
Chairman of the General
Meeting
Page 1 out of 91
Management's Statement
The Board of Directors and the Executive Board have today considered and approved the Annual Report of Shape Robotics
A/S for the financial year 1 January - 31 December 2024.
The consolidated financial statements are presented in accordance with International Financial Reporting Standards as
adopted by the EU. The parent financial statements are presented in accordance with the Danish Financial Statements Act.
Further, the Annual Report is prepared in accordance with Danish disclosure requirements for listed companies.
In our opinion the consolidated financial statements and the Parent company financial statements give a true and fair view
of the Group’s and the Parent company’s assets, liabilities and financial position at 31 December 2024 and of the results of
the Group’s and the Parent company’s operations and cash flows for the financial year 1 January – 31 December 2024.
Further, in our opinion, the Management’s review includes a true and fair account of the development in the Group’s and
the Parent company’s operations and financial matters, of the result for the year and of the Group’s and the Parent
company’s financial position as well as a description of the most significant risks and elements of uncertainty facing the
Group and the Parent company.
In our opinion, the annual report, file name 254900D99QJEBJ52WZ34-2024-12-31-en.zip is prepared in accordance with
the ESEF Regulation.
We recommend that the Annual Report be adopted at the Annual General Meeting.
Herlev, 3 April 2025
Executive Board
Mark-Robert Abraham
Board of Directors
Jeppe Frandsen Annette Siewert Lindgreen Per Brask Ikov
Aurel Netin Helle Rootzén
Page 2 out of 91
Independent auditor’s report
To the shareholders of Shape Robotics A/S
Opinion
We have audited the consolidated financial statements and the financial statements of Shape Robotics A/S for the financial
year 1 January 2024 - 31 December 2024, which comprise income statement, balance sheet, statement of changes in equity
and notes, including material accounting policy information, for the group and the company as well as the consolidated
statement of comprehensive income and the consolidated statement of cash flows. The consolidated financial statements are
prepared in accordance with IFRS Accounting Standards as adopted by the EU and Danish disclosure requirements for listed
companies, and the financial statements are prepared in accordance with the Danish Financial Statements Act.
In our opinion, the accompanying consolidated financial statements give a true and fair view of the group’s financial position
at 31 December 2024 and of the results of the group’s operations and cash flows for the financial year 1 January 2024 - 31
December 2024 in accordance with IFRS Accounting Standards as adopted by the EU and Danish disclosure requirements
for listed companies.
Moreover, in our opinion, the financial statements give a true and fair view of the company’s financial position at 31
December 2024 and the company’s operations for the financial year 1 January 2024 - 31 December 2024 in accordance with
the Danish Financial Statements Act.
Our opinion is consistent with our long-form audit report for the Audit Committee and the Board of Directors.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements
applicable in Denmark. Our responsibilities under those standards and requirements are further described in the ‘Auditor’s
responsibilities for the audit of the consolidated financial statements and the financial statements’ section of our report. We
are independent of the group and the company in accordance with the International Ethics Standards Board for
Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical
requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the IESBA Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
According to the best of our knowledge, no prohibited non-audit services, as referred to in Article 5(1) of Regulation (EU) No
537/2014, have been provided.
We were appointed as auditors of Shape Robotics A/S for the first time on 13.01.23 for the financial year 1 January 2022 - 31
December 2022. We have been reappointed annually at the annual general meeting for a total uninterrupted period of
engagement of 3 years up to and including the financial year 1 January 2024 - 31 December 2024.
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Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
consolidated financial statements and the financial statements of the financial year 1 January 2024 - 31 December 2024.
These matters were addressed in the context of our audit of the consolidated financial statements and the financial
statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Revenue from contracts with customers
The group's net revenue amounts to DKK 301,853 thousand for the financial year January 1 – December 31, 2024 (DKK
171,213 thousand for the financial year 2023).
We have assessed that the occurrence of Revenue from contracts with customers is a key audit matter. This assessment is
based on the group's significant growth, differentiated delivery obligations in customer contracts which increase the
complexity of revenue recognition, and the fact that a substantial portion of the total net revenue in the financial year is
derived from sales recorded in the fourth quarter, particularly towards the year-end, due to the customer segment.
Recognition of Revenue from contracts with customers and the applied accounting policies are further detailed in Note 1
under the section 'Revenue from contracts with customers'.
Audit Procedures
Our audit procedures included an assessment of the controls designed and implemented by management for the recognition
and measurement of revenue, particularly the controls related to assuring that the group fulfills its delivery obligations which
enables the recognition of revenue in accordance with the group's accounting policies. Additionally, we have performed
sample testing to ensure timely recognition of specific sales and obtained external confirmations for the year's total
transactions with major customers. Furthermore, we have verified that the information disclosed in Note 3 is accurate and
consistent with the results of our audit procedures.
Statement on the management’s review
Management is responsible for the management’s review.
Our opinion on the consolidated financial statements and the financial statements does not cover the management’s review,
and we do not express any form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements and the financial statements, it is our responsibility to
read the management’s review and in doing so consider whether the management’s review is materially inconsistent with the
consolidated financial statements or the financial statements or our knowledge obtained during the audit, or otherwise
appears to be materially misstated.
Moreover, it is our responsibility to consider whether the management’s review provides the information required by law
and regulations.
Page 4 out of 91
Based on the work we have performed, we conclude that the management’s review is in accordance with the consolidated
financial statements and the financial statements and has been prepared in accordance with the requirements of the Danish
Financial Statements Act. We did not identify any material misstatement in the management’s review.
Management’s responsibilities for the consolidated financial statements and the financial statements
Management is responsible for the preparation of the consolidated financial statements in accordance with IFRS Accounting
Standards as adopted by the EU and Danish disclosure requirements for listed companies and for the preparation of
financial statements that give a true and fair view in accordance with the Danish Financial Statements Act. Moreover,
management is responsible for such internal control as management determines is necessary to enable the preparation of
consolidated financial statements and financial statements that are free from material misstatement, whether due to fraud or
error.
In preparing the consolidated financial statements and the financial statements, management is responsible for assessing the
group’s and the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting in preparing the consolidated financial statements and the financial
statements unless management either intends to liquidate the group and the company or to cease operations, or has no
realistic alternative but to do so.
Auditor’s responsibilities for the audit of the consolidated financial statements and the financial
statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and the financial
statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report
that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated
financial statements and financial statements.
As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise
professional judgment and maintain professional scepticism throughout the audit. We also:
•
Identify and assess the risks of material misstatement of the consolidated financial statements and the financial
statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain
audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations or the override of internal control.
•
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group’s
and the company’s internal control.
Page 5 out of 91
Contents of the notes to the consolidated financial statements
•
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management.
•
Conclude on the appropriateness of management’s use of the going concern basis of accounting in preparing the
consolidated financial statements and financial statements and, based on the audit evidence obtained, whether a
material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in
our auditor’s report to the related disclosures in the consolidated financial statements and the financial statements
or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditor’s report. However, future events or conditions may cause the group and the
company to cease to continue as a going concern.
•
Evaluate the overall presentation, structure and content of the consolidated financial statements and the financial
statements, including the disclosures, and whether the consolidated financial statements and the financial
statements represent the underlying transactions and events in a manner that gives a true and fair view.
•
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities
within the group to express an opinion on the consolidated financial statements. We are responsible for the direction,
supervision and performance of the group audit. We remain solely responsible for our audit opinion.
•
Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information
of the entities or business units within the group as a basis for expressing an opinion on the consolidated financial
statements and the financial statements. We are responsible for the direction, supervision and review of the audit
work performed for purposes of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant deficiencies in internal control that we identify during our
audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought
to bear on our independence, and where applicable, related safeguards or actions taken to eliminate threats.
From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the consolidated financial statements and the financial statements of the current period and are
therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the
public interest benefits of such communication.
Page 6 out of 91
Report on compliance with the ESEF Regulation
As part of our audit of the consolidated financial statements and parent company financial statements, we performed
procedures to express an opinion on whether the annual report of Shape Robotics A/S for the financial year 1 January to 31
December 2024 with the file name 254900D99QJEBJ52WZ34-2024-12-31-en.zip is prepared, in all material respects, in
compliance with the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF
Regulation) which includes requirements related to the preparation of the annual report in XHTML format and iXBRL
tagging of the consolidated financial statements including notes.
Management is responsible for preparing an annual report that complies with the ESEF Regulation. This responsibility
includes:
•
The preparing of the annual report in XHTML format;
•
The selection and application of appropriate iXBRL tags, including extensions to the ESEF taxonomy and the
anchoring thereof to elements in the taxonomy, for all financial information required to be tagged using judgement
where necessary;
•
Ensuring consistency between iXBRL tagged data and the consolidated financial statements presented in
humanreadable format; and
•
For such internal control as management determines necessary to enable the preparation of an annual report that is
compliant with the ESEF Regulation.
Our responsibility is to obtain reasonable assurance on whether the annual report is prepared, in all material respects, in
compliance with the ESEF Regulation based on the evidence we have obtained, and to issue a report that includes our
opinion. The nature, timing and extent of procedures selected depend on the auditor’s judgement, including the assessment
of the risks of material departures from the requirements set out in the ESEF Regulation, whether due to fraud or error. The
procedures include:
•
Testing whether the annual report is prepared in XHTML format;
•
Obtaining an understanding of the company’s iXBRL tagging process and of internal control over the tagging
process;
•
Evaluating the completeness of the iXBRL tagging of the consolidated financial statements including notes;
•
Evaluating the appropriateness of the company’s use of iXBRL elements selected from the ESEF taxonomy and the
creation of extension elements where no suitable element in the ESEF taxonomy has been identified;
•
Evaluating the use of anchoring of extension elements to elements in the ESEF taxonomy; and
•
Reconciling the iXBRL tagged data with the audited consolidated financial statements.
Page 7 out of 91
In our opinion, the annual report of Shape Robotics A/S for the financial year 1 January to 31 December 2024 with the file
name 254900D99QJEBJ52WZ34-2024-12-31-en.zip is prepared, in all material respects, in compliance with the ESEF
Regulation.
Copenhagen, April 3 2025
Beierholm
Godkendt Revisionspartnerselskab
CVR no. 32 89 54 68
Thomas Thomsen
State Authorised Public Accountant
MNE no. mne34079
Management's review
Page 8 out of 91
Introduction
Shape Robotics is a Danish EdTech company, dedicated to advancing educational practices through technological innovation. We
provide intelligent classroom solutions, educational robots, software and specific services primarily to educational institutions in
Europe. Our approach, known as TECHDUCATION, integrates advanced technology into classroom settings to prepare students for
future professional environments, with a strong emphasis on inclusivity for all learners, including those with special needs.
With thousands of institutions relying on our solutions, we lead in smart classroom technology, promoting innovation in educational
methods. Our products include comprehensive content and video training, enabling educators to leverage advanced technology
effectively.
Our EdTech Solutions
Thinken – The Mobile STEAM Lab brings dynamic, explorative learning to every classroom. Designed to be smart and affordable, it's a
compact, ergonomic mobile cart that provides schools worldwide with a flexible and comprehensive solution for immersive
experiences. Thinken is portable and comes equipped with VR headsets, robots, laptops, and an adjustable interactive display, making
it a flexible asset for all types of learning styles and environments.
Smart Classrooms – The Smart Classroom is equipped with cutting edge technology, including multifunctional robots, interactive
displays, VR headsets, 3D printers, scanners, laser cutters, and drones, offering a comprehensive suite of hardware and software tools.
This inclusive and environmentally conscious setup ensures that students are prepared with essential skills for their future careers in a
responsible manner.
Fable – Renowned as the leading modular educational robot, serving as the core component of our Smart Classroom and Thinken
ecosystem. It's an ideal tool for various STEAM subjects and hands-on learning, thanks to its innovative magnetic assembly system, it
can be assembled in seconds to code movements and make interactions of the robot from our Fable Blockly software. Fable is suitable
for all academic levels, from primary to university, making it the perfect companion for interactive and engaging education.
Techducator – A versatile educational platform tool that prepares educators and students to make STEAM subjects more engaging with
the help of technology. Techducator provides extensive video resources, enabling teachers to effectively employ Smart Classroom and
Thinken technologies. This hands-on approach ensures that learning is not only interactive but also forward-thinking, aligning with the
demands of future workplaces.
Business model
Shape Robotics ensures stable growth through its business model, which relies on strategic partnerships with national distributors
handling all sales and supply chain operations. At this point in time the company's primary focus is on countries funded by the
European Union's RRF funds. The company has started scaling its business outside Europe with a specific focus on Middle East, China
and USA.
Revenue is derived from three main streams: (I) Smart Classrooms, (II) Fable educational robots, and (III) other one-off Edtech
solutions/products. Shape Robotics strategically targets markets in Central and Eastern Europe, with a strong emphasis on Romania,
Moldova, and Poland. This aligns with the countries' prioritization of digital education, supported by the European Union's RRF funds.
Operating under an indirect "B2G" business model, Shape Robotics primarily serves public entities such as educational institutions.
This is facilitated through their distributor network, which manages logistics, end-user interactions, demand shifts, and political
changes. This approach ensures broad market penetration, low operating risk, and effective delivery of Shape Robotics' educational
solutions.
Contracts are typically framework agreements lasting 1-3 years, with agreed minimum revenue commitments. Shape Robotics
collaborates closely with local distributors to secure public tenders and establish exclusive framework agreements tailored to meet the
specific requirements of national public tenders. These agreements provide a predictable revenue stream and support long-term
strategic partnerships.
Management's review
Page 9 out of 91
Financial Performance
Shape Robotics achieved robust revenue growth of 76%, increasing from DKK 171.213 thousand in 2023 to DKK 301.853 thousand in
2024, driven by a 99% increase in Smart Classroom sales and the introduction of high-margin services under the Techducator
initiative.
The allocation of revenue from products can be derived as follows in 2024 compared to 2023.
in thousands DKK
2023
Smart Classrooms
211.073
105.918
Fable robots
23.333
14.466
Services
22.566
-
Other
44.881
50.829
301.853
171.213
The Techducator initiative generated DKK 22.566 thousand in service revenue, approximately 7% of total revenue, a new high-margin
stream absent in 2023. Fable robot sales (outside Smart Classrooms) grew by 61% to DKK 23.333 thousand, or 8% of revenue. The
revenue from other products decreased by 12% and reached DKK 44.881 thousand (15% of revenue). The revenue in this category
(other) is mostly driven by Video Technic Solutions (Romania) and Shape Robotics East (Moldova). In the category the revenue from
various tailor-made AV/Technology solutions that include interactive displays, video communication and signage solutions is
presented - it is the company's answer to the specific public-tenders requirements.
Romania remains our largest market at 88% of revenue, with growth opportunities in Poland, Moldova, the USA, and UAE.
As for 2024, the revenue was attributable to the areas listed below.
in thousands DKK
2024
2023
Romania
264.203
163.316
United Kingdom
21.357
1.628
Denmark
6.089
1.270
Moldova
4.263
2.456
USA
1.347
456
Poland
1.000
1.830
Other
3.594
257
301.853
171.213
The revenue from Moldova, where Shape Robotics established subsidiary (Shape Robotics East S.R.L), increased in 2024 by 74% and
present promising opportunity for further growth and market share acquisition in the near future.
United Kingdom revenue is derived from our 3PO (Third Party Offering) partnership with Lenovo via TD Synnex and Channel Tools,
where the Thinken product is being leveraged. Channel Tools is a UK-based company that specializes in sales and marketing services,
technology, and mobile engagement platforms. They are known for their innovative channel sales and marketing strategies, utilizing
the latest technologies to create and implement solutions that provide a good return on investment. Their distribution via TD Synnex
extends throughout Europe and the UK, bringing next-generation tech to the market.
One of the company's most promising new markets is Poland, where the company Skriware S.A was acquired at the end of 2023.
Skriware is a technology company that has developed an educational laboratory called SkriLab, focusing on 3D printing,
programming, and robotics. During 2024 Skriware has been integrated into the Shape Robotics group structure and renamed to Shape
Robotics Poland. The company has been reorganized so that Shape Robotics Poland today operates as main software and technology
development center for the Group. The business structure of Shape Robotics Poland has been strengthened to be fully prepared to
utilize the huge potential we see in the Polish market in the years to come (starting 2025). However, the projects in Poland have been
delayed longer than expected during the acquisition, maintaining a low traction of the revenue in 2024.
Management's review
Page 10 out of 91
Management's review
SkriLab includes various components such as a 3D printer, educational robots, building blocks, online tools for 3D modeling, and
Skriware Academy—an online platform tailored for teachers. Therefore, Skriware’s offering, SkriLab, bears resemblance to Shape
Robotics’ STEAM Labs, making the proposed acquisition a strategically sound fit aligning with Shape Robotics’ long-term growth
strategy.
This acquisition grants Shape Robotics enhanced access to the Polish market and empowers the company to replicate its successful
business model from Romania and apply it to Poland's larger market.
At the end of 2024, the group overview is as follows:
Shape Robotics (parent)
Shape Robotics Romania 100%,
Video Technic Systems (Romania) 100%,
Shape Robotics East (Rep. Moldova) 100%
Skriware (Shape Robotics Poland) 100%.
Throughout 2024, the company experienced significant growth and success across various key performance indicators. Revenue met
projections, highlighting the effectiveness of our strategic initiatives and strong market positioning. Moreover, there is improvement
on the Contribution Margin and (Adjusted) EBITDA levels:
-
Contribution Margin increased from 29% in 2023 to more than 32% in 2024.
-
Adjusted EBITDA* increased from DKK 18,2 million in 2023 to DKK 24,8 million in 2024.
*Adjusted EBITDA excludes non-recurring costs divided into three categories:
(i)
Costs related to the process of listing the company on Copenhagen Main Market DKK 894k in FY 2024 (DKK 3,469k in FY2023)
(ii)
Post-transaction costs related to the acquisition of Skriware S.A. of DKK 945k incurred in 2024 (after the acquisition) and
presented in the income statement in 2024. In 2023, Skriware acquisition costs were adjusted directly to equity in the balance
sheet.
(iii)
Costs connected to the payment of a variable compensation element linked to the acquisition of Storykids By EP SRL (now
Shape Robotics Romania SRL) in 2021. No accrual for the expected variable element was made in the balance sheet back in 2021
resulting in subsequent variable payments must be included in Shape Robotics income statement. The cost in FY2024 was DKK
5,965k (DKK 1,378k in FY2023).
In 2024 the company expected a revenue of minimum DKK 300 million with adjusted EBITDA of minimum DKK 25 million
(guidance for 2024). As above-mentioned the company met the revenue target. EBITDA before adjustments increased by 27% from
DKK 13,4m in 2023 to DKK 17,0m in 2024. After the non-recurring costs of DKK 7,8m are excluded, the Adjusted EBITDA reached
DKK 24,8m in 2024, and increased by 36%, from DKK 18,2m in 2023. Non-recurring costs are related to: (i) the process of listing the
company on Copenhagen Main Market, (ii) post-transaction costs related to the acquisition of Skriware S.A., and (iii) costs connected
to the payment of a variable compensation element linked to the acquisition of Storykids By EP SRL (now Shape Robotics Romania
SRL) in 2021.
Financial Position
As of December 31, 2024, the company maintains a solid financial position, indicating careful management practices and steady
progress across key metrics. Current assets amount to DKK 314 million (compared to DKK 179 million previously), providing
sufficient liquidity for short-term obligations.
While cash and cash equivalents may seem relatively modest given the company's growth, effective working capital management
helps offset this, with a successful capital raise of DKK 35 million in late March 2024 and new financing obtained from UniCredit
Bank of DKK 90 million in factoring facility and DKK 49 million in a credit facility, further reinforcing this aspect. The strong
partnership with Unicredit also translates into the fact that the company has financing mechanisms to support the growth journey
and aligns with the highest standards of supply chain finance.
Non-current assets have seen a notable increase, mainly due to strategic initiatives related to direct investments into development
projects. As a result, intangible assets (without deferred tax assets) grew to DKK 107 million, up from DKK 65 million, driven by
Techducator and Skriware investments.
Management's review
Page 11 out of 91
Management's review
Intangible assets consist of development projects in progress, completed development projects, and customer relations and
trademarks from the Skriware acquisition in December 2023.
Total liabilities have also grown significantly, rising from DKK 143 million to DKK 310 million, primarily due to an increase in
borrowings to support growth initiatives. Nevertheless, the debt-to-equity ratio remains manageable, reflecting prudent debt
management. Shareholders' equity has experienced growth from DKK 131 million to DKK 154 million, driven mainly by the capital
raise in March 2024.
Net working capital amounts to DKK 176 million as of December 31, 2024 (compared to DKK 102 million previously). Net working
capital primarily consists of trade receivables, trade payables and inventories. The increase in net working capital reflects the ability to
support future growth ambitions.
In summary, the company's financial position remains stable, marked by notable asset expansion, prudent liability management, and
a strong equity foundation. Looking ahead, the company is well-positioned to capitalize on emerging opportunities and navigate
potential challenges effectively.
The company keeps a strong net working capital position, has established credit and factoring facilities and raised capital in 2024, to
further fortify its foundation and support its growth ambitions.
The company's objectives and strategies for managing financial risks are not evaluated solely based on Key Performance Indicators
(KPIs). Given the company's continuous growth and expansion, there is a constant need for active risk management and assessment
of pertinent leverage and Return on Equity (ROE). This ongoing risk management and ROE evaluation is regularly reviewed (4-6
times per Year) and approved by the audit committee on behalf of the Board of Directors, in collaboration with the Executive
Management team.
Risk Management
Shape Robotics faces financial risks that could impact its profitability and long-term sustainability. These risks primarily stem from
market competition, IT system vulnerabilities, distributor dependence, M&A integration challenges, international expansion
uncertainties, supply chain vulnerabilities, market trends, and currency fluctuations.
Market competition poses a threat to Shape Robotics' financial performance, as the robotics market is highly consolidated, with major
players dominating the industry. Increased competition may lead to pricing pressures and reduced profit margins, affecting the
company's revenue streams.
The reliance on information technology (IT) systems exposes the company to operational and reputational risks. Any disruptions,
such as power outages, cyber-attacks, or system failures, could disrupt business operations, resulting in financial losses and damage
to the company's reputation.
Shape Robotics' dependence on distributors for revenue exposes it to sales fluctuations and the risk of losing key distribution
channels. Any termination of distribution relationships or failure to secure public tenders by distributors could negatively impact the
company's revenue and financial stability.
The integration of mergers and acquisitions (M&A) poses financial risks, including diversion of resources from core operations and
failure to achieve anticipated synergies. Inefficient integration processes may lead to additional costs and operational inefficiencies,
affecting the company's profitability.
Uncertainties surrounding international expansion efforts introduce financial risks related to market penetration and demand
stimulation. Failure to effectively enter new markets or stimulate demand for Edtech products may result in lower-than-expected
revenue and profitability.
Shape Robotics' supply chain vulnerabilities, such as component dependencies and price fluctuations, may disrupt production and
strain customer relations. Any delays or disruptions in the supply chain could lead to increased costs and revenue loss, impacting the
company's financial performance.
Management's review
Page 12 out of 91
Management's review
Market trends and currency fluctuations also pose financial risks to Shape Robotics. Changes in market dynamics or adverse currency
movements may impact the company's revenue generation and profitability, affecting its financial position.
To mitigate these financial risks, the company's Board of Directors and Management continually assess and implement strategies to
strengthen financial resilience and ensure sustained growth. This includes monitoring market dynamics, enhancing IT security
measures, diversifying distribution channels, optimizing M&A integration processes, and implementing risk management protocols
across the supply chain. By proactively addressing these financial risks, Shape Robotics aims to maintain its competitive edge and
achieve its long-term financial objectives.
Strategies and instruments to be utilized to minimize risks are linked with fluctuations in currency exchange rates, interest rates,
commodity prices, and other pertinent market variables, thereby leveraging the currency risk by utilizing the same currencies for both
sales and purchases. Financing, hereby selling or purchasing in other currencies than RON, DKK, EUR and USD must be approved by
the executive management.
The company diligently assesses its risk exposure concerning potential changes in prices, creditworthiness, liquidity, and cash flows.
This entails conducting thorough analyses to identify and evaluate the potential impact of various risk factors on the company's
financial health and operational performance. By understanding and quantifying these risks, the company can implement proactive
measures to manage and mitigate them effectively.
Strategy and Outlook
Our strategic plan drives value creation through operational excellence and innovation:
-
Thinken: A Mobile STEAM Lab for classroom flexibility.
-
Smart Classroom: A comprehensive educational ecosystem.
-
Fable: A modular robot for STEAM learning.
-
Techducator: A platform delivering advanced training and resources, central to the Techducator initiative.
These products meet evolving educational needs, with features for diverse learners, including those with special needs.
In parallel, Shape Robotics is embarking on novel development projects, aiming to pioneer AI-driven classroom education. This
initiative seeks to introduce a groundbreaking subscription-based educational intelligence assistant, to both existing and prospective
customers. The AI tool is designed to address various challenges encountered by educators today, offering a range of features,
including personalized lesson plans tailored to individual teaching styles and student requirements, thus fostering enhanced teacher
engagement, with additional functionalities being developed by our R&D department.
We’ve launched E.di, an AI-driven educational assistant, and partnered with KinetoBebe on a three-year research project using the
Fable robot to enhance therapy and education for children with special needs, boosting inclusivity and operational value.
The company
identifies certain critical success factors pivotal to its future endeavors:
-
Cultivating and retaining talent across all organizational levels.
-
Further professionalizing and fortifying the business foundation, including optimizing working capital.
-
Strengthening and nurturing relationships with existing and prospective partners.
-
Bolstering financial capabilities to facilitate robust growth.
Shape Robotics' pipeline holds promising tender opportunities and potential organic growth driven by positive quotes and forecasts
from both new and existing distributors.
Shape Robotics' overarching strategy integrates a mix of ongoing initiatives and fresh ventures designed to enhance core technology,
broaden the product lineup, cultivate relationships with clients and partners, and expand its global footprint. With ambitious financial
objectives in sight, our target of DKK 1 billion in revenue by 2027, with a 12-15% EBITDA margin, is supported by investments in
Techducator and Smart Classrooms, both leveraging the company's proprietary Fable robot as a cornerstone component. This
strategic blueprint underscores Shape Robotics' steadfast commitment to expansion and solidifying its position as a frontrunner in the
market. The company recognizes and considers the risks associated with executing its strategic plans, which are related to geopolitical
uncertainty, the importance of growth in Poland and outside Europe, and the need to secure the financing necessary to enable further
scaling.
Management's review
Page 13 out of 91
In the guidance for 2025 the company expects revenue growth of 20-35% with a profitability of:
-
EBITDA margin: minimum 8%, which amounts to minimum DKK 29–33 million
-
Adjusted EBITDA* margin: minimum 10%, which amounts to minimum DKK 36–41 million
*Adjusted EBITDA excludes non-recurring costs.
Guidance 2025 general assumptions:
-
Romania will remain our largest market in the terms of revenue
-
Poland will start to be a significant component of the company revenue
-
The company will secure the financing needed to enable ambitious revenue growth
-
The company will keep the contribution margin in the range of 29%-32%, as in the previous years (2022-2024)
-
operational costs in relation to revenue will decrease in the comparison to 2024 (cost control and scale-up effect)
-
EBITDA before adjustments will contain costs connected to the payment of a variable compensation element linked to the
acquisition of Storykids By EP SRL (now Shape Robotics Romania SRL) in 2021, which will be eliminated on the level of Adjusted
EBITDA. 2025 is expected to be the last year where non-recurring costs related to the acquisition of Storykids will appear.
Corporate Governance
Shape Robotics adheres to a two-tier management structure, where powers and responsibilities are divided between the Board of
Directors and the CEO, operating independently of each other. The CEO oversees day-to-day management, while the Board of
Directors supervises the CEO's work and holds responsibility for overall management and strategic direction. Throughout this
document, the CEO may be referred to as the Executive Management.
Currently, the Board of Directors consists of five members, including a Chairman and Deputy Chairman selected from its members.
Notably, four out of five board members are independent. This diverse assembly of experienced professionals brings a broad range of
expertise and international perspectives to their roles. Board members are elected annually by the general meeting and may be re-
elected. In 2025, Per Ikov and Aurel Netin replaced Kasper Hans Holst and Moises Pacheco, bringing expertise in technology and
global markets to enhance value creation. Jeppe Frandsen (chair) in 2024 (until September 16, 2024) also served on the supervisory
board of Shape Robotics Poland, where regulatory requirements mandate the presence of the president (director), who is also the CEO
of Shape Robotics, with similar mandate powers as those given to the Executive by the parent company's Board of Directors. Apart
from the above mentioned, none of the other board members hold active roles in any subsidiaries.
The Board of Directors convenes six to eight times annually, with additional ad-hoc meetings held as necessary. The board meetings
will be held in both the Danish, Romanian and Polish subsidiaries to connect the board members with the local teams. An annual
evaluation of the Board's performance and procedures is conducted, with the outcomes documented in the annual report. Moreover,
the Board conducts an annual assessment of the Executive Management's performance and work.
Board of Directors other positions, besides Shape Robotics A/S
Jeppe Frandsen (chair)
-
Milestone Systems A/S, CVR-no. 20341130, board member (deputy chair)
-
A/S ZOLUTIONS Nykøbing F, CVR-no. 13930090, chairman of the board
-
A/S ZOLUTIONS Art & Design, CVR-no. 21821047, chairman of the board
-
Heidelberger Druckmaschinen AG, Wiesloch Germany, Ust.-IdNr. DE 143455661, supervisory board member
-
Outrigger Management ApS, CVR-no. 34210470, CEO/Owner
Kasper Holst
-
Børnebasen ApS, CVR-no 41510269, CEO and chairman of the board Logisnap ApS, CVR-no 41726032, board member
-
Pathfindr ApS, CVR-no 39935082, chairman of the board Flying Bizkits ApS, CVR-no 41658193, CEO
-
KHH Invest ApS, CVR-no 32652441, CEO
-
ÅBN ApS, CVR-no 38664719, board member. YOLI ApS, CR-no 40468633, board member.
Annette Siewert Lindgreen (vicechair)
-
Henrik Fogh ApS, CVR-nr. 73500516, chairman of the board.
-
Siewert ApS, CVR-nr. 40632751, CEO
-
Columbus Trading A/S, CVR-nr. 75162014, chairman of the board
Management's review
Page 14 out of 91
Moises Pacheco
-
Black Box Holding ApS, CVR-no. 37154261, CEO.
-
Black Box Consultancy, CVR-no. 42799521, CEO
Helle Rootzen
-
Andhero, CVR-nr. 11496253, CEO.
Per Brask Ikov
-
PcP. Danmark A/S - Member of the Board.
-
VANPEE A/S - Member of the Board.
-
PcP Corporation A/S - Member of the Board.
-
Scan Agencies ApS - part owner (25 - 33.32%).
-
Libra Plast AS (Norway) - board member
-
E-Tech Coponents Ltd. (UK) - board member
Aurel Netin
-
MB Distribution S.R.L. - Chief Executive Officer.
-
EMCC Romania - Non-Executive Director for Projects and Partnerships.
Annette Siewert Lindgreen chairs the Audit Committee where Jeppe Frandsen is a member. The Audit Committee is held when
deemed necessary by the Chairman of the Audit Committee, subject to a minimum of five meetings a year - currently 7 meetings are
scheduled for 2025.
The Company adheres to the Recommendations on Corporate Governance issued in December 2020, as outlined by the Committee on
Corporate Governance's website. As a publicly listed company in Denmark, Shape Robotics is obligated to report its compliance with
these recommendations in accordance with the "comply or explain" principle. Additional information can be accessed on:
https://shaperobotics.com/investors/
Transition to the Nasdaq Main Market
Amidst rapid growth, expansion initiatives, and the transition to the Nasdaq Main Market from First North, the company has
undertaken a comprehensive review of its internal policies. This strategic reassessment is driven not only by compliance requirements
but also by a commitment to robust governance practices and enhancing the company's employer branding.
With the influx of new employees and the integration of new business entities, there is a heightened need to ensure alignment with
regulatory standards and industry best practices. By revisiting and refining internal policies, the company aims to establish clear
guidelines and procedures that foster transparency, accountability, and ethical conduct across all operations.
Furthermore, this initiative serves to bolster the company's reputation as a responsible corporate entity and an employer of choice. By
prioritizing governance and compliance, the company demonstrates its commitment to upholding high ethical standards and creating
a conducive work environment for its employees.
Ultimately, this proactive approach to policy revision not only mitigates risks associated with non-compliance but also reinforces the
company's position as a trusted market participant and an attractive destination for top talent.
Policies adopted or updated in 2024:
Whistleblowing Policy:
Establishes channels for effective reporting and detection of unlawful or unethical behavior.
Shape Robotics GDPR Policy:
This document outlines our company's approach to data protection and compliance with GDPR regulations. It delineates
our commitment to safeguarding personal data and ensuring transparency in our data processing activities.
Management's review
Page 15 out of 91
GDPR Third-Party Notice:
This notice is intended for third parties who may access or process personal data on behalf of Shape Robotics. It
delineates their responsibilities in ensuring GDPR compliance and maintaining the confidentiality and security of
personal data.
Personnel Privacy Notice:
This notice is designed for our employees, informing them of their responsibilities in handling personal data, their rights
under GDPR, and the procedures they should follow to ensure compliance.
Commercial Communications Form:
This form is used to obtain consent from individuals for receiving commercial communications from Shape Robotics,
ensuring compliance with GDPR regulations on electronic marketing communications.
Anti-Workplace Harassment Guidelines:
These outline our zero-tolerance policy towards any form of harassment, discrimination, or inappropriate behavior in the
workplace. They provide clear definitions of harassment and examples of prohibited conduct, as well as guidance on
reporting procedures and avenues for seeking support and resolution.
Anti-Corruption Policy:
Outlines our zero-tolerance stance towards corruption in any form, including bribery, extortion, kickbacks, and other illicit
activities. It establishes clear guidelines and procedures to prevent, detect, and address instances of corruption within our
organization and in our interactions with external stakeholders.
Competition Law Compliance Policy:
The Competition Compliance Policy outlines our commitment to fair competition practices, ensuring that we operate within
the boundaries of applicable laws and regulations. It delineates the principles and procedures that guide our interactions in
the marketplace, emphasizing integrity, transparency, and respect for competition laws.
Confidentiality Policy:
Documents the confidentiality and non-disclosure duties and obligations of the employees and personnel of Shape
Robotics, including in relation to Inside Information.
Business Continuity Policy:
Outlines procedures and protocols to ensure that Shape Robotics can continue its critical operations during and after
disruptive events, such as natural disasters, cyberattacks, or other emergencies.
Yearly Mandatory Training Policy:
Required all employees to participate in annual training sessions covering essential topics such as GDPR (General Data
Protection Regulation) compliance, competition law compliance, ethics, anti-harassment, and data privacy.
Onboarding Policy:
Establishes a robust and engaging onboarding process for new employees at Shape Robotics.
Holidays and Vacation approval Policy:
Establishes guidelines and procedures for requesting and approving vacations and holidays at Shape Robotics.
Travel Policy:
Ensures cost-effective and safe travel arrangements while aligning with Shape Robotics’ budgetary constraints and strategic
goals.
Guidelines for Marketing Communications under GDPR:
Guidelines for the Marketing Department outlining how marketing communications should be undertaken in order to
comply with GDPR provisions.
Management's review
Page 16 out of 91
Transfer Pricing Policy:
Establishes the guidelines for setting prices on transactions between related entities within a multinational company,
ensuring compliance with tax regulations and promoting fairness in profit allocation across jurisdictions.
2024 Remuneration Policy:
Outlines how Shape Robotics rewards its employees, members of the Board of Directors and of Executive Management,
including salary, bonuses, benefits, and other incentives.
Dawn Raid Guidelines:
A concise set of guidelines outlining the necessary steps employees should take during a regulatory dawn raid, ensuring
legal compliance, proper documentation, and immediate legal team notification while maintaining confidentiality and
cooperation.
Sustainability and ESG
For our business model description, please see the sections Introduction and Business model in the beginning of the management
summary.
As of now, the company has not yet formalized policies addressing environmental impact or sustainable production practices.
The company's future initiatives to reduce its environmental footprint, such as energy conservation, waste reduction, and emissions
management. This may include investments in sustainable sourcing practices, replacing components in the bill of materials for less
carbon footprint and adherence to environmental regulations.
Overview of the company's governance framework, including board composition, executive compensation policies, anti-corruption
policies, and risk management processes. This may also include disclosures related to ethics and integrity, transparency in reporting,
and compliance with regulatory requirements can be found at the company’s website: https://shaperobotics.com/en/investors/
Currently, the company is in the process of organizing and refining its reporting procedures to ensure compliance with the upcoming
regulatory KPIs and ESG reporting, effective from 2026. While no final policy or report package has been finalized at the present
stage, we are actively working towards establishing robust frameworks to meet these requirements, and the company will present its
ESG policy at the end of 2026 for adoption in 2027/2028.
Shape Robotics is dedicated to enhancing opportunities for children and young individuals worldwide, aligning with Sustainable
Development Goals three (Good health and well-being) and four (Quality education). Quality education fosters innovation and
mobility, reducing disparities. Our partnerships with Rigshospitalet and KinetoBebe enhance inclusivity through the Fable Connect
robot and research for special needs children.
Environmental and climate matters
As of now, the company has not yet finalized formalized policies addressing environmental impact or sustainable production
practices.
In the company's operations, we are acutely aware of the risks associated with the environment and climate. We recognize that the
company's activities can impact both local and global environmental conditions, and we take this responsibility seriously.
To address these risks, we are working towards establishing a stringent policy for the environment and climate, serving as the
company's guidelines for sustainable operation. This policy includes commitments to reduce CO2 emissions, minimize waste
production, and ensure responsible use of natural resources. An example of this already implemented is our WEEE certificate from
"Dansk Producentansvar" (DPA), derived from the EU directive. In practice, the directive mandates that importers of electronics
(manufacturers or distributors) ensure that their goods can be disposed of in an environmentally sound manner.
Management's review
Page 17 out of 91
The company undertakes a variety of measures to mitigate these risks. This encompasses optimizing production processes in our
outsourced production of own-developed products to minimize waste, conserve energy, and reduce costs. Additionally, we have
implemented recycling and reuse initiatives across all our office locations. Looking ahead, in 2026, the company anticipates
establishing targets for sub-suppliers and vendors to integrate an ESG policy and Environmental Impact Assessment into all our
distribution contracts by the end of 2027.
Shape Robotics is committed to environmental responsibility across all aspects of our operations, reflecting our dedication to
sustainability and ecological awareness.
One of the primary ways we uphold this commitment is through the eco-friendly design and production of our products. Our
laboratory equipment, including our robots, holds green certificates, ensuring that they meet rigorous environmental standards.
Moreover, our robots are designed for longevity, minimizing the need for frequent replacements and reducing waste. Additionally, our
3D printers are constructed from recyclable materials, aligning with our ethos of sustainability in manufacturing processes.
In tandem with our eco-conscious product design, Shape Robotics actively promotes environmental education and awareness through
our training programs. In every training session, we integrate educational activities aimed at fostering ecological awareness among
teachers and students. We emphasize the importance of environmental conservation and sustainability practices, empowering
educators to incorporate these principles into their curriculum effectively. Furthermore, we repurpose all cardboard packaging from
our products for STEAM educational projects, promoting the reuse of materials and reducing waste in educational settings.
Results and follow-up on the company's environmental and climate efforts will be integrated into our regular ESG reporting starting
from 2028.
Social and employee matters
The company recognizes its responsibility to society and actively engages in initiatives aimed at promoting positive societal impacts.
This includes a commitment to labor practices that prioritize fair treatment, safe working conditions, and opportunities for
professional development for all employees. Moreover, the company upholds human rights principles by ensuring that its operations
do not contribute to or tolerate any forms of discrimination, exploitation, or human rights abuses. This is reflected in the company’s
internal policies.
The company is actively involved in conducting continuous workplace assessments and has established a dedicated committee to
address related matters. This committee comprises one management representative and two non-executive members elected annually
by the entire company staff through voting. The elected staff members gather input from the workforce, and the committee holds four
annual meetings to monitor and enhance the work environment. The minutes of these meetings and the follow-up processes are
transparent and accessible to the entire company.
The company initiates annually more comprehensive data collection and NPS surveys to establish a foundational understanding for
management and the Board of Directors to recommend improvements and actionable strategies. Consequently, the company will
launch a Human Resources department in 2025. This department will focus on various aspects including labor practices, employer
branding, and promoting positive societal impact. Moreover, it will continuously gather data to ensure ongoing improvement
initiatives.
Community engagement
Community engagement is a fundamental aspect of the company's ESG (Environmental, Social, and Governance) initiatives. Through
partnerships with organizations such as Rigshospitalet's Children's Cancer Department, the company demonstrates its commitment to
addressing societal challenges. A prime example of this collaboration is the development of the Fable Connect robot, specifically
designed to assist children in overcoming educational barriers caused by health issues. By facilitating their integration into school
communities, this innovative solution promotes the well-being and social inclusion of these children. As a result, over 50 children were
provided with robots to attend school remotely when unable to do so physically. Detailed data and outcomes from this initiative can be
accessed through the publicly available research project titled "Back in School with Robot Technology" by Mette Weibel and the
Children's Cancer Foundation.
In addition to its focus on health-related initiatives, the company demonstrates its commitment to diversity and inclusion through
various measures. For instance, it ensures that its educational content (lesson-plans) and hardware cater to the needs of children with
special needs.
Management's review
Page 18 out of 91
Furthermore, Shape Robotics actively participates in environmental initiatives and national events focused on sustainability and
energy efficiency. We take pride in our involvement in events such as "The International Days of Energy Efficiency," where we
contribute our expertise and resources to promote environmental awareness and sustainable practices.
Additionally, we engage in volunteering efforts, such as tree-planting events, to further support environmental conservation efforts.
Furthermore, our commitment extends to supporting underserved communities by donating books and technology to schools in rural
areas, empowering them with educational resources while promoting environmental consciousness. In every aspect of our operations,
from product design to community engagement, Shape Robotics remains steadfast in our commitment to environmental stewardship
and sustainability.
Overall, the company's multifaceted approach to societal impact underscores its dedication to creating positive change and
contributing to the well-being of communities, aligning with its broader ESG objectives.
Quality education serves as a catalyst for economic and social mobility while mitigating gender disparities. It also cultivates a more
tolerant, peaceful, and innovative society, ultimately contributing to a better world for all. With a steadfast commitment to fostering
quality education, Shape Robotics endeavors to improve opportunities for children and youth worldwide. The educational robot,
Fable, serves as a conduit for inspiring young minds to tackle pressing global issues through robotics, coding, and programming. By
seamlessly blending education with play, Fable equips young learners with essential technological skills and nurtures their creativity.
Respect for human rights
The company is firmly committed to upholding basic human rights. As part of this commitment, the company will implement
termination clauses within its agreements with relevant stakeholders, suppliers, and vendors to enforce adherence to basic human
rights standards. Failure to comply with these standards may lead to the activation of termination clauses. This initiative underscores
the company's dedication to ethical conduct and responsible business practices throughout its operations and supply chain.
For instance, these termination clauses may reference international legislation such as the United Nations Universal Declaration of
Human Rights or specific regional statutes such as the European Convention on Human Rights.
These clauses serve as a commitment to ethical conduct and responsible business practices, aligning with the company's values and
commitment to human rights advocacy. They underscore the importance of respecting fundamental human rights principles
throughout the supply chain and business operations. No incidents on violation on human rights are recorded.
Anti-corruption and bribery matters
Shape Robotics maintains a zero-tolerance policy towards corruption in all its forms. We adhere strictly to ethical standards and legal
regulations, fostering an environment of transparency, integrity, and accountability. Our employees are empowered to report any
suspected instances of corruption through confidential channels, ensuring swift investigation and appropriate action.
No incidents on violation on corruption or bribery have been recorded.
Other management levels include executive management and middle management, and consists of nine men and one women. The
goal of tender balance is expected to be improved in the future.
Accounting policies (gender balance, other management levels)
The gender diversity ratio in other management levels is calculated at the proportion of female managers with responsibilities for
personnel out of the total number of managers with responsibilities for personnel.
The following actions and policies are implemented to reach targets and to further improve diversity.
Management's review
Page 19 out of 91
Recruitment: Job advertisements are crafted to appeal to all genders, free from unconscious bias. Both male and female candidates
are equally considered and represented in interview processes. Efforts to raise awareness of unconscious gender biases are ongoing,
engaging managers, HR personnel, and decision-makers.
Career Development: Equal opportunities for advancement and pay are promoted, regardless of gender or life circumstances. Talent
development opportunities are transparently communicated to all employees. Pre- and post-parental leave interviews ensure smooth
transitions and fair treatment, minimizing career setbacks.
Data Support: An annual gender equality report provides insights into staff demographics, management levels, and gender-specific
earnings. Regular surveys gauge the prevalence of gender discrimination, harassment, and bias in the workplace.
Updates and Revisions: Shape Robotics' leadership regularly reviews and revises gender equality initiatives based on annual reports
and discussions. Continuous evaluation ensures alignment with evolving workplace dynamics and organizational goals.
Non-Financial Information
Shape Robotics comply with data protection regulations. The data governance framework oversees data throughout its lifecycle, with
strict access controls and regular risk assessments to mitigate threats. Shape Robotics adhere to retention policies and provide
ongoing training to uphold data integrity and security. Our commitment to data management maintains trust with customers and
stakeholders, prioritizing privacy, security, and compliance. We adhere to strict protocols to ensure the confidentiality, integrity, and
availability of data always. Our approach to data collection is guided by the principle of data minimization, whereby we only collect
and retain data that is necessary for the provision of our services.
Access to data is strictly controlled and limited to authorized personnel who require it to fulfil their duties. We implement technical
and organizational measures to safeguard data against unauthorized access, disclosure, alteration, or destruction. Data is cloud-kept
and protected by firewalls and all employees regularly must change passwords and use two-factor authentication to access shared
data in any form.
The company does not disclose data to third parties unless explicitly authorized by our clients or required by law. When data sharing
is necessary, we ensure compliance with all relevant legal and regulatory requirements and maintain transparency with our clients
regarding the purposes and recipients of the shared data.
In the event of a data breach or security incident, we have established procedures for prompt detection, investigation, and response to
mitigate any potential harm. We prioritize communication and cooperation with affected parties and regulatory authorities to address
the breach effectively and minimize its impact.
Our data policy is regularly reviewed and updated to align with evolving best practices and regulatory standards, and all personnel
receive training to ensure awareness and compliance with these policies.
In addition to financial metrics, Shape Robotics wants to disclose non-financial information that may be material to investors,
including operational metrics, customer satisfaction scores, and employee engagement levels. These metrics provide stakeholders
with a comprehensive understanding of the company's performance and prospects beyond financial considerations.
Our data policy is regularly reviewed and updated to align with evolving best practices and regulatory standards, and all personnel
receive training to ensure awareness and compliance with these policies.
In addition to financial metrics, Shape Robotics wants to disclose non-financial information that may be material to investors,
including operational metrics, customer satisfaction scores, and employee engagement levels. These metrics provide stakeholders
with a comprehensive understanding of the company's performance and prospects beyond financial considerations.
Management's review
Page 20 out of 91
The key metrics are a part of the company’s strategic approaches for years to come, hence accurate measurements and KPIs have not
been fully determined at the time of concluding the annual report.
Material risks
Market Conditions: Insufficient cash flow may arise due to factors like high inflation, interest rates, and low consumer spending. This
could necessitate seeking additional funding.
Edtech Market Dependency: The company's revenue is susceptible to fluctuations resulting from the Edtech market's heavy reliance
on public grants and subsidies. Delays in public contract awards and changes in political funding priorities pose potential risks to
revenue stability. However, it's worth noting that the increasing political focus on Edtech could also have a positive impact on the
company's prospects.
IT System Vulnerabilities: Dependency on IT systems exposes the company to risks such as system disruptions and cybersecurity
breaches. Expansion Challenges: As a growth-oriented company, there's a risk that strategic plans to enter new geographical markets
may encounter difficulties.
M&A Uncertainty: Mergers and acquisitions may pose integration challenges, impacting financial performance and access to funding.
Distributor Dependency: The company's reliance on distributor sales, without direct end-customer sales, poses risks to revenue,
profitability, and financial stability in case of distributor termination.
Competition: Larger and established players in the robotics market present competitive threats due to their resources and brand
reputation. GDPR Compliance: Non-compliance with GDPR regulations could lead to breaches, stemming from inadequate data
protection measures and violation of data subject rights.
Exchange Rate Risks: International operations expose the company to risks related to exchange rate fluctuations. The company keeps
the cost structure in the currencies linked with the currencies recognized in sales revenue to reduce the currency exchange risk. The
extendeded description of currency risk is presented in Note 17.
Specialized knowledge
Within the company, a substantial emphasis is placed on fostering and leveraging proprietary know-how. This encompasses a wide
array of specialized knowledge, expertise, and techniques developed through years of experience and innovation. The company’s
collective know-how spans various domains, including product development, technological advancements, market insights, and
operational efficiency. The specialized knowledge is somewhat essential for the company’s growth initiatives. A description of the
company's research and developmed activities is included in Note 10, where the in-depth description of intangibles is presented.
Forward-Looking Statements
Shape Robotics provides forward-looking statements and projections accompanied by appropriate disclaimers regarding the inherent
uncertainties involved. These statements offer insights into the company's future outlook, growth prospects, and strategic initiatives,
allowing stakeholders to make informed decisions based on realistic expectations. Regulatory forward-looking statements are
disclosed as company announcements.
Uncertainty relating to recognition and measurement
Recognition and measurement in the Annual Report have not been subject to any uncertainty.
Unusual events
The increasing geopolitical conflicts may hamper the company in its international business expansion. These conflicts can influence
the decisions and the strategy of the company for new emerging market opportunities.
Subsequent events
No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. Please see Note 27 for
regulatory company announcements or investor news disclosed subsequent to the year-end.
Management's review
Page 21 out of 91
Key Figures
The financial ratios have been calculated in accordance with the recommendations of the Association of Danish Financial Analysts.
IFRS
DSFA
Key Figures GROUP
2024
2023
2022
2021
2020
TDKK
TDKK
TDKK
TDKK
TDKK
Profit/loss
Revenue
301.853
171.213
87.385
17.772
6.044
Contribution margin
97.787
49.026
26.484
6.280
2.393
Adjusted EBITDA*
24.807
18.237
5.134
-12.996
-8.776
Net financials
-12.283
-4.971
-2.380
-127
-162
Result before tax
-12.179
-307
-4.340
-15.375
-13.000
Net profit for the year
-14.260
2.607
-4.287
-15.658
-12.728
Balance sheet
Balance sheet total
464.372
273.655
116.335
34.863
24.185
Equity
154.160
130.879
44.882
15.792
20.354
Cash flows
Cash flows from:
Operating activities
-40.416
-46.499
-35.919
-12.742
-17.524
Investing activities
-50.110
-19.560
-3.328
-3.099
-127
Financing activities
92.081
63.046
41.946
8.703
25.012
Changes in cash and cash equivalents for the year
1.555
-3.012
2.699
-7.138
7.361
Ratios
Gross margin
11,22
19,79
24,54
0,25
-17,62
Solvency ratio
33,20
47,83
38,58
45,30
84,16
Contribution ratio
32,40
28,63
30,31
35,34
39,59
Earnings per share attributable to ordinary
shareholders
-0,96
0,21
-0,51
-2,23
-1,86
*Adjusted EBITDA excludes non-recurring costs divided into three categories:
(i)
Costs related to the process of listing the company on Copenhagen Main Market DKK 894k in FY 2024 (DKK 3.469k in FY2023).
(ii)
Post-transaction costs related to the acquisition of Skriware S.A. of DKK 945k incurred in 2024 (after the acquisition) and
presented in the income statement in 2024. In 2023, Skriware acquisition costs were adjusted directly to equity in the balance sheet.
(iii)
Costs connected to the payment of a variable compensation element linked to the acquisition of Storykids By EP SRL (now
Shape Robotics Romania SRL) in 2021. No accrual for the expected variable element was made in the balance sheet back in 2021
resulting in subsequent variable payments must be included in Shape Robotics income statement. The cost in FY2024 was DKK
5.965k (DKK 1.378k in FY2023).
Treasury shares hold by the company end of period, is shown in note 19
Share capital and ownership
Shape Robotics is a public listed company on Nasdaq Main Market Copenhagen.
On December 31, 2024, the nominal share capital amounted to DKK 1.506.616,7 DKK, divided into 15.066.167 shares.
Legal owners possessing more than a 5% stake (whether directly or indirectly) are publicly disclosed on the Danish Central Business
Register (www.cvr.dk).
Page 22 out of 91
Consolidated income statement
for the year ended 31 December
In thousands DKK
Notes
2024
2023
Revenue from contracts with customers
3
301.853
171.213
Costs of goods sold
-204.066
-122.187
Gross profit
97.787
49.026
Staff expenses
5
-38.411
-20.495
Other external expenses
-39.350
-10.255
Other operating income
1.133
116
Other operating expenses
-4.155
-5.001
Operating profit before amortisation, depreciation
17.004
13.391
Depreciation and amortisation of intangible assets and property,
plant and equipment
6
-16.900
-8.726
Operating profit before financial income and expenses
104
4.664
Financial income
7
733
-
Financial expenses
7
-13.016
-4.971
Profit before tax
-12.179
-306
Tax on loss for the year
8
-2.081
2.914
Net profit for the year
-14.260
2.607
Earnings per share
20
-0,96
0,21
Diluted earnings per share
20
-0,96
0,21
Page 23 out of 91
In thousands DKK
Notes
2024 2023
Consolidated statement of comprehensive income
for the year ended 31 December
Profit for the year
-14.260 2.607
Other comprehensive income
Items that may be reclassified to profit or loss
Exchange differences on translation of foreign
operations
-141
-
Other comprehensive income for the period, net of tax
-141
-
Total comprehensive income for the period
-14.401
2.607
Consolidated balance sheet
as at 31 December
Notes
In thousands DKK
2024
2023
Page 24 out of 91
Assets
Non-current assets
Goodwill
10
4.809
4.809
Customer relations
10
19.408
21.592
Trademark
10
7.721
8.568
Completed development projects
10
12.318
15.110
Development projects in progress
10
62.690
14.776
Other fixtures and fittings, tools and equipment
11
8.624
9.357
Right-of-use assets
12
26.264
13.115
Deferred tax assets
9
8.863
6.897
Total non-current assets
150.697
94.224
Current assets
Inventories
13
63.757
37.999
Prepayments for goods
13
42.164
5.430
Trade receivables
14
193.964
121.138
Other receivables
16
3.380
3.855
Prepayments
3.748
6.500
Corporation tax
2.408
2.005
Cash and cash equivalents
4.254
2.504
Total current assets
313.675
179.431
Total assets
464.372
273.655
Consolidated balance sheet
as at 31 December
Notes
In thousands DKK
2024
2023
Page 25 out of 91
Equity
Share capital and share premium
19
1.507
1.405
Other reserves
-508
-367
Retained earnings
153.161
129.841
Total equity
154.160
130.879
Liabilities
Non-current liabilities
Borrowings
16
6.905
22.365
Lease liabilities
12
19.324
6.554
Other payables
16
545
272
Deferred tax liabilities
9
5.908
6.632
Total non-current liabilities
32.682
35.823
Current liabilities
Borrowings
16
106.727
25.548
Lease liabilities
12
7.020
5.555
Trade payables
16
123.834
62.884
Other payables
16
31.052
10.732
Prepayments from customers
3
8.898
622
Other prepayments
-
1.611
Total current liabilities
277.531
106.952
Total liabilities
310.213
142.775
Total liabilities and equity
464.373
273.654
Consolidated statement of changes in equity
for the year ended 31 December 2024
Page 26 out of 91
As at 1 January 2024 1.405 - -367 129.841 130.879
Profit for the period
-
- - -14.260 -14.260
Other comprehensive income
-
- -141 - -141
Total comprehensive income
-
- -141 -14.260 -14.401
Transactions with owners in their capacity as owners
Capital increase
102
35.309
-
-
35.411
Capital increase costs
-
-
-
-1.350
-1.350
Transfer of share premium to retained earnings
-
-35.309
-
35.309
-
Share-based payments
-
-
-
445
445
Purchase of treasury shares
-
-
-
-763
-763
Sale of treasury shares
-
-
- 3.939 3.939
As at 31 December 2024
1.507
-
-508
153.161 154.160
In thousands DKK
Share capital Share premium Other reserves Retained earnings Total equity
Consolidated statement of changes in equity
for the year ended 31 December 2023
Page 27 out of 91
As at 1 January 2023 1.046 - -155 43.991 44.882
Profit for the period
-
- - 2.607 2.607
Other comprehensive income
-
- -212 212 -
Total comprehensive income
-
- -212 2.819 2.607
Transactions with owners in their capacity as owners
Capital increase
359
86.389
-
-
86.749
Capital increase costs
-
-
-
-847
-847
Transfer of share premium to retained earnings
-
-86.389
-
86.389
-
Share-based payments
-
-
-
910
910
Purchase of treasury shares
-
-
-
-4.045
-4.045
Sale of treasury shares
-
-
- 624 624
As at 31 December 2023
1.405
-
-367
129.841 130.879
In thousands DKK
Share capital Share premium Other reserves Retained earnings Total equity
Consolidated statement of cash flows
Page 28 out of 91
for the year ended 31 December
In thousands DKK
Notes
2024
2023
Cash flows from operating activities
Net profit for the period
-14.260
2.607
Adjustments
18
29.734
10.404
Changes in net working capital
18
-43.884
-53.212
Financial income received
-
-
Financial expenses paid
-11.603
-4.995
Corporation tax paid
-403
-1.302
Net cash inflow (outflow) from operating activities
-40.416
-46.498
Cash flows from investing activities
Payments for intangible assets
-47.913
-12.392
Payments for property, plant and equipment
-2.197
-7.168
Net cash inflow (outflow) from investing activities
-50.110
-19.560
Cash flows from financing activities
Change in loans from credit institutions
65.718
24.112
Principal elements of lease liabilities
-8.223
-5.668
Cost of Capital increase
-1.350
-924
Purchase/sale of treasury shares
525
-3.374
Capital increase
35.411
48.900
Net cash inflow (outflow) from financing activities
92.081
63.046
Net increase (decrease) in cash and cash equivalents
1.555
-3.012
Cash and cash equivalents at the beginning of the financial year
2.504
4.738
Exchange rate adjustments on cash and cash equivalents
195
5
Cash and cash equivalents from acquisition of Skriware
-
773
Cash and cash equivalents at end of year
4.254
2.504
Contents of the notes to the consolidated financial statements
Page 29 out of 91
Note 1 Summary of significant accounting policies
Note 2 Critical estimates, judgements and errors
Note 3 Revenue from contracts with customers
Note 4 Operating segments
Note 5 Staff costs
Note 6 Depreciation, amortisation and impairment
Note 7 Financial income and expenses
Note 8 Income tax expense
Note 9 Deferred tax
Note 10 Intangible assets
Note 11 Property, plant and equipment
Note 12 Leases
Note 13 Inventories
Note 14 Trade Receivables
Note 15 Impairment tests
Note 16 Financial assets and financial liabilities
Note 17 Financial risk management
Note 18 Cash flow specifications
Note 19 Share capital
Note 20
Earnings per share
Note 21 Capital management
Note 22
Contingent liabilities, commitments and contingencies
Note 23
Business combinations
Note 24 Related party transactions
Note 25
Fee to auditors appointed at the general meeting
Note 26
Subsidiaries
Note 27 Subsequent events
Note 28 General and other disclosures
Contents of the notes to the consolidated financial statements
Note 1
Summary of significant accounting policies
Page 30 out of 91
This note provides a list of the significant accounting policies adopted in the preparation of these consolidated financial
statements. These policies have been consistently applied to all the years presented, unless otherwise stated. The
consolidated financial statements are for the Group consisting of Shape Robotics A/S and its subsidiaries ('the Group').
Basis of preparation
The consolidated financial statements of the Group have been prepared in accordance with International Financial
Reporting Standards (IFRS) as adopted by the EU as well as additional the Danish disclosure requirements applying to
entities of reporting class D.
The consolidated financial statements are presented in thousands Danish Kroner ('DKK') and all values are rounded to the
nearest thousand, except when otherwise indicated. The thousands separator used is the symbol "." and the decimal
separator used is ",".
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 have
assessed the published standards and interpreations, and determined that IFRS 18 will have an impact on the Groups
consolidated finacnail statement.
IFRS 18 Presentation and Disclosure in Financial Statements (effective for annual periods beginning on or
after 1 January 2027)
IFRS 18 will replace certain parts of IAS 1 Presentation of financial statements, and thus impact the presentation of the
income statement and related disclosures of the consolidted finacnail statement for the Group. The practical application of
IFRS 18 is being developed, and management is continuously assessing its effect.
Principles of consolidation
Subsidiaries
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.
Business combinations
The acquisition method of accounting is used to account for all business combinations, regardless of whether equity
instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the:
- equity interests issued by the group
- fair values of assets transferred
- liabilities incurred to the former owners of the acquired business
- fair value of any asset or liability resulting from a contingent consideration arrangement, and
- fair value of any pre-existing equity interest in the subsidiary.
Contents of the notes to the consolidated financial statements
Note 1
Summary of significant accounting policies
Page 31 out of 91
Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited
exceptions, measured initially at their fair values at the acquisition date. The Group recognises any non-controlling interest
in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest’s
proportionate share of the acquired entity’s net identifiable assets.
Acquisition-related costs are expensed as incurred.
The excess of the:
- consideration transferred,
- amount of any non-controlling interest in the acquired entity, and
- acquisition-date fair value of any previous equity interest in the acquired entity
over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value
of the net identifiable assets of the business acquired, the difference is recognised directly in profit or loss as a bargain
purchase.
Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their
present value as at the date of exchange. The discount rate used is the entity’s incremental borrowing rate, being the rate at
which a similar borrowing could be obtained from an independent financier under comparable terms and conditions.
Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are
subsequently remeasured to fair value, with changes in fair value recognised in profit or loss.
If the business combination is achieved in stages, the acquisition date carrying value of the acquirer’s previously held equity
interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such
remeasurement are recognised in profit or loss.
Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision
maker.
The board of the Group has appointed a strategic steering committee which assesses the financial performance and position
of the group and makes strategic decisions. The steering committee, which has been identified as being the chief operating
decision maker, consists of the Chief Executive Officer and the Board of Directors.
Foreign currency translation
Functional and presentation currency
Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary
economic environment in which the entity operates (‘the functional currency’). The consolidated financial statements are
presented in DKK, which is the Group’s presentation currency.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the
transactions. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation
of monetary assets and liabilities denominated in foreign currencies at year end exchange rates, are generally recognised in
profit or loss. They are deferred in equity if they are attributable to part of a net investment in a foreign operation.
Contents of the notes to the consolidated financial statements
Note 1
Summary of significant accounting policies
Page 32 out of 91
The results and financial position of foreign operations that have a functional currency different from Danish Kroner are
translated into Danish Kroner 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, and
- all resulting exchange differences are recognised in other comprehensive income
On consolidation, exchange differences arising from the translation of any net investment in foreign entities are recognised
in other comprehensive income. When a foreign operation is sold the associated exchange differences are reclassified to
profit or loss, as part of the gain or loss on sale.
Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of
the foreign operation and translated at the closing rate.
Income statement
Revenue from contracts with customers
Revenue from contracts with customers comprises sale of smart classrooms and educational robots. Revenue from the sale
of goods is recognised when a group entity sells a good to the customer. Revenue from the sale of goods is recognised at the
point in time when control of the goods is transferred to the customer, which generally takes place on delivery.
Revenue from contracts with customers is measured at an amount that reflects the consideration to which the Group
expects to be entitled in exchange for those goods. Amounts disclosed as net revenue exclude discounts, VAT and other
duties.
Costs of goods sold
Costs of goods sold used comprise the raw materials and consumables consumed to achieve revenue for the year.
Staff costs
Staff expenses comprise direct wages and salaries, pension contributions, social security contributions, sick leave,
bonuses, and share-based payments which are recognized in the year in which the associated services are rendered
by employees of the Group.
Employee benefits - Pensions
For pensions, the Group pays contributions to publicly or privately administered pension insurance plans on a
mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions
have been paid. The contributions are recognized as employee benefit expense when they are due. Prepaid
contributions are recognized as an asset to the extent that a cash refund or a reduction in the future payments is
available.
Share-based payments
A number of employees have been granted equity-settled share options. Issued share options become exercisable after
a certain period of time or upon an earlier exit event subject to the employee still being employed at the exercise date.
The grant date fair value is recognized as a compensation expense over the vesting period with a corresponding entry
to equity.
Other operating expenses
Other operating income and other operating expenses comprise items of a secondary nature to the main activities of the
Group, including gains and losses on the sale of intangible assets and equipment.
Contents of the notes to the consolidated financial statements
Note 1
Summary of significant accounting policies
Page 33 out of 91
Other external expenses
Other external expenses comprise expenses for sales and distribution as well as office expenses, etc.
Financial income and expenses
Financial income and expenses (net financial items) include interest income and expenses calculated in accordance with the
effective interest method as well as exchange rate gains and losses on foreign currency transactions.
Financial income and expenses are recognised in the income statement at the amounts relating to the financial year.
Income tax
The income tax expense or credit for the period is the tax payable on the current period’s taxable income, based on the
applicable income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to
temporary differences and to unused tax losses.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the
reporting period in the countries where the company and its subsidiaries and associates operate and generate taxable
income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax
regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain
tax treatment. The group measures its tax balances either based on the most likely amount or the expected value, depending
on which method provides a better prediction of the resolution of the uncertainty.
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of
assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities
are not recognised if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it
arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of
the transaction, affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and
laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the
related deferred income tax asset is realised or the deferred income tax liability is settled.
Deferred tax assets and liabilities
Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise those
temporary differences and losses.
Deferred tax liabilities and assets are not recognised for temporary differences between the carrying amount and tax bases
of investments in foreign operations where the company is able to control the timing of the reversal of the temporary
differences and it is probable that the differences will not reverse in the foreseeable future.
Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and
liabilities and where the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are
offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the
asset and settle the liability simultaneously.
Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other
comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or
directly in equity, respectively.
Contents of the notes to the consolidated financial statements
Note 1
Summary of significant accounting policies
Page 34 out of 91
Assets
Goodwill
Goodwill is not amortised but it is tested for impairment annually, or more frequently if events or changes in circumstances
indicate that it might be impaired, and is carried at cost less accumulated impairment losses. Gains and losses on the
disposal of an entity include the carrying amount of goodwill relating to the entity sold.
Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-
generating units or groups of cash-generating units that are expected to benefit from the business combination in which the
goodwill arose. The units or groups of units are identified at the lowest level at which goodwill is monitored for internal
management purposes, but not lower than the level of operating segments as shown in note 4.
Development projects
Costs associated with research are recognised as an expense as incurred. Development costs that are directly attributable to
the design and testing of identifiable and unique software and products controlled by the Group are recognised as intangible
assets where the following criteria are met:
- it is technically feasible to complete the software so that it will be available for use
- management intends to complete the software and products and use or sell it
- there is an ability to use or sell the software and products
- it can be demonstrated how the software and products will generate probable future economic benefits
- adequate technical, financial and other resources to complete the development and to use or sell the software and products
are available, and
- the expenditure attributable to the software during its development can be reliably measured.
Directly attributable costs that are capitalised as part of a development project include employee costs and an appropriate
portion of relevant overheads.
Capitalised development costs are amortised from the point at which the asset is ready for use.
Contents of the notes to the consolidated financial statements
Note 1
Summary of significant accounting policies
Page 35 out of 91
Customer relations & trademark
Customer relations and trademark refer to intangible assets acquired as part of a business combination. These assets
represent the value of existing relationships with customers that the acquired entity brings to the acquiring company.
Customer relations encompass the goodwill generated from loyal customer bases, brand recognition, and customer
contracts or agreements.
Following initial recognition, customer relations are typically measured at cost less accumulated amortization and
impairment losses.
The systematic recognition of amortization for customer relations occurs over their estimated useful lives, reflecting the
pattern of economic benefits derived from these relationships. The determination of the amortization period is based on
factors such as the expected duration of customer relationships, industry norms, and management's judgment.
Amortisation methods and useful lives
The group amortises intangible assets with a limited useful life, using the straight-line method over the following periods:
Completed development projects
Development projects in progress
Goodwill
4-10 years
Not amortized
Not amortized
Customer relations & trademark 10 years
Property, plant and equipment
Property, plant and equipment is stated at historical cost less depreciation. Historical cost includes expenditure that is
directly attributable to the acquisition of the items.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it
is probable that future economic benefits associated with the item will flow to the group and the cost of the item can be
measured reliably. The carrying amount of any component accounted for as a separate asset is derecognised when replaced.
All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred.
Contents of the notes to the consolidated financial statements
Note 1
Summary of significant accounting policies
Page 36 out of 91
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater
than its estimated recoverable amount.
Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in profit or
loss.
Depreciation methods and useful lives
Depreciation is calculated using the straight-line method to allocate the cost of the assets, net of their residual values, over
their estimated useful lives as follows:
Other fixtures, fittings and equipment 3-5 years
Leases
The Group's lease agreements relate primarily to leases of properties, vehicles and other equipment. Leases of vehichles are
typically made for fixed periods of 2-4 years. Leases of properties are negotiated on an individual basis and contain a wide
range of different terms and conditions. Other equipment is are typically leased for fixed periods of 2-4 years. The lease
agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor.
Leased assets may not be used as security for borrowing purposes.
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
- lease payments to be made under reasonably certain extension options, and
- payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option.
Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease
period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
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.
Contracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to the
lease and non-lease components based on their relative stand-alone prices.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, 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.
To determine the incremental borrowing rate, the Group:
- where possible, uses recent third-party financing received by the individual lessee as a starting point, adjusted to reflect
changes in financing conditions since third-party financing was received
- uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by the Group, and
- makes adjustments specific to the lease, e.g. term, country, currency and security.
Contents of the notes to the consolidated financial statements
Note 1
Summary of significant accounting policies
Page 37 out of 91
Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are recognised 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 without
a purchase option. Low-value assets comprise IT equipment and small items of office furniture.
Extension options are included in a number of property and equipment leases across the group. These are used to maximise
operational flexibility in terms of managing the assets used in the group’s operations. The majority of extension and
termination options held are exercisable only by the group and not by the respective lessor.
Impairment of assets
Goodwill and development projects in progress 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. Other non-current assets are
tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be
recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable
amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the
purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash
inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units).
Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment
at the end of each reporting period.
Inventories
Inventories are measured at the lower of cost and net realisable value under the FIFO method. The net realisable value of
inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal
operations with deduction of selling expenses.
The net realisable value is determined allowing for marketability, obsolescence and development in expected selling price.
The cost of goods for resale equals landed cost. The cost of finished goods and work in progress comprises the cost of raw
materials, consumables and direct labour.
Trade 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.
Other receivables
Other receivables comprise deposita, VAT, prepayments operational costs.
Prepayments
Prepayments comprise incurred costs related to the following financial years. Prepayments are measured at cost.
Liabilities
Trade and other payables
These amounts represent liabilities for goods and services provided to the group prior to the end of the financial year which
are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are
presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognised
initially at their fair value and subsequently measured at amortised cost using the effective interest method.
Contents of the notes to the consolidated financial statements
Note 1
Summary of significant accounting policies
Page 38 out of 91
Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at
amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in
profit or loss over the period of the borrowings using the effective interest method.
Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is
probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To
the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as
a prepayment for liquidity services and amortised over the period of the facility to which it relates.
Borrowing costs
General and specific borrowing costs that are directly attributable to the acquisition, construction or production of a
qualifying asset are capitalised during the period of time that is required to complete and prepare the asset for its intended
use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use
or sale.
Investment income earned on the temporary investment of specific borrowings, pending their expenditure on qualifying
assets, is deducted from the borrowing costs eligible for capitalisation.
Other borrowing costs are expensed in the period in which they are incurred.
Prepayments from customers
Prepayments from customers comprise amounts received by the company in advance, where the delivery of services or
goods has not yet been completed as of the balance sheet date. These amounts are recognized as prepayments in the balance
sheet. Prepayments from customers are recognized at cost price.
Contents of the notes to the consolidated financial statements
Note 1
Summary of significant accounting policies
Page 39 out of 91
Equity reserves
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in
equity as a deductions, net of tax, from the proceeds.
Share premium
Premium on issue of shares are recognised as share premium and subsequently transferred to retained earnings.
Foreign currency translation reserve
Exchange differences arising on translation of the parent company and of foreign controlled entities into DKK, are
recognised in other comprehensive income and accumulated in a separate reserve within equity. The cumulative amount is
reclassified to profit or loss when the net investment is disposed of.
Statement of cash flows
The cash flow statement shows the group's cash flows for the year broken down by operating, investing and financing
activities, changes for the year in cash and cash equivalents as well as the group's cash and cash equivalents at the
beginning and end of the year.
Cash flows from operating activities are calculated as the net profit/loss for the year adjusted for changes in working capital
and non-cash operating items such as share-based payment expenses, depreciation, amortisation and impairment losses.
Working capital comprises current assets less short-term debt, excluding items included in cash and cash equivalents.
Cash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets, property, plant
and equipment as well as fixed asset investments.
Cash and cash equivalents
Cash and cash equivalents comprise ”Cash at bank and in hand”.
Contents of the notes to the consolidated financial statements
Note 1
Summary of significant accounting policies
Page 40 out of 91
Cash flows from financing activities comprise cash flows from the raising and repayment of long-term debt and principal
element on lease payments as well as payments to and from shareholders.
Cash and cash equivalents
Cash and cash equivalents comprises cash and bank balances.
Key figures
The financial ratios have been calculated in accordance with the recommendations of the Association of Danish Financial
Analysts.
Gross margin:
Solvency ratio:
Contribution ratio:
Gross profit x 100
Revenue
Equity at year end x 100
Total assets at year end
Contribution margin
Revenue
Contents of the notes to the consolidated financial statements
Note 2
Critical estimates, judgements and errors
Page 41 out of 91
The preparation of financial statements requires the use of accounting estimates which, by definition, will seldom equal the
actual results. Management also needs to exercise judgement in applying the Group’s accounting policies.
This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items which
are more likely to be materially adjusted due to estimates and assumptions turning out to be wrong. Detailed information
about each of these estimates and judgements is included in other notes together with information about the basis of
calculation for each affected line item in the financial statements. In addition, this note also explains where there have been
actual adjustments this year as a result of an error and of changes to previous estimates.
This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items which
are more likely to be materially adjusted due to estimates and assumptions turning out to be wrong. Detailed information
about each of these estimates and judgements is included in other notes together with information about the basis of
calculation for each affected line item in the financial statements. In addition, this note also explains where there have been
actual adjustments this year as a result of an error and of changes to previous estimates.
Critical estimates
Deferred tax
Recognition of deferred tax assets
The Group holds a net deferred tax asset of DKK 18,8 million, of which net DKK 2,955 million has been recognised as a tax
asset in the balance sheet as of December 31, 2024. The net deferred tax asset primarily relates to tax losses carried forward.
The valuation and recognition of the deferred tax asset was based on budgets for the period 2025 to 2027. Based on
expected tax results for the next 3 years, the tax losses carried forward is expected to be utilised at the present time for DKK
3,8 million for the Group.
Contents of the notes to the consolidated financial statements
Note 3
Revenue from contracts with customers
Page 42 out of 91
Disaggregation of revenue from contracts with customers
The Group derives revenue from the transfer of goods at a point in time for the following product categories:
In thousands DKK 2024 2023 Smart Classrooms 211.073 105.918 Fable robots 23.333 14.466 services 22.566 - Other 44.881 50.829 Total revenue 301.853 171.213
Information about revenue derived in individual countries and geographical areas has been included in note 4.
Normal payment terms for the sale of products ranges between 30-120 days depending on customer relation and
framework agreement in quantity and price.
Contract balances
As part of the operation, the Group receive prepayments from customers when entering into specific contracts. Contract
liabilities have increased to DKK 8.898 thousands (2023: 622), mainly as a result of increasing business in Romania.
The following table shows how much of the revenue recognised in the current reporting period relates to carried-forward
contract liabilities:
In thousands DKK 2024 2023 Prepayments from customers 622 -
Contents of the notes to the consolidated financial statements
Note 4
Operating segments
Page 43 out of 91
Description of segments and principal activities
The Group serves one segment, which is inherent in the way Executive Management considers and operates the Company.
The costs related to the main nature of the business, being development, production and delivering robots and Smart
Classroom solutions, are not attributable to any specific revenue stream or customer type and are therefore borne centrally.
The results of the single reporting segment, comprising the entire company, are shown in the statements of comprehensive
income.
The Chief Executive Officer and the Board of Directors is the Chief Operating Decision Maker (CODM), which is made up of
the senior leadership across the respective functional areas and is 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. Segment
performance is evaluated by the CODM based on profit or loss for the single segment and is measured consistently with
profit or loss in the financial statements of the Company.
The CODM monitors revenue which is attributable to the geographical areas listed below:
In thousands DKK 2024 2023 Denmark (domicile) 6.089 1.270 Romania 264.203 163.316 Poland 1.000 1.830 United States 1.347 456 United Kingdom 21.357 1.628 Moldova 4.263 2.456 Other 3.594 257 Total revenue 301.853 171.213
Segment assets are measured in the same way as in the financial statements. These assets are allocated based on the
operations of the segment and the physical location of the asset.
Non-current assets other than financial instruments and deferred tax assets are distributed as the following:
In thousands DKK 2024 2023 Denmark (domicile) 41.534 19.941 Romania 55.048 24.865 Poland 45.252 42.520 United States - - Non-current assets 141.834 87.326
Information about major customers
The Group has two major customers in 2024 (2023: one). Revenue from the customers during 2024 was DKK 168.745
thousand (2023: 107.047). Revenue from the two major customers is respectively DKK 118.408 thousand (2023: 107.047)
and DKK 50.337 thousand (2023: 0). The Group has long-standing relationships with the major customers.
Contents of the notes to the consolidated financial statements
Note 5
Staff costs
Page 44 out of 91
In thousands DKK 2024 2023 Wages and salaries 40.021 20.349 Pension cost, defined contribution plans 4.260 3.135 Other social security costs 1.995 1.439 Share-based payments 446 910 Employee cost capalised as intangible assets -8.311 -5.338 38.411 20.495
Average number of employees
50 37
Key management personnel compensation
Key management personnel consists of the Executive Board and the Board of Directors. The compensation paid or payables
to key management personnel for employee services is shown below:
Executive Board of In thousands DKK Board Directors Total 2024 Wages and salaries 6.870 850 7.720 Other social security costs 5 - 5 Share-based payments 161 218 379 Total 7.036 1.068 8.104 Executive Board of In thousands DKK Board Directors Total 2023 Wages and salaries 1.444 600 2.044 Other social security costs 3 - 3 Share-based payments 228 82 310 Total 1.675 682 2.357
Description of share-based payments
The Group has introduced share-based payment programs to members of the Board of Directors, Executive Management and
selected key employees. The Group's current share option program was introduced in 2020.
Under the share option programme, share options of the parent company are granted to executives of the parent and selected
key employees at the sole discretion of the Board of Directors. The exercise price of the share options is equal to the market
price of the underlying shares on the date of grant.
Contents of the notes to the consolidated financial statements
Note 5
Staff costs
Page 45 out of 91
2024 2023 Average Average exercise price exercise price per share Number of per share Number of option share options option share options As at 1 January 22,2 260.694 10,4 31.416 Granted during the year - - 22,0 260.694 Exercised during the year 20,0 -50.699 10,9 -16.454 Lapsed during the year 23,0 -64.097 Expired during the year 22,1 -47.516 9,8 -14.962 As at 31 December 23,0 98.382 22,2 260.694
The share options vests automatically (service condition), on a graded schedule which is typically three financial years, if the
selected employee is in an unterminated position. Furthermore, accelerated vesting can occur if certain non-market
conditions are met. The non-market conditions are the following: liquidation or a merger of the parent company. If any of the
non-market conditions are met, all share options vests automatically at once.
Share options granted by the Group to the employees are acquired on-market prior to the issue. Shares held by the Group
and not yet issued to employees at the end of the reporting period are shown as treasury shares note 19.
The share options can only be exercised in a four week window following the publication of the annual report. The share
option programme contains no cash settlement alternatives. The Group accounts for the share option programme as an
equity-settled plan. The fair value of the share options is estimated at the grant date using the Black-Scholes option pricing
model, taking into account the terms and conditions on which the share options were granted.
Set out below are summaries of options granted under the plan:
No share options have vested and are exercisable at 31 December 2024 (2023: 0)
Share options outstanding at the end of the year have the following expiry dates and exercise prices:
Share options Share options Exercise 31 December 31 December In thousands DKK Expiry date price 2024 2023 Grant date 26 April 2023 30-04-2024 22,0 - 101.898 26 April 2023 30-04-2025 22,0 49.191 79.398 26 April 2023 30-04-2026 22,0 49.191 79.398 Total 98.382 260.694 Weighted average remaining contractual life of options outstanding at end of period: 0.83 years 1.25 years
The fair value at grant date is determined using a Black-Scholes Model calculation that takes into account the share price at
grant date, the exercise price, the risk free interest rate for the term of the warrants, the expected volatility and the term of
the share option (the expected maturity).
Contents of the notes to the consolidated financial statements
Note 5
Staff costs
Page 46 out of 91
In thousands DKK 2024 2023 Equity-settled programme 446 910
No share options has been grated during the year ended 31 December 2024. The average model inputs for the share options
granted prior year included:
a. Share price at grant date: DKK 24,9
b. Exercise price: DKK 22,2
c. Expected price volatility of shares: 50 %
d: Risk-free interest rate: 3 %
e. Expected maturity: 2023: 1,25 years
f. Probabiliy of non-market conditions: 0 %
Total expenses arising from share-based payment transactions recognised during the period as part of staff cost were as
follows:
Contents of the notes to the consolidated financial statements
Note 6
Depreciation, amortisation and impairment
Page 47 out of 91
In thousands DKK 2024 2023 Depreciation and amortisation Depreciation of property, plant and equipment 2.948 1.772 Depreciation of right-of-use assets 8.097 6.020 Amortisation of intangible assets 5.855 934 16.900 8.726
Contents of the notes to the consolidated financial statements
Note 7
Financial income and expenses
Page 48 out of 91
In thousands DKK 2024 2023 Financial income Foreing exchange gains 733 - Total financial income 733 - Financial expenses Interest on borrowings -11.603 -4.129 Interest on lease liabilities -1.314 -778 Foreign exchange rate losses -98 -86 Other financial expenses - - -13.016 -4.992 Amount capitalized as borrowing costs on development projects - 21 Finance costs expensed -13.016 -4.971 Net finance costs -12.283 -4.971
Capitalised borrowing costs
The capitalisation rate used to determine the amount of borrowing costs to be capitalised is the weighted average interest
rate applicable to the group's general borrowings during the year, in this case 0 % (2023 – 3,5%).
Contents of the notes to the consolidated financial statements
Note 8
Income tax expense
Page 49 out of 91
In thousands DKK 2024 2023 Current tax Current tax on profits for the year 3.959 -703 Deferred tax -1.878 -2.210Income tax gain/expense 2.081 -2.913In thousands DKK 2024 2023 Reconcilliation of effective tax rate Tax at the Danish tax rate of 22% (2022: 22%) -2.679 67 Less tax in foreign operations in relation to the Danish tax rate of 22% rate (2022: 22%) -2.591 -1.100 Tax effects of amounts which are not deductible (taxable) in calculating taxable income: Tax exempt income -34 -831 Non-deductible expenses 969 307 Unrecognised deferred tax asset 7.132 -851 Other adjustments -716 -156 Income tax expense 2.081 -2.913
Contents of the notes to the consolidated financial statements
Note 9
Deferred tax
Page 50 out of 91
In thousands DKK 2024 2023 Deferred tax Deferred tax at the beginning of period -1.739 766 Deferred tax from business combinations 662 -295 Deferred tax recognised in the statement of profit or loss -1.878 -2.210 Deferred tax at year end -2.955 -1.739 Deferred tax relates to: Intangible assets -8.715 -7.984 Property, plant and equipment 110 -3 Right-of-use assets 77 267 Tax losses carried forward 27.137 18.577 Other 154 257 Total 18.763 11.114 Deferred tax, recognised -2.955 -1.739 Of which presented as deferred tax assets 8.863 4.893 Of which presented as deferred tax liabilities 5.908 6.632Deferred tax not recognised in the balance sheet -15.808 -9.375 Deferred tax at 31 December -18.763 -11.114
In line with the requirements if IAS 12, the deferred tax assets and liabilities are offset as they have a legal right to set off
and relate to income tax with the same taxation authority.
The Group holds a net deferred tax asset of DKK 18,8 million, of which net DKK 2,955 million has been recognised as a tax
asset in the balance sheet as of December 31, 2024. The net deferred tax asset primarily relates to tax losses carried forward.
The valuation and recognition of the deferred tax asset was based on budgets for the period 2024 to 2026. Based on
expected tax results for the next 3 years, the tax losses carried forward is expected to be utilised at the present time for DKK
3,8 million for the Group.
Contents of the notes to the consolidated financial statements
Note 10 Intangible assets
Page 51 out of 91
Completed Development development Customer projects in In thousands DKK Goodwill projects relations progress Trademark Total Cost: At 1 January 2024 4.809 19.416 22.019 14.776 8.568 69.588 Additions - - - 47.913 - 47.913 Additions from business combinations - - - - - - Disposals - - - - - - Transfers - - - - - - Exchange differences - 4 18 1 10 33 At 31 December 2024 4.809 19.420 22.037 62.690 8.578 117.534 Accumulated depreciation and impairment: At 1 January 2024 - 4.306 427 - - 4.733 Amortisation charge - 2.796 2.202 - 857 5.855 Impairment - - - - - - Transfers from/(to) other items - - - - - - Exchange differences - - - - - - At 31 December 2024 - 7.102 2.629 - 857 10.588 Carrying amount 31 December 2024 4.809 12.318 19.408 62.690 7.721 106.946 Cost: At 1 January 2023 4.809 8.054 3.198 897 - 16.958 Additions - 3.637 - 9.663 - 13.300 Additions from business combinations - 7.722 18.821 5.113 8.568 40.223 Disposals - - - -897 - -897 Transfers - - - - - - Exchange differences - 3 - - - 3 At 31 December 2023 4.809 19.416 22.019 14.776 8.568 69.587 Accumulated depreciation and impairment: At 1 January 2023 - 3.254 107 - - 3.361 Amortisation charge - 614 320 - - 934 Impairment - - - - - - Transfers from/(to) other items - 437 - - - 437 Exchange differences - 1 - - - 1 At 31 December 2023 - 4.306 427 - - 4.733 Carrying amount 31 December 2023 4.809 15.110 21.592 14.776 8.568 64.854
Contents of the notes to the consolidated financial statements
Note 10 Intangible assets
Page 52 out of 91
Development projects
To meet the growing demand for teaching with digital technologies in the 21st century, Shape Robotics continues to develop new
products and solutions to complement, enhance, and expand existing products. In 2024, the company worked on multiple projects
including redefining the Fable software, the development of the new STEAM Lab in Denmark, devloping a Mobile STEAM Lab in
Romania, and The Marketing Project. Once projects are completed and put into production, they are amortised over a period of 4-10
years. If the value is impaired, it will be written down.
Fable Joint module
Developed in 2017 and 2018. Cost price of DKK 1,9 million. The Joint module is the “robot-arm” in the Group's best selling product
“Fable Explore”. The cost price is derived from internal hours spent on development of hardware and software capitalized as asset,
consultancy fees, certifications and molds for production. Book value end of 2024 is DKK 0,6 million.
Fable Spin Module
Developed in 2019 and 2020. Cost price of DKK 3,2 million. The Spin Module is the “driving unit” in the Group's second best selling
product “Fable Go”. The cost price is derived from internal hours spend on development of hardware and software capitalized as asset,
consultancy fees, certifications and molds for production. Book value end of 2024 is DKK 1,6 million.
Fable Blockly for Tizen OS
Developed in 2022 and 2023. Cost prise of DKK 1,4 million. The Blockly for Tizen is the re-development of the software platform that
controls the companys robots on Samsungs OS system Tizen, reenabling users to control the robot firectly from Samsungs interactive
displays, with JavaScrip as coding syntax instead of Python. The cost price is derived from internal hours spend on development of
software capitalized as asset. Book value end of 2024 is DKK 0,9 milion.
Fable 3.0
Ongoing project end of 2024. Book value end of 2024 DKK 9,3 million. Fable 3.0 is a redefining of the software products and services
Shape Robotics is offering to its customers. Opening new avenues for integrating more technology, delivering better user expenerience
across all main platforms Windows, Android, Chrome OS, Tizen, and iOS.
The new STEAM Lab Concept
Ongoing project end of 2024. Book value end of 2024 DKK 9,0 million. The new STEAM Lab Concept is a new STEAM Lab with
several locations in key markets, with the objective of providing potential partners and customers with a visual and functional
representation of the STEAM lab with the purpose of better attracting interest in the Product and demonstrating its capabilities and
applications.
The Lumina Project
Ongoing project end of 2024. Book value end of 2024 DKK 5,1 million. The purpose of the Project is related to the necessity of
providing use cases for the products the Company commercializes within a school environment, additionally ensuring increased
awareness of the product lineup in the process and granting technicians on staff the opportunity to proactively find and resolve any
potential technical issues that might arise in the actual use of the products.
Contents of the notes to the consolidated financial statements
Note 10 Intangible assets
Page 53 out of 91
The Thinken Project
Ongoing project end of 2024. Book value end of 2024 DKK 11,4 million. The purpose of the Project is quite plainly related to building a
new product as a Mobile Steam Lab, including new brand and awareness for the product offering targeted to increase sales. The
project mostly relates to prototyping, consultants, new landingpages on the website, new graphics software implemented, intellectual
property on designs, logo and names.
The Skriware Hardware and Software Ecosystem - in further development
Ongoing project end of 2026. Book value end of 2024 DKK 7,2 million. The Skriware ecosystem is further developed in the three
areas: Skriware Academy, SkriMarket and Skriware Robotics Ecosystem (development of SkriController, Skribot and a product
related to artificial intelligence - AI). The goal of the project is to create a comprehensive environment including both hardware and
innovative software tools for users on the Skriware Academy and SkriMarket.
The Skriware Hardware and Software Ecosystem - finished
The project divided into steps which were finished in sequence between 2018 and Q1 2023. Cost price of DKK 6,5 million. The
Skriware Hardware and Software Ecosystem consists of 3D Printer, Skribot (educational robot), SkriMarket (3D model base),
SkriApp (mobile app for iOS and Android to program Skribot) and Skriware Academy (platform with scenarios for teachers to use
Skribot and 3D printers during the lessons). The cost price is derived from internal hours spend on development of hardware and
software capitalized as asset, consultancy fees, certifications, moulds for production and materials used for prototypes. Book value
end of 2024 is DKK 2,0 million.
Techducator
Ongoing project end of 2024. Book value end of 2024 DKK 5,4 million The Program is an ongoing initiative developed by Shape
Robotics to equip educators with the necessary tools and expertise to integrate cutting-edge educational technology into
classrooms. Through this program, selected teachers take on the role of Techducators, serving as ambassadors for Shape Robotics'
products and actively promoting their application in modern teaching.
TenderSight
Ongoing project end of 2024. Book value end of 2024 DKK 17,3 million. The purpose of the Project is an innovative AI-powered
platform developed to improve and automate the process of participating in public tenders. Through an intelligent approach, based
on advanced documentation analysis and the rapid identification of relevant opportunities, TenderSight facilitates companies'
access to an extensive public procurement market, significantly reducing the time and resources required to prepare bids.
Research and development expenditure
The Group is researching prototypes of educational robots. The Group has incurred research and development expenses of DKK 36
thousands (2023: DKK 279 thousands), which are included in other external expenses in the statement of profit or loss.
Contents of the notes to the consolidated financial statements
Note 11 Property, plant and equipment
Page 54 out of 91
Other fixtures, fittings and In thousands DKK equipment Total Cost: At 1 January 2024 12.742 12.742 Additions 2.197 2.197 Additions from business combinations - - Transfers - - Disposals - - Exchange differences 19 19 At 31 December 2024 14.958 14.958 Accumulated depreciation and impairment: At 1 January 2024 3.385 3.385 Depreciation charge 2.948 2.948 Impairment - - Exchange differences 1 1 At 31 December 2024 6.334 6.334 Carrying amount 31 December 2024 8.624 8.624 Cost: At 1 January 2023 5.117 5.117 Additions 7.622 7.622 Additions from business combinations - - Transfers - - Disposals - - Exchange differences 3 3 At 31 December 2023 12.742 12.742 Accumulated depreciation and impairment: At 1 January 2023 1.946 1.946 Depreciation charge 1.772 1.772 Impairment -342 -342 Disposals Exchange differences 8 8 At 31 December 2023 3.385 3.385 Carrying amount 31 December 2023 9.357 9.357
Contents of the notes to the consolidated financial statements
Note 12 Leases
Page 55 out of 91
In thousands DKK 2024 2023 Amounts recognised in the balance sheet The balance sheet shows the following amounts relating to leases: Right-of-use assets Properties 1.667 2.877 Vehicles 3.139 3.800 Other equipment 21.458 6.438 26.264 13.115 Additions to the right-of-use assets 21.144 4.854 Lease liabilities Current 7.020 5.555 Non-current 19.324 6.554 26.344 12.109 Amounts recognized in the statement of profit or loss The statement of profit or loss shows the following amounts relating to leases: Depreciation charge of right-of-use assets Properties 1.313 833 Vehicles 1.214 911 Other equipment 5.570 4.275 8.097 6.020 Interest expense on lease liabilities 1.314 778 Expense relating to short-term leases - 38 Expense relating to low-value assets - 3 Total cash outlow for leases 8.223 5.668
Practical expedients
The Group applies the practical expedient of low-value assets and short-term leases. As a consequence, no right-of-use asset
or lease liability arises from the contracts. In 2024, the practical expedient has not been applied.
Variable lease payments
During 2024 and 2023 there are no variable lease payments not included in lease liabilities.
Extension and termination options
Lease contracts for the Group are on a fixed time basis and does not include extension or termination options. A maturity
analysis for the lease liabilities can be found in note 17.
Contents of the notes to the consolidated financial statements
Note 13 Inventories
Page 56 out of 91
The Group's inventories comprise the following:
In thousands DKK 2024 2023 Amounts recognised in the balance sheet Raw materials and stores 1.498 688 Work in progress 295 - Finished goods 61.964 37.311 42.164 5.430 Prepayments for goods 105.921 43.429
There have been no write downs on inventory in 2024 or 2023.
Amounts recognised in profit or loss
Inventories recognised as an expense during the year ended 31 December 2024 amounted to DKK 204.066 thousands
(2023: DKK 122.187 thousands). These were included in cost of sales.
Contents of the notes to the consolidated financial statements
Note 14 Trade Receivables
Page 57 out of 91
The balance of the trade receivables in comparison to the net revenue for the year decreased from 71% in 2023 (DKK
121k out of DKK 171) to 64% in 2024 (DKK 194k out of DKK 302k).
The significant part of the group's net sales is realized in the second half of the year (65% in 2024 and 67% in 2023).
Furthermore, 41% of net sales revenue of the year is realized in last (fourth) quarter (41% in 2024 and 50% in 2023).
The Company disclosed in note 3, a long payment terms with customers, up to 120 days. Long-term payments and
peak in revenue in the last quarter of the year are typical drivers in the EdTech industry, where the Company
operates.
The above-mentioned seasonality and long-term payments result in a large portion of net sales recognized as trade
receivables (DKK 194k in 2024, and DKK 121k in 2023).
The Group has historically not incurred any material losses from trade receivables. On that basis, Managment has
concluded that the Company's credit risk from trade receivables is not material, and has therefore not recognised any
significant allowance for expected credit losses related to trade receivables.
The carrying amounts of the trade receivables include receivables which are subject to a factoring arrangement. Under
this arrangement, the Group has transferred the relevant receivables to the factor in exchange for cash and is
prevented from selling or pledging the receivables.
Due to the short-term nature of the current receivables, the carrying amount is considered to be the same as the fair
value.
In thousands DKK 2024 2023 Trade receivables from contracts 193.964 121.138
Contents of the notes to the consolidated financial statements
Note 15 Impairment tests
Page 58 out of 91
Impairment tests for goodwill
The carrying amount of goodwill amounts to DKK 4.809 thousands (2023: DKK 4.809 thousands) and relates to the
acquisitions of Video Technic Systems SRL and Shape Robotics Romania SRL. The Group tests whether goodwill has
suffered any impairment on an annual basis. For the 2024 and 2023 reporting periods, the recoverable amount of the cash-
generating units (CGUs) was determined based on value in use calculations which require the use of assumptions.
The calculations use cash flow projections based on financial budgets 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 the average growth rates in the economy.
The following table sets out the key assumptions for the goodwill:
Key assumptions 2024 2023 Long-term growth rate for terminal period: 5,5% 5,5% Pre-tax discount rate: 16,0% 16,0% Budgeted annual revenue growth rate: 6,0% 8,0% Budgeted EBIT margin 4,2% 7,5%
Management has determined the values assigned to each of the above key assumptions as follows:
• Long-term growth rate for terminal period: This is the weighted average growth rate used to extrapolate cash flows
beyond the budget period. The rates are consistent with forecasts included in industry reports.
• Pre-tax discount rate: Reflect specific risks relating to the relevant segments and the countries in which they operate.
• Budgeted annual revenue growth rate: Average annual growth rate over the five-year forecast period; based on current
industry trends and including long-term inflation forecasts for Romania.
• Budgeted EBIT margin: Based on past performance and management’s expectations for the future.
The impairment test shows headroom from value in use to the carrying amount. Management is of the opinion that the
assumptions applied are sustainable.
Impairment tests for Non-current assets
The carrying amount of Non-current assets tested for impairment amounts to DKK 137.025 thousands and relates to
Customer relations, Trademarks, Completed development projects, Development projects in progress, Other fixtures and
fittings, tools, and equipment and Right-of-use assets. The Group has assessed the nature of operation and combined the
Non-current assets into a single Cash-generating unit (CGU) for the pupose of carrying out an impairment test.
The Group tests whether the CGU has suffered any impairment as there are indication of impairment due to the financial
performance. For the 2024 reporting period, the recoverable amount of the CGU was determined based on value in use
calculations which require the use of assumptions.
The calculations use cash flow projections based on financial budgets 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 the average growth rates in the economy.
Contents of the notes to the consolidated financial statements
Note 15 Impairment tests
Page 59 out of 91
Key assumptions 2024 Long-term growth rate for terminal period: 5,5% Long-term EBIT margin for terminal period: 18,0% Pre-tax discount rate: 16,0% Budgeted annual revenue growth rate: 26,0% Budgeted average EBIT margin: 20,7%
Management has determined the values assigned to each of the above key assumptions as follows:
• Long-term growth rate for terminal period: This is the weighted average growth rate used to extrapolate cash flows
beyond the budget period. The rates are consistent with forecasts included in industry reports.
• Long-term EBIT margin for terminal period: This is the expected EBIT margin in a normalized operating scenario. The
margin is consistent with industry reports.
• Pre-tax discount rate: Reflect specific risks relating to the relevant segments and the countries in which they operate.
• Budgeted annual revenue growth rate: Average annual growth rate over the five-year forecast period; based on current
industry trends and including long-term inflation forecasts.
• Budgeted EBIT margin: Based on past performance and management’s expectations for the future.
The impairment test shows headroom from value in use to the carrying amount. Management is of the opinion that the
assumptions applied are sustainable.
Contents of the notes to the consolidated financial statements
Note 16 Financial assets and financial liabilities
Page 60 out of 91
The Group holds the following financial instruments:
In thousands DKK 2024 2023 Financial assets Financial assets at amortised cost Trade receivables 193.964 121.138 Other receivables 3.380 3.855 Cash and cash equivalents 4.254 2.504 201.598 127.497 Financial liabilities Liabilities at amortised cost Trade payables 123.834 62.884 Other payables 31.597 11.004 Borrowings 113.631 47.913 Lease liabilities 26.344 12.109 295.406 133.910
The Group’s exposure to various risks associated with the financial instruments is explained in note 17.
Borrowings
2024 2023 In thousands DKK Current Non-current Total Current Non-current Total Bank overdrafts 106.727 6.905 113.632 25.548 22.365 47.913
For the borrowings, the fair values are not materially different from their carrying amounts, since the interest payable on
those borrowings is either close to current market rates or the borrowings are of a short-term nature.
The borrowings comprise multiple revolving credit facilities. The revolving credit facilties carry variable interest with a fixed
interest rate of in the range of 1,8% to 3,5% with the addition of a benchmark rate such as EURIBOR, ROBOR and DANBOR
rate.
Contents of the notes to the consolidated financial statements
Note 17 Financial risk management
Page 61 out of 91
In thousands DKK 2024 2023 Impact on post tax profit and equity Interest rate - increase of 5% -5.682 -1.004 Interest rate - decrease of 5% 5.682 1.004
The Group’s principal financial liabilities, comprise loans and borrowings, and trade and other payables. The main purpose
of these financial liabilities is to finance the Group’s operations. The Group’s principal financial assets include trade
receivables, and cash and cash equivalents.
The Group is exposed to market risk, credit risk and liquidity risk. The Group’s management oversees the management of
these risks. The Group’s management is supported by the Board of Directors that advises on financial risks and the
appropriate financial risk governance framework for the Group. The Board of Directors provides assurance to the Group’s
management that the Group’s financial risk activities are governed by appropriate policies and procedures and that
financial risks are identified, measured and managed in accordance with the Group’s policies and risk objectives. The Board
of Directors reviews and agrees policies for managing each of these risks, which are summarised below.
Market risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market risk for the Group comprises interest rate risk and currency risk. Financial instruments affected by
market risk include borrowings, trade receivables, and trade payables.
Interest rate risk
The Group’s main interest rate risk arises from borrowings with variable rates, which expose the Group to cash flow interest
rate risk.
The Group conducts sensitivity analyses to assess the potential impact of interest rate changes on the Group's financial
statements. This analysis helps in understanding the vulnerability of the Group's financial position to interest rate
fluctuations. Furthermore, the Group continuously monitor interest rate trends and market conditons to antcipate potental
changes and regularly assess the impact of interest rate fluctuations on financial statements and adjust financial strategies
accordingly.
The Group's policy seeks, as much as possible, to have fixed interest rates where applicable to better mitigate the risk and
make accurate forecasting decisions. The Group has not hedged its interest rate risk.
A reasonably possible change in the market interest rate compared to the interest rates as of the end of the reporting period
will have the following hypothetical impact on profit after tax and equity:
The sensitivity analysis is based on the assumption that all other variables and exposures remains constant.
Currency risk
Foreign currency risk is the risk that the fair value or future cash flows of a balance sheet exposure will fluctuate because of
changes in foreign exchange rates.
The Group’s exposure to the risk of changes in foreign exchange rates relates primarily to the Group’s operating activities
(when revenue or expense is denominated in a foreign currency).
Contents of the notes to the consolidated financial statements
Note 17 Financial risk management
Page 62 out of 91
The Group operates internationally and is exposed to foreign exchange risk, primarily MDL, PLN, RON, EUR and USD.
Foreign exchange risk arises from future commercial transactions and recognised assets and liabilities denominated in a
currency that is not the functional currency of the relevant group entity. The Group is managing the risk by actively trying to
generate sales in the same currency as it is incurring expenses. The Group has not hedged its currency risk.
The following tables demonstrate the sensitivity to a reasonably possible change in MDL, PLN and RON exchange rate, with
all other variables held constant. The Group’s exposure to changes in EUR is not material due to DKK/EUR fixed rate
policy. Further, the exposure toward USD is considered immaterial.
In thousands DKK 2024 2023 Impact on post tax profit and equity Change in MDL rate - increase of 5% -112 - Change in MDL rate - decrease of 5% 112 - Change in PLN rate - increase of 5% -424 - Change in PLN rate - decrease of 5% 424 - Change in RON rate - increase of 5% -1.577 - Change in RON rate - decrease of 5% 1.577 - Change in USD rate - increase of 5% - -11 Change in USD rate - decrease of 5% - 4
The sensitivity analysis is based on the assumption that all other variables and exposures remains constant.
Credit risk
Credit risk arises primarily from cash and cash equivalents, deposits with banks and financial institutions, as well as
exposures to customers, including outstanding receivables.
Credit risk is managed on a group basis. For banks and financial institutions, the Group havs established relationships with
reliable banks. Furthermore, the Group maintains adequate cash reserves and identifies risks while ensuring proper
segregation of duties where possible.
The Company's exposure and policy for managing credit risk from trade receivables has been described in note 14.
Liquidity risk
Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding through an adequate
amount of committed credit facilities to meet obligations when due. Due to the dynamic nature of the underlying
businesses, the Company maintains flexibility in funding by maintaining availability under committed credit lines. To
obtain the flexibility in funding the Group has selected to obtain short term overdraft facilities which are renegotiated
within every 12 month period.
The Group’s policy is to secure adequate liquidity to always meet the planned future financial and operational payment
obligations for minimum the next 12 months period. The Group has an adequate liquidity position allowing management to
carry out the planned growth strategy. The Group monitors the liquidity risk through follow up against plans and
forecasting of cash flow.
Maturities of financial liabilities
The tables below analyse the Group's financial liabilities into relevant maturity groupings based on their contractual
Page 63 out of 91
maturities.
Contents of the notes to the consolidated financial statements
Note 17 Financial risk management
Total Contractual maturities of contractual Carrying financial liabilities > 1 year 1 - 2 years 2 - 5 years < 5 years cash flows amount At 31 December 2024 Trade payables 123.834 - - - 123.834 123.834 Borrowings 118.330 4.936 2.946 - 126.212 113.632 Other payables 31.052 - - 545 31.597 31.597 Lease liabilities 8.080 17.441 7.886 - 33.407 26.344 281.296 22.377 10.832 545 315.050 295.407 At 31 December 2023 Trade payables 62.884 - - - 62.884 62.884 Borrowings 25.548 22.365 - - 47.913 47.913 Other payables 10.732 - - 272 11.004 11.004 Lease liabilities 5.038 7.071 - - 12.109 12.109 104.202 29.436 - 272 133.910 133.910
The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months equal their
carrying balances as the impact of discounting is not significant.
Contents of the notes to the consolidated financial statements
Page 64 out of 91
Note 18 Cash flow specifications
Net debt reconciliation
This section sets out an analysis of net debt and the movements in net debt for each of the periods presented.
In thousands DKK 2024 2023 Adjustments Financial income -733 - Financial expenses 13.016 818 Depreciation, amortisation and impairment charges 16.900 8.727 Income tax 2.081 -51 Other adjustments -1.530 910 29.734 10.404 Changes in net working capital Change in inventories -25.758 6.952 Change in Trade receivables -106.331 -94.577 Changes in trade payables 60.950 33.940 Changes in other payables and prepayments 27.255 473 -43.884 -53.212
In thousands DKK Borrowings Leases Total Net debt: At 1 January 2023 25.237 9.094 34.331 Cash flows 24.112 -5.668 18.444 Other, non cash movement 3.560 3.051 6.611 New leases - 4.854 4.854 Interest expense -4.995 778 -4.217At 31 December 2023 47.914 12.109 60.023 Cash flows 65.718 -8.223 57.495 Other, non cash movement 11.603 - 11.603 New leases, non cash movement - 21.144 21.144 Interest expense, non cash movement - 1.314 1.314 Interest expense, paid -11.603 - -11.603 At 31 December 2024 113.632 26.344 139.976
Contents of the notes to the consolidated financial statements
Page 65 out of 91
Note 19 Share capital
2024 2023 Number of Number of Nominal value in DKK shares Nominal value shares Nominal value The share capital comprise: Ordinary shares (fully paid) 15.066.167 1.506.617 14.054.517 1.405.452 No shares carry any special rights. In thousands DKK 2024 2023 Changes in share capital Opening balance 1.405 1.046 Capital increase 102 359 Total 1.507 1.405 Number of Nominal Nominal value in DKK shares value Treasury shares At 1 January 2023 41.034 4.103 Additions during the year 166.932 16.693 Sold during the year -81.258 -8.126 At 31 December 2023 126.708 12.671 Additions during the year 20.220 2.022 Used for settlement of financial liabilities -74.614 -7.461 Sold during the year -72.137 -7.214 At 31 December 2024 177 18
Contents of the notes to the consolidated financial statements
Page 66 out of 91
Note 20 Earnings per share
2024 2023 Net profit attributable to the ordinary equity holders of the Company used in calculating basic and diluted earnings per share -14.260 2.607 Weighted average number of ordinary shares* 14.837.802 12.254.304 Weighted average number of ordinary shares adjusted for the effect of dilution* 14.837.802 12.127.596*The weighted average number of shares takes into account the weighted average effect of changes in treasury shares during the
year. The calculation of diluted earnings per share does not include potential ordinary shares that are anti-dilutive.
Contents of the notes to the consolidated financial statements
Page 67 out of 91
Note 21 Capital management
The Group’s objectives when managing capital are to:
- safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and
benefits for other stakeholders, and
- maintain an optimal capital structure to reduce the cost of capital.
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders,
return capital to shareholders, issue new shares or sell assets to reduce debt.
The Group has not adopted a specific key ratio. During 2024, the Group’s strategy, which was unchanged from 2023, was to
monitor the share and capital structure to ensure that the Group's capital resources support the strategic goals. The overall
target is to have secured long term financing with fixed interest rates at competitive rates. During the year, through a close
dialogue with its main lenders and with the shareholders, the Group was able to decide on funding of current operation and
future strategic initiatives in line with the overall target.
Contents of the notes to the consolidated financial statements
Page 68 out of 91
Note 22 Contingent liabilities, commitments and contingencies
Guarantees and security
In compliance with financial regulations and to facilitate financing arrangements, the company has pledged certain assets
under a floating charge. These assets primarily consist of movable property, including inventory, machinery, equipment,
vehicles, and potentially intangible assets such as intellectual property rights. The group has provided floating charge of
nominally DKK 14.000 thousands. The floating charge serves as security for loans or credit facilities obtained by the
company. In the event of default on these obligations, the lender holds the right to seize and sell the secured assets to
recover outstanding debts.
Contents of the notes to the consolidated financial statements
Note 23 Business combinations
Page 69 out of 91
The Group has not acquired any buisness in 2024. Below is disclosued prior year's acquisiton.
Summary of acquisition
At 19 December 2023, the Group, acquired 100% of the voting shares in Skriware S.A. (Skriware). Skriware is a technology
company, which has created an educational laboratory – SkriLab – based on 3D printing, programming, and robotics.
Skriware’s offering, Skrilab, is comparable to Shape Robotics’ STEAM Labs, and the acquisition represented a compelling
strategic fit that aligns with Shape Robotics’ long-term growth strategy. Moreover, The Acquisition provides Shape Robotics
with stronger access to the Polish market and allows Shape Robotics to export the successful business model implemented in
Romania and scale it to Poland’s bigger market.
Details of the purchase consideration, the net assets acquired and goodwill are as follows:
In thousands DKK 2023 Purchase consideration Shares issued, at fair value 37.995 Treasury shares - 37.995 The assets and liabilities recognised as a result of the acquisition are as follows: In thousands DKK Fair value Customer relations 18.821 Trademark 8.568 Compleated development projects 7.722 Other fixtures, fittings 465 Inventories 4.578 Receivables 2.391 Other 9.117 Lease asset (right-of-use asset) 1.423 Total assets 53.084 Provisions 559 Deferred tax liability 5.967 Prepayments 1.611 Trade payables 4.097 Bank loans and other debt 1.431 Lease liability 1.423 Total liabilities 15.089 Net identifiable assets acquired (tentative purchase price allocation) 37.995 Goodwill arising from the acquisition 0 Net assets acquired 37.995
Acquired receivables
The fair value of the trade receivables amounts to DKK 2.391 thousands and it is expected that the full contractual amounts can
be collected.
Contents of the notes to the consolidated financial statements
Note 23 Business combinations
Page 70 out of 91
Skriwares Financial statements for 2023
Skriware recorded a deficit of DKK 5.792 thousands for the fiscal year 2023. Given that the company was acquired on January
1st, 2023, and fully consolidated within the fiscal year, the group's consolidated financial statements would reflect a decrease of
DKK 5.792 thousands from the actual Group results presented in the consolidated profit & loss.
Acquired leases
The Group measured the acquired lease liabilities using the present value of the remaining lease payments at the date of
acquisition.
Revnue and profit contrubution
Due to the acquisition date, end of December 2023, the acquired business "Skriware" did not contribute revenues or net profit
to the Group for the financial year ending 31 December 2023, and is therefore only represented in the consolidated balance
sheet. In 2023 Skriware had a deficit of DKK 5,8 m.
Acquisition-related costs
Acquisition-related costs of DKK 100 thousands that were not directly attributable to the issue of shares are included in other
external expenses in the statement of profit or loss and in operating cash flows in the statement of cash flows in 2023
Contents of the notes to the consolidated financial statements
Note 24 Related party transactions
Page 71 out of 91
The Group has no related parties with control of the Group and no related parties with significant influence.
Information about remuneration to key management personnel has been disclosed in note 5.
Interests in subsidiaries are set out in note 26.
Transactions with other related parties
No other transactions with related parties have taken place in 2024 or 2023.
Contents of the notes to the consolidated financial statements
Note 25 Fee to auditors appointed at the general meeting
Page 72 out of 91
In thousands DKK 2024 2023 Audit fee, group auditor 295 230 Audit fee, other auditors 89 90 Other assurance services - - Tax advisory service - - Other services - 6 384 326
Contents of the notes to the consolidated financial statements
Note 26 Subsidiaries
Page 73 out of 91
The Group’s principal subsidiaries at year end are set out below. Unless otherwise stated, they have share capital consisting
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.
Ownership interests held by the group Name of entity Place of business 2024 2023 Parent company Shape Robotics A/S Denmark 100% 100% Subsidiaries Shape Robotics Poland S.A. (former: Skriware S.A.) Poland 100% 100% Shape Robotics Romania Romania 100% 100% Video Technic Systems SRL Romania 100% 100% Shape Robotics East Moldova 100% 100%
Contents of the notes to the consolidated financial statements
Note 27 Subsequent events
Page 74 out of 91
Subsequent Events
During the preparation of this annual report, significant events have occurred subsequent to the year-end that require
disclosure. The below mentioned highlights subsequent are disclosed as regulatory company announcements or investor
news.
Extraordinary General Meeting
The Board of Directors convened this extraordinary general meeting to elect new members following the resignations of Mr.
Moises Pacheco and Mr. Kasper Holst Hansen.
The board of directors had proposed the election of Mr. Aurel Nețin and Mr. Per Ikov as the two new independent members
of the Board of Directors.
Immediately after the extraordinary general meeting, the Board of Directors held its inaugural meeting where Mr. Jeppe
Frandsen was elected Chairman and Ms. Anette Lindgreen was elected Deputy Chairman of the Board of Directors.
Order of 50 Thinken as part of the Lenovo 3PO
Shape Robotics A/S has secured an order for 50 units of its flagship product, Thinken, through the Lenovo 3PO (Third Party
Offering) partnership program. The value of the order is of around 1,5 million euro. The order, placed with Lenovo by an
important partner in Poland, was a part of ongoing efforts to support national STEAM education projects aimed at
enhancing innovation and technological competencies in Polish schools.
Page 75 out of 91
Contents of the notes to the consolidated financial statements
Note 28 General and other disclosures
General disclosures
The financial statements were authorised for issue by the directors on 03 April 2025. The directors have the power to
amend and reissue the financial statements.
Other disclosures
The Company
Shape Robotics A/S
Lyskær 3c
DK-2730 Herlev
CVR No: 38 32 26 56
Financial period: 1 January - 31 December
Municipality of reg. office: Herlev
Board of Directors
Jeppe Frandsen
Annette Siewert Lindgreen
Per Brask Ikov
Helle Rootzén
Aurel Netin
Executive Management
Mark-Robert Abraham
Auditors
Beierholm, Godkendt Revisionspartnerselskab
Knud Højgaards Vej 9
DK-2860 Søborg
Page 76 out of 91
Shape Robotics A/S
Lyskær 3C, 4, 2730 Herlev
Financial statements 2024 -
parent company
CVR No 38 32 26 56
Income statement (parent company)
Page 77 out of 91
for the year ended 31 December
In thousands DKK
Notes
2024
2023
Revenue
11.377
39.882
Work performed for own account and capitalised
3.837
4.234
Expenses for raw materials and consumables
-9.270
-25.414
Other external expenses
-28.678
-10.670
Gross profit/loss
-22.734
8.032
Staff expenses
2
-18.823
-13.272
Depreciation and amortisation of intangible assets and property,
plant and equipment
-1.068
-938
Other operating expenses
-380
-3.469
Profit/loss before financial income and expenses
-43.005
-9.647
Income from investments in subsidiaries
30.918
12.526
Financial income
3
661
370
Financial expenses
-4.672
-5.253
Profit/loss before tax
-16.098
-2.004
Tax on loss for the year
4
3.125
4.175
Net profit/loss for the year
-12.972
2.170
Distribution of profit
Proposed distribution of profit
Reserve for net revaluation under the equity method
30.918
12.583
Retained earnings
-43.890
-10.413
-12.972
2.170
Balance sheet (parent company)
as at 31 December
Notes
In thousands DKK
2024
2023
Page 78 out of 91
Assets
Completed development projects
3.127
3.999
Development projects in progress
18.281
8.619
Intangible assets
5
21.408
12.619
Other fixtures and fittings, tools and equipment
506
500
Property, plant and equipment
6
506
500
Investments in subsidiaries
7
138.590
84.489
Fixed assets investments
138.590
84.489
Fixed assets
160.504
97.608
Finished goods and goods for resale
5.007
5.448
Prepayments for goods
3.379
3.667
Inventories
8.386
9.115
Trade receivables
2.922
3.910
Receivables from group enterprises
16.633
48.443
Other receivables
466
330
Prepayments
3.698
6.501
Deferred tax asset
8
4.710
3.710
Corporation tax
2.125
2.005
Receivables
30.554
64.898
Cash at bank and in hand
1.757
156
Current assets
40.697
74.169
Assets
201.201
171.777
Balance sheet (parent company)
as at 31 December
Notes
In thousands DKK
2024
2023
Page 79 out of 91
Lease obligations
Equity
Share capital
1.507
1.405
Reserve for net revaluation under the equity method
54.451
23.410
Reserve for development costs
16.698
9.843
Other statutory reserves
Retained earnings
-
80.044
-
93.361
Equity
152.700
128.019
Other payables
545
529
Long-term debt
9
545
529
Credit institutions
24.110
25.333
Trade payables
17.162
9.079
Payables from group enterprises
-
1.702
Other payables
9
6.684
7.115
Short-term debt
47.956
43.229
Debt
48.501
43.758
Liabilities and equity
201.201
171.777
Statement of changes in equity (parent company)
for the year ended 31 December 2024
Page 80 out of 91
As at 1 January 2024
1.405
- 23.410 9.843 93.361 128.019
Capital increase
102
35.309
- -
35.411
Transfer
-35.309
35.309
-
Capital increase costs
- - -
- -1.350 -1.350
Sale of treasury shares
- - -
- 3.939 3.939
Purchase of treasury shares
- - -
- -763 -763
Development costs for the year
- - -
6.855 -6.855 -
Other adjustments
- - -
- 416 416
Net profit/loss for the year
- - 31.041
- -44.013 -12.972
As at 31 December 2024
1.507
- 54.451 16.698 80.044 152.700
Reserve for net
revaluation under
Reserve for
the equity method
development costs
Retained earnings
In thousands DKK
Share capital
Share premium
Total equity
Statement of changes in equity (parent company)
for the year ended 31 December 2023
Page 81 out of 91
As at 1 January 2023
1.046 10.827 3.214 28.281 43.368
Capital increase
359 - - 86.390 86.749
Capital increase costs
- - - -847 -847
Sale of treasury shares
- - - 624 624
Purchase of treasury shares
- - - -4.045 -4.045
Development costs for the year
- - 6.629 -6.629 -
Depreciation, amortisation and impairment for the year
- - - - -
Net profit/loss for the year
- 12.583 - -10.413 2.170
As at 31 December 2023 1.405 23.410 9.843 93.361 128.019
In thousands DKK
Reserve for net
revaluation under the Reserve for
Share capital
equity method development costs
Retained earnings
Total equity
Contents of the notes to the parent financial statements
Note 1
Accounting policies for the parent company
Page 82 out of 91
The Annual Report of Shape Robotics A/S for 2023 has been prepared in accordance with the provisions of the Danish
Financial Statements Act applying to enterprises of reporting class B as well as selected rules applying to reporting class C.
Leases
Accounting Policies
The Annual Report of Shape Robotics A/S for 2024 has been prepared in accordance with the provisions of the Danish
Financial Statements Act applying to enterprises of reporting class D.
The financial statements are presented in thousands Danish Kroner ('DKK') and all values are rounded to the nearest
thousand, except when otherwise indicated.
Recognition and measurement
Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and
liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings
for the year are recognised in the income statement, including deprecia tion, amortisation, impairment losses and provisions
as well as reversals due to changed accounting esti mates of amounts that have previously been recognised in the income
statement.
Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow
to the Company, and the value of the asset can be measured reliably.
Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company,
and the value of the liability can be measured reliably.
Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each
item below.
Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each
item below.
Leases in terms of which the Group assumes substantially all the risks and rewards of ownership (finance leases) are
recognised in the balance sheet at the lower of the fair value of the leased asset and the net present value of the lease
payments computed by applying the interest rate implicit in the lease or an alternative borrowing rate as the discount rate.
Assets acquired under finance leases are depreciated and written down for impairment under the same policy as determined
for the other fixed assets of the Group.
The remaining lease obligation is capitalised and recognised in the balance sheet under debt, and the interest element on the
lease payments is charged over the lease term to the income statement.
All other leases are considered operating leases. Payments made under operating leases are recognised in the income
statement on a straight-line basis over the lease term.
Translation policies
Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences
arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in
financial income and expenses in the income statement. Where foreign exchange transactions are considered hedging of
future cash flows, the value adjustments are recognised directly in equity.
Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date
are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance
sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and
expenses in the income statement.
Fixed assets acquired in foreign currencies are measured at the transaction date rates.
Contents of the notes to the parent financial statements
Note 1
Accounting policies for the parent company
Page 83 out of 91
Income Statement
Revenue
Revenue from the sale of goods is recognised when the risks and rewards relating to the goods sold have been
transferred to the purchaser, the revenue can be measured reliably and it is probable that the econo- mic benefits relating
to the sale will flow to the Group.
Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to
sales.
Expenses for raw materials and consumables
Expenses for raw materials and consumables comprise the raw materials and consumables consumed to achieve revenue for
the year.
Other external expenses
Other external expenses comprise indirect production costs and expenses for premises, sales and distribution as well as
office expenses, etc.
Staff expenses
Staff expenses comprise wages and salaries as well as payroll expenses.
Amortisation, depreciation and impairment losses
Amortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible
assets and equipment.
Other operating income and expenses
Other operating income and other operating expenses comprise items of a secondary nature to the main activities of the
Group, including gains and losses on the sale of intangible assets and equipment.
Income from investments in subsidiaries
The item “Income from investments in subsidiaries” in the income statement includes the proportionate share of the
profit for the year.
Financial income and expenses
Financial income and expenses are recognised in the income statement at the amounts relating to the financial year.
Tax on profit/loss for the year
Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the
profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised
directly in equity.
Contents of the notes to the parent financial statements
Note 1
Accounting policies for the parent company
Page 84 out of 91
Balance Sheet
Intangible assets
Goodwill acquired is measured at cost less accumulated amortisation. Goodwill is amortised on a straight-line
basis over its useful life, which is assessed at 5 years.
Development costs include costs, salaries and wages as well as depreciation that can be directly attributed
todevelopment activities.
Development projects that are clearly defined and identifiable, where the technical feasibility, sufficientresources and a
potential future market or development opportunity in the business can be identified and where it isthe intention to
manufacture, market or use the project is recognized as intangible fixed assets, ifthe cost price can be calculated
reliably, and there is sufficient certainty that future earnings can cover itproduction, selling and administrative costs.
Other development costs are recognized in the income statement,as costs are incurred. Development costs recognized in
the balance sheet are measured at cost less accumulated depreciationwritings. After the completion of the development
work, capitalized development costs are written off on a straight-line basis over the assessed economic useful life. The
depreciation period is usually 4-10 years.
Property, plant and equipment
Property, plant and equipment are measured at cost less accumulated depreciation and less any accumu- lated impairment
losses.
Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of
the assets, which are:
Other fixtures and fittings, tools and equipment 3-5 years
The fixed assets’ residual values are determined at nil.
Depreciation period and residual value are reassessed annually.
Investments in subsidiaries
Business acquisitions carried through on or after 1 July 2018
Shares in subsidiary companies are initially measured at cost and subsequently at the proportionate share of the
subsidiaries' net assets determined in accordance with the accounting policies of the parent company, adjusted for
unrealized intra-group profits and losses, and with the addition or deduction of the remaining value of positive or
negative goodwill determined under the acquisition method.
Subsidiaries with a negative net asset value are measured at zero, and any receivables from these companies are written
down by the parent company's share of the negative net asset value, to the extent it is deemed irrecoverable. If the
negative net asset value exceeds receivables, the remaining amount is recognized as provisions, to the extent that the
parent company has a legal or constructive obligation to cover the subsidiary's deficit.
Net increases in the value of investments in subsidiaries are transferred to equity as a revaluation reserve based on the
fair value method, to the extent that the accounting value exceeds the acquisition cost.
Newly acquired or established entities are included in the financial statements from the acquisition date. Disposed of or
liquidated entities are included until the disposal date.
Profit or loss on disposal of subsidiary and associated companies is calculated as the difference between the disposal
proceeds and the accounting value of net assets at the time of sale, including any unamortized goodwill, and expected
costs of sale or liquidation.
Contents of the notes to the parent financial statements
Note 1
Accounting policies for the parent company
Page 85 out of 91
Profit and loss are recognized in the income statement under financial items.
Upon the acquisition of new subsidiary companies, the acquisition method is applied, whereby the assets and liabilities
of the newly acquired entities are measured at fair value at the acquisition date.
A provision is recognized to cover the costs of decided restructuring in the acquired entity in connection with the
purchase.
The tax effect of the revaluations is taken into account. Positive differences (goodwill) between the cost and fair value of
identifiable assets and liabilities, including provisions for restructuring, are recognized under investments in subsidiary
and associated companies and amortized over the estimated economic useful life, determined based on management's
experience in the respective business areas.
The amortization period is a maximum of 10 years and is longest for strategically acquired companies with a strong
market position and long earnings profile.
The accounting value of goodwill is continually assessed and written down through the income statement in cases where
the accounting value exceeds the expected future net income from the business or activity to which goodwill is
attributed.
Inventories
Inventories are measured at the lower of cost under the FIFO method and net realisable value.
The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories in
the process of normal operations with deduction of selling expenses. The net realisable value is determined allowing for
marketability, obsolescence and development in expected selling price.
The cost of goods for resale, raw materials and consumables equals landed cost.
The cost of finished goods and work in progress comprises the cost of raw materials, consumables and direct labour.
Receivables
Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds
to nominal value less provisions for bad debts.
Equity
Reserve for net revaluation according to the intrinsic value method includes net revaluation of capital shares in affiliated
companiescompanies, associated companies and capital interests in relation to cost price.The reserve can be eliminated
by losses, realization of capital shares or changes in accounting estimates.The reserve cannot be recognized with a
negative amount.
Reserve for development costs includes recognized development costs with deduction of associated deferred tax
liabilities. The reserve cannot be used for dividends or to cover losses. The reserve is reduced or dissolved if the
recognized development costs are written off or exit from the company's operations.
This is done by transferring directly to the equity's free reserves.
Purchases and sales of own shares are recognized directly in equity. Any profit or loss from a later sale of equity shares is also
recognized directly in equity.
Contents of the notes to the parent financial statements
Note 1
Accounting policies for the parent company
Page 86 out of 91
Deferred tax assets and liabilities
Deferred income tax is measured using the balance sheet liability method in respect of temporary differen- ces arising
between the tax bases of assets and liabilities and their carrying amounts for financial repor- ting purposes on the basis of
the intended use of the asset and settlement of the liability, respectively.
Deferred tax assets are measured at the value at which the asset is expected to be realised, either by elimi- nation in tax on
future earnings or by set-off against deferred tax liabilities within the same legal tax entity.
Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the
balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to
changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in
equity.
Current tax receivables and liabilities
Current tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year
adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-
account taxation scheme are recognised in the income statement in financial income and expenses.
Financial debts
Loans, such as loans from credit institutions, are recognised initially at the proceeds received net of transaction expenses
incurred. Subsequently, the loans are measured at amortised cost; the difference between the proceeds and the nominal
value is recognised as an interest expense in the income statement over the loan period.
Mortgage loans are measured at amortised cost, which for cash loans corresponds to the remaining loan. Amortised cost
of debenture loans corresponds to the remaining loan calculated as the underlying cash value of the loan at the date of
raising the loan adjusted for depreciation of the price adjustment of the loan made over the term of the loan at the date
of raising the loan.
Other debts are measured at amortised cost, substantially corresponding to nominal value.
Prepayments from customers
Prepayments from customers comprise amounts received by the company in advance, where the delivery of services or goods
has not yet been completed as of the balance sheet date. These amounts are recognized as prepayments in the balance sheet.
Prepayments from customers are recognized at cost price.
Contents of the notes to the parent financial statements
Note 2
Staff expenses
Page 87 out of 91
In thousands DKK
2024
2023
Wages and salaries
18.034
12.627
Pensions
660
498
Other social security expenses
129
147
Employee costs capitalised as intangible assets
-3.837 -4.234
14.986 9.038
Average number of employees
13 13
In thousands DKK
Executive
Board
Board of
Directors Total
2024
Wages and salaries
6.527
808 7.335
Other social security costs
5
- 5
Share-based payments
Total
153 207 360
6.685 1.015 7.700
In thousands DKK
Executive
Board
Board of
Directors
Total
2023
Wages and salaries
1.372
570
1.942
Other social security costs
3
-
3
Share-based payments
Total
217 78 295
1.592 648 2.240
Note 3 Financial income
Interest received from group enterprises
269
370
Exchange gains
393
-
662
370
Note 4 Tax on profit/loss for the year
Current tax for the year
Deferred tax for the year
-2.125 -2.005
-1.000 -2.170
-3.125 -4.175
Contents of the notes to the parent financial statements
Page 88 out of 91
Cost:
Amortisation charge
Accumulated depreciation and impairment:
Additions
Note 5 Intangible assets
Completed Development
development projects in
In thousands DKK
projects
progress
Total
Cost:
At January 2023
6.035
882
6.917
Additions
1.375
7.737
9.112
At 31 December 2023
7.410
8.619
16.029
Accumulated depreciation and impairment:
At January 2023
2.797
-
2.797
Amortisation charge
614
-
614
At 31 December 2023
3.411
-
3.411
Carrying amount at 31 December 2023
3.999
8.619
12.618
Cost:
At January 2024
7.410
8.619
16.029
Additions
-
9.662 9.662
At 31 December 2024
7.410
18.281 25.691
Accumulated depreciation and impairment:
At January 2024
3.411
- 3.411
Amortisation charge
872
- 872
At 31 December 2024
4.283
- 4.283
Carrying amount at 31 December 2024
3.127
18.281 21.408
For description of the development projects please see description of Fable Joint module, Fable Spin Module, Fable Blockly
for Tizen OS, Fable 3.0 and The new STEAM Lab Concept, that are part of note 10 on pages 51 – 53 in the consolidated
financial statements.
Contents of the notes to the parent financial statements
Note 6
Property, plant and equipment
Page 89 out of 91
Cost:
Amortisation charge
Accumulated depreciation and impairment:
Additions
In thousands DKK
Other fixtures
and fittings,
tools and
equipment
Total
Cost:
At January 2023
1.339
1.339
Additions
398
398
At 31 December 2023
1.737
1.737
Accumulated depreciation and impairment:
At January 2023
914
914
Amortisation charge
323
323
At 31 December 2023
1.237
1.237
Carrying amount at 31 December 2023 500 500
Cost:
At January 2024
1.737
1.737
Additions
202
202
At 31 December 2024
1.939
1.939
Accumulated depreciation and impairment:
At January 2024
1.237
1.237
Amortisation charge
196
196
At 31 December 2024
1.433
1.433
Carrying amount at 31 December 2024
506
506
Note 7 Investments in subsidiaries
In thousands DKK
2024
2023
Cost at 1 January
61.079
23.084
Additions for the year
23.060
37.995
Cost at 31 December
84.139
61.079
Value adjustments at 1 January
23.410
10.827
Exchange adjustment
122
58
Net profit/loss for the year
34.493
13.556
Amortisation of goodwill
-3.574
-1.031
Value adjustments at 31 December
54.451
23.410
Carrying amount at 31 December
138.590
84.489
Positive differences arising on initial measurement of subsidiaries at net asset value
4.809
4.809
Subsidiaries Shape Robotics Romania, Video Technic Systems SRL, Shape Robotics East and Shape Robotics Poland S.A.
(former: Skriware S.A.) are not audited by the group auditor (auditor in the parent company).
Contents of the notes to the parent financial statements
Note 7
Investments in subsidiaries (continued)
Page 90 out of 91
In thousands DKK
2024
2023
Investments in subsidiaries are specified as follows:
Place of
Net
registered
Votes and
profit/loss
Name of entity
office
ownership
Equity
for the year
Shape Robotics Romania
Romania
100%
92.101
39.318
Video Technic Systems SRL
Romania
100%
11.070
659
Shape Robotics East
Moldova
100% -
1.004
-913
Shape Robotics Poland S.A. (former: Skriware S.A.)
Poland
100%
7.722
-4.571
Note 8 Deferred tax asset
The company holds a deferred tax asset of DKK 20.893 thousands, of which DKK 4.710 thousands net has been recognized in
the balance sheet as of December 31, 2024. The deferred tax asset primarily relates to carried forward losses. The valuation
and recognition of the deferred tax asset was based on budgets for the period 2025 to 2028. Based on expected tax results for
the next 3 years, the deferred tax asset is expected to be utilized at the present time in the Danish (parent) company.
Note 9 Long-term debt
Payments due within 1 year are recognised in short-term debt. Other debt is recognised in long-term debt.
The debt falls due for payment as specified below:
Other payables
Between 1 and 5 years
545 529
Long-term part
545 529
Within 1 year
6.684 7.115
7.229 7.644
Note 10 Contingent liabilities
Rent
669 187
Leasing
22.104 -
22.773 187
Note 11 Related parties
In accordance with the Danish Financial Statement act section 98c (7) related party transactions are not disclosed as they are
carried out at an arm's length basis.
For information on remuneration to Group Management of Shape Robotics, please refer to note 5 'Staff Costs', in the
consolidated financial statements.
Contents of the notes to the parent financial statements
Note 12
Fee to statutory auditors
Page 91 out of 91
In thousands DKK
2024
2023
Statutory audit
345
100
Other assurance engagements
-
-
Tax advisory services
-
-
Other services
- 6
345 106
Note 13 Contingent liabilities, commitments and contingencies
In compliance with financial regulations and to facilitate financing arrangements, the company has pledged certain assets
under a floating charge. These assets primarily consist of movable property, including inventory, machinery, equipment,
vehicles, and potentially intangible assets such as intellectual property rights. The group has provided floating charge of
nominally DKK 14,000 thousands. The floating charge serves as security for loans or credit facilities obtained by the
company. In the event of default on these obligations, the lender holds the right to seize and sell the secured assets to
recover outstanding debts.
Note 14 Shareholders who own more than 5%
On December 31, 2024, following owners was registered in the Central Business Register, owning more than 5% of the
company (direct or indirect):
-Michael Voss-Jensen
-Black Box Holding ApS, Copenhagen
-TAG Holding ApS, Roskilde
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