Statement by the Board of Directors and the Executive Board

Independent auditor's report

Statement by the Board of Directors and the Executive Board

Independent auditor's report

Management's review

Management's review

Financial statements 1 January – 31 December

Financial statements 1 January – 31 December

Financial statements 1 January – 31 December

Financial statements 1 January – 31 December

Financial statements 1 January – 31 December

Annual report 2023

Contents

Statement by the Board of Directors and the Executive Board

Independent auditor's report

Management's review

Financial statements 1 January – 31 December

Statement by the Board of Directors and the Executive Board

Independent auditor's report

Management's review

Management's review

Financial statements 1 January – 31 December

Financial statements 1 January – 31 December

Financial statements 1 January – 31 December

Financial statements 1 January – 31 December

Financial statements 1 January – 31 December

Company details

Operating review

Income statement

Balance sheet

Balance sheet

Statement of changes in equity

Notes

Income statement

Balance sheet

Company details

Operating review

Income statement

Balance sheet

Balance sheet

Statement of changes in equity

Notes

Income statement

Balance sheet

To the shareholder of Heimdal Security A/S

Company details

Operating review

Income statement

Balance sheet

Statement of changes in equity

Notes

To the shareholder of Heimdal Security A/S

Opinion

Basis for Opinion

Management's responsibility for the financial statements

Auditor's responsibilities for the audit of the financial statements

Statement on the Management's review

Board of Directors

Executive Board

Auditor

Principal activities

Development in activities and financial position

Events after the balance sheet date

Capital resources

Proposed distribution of loss

1

Accounting policies

Foreign currency translation

Revenue

Other external costs

Staff costs

Income from equity investments in group entities

Financial income and expenses

Tax on loss for the year

Intangible assets

Property, plant and equipment

Investments

Impairment of fixed assets

Receivables

Prepayments

Cash at bank and in hand

Equity

Net revaluation reserve according to the equity method

Corporation tax and deferred tax

Liabilities

Deferred income

2

Capital resources

3

Staff costs

4

Other financial income

5

Other financial expenses

6

Tax on loss for the year

7

Intangible assets

8

Property, plant and equipment

9

Heimdal Security A/S

Annual report 2023

CVR no. 35 80 24 95

	Management's review
	Company details
	Operating review

	Financial statements 1 January – 31 December
	Income statement
	Balance sheet
	Statement of changes in equity
	Notes

Heimdal Security A/S

Annual report 2023

CVR no. 35 80 24 95

	The Board of Directors and the Executive Board have today discussed and approved the annual report for Heimdal Security A/S for the financial year 1 January - 31 December 2023.

	The annual report has been prepared in accordance with the Danish Financial Statements Act.

	In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2023 and of the results of the Company's operations for the financial year 1 January - 31 December 2023.

	Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review.

	We recommend that the annual report be approved at the annual general meeting.

	Copenhagen, 2 May 2024

Executive Board:
Morten Kjærsgaard
Board of Directors:
Kieran Rafter Chairman	Mogens Munkholm Elsberg	Morten Kjærsgaard

Heimdal Security A/S

Annual report 2023

CVR no. 35 80 24 95

	Opinion

	We have audited the financial statements of Heimdal Security A/S for the financial year 1 January - 31 December 2023, comprising income statement, balance sheet, statement of changes in equity and notes, including accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act.

	In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2023 and of the results of the Company's operations for the financial year 1 January - 31 December 2023 in accordance with the Danish Financial Statements Act.

	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 financial statements" section of our report.

	We are independent of 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.

	Management's responsibility for the financial statements

	Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control that Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

	In preparing the financial statements, Management is responsible for assessing the Company's 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 financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

	Auditor's responsibilities for the audit of the financial statements

	Our objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements in Denmark will always detect a material misstatement when it exists. Misstatements may 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 financial statement users made on the basis of these financial statements.

	As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also

	●	identify and assess the risks of material misstatement of the company 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 Company's internal control.

	●	evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.

	●	conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the 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 financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.

	●	evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.

	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.

	Statement on the Management's review

	Management is responsible for the Management's review.

	Our opinion on 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 financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with 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 under the Danish Financial Statements Act.

	Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of the Management's review.

Copenhagen, 2 May 2024

KPMG

Statsautoriseret Revisionspartnerselskab

CVR no. 25 57 81 98

Henrik Y. Jensen

State Authorised Public Accountant

mne35442

Heimdal Security A/S

Annual report 2023

CVR no. 35 80 24 95

	Heimdal Security A/S
	Vester Farimagsgade 1, 2.
	DK-1606 København V

	CVR no.:	35 80 24 95
	Established:	11 March 2014
	Registered office:	Copenhagen
	Financial year:	1 January - 31 December

	Board of Directors

	Kieran Rafter, Chairman
	Mogens Munkholm Elsberg
	Morten Kjærsgaard

	Executive Board

	Morten Kjærsgaard

	Auditor

	KPMG
	Statsautoriseret Revisionspartnerselskab
	Dampfærgevej 28
	DK-2100 København Ø
	CVR no. 25 57 81 98

Heimdal Security A/S

Annual report 2023

CVR no. 35 80 24 95

	Principal activities

	The purpose of the Company is to conduct business within IT security where it offers unified integrated solutions. The market extends from small businesses through to enterprise level customers, which are served both directly and indirectly.

	Development in activities and financial position

	The Company's income statement for 2023 shows a loss of DKK 41,789,506 as against a loss of DKK 56,838,902 in 2022. Equity in the Company's balance sheet at 31 December 2023 stood at DKK -178,976,188 as against DKK -137,186,682 at 31 December 2022.

	The financial year was in line with forecast, and results for the year are considered satisfactory.

	Capital resources

As at 31 December 2023 the company has a negative equity. Management has assessed that the capital can be re-established from future income. Following on from the performance in 2023, the Group continued to grow its annual recurring revenue and customer base. The Group is generating significant cash from sales, has committed external debt facilities in place to manage working capital requirements and has transitioned to EBITDA profitability in December 2023, which is expected also during FY24. Management have therefore assessed that the company has sufficient liquidity to finance operations for the coming year, and on this basis have prepared the financial statement for the year 31 December 2023 under the assumption of the company's continued operation.

	Events after the balance sheet date

	No events have occurred after the balance sheet date of material importance to the annual report for 2023.

Heimdal Security A/S

Annual report 2023

CVR no. 35 80 24 95

DKK	Note	2023	2022
Revenue		101,711,479 101,711,479	84,908,247 84,908,247
Other external costs		-110,710,255 110,710,255	-110,520,262 110,520,262
Gross loss		-8,998,776 8,998,776	-25,612,015 25,612,015
Staff costs	3	-20,956,648 20,956,648	-22,243,841 22,243,841
depreciation of property, plant and equipment and amortisation of intangible assets		-7,406,387 7,406,387	-6,789,049 6,789,049
Loss before financial income and expenses		-37,361,811 37,361,811	-54,644,905 54,644,905
Income from investments in group entities		4,528,010 4,528,010	1,237,192 1,237,192
Other financial income	4	3,586,489 3,586,489	509,262 509,262
Other financial expenses	5	-12,007,310 12,007,310	-3,656,313 3,656,313
Loss before tax		-41,254,622 41,254,622	-56,554,764 56,554,764
Tax on loss for the year	6	-534,884 534,884	-284,138 284,138
Loss for the year		-41,789,506 41,789,506	-56,838,902 56,838,902

Heimdal Security A/S

Annual report 2023

CVR no. 35 80 24 95

DKK	Note	31/12 2023	31/12 2022
ASSETS
Fixed assets
Intangible assets	7
Acquired intangible assets		2,030,041 2,030,041	9,406,628 9,406,628
Property, plant and equipment	8
Fixtures, fittings, tools and equipment		32,283 32,283	62,083 62,083
Investments
Equity investments in group entities	9	7,327,025 7,327,025	2,799,015 2,799,015
Deposits	10	472,176 472,176	1,205,734 1,205,734
		7,799,201 7,799,201	4,004,749 4,004,749
Total fixed assets		9,861,525 9,861,525	13,473,460 13,473,460

Current assets
Receivables
Trade receivables		18,415,515 18,415,515	13,781,171 13,781,171
Receivables from group entities		48,399,889 48,399,889	79,925,931 79,925,931
Other receivables		412,401 412,401	313,375 313,375
Prepayments		2,669,429 2,669,429	3,079,623 3,079,623
		69,897,234 69,897,234	97,100,100 97,100,100
Cash at bank and in hand		5,856,827 5,856,827	7,210,706 7,210,706
Total current assets		75,754,061 75,754,061	104,310,806 104,310,806
TOTAL ASSETS		85,615,586 85,615,586	117,784,266 117,784,266

Heimdal Security A/S

Annual report 2023

CVR no. 35 80 24 95

DKK	Note	31/12 2023	31/12 2022
EQUITY AND LIABILITIES
Equity
Contributed capital		500,000 500,000	500,000 500,000
Reserve for net revaluation using the equity method		5,765,202 5,765,202	1,237,192 1,237,192
Retained earnings		-185,241,390 185,241,390	-138,923,874 138,923,874
Total equity		-178,976,188 178,976,188	-137,186,682 137,186,682

Liabilities
Non-current liabilities
Debt to credit institutions	11	76,140,696 76,140,696	76,721,710 76,721,710
Current liabilities
Debt to credit institutions	11	4,511,213 4,511,213	788,264 788,264
Trade payables		2,651,347 2,651,347	1,470,906 1,470,906
Payables to group entities		86,745,386 86,745,386	81,008,665 81,008,665
Other payables, including taxes payable	11	4,676,239 4,676,239	10,291,401 10,291,401
Deferred income		89,866,893 89,866,893	84,690,002 84,690,002
		188,451,078 188,451,078	178,249,238 178,249,238
Total liabilities		264,591,774	254,970,948
TOTAL EQUITY AND LIABILITIES		85,615,586 85,615,586	117,784,266 117,784,266

Heimdal Security A/S

Annual report 2023

CVR no. 35 80 24 95

DKK	Contributed capital	Reserve for net revaluation under the equity method	Retained earnings	Total
Equity at 1 January 2023	500,000 500,000	1,237,192 1,237,192	-138,923,874 138,923,874	-137,186,682 137,186,682
Transferred over the distribution of loss	0 0	4,528,010 4,528,010	-46,317,516 46,317,516	-41,789,506 41,789,506
Equity at 31 December 2023	500,000 500,000	5,765,202 5,765,202	-185,241,390 185,241,390	-178,976,188 178,976,188

Heimdal Security A/S

Annual report 2023

CVR no. 35 80 24 95

1	Accounting policies

	The annual report of Heimdal Security A/S for 2023 has been prepared in accordance with the provisions applying to reporting class B entities under the Danish Financial Statements Act with opt-in from higher reporting classes.

The accounting policies used in the preparation of the financial statements are consistent with those of last year.

	Foreign currency translation

	On initial recognition, transactions denominated in foreign currencies are translated at the exchange rates at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses.

	Receivables, payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the latest financial statements is recognised in the income statement as financial income or financial expenses.

	Revenue

	Income from the sale of services is recognised in revenue when delivery and transfer of risk to the buyer have taken place, and the income may be measured reliably and is expected to be received. Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts granted are recognised in revenue.

	Services based on time spent are recognised in revenue as the work is performed.

	Other external costs

	Other external costs comprise distribution costs and costs related to sales, sales campaigns, administration, office premises, operating leases, etc.

	Staff costs

	Staff costs comprise wages and salaries, including holiday allowance, pension and other social security costs, etc., to the Company's employees.

	Other staff costs are recognised under other external costs.

	Income from equity investments in group entities

	The proportionate share of the individual subsidiaries' result after tax is recognised in the Parent Company's income statement after full elimination of intra-group gains/losses and amortisation of goodwill.

	Equity goodwill is amortized over 7 years.

	Financial income and expenses

	Financial income and expenses comprise interest income and expense, gains and losses on securities, payables and transactions denominated in foreign currencies, amortisation of financial assets and liabilities as well as surcharges and refunds under the on-account tax scheme, etc.

	Tax on loss for the year

	Tax for the period comprises current corporation tax for the period and changes in deferred tax, including changes in tax rates. The tax expense relating to the loss for the period is recognised in the income statement, and the tax expense relating to amounts directly recognised in equity is recognised directly in equity.

	Intangible assets

	Patents and licences are measured at cost less accumulated amortisation and impairment losses. Patents are amortised on a straight-line basis over the remaining life of the patent, and licences are amortised over the contract period, however, not exceeding 4 years.

	Property, plant and equipment

	Fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses.

	Cost comprises the purchase price and any costs directly attributable to the acquisition until the date on which the asset is available for use. Indirect production overheads and borrowing costs are not recognised in cost.

	Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items, which are depreciated separately.

	The basis of depreciation is cost less any projected residual value after the end of the useful life. Depreciation is provided on a straight-line basis over the estimated useful life. The estimated useful lives are as follows:

	Fixtures, fittings, tools and equipment		3-5 years

	The useful life and residual value are reassessed annually. Changes are treated as accounting estimates, and the effect on depreciation is recognised prospectively.

	Gains and losses on the disposal of property, plant and equipment are stated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses are recognised in the income statement as other operating income or other operating costs, respectively.

	Investments

	Equity investments in group entities are measured at the proportionate share of the entities' net asset value calculated in accordance with the parent Company's accounting policies plus or minus unrealized intra-group gains or losses plus or minus the residual value of positive and negative goodwill calculated in accordance with the acquisition method.

	Equity investments in group entities with negative net asset values are measured at DKK 0, and any receivables from these entities are written down by the parent Company's share of the negative net asset value. To the extent that the negative balance exceeds the receivable, the residual amount is recognized as provisions.

	Net revaluation of equity investments in group entities is tied as a net revaluation reserve under equity according to the equity method to the extent that the carrying amount exceeds cost.

	Deposita is recognised at the purchase price.

	Impairment of fixed assets

	The carrying amount of intangible assets and property, plant and equipment as well as equity investments in subsidiaries and participating interests (including associates) is subject to an annual test for indications of impairment other than the decrease in value reflected by depreciation or amortisation.

	Impairment tests are conducted of individual assets or groups of assets when there is an indication that they may be impaired. Write-down is made to the recoverable amount if this is lower than the carrying amount.

	The recoverable amount is the higher of an asset's net selling price and its value in use. The value in use is determined as the present value of the forecast net cash flows from the use of the asset or the group of assets, including forecast net cash flows from the disposal of the asset or the group of assets after the end of the useful life.

	Receivables

	Receivables are measured at amortised cost.

	Write-down is made for bad debt losses where there is an objective indication that a receivable has been impaired. If there is an objective indication that an individual receivable has been impaired, write-down is made on an individual basis.

	Write-downs are calculated as the difference between the carrying amount of receivables and the present value of forecast cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate.

	Prepayments

	Prepayments comprise prepayment of costs incurred relating to subsequent financial years.

	Cash at bank and in hand

	Cash at bank and in hand comprise cash and bank deposits.

	Equity

	Net revaluation reserve according to the equity method

	Net revaluation reserve according to the equity method comprises net revaluation of equity investments in subsidiaries and participating interests (including associates) in proportion to cost.

	Corporation tax and deferred tax

	Current tax payable and receivable is recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account.

	Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax value of assets and liabilities measured on the planned use of the asset or settlement of the liability, respectively. However, deferred tax is not recognised on temporary differences relating to office buildings non-deductible for tax purposes and other items where temporary differences arise at the date of acquisition without affecting either profit/loss or taxable income.

	Deferred tax assets, including the tax value of tax loss carryforwards, are recognised at the expected value of their utilisation within the foreseeable future; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Any deferred net assets are measured at net realisable value.

	Deferred tax is measured in accordance with the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Changes in deferred tax as a result of changes in tax rates are recognised in the income statement or equity, respectively.

	Liabilities

	Financial liabilities are recognised at cost at the date of borrowing, corresponding to the proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortised cost using the effective interest method. Accordingly, the difference between cost and the nominal value is recognised in the income statement over the term of the loan together with interest expenses.

	Other liabilities are measured at amortised cost.

	Deferred income

	Deferred income comprises payments received regarding income in subsequent years.

2	Capital resources

As at 31 December 2023 the company has a negative equity. Management has assessed that the capital can be re-established from future income. Following on from the performance in 2023, the Group continued to grow its annual recurring revenue and customer base. The Group is generating significant cash from sales, has committed external debt facilities in place to manage working capital requirements and has transitioned to EBITDA profitability in December 2023, which is expected also during FY24. Management have therefore assessed that the company has sufficient liquidity to finance operations for the coming year, and on this basis have prepared the financial statement for the year 31 December 2023 under the assumption of the company's continued operation.

3	Staff costs

DKK	2023	2022
Wages and salaries	20,491,635 20,491,635	21,455,731 21,455,731
Other social security costs	465,013 465,013	788,110 788,110
	20,956,648	22,243,841

Average number of full-time employees	31 31	31 31

4	Other financial income

DKK	2023	2022
Interest income from group entities	3,184,318 3,184,318	125,150 125,150
Exchange gains	402,171 402,171	384,112 384,112
	3,586,489	509,262

5	Other financial expenses

DKK	2023	2022
Interest paid to group entities	4,500,633 4,500,633	0 0
Other interest expenses	5,523,692 5,523,692	3,171,167 3,171,167
Exchange losses	1,982,985 1,982,985	485,146 485,146
	12,007,310	3,656,313

6	Tax on loss for the year

DKK	2023	2022
Current tax for the year	0	2,559
Adjustment of tax concerning previous years	534,884	0
Adjustment of deferred tax concerning previous years	0	281,579
	534,884	284,138

7	Intangible assets

	DKK		Acquired intangible assets
	Cost at 1 January 2023		29,506,349 29,506,349
	Cost at 31 December 2023		29,506,349 29,506,349
	Amortisation and impairment losses at 1 January 2023		-20,099,721 20,099,721
	Amortisation		-7,376,587 7,376,587
	Amortisation and impairment losses at 31 December 2023		-27,476,308 27,476,308
	Carrying amount at 31 December 2023		2,030,041 2,030,041

8	Property, plant and equipment

	DKK		Fixtures, fittings, tools and equipment
	Cost at 1 January 2023		149,000 149,000
	Cost at 31 December 2023		149,000 149,000
	Depreciation and impairment at 1 January 2023		-86,917 86,917
	Depreciation for the year		-29,800 29,800
	Depreciation and impairment at 31 December 2023		-116,717 116,717
	Carrying amount at 31 December 2023		32,283 32,283

9	Investments

	DKK		Equity investments in group entities
	Cost at 1 January 2023		2,360,095 2,360,095
	Cost at 31 December 2023		2,360,095 2,360,095
	Revaluations at 1 January 2023		438,920 438,920
	Revaluations for the year		4,669,347 4,669,347
	Impairment losses for the year		-141,337 141,337
	Revaluations at 31 December 2023		4,966,930 4,966,930
	Carrying amount at 31 December 2023		7,327,025 7,327,025

Name/legal form	Registered office	Equity interest	Equity	Profit/loss for the year
			DKK	DKK
Equity investments in group entities:
Heimdal Security SRL	Romania	100%	3,134,493	2,296,836
Heimdal Security Export ApS	Denmark	100%	-1,862,492	-1,055,183
Heimdal Security UK Limited	England	100%	3,855,441	1,862,542
Heimdal Security US Inc	USA	100%	416,401	163,480
Heimdal Security Deutschland GmbH	Germany	100%	313,049	66,188
			5,856,892	3,333,863

10	Financial asset

	DKK		Deposits
	Cost at 1 January 2023		1,205,734 1,205,734
	Disposals		-733,558 733,558
	Cost at 31 December 2023		472,176 472,176
	Carrying amount at 31 December 2023		472,176 472,176

11	Non-current liabilities other than provisions

DKK	31/12 2023	31/12 2022
Debt to credit institutions:
0-1 year	4,511,213 4,511,213	788,264 788,264
1-5 year	3,131,751 3,131,751	3,153,076 3,153,076
>5 year	73,008,945 73,008,945	73,568,634 73,568,634
	80,651,909	77,509,974

12	Contractual obligations, contingencies, etc.

	Contingent liabilities

	The Company is jointly taxed with the other Danish companies in the group. Therefore the Company is liable for income taxes on a pro rata basis and must comply with any obligations to withhold tax at source on interest, royalties and dividends for the jointly taxed companies.

	The total amount appears in the annual report for Thor Bidco ApS which is the administrative Company for the Danish tax consolidation group.

	Operating lease obligations

The Company has entered into rental leases at the following amounts:
The remaining term of the leases is 6 months with an average monthly lease payment of DKK 44 thousand, totalling DKK 263 thousand (2022: DKK 678,300).

13	Related parties

	Heimdal Security A/S' related parties comprise the following:

	Control

	Heimdal Security A/S is part of the consolidated financial statements of Thor Bidco ApS, Vester Farimagsgade 1, 2, København V, Denmark, which is the smallest group in which the Company is included as a subsidiary.

Proposed distribution of loss

Reserve for net revaluation using the equity method

4,528,010 4,528,010

1,237,192 1,237,192

Retained earnings

-46,317,516 46,317,516

-58,076,094 58,076,094

-41,789,506

-56,838,902