Spring Family ApS

Annual report

for the financial year 01.07.24 - 30.06.25

This annual report has been adopted at the

annual general meeting on 26.11.25

Albert Funder, Chairman of the meeting

Spring Family ApS | CVR no. 36 73 40 35

Spring Family ApS

Studsgade 29

8000 Aarhus C

CVR no. 36 73 40 35

Annual report for the financial year

01.07.24 - 30.06.25

Executive Board

Peer Brændholt

Board of Directors

Albert Crilles Sebastian Funder

Lars Bo Hansen

Jesper Angelsø Hjortshøj

Peter Herlev Enevoldsen

Mogens Kristensen

Mads Heide Mikkelsen

Peer Brændholt

Auditors

Beierholm

Godkendt Revisionspartnerselskab

Bank

Nordea Bank Danmark A/S

Lawyer

Bech-Bruun

Subsidiaries

Zupa A/S, Aarhus

Spring CC A/S, Aarhus

Zite A/S, Aarhus

Zite I A/S, Aarhus

Spring CC GmbH, Germany

Spring CC Ltd., England

Spring CC Company Limited, Vietnam

/ Notes

3Spring Family ApS

Financial report

/ Income statements 19

/ Balance sheet 21

/ Statement of changes in equity 24

/ Consolidated cash ﬂow statement 26

/ Notes 29

Management’s review

/ Group Chart 6

/ Overview of Spring Family 7

/ Market & Client profile 8

/ Financial Performance 9

/ Outlook 13

/ Voluntary ESG Overview 12

/ Statements 15

Content

/ Management’s

review

Better. Together.

6Spring Family ApS

Group chart

/ Management’s review

ZUPA A/S

CVR 20643102

ZITE A/S

CVR 40134336

ZITE I A/S

CVR 42959973

Spring Family Aps

CVR 36734035

SPRING CC GmBH

VAT 038930784

SPRING CC LTD (UK)

Company no. 06300843

SPRING CC Limited VN

VAT 0308930784

100%

100% 100%

100%

SPRING CC A/S

CVR 12545983

7Spring Family ApS

/ Management’s review

Primary activities

Overview of Spring Family

Spring Family comprises specialist agencies in advertising, digital

marketing and marketing production.

In today’s complex media landscape, brands must engage across more

platforms and media than ever before. This demands a multidisciplinary

approach that balances strategy and agile, costeffective execution.

We are a family of specialised yet integrated experts in marketing and

communication. At ZUPA, we create cross-platform creative concepts.

At ZITE, we design and manage agile inhouse agencies. At Spring CC,

we deliver creativity at scale — across platforms, markets, and audiences.

We make brands better by combining our specialised expertise with

seamless collaboration.

8Spring Family ApS

Market & Client profile

Spring Family operates with clients spanning most

industries, ensuring a well-distributed revenue base

across sectors.

Our comprehensive service offering covers all levels

and types of marketing services across the funnel,

from high-impact, multidisciplinary above-theline

campaigns to detailed content and graphical

finalisation.

Notably, our clients are multi-market businesses,

reflecting our focus on developing and

implementing marketing for companies active

across international markets. This is enabled by our

team of approximately 430 employees, located

across 11 locations in 4 countries.

B2B

Health care

Retail

Consumer goods

Consumer services

Spring CC

ZUPA

ZITE

Single-market clients

Multi-market clients

Revenue 2024/25 by industry Revenue by clients number of markets Revenue 2024/25 by business unit

/ Management’s review

Spring Family chose to maintain strategic invest-

ments in long-term business development with a

focus develop clients with an international reach.

27%

11%

39%

14%

23%

77%

40%

27%

33%

2021/22 2022/23 2023/24 2024/25

2020/21

159

200

220

236

225

100

150

200

250

300

Revenue (mDKK)

Multiple Markets

Single Markets

9Spring Family ApS

/ Management’s review

Development in activities and financial affairs

Stronger Performance in a Challenging Market

The financial year 2024/25 was marked by uncertainty

across the advertising industry. As a result, the Danish

advertising market declined by 1.7% compared to 2023(*).

This development also influenced Spring Family’s perfor-

mance. However, while gross revenue did not increase as

expected, overall activity levels improved, the profit margin

strengthened significantly, and positive market momentum

was maintained — leading to an increase in market share.

Given the market circumstances, management is satisfied

with the financial performance for the year 2024/25.

Revenue Down – but Activity Up

Total revenue decreased by approximately DKK 5 million.

However, this figure includes external project -related costs

invoiced to clients — such as film production and printing

— which are primarily pass-through costs. Therefore, net

revenue (adjusted for external project-related costs) pro-

vides a more accurate measure of the Group’s activity level

and is the key figure used for internal management and

performance tracking. Net revenue increased by 4% from

2023/24 to 2024/25 . While slightly below expectations,

the result is considered satisfactory given the market con-

ditions. Based on benchmark data, management believes

that the Group continued to outperform the overall market

in terms of growth..

Estimated industry growth is based on the analysis of 439 financial reports for agencies

located in Denmark, as presented in the “BureauTrends 2024” report by BureauBiz.

400

350

300

250

200

150

100

2016 2017 2018 2019 2020 2021 2022 2023 2024

Est. Market Net Revenue Spring Family Gross Revenue

Spring Family Net Revenue

139

161

212

269

317

324

336

153

131

100

107

116

119

118

136

153

152

313

319

299

250

202

156

Annual growth in Revenue

2016 = index 100

10Spring Family ApS

Effect of Restructuring

During the previous financial year (2023/24), significant

restructuring initiatives were launched. Their full implemen-

tation was completed in the current financial year, including

the transfer of approximately 35 employees from the legal

entity ZUPA to Spring CC. Although the current year included

certain extraordinary costs related to these changes, the

initiatives have contributed to an improvement in the profit

margin of around 2 percentage points. They are expected

to strengthen the Group’s competitiveness in the long term

and further enhance earnings potential in the short term.

Investment in Long-Term Growth

A key element of the Group’s strategy is to build critical

mass by strengthening its market position and developing

core competencies. Strategic investments — particularly

within AI and market expansion — increased costs in the

current year but are expected to enhance profitability over

time. Additional initiatives, including the refurbishment of

the Vietnam office and the pursuit of ISO 14001 certifica-

tion, were also launched to further strengthen competitive-

ness.

/ Management’s review

The refurbishment of our Vietnam office,

including a new solar roof, was initiated

this year, and we expect significant gains in

efficiency, wellbeing, and sustainability.

11Spring Family ApS

/ Management’s review

This year, we accelerated the rollout of AI tools, enabling us to

optimise workflows, improve quality, enhance time-to-market,

and produce more content in-house.

Balance Sheet

As of 30 June 2025, equity amounted to DKK 38,224,125

— DKK 9.4 million higher than on 30 June 2024.

The total balance sheet value decreased by 9%, resulting

in an improved solvency ratio of 36.3%.

NIBD and Cash Conversion

Cash conversion for the financial year showed a reduction

in cash of DKK 2.1 million, which should be viewed in light

of a total reduction in net interest-bearing debt of DKK 7

million during the same period. Management has main-

tained a strong focus on process management related to

cash flow.

(*) BureauTrends 2025, Bureaubiz

12Spring Family ApS

Groups financial highlights

Key figures

Figures in DKK ‘000 2024/25 2023/24 2022/23 2021/22 2020/21

Profit/loss

Revenue 293,030 298,241 279,381 233,623 188,825

Index 155 158 148 124 100

Operating profit/loss 22,718 17,266 24,176 30,045 23,603

Index 96 74 102 127 100

Total net financials -215 -684 -1,641 -533 310

Index 69 268 529 172 100

Profit for the year 16,683 11,416 17,025 22,498 16,541

Index 101 69 103 136 100

Balance

Total assets 106,032 113,670 112,173 93,556 79,982

Index 133 142 140 117 100

Investments in property, plant and equipment 4,898 2,863 4,588 4,489 1,923

Index 255 149 239 233 100

Equity 38,244 28,811 28,406 24,749 26,215

Ratios

2024/25 2023/24 2022/23 2021/22 2020/21

Profitability

Gross margin 71% 67% 74.1% 78.2% 67.8%

Profit margin 7.8% 5.8% 8.7% 12.9% 11.8%

Equity ratio

Solvency ratio 36.3% 25.3% 25.3% 26.5% 32.8%

Others

Number of employees (average) 429 452 447 415 351

Ratios definitions

Gross margin: Gross result x 100

Revenue

Profit margin: Operating profit/loss x 100

Revenue

Solvency ratio: Equity, end of year x 100

Total assets

/ Management’s review

13Spring Family ApS

Moderate Growth in Revenue and Profit

For the coming year, management still anticipates a

degree of uncertainty in the market. However, the Group

intends to continue investing in AI and expanding across

markets. At the Group level, we expect organic growth of

5–10% in both gross and net revenue for the financial year

2025/26, accompanied by a slight uplift in profit margin

to around 8–10%.

In the longer term, the target profit margin remains

higher. The anticipated growth rate reflects a strong sales

pipeline but also acknowledges that our ideal customer

profiles typically require longer maturation periods, with

only a fraction of their potential realized during the initial

years of collaboration..

Knowledge Resources

Each year, the company invests significant resources in

the training, development, and recruitment of employees

across all levels of the organization. These investments

form an essential pillar of the company’s continued

growth and competitiveness.

Subsequent Events

No significant events have occurred after the end of the

financial year.

Outlook

/ Management’s review

Treasury shares consist of: Total nomimal Percent o

Value DKK capital

Holding of treasury shares as at 01.07.24 10,000 0.50%

Disposals for the year -10,000 -0.50%

Holding of treasury shares as at 30.06.25 0 0%

The acquisition of treasury shares has been made with a view to establishing an employee share ownership plan and with a view to

reduce the share capital.

Treasury shares

ZITE spearheaded organic growth in 24/25 by

strengthening existing client relationships and

launching new in-house agencies, including a new

setup for NRGi — a relationship that originally be-

gan with creative concept development from ZUPA.

14Spring Family ApS

Spring Family is not legally obligated to report on ESG.

However, we are actively working to strengthen our ESG

efforts and improve the quality and scope of our reporting.

Environmental Efforts

Although our overall environmental impact is modest,

Spring Family is committed to reducing its carbon foot-

print. Our primary target is a 20% reduction in emissions

by 2027, supported by the transition to electric or hydro-

gen-powered company vehicles.

During the financial year, we improved our data collection

processes for Scope 1 and 2 emissions and began evaluat-

ing Scope 3 emissions, including those related to travel,

for future reporting and reduction initiatives. We are also

engaging employees to identify additional actions that

can further minimize our environmental impact.

Social Responsibility

We prioritize the well-being and development of our

employees. Monthly surveys are conducted to monitor

stress levels, job satisfaction, and overall well-being, with

defined targets to maintain low stress levels and continu-

ously improve well-being scores. These initiatives reflect

our commitment to fostering a healthy, supportive, and

thriving work environment.

Governance Initiatives

In recent years, Spring Family has taken deliberate steps

to enhance transparency and accountability through

comprehensive governance policies. These include a code

of conduct, a whistleblower program, and robust IT and AI

governance frameworks — all designed to ensure that our

operations remain ethical, responsible, and secure.

ISO 14001

During the financial year, Spring Family pursued ISO 14001

certification. The certification process has now been suc-

cessfully completed, and the Group is ISO 14001 certified

across all business units.

Voluntary ESG Overview

/ Management’s review

/ Statements

16Spring Family ApS

/ Statement by the Executive Board and Board of Directors on the annual report

Statement by the Executive Board

and Board of Directors on the annual report

We have on this day presented the annual report for the financial year 01.07.24 - 30.06.25 for Spring

Family ApS.

The annual report is presented in accordance with the Danish Financial Statements Act.

In our opinion, the consolidated financial statements and financial statements give a true and fair view

of the group’s and the parent’s assets, liabilities and financial position as at 30.06.25 and of the results of

the group’s and parent’s activities and of the group’s cash flows for the financial year 01.07.24 - 30.06.25.

We believe that the management’s review includes a fair review of the matters dealt with in the

management’s review.

The annual report is submitted for adoption by the general meeting.

Aarhus C, November 26, 2025

Executive Board

Peer Brændholt

Board of Directors

Albert Crilles Sebastian Funder Lars Bo Hansen Jesper Angelsø Hjortshøj

Chairman

Peter Herlev Enevoldsen Mogens Kristensen Mads Heide Mikkelsenn

Peer Brændholt

17Spring Family ApS

/ Independent auditor’s report

To the capital owners of Spring Family ApS

Opinion

We have audited the consolidated financial statements

and financial statements of Spring Family ApS for the

financial year 01.07.24 - 30.06.25, which comprise income

statement, balance sheet, statement of changes in equity

and notes to the financial statements, including material

accounting policy information for the group as well as for

the parent company as well as the consolidated cash flow

sta-tement. The consolidated financial statements and

financial statements are prepared in accordance with the

Danish Financial Statements Act.

In our opinion the consolidated financial statements

and financial statements give a true and fair view of the

group’s and the company’s financial position at 30.06.25

and of the results of the group’s and the company’s

operations and consolidated cash flows for the financial

year 01.07.24 - 30.06.25 in ac-cordance with the Danish

Financial Statements Act.

Basis for Opinion

We conducted our audit in accordance with International

Standards on Auditing (ISAs) and the additional require-

ments applicable in Denmark. Our responsibilities under

those standards and requirements are further described

in the “Auditor’s responsibilities for the audit of the con-

solidated financial statements and 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 respon-

sibilities 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.

Statement regarding the management’s review

Management is responsible for the management’s review.

Our opinion on the consolidated financial statements and

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 financial statements, it is our respon-

sibility is to read management’s review and, in doing so,

consider whether management’s review is materially

inconsistent with the consolidated financial statements

or parent company finan-cial statements or our knowl-

edge obtained during the audit, or otherwise appears to be

materially misstated.

Moreover, it is our responsibility to consider whether

management’s review provides the information required

by law and regulations.

Based on the work we have performed, we conclude that

the management’s review is in accordance with the consol-

idated financial statements and financial statements and

has been prepared in accordance with the requirements of

Danish Financial Statements Act. We did not identify any

material misstatement of the management’s review.

Management’s responsibilities for the consolidated

financial statements and financial statements

Management is responsible for the preparation of consoli-

dated financial statements and financial sta-tements that

give a true and fair view in accordance with the Danish

Financial Statements Act and for such internal control

as Management determines is necessary to enable the

preparation of consolida-ted financial statements and

financial statements that are free from material misstate-

ment, whether due to fraud or error.

In preparing the consolidated financial statements

and financial statements, management is responsible

for assessing the group’s and the company’s ability to

continue as a going concern, dis-closing, as applicable,

matters related to going concern and using the going

concern basis of ac-counting in preparing the consolidat-

ed financial statements and financial statements unless

manage-ment 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 financial

statements

Our objectives are to obtain reasonable assurance about

whether the consolidated financial state-ments and

Independent auditor’s report

18Spring Family ApS

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 guar-

antee 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 con-

sidered 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 consolidat-

ed 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 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 appropri-

ate 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, misrep-

resentations, or the override of internal control.

/ Obtain an understanding of internal control relevant to

the audit in order to design audit procedures that are ap-

propriate 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.

/ 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

group’s and 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 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 com-

pany to cease to continue as a going concern.

/ Evaluate the overall presentation, structure and contents

of the consolidated financial statements and financial

statements, including the disclosures, and whether the

consolidated financial state-ments and financial state-

ments represent the underlying transactions and events

in a manner that gives a true and fair view.

/ Plan and perform the group audit to obtain sufficient

appropriate audit evidence regarding the financial infor-

mation of the entities or business units within the group

as a basis for expressing an opinion on the consolidated

financial statements and 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.

Aarhus C, November 26, 2025

Beierholm

Godkendt Revisionspartnerselskab

CVR no. 32 89 54 68

Lars Østergaard

State Authorized Public Accountant

MNE-no. mne26806

/ Independent auditor’s report

/ Income

statements

20Spring Family ApS

Group Parent

2024/25 2023/24 2024/25 2023/24

Note: DKK DKK DKK DKK

Revenue 293,030,115 298,240,919 0 0

Other operating income 2,161,472 3,938,654 34,870,202 31,402,207

Costs of raw materials and consumables -35,209,746 -51,930,122 0 0

Other external expenses -52,173,537 -51,583,021 -21,424,682 -20,674,678

Gross profit 207,808,304 198,666,430 13,445,520 10,727,529

1 Staff costs -180,136,774 -174,430,712 -14,832,910 -13,213,052

Profit/loss before depreciation,

amortisation, write-downs and

impairment losses 27,671,530 24,235,718 -1,387,390 -2,485,523

Depreciation, amortisation and

impairments losses of intangible assets

and property, plant and equipment -4,917,151 -6,725,953 -1,748,489 -1,260,170

Other operating expenses -36,718 -95,947 -36,718 -11,352

Operating profit/loss 22,717,661 17,413,818 -3,172,597 -3,757,045

2 Income from equity investments in group

enterprises 0 0 20,517,729 15,836,088

3 Financial income 2,213,827 2,262,190 15,137 36,126

4 Financial expenses -2,428,640 -3,093,421 -1,745,189 -1,766,199

Profit before tax 22,502,848 16,582,587 15,615,080 10,348,970

5 Tax on profit for the year -5,820,322 -5,166,220 1,067,446 1,067,397

Profit for the year 16,682,526 11,416,367 16,682,526 11,416,367

6 Proposed appropriation account

/ Income statement

/ Balance

sheet

22Spring Family ApS

Group Parent

30.06.25 30.06.24 30.06.25 30.06.24

Note: DKK DKK DKK DKK

Goodwill 1,426,671 2,213,774 0 0

7 Total intangible assets 1,426,671 2,213,774 0 0

Land and buildings 0 33,415 0 0

Leasehold improvements 3,191,720 2,177,000 2,427,538 2,016,817

Other fixtures and fittings, tools and

equipment 5,584,082 4,816,868 3,126,836 2,661,331

Property, plant and equipment under

construction 445,235 644,742 404,163 644,742

8 Total property, plant and equipment 9,221,037 7,672,025 5,958,537 5,322,890

9 Equity investments in group enterprises 0 0 101,737,744 92,494,790

10 Deposits 3,202,415 2,287,544 1,810,802 1,919,187

Total investments 3,202,415 2,287,544 103,548,546 94,413,977

Total non-current assets 13,850,123 12,173,343 109,507,083 99,736,867

11 Work in progress for third parties 12,837,159 9,627,796 0 0

Trade receivables 65,053,209 72,157,790 4,525,321 3,377,403

Receivables from group enterprises 0 0 0 10,471,013

12 Deferred tax asset 637,338 156,904 0 0

Income tax receivable 0 0 0 1,404,442

Other receivables 1,654,778 1,952,047 0 25

13 Prepayments 7,735,997 11,238,182 4,021,479 7,724,851

Total receivables 87,918,481 95,132,719 8,546,800 22,977,734

Cash 4,263,020 6,363,478 0 13,932

Total current assets 92,181,501 101,496,197 8,546,800 22,991,666

Total assets 106,031,623 113,669,540 118,053,883 122,728,533

Assets

/ Balance sheet

23Spring Family ApS

Group Parent

30.06.25 30.06.24 30.06.25 30.06.24

Note: DKK DKK DKK DKK

Share capital 2,000,001 2,000,001 2,000,001 2,000,001

Reserve for net revaluation according to the

equity method -19,492,917 0 850,440 16,343,772

Foreign currency translation reserve -2,337,392 -1,062,026 0 0

Retained earnings 58,074,433 26,870,778 35,393,684 9,464,980

Proposed dividend for the financial year 0 1,002,000 0 1,002,000

Total equity 38,244,125 28,810,753 38,244,125 28,810,753

12 Provisions for deferred tax 0 2,905,337 1,055,819 2,123,265

Total provisions 0 2,905,337 1,055,819 2,123,265

14 Other payables 210,000 3,588,060 210,000 1,986,704

Total long-term payables 210,000 3,588,060 210,000 1,986,704

14 Short-term part of long-term payables 1,776,703 3,112,616 1,776,703 3,112,616

Payables to other credit institutions 16,254,989 24,460,601 16,254,989 24,460,601

11 Prepayments received from work in

progress for third parties 14,667,225 11,876,890 0 0

Prepayments received from customers 0 1,431,488 0 0

Trade payables 6,889,583 11,369,161 1,883,825 3,619,178

Payables to group enterprises 0 0 55,791,285 52,175,931

Income taxes 8,808,715 4,495,525 364,146 0

Other payables 19,180,283 21,619,109 2,472,991 6,439,485

Total short-term payables 67,577,498 78,365,390 78,543,939 89,807,811

Total payables 67,787,498 81,953,450 78,753,939 91,794,515

Total equity and liabilities 106,031,623 113,669,540 118,053,883 122,728,533

15 Contingent liabilities

16 Other commitments

17 Charges and security

18 Related parties

Equity and liabilities

/ Balance sheet

/ Statement of

changes in equity

25Spring Family ApS

Reserve for net

revaluation Foreign Proposed

according to currency dividend for

the equity translation Retained the financial

Figures in DKK Share capital method reserve earnings year Total equity

Group:

Statement of changes in

equity for 01.07.23 - 30.06.24

Balance as at 01.07.23 2,000,001 0 0 26,406,408 0 28,406,409

Dividend from treasury shares 0 0 0 50,002 0 50,002

Extraordinary dividend paid 0 0 0 -10,000,000 0 -10,000,000

Other changes in equity 0 0 -1,062,026 0 0 -1,062,026

Net profit/loss for the year 0 0 0 10,414,368 1,002,000 11,416,368

Balance as at 30.06.24 2,000,001 0 -1,062,026 26,870,778 1,002,000 28,810,753

Statement of changes in

equity for 01.07.24 - 30.06.25

Balance as at 01.07.24 2,000,001 0 -1,062,026 26,870,778 1,002,000 28,810,753

Distributed dividend from

group enterprises 0 -20,057,642 0 20,057,642 0 0

Dividend from treasury shares 0 0 0 28,212 0 28,212

Extraordinary dividend paid 0 0 0 -5,000,000 0 -5,000,000

Dividend paid 0 0 0 0 -1,002,000 -1,002,000

Other changes in equity 0 564,725 -1,275,366 -564,726 0 -1,275,367

Net profit/loss for the year 0 0 0 16,682,527 0 16,682,527

Balance as at 30.06.25 2,000,001 -19,492,917 -2,337,392 58,074,433 0 38,244,125

/ Statement of changes in equity

26Spring Family ApS

Reserve for net

revaluation Foreign Proposed

according to currency dividend for

the equity translation Retained the financial

Figures in DKK Share capital method reserve earnings year Total equity

Parent:

Statement of changes in

equity for 01.07.23 - 30.06.24

Balance as at 01.07.23 2,000,001 1,857,219 0 24,549,189 0 28,406,409

Dividend from treasury shares 0 0 0 50,002 0 50,002

Extraordinary dividend paid 0 0 0 -10,000,000 0 -10,000,000

Other changes in equity 0 0 0 -1,062,025 0 -1,062,025

Net profit/loss for the year 0 14,486,553 0 -4,072,186 1,002,000 11,416,367

Balance as at 30.06.24 2,000,001 16,343,772 0 9,464,980 1,002,000 28,810,753

Statement of changes in

equity for 01.07.24 - 30.06.25

Balance as at 01.07.24 2,000,001 16,343,772 0 9,464,980 1,002,000 28,810,753

Distributed dividend from

group enterprises 0 -35,000,000 0 35,000,000 0 0

Dividend from treasury shares 0 0 0 28,212 0 28,212

Extraordinary dividend paid 0 0 0 -5,000,000 0 -5,000,000

Dividend paid 0 0 0 0 -1,002,000 -1,002,000

Other changes in equity 0 -1,275,366 0 0 0 -1,275,366

Net profit/loss for the year 0 20,782,034 0 -4,099,508 0 16,682,526

Balance as at 30.06.25 2,000,001 850,440 0 35,393,684 0 38,244,125

/ Statement of changes in equity

/ Consolidated

cash flow

statement

28Spring Family ApS

/ Consolidated cash flow statement

Group

2024/25 2023/24

Note: DKK DKK

Profit for the year

20 Adjustments

Change in working capital:

Receivables

Trade payables -4,479,578

Other payables relating to operating activities

Cash flows from operating activities before net financials

Interest income and similar income received

Interest expenses and similar expenses paid -2,428,639

Income tax paid

Cash flows from operating activities

Purchase of intangible assets

Purchase of property, plant and equipment -4,898,076 -2,863,084

Purchase of securities and equity investments -1,033,244 0

Sale of securities and equity investments 108,385 0

Cash flows from investing activities -6,822,935 -2,863,084

Dividend paid -5,973,788 -9,949,998

Arrangement of payables to credit institutions 0 3,768,172

Repayment of payables to credit institutions -8,205,612 0

Repayment of other long-term payables -4,713,973 -2,790,804

Cash flows from financing activities -18,893,373 -8,972,630

Total cash flows for the year -2,100,459 2,258,785

Cash, beginning of year 6,363,479 4,104,694

Cash, end of year 4,263,020 6,363,479

Cash, end of year, comprises:

Cash 4,263,020 6,363,479

Total 4,263,020 6,363,479

16,682,526

9,905,922

7,694,673

-1,079,979

28,723,564

2,213,827

-4,892,903

,615,849

-1,000,000

11,416,367

11,607,644

-3,095,265

3,987,856

-3,764,160

20,152,442

2,262,192

-2,945,911

-5,374,224

14,094,499

/ Notes

30Spring Family ApS

Group Parent

2024/25 2023/24 2024/25 2023/24

DKK DKK DKK DKK

1. Staff costs

Wages and salaries 167,030,740 161,974,104 13,920,922 12,336,856

Pensions 11,611,468 10,916,108 869,853 824,120

Other social security costs 1,494,566 1,540,500 42,135 52,076

Total 180,136,774 174,430,712 14,832,910 13,213,052

Average number of employees during the year 429 452 20 19

Remuneration for the management:

Remuneration for the Executive Board and

Board of Directors 2,662,528 2,812,529 300,000 450,000

With reference to section 98b(3) no. 1 of the Danish Financial Statements Act, remuneration for the Executive Board and

Board of Directors are summarized for 2024/25 and 2023/24, as information would otherwise lead to amounts being shown

for a single member of management.:

2. Income from equity investments

in group enterprises

Share of profit or loss of group enterprises 0 0 21,642,409 18,740,526

Amortisation of goodwill 0 0 -1,124,680 -2,904,438

Total 0 0 20,517,729 15,836,088

3. Financial income

Interest, group enterpris 0 0 11,556 25,718

Other interest income 0 -2 0 0

Foreign currency translation adjustments 3,581 0 3,581 10,408

Foreign exchange gains 597,359 0 0 0

Other financial income 1.612.827 2,262,192 0 0

Total 2,213,827 2,262,190 15,137 36,126

/ Notes

31Spring Family ApS

Group Parent

2024/25 2023/24 2024/25 2023/24

DKK DKK DKK DKK

4. Financial expenses

Other interest expenses 2,417,284 2,824,673 1,745,189 1,766,199

Foreign exchange losses 11,356 208,101 0 0

Other financial expenses 0 60,647 0 0

Total 2,428,640 3,093,421 1,745,189 1,766,199

5. Tax on profit for the year

Current tax for the year 9,206,093 5,189,345 0 -979,295

Adjustment of deferred tax for the year -3,385,771 -538,361 -1,067,446 -186,727

Adjustment of tax in respect of previous years 0 515,236 0 98,625

Total 5,820,322 5,166,220 -1,067,446 -1,067,397

6. Proposed appropriation account

Reserve for net revaluation according to the

equity method 0 0 20,782,034 14,486,553

Extraordinary dividend for the financial year 5,000,000 10,000,000 5,000,000 10,000,000

Proposed dividend for the financial year 0 1,002,000 0 1,002,000

Retained earnings 11,682,527 414,368 -9,099,508 -14,072,186

Total 16,682,527 11,416,368 16,682,526 11,416,367

7. Intangible assets

Figures in DKK Goodwill

Group:

Cost as at 01.07.24 84,449,891

Additions during the year 1,000,000

Cost as at 30.06.25 84,449,891

Amortisation and impairment losses as at 01.07.24 -82,236,116

Amortisation during the year -1,787,104

Amortisation and impairment losses as at 30.06.25 -84,023,220

Carrying amount as at 30.06.25 1,426,671

/ Notes

32Spring Family ApS

8. Property, plant and equipment

Figures in DKK

Group:

Cost as at 01.07.24 87,393 3,262,185 17,441,845 644,742

Foreign currency translation adjustment of

foreign enterprises 0 0 -353,899 0

Additions during the year 0 1,411,880 3,040,960 445,235

Disposals during the year 0 0 -930,277 0

Transfers during the year to/from other items 0 0 644,742 --644,742

Cost as at 30.06.25 87,393 4,674,065 19,843,371 445,235

Depreciation and impairment losses

as at 01.07.24 -53,978 -1,085,186 -12,624,977 0

Foreign currency translation adjustment of

foreign enterprises 0 0 292,673 0

Depreciation during the year -33,415 -397,159 -2,699,473 0

Reversal of depreciation of and impairment

losses on disposed assets 0 0 772,488 0

Depreciation and impairment losses

as at 30.06.25 -87,393 -1,482,345 -14,259,289 0

Carrying amount as at 30.06.25 0 3,191,720 5,584,082 445,235

Parent:

Cost as at 01.07.24 0 2,470,115 3,930,905 644,742

Additions during the year 0 729,912 1,250,061 404,163

Disposals during the year 0 0 644,742 -644,742

Cost as at 30.06.25 0 3,200,027 5,825,708 404,163

Depreciation and impairment losses

as at 01.07.24 0 -453,298 -1,269,574 0

Depreciation during the year 0 -319,191 -1,429,298 0

Depreciation and impairment losses

as at 30.06.25 0 -772,489 -2,698,872 0

Carrying amount as at 30.06.25 0 2,427,538 3,126,836 404,163

Land and

buildings

Leasehold

improvements

Other fixtures

and fittings,

tools and

equipment

Property, plant

and equipment

under

construction

/ Notes

33Spring Family ApS

9. Equity investments in group enterprises

Figures in DKK

Parent:

Cost as at 01.07.24 75,887,299

Cost as at 30.06.25 75,887,299

Revaluations as at 01.07.234 16,607,490

Amortisation of goodwill -1,124,680

Net profit/loss from equity investments 21,642,996

Dividend relating to equity investments -10,000,000

Other equity adjustments relating to equity investments -1,275,361

Revaluations as at 30.06.25 25,850,445

Carrying amount as at 30.06.25 101,737,744

Positive balances ascertainable on initial recognition of equity

investments measured at equity value 24,954,630

Name and registered office:

Subsidiaries:

ZUPA A/S, Aarhus 100%

Spring CC A/S, Aarhus 100%

ZITE A/S, Aarhus 100%

ZITE I A/S, Aarhus 100%

Spring CC GmbH, Germany 100%

Spring CC Ltd, England 100%

Spring CC Company Limited, Vietnam 100%

Equity

investments in

group enterprises

Ownership

interest

/ Notes

34Spring Family ApS

10. Other non-current financial assets

Figures in DKK Deposits

Group:

Cost as at 01.07.24 2,287,543

Foreign currency translation adjustment of foreign enterprises -9,987

Additions during the year 1,033,244

Disposals during the year -108,385

Cost as at 30.06.25 3,202,415

Carrying amount as at 30.06.25 3,202,415

Parent:

Cost as at 01.07.24 1,919,187

Additions during the year -108,385

Cost as at 30.06.25 1,810,802

Carrying amount as at 30.06.25 1,810,802

/ Notes

35Spring Family ApS

Group Parent

30.06.25 30.06.24 30.06.25 30.06.24

DKK DKK DKK DKK

11. Work in progress for third parties

Work in progress for third parties 12,837,159 11,727,813 0 0

On-account invoicing -14,667,225 -13,976,908 0 0

Total work in progress for third parties -1,830,066 -2,249,095 0 0

Work in progress for third parties 12,837,159 9,627,796 0 0

Prepayments received from work in

progress for third parties, short-term payables -14,667,225 -11,876,890 0 0

Total -1,830,066 -2,249,094 0 0

12. Deferred tax

Provisions for deferred tax as at 01.07.24 -2,748,433 -3,286,794 -2,123,265 -2,309,992

Deferred tax recognised in the income statement 3,385,771 538,361 1,067,446 186,727

Provisions for deferred tax as at 30.06.25 637,338 -2,748,433 -1,055,819 -2,123,265

Deferred tax is recognized in the balance sheet as:

Deferred tax asset 637,338 156,904 0 0

Provisions for deferred tax 0 -2,905,337 0 0

Total 637,338 -2,748,433 0 0

Deferred tax is distributed as below:

Intangible assets 58,431 24,052 0 0

Property, plant and equipment -127,259 -5,210 248,414 423,797

Receivables -568,510 2,729,591 884,725 1,699,468

Tax losses 0 0 -77,320 0

Total -637,338 2,748,433 1,055,819 2,123,265

As at 30.06.25., the company has recognised a deferred tax asset of DKK 637k, which can primarily be attributed to

receivables.

/ Notes

36Spring Family ApS

13. Prepayments

Prepayments consist of prepaid expenses concerning rent, insurance and subscription.

14. Long-term payables

Total Total

Repayment payables at payables at

Figures in DKK first year 30.06.25 30.06.24

Group:

Other payables 1,776,703 1,986,703 6,700,676

Total 1,776,703 1,986,703 6,700,676

Parent:

Other payables 1,776,703 1,986,703 5,099,320

Total 1,776,703 1,986,703 5,099,320

15. Contingent liabilities

Parent:

Other contingent liabilities

The company enters into a cash-pool arrangement with the group. The group companies are jointly and severally liable for

the credit limit. Unlisted shares in ZUPA A/S, Spring CC A/S and ZITE A/S has been pledged as security against the Group’s

bank facility.

The group companies are jointly and severally liable for tax on the jointly taxed income of the Group etc. Moreover, the group

companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, royalty tax and tax on unearned

income. Any subsequent adjustments to corporation taxes and withholding taxes may imply that the Company’s liability is higher

/ Notes

37Spring Family ApS

16. Other commitments

Group:

Tenancy agreements, including parking spaces, have been entered into with a period of notice of five years; the liability

amounts to DKK 15.219k (30.06.24 DKK 18,272k)

A lease agreement on copying machines and software has been entered into. Liability in there maining lease term

totals DKK 848k (30.06.24 DKK 419k).

Lease agreements on cars, etc. have been concluded, and the remaining liability constitutes DKK 1,275k (30.06.24

DKK1,522k)

Parent:

Lease commitments

Tenancy agreements, including parking spaces, have been entered into with a period of notice of five years; the liability

amounts to DKK 13,088k (30.06.24 DKK 16,190k).

A lease agreement on copying machines and software has been entered into. Liability in there maining lease term

totals DKK 848k (30.06.24 DKK 419k).

Lease agreements on cars, etc. have been concluded, and the remaining liability constitutes DKK 211k

(30.06.24 DKK 7k).

Other commitments

As of June 30, 2025, the company has committed to repurchase a nominal amount of DKK 110,777 in capital shares in

Spring Family ApS on July 7, 2025. The purchase price amounts to DKK 6,800k.

/ Notes

38Spring Family ApS

17. Charges and security

Group:

The group has provided a company charge of DKK 39,000k as security for debt to credit institutions.

As at 30.06.25, the company charge comprises the following assets with the following carrying amounts:

/ Goodwill and intellectual property rights, DKK 1,427k

/ Other plant, fixtures and fittings, tools and equipment, DKK 985k

/ Trade receivables, DKK 44.409k

Parent:

The company has not provided any security over assets.

18. Related parties

Related party transactions are not disclosed, as all transactions are entered into in the ordinary course of business

at arms’ length.

Remuneration for the management is specified in note 1. Staff costs.

Group

2024/25 2023/24

DKK DKK

19. Adjustments for the cash flow statement

Depreciation, amortisation and impairments losses of intangible assets

and property, plant and equipment 4,917,151 6,725,953

Other operating expenses 157,789 93,777

Financial income -2,213,827 -2,262,192

Financial expenses 2,428,639 2,945,911

Tax on profit or loss for the year 5,820,322 5,166,221

Other adjustments -1,204,152 -1,062,026

Total 9,905,922 11,607,644

/ Notes

39Spring Family ApS

20. Accounting policies

GENERAL

The annual report is presented in accordance with the provisions of the Danish Financial Statements Act for medium-sized

groups and enterprises in reporting class C.

The accounting policies have been applied consistently with previous years.

The Company has chosen to reclassify certain items in the income statement and the balance sheet. These reclassifications

have no impact on net profit, balance or equity. Comparative figures for 2023/24 have been adjusted.

Basis of recognition and measurement

Income is recognised in the income statement as earned, including value adjustments of financial assets and liabilities.

All expenses, including depreciation, amortisation, impairment losses and write- downs, are also recognised in the income

statement.

Assets are recognised in the balance sheet when it is probable that future economic benefits will flow to the company, and

the value of such assets can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that

future economic benefits will flow from the company, and the value of such liabilities can be measured reliably. On initial

recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for

each item below.

On recognition and measurement, account is taken of foreseeable losses and risks arising before the date at which the

annual report is presented and proving or disproving matters arising on or before the balance sheet date.

CONSOLIDATED FINANCIAL STATEMENTS

The consolidated financial statements comprise the parent and its subsidiaries in which the parent directly or indirectly

holds more than 50% of the voting rights or by way of agreements exercises control.

All financial statements used for consolidation are prepared in accordance with the accounting policies of the group.

The consolidated financial statements consolidate the financial statements of the parent and its subsidiaries by adding

together items of a uniform nature, eliminating intercompany income and ex- penditure, equity investments, intercompany

balances and dividends as well as gains and losses resulting from transactions between the consolidated enterprises to the

extent that the underlying assets and liabilities are not realised.

/ Notes

40Spring Family ApS

20. Accounting policies – continued

CURRENCY

The annual report is presented in Danish kroner (DKK).

On initial recognition, transactions denominated in foreign currencies are translated using the exchange rates applicable at the

transaction date. Exchange rate differences between the exchange rate applicable at the transaction date and the exchange rate

at the date of payment are recognised in the income statement as a financial item. Receivables, payables and other monetary

items denominated in foreign currencies are translated using the exchange rates applicable at the balance sheet date. The

difference between the exchange rate applicable at the balance sheet date and at the date at which the receivable or payable

arose or was recognised in the latest annual report is recognised under financial income or expenses in the income statement.

Fixed assets and other non- monetary assets acquired in foreign currencies are translated using historical exchange rates.

On recognition of independent foreign entities, the income statements are translated at the exchange rates applicable at

the transaction date or approximate average exchange rates. The balance sheet items are translated using the exchange

rates applicable at the balance sheet date. Foreign currency translation adjustments arising from the translation of equity at

the beginning of the year using the exchange rates applicable at the balance sheet date and from the translation of income

statements from average exchange rates to the exchange rates applicable at the balance sheet date are recognised directly in

equity under the reserve for net revaluation according to the equity method in respect of investments measured according to the

equity method, and otherwise under the foreign currency translation reserve.

Translation adjustments of intercompany balances with independent foreign entities, measured using the equity method and

where the balance is considered to be part of the overall investment, are recognised directly in equity under the foreign currency

translation reserve. On the divestment of foreign entities, accumulated exchange differences are recognised in the income

statement.

LEASES

Lease payments relating to operating leases are recognised in the income statement on a straight-line basis over the lease

term..

INCOME STATEMENT

Gross profit

Gross profit comprises revenue, other operating income and consumables and other external expenses.

Revenue

Income from the sale of services is recognised in the income statement in line with completion of services, which means

that revenue corresponds to the selling price of the work performed for the year stated on the basis of the stage of

completion at the balance sheet date (percentage of completion method).

Other operating income

Other operating income comprises income of a secondary nature in relation to the enterprise’s activities, including rental income,

salary supplements and refunds, negative goodwill and gains on the sale of intangible assets and property, plant and equipment..

Costs of raw materials and consumables

Expenses for consumables comprise the consumables consumed to achieve revenue for the year.

Other external expenses

Other external expenses comprise costs relating to distribution, sales and advertising and administration, premises and bad

debts to the extent that these do not exceed normal write-downs.

/ Notes

41Spring Family ApS

20. Accounting policies – continued

Staff costs

Staff costs comprise wages and salaries as well as other staff-related costs.

Depreciation, amortisation and impairment losses

The depreciation and amortisation of intangible assets and property, plant and equipment aim at systematic depreciation

and amortisation over the expected useful lives of the assets. Assets are de- preciated and amortised according to the

straight-line method based on the following expected useful lives and residual values:

Useful Residual

lives, value

years DKK

Goodwill 10-20 0

Buildings 5 0

Leasehold improvements 10 0

Other plant, fixtures and fittings, tools and equipment 1-10 0

Goodwill is amortised over 10-20 years. The useful life has been determined in consideration of the expected future net

earnings of the enterprise or activity to which the goodwill relates.

Land is not depreciated.

The basis of depreciation and amortisation is the cost of the asset less the expected residual value at the end of the useful

life. Moreover, the basis of depreciation and amortisation is reduced by any impairment losses. The useful life and residual

value are determined when the asset is ready for use and reassessed annually.

Intangible assets and property, plant and equipment are impaired in accordance with the accounting policies referred to in

the ‘Impairment losses on fixed assets’ section.

Other operating expenses

Other operating expenses comprise costs of a secondary nature in relation to the enterprise’s activities, including costs

relating to losses on the sale of intangible assets and property, plant and equipment.

Income from equity investments in group entreprises and associates

For equity investments in subsidiaries that in the parent are measured using the equity method, the share of the enterprises’

profit or loss is recognised in the income statement after elimination of unrealised intercompany profits and losses and less

any goodwill amortisation and impairment losses.

Income from equity investments in equity investments in subsidiaries also comprises gains and losses on the sale of equity

investments.

Other net financials

Interest income and interest expenses, foreign exchange gains and losses on transactions denominated in foreign currencies

etc. are recognised in other net financials.

/ Notes

42Spring Family ApS

20. Accounting policies – continued

Tax on profit/loss for the year

The current and deferred tax for the year is recognised in the income statement as tax on the profit/loss for the year with the

portion attributable to the profit/loss for the year, and directly in equity with the portion attributable to amounts recognised

directly in equity.

The company is jointly taxed with Danish consolidated enterprises. The parent is the administration company for the joint

taxation and thus settles all income tax payments with the tax authorities.

In connection with the settlement of joint taxation contributions, the current Danish income tax is allocated between the

jointly taxed enterprises in proportion to their taxable incomes. This means that enterprises with a tax loss receive joint

taxation contributions from enterprises which have been able to use this loss to reduce their own taxable profit.

BALANCE SHEET

Intangible assets

Goodwill

Goodwill is measured in the balance sheet at cost less accumulated amortisation and impairment losses.

Goodwill is amortised using the straight-line method based on useful lives, which are stated in the ‘Depreciation,

amortisation and impairment losses’ section.

Gains or losses on the disposal of intangible assets are determined as the difference between the selling price, if any, less

selling costs and the carrying amount at the date of disposal.

Property, plant and equipment

Property, plant and equipment comprise land and buildings, leasehold improvements as well as other fixtures and fittings,

tools and equipment.

Property, plant and equipment are measured in the balance sheet at cost less accumulated depreciation and impairment

losses.

Cost comprises the purchase price and expenses resulting directly from the purchase until the asset is ready for use. Interest

on loans arranged to finance production is not included in the cost.

The total cost of an asset is decomposed into separate components that are depreciated separately if the useful lives of the

individual components vary.

Property, plant and equipment are depreciated using the straight-line method based on useful lives and residual values,

which are stated in the ‘Depreciation, amortisation and impairment losses’ section.

Property, plant and equipment under construction

Property, plant and equipment under construction are measured at cost. Costs incurred on property, plant and equipment

under construction are transferred to the relevant asset category when the asset is ready for use.

Gains and losses on the disposal of property, plant and equipment

Gains and losses on the disposal of property, plant and equipment are determined as the difference between the selling

price, if any, less selling costs and the carrying amount at the date of disposal less any costs of disposal.

/ Notes

43Spring Family ApS

20. Accounting policies – continued

Equity investments in group entreprises

Equity investments in subsidiaries are recognised and measured according to the equity method in the balance sheet of the

parent. For equity investments in subsidiaries, the equity method is considered a measurement method.

On initial recognition, equity investments measured according to the equity method are measured at cost. Transaction costs

directly attributable to the acquisition are recognised in the cost of equity investments. However, transaction costs on the

acquisition of subsidiaries are recognised in the income statement in the consolidated financial statements at the date

incurred.

On subsequent recognition and measurement of equity investments according to the equity method, equity investments

are measured at the proportionate share of the enterprises’ equity value, determined according to the accounting policies of

the parent, adjusted for the remaining value of goodwill and gains and losses on transactions with the enterprises in question.

Equity investments, where information for recognition according to the equity method is not known, are measured at cost.

Equity investments with a negative carrying amount are measured at DKK 0. Receivables that are considered part of the

combined investment in the enterprises in question are impaired by any remaining negative equity value. Other receivables

from such enterprises are impaired to the extent that such receivables are considered uncollectible. Provisions to cover the

remaining negative equity value are recognised to the extent that the parent has a legal or constructive obligation to cover

the liabilities of the enterprise in question.

Goodwill recognised under equity investments is amortised according to the straight-line method based on an individual

assessment of the useful life of the asset. The useful life of goodwill has been determined at 10 years for equity investments

in subsidiaries. The useful life has been determined in consideration of the expected future net earnings of the enterprise to

which the goodwill relates.

Gains or losses on disposal of equity investments are determined as the difference between the disposal consideration

and the carrying amount of net assets at the time of sale, including non- amortised goodwill, as well as the expected costs

of divestment or discontinuation. Gains and losses are recognised in the income statement under income from equity

investments.

/ Notes

44Spring Family ApS

20. Accounting policies – continued

Impairment losses on fixed assets

The carrying amount of fixed assets which are not measured at fair value is assessed annually for indications of impairment

over and above what is reflected in depreciation and amortisation.

If the company’s realised return on an asset or a group of assets is lower than expected, this is considered an indication of

impairment.

If there are indications of impairment, an impairment test is conducted of individual assets or groups of assets.

The assets or groups of assets are impaired to the lower of recoverable amount and carrying amount.

The higher of net selling price and value in use is used as the recoverable amount. The value in use is determined as the

present value of expected net cash flows from the use of the asset or group of assets as well as expected net cash flows

from the sale of the asset or group of assets after the expiry of their useful lives.

Impairment losses are reversed when the reasons for the impairment no longer exist. Impairment losses on goodwill are not

reversed, unless goodwill is included in the carrying amount of equity investments.

Receivables

Receivables are measured at amortised cost, which usually corresponds to the nominal value, less write-downs for bad debts.

Write-downs for bad debts are determined based on an individual assessment of each receivable if there is no objective

evidence of individual impairment of a receivable.

Deposits recognised under assets comprise deposits paid to the lessor under leases entered into by the company.

Work in progress for third parties

Work in progress for third parties is measured at the selling price of the work performed less on- account invoicing made for

each piece of work in progress.

The selling price is measured according to the stage of completion at the balance sheet date and total expected income

from each piece of work in progress. The degree of completion for each piece of work in progress is normally calculated as

the ratio between the resources spent and the total budgeted resource consumption. For some work in progress where the

resource consumption cannot be used as a basis, the ratio between completed subactivities and the combined subactivities

for the individual piece of work in progress is used instead.

When the selling price of a piece of work in progress cannot be determined reliably, the selling price is measured at the lower

of costs incurred and net realisable value.

The individual piece of work in progress is recognised under receivables or payables in the balance sheet depending on

whether the net value of the selling price less prepayments received is positive or negative.

When it is likely that the total costs of the individual piece of work in progress will exceed total sales income, the total

expected loss is recognised as a provision.

/ Notes

45Spring Family ApS

20. Accounting policies – continued

Prepayments

Prepayments recognised under assets comprise costs incurred in respect of subsequent financial years.

Cash

Cash includes deposits in bank accounts as well as operating cash.

Equity

The proposed dividend for the financial year is recognised as a separate item in equity.

The net revaluation of equity investments measured according to the equity method is recognized in the financial

statements of the parent in the net revaluation reserve in equity according to the equity method to the extent that the

carrying amount exceeds the cost. Dividends from subsidiaries which are adopted before adoption of the annual report for

Spring Family ApS are not tied up in the revaluation reserve (simultaneous principle).

Unrealised foreign currency gains and losses from the translation of the net investment in independent foreign entities are

recognised in equity under the foreign currency translation reserve. The reserve is dissolved when the independent foreign

entities are disposed of.

Acquisition costs and consideration for treasury shares as well as dividends therefrom are recognised directly in equity

under retained earnings.

Current and deferred tax

Current tax payable and receivable is recognised in the balance sheet as tax computed on the basis of the taxable income for

the year, adjusted for tax paid on account.

Joint taxation contributions payable and receivable are recognised as income tax under receivables or payables in the

balance sheet.

Deferred tax liabilities and tax assets are recognised on the basis of all temporary differences between the carrying amounts

and tax bases of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill

which is non-amortisable for tax purposes and other items where temporary differences, except for acquisitions, have

arisen at the date of acquisition without affecting the net profit or loss for the year or the taxable income. In cases where the

tax value can be determined according to different taxation rules, deferred tax is measured on the basis of management’s

intended use of the asset or settlement of the liability.

Deferred tax assets are recognised, following an assessment, at the expected realisable value through offsetting against

deferred tax liabilities within the same tax jurisdiction or elimination in tax on future earnings.

Deferred tax is measured on the basis of the tax rules and at the tax rates in the respective countries which, according to the

legislation in force at the balance sheet date, will be applicable when the deferred tax is expected to crystallise as current

tax..

/ Notes

46Spring Family ApS

20. Accounting policies – continued

Payables

Long-term payables are measured at cost at the time of contracting such liabilities (raising of the loan). The payables are

subsequently measured at amortised cost where capital losses and loan expenses are recognised in the income statement

as a financial expense over the term of the payable on the basis of the calculated effective interest rate in force at the time

of contracting the liability.

Short-term financial payables are measured at amortised cost, normally corresponding to the nominal value of such

payables. Other short-term payables are measured at net realisable value.

Prepayments received from customers

Prepayments received from customers comprise amounts received from customers prior to the time and date of delivery of

the agreed product or completion of the agreed service.

CASH FLOW STATEMENT

The cash flow statement is prepared using the indirect method, showing cash flows from operating, investing and financing

activities as well as cash and cash equivalents at the beginning and end of the year.

Cash flows from operating activities comprise the net profit or loss for the year, adjusted for non-cash operating items,

income tax paid and changes in working capital.

Cash flows from investing activities comprise payments in connection with the acquisition and divestment of companies

and financial assets as well as the purchase, development, improvement and sale of intangible assets and property, plant and

equipment.

Cash flows from financing activities comprise changes in the parent’s share capital and associated costs and the purchase

and sale of treasury shares and financing from and dividends paid to shareholders as well as the arrangement and repayment

of long-term payables.

Cash and cash equivalents at the beginning and end of the year comprise cash and short-term payables to credit institutions.

Referring to section 86(4) of the Danish Financial Statements Act a cash flow statement has not been prepared for the

parent as the parent is included in the consolidated cash flow statement.

Spring Family

Better. Together.

PEO-

PLE+400

Copenhagen

Odense

Aarhus x 3

Hamburg

Manchester

Ho Chi Minh

Kolding

Bjerringbro

Aalborg

LOCA-

TIONS11

BUSINESS

UNITS