ANNUAL
REPORT
2024
Duett Software Group
2
3
CONTENT
Board of Directors Report .............................................................4
Consolidated accounts Duett Software Group AS.......................14
Financial statements for parent company 2024 .........................45
Auditors Report.............................................................................58
4
BACKGROUND AND OPERATIONS
Duett Software Group AS (the “Company”) is the
owner of Duett AS and Taskline AS in Norway,
Duett Software Poland sp.zo.o in Poland and
Skyhost ApS, Traede ApS and DSG Denmark ApS
in Denmark (together the “Subsidiaries”). The
Company and its Subsidiaries comprise the “Duett
Software Group” or “the Group”. Duett Software
Group AS is owned by Duo Holdings AS. Duo
Holdings AS is owned by the Private Equity
company AKKR as majority owner, and
management and employees of Duett, Skyhost
and Traede are minority investors.
STRATEGY
The Group’s main strategy is to develop and
offer software and hosting services in the
Norwegian and Danish markets. Duett AS
operates in Norway and provides software and
hosting services to accounting offices and their
end-customers. Skyhost ApS operates in the
Danish market and is a provider of task
management, fleet management and time
registration software to municipalities,
contractors and leasing companies.
Through the acquisition of Traede ApS on 9
October 2024, the Group expanded its industry
focus and Nordic region presence. Traede’s
single platform offers a solution for B2B and
B2C sales, invoicing as well as CRM, purchasing
and order handling.
With the acquisition of Duett Software sp.zo.o
on 23 July 2024, the Company established its
own software development subsidiary providing
software development services to Duett,
Taskline and Traede.
Duett Software Group AS acquired Taskline AS
on 16 June 2023. The acquisition rationale for
Taskline was to increase the Group’s range of
software product offerings towards existing and
new accounting agencies.
Duett Software Group AS acquired Skyhost ApS
on 16 April 2021. The acquisition rationale for
Skyhost was to increase the Groups range of
software product offerings, expand the Group’s
presence in a new region and cross-sell
Skyhost’s functionality to customers of Duett AS
in Norway. In both the Norwegian and Danish
markets, we offer modern solutions based on
future-oriented technology which is developed
in-house. The uniqueness of the solutions,
value-added functionality, deep industry
expertise and excellent customer service have
differentiated Duett Software Group from other
players in the market. The strategy of the Group
is to continue to leverage these assets with both
our existing products and new initiatives to
further increase the Group’s market share.
Social responsibility
details
ENVIRONMENT
The Group is committed to ensuring that its
operations are safe and harm neither it’s
employees nor the natural environment.
Board of Directors
Report
5
The Group also strives to provide all
employees with a healthy and safe working
environment. Quality, health, safety and the
environment are integral aspects of the Group’s
activities, and systems are in place to monitor
and follow up on any issues. The nature of the
business involves a low risk of pollution to the
external environment. The most critical input
factor regarding the environment is electricity.
ANTI-CORRUPTION AND BRIBERY
Looking ahead, we continue to refine our anti-
corruption framework to address emerging
challenges. Our goal is to instill a culture of
integrity that permeates every level of the
organization.
THE COMPANY
Human rights, equal opportunities and anti-
discrimination is described in the section of
Equality report.
“Quality, health, safety
and the environment are
integral aspects of the
Group’s activities”
6
Corporate
governance details
CORPORATE GOVERNANCE
The Board of Directors and management are
committed to promoting sound corporate
governance, which the Group believes builds trust
among customers, employees, shareholders and
other stakeholders, and thus supports healthy
value creation over the long term.
Management and the organization regularly
adapt to ensure the Group is equipped to
effectively manage all its obligations to
bondholders, customers, employees, authorities
and other stakeholders.
DIALOGUE BETWEEN THE COMPANY AND
ITS STAKEHOLDERS
Communication between the Company and
shareholders primarily takes place at the
Company’s Annual General Meeting and via
company announcements, and communication
with bond investors is conducted both during the
quarterly reporting cycles and on an ad hoc
basis.
THE GENERAL MEETING AND THE BOARD
OF DIRECTORS
The General Meeting has the final authority over
the Company. The Board of Directors ensure that
shareholders receive detailed and adequate
information for decision-making at the Annual
General Meeting. The General Meeting elects the
Board of Directors, which currently consists of
four members.
The Board of Directors of Duett Software Group is
unchanged from last year, and is comprised of:
Chairman of the Board:
Adam Dawid Malinowski (b. 1986)
Board member:
Maurice André Hernandez (b. 1981)
Board member:
Rachel Lee Spasser (b. 1967)
Board member:
Erik Carsson Harrell, CEO (b. 1967)
Duett Software Group has ensured adequate
insurance covering the Board’s responsibilities in
all areas of operation.
AMENDMENT OF ARTICLES OF
ASSOCIATION
Resolutions to amend the Articles of Association
must be approved by at least 2/3 of the votes
cast as well as at least 2/3 of the voting share
capital represented at the General Meeting.
BOARD RESPONSIBILLITIES
The Board of Directors’ main tasks include
participating in, developing, and adopting the
Group’s strategy, ensuring sound financial
management, performing the relevant control
functions and serving as an advisory body for the
executive management. Items of significant
strategic or financial importance to the Group are
also administered by the Board. The Board is
responsible for hiring the CEO, ensuring a sound
job description and delegation of authority levels
for the CEO, and setting the CEO’s compensation.
The Board periodically reviews the Group’s policies
and procedures to ensure that the Group is
managed in accordance with sound corporate
governance principles, and that it acts in an ethical
manner.
CORPORATE SOCIAL RESPONSIBILITIES
The Company’s Board of Directors and
management have implemented guidelines for
values and ethics. The goal is to create a
corporate culture that contributes to solid
business standards; ensuring awareness of the
guidelines is a continuous focus area for the
Company. The Group has no known violations of
this policy during 2024.
FINANCIAL REPORTING
The Board of Directors receives regular updates
on the Group’s business operations and financial
status.
7
NOTIFICATION OF MEETINGS AND
DISCUSSION OF ITEMS
The Board schedules regular meetings each year,
with typically four annual meetings. Additional
meetings may be convened on an ad hoc basis.
All Board members receive regular information
about the Group’s operational and financial status
in advance of the scheduled Board meetings. The
Board members also regularly receive operations
reports and participate in strategy reviews. The
Group’s business plans, strategies and risks are
regularly reviewed and evaluated by the Board.
Ordinarily, the Chairman of the Board proposes
the agenda for each Board meeting. In addition to
the Board members, Board meetings are typically
attended by select members of executive man-
agement. Other participants are summoned as
needed. The Board approves decisions of particu-
lar importance to the Group including strategic
plans, the annual budget, significant investments,
and any business acquisitions and disposals.
CONFLICTS OF INTEREST
In a situation involving a member of the Board
personally, this member will recluse him or
herself from the discussions and voting on the
issue.
THE BOARD’S SELF-EVALUATION
The Board’s composition, competencies, working
methods and interaction are all discussed on an
ongoing basis and evaluated formally on an
annual basis. The composition of the Board is
considered appropriate in terms of professional
experience and relevant expertise in performing
its tasks. The Board of Directors continuously
assess whether the competencies and expertise
of members need to be amended.
THE TRANSPARENCY ACT
The Group has implemented formal guidelines
for due diligence as required by the OECD Guide-
lines for Multinational Enterprises. Further
information about this is available on the Group’s
website.
EMPLOYEES, MANAGEMENT AND THE
BOARD OF DIRECTORS
At the end of 2024, Duett Software Group had
172 employees (168 FTE), whereof 28% were
women. Duett AS had 133 employees (130 FTE),
represented by 97 men and 36 women, SkyHost
ApS had 19 employees (18 FTE), represented by
12 men and 7 women, and Traede ApS had 17
FTE, 11 men and 6 women. The remaining Group
subsidiaries had no employees.
Duett Software Group AS has worked
continuously through 2024 to ensure a common
corporate culture across the Group. The company
has adopted a policy of equal treatment of
employees and promotes a positive working
environment, seeing this as key to remaining an
attractive employer. No accidents or injuries were
registered in 2024. The absence rate for 2024
was 4.6% in Duett AS and 2.2% for Skyhost ApS.
Absence data for Traede Aps will be tracked from
2025 onwards.
To ensure that our employees reach their full
potential, we encourage personal development
and learning by providing continuous training and
education.
EQUALITY REPORT
At Duett Software Group, we work actively,
purposefully and systematically to promote
equality and prevent discrimination based on
gender, pregnancy, maternity or adoption leave,
care tasks, ethnicity, religion, life stance, disability,
sexual orientation, gender identity, gender
expression, or combinations of these equality
grounds. The topic of gender equality and anti-
discrimination work is an area of priority for the
working environment committee in the Group.
8
Our gender equality work includes recruitment,
pay and working conditions, promotions,
development opportunities, facilitation and the
opportunity to combine work and family life. In
connection with the recruitment of employees,
candidates are selected based on the
qualification principle, and all announcements are
free of discriminatory variables.
The Group’s CEO and CHRO review all company
policies in the various personnel policy areas.
EQUALITY ANALYSES
To ensure our efforts to promote equality and
prevent discrimination, analyses are carried out at
least four times per annum. This is conducted in
connection with year-end activities, annual salary
adjustments and periodic reporting to our main
owners. Four employee surveys are conducted
per annum.
WHISTLEBLOWER
The Group’s employees have readily access to
anonymous whistleblowing via our HR system,
which complies with legal requirements.
Employees also have readily access to
information on how to conduct whistleblowing
from an external source.
GENDER BALANCE
Gender balance is a challenge in the technology
sector in which the Group operates. The overall
gender balance in the Group was 28% women
and 72% men. We also observe a similar skewed
trend in our management teams, where 24% of
managers are women. Although we strive to
create a sound gender balance, we experience
that few qualified female candidates apply to
open positions within our core operations. Please
refer to the figures below for an overview of the
gender balance by department and business
units.
BASE SALARY GENDER GAP
9
SALARY BALANCE
The Group’s policy on salaries takes into account
the following aspects:
1. The Company's financial situation
2. Competition in the recruitment market
3. The qualifications of the individual
candidate/employee
4. The employee's performance
5. Employee feedback
To be able to carry out an objective analysis of
the gender balance in terms of pay, the positions
are classified based on four IC-levels (Individual
Contributors). The IC-levels are based on
functional areas in the Company and their
expertise-composition. The chart below shows
the gender's average salary in percentage relation
to the average salary for the IC-area. The red line
shows the average salary between the sexes. The
analysis shows that there is a relatively small gap
between the sexes and that women generally
have higher wages than the average between the
sexes. IC-4 is the only area where men have
higher average earnings than the average
between the sexes.
The overall gap for the Company shows that men
are ~3% above women. The main explanation for
this lies in an uneven gender distribution between
the departments, whereby the most male-
dominated positions are characterized by
technical positions where it is challenging to
recruit women. 100% corresponds to the average
salary regardless of gender. The Executive
Management Team is excluded from the analysis
due the limited sample group.
0,13 %
-2,10 %
0,11 %
1,81 %
2,19 %
-
0,46 %
1,83 %
-
0,58 %
-2,33 %
-3,38 %
Male Female
IC 1
IC 2
IC 3
IC 4
Duett Software
Group
The graph shows the gender balance based on base salary across four IC-levels (Individual Contributors)
10
2024 FINANCIAL REVIEW
GOING-CONCERN ASSUMPTIONS
The Board of Directors considers that the Group
entities and Company have adequate resources to
continue operating for the foreseeable future.
Therefore, adopting the going concern basis,
following §3-3a of the Norwegian Accounting Act, in
preparing the consolidated and company financial
statements is considered appropriate.
FINANCIAL RESULTS
Duett Software Group AS is the corporate level
company for the Group and is owned by Duo
Holdings AS. Duo Holdings AS has presented
consolidated accounts in accordance with
Norwegian GAAP. Duett Software Group presents
consolidated accounts in accordance with
International Financial Reporting Standards in its
annual report. Figures in brackets on the
subsequent pages pertain to the previous year.
REVENUE
Total revenues for 2024 increased by 13% to NOK
369 million (NOK 327 million).
OPERATING EXPENSES
The total operating expenses amounted to NOK
355 million (NOK 336 million). The salary and
personnel expenses for 2024 were NOK 121 million
(NOK 112 million) which is up 8% compared to
2023. Measured as a percentage of total revenues
for the whole Group, salary and personnel expenses
are stable at 34% in 2023 and 33% in 2024.
Depreciation and amortization decreased from NOK
69 million in 2023 to NOK 68 million in 2024. Other
operating expenses increased fr om NOK 57 million
in 2023 to NOK 60 million in 2024.
NET FINANCE
Net finance for 2024 was negative NOK 54 million
(NOK 48 million). Net finance for both years was
primarily interest expenses.
PROFIT AND LOSS AND INCOME TAXES
Loss before tax was NOK 39.0 million in 2024
compared to a loss before tax of NOK 58 million
in 2023.
Income tax was a net cost of NOK 2 million in 2024
compared to a tax benefit of NOK 4 million in 2023.
Loss after tax was NOK 41 million compared to
NOK 53 million in 2023.
CASH FLOW
The Group had a positive cash flow from operating
activities of NOK 77 million in the period between
January and December 2024 compared to NOK 71
million in 2023. Net cash generated from operating
activities was NOK 22 million after paid interest and
income taxes. Net cash flow from investing
activities was NOK -56 million (NOK -29 million) due
to further investments in product development.
The Group capitalized a total of NOK 55 million of
employee expenses and consultancy related to
product development in 2024, compared to NOK 17
million in 2023. Net cash flow from financing
activities in 2024 was NOK 71 million
( NOK -12 million) due to funds received related to
the acquisition of Traede ApS. Total cash and cash
equivalents available at the end of 2024 were NOK
74 million (NOK 39 million).
FINANCIAL POSITION
At the end of December 2024, the Group’s total
assets amounted to NOK 1 080 million (NOK 874
million). Non-current assets amounted to NOK 963
million (NOK 795 million). Current assets
amounted to a total value of NOK 117 million
(NOK 79 million) of which NOK 74 million
(NOK 39 million) is cash and cash equivalents.
Accounts receivable amounted to
NOK 22 million (NOK 21 million).
At the end of December 2024, the Group’s non-
current liabilities amounted to NOK 624 million
(NOK 565 million) whereof the bond obligation
represents NOK 496 million. The remainder
consists of obligations towards the former
shareholders of Traede ApS, deferred tax liabilities
of NOK 70 million and the long-term portion of
leasing obligations of NOK 15 million
(NOK 11 million). Lease obligations were calculated
in accordance with IFRS 16.
11
Current liabilities at the end of 2024 were NOK 118
million (NOK 96 million). Accounts payable
amounted to NOK 17 million (NOK 25 million).
Leases amounted to NOK 9 million (NOK 9 million).
Prepaid revenue amounted to NOK 17 million
(NOK 14 million). Other current liabilities at the end
of 2024 were NOK 54 million (NOK 34 million).
EQUITY
Total equity amounted to NOK 339 million
(NOK 213 million). The equity ratio is 31% (24%).
See consolidated statement of changes in equity
for details.
HOLDING COMPANY
The financial statements for the holding company
are prepared in accordance with Norwegian GAAP,
and show an operating revenue of NOK 44 million
(NOK 16 million), which for both years consists
mainly of Group contributions from subsidiaries.
The operating profit for the year was NOK 36 million
(NOK 11 million). Net financial items were negative
with NOK 49 million (NOK 45 million), while the
profit before tax was NOK -14 million
(NOK -34 million) and profit after tax was NOK -19
million (NOK -35 million).
DIVIDEND
The company is in an expansion phase where
investments in products and services are a priority,
and the Board therefore proposes that no dividends
be paid for 2024.
RISKS
The Group’s regular business activities entail
exposure to various types of risk. The Group
manages such risks proactively, and the Board of
Directors regularly analyses its operations, and
potential risk factors and takes steps to manage
and reduce risk exposure. The Group has quality
systems implemented in line with the requirements
that apply to the business.
The Board of Directors receives regular reports on
financial results from the Group. The Board
considers that risk management and internal
control of the Group are adequate in terms of the
size and nature of the business. A Board meeting
where the external auditor is present is held
annually, typically once the annual reporting is
complete.
RESEARCH AND DEVELOPMENT
The Group continuously develops its software and
solutions with functionality adapted to our
customers’ needs across our different industries.
The Group’s main industries are agriculture, retail,
real estate, and construction.
Continuous development is a driver to ensure future
competitiveness. The carrying value of software
developed internally was NOK 61 million at the end
of 2024 (NOK 42 million in 2023), which is the book
value of internally- developed software in Duett,
Skyhost and Traede.
OUTLOOK
The Group’s outlook reflects its current view of the
combined business in the environment in which it
operates. The outlook is subject to risk and
uncertainty.
The Group’s strategy is to continue to grow
organically through a range of initiatives directed
towards higher customer uptake of our products
and services as they are developed and released, as
well as expand cross-selling within the geographic
presence of our Group subsidiaries. Further, we will
continue to opportunistically pursue relevant targets
for mergers and acquisitions to strengthen our
geographic and vertical presence and expand our
offerings.
We will continue to focus on developing innovative
solutions that will modernize the way the
accounting industry performs its services. We will
also, through both proprietary solutions and
partnerships, further develop the range of services
that accountants may offer their customers across
all industries.
12
13
RESEARCH AND
DEVELOPMENT
We are increasing the number of
employees in the development
department to continue to improve the
Company’s products and enhance
functionality
REVENUE
NOK 369.2
MILLIONS
have increased to 369.2 in
2024 vs 327.0 in 2023
Oslo, April 10, 2025
Adam David Malinowsky
Chairman of the board
Rachel Lee Spasser
Board member
Maurice André Hernandez
Board member
Erik Carson Harrell
CEO
14
We confirm that, to the best of our knowledge, the financial statements for the period from 1
January to 31 December 2024 have been prepared in accordance with applicable standards
and give a true and fair view of the Group’s assets, liabilities, financial position and results of
operations. We confirm that the Board of Directors report provides a true and fair view of the
development and performance of the business and the position of the group, together with a
description of the key risks and uncertainty factors that they are facing.
Declaration by the Board
of Directors
Oslo, April 10, 2025
The Board of Directors of Duett Software Group AS
Adam David Malinowsky
Chairman of the board
Rachel Lee Spasser
Board member
Maurice André Hernandez
Board member
Erik Carson Harrell
CEO
Consolidated statement of profitt
and loss and other comprehensive income Note 2024 2023
Amounts in NOK
Revenue 5, 20 369 236 031 327 045 485
Materials, software and licenses 13 105 810 486 98 768 466
Gross profit 263 425 545 228 277 019
Salary and personnel expenses 6 120 982 474 112 123 781
Other operating expenses 7, 8, 22 60 210 085 56 819 631
Total operating expenses 181 192 558 168 943 412
EBITDA 82 232 987 59 333 607
Depreciation and amortization 8, 11,12 67 624 428 68 652 172
Operating profit 14 608 559 -9 318 565
Finance income 9 1 754 988 2 219 033
Finance costs 9 55 353 558 50 454 563
Net finance costs -53 598 570 -48 235 530
Profit/loss(-) before tax -38 990 011 -57 554 095
Income tax expense 10 1 464 704 -4 329 507
Profit/loss(-) after tax -40 454 715 -53 224 588
Attributable to
Equity holders of the parent company -40 454 715 -53 224 588
Other comprehensive income
Profit/(loss) after tax -40 454 715 -53 224 588
Items that may be reclassified to profit and loss
Foreign currency translation differences - foreign operations 6 403 092 11 623 174
Other comprehensive income for the period, net of tax 6 403 092 11 623 174
Total comprehensive income for the period -34 051 623 -41 601 413
Attributable to:
Owners of the Company -34 051 623 -41 601 413
15
Profit and loss
Consolidated statement of financial position Notes 31 December 31 December 31 December
2024 2023 2022
Amounts in NOK
ASSETS
Non-current assets
Property, plant and equipment 11 13 704 844 15 663 708 16 059 616
Intangible assets 12 388 573 420 324 532 255 346 648 079
Goodwill 12 536 543 936 435 621 303 429 461 301
Right-of- use assets 8 23 408 461 19 459 311 23 879 318
Other non-current assets 24 951 150 0 2 501
Total non-current assets 963 181 810 795 276 578 816 050 815
Current assets
Inventories 1 207 068 1 477 132 1 482 607
Trade receivable 15, 20, 24 22 141 142 20 531 741 14 460 781
Other receivables and prepayments 16, 24 19 447 783 17 737 384 8 635 781
Cash and equivalents 14, 24 74 304 279 39 018 911 58 844 134
Total current assets 117 100 271 78 765 168 83 423 303
TOTAL ASSETS 1 080 282 082 874 041 745 899 474 119
16
Financial position
Consolidated statement of financial position Notes 31 December 31 December 31 December
2024 2023 2022
EQUITY AND LIABILITIES
Equity
Share capital 19 3 563 064 3 493 200 3 493 200
Share premium 546 812 736 368 770 887 368 770 887
Total paid in capital 550 375 800 372 264 087 372 264 087
Retained earnings
Other equity and currency exchange differences -211 842 525 -159 194 060 -117 592 647
Total other equity -211 842 525 -159 194 060 -117 592 647
Total equity 338 533 275 213 070 027 254 671 440
Liabilities
Bond loan 17 496 350 266 493 722 702 490 998 806
Non-current lease liabilities 8, 24 14 691 171 11 404 183 15 461 501
Other non-current financial liabilities 20, 24 10 176 196 0 0
Provisions 22, 25 33 179 665 0 0
Deferred tax liabilities 10 69 568 297 59 486 996 66 369 115
Total non-current liabilities 623 965 595 564 613 881 572 829 422
Credit facility 14 0 0 0
Account payable 20, 24 17 041 643 25 086 552 11 763 137
Current lease liabilities 8, 24 9 100 915 8 929 805 10 460 740
VAT and other public taxes 15 229 525 13 106 410 10 532 271
Current tax payable 10. 21, 24 5 020 580 945 700 4 581 237
Deferred income 5 17 239 748 14 313 443 11 709 220
Other current liabilities 18, 20, 24, 25 54 150 801 33 975 929 22 926 653
Total current liabilities 117 783 211 96 357 838 71 973 257
TOTAL EQUITY AND LIABILITIES 1 080 282 982 874 041 745 899 474 119
17
Oslo, April 10, 2025
Adam David Malinowsky
Chairman of the board
Rachel Lee Spasser
Board member
Maurice André Hernandez
Board member
Erik Carson Harrell
CEO
Consolidated statement of cashﬂow
Note 2024 2023
Amounts in NOK
Profit/loss(-) for the period -40 454 715 -53 224 588
Adjustments for:
Depreciation and amortization 67 624 428 68 348 250
Net finance costs 52 285 571 48 235 531
Tax expense 1 464 704 -4 329 507
Changes in:
Inventory 331 891 104 469
Trade and other receivables 1 116 630 -7 214 877
Prepayments 2 187 500 1 870 308
Trade and other payables -8 306 472 13 748 963
Other net working capital 1 193 707 3 324 688
Cash generated from operating activities 77 443 244 70 863 238
Interest paid -51 841 477 -46 274 578
Income taxes paid -4 058 344 -4 581 237
Net cash generated from operating activities 21 543 422 20 007 423
Cash ﬂows from investing activities
Proceeds from sale of property, pland and equipment 0
Acquisition of subsidiaries, net of cash acquired 22 37 994 0
Development expenditure 12 -54 535 233 -16 783 849
Acquisition of property, pland and equipment 22 -1 640 596 -2 323 369
Purchase of intangible assets 22 0 -10 075 816
Net cash used in investing activities -56 137 834 -29 183 034
Cash ﬂows from financing activities
Proceeds from issuing of share capital 19 15 500 002 0
Funds received
related to business acquisition 17,22 66 569 776 0
Payment of lease liabilities 8 -11 491 213 -12 112 918
Net cash financing activities 70 578 565 -12 112 918
Net change in cash and cash equivalents 35 984 153 -21 288 529
Cash and cash equivalents at the beginning of period 39 018 911 58 844 134
Effects of movements in exchange rates on cash held -698 786 1 463 277
Cash and cash equivalents at end of period 74 304 279 39 018 911
whereof restricted cash 5 445 798 8 645 951
18
Cashflow
19
Equity
Consolidated statement of changes in equity
Amounts in NOK
Note Share capital Other paid Exchange Other equity Total Equity
in capital differences
Opening balance on January 1 2023 3 493 200 368 770 887 8 480 165 -126 072 812 254 671 440
New equity 0 0 0 0 0
OCI for the period 0 0 11 623 174 -53 224 588 -41 601 413
Closing balance on December 31 2023 3 493 200 368 770 887 20 103 339 -179 297 399 213 070 027
New equity 69 864 178 041 849 178 111 713
Total comprehensive income for the period 6 403 092 -40 454 715 -34 051 623
Fair value adjustment related to acquisition -18 596 843 -18 596 843
Closing balance on December 31 2024 3 563 064 546 812 736 26 506 431 -238 348 957 338 533 275
20
NOTE 1
Corporate information
The Parent Company Duett Software Group AS with
Norwegian business organization number 923 311 459,
is a corporation domiciled in Norway with its head office
in Oslo, Norway. The consolidated financial statements
include the company and its subsidiaries (together
referred to as the “Group”). The Board of Directors
adopted the consolidated financial statements on 27
March 2025, to be approved by the general meeting.
Duett Software Group AS is the owner of
Norway
• Duett AS
• Taskline AS
Denmark
• DSG Denmark ApS with its subsidiary Traede ApS
• Skyhost ApS
Poland
• Duett Software sp.zo.o
Duett Software Group AS is owned by Duo Holdings AS.
Duo Holdings AS is owned by Accel-KKR together with
management and employees of Duett, Traede and
Skyhost.
The consolidated financial statements have been
prepared on a going concern basis.
21
NOTE 2
Summary of significant
Accounting Principles
2.1 BASIS FOR PREPARATION
The consolidated financial statement for Duett Software
Group AS have been prepared in accordance with
International Financial Reporting Standards and relevant
interpretations as adopted by the EU (“IFRS”), relevant
interpretations, and the Norwegian Accounting Act. The
consolidated financial statements are based on the IFRS
mandatory accounting standards effective 31 December
2024.
These consolidated financial statements are presented
in NOK, which is the Company’s functional currency.
All amounts have been rounded and consequently, the
sum of individual figures can deviate from the presented
total figure.
The Group has prepared the financial statements on the
basis that it will continue to operate as a going concern.
2.2 BASIS OF CONSOLIDATION
The consolidated financial statements comprise the
financial statements of the Parent Company and its
subsidiaries. Control is established when the Group is
exposed to, or has rights to, variable returns from its
involvement with the entity and can affect those returns
through its power over the entity.
Business combinations are accounted for by using the
acquisition method. Consolidation of a subsidiary begins
when the Group obtains control over the subsidiary and
ceases when the Group loses control of the subsidiary.
There is a presumption that if the Group has the majority
of the voting rights in an entity, the entity is considered
as a subsidiary. To support this presumption and when
the Group has less than a majority of the voting or
similar rights of an investee, the Group considers all
relevant facts and circumstances in assessing whether it
has power over the entity.
Intercompany transactions, balances and unrealized
gains on transactions between group companies are
eliminated. Unrealized losses are also eliminated unless
the transaction provides evidence of an impairment of
the transferred asset.
If the Group loses control over a subsidiary, it
derecognizes the related assets (including goodwill),
liabilities, non-controlling interest and other components
of equity, while any resultant gain or loss is recognized in
profit or loss. A change in the ownership interest of a
subsidiary, without a loss of control, is accounted for as
an equity transaction.
2.3 BUSINESS COMBINATIONS
AND GOODWILL
Business combinations are accounted for using the
acquisition accounting method. Acquisition-related costs
incurred are expensed and included in operating
expenses.
In the purchase price allocations (PPA), the assets and
liabilities of the companies have been measured at the
estimated fair value on the acquisition date. The
purchase price allocation identified fair value
adjustments on intangible assets like customer relations
and software and deferred tax liabilities/assets. The
residual value of the purchase price allocation is
allocated to goodwill.
Any contingent consideration to be transferred by the
acquirer will be recognized at fair value at the acquisition
date. Subsequent changes to the fair value of the
contingent consideration which is deemed to be an
asset, or liability will be recognized in the consolidated
statement of profit and loss as financial income or
expense. If the contingent consideration is classified as
equity, it will not be remeasured, and subsequent
settlement will be accounted for within equity.
If the business combination is achieved in stages, the fair
value of the Group’s previously held equity interest in the
acquired asset is remeasured to fair value at the
acquisition date through the consolidated statement of
profit and loss.
22
2.4 REVENUE FROM CONTRACTS WITH
CUSTOMERS
Revenue is measured based on the consideration to
which the Group expects to be entitled in a contract with
a customer. The Group recognizes revenue when it
transfers control of a good or service to a customer.
Intercompany sales are eliminated.
Consulting services
The Group provides implementation and integration
services under consulting contracts with customers.
These services are mostly determined to be separate
performance obligations. Most contracts have a variable
pricing structure where the Group agrees to implement
and integrate software for a fixed hourly rate agreed
upon in the contract. Revenue is recognized as the
service is delivered over time. Invoicing is done every
month. The payment term is 10 days.
Recurring revenues
Software as a service (SaaS)
Software is provided over time to an end customer from
a Data Center managed by The Group. The obligations in
the SaaS contract are to offer cloud-based access to the
software (owned by the Group), maintenance of the
utility of the software, including rights to updates and
future releases. The revenue is based on a subscription
fee per client plus a consumption fee based on the
number of transactions the different clients have. The
revenue is recognized in the period the clients have
access to and for transaction revenue in the period in
which the transaction takes place. The obligation of
performance is to remain ready to provide access to the
software (which is continuously maintained and
updated).
Unspecified support is a separate performance
obligation and is invoiced separately based on price per
hour. Invoicing is done every month with pre-invoicing of
the fixed price and post-invoicing of transactions. SaaS
contracts have a notice period of 3 months, with no
minimum purchase obligation. The payment term is 10
days.
Hosting services
Hosting services help customers host and operate their
IT environments from the cloud. Hosting services are
delivered to customers on framework contracts with a
duration of 1-5 years, where revenue is calculated based
on price per user with no minimum purchase obligation.
Additional work above the agreed level is considered
normal consulting services. The Group delivers an
integrated set of services as defined in the hosting
service agreement. The customer receives and
consumes the benefits from the hosting services as the
Group performs under the contract. The performance
obligation is therefore satisfied over time and revenue is
recognized straight-line. The contracts are pre-invoiced
quarterly. The payment term is 10 days.
Revenue from other services
The Group to a limited extent provides maintenance
services, support services and application management
services under separate contracts, for a fixed fee.
Revenue is recognized as the service is performed.
Invoicing is done every month. The payment term is 10
days.
Revenue from sale of hardware
Revenue recognition takes place at the time control is
transferred to the buyer, which is the time of delivery.
Deferred revenue
Deferred revenue is a consequence of pre-invoicing the
hosting services quarterly.
2.5 GOVERNMENT GRANTS
Government grants are recognized when there is
reasonable assurance that the grant will be received, and
all associated conditions will be complied with. When the
grant relates to an asset, it reduces the carrying amount
of the asset. When the grants are related to items in the
profit and loss statement, the grants are recognized
therein. The grant is then recognized in profit or loss over
the useful life of the depreciable asset by way of a
reduced depreciation charge.
2.6 EMPLOYEE BENEFITS
The Group meets the different local mandatory
occupational pension requirements.
The Group operates only defined contribution retirement
benefit plans for all qualifying employees. Defined
contribution retirement benefit plans are retirement plans
where the company’s payment obligations are limited to
the fixed contributions. The retirement benefits for the
individual employee are dependent on the contributions
paid to the retirement plan or an insurance company by
23
the employer, and the return of capital invested in the
retirement fund. Consequently, it is the employee that
holds the risk of return (that the return will be lower than
expected) and the risk of the investment (the risk that the
invested pension provision will not be sufficient to cover
expected retirement compensation in the future). The
obligations of the Company related to payments of
defined contribution retirement plans are expensed in the
statement of profit and loss as they are earned by the
employee for services conducted on behalf of the
employer during the period.
2.7 RESEARCH AND DEVELOPMENT COSTS
Expenditure on research and development costs that do
not meet the criteria for capitalization is expensed as
incurred. An intangible asset arising from development is
recognized only when it is probable that the expected
future economic benefits that are attributable to the
asset will flow to the entity, management has committed
itself to completing the asset, the technical feasibility of
completing the asset has been demonstrated and the
cost can be measured reliably. The software business in
the group is related to development and sale of access
to the software as a service. In Duett we work according
to flexible methods and all product development takes
place in iterations of 2 to 4 weeks, defined as a Sprint.
Development activities eligible for capitalization are
identified and coded as a specific N-Sprint. This
assessment is made by the Product Owner (PO) and in
consultation with the Chief Product Officer. Ongoing and
periodic efforts required to maintain the product are
classified as V-sprinters and represent activities that
cannot be capitalized. When tasks in a Sprint are defined,
the timekeeping system is updated with the current
Sprint code for the employees who will work with these
tasks and register hours according to this activity. After
the end of the Sprint and after the timekeeping has been
completed, the development manager checks the
registered hours for the relevant N-Sprint and this is
compiled and reported to the person responsible for
accounting and the Chief Financial Officer.
The cost of the internally generated self-developed
software comprises the cost of employee benefits and
consultancy arising from the generation of the asset.
The development is done according to the scrum
methodology, which means that there is continuous
development and launch.
The assets are amortized over their expected useful life
once the assets are available for use.
2.8 INCOME TAXES
Income taxes consist of current tax and deferred tax.
Current income tax assets and liabilities for the current
and prior periods are measured at the amount expected
to be recovered from or paid to the tax authorities. The
tax rates and tax laws used to calculate the sums are
those that are enacted or substantively enacted by the
end of the reporting period.
Deferred income tax assets and liability are recognized
using the liability method on temporary differences at the
statement of financial position date between the tax
bases of assets and liabilities and their carrying amounts
for financial reporting purposes. Deferred income tax is
recognized for all taxable temporary differences except
where the deferred income tax liability arises from the
initial recognition of goodwill.
A deferred tax asset is recognized to the extent that it is
probable that future taxable profit will be available for
which unused tax losses and unused tax credits can be
utilized. A deferred tax asset arising from unused tax
losses or tax credit is only recognized to the extent that
the entity has sufficient taxable temporary differences or
if there is other compelling evidence supporting the
utilization of the tax losses and tax credits, including the
impact of time restrictions by local tax authorities. The
carrying amount of a deferred tax asset is reviewed at
the end of each reporting period. Deferred income tax
assets and deferred income tax liabilities are offset when
a legally enforceable right exists to set off tax assets
against income tax liabilities and the deferred income
taxes relate to the same taxable entity or taxation
authority.
2.9 PROPERTY AND EQUIPMENT
Property and equipment are stated at historical cost, less
depreciation and impairment. Historical cost includes
expenditure that is directly attributable to the acquisition
of the items. Minor repairs and regular maintenance
costs are expensed in the period in which they occur. The
expected useful life and residual value, which are used in
the depreciation calculation of tangible assets, are
24
reviewed, and if necessary, adjusted annually. The
depreciation methods and periods used by the group are
disclosed in note 11.
2.10 INTANGIBLE ASSETS AND GOODWILL
2.10.1 Goodwill
Goodwill is measured at cost (residual) less
accumulated impairment losses.
A cash-generating unit to which goodwill has been
allocated is tested for impairment annually, and
whenever there is an indication that the unit may be
impaired, by comparing the carrying amount of the unit,
including the goodwill, with the recoverable amount of
the unit. If the carrying amount of the unit exceeds the
recoverable amount of the unit, an impairment loss is
recognized.
2.10.2 Customer relationships, trade name and
developed technology
Customer relationships, trade name and proprietary
technology acquired in a business combination are
recognized at fair value at the acquisition date. Assets
from internally developed technology are capitalized at
cost. Customer relationships, trade name and proprietary
technology have a finite useful life and are carried at cost
less accumulated amortization and impairment.
Amortization is calculated using the straight-line method
to allocate the acquisition cost over its useful life. The
estimated useful lives are disclosed in note 11.
2.10.3 Impairment
The Group determines at least annually whether any
indication of impairment exists. Where an indicator of
impairment exists, an estimate of the recoverable
amount is made, which is considered the higher of the
fair value, less costs to sell and value in use. Goodwill,
other intangible assets with indefinite useful lives and
intangible assets not yet ready for use are tested for
impairment annually, irrespective of whether there is any
indication of impairment.
2.11 FINANCIAL ASSETS AND LIABILITIES
The company has financial assets which primarily
consist of accounts receivable and other short term
receivables, accounts payable and bank deposits.
Financial assets are initially recognized at fair value,
except accounts receivables, then at amortized cost
using the effective interest method adjusted for
impairment.
2.11.1 Accounts receivables
Accounts receivables are initially measured at their
transaction price. The Group measures expected credit
losses based on historical information and specific
assessments of individual customers.
2.11.2 Accounts payables and other payables
Accounts payable and other payables are initially measured
at fair value and subsequently at amortized cost.
2.11.3 Cash and Cash equivalent
Cash and cash equivalents include cash deposits and on
hand and other short term highly liquid investments with
original maturities of three months or less.
2.11.4 Classifications
Non-current financial assets and non-current liabilities
consist of items expected to be settled more than twelve
months after the end of the reporting period. Current
financial assets and current financial liabilities consist of
amounts that are expected to be settled within twelve
months after the end of the reporting period.
2.12 RIGHT OF USE ASSETS AND LEASE
LIABILITIES
At the inception of a contract, the group assesses
whether the contract is, or contains, a lease. A contract
is, or contains, a lease if the contract conveys the right to
control the use of an identified asset for a period of time
in exchange for consideration.
At the lease commencement date, the Group recognizes
lease liability and corresponding right of use asset for all
lease agreements in which it is the lessee, except for low
value assets where the Group recognizes the lease
payments as other operating expenses in the statement
of profit or loss when they incur. The Group measures
the lease liability at the present value of the lease pay-
ments for the right to use the underlying asset during the
lease term that are not paid at the commencement date.
Lease payments are discounted with the Group's esti-
mated incremental borrowing rate as it cannot determine
the rate implicit in the lease. For existing lease agree-
ments there are no extension or termination options.
Consequently, the lease term represents the non-cancel-
lable period of the lease.
25
The lease liability is subsequently measured by increas-
ing the carrying amount to reflect interest on the lease
liability, reducing the carrying amount to reflect the lease
payments made and remeasuring the carrying amount to
reflect any reassessment. The Group presents its lease
liabilities as separate line items in the statement of
financial position. The Group measures the right of use
asset at cost, less any accumulated depreciation and
impairment losses, adjusted for any remeasurement of
lease liabilities.
2.13 SEGMENTS
The chief decision maker is currently evaluated to be the
Board of Directors (the Board) of the Company. The
Group has historically had only one segment and the
Board’s evaluation is that this has not changed. Results
from Duett AS, SkyHost ApS and Traede ApS are
reviewed on a monthly basis by the management group
and the Board as one segment, this applies also to
decisions about resources to be allocated to the
segment and assess its performance.
The Board may evaluate the internal reporting going
forward, and the segment reporting may be changed in a
later period.
NOTE 3
Financial risk
management objectives
and policies
Risks as currency risk, interest rate risk and other price
risk are all factors that could have a negative impact on
the ability of the Group to achieve its business objectives.
All economic activities are associated with risk. To
manage risk in a balanced way, it must first be identified
and assessed. The Group conducts risk management at
both a Group and company level, where risks are
evaluated in a systematic manner.
The following summary is by no means comprehensive
but offers an overview of all material financial risk
factors that are considered important for the Group’s
future development. Risks associated with changes in
economic conditions are managed through regular
checks on developments in each country.
26
CURRENCY RISK
Currency risk refers to the risk that the fair value of future
cash flows, cash and financial instruments may shift as
a result of changes in exchange rates. Transactions in
foreign currency in each entity are converted at the
exchange rate on the transaction date. Monetary items in
foreign currency are converted to NOK using the
exchange rate at the balance sheet date. Non-monetary
items measured at the historical rate expressed in a
foreign currency are converted into NOK using the
exchange rate on the transaction date.
The currency risk is limited in the Group as few balance
items are posted in foreign currency per 31.12.
CREDIT RISK
Credit risk is the risk that a counterparty will fail to meet
its obligations under a financial contract or customer
contract, leading to a financial loss. Maximum exposure
to credit risk equals the carrying value of financial assets
in the consolidated statement of financial position. On
average, each customer has minor sums outstanding
and the losses have historically been very low.
INTEREST RATE RISKS
Interest rate risk is related to the risk the Group is
exposed to from changes in the market’s interest rate.
The Group’s main interest rate risk is related to the
interest rate on the bond loan which amounted to NOK
500 million at 31 December 2024. The loan carries a
variable interest rate based on the NIBOR interbank rate
(3 months) plus 5%. Any annualized increase/ decrease
by 100 basis point would increase/decrease the Groups
interest expense by NOK 5 million. The Group
continuously assesses and monitors interest rate risk
and exposure.
LIQUIDITY RISK
Liquidity risk is the potential loss arising from the Group’s
inability to meet its contractual obligations when due.
The Group monitors its risk of a shortage of funds using
cash flow forecasts. The Group has historically
generated positive net cash flow from operating
activities.
NOTE 4
Critical accounting
estimates and
judgements in terms of
accounting policies
The preparation of the financial statements under IFRS
and the application of the adopted accounting policies
require that management make assessments, prepare
estimates and apply assumptions that affect the carrying
amounts of assets and liabilities, income and expenses.
The estimates and the associated assumptions are
based on experience and other factors that are assessed
as being justifiable based on the underlying conditions.
Actual figures may deviate from these estimates. The
estimates and associated prerequisites are reviewed
regularly. Changes in accounting estimates are
recognized in the period the estimates are revised if the
change only affects this period, or both in the period the
estimates change and in future periods if the changes
affect both the current and future periods.
IMPAIRMENT
In accordance with the stated accounting policy, the
group annually tests whether goodwill has suffered any
impairment or more frequently for goodwill and other
assets if impairment indicators are identified. The
recoverable amount of the assets and cash generating
units, including goodwill, has been determined based on
value in use calculations. These calculations require the
use of estimates. The value in use calculation is based
on a discounted cash flow model. The cash flows are
derived from the budgets for the next year and forecasts
for the following four years and do not include significant
investments that will enhance the performance of the
assets being tested. The recoverable amount is most
sensitive to the discount rate used for the discounted
cash flow model, as well as the expected future net cash
inflows (sensitive to estimates of sales and cost levels)
and the growth rate used for extrapolation purposes.
The annual impairment test of goodwill is performed at
operating segment level, as goodwill, profitability and
operational performance are being monitored at this
level. Currently, the Group’s evaluation is that it has only
27
one operating segment. The subsidiaries Duett AS,
Traede ApS and SkyHost ApS are initially regarded as
individual cash-generating units (CGU). However,
goodwill cannot be allocated on a non-arbitrary basis to
individual CGUs within the operating segment. This is
primarily because of the expected significant synergies
which formed part of the basis for the acquisition of
SkyHost ApS and Traede ApS. If goodwill could have
been allocated, or are subsequently reallocated to the
individual CGUs, this may affect the impairment tests of
goodwill.
Further details about goodwill and impairment reviews
are included in note 12 Intangible assets.
BUSINESS COMBINATIONS
According to IFRS 3, Business Combinations are accounted
for according to the acquisition method. As of the acquisi-
tion date, the acquirer shall recognize, separately from
goodwill, the identifiable assets aquired and the liabilities
assumed primarily initially measured at Fair Value. Identifi-
cation and measurement of intangible assets requires
judgement and use of assumptions and estimates. An
intangible asset is identifiable if it meets either the separ-
ability criterion or the contractual-legal criterion.
For the acquisition of Skyhost Aps in 2021 and of Duett AS
in 2019 the following intangible assets have been identified:
• Trade name
• The critical assumptions are the selected royalty rate
and the useful life.
• Developed technology
The critical assumptions are the selected royalty and the
useful life. The useful life is short due to major changes
in technology and the pace of development in software.
• Customer relationships
The critical assumptions are rate of customer retention,
useful live, revenue growth rate of existing customers
and increase in estimated operating margins.
For the acquisition of Traede ApS in October 2024 the
following intangible assets have been identified
Customer relationships
• The critical assumptions are rate of customer retention,
useful live, revenue growth rate of existing customers
and increase in estimated operating margins. The multi
period excess Earnings method which is a specific
application of the discounted cash flow method, was
applied to value the customer relationships.
• Developed technology
The capitalized development costs have been valued
using the replacement cost approach, i.e. based on the
cost required to re-create the software and bring it to its
existing condition
Part of the consideration for the acquisition of SkyHost ApS
in 2021 and Traede ApS in 2024 was settled by issuance of
shares in Duett Software Group AS.
Further details about business combinations are included in
note 22 Business combinations.
USEFUL LIVES OF ASSETS
Many factors are considered in determining the useful
life of assets, including:
• the expected usage of the asset by the entity
• typical product life cycles for the asset and public
information on estimates of useful lives of similar
assets that are used in a similar way.
• technical, technological, commercial or other types
of obsolescence.
• the stability of the industry in which the asset
operates and changes in the market demand for the
products or services output from the asset.
• expected actions by competitors or potential com-
petitors.
• the level of maintenance expenditure required to
obtain the expected future economic benefits from
the asset and the entity's ability and intention to
reach such a level.
• whether the useful life of the asset is dependent on
the useful life of other assets of the entity.
Estimates of useful lives affects depreciation and
amortization of property, equipment, right of use asset
and intangible assets. It also affects the carrying
amounts of these assets and the carrying amounts may
be impaired. Any changes in useful lives will affect
depreciation and amortization prospectively. Goodwill is
not amortized. The main recognized assets are intan-
gible assets that are partially internally developed but
primarily have been recognized through business
combinations.
See note 11 and 12 for useful lives for each group of
assets and note 8 for right of use assets.
Amounts in NOK Revenue 2024 2023 Norway 316 894 613 288 349 135 Denmark 52 341 418 38 696 350 T otal revenue 369 236 031 327 045 485 Recurring revenue Softwar e 259 490 014 209 380 248 Recurring revenue Hosting 89 868 128 90 021 416 Non-recurring rev enue 19 877 889 27 643 820 T otal revenue 369 236 031 327 045 485 SaaS 259 490 014 208 429 211 Other revenue 109 746 017 118 616 273 T otal revenue 369 236 031 327 045 485 Prepaid rev enue 2024 2023 Prepaid rev enue 17 239 747 14 313 443
28
NOTE 5
Revenue
The market for the Group's software and services is
related to Norway for the business of Duett and Denmark
for the business of Skyhost and Traede. Principles of
revenue recognition are stated in accounting principles
Note 2. The Group does not disclose the aggregate
amount of the transaction price allocated to the
performance obligations that are unsatisfied (or partially
unsatisfied) as of the end of the reporting period. This is
because there are no contracts exceeding one year with
minimum contractual obligations.
SEGMENT
There has not been any segment profit reporting as per
31 December 2024. This is consistent with the internal
reporting submitted to the chief operating decision
maker, defined as the Management Group.
DISAGGREGATION OF REVENUE
In the following table revenue is disaggregated by
country and primary service line. In presenting the
geographic information, revenue has been based on the
location of legal entities.
Prepaid revenue is related to prepayment for hosting
services at Duett AS, subscriptions at Traede ApS and
Skyhost ApS. Customers are pre-invoiced quarterly in the
month before the quarter starts. Revenue that is regis-
tered as pre-invoiced at Duett is recognized as revenue in
the next quarters. Subscription invocing at Traede and
Skyhost vary and can cover a period up to 3 to 9 months.
Amounts in NOK Speci fi cation of payroll expenses 2024 2023 Salary 146 771 822 100 677 574 Social security tax 13 759 659 11 304 464 Pension costs 9 911 156 7 716 789 Other personnel costs 5 075 070 3 352 394 Capitalized payroll expense -54 535 233 -17 127 104 T otal payroll expense 120 982 474 105 924 117
Full time equivalents 2024 2023 Male 121 94 Female 47 31 T otal 168 125 Percentage female emplo yees 28% 25%
Management remuneration 2024 Board Salary Bonus Bene fi ts Pension cost T otal remuneration in kind remuneration Management Erik Carson Harrell (CEO) 0 2 669 219 1 631 891 18 512 184 416 4 504 038 Members of the board Adam Malinowski 0 0 0 0 0 0 Maurice Hernandez 0 0 0 0 0 0 Rachel Spasser 0 0 0 0 0 0 T otal remuneration 0 2 669 219 1 631 891 18 512 184 416 4 504 038
Management remuneration 2023 Board Salary Bonus Bene fi ts Pension cost T otal remuneration in kind remuneration Management Erik Carson Harrell (CEO) 0 2 092 796 1 628 770 33 772 169 500 3 924 838 Bjørnar Håkensmoen (CEO) 0 192 043 0 20 478 14 698 227 219 Members of the board Adam Malinowski 0 0 0 0 0 0 Maurice Hernandez 0 0 0 0 0 0 Rachel Spasser 0 0 0 0 0 0 Bjørnar Håkensmoen (see above) 2 526 874 0 0 0 0 2 526 874 T otal remuneration 2 526 874 2 284 839 1 628 770 54 250 184 198 6 678 931
29
The CEO has a 6 months notice period and is entitled to a severance pay for 12 months in case of termination by the company. There are no
loans or collaterals or other benefits given to any employees.
In previous year the capitalized portion of subcontractors and consultants was included in other operating expenses with NOK 6.2 million
whereas in 2024 consultants have been included with NOK 25.4 million in capitalized expenses . Prior year information has been adjusted.
NOTE 6
Employees, Salaries and other Compensation
2024 2023 Amounts in NOK Costs related to implementation of new internal systems 6 920 048 10 587 055 Costs related to restructuring of the business 4 279 832 12 615 101 Software own use 8 173 013 3 662 946 External consultants, spesi fi cations below 6 236 153 18 328 145 Capitalized portion of external consultants 0 0 Other 34 601 039 11 626 384 T otal other operating expenses 60 210 085 56 819 631
Speci fi cation of audit fees 2024 Statutory Other assurance T ax services Other services T otal fee KPMG AS 1 908 104 0 0 792 091 2 700 195 2023 Statutory Other assurance T ax services Other services T otal fee KPMG AS 1 408 787 0 0 105 601 1 514 388
Amounts in NOK Premises/buildings Equipment and machinery T otal Right-of-use assets per 1 January 2023 12 183 159 11 696 159 23 879 318 Additions of right-of-use-assets 2 947 286 3 610 297 6 557 583 Depreciation in the period (3 264 260) (7 680 412) (10 944 672) Reclassi fi cations - Other / translation diff erences -32 918 - (32 918) Balance per 31 December 2023 11 833 267 7 626 044 19 459 311 Right-of-use assets per 1 January 2024 11 833 267 7 626 044 19 459 311 Addition of right-of-use assets 2 886 403 9 271 101 12 157 505 Depreciation in the period (2 555 253) (7 303 017) (9 858 270) Disposals Other / translation diff erences 1 649 915 0 1 649 915 Carrying amount of right-of-use assets, end of period 13 814 332 9 594 129 23 408 461 Lease liabilities per 1 January 2023 25 922 241 25 922 241 Payments (13 390 109) (13 390 109) Additions 6 557 583 6 557 583 Interests 1 277 191 1 277 191 Other / translation diff erences (32 918) (32 918) Balance per 31 December 2023 20 333 988 20 333 988 Lease liabilities per 1 January 2024 20 333 988 20 333 988 Payments (11 662 323) (11 662 323) Additions 12 060 831 12 060 831 Interests 1 313 467 1 313 467 Other / translation diff erences 1 746 122 1 746 122 Carrying amount of lease liabilities, end of period 23 792 086 23 792 086
In previous year the capitalized portion of subcontractors and consultants were included in other operating expenses with NOK 6.2 million
whereas in 2024 this type of consultants has been included in note 6. Prior year information has been updated.
The amounts in the tables for audit fees are the amounts expensed in 2024 and 2023. Amounts presented exclude VAT.
30
NOTE 7
Other operating expenses
NOTE 8
Right of use assets and lease liability
Undiscounted lease liabilities and maturity of cash out ﬂ ow 31 Dec 2024 31 Dec 2023 Current liabilities 10 672 066 9 784 631 < 1 year Non-current liabilities 1-2 years 8 734 023 4 938 257 2-3 years 4 385 504 3 306 983 3-4 years 1 853 423 2 530 276 4-5 years 1 166 956 1 037 917 > 5 years - 626 520 T otal undiscounted lease liabilities, end of period 26 811 972 22 224 584 Discount element 3 019 886 1 890 596 T otal discounted lease liabilities, end of period 23 792 086 20 333 988 Amounts r ecognized in the consolidated statement of pro fi t and loss 2024 2023 Depreciation 9 858 270 10 944 672 Interests 1 313 467 1 277 191 T otal 11 171 737 12 221 863 Amounts r ecognized in statement of cash ﬂ ows 2024 2023 Interests 1 313 467 1 277 191 Payments of principal 10 348 856 12 112 918 T otal lease payments 11 662 323 13 390 109 The expenses relating to leases with low v alue 2024 2023 Low value 39 360 49 104
Amounts in NOK Speci fi cation of fi nance income 2024 2023 Interest income 986 722 2 219 033 Other fi nance income 768 266 0 T otal fi nance income 1 754 988 2 219 033
Speci fi cation of fi nance costs 2024 2023 Paid interests 51 083 397 46 274 578 Other fi nance expenses 4 270 161 4 179 985 T otal fi nance costs 55 353 558 50 454 563
The leasing agreements for equipment and machinery are agreements to lease hardware to the data center and the rental period is from 3
to 5 years. Lease contracts for premises/buildings relate to the business premises in Elverum, Stjørdal, Trondheim, Oslo and Folldal. There
are no options to extend or purchase after the leasing period. There are no restrictions or covenants in the agreements.
The Group presents its lease liabilities as separate line items in the statement of financial position.
Net finance costs recognized in profit or loss 53 598 570 48 235 530
31
NOTE 9
Net finance costs
Amounts in NOK Amounts r ecognized in pro fi t and loss 2024 2023 Current tax expense 8 292 909 3 864 935 Changes in deferred tax es / deferred tax assets -6 828 206 -8 194 442 T otal tax expenses 1 464 703 -4 329 507 Amounts r ecognized in OCI 1 464 703 -4 329 507 Reconciliation of effective tax r ate 2024 2023 Pro fi t/loss(-) before tax -38 990 011 -57 554 096 Estimated tax expense with nominal tax rate, 22% of pro fi t befor e tax -8 577 802 -12 661 901 T ax effect of the following items: Unrecognised deferr ed tax assets related to interest deduction carried forward 8 205 483 8 694 429 22% of net permanent differences -128 626 -362 035 T otal tax expenses -500 945 -4 329 507 Effective tax r ate 1,28% 7,52% Current tax payable consisting of tax es of consolidated group companies 5 020 580 945 700
T emporary diff erences 2024 2023 Property, plant and equipment -7 294 835 -5 320 708 Intangible assets 329 396 399 270 691 650 T rade r eceivable -1 679 746 -250 000 Pensions 92 852 74 470 Bond 3 649 734 6 277 298 Right of use assets 23 528 256 19 459 311 Lease liabilities -23 914 345 -20 333 988 Interest deduction carried forward Other differences (tax losses carried forward) -7 558 784 -202 594 T ax increasing temporary diff erences 316 219 531 270 395 439 Deferred tax liability 69 568 297 59 486 996
Changes in deferred tax 2024 2023 Opening balance at 1 January 59 486 996 66 369 115 Recognised in current year's pro fi t -6 828 206 -8 194 442 Deferred tax on new subsidiaries 16 102 294 0 Exchange differ ences opening balance deferred tax 807 213 1 312 323 Balance at 31 December 69 568 297 59 486 996
Specifications of temporary differences on which deferred tax is recognised
The group account for current income tax assets and liabilities based on the expected recovery from, or payment to, tax authorities.
The applicable tax rates and laws are those in effect at the end of the reporting period. Additionally, we calculate deferred income tax using
the deferred tax method, considering temporary differences between tax bases and carrying amounts of assets and liabilities for financial
eporting purposes.
Our policy recognizes deferred income tax liabilities for taxable temporary differences, except when arising from goodwill recognition or non-
business combination transactions that do not impact accounting or taxable profit or loss. We also assess deferred tax assets, recognizing
them to the extent of probable future taxable profit availability or utilization of unused tax losses and credits.
The carrying amount of deferred tax assets is reviewed periodically, and unrecognized assets are reassessed at each reporting date. Finally,
we offset deferred income tax assets and liabilities only when legally enforceable rights exist to set off tax assets against income tax liabili-
ties within the same taxable entity or taxation authority. Income tax calculation
The Group’s tax expense is affected by several factors, where the most important are tax losses carried forward, currency effects and local
GAAP/IFRS-differences for calculation of taxable profit.
The Group’s tax is related to continuing operations only, as there are no discontinued operations. Deferred tax on new subsidiaries is related
to deferred tax in Traede ApS and DSG Denmark ApS. The group has at 31 December 2024 interest deduction carried forward of NOK 108
929 130, (2023 NOK 71 631 478) on which deferred tax assets have not been recognized due to uncertainty related to the time of deduction.
The deduction period is limited to 10 years.
32
NOTE 10
Income taxes
Amounts in NOK Property and equipment: 2024 Land and Equipment T otal buildings and machinery Cost Balance at 1 January 14 522 583 13 366 992 27 889 575 Additions through business combinations 273 685 1 591 562 1 865 247 Additions during the year 270 703 1 086 878 1 357 581 Sold - (377 065) (377 065) Acquisition cost per 31 December 15 066 971 15 668 367 30 735 338
Accumulated depreciation Opening balance 1 January 3 359 964 9 673 297 13 033 261 Loss on sales - 297 137 297 137 Depreciation during the year 937 891 2 762 204 3 700 095 T otal depreciation per 31 December 4 297 855 12 732 638 17 030 493 Balance at 31 December 10 769 116 2 935 729 13 704 845 Useful life (in years) 15-20 3-5 Depreciation schedule Str aight line Straight line
Property and equipment: 2023 Land and Equipment T otal buildings and machinery T otal Cost Balance at 1 January 14 522 583 10 723 238 25 245 821 Additions through business combinations - - - Additions during the year - 2 643 754 2 643 754 Acquisition cost per 31 December 14 522 583 13 366 992 27 889 575 Accumulated depreciation Opening balance 1 January 2 386 270 6 799 935 9 186 205 Depreciation during the year 774 934 2 264 728 3 039 662 T otal depreciation per 31 December 3 161 204 9 064 663 12 225 867 Balance at 31 December 11 361 379 4 302 329 15 663 708 Useful life (in years) 15-20 3-5 Depreciation schedule Str aight line Straight line
No impairment indicators have been identified for property, plant and equipment and therefore no full impairment test was identified and
performed in 2024 and 2023 for these specific balances.
No impairment indicators have been identified for property, plant and equipment and therefore no full impairment test has been performed in
2023 for these specific balances.
33
NOTE 11
Property, plant and equipment
2024 Tr ade name Aquired Internally Customer Goodwill T otal developed developed relations technology technology Cost Costs at 1 January 31 313 345 131 907 536 117 484 724 336 687 332 435 621 303 1 053 014 241 Additions during the year 34 044 217 20 491 016 54 535 233 Additions through business combinations 19 678 624 40 149 263 96 033 708 155 861 595 Disposals at cost Balance at 31 December 31 313 345 165 951 753 157 654 364 376 836 595 531 655 011 1 263 411 068
Depreciation Opening balance 1 January 4 815 365 118 441 308 75 865 488 93 738 522 292 860 683 Amortization during the year 1 352 326 5 193 263 21 254 609 26 265 864 54 066 063 T otal depreciation per 31 December 6 167 691 123 634 571 97 120 097 120 004 386 346 926 746 Effect of mov ements in exchange rates 154 336 100 181 3 489 591 4 888 925 8 633 033 Balance at 31 December 25 299 990 42 417 363 60 534 267 260 321 800 536 543 936 925 117 356 Useful life (in years) 10/30 3 3 13 0 Amortization schedule Straight line Straight line Straight line Straight line None
2023 Tr ade name Aquired Internally Customer Goodwill T otal developed developed relations technology technology Cost Costs at 1 January 31 087 354 119 856 948 102 029 173 331 848 247 429 461 301 1 014 283 023 Additions during the year 11 406 650 15 455 551 26 862 201 Additions through business combinations Disposals at cost Balance at 31 December 31 087 354 131 263 598 117 484 724 331 848 247 429 461 301 1 041 145 224
Depreciation Opening balance 1 January 3 477 726 110 212 865 55 816 031 68 669 557 238 176 179 Amortization during the year 1 337 638 8 228 443 20 049 457 25 068 965 54 684 504 T otal depreciation per 31 December 4 815 365 118 441 308 75 865 488 93 738 522 292 860 683 Effect of mov ements in exchange rates 225 991 643 938 4 839 085 6 160 002 11 869 017 Balance at 31 December 26 497 980 13 466 228 41 619 236 242 948 810 435 621 303 760 153 558 Useful life (in years) 10/30 3 3 13 0 Amortization schedule Straight line Straight line Straight line Straight line None
Useful life is for technology calculated to 3 years due to the generally rapid rate of technology development. Internally-developed technology
is related to booked amounts in the company accounts.
Amounts in NOK
3434
NOTE 12
Intangible assets and goodwill
I D evelopment cost vs activation 2024 2023 Research and development costs 77 661 008 65 267 802 Capitalized costs 54 535 233 16 783 849 Capitalized percentage 70.2 % 25.7 %
Research and development expenses are the total of
personell related expenses, consultancy expenses and
other expenses related to research and development.
The Group reports these figures in its internal reporting.
The Group has applied for SkatteFunn in 2024 as in prior
years and deducted NOK 0.8 million from the carrying
amount of internally developed technology.
IMPAIRMENT TESTING
Goodwill and intangible assets in the consolidated
financial position are mainly derived from excess value
following the acquisitions of Duett AS in 2019 and
Skyhost Aps in 2021. October 9, 2024 the Group acquired
Traede ApS and recognized goodwill increased to NOK
536.5 million as of December 31, 2024. Goodwill is
tested for impairment prior to preparation of the annual
accounts. The test is performed annually and when there
are indications of impairment. There were no impairment
indications during 2024.
The recoverable amount has been determined estimat-
ing their value in use and compared to the carrying
amounts.The calculation has been based on manage-
ment's best estimate. The discount rates are derived as
the cost of capital for a similar business in the same
business environment.
The annual impairment test of goodwill is performed at
operating segment level, as goodwill, profitability and
operational performance are being monitored at this
level. Currently, the Group’s assessment is that it has only
one operating segment. The subsidiaries Duett AS,
SkyHost ApS and Traede ApS are initially regarded as
individual cash-generating units (CGU). However, good-
will cannot be allocated on a non-arbitrary basis to
individual CGUs within the operating segment. This is
primarily because of the expected significant synergies
that formed part of the basis for the acquisition. If
goodwill could have been allocated, or is subsequently
reallocated to the individual CGUs, this may affect the
impairment tests of goodwill. There were no impairment
indications during 2024 for neither goodwill or intangible
assets.
CASH FLOW PROJECTIONS AND ASSUMPTIONS
The budget for 2025 and a forecast for the following four
years plus a terminal value was used to determine net
present value. Discounted cash flows were calculated
after tax, using required rate of return consisting of risk-
free rate + market risk premium * Beta. Risk associated
with cash flows is taken into account in the calculation.
Estimated cash flows covering the period 2025-2029
consists of assumptions for 2025 and beyond, see below
for details. The cash flow projections have been extrapo-
lated based on expected growth rates based on historical
experiences and future expectations.
KEY ASSUMPTIONS FOR THE VALUE IN USE
CALCULATIONS
Risk free interest rate 3.6%
Risk premium 6.0%
Equity Beta 1
Tax rate 22.0%
Terminal value growth 2%
FORECAST ASSUMPTIONS
The cashflow projections are based on the following key
assumptions:
• Discount rate: based on government bond 10y
• Risk premium: 6% based on PwC market risk premium
report
• Beta: 1.0
Required rate of return: risk-free rate + market risk
premium * beta value.
• Terminal Growth Rate: 2% (Based on PwC report)
• Average rule of 40 in forecast period: 34%
Average revenue growth in forecast period: 10.1%
We do not see that there is a reasonably possible change
in a key assumption on which management has based
its determination of the group's recoverable amount,
which would lead to the group's book value exceeding
the recoverable amount.
3535
Amounts in NOK 2024 2023 Software and licenses 96 037 090 92 903 476 Hardware for sale 8 495 584 5 812 384 Other costs 1 277 812 52 606 T otal cost of materials, software and licenses 105 810 486 98 768 466
Amounts in NOK 31 December 2024 31 December 2023 Bank balances 74 304 279 39 018 911 T otal cash and cash equivalents 74 304 279 39 018 911 whereof restricted cash 5 445 798 8 645 951 Credit facility 0 0 Limit credit facility 35 000 000 35 000 000 T otal available liquidity 109 304 279 74 018 911
Amounts in NOK 31 December 2024 31 December 2023 Accounts receivables 23 835 264 21 550 723 Provision for bad debt 1 694 122 1 018 982 T otal accounts receivables 22 141 142 20 531 741 T rade receiv ables - ageing 31 December 2024 31 December 2023 Not due 14 918 365 15 456 807 1–30 days past due 4 596 003 3 866 068 31–60 days past due 1 553 912 739 931 61–90 days past due 2 599 351 609 361 More than 90 days past due 167 633 878 557 T otal trade receivables 23 835 264 21 550 723 T rade receiv ables denominated in currency 31 December 2024 31 December 2023 NOK 14 678 668 12 526 970 DKK 7 780 498 9 023 753 PLN 1 376 098 0 T otal trade receivables 23 835 264 21 550 723
The group has a credit facility of NOK 35 million.
Liquidity risk, see also note 21
Liquidity risk is the potential loss of the Group’s inability to meet its contractual obligations when due. The Group monitors its risk of
a shortage of funds using cash ﬂow forecasts. The Group had cash and cash equivalents of NOK 74.3 million on 31 December 2024
(2023 NOK 39.0 million). The Group closely monitors and follow up the cash situation.
Information about the Group's exposure to credit and market risks, and impairment losses for trade receivables is included in note 3.
Accounts receivables are initially recognized at fair value. Account receivables are non-interest bearing. Provision for expected credit
losses is included with NOK 1.6 million. The provision is based on a valuation per subsidiary at year end based on indivdual evaluation
of outstanding amounts.
36
NOTE 13
Cost of materials, software and licenses
NOTE 14
Cash and cash equivalents
NOTE 15
Trade receivables
Amounts in NOK Non-current Current 31 December 2024 31 December 2023 31 December 2024 31 December 2023 Prepaid expenses 0 0 16 417 165 14 818 331 Other receivables 0 0 3 030 618 2 919 053 T otal other receivables and prepayments 0 0 19 447 783 17 737 384
Amounts in NOK Non-current Current Interest-bearing liabilities 31 December 2024 31 December 2023 31 December 2024 31 December 2023 Credit facility 0 0 0 0 Loans from credit institutions 0 0 0 0 Bond 496 350 266 493 722 702 0 0 T otal loans 496 350 266 493 722 702 0 0
Interest bearing liabilities Currency NOK Currency NOK speci fi ed per currency amount amount amount amount 496 350 266 493 722 702 T otal loans 496 350 266 493 722 702 0 0
Debt Type Currency Facility limit Interest rate Y ear of maturity Bond holders Bond NOK 1 500 000 000 Nibor+ 5% 2026 Sparebank 1 Østlandet Revolving credit facility NOK 35 000 000 7%
In April 2021 the group refinanced the long-term
debt by issuing a bond with a nominal value of NOK
500 million. The difference between nominal value
and booked value is related to costs for establishing
the bond. There is no mandatory repayment of
nominal value before maturity date. The non-current
financing from Sparebank 1 Østlandet was repaid by
NOK 340 million as part of this process.
The Issuer has resolved to issue a series of Bonds
up to the Maximum Issue Amount of NOK 1,500
million . The Bonds may be issued on different issue
dates and the Initial Bond Issue was in the amount
of NOK 500 million. The Issuer may on one or more
occasions issue Additional Bonds until the Nominal
Amount of all Additional Bonds equal in aggregate
the Maximum Issue Amount less the Initial Bond
Issue. Each Tap Issue will be subject to identical
terms as the Bonds issued pursuant to the Initial
Bond Issue. It is a prerequisite that the conditions in
the incurrence test are met.
The bond is listed on the Oslo Stock Exchange and
as of 31.12.2024 has a market value per bond of
NOK 97.25 compared to the nominal value of NOK
100.
PAYMENT OF INTEREST
The interest cost for the bond is paid quarterly in the
first half of the first month in the quarter. Therefore,
there is accrued interest cost in the statement of
financial position.
VOLUNTARY EARLY REDEMPTION - CALL
OPTION
(a) The Issuer may redeem all or some of the
The current prepaid expenses are an accrual of costs related to normal business.
37
NOTE 16
Other receivables and prepayments
NOTE 17
Loans and borrowings
Amounts in NOK 2024 2023 Accrued wages and holiday pay 11 800 970 13 838 174 Accrued interest costs 10 270 192 10 714 286 Other accruals 32 079 638 9 423 469 T otal other current liabilities 54 150 801 33 975 929
Outstanding Bonds (the “Call Option”) on any Business
Day from and including:
(i) the Issue Date to, but excluding, the First Call Date
(24 months after the issue date) at a price equal to
the Make Whole Amount;
(ii) the First Call Date to, but excluding, the Interest
Payment Date in October 2023 at a price equal to
103.24 of the Nominal Amount (the “First Call
Price”) of the redeemed Bonds;
(iii) the Interest Payment Date in October 2023 to, but
excluding, the Interest Payment Date in April 2024
at a price equal to 102.70 percent of the Nominal
Amount of the redeemed Bonds;
(iv) the Interest Payment Date in April 2024 to, but
excluding, the Interest Payment Date in October
2024 at a price equal to 102.16 percent of the
Nominal Amount of the redeemed Bonds;
(v) the Interest Payment Date in October 2024 to, but
excluding, the Interest Payment Date in April 2025
at a price equal to 101.62 percent of the Nominal
Amount of the redeemed Bonds;
(vi) the Interest Payment Date in April 2025 to, but
excluding, the Interest Payment Date in October
2025 at a price equal to 101.08 percent of the
Nominal Amount of the redeemed Bonds;
(vii) the Interest Payment Date in October 2025 to, but
excluding, the Interest Payment Date in January
2026 at a price equal to 100.54 percent of the
Nominal Amount of the redeemed Bonds; and
(viii) the Interest Payment Date in January 2026 to, but
excluding, the Maturity Date at a price equal to
100.00 percent of the Nominal Amount of the
redeemed Bonds.
The call option is an embedded derivative, evaluated to
have a fair value that approximates zero.
FINANCIAL UNDERTAKINGS (COVENANTS)
There are no compliance covenants.
INCURRENCE TEST
The Incurrence Test is met if the Leverage Ratio
(Debt/EBITDA) is equal to or lower than:
(a) 5.50, from and including the Issue Date to,
but excluding, 12 April 2023;
(b) 5.00, from and including 12 April 2023 to,
but excluding, 12 April 2024; and
(c) 4.50, from and including 12 April 2024 to,
but excluding, the Maturity Date,
This test is carried out every quarter and for any exten-
sion of the bond. The incurrence test shows a value of
4.7 as of 31.12.2024. This test is only relevant for
extension of the bond and is not a compliance covenant
forthe existing bond.The test is based on consolidated
figures for Duett Software Group AS.
SECURITY AND GUARANTEES
As Security for the due and punctual fulfilment of the
Secured Obligations the following security is provided:
• all the shares in Duett Software Group AS
• all the shares owned by a Group Company
• trade receivables of each group Company
• any intercompany loan made to any Group Company
• any subordinated Loan, and
• guarantees from each group Company, which shall
constitute senior obligations of such Material Group
Company
38
NOTE 18
Other current liabilities
Share capital Number of shares Nominal price per share T otal nominal amount 31 December 2023 34 932 100 3 493 200 Capital increase 17 June 2024 101 34 932 Capital increase 9 October 2024 34 932 31 December 2024 34 932 102 3 563 064 The shareholders of Duett Software Gr oup AS Number of shares Company a ﬃ liation Ownership Duo Holdings AS 34 932 Holding company 100%
Credit risk Loss on receivables are r ecognized as displayed below: 2024 2023 Loss on trade receiv ables 174 932 161 713
In June 2024 the share capital of the Company increased by NOK 34 932 by increasing the nominal value of the Company's shares with
NOK 1 from NOK 100 to NOK 101. In connection with the share capital increase, a contribution of NOK 443.7192 per share, of which NOK 1
per share constitute share capital and NOK 442.7192 share premium. The total contribution amounts to NOK 15.5 million, of which NOK 34
932 will constitute share capital and NOK 15 465 068 share premium.
In connection with the acquistion of Traede ApS in October 2024, the Company's share capital increased by NOK 34 932 by increasing the
nominal value per share by NOK 1 from NOK 101 to NOK 102 per share divided into a total of 34 932 shares. The payment in connection
with the capital increase was NOK 4 656.59535 per share, resulting in total NOK 162 664 188.80 in new equity. NOK 34 923 is set aside for
share capital and remaining amount of NOK 162 629 265.80 as share premium.
All shares issued are fully paid and there are no restrictions related to the shares.
Related parties for Duett Software group are shareholders ( note 19 ), subsidiaries (note 1) and CEO and board members (note 6 ).
Intercompany balances and transactions between consolidated companies are eliminated in consolidated figures.
Duett Software Poland sp.zo.o has provided to Duett AS development services with respect to ongoing improvements of products and new
development of features in the application. Total services provided in 2024 were NOK 7.5 million. Outstanding balances as of end of 2024 are
NOK 2 million. Duett AS has provided consultant service to Skyhost ApS of NOK 2.5 million, outstanding balances are NOK 0.2 million.
Taskline AS has invoiced Duett AS for services NOK 0.3 million, outstanding balances as of end of 2024 are NOK 31 250.
Agreed transfer prices are based on a cost+ margin model.
Skyhost ApS has provided to the Company a loan of DKK 13 million based on 3 month NIBOR + margin. Outstanding amount as per
31.12.2024 is NOK 35.7 million.
Related to acquisition of Traede ApS, the Company has provided to its subsidiary DSG Denmark ApS a long term loan of DKK 61.6 million
based on 3 month NIBOR + margin in addition to an interest- free short term subordinated loan of DKK 15.4 million. Outstanding amounts as
per 31.12.2024 are NOK 100.0 million and 23.2 million.
In 2024 costs of NOK 0.5 million related to the issuance of new shares in Duo Holdings AS have been charged from Duett Software Group AS.
Accel KKR Consulting Group, a subsidiary of AKKR, has during 2024 provided advisory services related to strategy and management projects
of NOK 4.0 million.
In addition to the transactions mentioned above, see also remuneration as described in note 6.
Amounts in NOK
Amounts in NOK
39
NOTE 21
Risk management
NOTE 19
Capital
NOTE 20
Related parties
Amounts in NOK Maturity analysis for fi nancial liabilities less than 1 year 1-2 years 2-3 y ears 3-4 years 4-5 years Interest bond 48 150 000 16 050 000 Repayment bond 500 000 000 0 Lease liabilities 9 101 915 8 734 023 4 385 504 1 853 423 1 166 956 Accounts payable 17 041 643 V A T and other public taxes 15 229 525 T ax payable 5 020 580 Other current liabilities 54 150 801 T otal fi nancial liabilities 148 694 464 524 784 023 4 385 504 1 853 423 1 166 956
40
The loss above is the actual loss on trade receivables
and is not related to provision for loss.
FOREIGN CURRENCY RISK
The group has historically had their revenues in one
currency. After the aquisition of Skyhost in April 2021
and Traede ApS and Duett Software Sp.z.o.o in 2024 the
Group has also revenues in foreign curency, but Duett
and Skyhost have revenues from their domestic market
and in local currency. Skyhost has also provided an
intercompany loan to its parent company. Duett Soft-
ware in Poland was estblished in July 2024 and pro-
vides development services to other group entities
based on deliveries from domestic consultants. Invoic-
ing is done in PLN which contributes to a higher foreign
currency risk.
CREDIT RISK
Historically the credit loss has been very low for the
group. We do not consider the credit risk to be material
now or in the near future. See note 15 for more details
for accounts receivables.
INTEREST RATE RISK
The interest rate on the bond financing is NIBOR (3
month) plus 5%. The risk for the group is the variation in
NIBOR. The effect for the group will, with a change in
NIBOR of 1%, be NOK 5 million kroner on a yearly basis.
LIQUIDITY RISK
The group had an available liquidity of NOK 109 304 279
per January 1, 2025. We do not consider the liquidity risk
to be material now or in the near future. The nominal
value of the bond of NOK 500 million has a maturity date
in April 2026. There are no repayment prior to the
maturity date. The interest for the bond is paid quarterly.
See note 17 for more details about the bond.
The following table details the Group’s remaining
contractual maturity for its non-derivative financial
liabilities with agreed repayment
periods. The tables have been set up based on the
undiscounted cash flows of financial liabilities based on
the most likely first date on which the Group can be
required to pay. The table includes both interest and
principal cash flows. To the extent that interest flows are
a floating rate, the undiscounted amount is derived from
the interest rate curves at the end of the reporting
period. The contractual maturity is based on the earliest
date on which the Group may be required to pay.
The amounts presented are subject to change If
changes in variable interest rates differ to those esti-
mates of interest rates determined at
the end of the reporting period.
CAPITAL MANAGEMENT
The primary objective of the Group’s capital manage-
ment is to ensure the Group maintains a solid capital
structure enabling it to develop and build its business to
maximize shareholder value. The Group’s objective is to
maintain a balance of financial assets that reflects the
cash requirement of its operations and investments for
the next twelve months. The group defines a solid
capital structure as balanced ratio between debt and
equity. No change was made in the objectives, policies,
or process for managing capital during the year ended
31 December 2024.
Purchase consideration DKK NOK Base purchase price 66 464 685 105 059 375 Contingent consideration 20 979 000 33 179 665 Purchase price 87 443 685 138 239 040
Proforma fi gures of the gr oup Full y ear Consolidated Consolidated fi gures including period Tr aede A pS for the owner period Revenues 389 719 430 20 483 399 369 236 031 Pro fi t/ loss (-) before tax -37 988 218 1 001 793 -38 990 011
The full year figures present the revenue and profit including the acquired company from 1 January 2024, contrary to the consolidated
figures including Traede ApS from the acquisition date.
41
On April 16 2021 the Group acquired 100% of the issued
share capital of Skyhost ApS. Details are provided in
note 22 in the 2021 Financial statements.
On July 2024, the group established Duett Software
Poland sp.z.o.o with a share capital of 5 000 PLN. The
subsidary is providing development services for group
companies.
On September 22, 2024, DSG Denmark APS was estab-
lished. This holding company acquired 100% of the
shares of Traede ApS on October 9, 2024. The holding
company had no further activity in 2024.
Traede ApS is a provider of Enterprise Resource Plan-
ning solutions with primary focus on retail clients. The
company's business-to-business sales system enables
brands to connect with distributors and agents and sell
directly to retailers.
The acquisition has significantly increased the group’s
recurring revenue and complements the group’s existing
software portfolio.
Details of the purchase consideration, the assets
acquired and goodwill are specified below. The goodwill
is attributable to the synergies from combining busi-
nesses. It will not be deductible for tax purposes.
The purchase price consists of a base purchase price
and an additional consideration depending on the
development and revenues of the acquired business.
The Group has included DKK 21 million as contingent
consideration related to the additional consideration
which represents ist fair value.
Assets and liabilities are presented in DKK and NOK
based on a currency rate on the acquisition date of
NOK/ DKK 1.5993. Carrying value of equity in the
company was DKK 18.0 million. The values in the
balance sheet are fair values on the different items.
The valuation on which the capital increase is based, is
based on the fair value of the group before the capital
increase. Fair value is calculated with the same level of
multiple that is used as a basis for the purchase of
Traede ApS.
Acquisition related costs are NOK 6.4 million and are
included in other operating expenses.
Proforma numbers for the group are calculated based
on the reporting for the company for the period before
aquisition plus the consolidated figures.
The valuation of the transaction when purchasing
Traede is based on the market value in the form of
negotiation between independent parties. The exchange
ratio applied in the reinvestment is based on the group
being valued at the same multiple as the company that
was acquired.
NOTE 22
Business combinations
Assets DKK NOK Customer relationsships 25 400 000 40 149 263 Developed technology 12 307 909 19 678 624 Goodwill 60 754 694 96 033 708 T otal intangible assets 98 462 603 155 861 595 Rent deposits 242 067 387 138 Leasehold improvements 28 415 45 444 T otal tangible assets 270 482 432 582 T rade r eceivables 1 571 072 2 512 615 Prepayments 122 358 195 687 Cash and cash equivalents 1 012 308 1 618 984 T otal current assets 2 705 738 4 327 287 T otal assets 101 438 823 160 621 464 Equity 87 443 685 138 239 040 Long-term interest bearing debt 217 371 347 641 T rade pa yables 46 436 74 265 Other payables 44 256 70 779 Prepayments from cust omers 2 158 206 3 451 619 Deferred tax liabilities 10 091 925 16 140 015 V A T payables 1 093 885 1 749 451 Other current liablities 343 059 548 654 T otal equity and liabilities 101 438 823 160 621 464
Subsidiary Owning entity Ownership Y ear of acquisition/ foundation Head o ﬃ ce Duett Software Group AS Duo Holdings AS 100% 2019 Oslo Duett AS Duett Software Group AS 100% 2020 Oslo T askline AS Duett Software Group AS 100% 2023 Oslo Skyhost ApS Duett Software Group AS 100% 2021 Sabro Duett Software sp.zo.o Duett Software Group AS 100% 2024 Warsawa DSG Denmark ApS Duett Software Group AS 100% 2024 Copenhagen T raede ApS DSG Denmark ApS 100% 2024 Copenhagen
All listed entities are included in the consolidated financial statements of Duett Software Group AS.
Amounts in NOK
42
NOTE 23
Investments in subsidiaries
Amounts in NOK Carrying amount Fair value 31 December 2024 Amortized Fair value thr ough T otal Level 1 Level 2 Level 3 T otal costs pr o fi t and loss Financial assets Accounts receivables 22 141 142 22 141 142 22 141 142 22 141 142 Deposits related to premises 951 150 951 150 951 150 951 150 Cash and cash equivalents 74 304 279 74 304 279 74 304 279 74 304 279 Other receivables 19 447 783 19 447 783 19 447 783 19 447 783 T otal fi nancial assets 116 844 353 0 116 844 353 75 255 429 0 41 588 924 116 844 353
Financial liabilities Non-current lease liabilities 14 691 171 14 691 171 14 691 171 14 691 171 Other non-current fi nancial liabilities 10 176 196 10 176 196 10 176 196 10 176 196 Current lease liabilities 9 100 915 9 100 915 9 100 915 9 100 915 Accounts payable 17 041 643 17 041 643 17 041 643 17 041 643 Current tax payable 5 020 580 5 020 580 5 020 580 5 020 580 Other current liabilities 54 150 801 54 150 801 54 150 801 54 150 801 Bond loan 496 350 266 496 350 266 481 250 000 481 250 000 T otal fi nancial liabilities 606 531 572 0 606 531 572 481 250 000 23 792 086 86 389 221 591 431 307
Carrying amount Fair value 31 December 2023 Amortized Fair value thr ough T otal Level 1 Level 2 Level 3 T otal costs pr o fi t and loss Financial assets Accounts receivables 20 531 741 20 531 741 20 531 741 20 531 741 Deposits related to premises 0 0 - - Cash and cash equivalents 39 018 911 39 018 911 39 018 911 39 018 911 Other receivables 19 407 577 19 407 577 19 407 577 19 407 577 T otal fi nancial assets 78 958 229 0 78 958 229 39 018 911 0 39 939 318 78 958 229
Financial liabilities Non-current lease liabilities 11 404 183 11 404 183 11 404 183 11 404 183 Other non-current fi nancial liabilities 0 0 - - Current lease liabilities 8 929 805 8 929 805 8 929 805 8 929 805 Accounts payable 25 086 552 25 086 552 25 086 552 25 086 552 Current tax payable 945 700 945 700 945 700 945 700 Other current liabilities 33 975 929 33 975 929 33 975 929 33 975 929 Bond loan 493 722 702 493 722 702 493 722 702 493 722 702 T otal fi nancial liabilities 574 064 871 0 574 064 871 493 722 702 20 333 988 60 008 180 574 064 871
43
NOTE 24
Financial instruments
All financial assets and liabilities are initially recognized
at fair value, and subsequently classified either as
financial assets at amortized cost or financial assets
through profit or loss. The carrying amount is reason-
able approximate of fair value for the Group’s financial
instruments such as short-term trade receivables and
payables and lease liabilities. The financial assets
principally consist of investments in shares, accounts
receivables, deposits related to premises, cash and cash
equivalents and other receivables. The financial liabilities
principally consist of bond loan, non-current lease
liabilities, other non-current financial liabilities, current
lease liabilities, accounts payable, current tax payable,
other current liabilities.The fair value of the financial
assets and liabilities are included at the amount at which
the instrument could be exchanged in a current transac-
tion between willing parties, other than in a forced or
liquidation sale.
The following table shows the carrying amounts and fair
values of financial assets and financial liabilities, includ-
ing their levels in the fair value hierarchy.
Amounts in NOK 2024 2023 Sever ance payments 292 702 3 812 746 Contingent consideration related t o business combination 33 179 665 T otal provisions 33 472 367 3 812 746
44
NOTE 25
Provisions and contingent liabilities
NOTE 26
Subsequent events
After the reporting period ended on 31 December 2024
and up to the date these consolidated financial
statements have been approved for issue, no events
have been identified that require disclosure.
Provisions are recognised when the Group has a present
legal or constructive obligation as a result of past events,
it is more likely than not that an outflow of resources will
be required to settle the obligation and the amount can
be reliably estimated.
Provisions are recognised only when the recognition
criteria for provisions are fulfilled. The Group has a
constructive obligation when a detailed formal plan
identifies the activities concerned, the location and
number of employees affected, a detailed estimate of
the associated costs, and an appropriate timeline.
Furthermore, the employees affected have been notified
of the plan’s main features.
Contingent consideration is related to an earn out
condition in the acquisition of Traede ApS in October
2024.
Annual Report 2024
Due Soware Group AS
Income statement
Balance sheet
Cash ﬂow statement
Notes to the financial statements
Org.no.: 923 311 459
INCOME STATEMENT
DUETT SOFTWARE GROUP AS
OPERATING INCOME AND OPERATING EXPENSES Note 2024 2023
Income from subsidiaries 1 43 408 719 16 415 369
Other income 350 386 0
Total income 43 759 105 16 415 369
Other expenses 2 8 193 492 5 379 092
Total expenses 8 193 492 5 379 092
Operang profit 35 565 613 11 036 277
FINANCIAL INCOME AND EXPENSES
Interest income from group companies 1 6 160 711 4 363 596
Other interest income 5 066 2 382
Other financial income 706 938 1 695
Interest expense to group companies 1 2 948 288 1 066 702
Other interest expenses 3 49 328 572 45 539 244
Other financial expenses 3 3 646 389 3 045 165
Net financial items -49 050 534 -45 283 438
Net profit before tax -13 484 921 -34 247 161
Income tax expense 4 5 238 801 1 171 611
Net profit or loss -18 723 722 -35 418 772
ATTRIBUTABLE TO
Loss brought forward 5 18 723 722 35 418 772
Total -18 723 722 -35 418 772
DUETT SOFTWARE GROUP AS SIDE 2
BALANCE SHEET
DUETT SOFTWARE GROUP AS
ASSETS Note 2024 2023
NON-CURRENT ASSETS
INTANGIBLE ASSETS
PROPERTY, PLANT AND EQUIPMENT
NON-CURRENT FINANCIAL ASSETS
Investments in subsidiaries 6 838 683 465 808 044 979
Loan to group companies 1 100 022 499 0
Total non-current financial assets 938 705 964 808 044 979
Total non-current assets 938 705 964 808 044 979
CURRENT ASSETS
DEBTORS
Accounts receivables 437 983 0
Other short-term receivables 118 464 181 917
Receivables from group companies 1 85 417 733 53 189 663
Total receivables 85 974 180 53 371 579
INVESTMENTS
Cash and cash equivalents 7 45 936 605 2 363 644
Total current assets 131 910 785 55 735 223
Total assets 1 070 616 748 863 780 202
DUETT SOFTWARE GROUP AS PAGE 3
BALANCE SHEET
DUETT SOFTWARE GROUP AS
EQUITY AND LIABILITIES Note 2024 2023
EQUITY
PAID-IN CAPITAL
Share capital 8 3 563 064 3 493 200
Share premium reserve 546 812 737 368 770 887
Total paid-up equity 550 375 801 372 264 087
RETAINED EARNINGS
Uncovered loss -56 514 756 -37 791 034
Total retained earnings -56 514 756 -37 791 034
Total equity 5 493 861 045 334 473 053
LIABILITIES
PROVISIONS
Deferred tax 4 802 942 1 381 006
Total provisions 802 942 1 381 006
OTHER NON-CURRENT LIABILITIES
Bonds 3 496 350 266 493 722 702
Total non-current liabilies 496 350 266 493 722 702
CURRENT LIABILITIES
Trade payables 446 660 281 818
Tax payable 4 5 816 865 1 760 420
Public dues payable 597 429 0
Liabilies to group companies 1 58 889 509 21 301 102
Other current liabilies 13 852 034 10 860 102
Total current liabilies 79 602 496 34 203 441
Total liabilies 576 755 704 529 307 149
Total equity and liabilies 1 070 616 748 863 780 202
DUETT SOFTWARE GROUP AS PAGE 4
BALANCE SHEET
DUETT SOFTWARE GROUP AS
Oslo, April 10 2025
The board of Due Soware Group AS
Erik Carson Harrell
Chief Execuve Oﬃcer
Adam Dawid Malinowski
Chairman of the board
Maurice André Hernandez
Member of the board
Rachel Lee Spasser
Member of the board
DUETT SOFTWARE GROUP AS PAGE 5
CASH FLOW STATEMENT
DUETT SOFTWARE GROUP AS
NRS Indirect method
Note
2024
2023
CASH FLOWS FROM OPERATING ACTIVITIES
Profit/loss before tax
4
-13 484 921
-34 247 161
Taxes paid
4
-1 760 420
-4 581 237
Net finance
49 050 534
28 868 069
Change in accounts receivable
-437 983
0
Change in accounts payable
164 842
199 383
Change in other accrual items
3 785 021
2 547 106
Net cash ﬂows from operang acvies
37 317 073
-7 213 840
CASH FLOWS FROM INVESTMENT ACTIVITIES
Payments for investments in subsidiaries
6
-1 592 131
-10 075 816
Net cash ﬂows from investment acvies
-1 592 131
-10 075 816
CASH FLOWS FROM FINANCING ACTIVITIES
Recieved interest
6 165 777 20 783 042
Payed interest
-52 720 954
-47 690 158
Payment recieved of intercompany balances
0 45 830 000
Net change intercompany balances
6
38 903 197
478 652
Capital increase 15 500 000 0
Net cash ﬂows from financing acvies
7 848 020
19 401 536
Net change in cash and cash equivalents
43 572 962
2 111 880
Cash and cash equivalents at 1.1
2 363 643
251 763
Cash and cash equivalents at the end of the period
45 936 605
2 363 643
DUETT SOFTWARE GROUP AS
PAGE 6
1
5, 8
NOTES FOR FINANCIAL STATEMENT
DUETT SOFTWARE GROUP AS
PAGE 7
ACCOUNTING PRINCIPLES:
The financial statements have been prepared in accordance with the Accounting Act and generally
accepted accounting principles. The company has also followed relevant provisions in the Norwegian
Accounting Standard prepared by the Norwegian Accounting Standards Board.
Group Relations
Duett Software Group AS is a subsidiary in a group with Duo Holdings AS, organization no. 922 098 719.
Duo Holdings AS prepares consolidated financial statem
ents that include Duett Software Group AS.
Operating Income
Duett Software Group AS is a purely investment company where the main activity is the purchase and sale
of securities and other investments. Returns on investments are therefore included in operating income.
Use of Estimates
In preparing the financial statements, estimates and assumptions have been made that affect the income
statement and the valuation of assets, liabilities, contingent assets, and uncert
ain liabilities on the balance
sheet date, in accordance with generally accepted accounting principles. Areas that largely involve such
judgments, a high degree of complexity, or areas where assumptions and estimates are significant to the
financial statements are described in the notes.
Currency
Transactions in foreign currency are converted at the exchange rate at the transaction date. Monetary
items in foreign currency are converted to Norwegian kroner using th
e exchange rate on the balance sheet
date. Non-monetary items that are measured at historical cost in foreign currency are converted to
Norwegian kroner using the exchange rate at the transaction date. Non-monetary items measured at fair
value in foreign currency are converted at the exchange rate prevailing at the measurement date. Currency
exchange rate changes are recognized continuously in the income statement under other financial items.
Tax
The tax expense in th
e income statement includes both the payable tax for the period and changes in
deferred tax. Deferred tax is calculated using the tax rate at the end of the fiscal year (22%) based on
taxable and deductible temporary differences existing between accounting and tax values. Taxable and
deductible temporary differences that reverse or may reverse in the same period are offset and netted.
The net deferred tax asset is recognized to the extent that it is probable that it can be uti
lized.
Current Assets and Short-Term Liabilities
Current assets and short-term liabilities typically include items due for payment within one year after the
last day of the fiscal year, as well as items related to the operating cycle. Current assets are valued at the
lower of cost or expected fair value (Lower of Cost or Market principle). Short-term liabilities are
recognized at nominal value at the transaction date.
Long-Term Liabilities
Long-term liabilities are in
itially measured at the value of the consideration, less directly attributable
transaction costs. Subsequent measurement is at amortized cost using the straight-line method.
NOTES FOR FINANCIAL STATEMENT
DUETT SOFTWARE GROUP AS
PAGE 8
Subsidiaries and Associated Companies
Subsidiaries and associates are evaluated using the cost method in the company’s accounts. The
investment is valued at the acquisition cost of the shares unless impairment has been necessary.
Impairment to fair value is carried out when the decline in value is due to reasons that are not expected to
be temporary and it is considered necessary according to generally accepted accounting principles.
Impairments are reversed when the
basis for the impairment is no longer present.
Dividends, group contributions, and other distributions from subsidiaries are recognized as income in the
same year they are allocated in the giver's accounts. If the dividend/group contribution exceeds the share
of earned profit after the acquisition date, the excess portion represents a repayment of invested capital,
and the distributions are deducted from the value of the investments in the parent company’s balance
s
heet.
Receivables
Receivables are recognized in the balance sheet at nominal value, less provisions for expected losses.
Provisions for expected losses are made based on an individual assessment of each receivable.
Cash Flow Statement
The cash flow statement has been prepared using the indirect method. Cash and cash equivalents include
cash, bank deposits, and other short-term, liquid investments.
NOTES FOR FINANCIAL STATEMENT
DUETT SOFTWARE GROUP AS
PAGE 9
Note 1 Intercompany items between companies in the same group
2024 2023
Receivables
Loans to companies in the same group 100 022 499 0
Customer receivables within the group 0 0
Other short-term receivables within the group 85 417 733 53 189 663
Total 185 440 232 53 189 663
Liabilities
Loans from companies in the same group 0 0
Debt to suppliers within the group 0 0
Other short-term liabilities within the group 58 889 509 21 301 102
Total 58 889 509 21 301 102
Interim balances in the group are calculated with interest at an interest rate equivalent to the group's
borrowing rate.
Note 2 Salary costs and benefits, remuneration to the chief executive, board and auditor
In 2024 the company employed 0 man-years.
PENSION LIABILITIES
The company is not obligated to have an occupational pension scheme under the Mandatory Occupational
Pensions Act.
REMUNERATION TO LEADING PERSONNEL
Chief Executive Board
Total 0 0
No loans have been granted to or security provided in favor of the CEO or Chairman of the Board.
AUDITOR
Audit fees expensed for 2024 amount to NOK 892 882 ex. VAT .
In addition there is a fee for other services of NOK 41 825 ex. VAT .
NOTES FOR FINANCIAL STATEMENT
DUETT SOFTWARE GROUP AS
PAGE 10
Note 3: Debt to Credit Institutions
The Group has a bond loan with a nominal value of NOK 500,000,000. The total limit of the loan is
NOK 1 500 000 000.
Bond loan: NOK 500 000 000
Accrued expenses: NOK -3 649 734
Net loan in the balance sheet: NOK -496 350 266
The loan matures in full on April 12, 2026. The interest is calculated at 3-month NIBOR + 5 percent per
year, and is paid quarterly.
Incurrence Test
An incurrence test must be conducted at the time of each quarterly financial statem
ent. This is calculated
as debt/EBITDA, where the following requirements apply:
The incurrence test is satisfied if the gearing ratio is equal to or lower than:
(a) 5.50, from and including the issuance date to, but excluding, April 12, 2023;
(b) 5.00, from and including April 12, 2023 to, but excluding, April 12, 2024; and
(c) 4.50, from and including April 12, 2024 to, but excluding, the maturity date.
This test is conducted quarterly and for any extension of the bond. The in
currence test shows a value of 4.7
as of December 31, 2024. This test is only relevant for the extension of the bond and is not a compliance
covenant for the existing bond. The test is based on consolidated figures for Duett Software Group AS.
Security and Guarantees
As security for the due and punctual fulfillment of the secured obligations, the following securities are
provided:
All shares in Duett Software Group AS
All shares owned by a group company
Accounts receivable for each group company
Any intercompany loan granted to a group company
Any subordinated loan, and
Guarantees from each group company.
The market value of the bond is 96.25 on the Oslo Stock Exchange as of December 31, 2024.
There is an option for redeeming the bond before the principal maturity date under certain conditions.
These conditions and more detailed information about the bond can be found in the consolidated financial
statements of Duett Software Group AS.
NOTES FOR FINANCIAL STATEMENT
DUETT SOFTWARE GROUP AS
PAGE 11
Note 4 Tax
This year's tax expense 2024 2023
Entered tax on ordinary profit/loss:
Payable tax 5 816 865 1 760 420
Changes in deferred tax -578 064 -588 809
Tax expense on ordinary profit/loss 5 238 801 1 171 611
Taxable income:
Result before tax -13 484 921 -34 247 161
Permanent differences 0 52 532
Changes in temporary differences 2 627 564 2 676 408
Cut interest deduction 37 297 652 39 520 132
Taxable income 26 440 295 8 001 911
Payable tax in the balance:
Payable tax on this year's result -3 733 053 -1 850 961
Payable tax on received Group contribution 9 549 918 3 611 381
Total payable tax in the balance 5 816 865 1 760 420
The tax effect of temporary differences that has formed the basis for deferred tax and deferred tax
advantages, specified on type of temporary differences
2024 2023 Difference
Other differences 3 649 734 6 277 298 2 627 564
Total 3 649 734 6 277 298 2 627 564
Cut interest deduction -108 929 130 -71 631 478 37 297 652
Not included in the deferred tax calculation 108 929 130 71 631 478 -37 297 652
Basis for deferred tax assets 3 649 734 6 277 298 2 627 564
Deferred tax assets (22 %) 802 942 1 381 006 578 064
Note 5 Equity capital
Share capital Share premium Other equity
capital
Total equity
capital
Pr. 31.12.2023 3 493 200 368 770 887 -37 791 034 334 473 053
Result of the year -18 723 722 -18 723 722
Capital increase 69 864 178 041 850 0 178 111 714
Pr 31.12.2024 3 563 064 546 812 737 -56 514 756 493 861 045
NOTES FOR FINANCIAL STATEMENT
DUETT SOFTWARE GROUP AS
PAGE 12
Note 6: Investment in Companies within the Same Group
Investments in subsidiaries are accounted for using the cost method.
Subsidiaries Carrying Amount
Duett AS NOK 628 432 851
Skyhost ApS NOK 169 536 312
Taskline AS NOK 10 143 054
Duett Poland Software sp.z.o.o NOK 21 703
DSG Denmark ApS NOK 30 549 545
Total Investments NOK 838 683 465
Specification of Group companies:
Group companies Acquisition Year Ownership Equity Annual Result
Percentage
Duett AS 2019 100% 6 093 427 32 933 131
Skyhost ApS 2021 100% 35 103 663 11 678 210
T
askline AS 2023 100% 2 704 204 -905 232
Traede ApS 2024 100% 30 312 286 3 474 575
Duett Poland Software sp.z.o.o 2024 100% -976 738 -950 796
DSG Denmark ApS 2024 100% - 2 204 702 -2 235 302
The Norwegian companies Duett AS and Taskline AS have their business addresses in Oslo.
The Polish subsidiary has an office in Warsaw, Poland.
The business office for Skyhost ApS is in Sabro, Denmark.
DSG Denmark ApS and its subsidiary, Traede ApS, have their business offices in Copenhagen.
DSG Denmark ApS was founded in September 2024 with a share capit
al of DKK 40,000. A capital
contribution of NOK 30.5 million was made to strengthen the equity.
DSG Denmark ApS purchased the shares of Traede ApS on October 9, 2024, for DKK 96.8 million. The
purchase price was settled with a loan from the parent company, Duett Software Group AS. The purchase
agreement includes an earn-out clause based on the company's performance in 2025.
The shares in Duett Poland were purchased in July 2024 for EUR 1,800.
An impairment test has been perform
ed regarding any potential loss in value related to the carrying
amount of shares in subsidiaries, and no indications of impairment were identified as of December 31,
2024.
Note 7 Bank deposits
The company has no restricted bank deposits and no overdraft facility.
NOTES FOR FINANCIAL STATEMENT
DUETT SOFTWARE GROUP AS
PAGE 13
Note 8 Shareholders
THE SHARE CAPITAL OF DUETT SOFTWARE GROUP AS AS OF DECEMBER 31 CONSISTS OF:
Total Face value Entered
Ordinary shares 34 932 102,0 3 563 064
Total 34 932 3 563 064
OWNERSHIP STRUCTURE
Shareholders' ownership in % as of December 31:
Ordinære Owner interest Share of votes
Duo Holdings AS 34 932 100,0 100,0
Duett Software Group AS prepares consolidated financial statements, which include the following group
companies in the consolidation: Duett AS, Skyhost ApS, Taskline AS, Duett Poland Software sp.z.o.o, and
DSG Denmark ApS. A copy of the consolidated financial statements can be obtained at the company’s
headquarter
s at Karenslyst Allé, 0278 Oslo.
The parent company in the group, Duo Holdings AS, also has its headquarters at the same address and
prepares consolidated accounts where Duett Software Group AS is included in the consolidation.
KPMG AS
Vangsveien 73
N
-2317 Hamar
Telephone +47 45 40 40 63
Internet www.kpmg.no
Enterprise 935 174
627 MVA
To the General Meeting of Duett Software Group AS
Independent Auditor’s Report
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Duett Software Group AS, which comprise:
• the financial statements of the parent company Duett Software Group AS (the Company),
which comprise the balance sheet as at 31 December 2024, the income statement and cash
flow statement for the year then ended, and notes to the financial statements, including a
summary of significant accounting policies, and
• the consolidated financial statements of Duett Software Group AS and its subsidiaries (the
Group), which comprise the consolidated financial position as at 31 December 2024,
the consolidated statement of profit and loss, consolidated statement of other
comprehensive income, consolidated statement of changes in equity and consolidated
statement of cashflows for the year then ended, and notes to the financial statements,
including material accounting policy information.
In our opinion
• the financial statements comply with applicable statutory requirements,
• the financial statements give a true and fair view of the financial position of the Company as at
31 December 2024, and its financial performance and its cash flows for the year then ended in
accordance with the Norwegian Accounting Act and accounting standards and practices
generally accepted in Norway, and
• the consolidated financial statements give a true and fair view of the financial position of the
Group as at 31 December 2024, and its financial performance and its cash flows for the year
then ended in accordance with IFRS Accounting Standards as adopted by the EU.
Our opinion is consistent with our additional report to the Board of directors.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our
responsibilities under those standards are further described in the Auditor’s Responsibilities for the
Audit of the Financial Statements section of our report. We are independent of the Company and the
Group as required by relevant laws and regulations in Norway and the International Ethics Standards
Board for Accountants’ International Code of Ethics for Professional Accountants (including
International Independence Standards) (IESBA Code), and we have fulfilled our other ethical
responsibilities in accordance with these requirements. We believe that the audit evidence we have
Penneo document key: RAB7M-7DAE3-V0UDU-DPMPC-5MADK-F90LJ
2
obtained is sufficient and appropriate to provide a basis for our opinion.
To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit
Regulation (537/2014) Article 5.1 have been provided.
We have been the auditor of Duett Software Group AS for 5 years from the election by the general
meeting of the shareholders on 31 August 2020 for the accounting year 2020.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the financial statements of the current period. These matters were addressed in the
context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we
do not provide a separate opinion on these matters.
Identification of indicators and Impairment of Intangible assets and Goodwill
Reference is made to Note 2.10 Intangible assets and goodwill, Note 4 Critical accounting estimates
and judgements in terms of accounting policies, Note 12 Intangible assets and Note 22 Business
combinations
The Key Audit Matter
How the matter was addressed in our audit
The group has recognized NOK 537 million in
Goodwill and NOK 389 million in intangible assets
as of 31st December 2024. Out of the NOK 389
million in intangible assets, NOK 61 million is
internally developed technology recognized based
on an assumption of future economic benefit. The
remaining NOK 328 million of intangible assets
are previously acquired through business
combinations. The group recognised initially NOK
60 million of intangible assets to fair value through
business combinations in 2024.
The intangible assets are amortized based on
their useful life and are subject of impairment test
to the extent an indication of impairment has been
identified. The identification process is important
to ensure intangible assets are reflected
appropriately. Intangible assets acquired in 2024
are identified through the purchase price
allocation process. These processes include
elements of judgement and consideration of
internal and external factors.
Goodwill of NOK 536 million are recognized from
previous transactions, out of which NOK 96
million is acquired in 2024. Goodwill is not
amortized in accordance with IAS 36, but subject
of an annual impairment test. The group has
performed a value in use calculation to determine
the recoverable amount. This is based on the
most recent budget and a future growth
assumption, discounted with the Group required
rate of return.
Performance of annual impairment test of
Goodwill consist of several judgements and are
highly dependent on managements assumptions.
The judgements described in the preceding
Our procedures include among other
• Made inquiries of management regarding
the indicators they assess as possible
impairment for relevant assets.
• Evaluated management’s indicator
assessment on the basis of our knowledge
of the business and other audit evidence
during the audit.
• Reviewed the allocation of the purchase
price to the identifiable assets acquired and
liabilities assumed, ensuring compliance
with IFRS 3 requirements.
• Evaluated the valuation techniques,
assumptions and data used by management
in estimating fair value of acquired assets
and the value in use.
• Evaluated the appropriateness and
likelihood of the sensitivities and their impact
on the overall estimated value in use and
assessed whether additional sensitivity
analysis would have been appropriate.
• Evaluated whether judgements and
decisions made by management when
estimating value in use are indicators of
possible management bias.
• Evaluated the completeness, accuracy and
relevance of disclosures required by IAS 36
and IFRS 3.
Penneo document key: RAB7M-7DAE3-V0UDU-DPMPC-5MADK-F90LJ
3
paragraphs combined with the material amounts
involved makes the identification of impairment
triggers and value in use testing of Goodwill a Key
Audit Matter.
Other Information
The Board of Directors and the CEO (management) are responsible for the information in the Board of
Directors’ report and the other information accompanying the financial statements. The other
information comprises information in the annual report, but does not include the financial statements
and our auditor’s report thereon. Our opinion on the financial statements does not cover the
information in the Board of Directors’ report nor the other information accompanying the financial
statements.
In connection with our audit of the financial statements, our responsibility is to read the Board of
Directors’ report and the other information accompanying the financial statements. The purpose is to
consider if there is material inconsistency between the Board of Directors’ report and the other
information accompanying the financial statements and the financial statements or our knowledge
obtained in the audit, or whether the Board of Directors’ report and the other information
accompanying the financial statements otherwise appears to be materially misstated. We are required
to report if there is a material misstatement in the Board of Directors’ report or the other information
accompanying the financial statements. We have nothing to report in this regard.
Based on our knowledge obtained in the audit, it is our opinion that the Board of Directors’ report
• is consistent with the financial statements and
• contains the information required by applicable statutory requirements.
Our opinion on the Board of Directors' report applies correspondingly to the statement on Corporate
Governance.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation of financial statements of the Company that give a true
and fair view in accordance with the Norwegian Accounting Act and accounting standards and
practices generally accepted in Norway, and for the preparation of the consolidated financial
statements of the Group that give a true and fair view in accordance with IFRS Accounting Standards
as adopted by the EU. Management is responsible for such internal control as management
determines is necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s and
the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going
concern. The financial statements of the Company use the going concern basis of accounting insofar
as it is not likely that the enterprise will cease operations. The consolidated financial statements of the
Group use the going concern basis of accounting unless management either intends to liquidate the
Group or to cease operations, or has no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that
an audit conducted in accordance with ISAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of
these financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain
professional scepticism throughout the audit. We also:
Penneo document key: RAB7M-7DAE3-V0UDU-DPMPC-5MADK-F90LJ
4
• identify and assess the risks of material misstatement of the financial statements, whether due
to fraud or error. We design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The
risk of not detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Company's and the Group's internal control.
• evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
• conclude on the appropriateness of management’s use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the Company's and the
Group's ability to continue as a going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our auditor’s report to the related disclosures in the
financial statements or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditor’s report.
However, future events or conditions may cause the Company and the Group to cease to
continue as a going concern.
• evaluate the overall presentation, structure and content of the financial statements, including
the disclosures, and whether the financial statements represent the underlying transactions
and events in a manner that achieves a true and fair view.
• obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Group to express an opinion on the consolidated financial
statements. We are responsible for the direction, supervision and performance of the group
audit. We remain solely responsible for our audit opinion.
We communicate with the Board of Directors regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.
We also provide the Audit Committee with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.
From the matters communicated with the Board of Directors, we determine those matters that were of
most significance in the audit of the financial statements of the current period and are therefore the
key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes
public disclosure about the matter or when, in extremely rare circumstances, we determine that a
matter should not be communicated in our report because the adverse consequences of doing so
would reasonably be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
Report on Compliance with Requirement on European Single Electronic Format (ESEF)
Opinion
As part of the audit of the financial statements of Duett Software Group AS, we have performed an
assurance engagement to obtain reasonable assurance about whether the financial statements
included in the annual report, with the file name 9845007554C7945DAC83-2024-12-31-en, have been
prepared, in all material respects, in compliance with the requirements of the Commission Delegated
Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) and
Penneo document key: RAB7M-7DAE3-V0UDU-DPMPC-5MADK-F90LJ
5
regulation pursuant to Section 5-5 of the Norwegian Securities Trading Act, which includes
requirements related to the preparation of the annual report in XHTML format, and iXBRL tagging of
the consolidated financial statements.
In our opinion, the financial statements, included in the annual report, have been prepared, in all
material respects, in compliance with the ESEF regulation.
Management’s Responsibilities
Management is responsible for the preparation of the annual report in compliance with the ESEF
regulation. This responsibility comprises an adequate process and such internal control as
management determines is necessary.
Auditor’s Responsibilities
Our responsibility, based on audit evidence obtained, is to express an opinion on whether, in all
material respects, the financial statements included in the annual report have been prepared in
compliance with ESEF. We conduct our work in compliance with the International Standard for
Assurance Engagements (ISAE) 3000 – “Assurance engagements other than audits or reviews of
historical financial information”. The standard requires us to plan and perform procedures to obtain
reasonable assurance about whether the financial statements included in the annual report have been
prepared in compliance with the ESEF Regulation.
As part of our work, we have performed procedures to obtain an understanding of the Company’s
processes for preparing the financial statements in compliance with the ESEF Regulation. We
examine whether the financial statements are presented in XHTML-format. We evaluate the
completeness and accuracy of the iXBRL tagging of the consolidated financial statements and assess
management’s use of judgement. Our procedures include reconciliation of the iXBRL tagged data with
the audited financial statements in human-readable format. We believe that the evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
Hamar, 10 April 2025
KPMG AS
Stein Erik Lund
State Authorised Public Accountant
(This document is signed electronically)
Penneo document key: RAB7M-7DAE3-V0UDU-DPMPC-5MADK-F90LJ
This document is digitally signed using Penneo.com. The signed data are validated
by the computed hash value of the original document. All cryptographic evidence is
embedded within this PDF for future validation.
The document is sealed with a Qualified Electronic Seal using a certificate and
timestamp from a Qualified Trust Service Provider.
How to verify the integrity of this document
When you open the document in Adobe Reader, you should see that the
document is certified by Penneo A/S. This proves that the contents of the
document have not been modified since the time of signing. Evidence of the
individual signers' digital signatures is attached to the document.
You can verify the cryptographic evidence using the Penneo validator,
https://penneo.com/validator, or other signature validation tools.
The signatures in this document are legally binding. The document is signed using Penneo™ secure digital
signature. The identity of the signers has been recorded, and are listed below.
“By my signature I confirm all dates and content in this document.”
Lund, Stein Erik
Statsautorisert revisor
On behalf of: KPMG AS
Serial number: no_bankid:9578-5993-4-1583118
IP: 80.232.xxx.xxx
2025-04-10 16:51:11 UTC
Penneo document key: RAB7M-7DAE3-V0UDU-DPMPC-5MADK-F90LJ
47
48
9845007554C7945DAC83 2024-01-01 2024-12-31 9845007554C7945DAC83 2023-01-01 2023-12-31 9845007554C7945DAC83 2024-12-31 9845007554C7945DAC83 2023-12-31 9845007554C7945DAC83 2022-12-31 9845007554C7945DAC83 2022-12-31 ifrs-full:IssuedCapitalMember 9845007554C7945DAC83 2023-01-01 2023-12-31 ifrs-full:IssuedCapitalMember 9845007554C7945DAC83 2023-12-31 ifrs-full:IssuedCapitalMember 9845007554C7945DAC83 2022-12-31 ifrs-full:AdditionalPaidinCapitalMember 9845007554C7945DAC83 2023-01-01 2023-12-31 ifrs-full:AdditionalPaidinCapitalMember 9845007554C7945DAC83 2023-12-31 ifrs-full:AdditionalPaidinCapitalMember 9845007554C7945DAC83 2022-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 9845007554C7945DAC83 2023-01-01 2023-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 9845007554C7945DAC83 2023-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 9845007554C7945DAC83 2022-12-31 ifrs-full:RetainedEarningsMember 9845007554C7945DAC83 2023-01-01 2023-12-31 ifrs-full:RetainedEarningsMember 9845007554C7945DAC83 2023-12-31 ifrs-full:RetainedEarningsMember 9845007554C7945DAC83 2024-01-01 2024-12-31 ifrs-full:IssuedCapitalMember 9845007554C7945DAC83 2024-12-31 ifrs-full:IssuedCapitalMember 9845007554C7945DAC83 2024-01-01 2024-12-31 ifrs-full:AdditionalPaidinCapitalMember 9845007554C7945DAC83 2024-12-31 ifrs-full:AdditionalPaidinCapitalMember 9845007554C7945DAC83 2024-01-01 2024-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 9845007554C7945DAC83 2024-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 9845007554C7945DAC83 2024-01-01 2024-12-31 ifrs-full:RetainedEarningsMember 9845007554C7945DAC83 2024-12-31 ifrs-full:RetainedEarningsMember iso4217:NOK