Truestory Aps

Ledelsesberetning

Key activities The company's activity is sale of gifts experiences and any related leisure business. The company's vision is to inspire people to live experience more together. Main events: On July 4, 2023, Smartbox Group the leader of the distribution of gift-experiences throughout Europe acquired 100% of the shares of Truestory ApS.On April 15, 2024, Truestory ApS sold all its intellectual property rights of the brand True Story to Smartbox Group. The purchase price was: DKK 9,997,245.The company changed its fiscal year end closing date from December 31 to April 30. This year the exercise has a duration of 16 months. So that to align with Smartbox Group accounting principles and rules, the company now recognizes revenues for open gift cards at the time of distribution of the vouchers and not at the time of use of those vouchers compared to previous years. The impact has been booked into the profit and loss account for + DKK 5,366,333 in 2022 and - DKK 464,512 this year. Development in the year The company's income statement for the year ending April 2024 shows a deficit of DKK 11,299,229 and the company's balance sheet as of 30 April 2024 shows a negative equity of DKK 29,000,795. The past year and follow-up on development expectations from last year Through 2023/2024 Truestory has worked purposefully towards our strategic ambition to create Scandinavia's most attractive experience platform. Throughout the year, investments were made in both market positioning, a higher range of different experiences within several categories as well as the functionality of the platform and thereby a strengthened competitiveness. The financial year for 2023/2024 has not offered the expected revenue growth, which affects the result in a negative direction, and which, despite a significant cost optimization, has not produced the desired result for the year. Last year's result combined with this year has meant that the company has taken out loans from the Parent Company Smartbox Group to support operations and continued investment of DKK 16,962,610. Capital resources After the balance sheet date, the company received a loan of DKK 2.5 million. In addition, the company's owners have submitted a declaration of support to ensure continued liquidity.The company's liquidity is thereby secured for the coming 12 months. Targets and expectations for the year ahead During 2023, a new CEO has joined the company with the aim of a stronger connection to the new parent company. The company's strategy for 2024 is a continued focus on growth and optimization of the platform for both customers and experience hosts, as well as a focus on reducing the cost level and improving earning power. The company expects to increase the range of new experiences within several of the most popular experience categories and ensure a wide selection of desirable experiences for both gift occasions and direct booking. The budget plan for 2024 focuses on an improvement in earnings as well as a general stabilization and improvement of the company's operations. Equity is expected to be re-established through future positive operating results. Unusual events The company's assets, liabilities and financial position as of 30 April 2024 as well as the result of the company's activities and cash flows for 2023 are not affected by unusual conditions apart from the conditions mentioned in the section "The past year and follow-up on development expectations from last year". Subsequent events After the balance sheet date, no circumstances have occurred which have a significant influence on the assessment of the annual report.