Mate.Bike International Aps

Ledelsesberetning

Key activities MATE is a designer and seller of high-quality, electric bicycles globally. Development in the year The income statement of the Company for 2023 shows a profit of DKK 133,517,388 and at 31 December 2023 the balance sheet of the Company shows a negative equity of DKK 9,516,653. The profit for the year is positively effect by gain on remission of debt related as per 29. September 2023. 2023 has been an extraordinary year for Mate.Bike. The successful reconstruction, approved by the majority of our creditors in the Danish Maritime and Commercial High Court on November 22nd, 2023, marked a pivotal moment for the company. The acceptance of our reconstruction plan meant that all debt and obligations before September 29th, 2023, were removed, allowing Mate.Bike to reset and refocus its strategic direction.As part of the reconstruction the company's debt was cancelled. The net impact on the profit/loss after write down etc. amounted to 171 mDKK, which is recognized as part of the financial income. The positive neteffect of the reconstruction is the main reason for a net profit of 134 mDKK in 2023.Prior to the reconstruction, and besides operational inefficiencies, internal procedures and controls were not effective, implying risk of non-compliance with the Danish Bookkeeping Act. Following the reconstruction, a new management team was appointed, who has taken the necessary steps to ensure operational efficiency as well as compliant bookkeeping and robust internal controls moving forward.Also, our auditors agree with this assessment, stating in the Independent Auditors report: “Based on the audit performed for the period after the reconstruction, it is our opinion that the Company after the reconstruction complies with the requirements in the Danish Bookkeeping Act.After the reconstruction, a new strategy was presented, "Mate Made Simple," shifting the company's focus solely to business-to-business (BtB) operations and closing down all business-to-consumer (BtC) activities. This strategic shift will allow Mate.Bike to concentrate on product development and innovation, positioning us for a stronger future.Mate.Bike is now operating as a healthy business, free of debt and collateral and a sound financial position. While old investors had their investments written down due to the reconstruction, we have had the privilege of some of them rejoining alongside new ones in the setup. Our investors have shown strong support for us, not only believing in our vision but also contributing with a capital injection after the reconstruction.The income statement of Mate.Bike for 2023 shows a profit of 134 mDKK. As of 31 December 2023, the balance sheet reflects a negative equity of 10 mDKK. However, the company has subordinate loan capital of 21 mDKK, which will be converted to equity in 2024, restoring and resulting in a positive equity position. Subsequent events In 2024, Mate.Bike performed another capital injection with participation of our existing investors. This additional funding will further support our mission and continue our growth journey.No other events materially affecting the assessment of the Annual Report have occurred after the balance sheet date.