Fellowmind Denmark A/S

Ledelsesberetning

Business activities and missionAt Fellowmind we aim to create meaningful connections. Making people enjoy working with technology andmaking technology work for them. That’s what we promise our customers.We help accelerate the digital readiness of customers in various industries by using Microsoft cloud solutions,encouraging agile development, implementing integrated platforms, and assisting end-users to learn andadopt.Our goal is to make people enjoy working with technology and make technology work for them. The peoplewho work at Fellowmind love to dive deep into the challenges and ambitions that keep customers up at night.They are passionate companions in finding solutions that put people at heart.Today’s digital reality has changed the fundamentals of how business is conducted. We help our customerskeep pace with constantly changing customer demands and link to rich networks of possibility by expandingtheir influence across the entire business. We help them discover their full potential by becoming a connectedcompany.The group delivers a full-scale offering of services in, among other things, the implementation of businessapplications, IT for workplaces, infrastructure and application operations, cloud services and digitalization.We serve our customers based on five key areas, Customer Engagement, Optimize Operations, Cloud &Security, Data & Analytics and Modern Work, and are a leading European Microsoft partner.Fellowmind Denmark A/S is wholly owned subsidiary of Fellowmind Holding AB in Sweden. The company’sactivities consist of supplying the above services to primarily Danish customers.Business review and development in the yearThe income statement of the Company for 2023 shows a profit of TDKK 13,948, and at 31 December 2023 thebalance sheet of the Company shows equity of TDKK 31,205.The Company realized a growth in turnover to TDKK 619,367 in 2023 from TDKK 513,618 in 2022. Theturnover was positively affected by strong organic growth and was in line with expectations stated in the 2022Annual Report.The Company realized an EBITDA of TDKK 30,800 and a result after tax of TDKK 13,948. EBITDA was belowour expectations stated in the 2022 Annual Report due to challenges on a few larger projects. However, therealized EBITDA and result after tax reflects the growth and the investments made into expanding newbusiness areas, which will prove a solid platform for future development.Expectations for the futureThe Management and Board of Directors hold a positive outlook for the year 2024, supported by variousfactors contributing to the company's growth. Notably, a highly skilled workforce, a solid contractual base, arobust pipeline, and a favorable market position all contribute to our expectations of a favorable financialoutcome.Based on our projections, we anticipate achieving an EBITDA in the range of MDKK 70-80 and a turnover ofmore than MDKK 700.Research and developmentThe Company has dedicated significant time and resources towards developing its own proprietary productsand services, intended for sale through licensing and subscription models. The Company holds highexpectations regarding the future value of this business model, and the user base continues to expand rapidly.Unusual risksFellowmind Denmark A/S has undergone assessment, and it has been determined that the company is notexposed to any exceptional risks, including operational and financial risks, beyond those commonly associatedwith its industry.Knowledge resourcesBased on the assessment conducted, it has been determined that Fellowmind Denmark A/S does not possessany distinctive knowledge resources, beyond the customary resources typically found within its industry.Uncertainty relating to recognition and measurementRecognition and measurement in the Annual Report have not been subject to any uncertainty.Subsequent eventsNo events materially affecting the assessment of the Annual Report occurred after the balance sheet date.