Heimdal Security A/S

Following on from the performance in 2021, the Group continued to grow its annual recurring revenue and customer base. The Group is generating significant cash from sales, has committed external debt facilities in place to manage working capital requirements and is expecting to transition to EBITDA profitability during the second half of FY23. Therefore the Group can continue as a going concern and is expected to re-establish its share capital though future earnings. As at 31 December 2022 the company has a negative equity. Management has assessed that the capital can be re-established from future income. Management have also assessed that the company has sufficient liquidity to finance operations for the coming year, and on this basis have prepared the financial statement for the year 31 December 2022 under the assumption of the company's continued operation.

The Company's income statement for 2022 shows a loss of DKK -56,838,902 as against DKK -40,312,277 in 2021. Equity in the Company's balance sheet at 31 December 2022 stood at DKK -137,186,682 as against DKK -80,347,782 at 31 December 2021.