Valid Technologies Solutions ApS

The primary activity of the Company is development and sale of software solutions. In 2018, the Company has restated the comparison figures for 2017 to correct a material error related to the write-down of a debtor that was credit-impaired already at 31 December 2017. The correction has resulted in a lower gross margin, increase of loss before net financials and loss before tax for 2017 of USD 20,055. Loss for the year for 2017 and total equity as of 1 January 2018 have been reduced by USD 15,643.

The income statement for 2018 shows a loss of USD 189,949 against a loss of USD 176,102 last year, and the balance sheet at 31 December 2018 shows a negative equity of USD 674,081. The negative equity of the Company is financed via short-term loans with other group companies. The Company's intermediate parent company Valid Soluciones Tecnologicas S.A.U. has issued a letter of financial support in which Valid Soluciones Tecnologicas S.A.U. guarantees to make sufficient funds available to support the Company's working capital needs, thereby enabling the Company to discharge its obligations as they fall due, at least though 31 December 2019. On this basis, the financial statements are presented based on the going concern assumption.

No events materially affecting the Company's financial position have occurred subsequent to the financial year end.

Other contingent liabilities

The Company is jointly taxed with its parent, Valid A/S, which acts as management company, and is jointly and severally liable with other jointly taxed group entities for payment of income taxes as well as withholding taxes on interest, royalties and dividends.