FFW Group ApS

FFW Group, a leading provider of digital services, has established a global presence through its 14 subsidiaries, and for the past 20+ years FFW Group has partnered with large global enterprises to define, build, optimize and support their digital platforms and to drive critical positive impact in their respective organizations. FFW Group maintains a strong global footprint, with legal entities, PEs, and offices spread across 12 countries, including Denmark, the United States, Canada, Germany, France, the United Kingdom, Austria, Bulgaria, Ukraine, Moldova, Romania, and Vietnam. This allows us to offer localized support to our clients, while also limiting our exposure to potential risks associated with one market declining, resource availability, geopolitical issues, and currency fluctuat…

At FFW Group in 2022, we were able to surpass our revenue budget by 6,6 mEUR (FY 2022 budget: 72.328 kEUR). This was primarily due to a higher-than-anticipated revenue generated, strongly from our key accounts but also the acquisition of new customers. Our comprehensive market analysis, along with our well-executed sales strategy, enabled us to capitalize on market opportunities and drive continued revenue growth. As previously forecasted in the 2021 Annual Report, FFW Group was able to maintain a strong EBITDA margin, despite facing inflation and pressures on human resources. FFW Group’s revenue is distributed between the United States and Europe, with a 57.8%/42.2% split between the two regions. This encompasses all business activities. Despite the ongoing war in Ukraine and the challenges posed by COVID-19 measures, FFW Group was able to mitigate any negative impact on its business operations and company's financial performance. The income statement for FFW Group in 2022 shows a net profit of 28,117 kDKK, and as of December 31, 2022, the Group's balance sheet shows equity of 149,413 kDKK.

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In the past year, our company has made significant strides in streamlining and improving our operations through various initiatives. These include:…

Operating risks

FFW Group has identified the potential slowdown in the market for digital services as the biggest operational risk to our company going forward. While this risk is not expected, it could be generated by a potential worldwide recession. According to most analysts the IT services market is one of the last areas large enterprises expect to reduce budget. However, to mitigate the potential risk, we have implemented strategies to diversify our customer base by operating in various countries with different digital maturity levels. Additionally, we have shifted our revenue stream from single-project sales to recurring contracts, focusing on maintenance, support, security, and optimization. Another operating risk is the growing competition for talent in the IT industry. Human Capit…

There were no uncertainties in the recognition and measurement of information in the Annual Report.

In terms of unusual events, we consider the ongoing war in Ukraine as a major challenge. This can lead to suboptimal customer experience and social responsibility issues. To mitigate these risks, we have prioritized the safety of our team members in Ukraine, assisting those who desired to relocate and providing additional financial assistance and resources to those unable to reach the office.

FFW Danmark has acquired the German digital agency, Yours Truly GmbH. The change of control occurred on January 17, 2023.

No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. There are no other subsequent events beyond the mentioned above.

Charges and security

The following assets have been pledged as security for borrowings of 105 mDKK:…