2021 Assumptions

x Metrics licenses Product 1 Product 2 Product 3

x License price 1000 1500 2000 <-- Monthly License Price
x License sold 12 10 8 <-- Monthly Product Sale
x Monthly Increase 3 2 1 <-- Monthly Increase
x % Monthly increase 25% 20% 13% <-- Monthly Sales increase %
x Churn 2 1 0 <-- Q1 Churn
x Quarterly increase 2 1 1 <-- Quarterly Chrun increase

Metrics for companies Comapnies

License per company 5 <- Assumed per company
Licenses new 5 <-- Assumed per company
Licenses churn 5 <-- Assumed per company

2021 Customer Assumptions

Customers Realised Realised Realised Realised Realised
Numbers Jan-21 Feb-21 Mar-21 Apr-21 May-21
Total Comapnies BoP 6 7 8 10 11
New Companies 1 2 2 3 4
Churn Companies 1 1 1 1 1
Total Companies EoP 7 8 10 11 14

Product Realised Realised Realised Realised Realised

Numbers Jan-21 Feb-21 Mar-21 Apr-21 May-21
x Total licenses BoP 30 33 39 48 57
Produt 1 12 13 15 18 21
Produt 2 10 11 13 16 19
Produt 3 8 9 11 14 17
x Total New licenses 6 9 12 16 20
Produt 1 3 4 5 7 9
Produt 2 2 3 4 5 6
Produt 3 1 2 3 4 5
x Total Churn licenses 3 3 3 7 7
Produt 1 2 2 2 4 4
Produt 2 1 1 1 2 2
Produt 3 0 0 0 1 1
x Total licenses EoP 33 39 48 57 70
Produt 1 13 15 18 21 26
Produt 2 11 13 16 19 23
Produt 3 9 11 14 17 21

2021 P&L

Revenue Realised Realised Realised Realised Realised

DKK Jan-21 Feb-21 Mar-21 Apr-21 May-21
x Total Revenue 43,000 47,500 56,500 70,000 83,500
 Product 1 12,000 13,000 15,000 18,000 21,000
Product 2 15,000 16,500 19,500 24,000 28,500
Product 3 16,000 18,000 22,000 28,000 34,000
x Total Salaries 100,000 100,000 130,000 130,000 140,000
CEO 25,000 25,000 25,000 25,000 25,000
Sales 35,000 35,000 35,000 35,000 35,000
Marketing 30,000 30,000 30,000
Developer 40,000 40,000 40,000 40,000 40,000
Developer
Stud. Developer 10,000
Stud. Developer
x Total External 3,500 0 5,500 4,000 800
Lawyer 5,000
Accountant
### Brand Agency 3,000 4,000
Other 500 500 800
x Total Marketing 21,000 25,000 29,800 35,560 42,472
### Ads/Campaigns 20,000 24,000 28,800 34,560 41,472
Other markteing 1000 1000 1000 1000 1000
x Total Operations 19,350 21,375 25,425 31,500 37,575
### Hosting 4,300 4,750 5,650 7,000 8,350
### Third Party Costs 8,600 9,500 11,300 14,000 16,700
### Software 6,450 7,125 8,475 10,500 12,525
x Total Result -100,850 -98,875 -134,225 -131,060 -137,347

x 2021 SaaS Metrics

2 2 3
Companies Realised Realised Realised Realised Realised
Numbers Jan-21 Feb-21 Mar-21 Apr-21 May-21
BoP 6 7 8 10 11
New 1 2 2 3 4
% New Rate 20% 27% 31% 33% 35%
Churn 1 1 1 1 1
% Churn Rate 10% 9% 8% 15% 12%
EoP 7 8 10 11 14

x licenses Realised Realised Realised Realised Realised

Numbers Jan-21 Feb-21 Mar-21 Apr-21 May-21
x BoP 30 33 39 48 57
New 6 9 12 16 20
% New Rate 20% 27% 31% 33% 35%
Churn 3 3 3 7 7
% Churn Rate 10% 9% 8% 15% 12%
x EoP 33 39 48 57 70

x MRR BoP 43,000 47,500 56,500 70,000 83,500

MRR New Product 1 3,000 4,000 5,000 7,000 9,000
MRR New Product 2 3,000 4,500 6,000 7,500 9,000
MRR New Product 3 2,000 4,000 6,000 8,000 10,000
x Total New MRR 8,000 12,500 17,000 22,500 28,000
Lost MRR Product 1 2,000 2,000 2,000 4,000 4,000
Lost MRR Product 2 1,500 1,500 1,500 3,000 3,000
Lost MRR Product 3 0 0 0 2,000 2,000
x Total lost MRR 3,500 3,500 3,500 9,000 9,000
x MRR EoP 47,500 56,500 70,000 83,500 102,500

ARPA (p.m) 7,197 7,244 7,292 7,325 7,321

ARPA new customers (p.m) 6,667 6,944 7,083 7,031 7,000

Customer Acqusition Costs (CAC) Realised Realised Realised Realised Realised

Total Marketing 21,000 25,000 29,800 35,560 42,472
Ads/Campaigns 20,000 24,000 28,800 34,560 41,472
Other Marketing 1,000 1,000 1,000 1,000 1,000
Total Salary 60,000 60,000 90,000 90,000 90,000
CEO 25,000 25,000 25,000 25,000 25,000
### Sales 24,500 24,500 24,500 24,500 24,500
Marketing 30,000 30,000 30,000
### Support Allocated 10,500 10,500 10,500 10,500 10,500
CAC 81,000 85,000 119,800 125,560 132,472
CAC (blended) 13,500 9,444 9,983 7,848 6,624

Life Time Value (LTV) Realised Realised Realised Realised Realised

Customer Life time (CLT) (months) 10 11 13 7 8

Customer Life Time Value (CLTV) 71,970 79,679 94,792 50,226 59,617
CLTV/CAC ratio 5 8 9 6 9
Realised Realised Realised Realised Realised Realised Realised
Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21
14 18 22 28 35 44 55
5 6 8 10 12 15 18
1 2 2 2 3 3 3
18 22 28 35 44 55 70

Realised Realised Realised Realised Realised Realised Realised

Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21
70 89 110 138 175 219 277
26 34 43 56 74 96 126
23 29 36 45 57 71 89
21 26 31 37 44 52 62
26 32 39 48 59 73 90
12 15 19 24 30 38 48
8 10 12 15 18 22 27
6 7 8 9 11 13 15
7 11 11 11 15 15 15
4 6 6 6 8 8 8
2 3 3 3 4 4 4
1 2 2 2 3 3 3
89 110 138 175 219 277 352
34 43 56 74 96 126 166
29 36 45 57 71 89 112
26 31 37 44 52 62 74

Realised Realised Realised Realised Realised Realised Realised

Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21
102,500 129,500 159,000 197,500 247,500 306,500 383,500
 26,000 34,000 43,000 56,000 74,000 96,000 126,000
34,500 43,500 54,000 67,500 85,500 106,500 133,500
42,000 52,000 62,000 74,000 88,000 104,000 124,000
140,000 140,000 165,000 165,000 205,000 215,000 215,000
25,000 25,000 50,000 50,000 50,000 50,000 50,000
35,000 35,000 35,000 35,000 35,000 35,000 35,000
30,000 30,000 30,000 30,000 30,000 30,000 30,000
40,000 40,000 40,000 40,000 40,000 40,000 40,000
40,000 40,000 40,000
10,000 10,000 10,000 10,000 10,000 10,000 10,000
10,000 10,000
2,000 6,133 2,000 0 7,911 0 3,400
2,000 2,000 2,000

5,333 7,111
800 800 1,400
50,766 60,720 72,664 86,996 104,196 124,835 149,602
49,766 59,720 71,664 85,996 103,196 123,835 148,602
1000 1000 1000 1000 1000 1000 1000
46,125 58,275 71,550 88,875 111,375 137,925 172,575
10,250 12,950 15,900 19,750 24,750 30,650 38,350
20,500 25,900 31,800 39,500 49,500 61,300 76,700
15,375 19,425 23,850 29,625 37,125 45,975 57,525
-136,391 -135,628 -152,214 -143,371 -180,982 -171,260 -157,077

4 4 6 7 9 12 15
Realised Realised Realised Realised Realised Realised Realised
Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21
14 18 22 28 35 44 55
5 6 8 10 12 15 18
37% 36% 35% 35% 34% 33% 32%
1 2 2 2 3 3 3
10% 12% 10% 8% 9% 7% 5%
18 22 28 35 44 55 70

Realised Realised Realised Realised Realised Realised Realised

Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21
70 89 110 138 175 219 277
26 32 39 48 59 73 90
37% 36% 35% 35% 34% 33% 32%
7 11 11 11 15 15 15
10% 12% 10% 8% 9% 7% 5%
89 110 138 175 219 277 352

102,500 129,500 159,000 197,500 247,500 306,500 383,500

12,000 15,000 19,000 24,000 30,000 38,000 48,000
12,000 15,000 18,000 22,500 27,000 33,000 40,500
12,000 14,000 16,000 18,000 22,000 26,000 30,000
36,000 44,000 53,000 64,500 79,000 97,000 118,500
4,000 6,000 6,000 6,000 8,000 8,000 8,000
3,000 4,500 4,500 4,500 6,000 6,000 6,000
2,000 4,000 4,000 4,000 6,000 6,000 6,000
 9,000 14,500 14,500 14,500 20,000 20,000 20,000
129,500 159,000 197,500 247,500 306,500 383,500 482,000

7,275 7,227 7,156 7,071 6,998 6,922 6,847

6,923 6,875 6,795 6,719 6,695 6,644 6,583

Realised Realised Realised Realised Realised Realised Realised

50,766 60,720 72,664 86,996 104,196 124,835 149,602
49,766 59,720 71,664 85,996 103,196 123,835 148,602
1,000 1,000 1,000 1,000 1,000 1,000 1,000
90,000 90,000 115,000 115,000 115,000 115,000 115,000
25,000 25,000 50,000 50,000 50,000 50,000 50,000
24,500 24,500 24,500 24,500 24,500 24,500 24,500
30,000 30,000 30,000 30,000 30,000 30,000 30,000
10,500 10,500 10,500 10,500 10,500 10,500 10,500
140,766 150,720 187,664 201,996 219,196 239,835 264,602
5,414 4,710 4,812 4,208 3,715 3,285 2,940

Realised Realised Realised Realised Realised Realised Realised

10 8 10 13 12 15 18
72,753 58,475 71,558 88,714 81,640 101,067 126,434
13 12 15 21 22 31 43
 2022 Assumptions
x DKK Product 1
x License price 1000
x License sold 12
x Monthly Increase 4
x % Monthly increase 30%
x Churn 12
x Quarterly increase 9

Metrics Comapnies
License per company 6
Licenses new 5
Licenses churn 5

2022 Customer Assumptions

Realised Customers Forecast
Total Numbers Jan-21
55 <-- Assumed 5 licenses Total Comapnies BoP 70
New Companies 23
Churn Companies 3
Total Companies EoP 90

Realised Product Forecast

Total Numbers Jan-21
277 x Total licenses BoP 277
126 Produt 1 126
89 Produt 2 89
62 Produt 3 62
424 x Total New licenses 115
211 Produt 1 63
130 Produt 2 34
83 Produt 3 18
108 x Total Churn licenses 15
60 Produt 1 8
30 Produt 2 4
18 Produt 3 3
1,607 x Total licenses EoP 377
688 Produt 1 181
521 Produt 2 119
398 Produt 3 77

2022 P&L

Realised Revenue Budget

Total DKK Jan-21
1,826,500 x Total Revenue 383,500
 534,000 Product 1 126,000
628,500 Product 2 133,500
664,000 Product 3 124,000
1,845,000 x Total Salaries 335,000
425,000 <-- Assumed 50k CEO 50,000
420,000 <-- Assumed 350k Head of sales 50,000
300,000 <-- Assumed 30k Marketing 30,000
480,000 <-- Assumed 40k Developer 40,000
120,000 <-- Assumed 40k Developer 40,000
80,000 <-- Assumed 10k Stud. Developer 10,000
20,000 <-- Assumed 10k Stud. Developer 10,000
35,244 x Sales 35,000
11,000 Sales 35,000
0 Sales 35,000
19,444 <-- Assumed 33% ### Total External
4,800 Lawyer
803,610 x Accountant
791,610 <-- Asumed 20% 0.2 Brand Agency
12,000 Other
821,925 x Total Marketing 165,462
182,650 <-- Assumed 10% 0.1 Ads/Campaigns 163,462
365,300 <-- Assumed 20% Other markteing 2,000
273,975 <-- Assumed 15% Total Operations 172,575
-1,679,279 0.1 Hosting 38,350
0.2 Third Party Costs 76,700
0.2 Software 57,525
Total Result -289,537

2022 SaaS Metrics

Realised Companies Realised
Total Numbers Jan-21
55 BoP 70
18 New 23
% New Rate 33%
Churn 3
% Churn Rate 4%
70 EoP 90

Realised Customers & Churn Budget

Total Numbers Jan-21
277 BoP 277
90 New 115
% New Rate 42%
15 Churn 15
5% % Churn Rate 5%
352 EoP 377

383,500 MRR BoP 383,500

17,833 MRR New Product 1 63,000
16,500 MRR New Product 2 51,000
14,000 MRR New Product 3 36,000
48,333 Total New MRR 150,000
5,000 Lost MRR Product 1 8,000
3,750 Lost MRR Product 2 6,000
3,000 Lost MRR Product 3 6,000
 11,750 Total lost MRR 20,000
420,083 MRR EoP 513,500

7,156 ARPA (p.m) 5,680

6,830 ARPA new customers (p.m) 6,522

Realised Customer Acqusition Costs (CAC) Realised

803,610 Total Marketing 165,462
791,610 Ads/Campaigns 163,462
12,000 Other Marketing 2,000
1,145,000 Total Salary 130,000
425,000 <-- Assumed 60% CEO 50,000
294,000 Sales 35,000
300,000 Marketing 30,000
126,000 <-- Assumed 30% Sales person Support Allocated 15,000
1,948,610 CAC 295,462
1,216,610 CAC (blended) 2,569

Realised Life Time Value (LTV) Realised

LTV 104,896.39
11 Customer Life time (CLT) (months) 23
79,744 Customer Life Time Value (CLTV) 133,298
16 CLTV/CAC ratio 52
 Product 2 Product 3
1500 2000 <-- Monthly License Price
10 8 <-- Monthly Product Sale
3 2 <-- Monthly Increase
25% 20% <-- Monthly Sales increase %
10 8 <-- Q1 Churn
7 5 <-- Quarterly Chrun increase

<- Assumed per company

<-- Assumed per company
<-- Assumed per company

sumptions
Forecast Forecast Forecast Forecast Forecast Forecast Forecast
Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21
90 117 151 192 247 318 407
29 38 48 61 78 100 128
3 3 7 7 7 11 11
117 151 192 247 318 407 523

Forecast Forecast Forecast Forecast Forecast Forecast Forecast

Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21
377 509 682 887 1,158 1,514 1,958
181 255 354 477 642 862 1145
119 158 208 265 339 435 551
77 96 120 145 177 217 262
147 188 241 307 392 501 640
82 107 140 182 237 309 402
43 54 68 85 107 134 168
22 27 33 40 48 58 70
15 15 36 36 36 57 57
8 8 17 17 17 26 26
4 4 11 11 11 18 18
3 3 8 8 8 13 13
509 682 887 1,158 1,514 1,958 2,541
255 354 477 642 862 1145 1521
158 208 265 339 435 551 701
96 120 145 177 217 262 319

Budget Budget Budget Budget Budget Budget Budget

Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21
479,475 572,400 684,563 820,148 984,283 1,183,259 1,424,794
 163,800 204,750 255,938 319,922 399,902 499,878 624,847
166,875 200,250 240,300 288,360 346,032 415,238 498,286
148,800 167,400 188,325 211,866 238,349 268,142 301,660
335,000 335,000 335,000 335,000 335,000 335,000 335,000
50,000 50,000 50,000 50,000 50,000 50,000 50,000
50,000 50,000 50,000 50,000 50,000 50,000 50,000
30,000 30,000 30,000 30,000 30,000 30,000 30,000
40,000 40,000 40,000 40,000 40,000 40,000 40,000
40,000 40,000 40,000 40,000 40,000 40,000 40,000
10,000 10,000 10,000 10,000 10,000 10,000 10,000
10,000 10,000 10,000 10,000 10,000 10,000 10,000
35,000 35,000 35,000 35,000 35,000 35,000 35,000
35,000 35,000 35,000 35,000 35,000 35,000 35,000
35,000 35,000 35,000 35,000 35,000 35,000 35,000
25,000 0 0 0

25,000

181,808 199,789 219,568 241,324 265,257 291,583 320,541

179,808 197,789 217,568 239,324 263,257 289,583 318,541
2,000 2,000 2,000 2,000 2,000 2,000 2,000
215,764 257,580 308,053 369,066 442,927 532,466 641,157
47,948 57,240 68,456 82,015 98,428 118,326 142,479
95,895 114,480 136,913 164,030 196,857 236,652 284,959
71,921 85,860 102,684 123,022 147,642 177,489 213,719
-253,097 -219,969 -178,058 -150,243 -58,901 24,210 128,096

Realised Realised Realised Realised Realised Realised Realised

Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21
90 117 151 192 247 318 407
29 38 48 61 78 100 128
33% 32% 32% 32% 32% 32% 31%
3 3 7 7 7 11 11
3% 3% 5% 4% 3% 4% 3%
117 151 192 247 318 407 523

Budget Budget Budget Budget Budget Budget Budget

Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21
377 509 682 887 1158 1514 1958
147 188 241 307 392 501 640
39% 37% 35% 35% 34% 33% 33%
15 15 36 36 36 57 57
4% 3% 5% 4% 3% 4% 3%
509 682 887 1158 1514 1958 2541

513,500 684,000 906,000 1,164,500 1,504,500 1,948,500 2,495,500

82,000 107,000 140,000 182,000 237,000 309,000 402,000
64,500 81,000 102,000 127,500 160,500 201,000 252,000
44,000 54,000 66,000 80,000 96,000 116,000 140,000
190,500 242,000 308,000 389,500 493,500 626,000 794,000
8,000 8,000 17,000 17,000 17,000 26,000 26,000
6,000 6,000 16,500 16,500 16,500 27,000 27,000
6,000 6,000 16,000 16,000 16,000 26,000 26,000
 20,000 20,000 49,500 49,500 49,500 79,000 79,000
684,000 906,000 1,164,500 1,504,500 1,948,500 2,495,500 3,210,500

5,856 5,984 6,052 6,101 6,131 6,137 6,136

6,480 6,436 6,390 6,344 6,295 6,248 6,203

Realised Realised Realised Realised Realised Realised Realised

181,808 199,789 219,568 241,324 265,257 291,583 320,541
179,808 197,789 217,568 239,324 263,257 289,583 318,541
2,000 2,000 2,000 2,000 2,000 2,000 2,000
130,000 130,000 130,000 130,000 130,000 130,000 130,000
50,000 50,000 50,000 50,000 50,000 50,000 50,000
35,000 35,000 35,000 35,000 35,000 35,000 35,000
30,000 30,000 30,000 30,000 30,000 30,000 30,000
15,000 15,000 15,000 15,000 15,000 15,000 15,000
311,808 329,789 349,568 371,324 395,257 421,583 450,541
2,121 1,754 1,450 1,210 1,008 841 704

Realised Realised Realised Realised Realised Realised Realised

30 39 21 27 34 28 36
176,466 232,983 127,271 163,032 209,994 171,096 218,861
83 133 88 135 208 203 311
Forecast Forecast Forecast Forecast Forecast
Sep-21 Oct-21 Nov-21 Dec-21 Total
523 675 868 1,120 1,120
163 209 267 342 342
11 16 16 16 16
675 868 1120 1446 1,446

Forecast Forecast Forecast Forecast Forecast

Sep-21 Oct-21 Nov-21 Dec-21 Total
2,541 3,301 4,267 5,524 5,524
1521 2018 2663 3512 3512
701 893 1131 1435 1435
319 390 473 577 577
817 1,044 1,335 1,709 1,709
523 680 884 1150 1150
210 263 329 412 412
84 101 122 147 147
57 78 78 78 78
26 35 35 35 35
18 25 25 25 25
13 18 18 18 18
3,301 4,267 5,524 7,155 7,155
2018 2663 3512 4627 4627
893 1131 1435 1822 1822
390 473 577 706 706

Budget Budget Budget Budget

Sep-21 Oct-21 Nov-21 Dec-21 Total
1,718,370 2,075,645 2,510,956 3,041,954 15,879,345
 781,059 976,324 1,220,405 1,525,506 7,098,332
597,943 717,532 861,038 1,033,246 5,498,601
339,368 381,789 429,512 483,201 3,282,412
335,000 335,000 335,000 335,000 4,020,000
50,000 50,000 50,000 50,000 600,000 <-- Assumed 50k
50,000 50,000 50,000 50,000 600,000 <-- Assumed 50k
30,000 30,000 30,000 30,000 360,000 <-- Assumed 30k
40,000 40,000 40,000 40,000 480,000 <-- Assumed 40k
40,000 40,000 40,000 40,000 480,000 <-- Assumed 40k
10,000 10,000 10,000 10,000 120,000 <-- Assumed 10k
10,000 10,000 10,000 10,000 120,000 <-- Assumed 10k
35,000 35,000 35,000 35,000 420,000 <-- Assumed 35k
35,000 35,000 35,000 35,000 420,000 <-- Assumed 35k
35,000 35,000 35,000 35,000 420,000
0 0 0 0 25,000
0
25,000
0 <-- Assumed 33%
0
352,395 387,434 425,978 468,376 3,519,514
350,395 385,434 423,978 466,376 3,495,514 <-- Asumed 20%
2,000 2,000 2,000 2,000 24,000
773,267 934,040 1,129,930 1,368,879 7,145,705
171,837 207,564 251,096 304,195 1,587,935 <-- Assumed 10%
343,674 415,129 502,191 608,391 3,175,869 <-- Assumed 20%
257,756 311,347 376,643 456,293 2,381,902 <-- Assumed 15%
257,709 419,170 620,048 869,699 1,169,126

Realised Realised Realised Realised Realised

Sep-21 Oct-21 Nov-21 Dec-21 Total
523 675 868 1120 1120
163 209 267 342 342
31% 31% 31% 31%
11 16 16 16
2% 2% 2% 1%
675 868 1120 1446 1446

Budget Budget Budget Budget Realised

Sep-21 Oct-21 Nov-21 Dec-21 Total
2541 3301 4267 5524 5524
817 1044 1335 1709 1709
32% 32% 31% 31%
57 78 78 78 78
2% 2% 2% 1% 1%
3301 4267 5524 7155 7155

3,210,500 4,137,500 5,305,500 6,818,500 6,818,500

523,000 680,000 884,000 1,150,000 396,583
315,000 394,500 493,500 618,000 238,375
168,000 202,000 244,000 294,000 128,333
1,006,000 1,276,500 1,621,500 2,062,000 763,292
26,000 35,000 35,000 35,000 21,500
27,000 37,500 37,500 37,500 21,750
26,000 36,000 36,000 36,000 21,000
 79,000 108,500 108,500 108,500 64,250
4,137,500 5,305,500 6,818,500 8,772,000 7,517,542

6,128 6,110 6,089 6,066 6,039

6,157 6,114 6,073 6,033 6,274

Realised Realised Realised Realised Realised

352,395 387,434 425,978 468,376 3,519,514
350,395 385,434 423,978 466,376 3,495,514
2,000 2,000 2,000 2,000 24,000
130,000 130,000 130,000 130,000 1,560,000
50,000 50,000 50,000 50,000 600,000 <-- Assumed 60%
35,000 35,000 35,000 35,000 420,000
30,000 30,000 30,000 30,000 360,000
15,000 15,000 15,000 15,000 180,000 <-- Assumed 30% Sales person
482,395 517,434 555,978 598,376 5,079,514
590 496 416 350 4,095,514

Realised Realised Realised Realised Realised

46 43 56 72 38
281,234 264,432 338,956 435,458 229,423
476 534 814 1,244 357
 2021 Valuation
x EV/EBITDA 2019 2020 2021
IT Services 9.2x 10.5x 10.0x TRUE Blue Partners
Communication 8.1x 13.2x 21.6x TRUE Blue Partners
Data/Analytics 19.6x 15.9x 14.7x TRUE Blue Partners
SaaS Multiples

x Average 12.3x 13.2x 15.4x

### EV/Revenue 2019 2020 2021

IT Services 4.6x 5.3x 5.0x TRUE Blue Partners
Communication 4.1x 6.6x 10.8x TRUE Blue Partners
Data/Analytics 9.8x 8.0x 7.4x TRUE Blue Partners

x Average 6.2x 6.6x 7.7x

x Pre-money valuation Valuation Note

Revenue 2021 1,826,500 Realised numbers
Implicit multipel (EV/Sales) 7.7x
x Pre-money valuation (DKKm) 14,094,492

Range for valuation

Hvor meget skal de rejse, hvor meget skal de opgive
VC Metode
E Blue Partners
E Blue Partners
E Blue Partners

E Blue Partners <-- Assumed 50% Discount (Stage and revenue)

E Blue Partners <-- Assumed 50% Discount (Stage and revenue)
E Blue Partners <-- Assumed 50% Discount (Stage and revenue)
Assumptions Input
Perpetual g 2%
Discount rate 25%
YoY growth rate 20%

Small cap discount 25%

Year Budget Forecast Forecast

DKK 2021 2022 2023

FCF (end of year) (1,000,000) (1,200,000) (1,440,000)

Discount period (mid-year) - 0.50 1.50

Discount factor (at r=25%) 1.00 0.89 0.72

PV CFs n.a. (1,073,313) (1,030,380)

Enterprise value DKK

PV (FCF) forecast (5,829,220)
PV (TV) (3,804,999)
EV implied (9,634,219.39)
Cash & equivalents 3,500,000.00 <-- approximation of 600k USD
Net interest-bearing debt -
Minorities -
Privisions -
Implied equity, pre-disocunt (6,134,219.39)
Implied equity disocunt 2,408,555
Implied equity (3,725,665)

Investment amount (DKK) 4,500,000.00

Dilution / ownership stake 581%

Investment amount (DKK) 8,500,000.00

Dilution / ownership stake 178%
 Forecast Forecast Forecast Forecast Residual
2024 2025 2026 2027

(1,728,000) (2,073,600) (2,488,320) (2,985,984) (2,985,984) <-- Assumed FCF

2.50 3.50 4.50 5.50 5.50

0.57 0.46 0.37 0.29 0.29

(989,165) (949,598) (911,614) (875,150) (3,804,999)

tion of 600k USD