Hello and welcome to this Q4 2024 presentation and Q&A with Konsolidator. With us today, we have the CEO and the CFO of Konsolidator. First, there will be a presentation and afterwards a Q&A with the management team. There have already been pre-submitted questions on Stokk.io, and the Q&A is still open so that you can submit questions live as well. I will now hand over the mic to Konsolidator to start the presentation. Jack and Claus, your line is now open. Thank you. Thank you. Hello and welcome and happy new year to all of you. This is a presentation about our annual report for 2024, where we also give a little bit of insight into 2025 and how we will see the near future for Konsolidator. The agenda today is more or less as it always is, that first we will give a brief introduction to Konsolidator. You can see from the participant list that many of you have been here before, so we will not spend too much time on that because you already know who we are. Jack will present the financials for 2024 before I will go into talk a little bit about our new strategy, resilient growth, and how we will see the next three years from our point of view. Then in the end, as always, we will have some questions from you, where all kinds of questions are more than welcome. We will be able to answer as good as we can to all your questions. Welcome. First, about us. As you probably know, we are a company that is doing more or less only one thing, and that is financial consolidation for groups, which we have done now for 10 years. We are in about 20 countries and have 250 customers. As you probably also know, we opened an office in Madrid in April last year. Now we have two offices, one in Denmark, Copenhagen, and one in Spain, Madrid. That is, yeah, that's in a nutcase who we are. All right, I will give over the mic to Jack, who will go through the financials for 2024. Thank you, Claus. Thank you for joining. I will go through the financials for 2024, starting with the quarter three financials and then the highlights for the entire year. The SaaS metrics, Claus will get back to a little bit on the SaaS metrics at the end of the presentation also with our new strategy. As Claus mentioned, the numbers are impacted by Konsolidator and Iberia, which started the operations on April 1st, so it is nine months in impact on the financials, primarily costs, but the ARR, they were in within expectations. Revenue for the quarter was up by 11% to DKK 5.4 million in the green column. The subscription fees and the onboarding and consulting fees were up. The subscription fees were up by 12%, and the onboarding were at the same level as Q4 2023. The EBIT was DKK 2.4 million as a loss, and that is DKK 2.4 million compared to DKK 2.4 million in Q4 2023. That is also impacted by Iberia. Had they not been part of Konsolidator, then it would have been below Q4 2023. The payments or the cash flow from operating activities is also impacted again. What is also impacted, as you can see throughout the quarters, is for instance, Q3 2024, it's a lot better from operating activities. That is because we're transferring our subscription payments from three to twelve months. Customers are paying twelve months ahead. During Q4, we also had a capital increase of DKK 4.2 million. For the entire year, you can see on the right-hand side the 2024 numbers and compared to 2023. Revenue was up for the entire year to DKK 20.3 million, just a little bit below our expectations of DKK 21 million-DKK 22 million. The subscriptions fees were up by seven, but onboarding and consultancies were decreased compared to last year. Again, EBIT loss for the entire year was impacted by Iberia by DKK 2.4 million for that nine months. The cash flow was also impacted. We have a cash of around DKK 400,000 at the end of the year, but here in February, we got a capital increase of DKK 4 million, where we had DKK 2.2 million paid in cash and then a commitment of DKK 1.8 million, which should be, if you take our budget into consideration, enough to cover our liquidity for 2025. The capital increase also impacts our equity, which was negative on December 31st by DKK 2.4 million. Almost positive equity after the month of February. Yeah, Claus. Thank you, Jack. That was the financial for 2024. Of course, if you have any questions, just write them in the chat and we'll get back to that. I will go a little bit into how we see the next couple of years. First, as Jack said, I will give my some thoughts and reflection on some of our SaaS metrics. One of the important metrics for a company like ours is how much does it cost to get new customers. That is measured through this KPI called CAC over AR, where CAC stands for customer acquisition cost, and AR is the new sales that we generate within a quarter. That is one of the things that we are measuring very, very closely because one thing is growth, but it is also profitable growth. As you can see that since 2022, our CAC over AR has increased slowly. This is per quarter, and some quarters is by nature higher or lower than others. No matter how we see it, then it has increased over the past three years. That, of course, we have tried to change. There is obviously two ways you can do it. You can increase sales or you can reduce cost. We have for a long period of time tried only to increase the new sales. We also took some consequences in the summer where we reduced the cost and also the number of people in sales and marketing. That actually had a very, very fast effect in Q4. As you can see that it was down to 2022. As you can see from other quarters, Q4 is normally a good quarter because the sales is fairly high. We also saw a huge decrease in sales and marketing cost. As we made part of the reduction was reducing the number of staff, which will only have an effect in Q1 this year. We have not seen the full effect in Q4, but we decreased the digital marketing spend in Q4 dramatically. That is the reason why we have such a good KPI in Q4, which is the lowest we have ever had. We do expect that Q1 is normally low in new sales because our customers are busy with their annual report, but the cost will be lower than we saw in Q4. Hopefully and expectedly, we will see a fairly low CAC over AR in 2025. Yes, another thing which is interesting to look at, that is that ever since we started back in 2016, we've got larger and larger customers who pay more and more in annual recurring revenue. That is, we are following that through this KPI called ARPU, which is the average rate per customer, user unit, but for us customer. There you can see that we have more or less doubled the AR per customer since we got listed in Q2 2019. That's a trend we see continue. There are some key drivers in that. One thing is that we are getting more and more functionality in our products so we can attract larger and larger customers. What we have also seen over the past one and a half year where we have been more and more focusing on partner growth is that in order to attract partners, you also need to have a product which is more and more complex so the partner can come out to the customers and generate some consultancy value. We also see that in this journey, more and more partners are interested in our product who can go out and onboard more and more complex customers. It is both that our product is getting more partner enabled, as we call it, and with the increased functionality we also see that we are moving slowly from being just a product to be a full solution. I also have a slide on that in a couple of slides. You can see that more visually. That are the main drivers to why the AR per customer is increasing. More functionality, more complex product, and then more which is positive because then we also can enable partner, which is a part of our strategy. That is very positive. On our AR expectation, it's not a big secret that 2022, 2023, 2024 has not been as we have expected. That has been a low growth, only 10% growth for us. That is dissatisfactory. We have been working for more than a year how we can get back on the high growth rate that we used to have. We haven't fully cracked the knot yet. I think that is honest to say, but we are still optimistic. We still believe that it will be possible. We also know and we realized that for a little bit less than two years ago, in order for us to grow high in the world, we need to have another strategy than just direct selling. I mean, the world is too big and the cost is too high having direct sales around the world. That was when we started the partner strategy approach. We are continuing with that. Again, it's not a big secret. For For the first year, year and a half, it hasn't been that successful. Since the summer, we have seen more and more customers coming in from partners. We believe that that trend will continue. We can see more and more partners becoming more and more interested in selling our product. We have guided DKK 23 million-DKK 24 million for 2025. Hopefully, it will be higher than that, but that is what we feel fairly comfortable with to guide on. With those growth accelerators we have out to the right, we hope and maybe also expect that we can overperform on that. Those elements, I've talked about them before, are Konsolidator banking. We had hoped, maybe a little bit also expected, the first one or two customers in 2024. We did not, but we are still both optimistic and getting some positive feedback. Hopefully, expectedly, we will get the first customer in the banking segment this year. Partner enablement, that's a huge part of our growth strategy. If we should grow fast in other countries, we need partners to help us. We got Konsolidator Iberia, which you know about, and they have performed better than expected in last year. We believe that that will also be an important part of our future growth. The whole solution, I have a slide on that. I'll explain to you why we believe that we can grow faster, higher with this whole solution. As I just explained, we have this higher ARPU. Of course, with the same amount of customers, with a higher ARPU, then you get higher income, higher AR. These are the main elements in what we believe can bring us back to higher than 10% growth rate. Again, when that is said, you can see over the past, what is that, two, four, six, eight years, we've had an average growth of 37% annually, of course, mainly driven by the first year, 2018- 2022. Yes, but let me explain to you about this whole solution. I will move into a slide which firsthand is maybe a little bit has a lot in it, but let's see. Let me go through it slowly. Yes, this is what we called the whole solution. What this is, that is that as we've said before, customers are getting more and more complex. The way that we see them getting more complex, that is to the left where we have the ERP systems, then more and more customers are moving from on-premise ERP system to cloud ERP system. When they do that, suddenly the headquarter is getting access to a whole lot more data. In the good old days, two or three years ago, subsidiaries, they sent an Excel spreadsheet to the headquarter with maybe a couple of hundreds of data points in each spreadsheet. The headquarter could look at those numbers. Today, with the API from the ERP system, now they have access to millions of data points. Suddenly the headquarter have access to much more data than they used to have. Then on the right side, on the reporting side, in a good old. Claus, we lost your sound. I think you were muted. Can you just please unmute yourself again? Can you hear me again? Yeah, thank you. Oh, sorry. It's because it was so secret, so I couldn't tell you. Let me try to repeat that. What I was saying was that to the left side on the ERP system, there is a huge pressure because the headquarter have access to much more data. To the right side now with the BI tools like Power BI and other BI tools, the user can also access those data much more than they could when they were using Excel. Konsolidator has a pressure from the right because of Power BI and also from the left because of the access to data. We saw fairly, let's say a year ago, that we would not develop Konsolidator to be a huge data warehouse. There are other products out there that are much better in doing that than us. Our choice has been Microsoft Fabric Data Lakehouse or Data Warehouse, whatever you want to call it. Our future solution to large and complex customers is a combination of Konsolidator with a Microsoft Fabric Data Warehouse where they can structure all the data. From the reporting system, they can get access to all the data that they want. There will be no limitation either in Konsolidator nor in the access point that the customers are getting. We believe that is the future. A finance function should be structured. You can see at the bottom that we today have a partnership with the Phocas and New Zealand budget and planning tool and also a Danish new product called Auto Budgets. Those two budget and planning or FP&A tools together with us is an extremely strong solution for the financial functions out there. The last new things that is out to the right where we say ESG. As you can see, it's powered by partner. That's because we don't want to build our own ESG software. We, of course, know it's extremely important for our customers. We believe that we can together with a strong software provider on ESG can be an extremely strong solution to customers because we have the knowledge and functionality to consolidate the numbers, all the 1,000 ESG numbers that you need. We are very strong in handling those, but we are not strong in writing text and making gap analysis as you need in the ESG world. We will partner up with a strong provider in the software for the text and for the gap analysis and then combine that with Konsolidator and our KPI module. We are in, I'll not say the final discussion, but we are in contact with three or four providers. We believe that we will choose one or more in Q1 so we can go out and offer that to customers. The first test with customers with these different software is ongoing. Hopefully, we will have an offering in Q1. That's at least the plan. That will be the whole, you can say the whole solution for Konsolidator. With this, we will be a CPM system, corporate performance management system. We will be something which is not only attractive for our customers, building up the future finance function, but it's also extremely interesting for larger partners who have the knowledge and the skills to build such an environment for our customers. It goes hand in hand with higher ARPU, closer connection to the customers, and also in the partner enablement strategy as we have. Sorry, that was a long introduction, maybe a little bit technical, but I hope you got an understanding that we are moving together and not against the digitization of the finance function. Yes, that was the presentation. With this, I think we hand over the mic to maybe to Anders to give us some questions. Perfect. Thank you for that, Jack and Claus. Let's jump directly into the questions from the audiences here. The first question, I could see that you were looking for a new CCO. Can you explain why this is necessary and what your aim with this position? Yeah. I can answer that because the CEO will report to me. It goes actually hand in hand with this whole solution. Our entire deliverance model will change because until now, we have been mainly an accounting system. And we've always been very strong in debtor and credit, as we're saying, I mean, correct, accurate financial consolidation. In line with the whole solution, we also need other types of skills in Konsolidator, data architect and Power BI expert and data structure specialist and stuff like that. It is not only a little bit change in the skill set in Konsolidator. We do not need less of what we have. We need more of the new kind of skills. In that context, we also need to reinvent or maybe come up with a new deliverance model. We also need to figure out how to train partners and how to maintain and enable partners to be able to sell us and onboard us in other countries. We believe that we need someone who has that experience working with maybe CFO services or working with the larger products is needed in our company. That is the main reason. Yeah, I can also add what we also see is that during the onboarding, we see a lot on the whole consolidation processes, how they change from getting the information before from different subsidiaries abroad in Excel spreadsheets like Cloud Cells. Now they come in a different way. That whole process, not just consolidated, but also the whole process from ERP system all the way through the reporting part. Those competencies we also need. Yeah. The next question is around the partner strategy. The partner strategy has been something you have talked about for some time, but not really been able to scale successfully. In the recent report, it seems like you have some traction here. Can you put some more words to that? If you're getting closer to a functionally partner strategy? Yeah, thank you. It's fully correct. It hasn't been so successful. We started out in the summer of 2023 where we announced that now we are going the partner strategy way. Not alone. I mean, we do have direct sales, and we will continue to have that. In order to scale faster and in more international, we need a partner. We started out with the D365 partners, and that has been a tough battle. They're not so easy to convince to sell Konsolidator for many good reasons. D365 partners, they are very busy converting from on-premise to cloud. We fight against 4,000 other apps on the, for example, Business Central App Store. That's a tough battle. Our product is also fairly complex. I mean, you need to know something about financial consolidation. It's not just an IT system that you need to implement. There has definitely been some learnings for us and the partners in how to sell Konsolidator through the D365 partner network. I think the current conclusion is that it's a fairly few D365 partners that have the capacity to sell Konsolidator. We are focusing on them. What we have seen very good traction on, as is also said in a question, is that since summer, a little bit before the summer, some of the CFO services in the Big Four companies have seen a huge interest and value in Konsolidator. That's maybe mainly because of this slide. When Konsolidator was just the K and you imported all your ERP data directly from the ERP system to Konsolidator and then reporting there, then there was not much for the CFO services to do. With this whole solution and the data warehouse environment, suddenly the Big Four believe and can see that they can make some value and, of course, also business to them. Now suddenly the interest from these is much, much higher than we have seen before, which, of course, we are extremely happy for and also makes us more optimistic on the partner way in both the near and the far future. We are not giving up on the 365 partners at all. I just believe that the journey is longer. As a D365 partner, they are selling F&O and Business Central, which is where our main customers are coming from, of course, makes sense to at least get them to know about us. I hope that answer was a little bit long answer, but I hope it gave some kind of insight on how we are kind of working with the partners. Yeah. Daniel has a question here. Eighteen new customers in the last quarter. What is the regional split? Is this driven by Iberia or by your home market in Denmark or other strong markets? What are the sales channels that were driving this? Yeah, good questions. Yeah, it's mainly Denmark, Spain, and Sweden. As we also said before, we got our former country manager for Sweden back as a partner, and he delivers some good result in Q4. Denmark has always been strong for us, is continually strong for us. I was said that Spain and Denmark, they were like 75% and then 10% from Sweden and the rest from the rest of the world around those numbers for Q4. Yes, we are strong in Denmark. We are strong in Spain, and we are strong in Sweden. You can say that's both the positive and also our difficult side is where we have a, you can say, a physical or strong presence with growth. Our product is well accepted in almost all countries, but we need, you can say, a local presence. That's the main reason why we are so focusing on getting partners because we cannot have a presence in each country around the world. We do need to find out how to crack the partner problem. Yeah, and that, of course, we have some thought about in 2025. That was all the questions that we have received from the audience. Before we end the webcast, I will just hand over the word for you if you have any final remarks to end with. To me? Yes. Thank you. Yes, as I've said before, and I'll probably also say in the future, 2022- 2024 were difficult years. We still managed to grow a little bit, but they were difficult years. We believe that with the resilient growth strategy, we will get back to a higher growth rate, not just because of the words in a PowerPoint presentation, but also because we see some good signs, both, as I said before, banking, Iberia partner, and the whole solution. We believe that we are going into some brighter three years than the past three years.