Annual Report 2023 presentation

What is the expected revenue, ebit and cashflow in 2024

Why do you report focusing at EBITDA and not EBIT. EBITDA is heavily influenced by Pennoe's aggressive activation policy. If we look at Pennoes cash flow it is minus 20 mio the last years.

Please explain Capitalized staff costs. Penneo Capitalize 25 pct. of staff cost. Sounds pretty aggressive.

Can you provide any kind of insight into revenue per employee in your more established markets like Denmark, Sweden or Norway. How much revenue do you generate per employee in these markets or what is your local profit-margins if you only look at cost and revenue from this market and allocate global costs proportionally?

Germany is still on the horizon as the next market but reading how you are describing it seems like a market that will take time once you begin the actual sales effort. Is there any other markets you are aiming at that can potentially come with the speed as Belgium has? What about the Netherlands or others?

Gross margin increased to 91% in Q4, can you explain what made that shift up from 86% in Q4 2022? Is this a new norm or was there any one-time extraordinary events in this quarter?

Do Penneo have an AI strategy? If yes, how do you use AI in your daily work, and have you seen it have a positive effect? If no, is it something you're considering, and if not, why not?

What is your ambition and strategy for entering new markets in 2024?

Penneo is nearing 100 DKKm in ARR and beginning to be a bit more mature SaaS-company. In this regard are you aiming to be able to achieve growth and EBITDA-metrics that combined put you on the right side of Rule of 40 or is this not achievable in the near future?

What is the outlook for 2024 + 2025 in terms of cash flow? Will Penneo be able to grow without further capital increase?

Note 6 - Staff Cost. Who is part of the executive management team receiving a total salary of 8 million in 2022 and 5 million in 2023.

Who is part of the key management team

Groth in revenue from 2022 to 2023 is 16 mio. kr. Growth in employee cost is 15 mio. from 2022 to 2023. Can you explain those numbers. Don't sound Penneo is scalable if cost of employees and growth in revenue is Similar

Can you specify which costs are included in the cost of sales

How much total debt did you have in 2023?

Your current investment cycle is set to end here in 2024. But you still have a healthy cash balance and at the same time the market seems to be wanting breakeven. When looking into 2024 how will you make sure to keep growing the company at healthy rates, obtain breakeven but still use your cash to some extent and not just sit on a cash position?