Hybrid Software Group PLC
annual report and financial
statements for the year
ended 31st December 2024.
2024
ANNUAL
REPORT

Hybrid Software Group PLC | Annual Report 2024
3
Contents
HYBRID SOFTWARE GROUP 5
Our company 6
Digital revolution in print manufacturing 8
Our value propositions 12
A year in review 14
Our markets 17
Our business segments 31
COMPANY STRATEGIC REPORT 39
Chairman’s statement 40
CEO’s review 42
CFO’s review 44
Principal risks and uncertainties 48
Section 172(1) 56
Environmental matters 58
Social and community 60
Employee matters 61
GOVERNANCE 65
Board of directors 66
Directors’ report 68
Corporate governance report 74
Audit committee report 76
Directors’ remuneration report 77
Independent auditor’s report 86
FINANCIAL STATEMENTS 97
Consolidated statement of comprehensive income 98
Consolidated statement of financial position 99
Consolidated statement of changes in equity 100
Consolidated statement of cash flows 101
Notes to the consolidated financial statements 102
Company statement of financial position 138
Company statement of changes in equity 139
Notes to the company financial statements 140
OTHER INFORMATION 147
Glossary 148

4 5
Hybrid Software Group PLC | Annual Report 2024
HYBRID
SOFTWARE
GROUP
Through its business units and subsidiary companies, Hybrid Software Group PLC
(Euronext: HYSG) is a leading developer of enterprise software and printhead
drive electronics for packaging and industrial print manufacturing. Customers
include press manufacturers such as HP, Canon, Durst, Roland, Hymmen, as well as
global brands, consumer packaged goods companies, retailers, and thousands of
packaging printers, trade shops, and converters worldwide.
Hybrid Software Group PLC is headquartered in Cambridge UK. Its subsidiary
companies are colour technology experts ColorLogic, printing software developers
Global Graphics Software, enterprise software developer Hybrid Software,
3D design and modelling software developers iC3D, industrial printhead drive
solutions specialist Meteor Inkjet, and pre-press workflow developer Xitron.

Our company
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Hybrid Software Group PLC | Annual Report 2024
Industrial print manufacturing
is when printing technology is used
in broader manufacturing processes where
it isn’t the print itself that is being sold.
Our company
Hybrid Software develops innovative technology for
industrial print manufacturing processes that use inkjet
and other printing techniques. The technology is critical
because efficiency and sustainability concerns are driving
the conversion of manufacturing processes from traditional
analogue methods to just-in-time digital production using
inkjet printing. Applications for inkjet printing include
a diverse range of goods, from labels and packaging,
to textiles, tiles, laminates, wall coverings, additive
manufacturing and 3D printing applications.
Hybrid Software Group PLC is a public limited-liability company registered in England
and Wales with its shares traded on Euronext Brussels under stock code HYSG. It is
headquartered near Cambridge, UK. The Company employs approximately 280 employees
worldwide and has a pedigree stretching back more than 30 years.
Hybrid Software Group PLC has offices around the
world and is headquartered near Cambridge, UK.
The team poses for a photo during the successful exhibition at the
drupa trade fair in Düsseldorf, Germany.
The Company is the only full-stack supplier of all the
critical core technologies needed for inkjet printing. Our
principal customers are Original Equipment Manufacturers
(OEMs) of digital printing equipment, including high-speed
digital production presses, professional colour proofing
devices, wide format colour printers, and industrial inkjet
printers for ceramic tiles, packaging, textiles and additive
manufacturing, as well as end users, primarily printing
companies who purchase these devices to print and convert
labels and packaging materials. Hybrid Software has
traditionally provided software components and printhead
drive electronics to OEMs to enable them to build their own
solutions.
Our investment case
→ Inkjet adoption is increasing rapidly across
multiple industry sectors.
→ Analogue markets are converting to digital
production.
→ Hybrid Software enables customers to migrate
their traditional manufacturing processes to
digital inkjet.
→ Hybrid Software is the only vertically integrated
supplier to this market, supplying products and
technology to both manufacturers of digital
printing equipment and to manufacturers of
packaging and other printed goods who operate
them.
→ Component businesses are award-winning
technology leaders.
→ Synergies between companies in the Company,
following strategic acquisitions made in recent
years, will accelerate innovation and revenue
growth.
However, the strategic acquisitions made in recent years
now enable the Company to provide full turnkey solutions
for OEMs that enable them to bring new digital printing
devices to market faster and with higher quality. These
solutions are higher value and provide more revenue
to the Company per device installed. Furthermore, the
OEM business is synergistic with the Company’s end-user
products, accelerating revenue growth and increasing the
Company’s market share in the inkjet space. Guido Van der
Schueren, Executive Chairman, shares,“We will continue to
deliver leadership in software and electronics for industrial
printing and packaging, driven by the intelligence and
passion of our people.”
6 7

Digital revolution in print manufacturing
Hybrid Software Group Strategic report Governance Financial statements Other information
Hybrid Software Group PLC | Annual Report 2024
Digital revolution
in print manufacturing
The print manufacturing market is transitioning from analogue to digital at a rapid pace. A
number of factors have combined to accelerate this change: supply chain disruption caused
by changing consumer demand for customised products, and the growing realisation that
the way for manufacturing industries to increase their business is to go digital.
At the heart of this change in the printing market are the
innovations taking place in digital inkjet printing. Inkjet
printing makes it possible to change what is being printed
in real time on every object. It can be inserted at different
points in the production process, for instance during
product decoration, packaging or labelling. In addition,
inkjet can print on any surface, resulting in a revolution in
the way in which goods are produced and packaged and the
speed with which they are ready for market.
Jobfile
Computer
to plate
Prepress
Offset
printer
Digital
printer
Analogue versus digital workflow
In an analogue workflow, graphic designs are transferred
to a printing plate which is fed to the press to produce
multiples of the same item. In a digital workflow, a PDF
file created by the designer encapsulates all the data
required for printing. The PDF file is submitted to the digital
printing press via a Digital Front End (DFE), and can contain
different images and text for each product produced using
a technology known as Variable Data Printing (VDP).
Analogue
Digital
A typical labelling workflow
Specialised software is used to prepare the PDF file for printing. This may
include merging a data stream to generate QR codes or barcodes for product
identification or security purposes; colour management to accurately match
specific brand colours; layout tools to ensure the most economical use of raw
materials; portals to review and approve the artwork on screen; and enterprise
software for workflow automation.
Other software embedded in the printing process ensures high-quality output
through rasterisation and screening depending on the specifications of the
printing device. As many as seven colours plus white and clear inks may be jetted
with different sizes of ink drops to achieve the desired output after careful
calibration to the printing device.
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Digital revolution in print manufacturing
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Hybrid Software Group PLC | Annual Report 2024
3D printed
art
Digital textile
printing onto
bedsheets
Glass printing
onto windows
Direct-to-shape digital
printing onto cosmetic
tubes
Digital textile printing
onto furnishings
and curtains
Functional printing
onto screens
Digital inkjet
printing onto
corrugated boxes
Industrial / functional
printing onto car windscreens
and interiors
Photovoltaic
printing onto
solar panels
Digital décor
printing onto floors
and surfaces
Digital print onto
cereal boxes, wine bottles,
beer cans...
2024 Copyright © Adobe Stock
Digital print for manufacturing
Printing is part of the manufacturing process for thousands
of products that touch our everyday lives, as the illustration
shows below. Inkjet is the technology driver for digital
conversion of these processes and makes it possible to
produce products that were simply not possible with
analogue processes, such as customising vehicles, garage
doors, or even jetting onto the side of aircraft. Hybrid
Software Group enables its customers to migrate their
traditional manufacturing processes to digital inkjet
printing.
10 11

Our value propositions
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Hybrid Software Group PLC | Annual Report 2024
Our value
propositions
Hybrid Software is the only full-stack supplier of all the critical core technologies needed
for inkjet printing. With a third of our headcount working in engineering and approximately
20% of revenues reinvested in R&D, we are dedicated to innovation on behalf of our
customers and maintain a strong IP position with numerous patents.
Original Equipment Manufacturers
(OEMs)
Our value proposition to OEMs of industrial digital printing
equipment, typically featuring inkjet technology, is to offer
turnkey solutions and individual components to enable
them to migrate analogue processes to digital and to bring
new digital printing devices to market faster and with
higher quality.
Print service providers and converters
Print service providers and converters are industrial
manufacturers of products, such as labels, cartons,
tiles, displays, fabrics, flooring, décor, etc. which are
typically produced using digital printers made by OEMs.
Our value proposition here is to offer a complete set of
software applications to maximise efficiency in production
workflows.
12 13

A year in review
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Hybrid Software Group PLC | Annual Report 2024
A year in review
Global Graphics Software
expands partnership with
Mark Andy to drive state-
of-the-art high-speed
press
Xitron launches new K2
offset workflow
Hybrid Software hosts
generative AI experience
with Diageo
Hybrid Brandz launches
with dedicated teams in
Europe and the Americas
ColorLogic names Victor
Asseiceiro as Operations
Manager
Hybrid Software appoints
Steven Steenhaut as Chief
Marketing Officer
From Hybrid Software’s offices in
Ghent, Belgium, Steven Steenhaut
spearheads group marketing
activities across the company’s six
business units, building a unified
effort and market presence.
Steenhaut has spent most of his
career in sales and marketing,
primarily in high-tech and
IT companies—particularly
software—spanning a number of
global regions.
At Johnnie Walker Princes Street
in Edinburgh, visitors were invited
to explore the world of direct and
variable on-site bottle printing.
Championed by Diageo, its mission
is to propel brands to success
by pioneering cutting-edge
technology with personalised
consumer experiences.
The unique and innovative
integration with AI technology
moulds a special connection
between the brand and the
consumer, aiming to reinforce
brand recogniton and loyalty and
was awarded:
- Global INNIES Award – “Forging
New Frontiers”
- The Lovie Awards – “Best
Integrated Use of AI”
- PAC Global Awards – “Best in
Show”
2024 saw the launch of Hybrid
BrandZ, Hybrid Software’s new
business unit servicing brand
owners, retailers, and consumer
packaged goods companies.
Established sales and support
teams are present locally in
Europe and North America.
The flagship product Artflow is a
SaaS-based artwork management
solution that streamlines complex
graphical projects. Dedicated
3D solutions round out the
offering including iC3D software
for product visualisation and
prototyping.
Victor Asseiceiro brings over 20
years of experience to his new
role at ColorLogic, covering
the entire print value chain and
specialising in areas such as
packaging, ceramics, sign and
display, and commercial print.
His expertise extends to both
conventional and digital printing
technologies and a deep
understanding of production
processes and colour applications
that enhance global sales and
distribution channels.
Leading provider of label and print
solutions, Mark Andy, extended
its license for SmartDFE™ to
drive its new state-of-the-art
Digital Series HD HighSpeed 1200
press. A game-changer for the
industry, the press sets a new
standard, doubling the speed
of its predecessors at 1200dpi
resolution and establishing it as
the fastest narrow web digital
press in the marketplace.
It is driven by Mark Andy’s
new ProWORX Digital Front
End, powered by SmartDFE,
which enhances productivity by
optimising prepress workflow and
colour management.
Based on the powerful Harlequin
Core™ RIP, K2 boasts a feature list
that reads like a “Who’s Who” of
leading-edge prepress technology.
The code base is strictly Xitron,
but incorporates knowledge
from business units ColorLogic,
Global Graphics Software, and
Hybrid Software for preflighting,
PDF-based interactive trapping,
ink remapping, and colour
management. K2 also integrates
Ultimate Tech’s Impostrip Offset
Pro for dynamic and intuitive
imposition.
By leveraging the best
technologies available today,
and constructing a strong UI to
harness them, K2 quickly climbs
to the top of the mountain while
balancing productivity, ease of
use, and affordability.
14 15

A year in review
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Hybrid Software Group PLC | Annual Report 2024
Our
markets
Hybrid Software’s markets include labels
and packaging, ceramics, textiles, 3D
printing and additive manufacturing. In
each of these segments, inkjet technology
is giving brands the flexibility to respond
to changing customer demands by just-
in-time digital production, and to create
products that would not be possible using
analogue production methods. Set against
the transition to digital printing, another
trend is at play: manufacturers of digital
printing devices are looking for turnkey or
SaaS solutions that are fast and flexible
enough to power the next generation
of digital inkjet printers at blistering
production speeds. The Company’s
software engineering expertise allows it to
develop solutions to meet and exceed these
requirements.
16 17

Our markets
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Hybrid Software Group PLC | Annual Report 2024
This market requires specialised knowledge and advanced software solutions to provide
the speed and precision required for high-volume production of labels and packaging.
Hybrid Software offers OEMs and print service providers the full gamut of expertise
required, from 3D visualisation of packaging designs, faithful reproduction of brand
colours, layout and proofing tools, to the high-speed processing of variable data for
personalisation.
Labels and packaging
Flexibility
Whilst packaging produced by the flexographic process
accounts for the largest share of the market in Europe and
the US, the share of digitally printed labels and packaging
is rising significantly. This is due to a number of factors,
not least its flexibility whereby short runs can be produced
quickly in response to changing consumer demand. Most
packaging in Asia is still printed with gravure cylinders,
but this is also migrating toward flexographic and digital
printing methods. Asia is projected to be one of the highest
growth areas for digital label printing over the next five
years.
Innovation
There have been many exciting developments in recent
years with water-based inks, paper pouches, flexible films
and recycled materials. One such is Direct-to-Shape printing
which prints the product “label”, including full-colour
images, text linework, and other special effects directly
onto cans, bottles, sleeves and other shaped objects as an
in-line step in the manufacturing process.
A closer look
According to “The Future of Digital Printing to 2032”
(a), in 2032 digital print will account for almost a
quarter of the global value of all print and printed
packaging by value, worth US$ 230.5 billion. The
same report indicates that inkjet will increase to
account for 74.1% of digital print value and 77.5% of
volume in 2032.
The current market size of the packaging printing
market will continue growing steadily from $474.1
billion in 2024 to $730.43 billion in 2029. (b)
The growth in the forecast period is attributed to
pharmaceutical packaging, sustainable packaging,
health and safety concerns, global supply chain,
customisation and personalisation. Major trends
in the forecast period include technological
advancements, sustainable packaging, digital printing
technology, 3D printing, and security printing. (b)
Sustainability
The rising prominence of the ESG - Environmental,
Social and Governance - agenda, new legislation, and
consumer pressure are fuelling practical measures to
reduce environmental impacts. One of the first steps
towards sustainability is the reduction of waste, and since
digitally printed packaging can be produced in very precise
quantities, the digital conversion of packaging will continue
to be driven by sustainability initiatives.
Smart factories
To meet demands from consumer brands that seek to
incorporate inkjet printing into their production lines, the
Company developed SmartDFE™, an AI-powered Digital
Front End that adds print into Smart Factory and Industry
4.0 environments. The solution won a PRINTING United
Pinnacle award for Technology in 2023 and is in full-scale
production with a number of OEM partners, including Mark
Andy and Dantex Group.
(a) Smithers. https://www.smithers.com/services/market-reports/printing/the-future-of-digital-printing-to-2032
(b) The Business Research Company. https://www.thebusinessresearchcompany.com/report/packaging-printing-
global-market-report
18 19

Our markets
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Hybrid Software Group PLC | Annual Report 2024
Demand for ceramic tiles continues to grow
Digital printing has revolutionised the decoration of ceramic tiles. Industrial inkjet systems
have replaced more than 90% of the screen printers worldwide printing applications for
ceramic tiles. The ceramics market is heavily dependent on regional economic conditions
and trends for new construction and renovation projects. As residential or commercial
construction projects spring up around the globe there is more demand for ceramic tiles for
interior and exterior decoration. China is a key producer and consumer of ceramics although
there is also a dynamic industry in Europe, and growth opportunities in many other regions.
Dedicated features
Meteor Inkjet is the world leader in printhead drive electronics for industrial inkjet ceramic
tile printers. Meteor Inkjet’s printhead drive electronics and software provide scalable,
customisable solutions for systems of any size, speed, or complexity. Special features
for ceramic tile printers include recirculating printheads and ink systems to prevent the
sedimentation and nozzle blocking to which heavily pigmented ceramic inks are prone.
The Company’s products fully implement the necessary control functions required of such
systems.
Economical and flexible
Digital printing of ceramic tiles offers significant cost advantages over analogue screen
printing. Short production runs become economically feasible due to lower set-up
requirements and reduced stock of finished goods. Other manufacturing benefits include less
breakage/waste due to non-contact printing and ease of colour matching for repeat orders.
Inkjet-printed ceramic tiles offer attractive design benefits including: the ability to produce
realistic images of marble and other natural materials and to print large quantities of tiles
without repeating patterns; and ink systems to prevent the sedimentation and nozzle blocking
to which heavily pigmented ceramic inks are prone. The Company’s products fully implement
the control functions required of such systems.
Ceramics
A closer look
The global ceramic tiles market is anticipated to
reach US$ 360 billion by 2030, after growing at a
CAGR of 4.5% during 2024 to 2030.
Increasing demand for aesthetically, superior and
durable wall and floor coverings have been critical
to the growth of ceramic tiles industry over the past
few years. (c)
The cost-effectiveness and flexibility of digital
printing on ceramic tiles have made it a popular
method for creating high-quality, intricate designs
This technology enables greater customization and
faster production times, offering customers an
expanded range of design options. (d)
2024 Copyright © Adobe Stock
Inkjet printers for ceramic tiles have long been one of the strongest markets for Meteor
Inkjet’s printhead drive electronics.
(c) Grand View Research. https://www.grandviewresearch.com/industry-analysis/ceramic-tiles-market
(d) Business Research Insights. https://www.businessresearchinsights.com/market-reports/ceramic-tile-and-its-
printing-market-107372
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Our markets
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Hybrid Software Group PLC | Annual Report 2024
Textiles
A closer look
The global digital textile printing market’s
substantial growth forecast represents a significant
opportunity for digital textile OEMs.
Digital textile printing has revolutionised the
textile and fashion industries by offering increased
flexibility, superior quality, and an environmentally
sustainable method using less water and producing
less waste.
A key driver is the clothing/apparel segment and
the rising consumer demand for personalised and
customised textile products, which digital printing
easily facilitates.
Digital textile printing technology allows for direct
printing on fabric using digital designs, making it an
essential tool for manufacturers seeking to cater
to the growing consumer demand for customised,
sustainable, and quick-to-market products. (f)
(e) Digital Textile Printing Market Size, Share, and Trends 2025 to 2034, Precendece Research. https://www.
precedenceresearch.com/digital-textile-printing-market
(f) Future Market Insights. https://www.globenewswire.com/news-release/2024/10/24/2968301/0/en/Global-
Digital-Textile-Printing-Market-Poised-for-Impressive-Growth-with-a-CAGR-of-12-1-from-2024-to-2034-Forecast-
to-Reach-USD-8-897-3-Million-Future-Market-Insights-Inc.html
2024 Copyright © Adobe Stock
The steady transition to digital production is resulting in many new digital textile printers
coming to market. The Company’s reputation for high-speed software, colour management
technology, and expertise in inkjet drive electronics enable us to respond quickly to
manufacturers’ demands for turnkey solutions to drive these machines.
Many areas for growth
The global digital textile printing market is segmented into
clothing/apparel, home décor, soft signage, and industrial.
Its market size is predicted to increase from USD 3.89 billion
in 2025 to approximately USD 12.73 billion by 2034 (e).
Hybrid Software Group develops innovative technology for
industrial print manufacturing processes which use inkjet
and other printing techniques. The technology is critical
because efficiency and sustainability concerns are driving
the conversion of manufacturing processes from traditional
analogue methods to just-in-time digital production using
inkjet printing. Applications for inkjet printing include
a diverse range of goods, from labels and packaging,
to textiles, tiles, laminates, wall coverings, additive
manufacturing and 3D printing applications.
Cost-effective single-pass printing
Single-pass digital printing is anticipated to be the fastest
growing segment in the digital textile printing market.
Single-pass digital printing is an advanced technique
that enables rapid, efficient, and accurate printing using
specialised equipment, which requires just a single pass to
apply ink or images onto diverse surfaces.
Driven by sustainability
Sustainability is a key driver for digital inkjet production
because it reduces water, energy usage, pollution and
waste. The latter is of special interest: the amount of textile
production ending in landfill is a particular focus for brands
who are increasingly aware of their consumers’ demand for
environmentally and socially responsible business practices.
Personalisation of products
Digital inkjet enables brands to respond to changing
consumer behaviour as fashion cycles shorten and more
goods are purchased on-line with scope for personalisation.
Supply chain disruption and increasing de-globalisation
has accelerated the trend towards producing closer to the
consumer.
22 23

Our markets
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Hybrid Software Group PLC | Annual Report 2024
Beyond prototyping
Inkjet 3D printing is one of the most flexible additive
manufacturing technologies, supporting applications that
range from robust metal components to co-moulded parts
fabricated from multiple materials, including cutting-edge
“functional” printing for manufacturing electronics. This
ability to create radical new products is helping to drive 3D
printing adoption in the traditional manufacturing space.
An industry that used to produce only prototypes is now
shifting to volume production.
Agile and just-in-time
There are two types of inkjet additive manufacturing: the
first type is known as binder jetting - using inkjet printheads
to jet a glue or binder on a bed of sand or powder. The
powder bed means there is less need for adding supports
Additive manufacturing
AMIS CEO Nick De Roeck, Kris Binon,
Managing Director, and Jacques de Schepper,
Software Engineer, pose before a busy event
showcasing the software to eager audiences
at Formnext 2024 – the hub for additive
manufacturing.
Inkjet-enabled additive manufacturing builds on the technology developed for digital
printing. It makes hardware development agile, enables just-in-time manufacturing
for minimal inventory cost, and is inherently low-waste with more opportunity for
sustainability.
to overhanging structures; the second type is materials
jetting - heating polymer filaments to a liquid state so they
can be deposited in layers using inkjet printing technology,
then cured with UV light. Materials jetting using UV cured
polymers has excellent detail and accuracy and a unique
capability for combining multiple materials and colours in
a single print job. Materials jetting is also the only additive
manufacturing technology capable of functional printing
for applications like printed circuit boards, embedded
electronics and batteries.
Through its business unit Meteor Inkjet, the Company helps
manufacturers harness the power of inkjet for additive
manufacturing applications. Meteor can radically simplify
the path through development to production for 3D inkjet
printer manufacturers and integrators.
(g) 3D Printing Market Size & Trends, Grand View Research. https://www.grandviewresearch.com/industry-
analysis/3d-printing-industry-analysis
(h) Additive Manufacturing Market Size and Trends, Coherent Market Insights. https://www.
coherentmarketinsights.com/industry-reports/additive-manufacturing-market
Meteor Inkjet and AMIS collaborate on
OEM solution for additive manufacturing
Meteor Inkjet and AMIS, additive manufacturing software
innovator, have joined forces to provide a seamlessly
integrated solution for binder and material jetting from
“DFE to drop”.
OEM print system builders grapple with numerous
challenges in adopting inkjet technology for additive
manufacturing. Many of these challenges mirror those
faced in 2D printing, where significant inkjet experience
already exists. Common issues include optimising print
quality, increasing production throughput, ensuring
system reliability and integrating inkjet technology into
existing manufacturing workflows. A new Digital Front End
offered by AMIS, coupled with Meteor’s robust datapath
solutions for all major industrial inkjet printheads, allow
printer manufacturers to streamline their industrial build
processes, making job preparation, configuration, printing
and monitoring faster and easier than ever.
AMIS DFE is an on-premise Digital Front End specifically
designed to optimise print and printer control for binder
jetting and material jetting. Facilitating quick and accurate
preparation of parts, batches, and slices, its API-based
architecture ensures straightforward integration with MIS/
MES systems and with simulation software or CAD input.
By leveraging Meteor’s extensive industrial inkjet expertise,
print system builders gain access to the world’s largest
range of industrial inkjet printheads from industry leaders
including Xerox, Xaar, Seiko Instruments, Riso, Ricoh,
Kyocera, Konica Minolta, FUJIFILM Dimatix and Epson.
Clive Ayling, Meteor’s Managing Director comments, “The
alliance of Meteor and AMIS connects the AM community
with decades of combined experience in inkjet hardware
and enterprise software whilst making the most of the
synergy that comes from both Meteor and AMIS being
a part of the Hybrid Software Group. Together, we look
forward to helping OEM print system builders harness the
power of inkjet for additive manufacturing in a way that
provides a meaningful reduction in system development
cost, time and risk.”
AMIS CEO Nick De Roeck adds, “Although AMIS was
established in 2023, we build upon decades of enterprise
software experience gained by Hybrid Software. After AMIS
DFE’s successful beta launch in May, I am confident our
solution provides unsurpassed nesting speed, density and
quality, smooth workflow, and an intuitive interface. With
Meteor, we have a winning combination.”
A closer look
Inkjet additive manufacturing makes hardware
development agile, enables just-in-time
manufacturing for minimal inventory cost, and has
a higher material efficiency as it only uses what is
necessary to make a product.
The ability to quickly prototype and manufacture
lightweight components and complex parts at a
lower cost is attractive to various industries.
The aggressive research & development in three-
dimensional printing from various industry verticals,
particularly healthcare, automotive, and aerospace &
defense, are expected to continue driving the rapid
growth of this market. (g)
The global additive manufacturing market is
estimated to be valued at US$ 25.39 billion in 2025
and is expected to reach US$ 121.13 billion by 2032,
exhibiting a compound annual growth rate(CAGR) of
25.0% from 2025 to 2032. (h)
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Our markets
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Hybrid Software Group PLC | Annual Report 2024
3D modelling
Capture 3D is a state-of-the-art technology that uses
a reflex camera to capture the precise dimensions of
objects, ensuring the creation of perfect deformation
grids. The system’s capture process is both fast and
accurate, entirely eliminating the need for interactive
measuring. This reduction in manual measurements
minimises errors and the need for manual adjustments,
drastically improving efficiency in the creation of grids and
3D models, particularly for metal cans and shrink sleeves.
With its innovative pattern technology, Capture 3D offers
Capture 3D accelerates the grid creation and 3D modelling for metal cans and shrink sleeve.
iC3D software generates photorealistic 3D virtual mock-ups for labels and packaging applications.
By accurately modelling the appearance of labels, cartons, bottles, and other types of
packaging in software, iC3D software reduces the need for physical printing of product
samples and speeds up time to market. Capture 3D, a new software product from the
Company, accurately captures the exact dimensions required for deformation grids using
reflex cameras. The process reduces errors and the need for manual adjustments, and
speeds up the grid creation and 3D modelling for metal cans and shrink sleeve.
the unique ability to quickly create compensation grids
and check the repeatability of shrink tunnels and metal can
embossing machines, all while eliminating deadzones.
This all-in-one solution integrates seamlessly with PACKZ
for 2D artwork distortion and iC3D for 3D modelling,
streamlining the entire workflow. Furthermore, by
incorporating anisotropy, Capture 3D provides precise
analysis and optimisation of artwork deformation, offering
a real-time 3D preview for superior results in both design
and production.
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Our markets
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Hybrid Software Group PLC | Annual Report 2024
Brands, CPGs, and retailers
The flagship product for the BrandZ unit is Artflow, a
comprehensive, SaaS-based artwork management solution
that helps brands, CPGs, and retailers manage their large
portfolios of complex graphical projects. Artflow provides
powerful 2D and 3D visualisation and approval workflows
based on Hybrid Software’s Proofscope software, combined
with brand-specific tools for detailed briefings, project
scheduling, and much more. Artflow can be integrated with
ERP, CRM, or DAM systems through its core API. Dedicated
3D solutions including Capture 3D and iC3D round out the
Dynamic 3D modeling of bottles, boxes, pouches, and other packaging types
are available from scratch or from template libraries.
Hybrid BrandZ made its premier appearance at Luxe Pack in Monaco.
September 2024 marked the launch of the Hybrid BrandZ dedicated business unit. It
supplies SaaS artwork management solutions and 3D visualisation and product prototyping
software for brands and consumer packaged goods companies.
BrandZ product offering. “Extending our reach into the
brand and CPG space is a natural extension to power future
growth,” shares CEO Mike Rottenborn. “The expertise of
trade shops and packaging converters is critical in providing
high-quality printed labels and packaging, but many brands
want to manage their own artwork. We’re taking a true
‘hybrid’ approach that provides the right tools for both
brands and printers to drive efficiencies and improve quality
in package printing.”
Artflow streamlines artwork management with browser-based
artwork management, 3D reviewal and digital proofing.
28 29

Business segments
Hybrid Software Group Strategic report Governance Financial statements Other information
Hybrid Software Group PLC | Annual Report 2024
Our
business
segments
Enterprise software
file preparation and workflow automation
for print manufacturing
Printhead solutions
electronics and software for industrial
inkjet devices
Printing software
graphic processing engines for fast and
high-quality digital output
30 31

Business segments
Hybrid Software Group Strategic report Governance Financial statements Other information
Hybrid Software Group PLC | Annual Report 2024
Enterprise software
Hybrid Software offers specialised production software designed primarily for labels
and packaging, including native PDF workflow and editing, variable data embellishment
and imposition, enterprise cloud and SaaS solutions, scalable technology with low cost of
ownership, and direct integration with leading Enterprise Resource Planning (ERP) systems
and output devices.
MyCLOUDFLOW
MyCLOUDFLOW gives customers rapid, hassle-
free access to CLOUDFLOW. Hosted by Hybrid
Software on the fastest cloud computing platforms,
MyCLOUDFLOW brings convenience and security to
the label and packaging industry, without requiring
in-house IT support or heavy capital investment.
Hybrid Software’s products are based on the company’s
extensive experience in the labels and packaging industry
as well as its commitment to industry standards: no
proprietary or legacy file formats are used by Hybrid
Software’s products, only industry-standard formats like
PDF and TIFF.
Our products are used by thousands of customers
worldwide in all areas of pre-press and printing, including
labels and packaging, folding cartons, corrugated, and
wide format. Hybrid Software’s products are used both for
conventional and digital printing processes.
Although Hybrid Software supplies OEM customers who
manufacture equipment for package printing, most of its
customers are end users: companies who print and convert
labels and packaging to support brands and consumer
product companies. Selling directly to end users requires
specially trained employees in all major markets worldwide
to provide sales, support, training, installation and
integration services, and these employees are critical to the
success of Hybrid Software.
Key products
CLOUDFLOW
A modular production workflow suite for file processing,
asset management, soft proofing and workflow
automation. It is a flexible application platform specifically
tailored for packaging graphics with support for, among
other things, PDF colour separation, trapping, layout, and
variable data as well as rasterisation and screening using
the Company’s leading Harlequin Core™ RIP. CLOUDFLOW
can run on physical hardware as well as in public or private
cloud computing environments.
MyCLOUDFLOW
A multi-tenant version of CLOUDFLOW hosted in a
dedicated Amazon Web Services cluster and maintained
by Hybrid Software’s IT professionals instead of by
their customers’ local IT departments. The secure, high
performance solution is offered at a cost-effective monthly
Software-as-a-Service pricing model.
PACKZ
The leading professional PDF editor for packaging and
label production using any printing method: flexography,
offset lithography, gravure, as well as digital printing.
PACKZ operates on native PDF files and uses 64-bit
multi-processing and multithreading facilities for high
performance. PACKZ provides a “Swiss Army Knife”
containing a full set of tools for packaging pre-press, and
its support for native PDF eliminates the need for file
conversions or proprietary file formats.
Colorspace
Colorspace delivers accurate colour predictions and
impeccable brand colour matching by intelligently
estimating artwork performance across printing presses
with detailed visual and numerical reporting. Its adaptable
workflows and brand colour verification ensure precise
reproduction and flexibility for digital, conventional, and
hybrid print conditions.
iC3D
A full software suite that generates photorealistic 3D virtual
mock-ups and offers a large library of modelling templates
for digital packaging design and prototyping.
Capture 3D
Capture 3D allows distortion of artwork due to metal
forming or heat shrinkage to be accurately compensated,
and results can be shared in a visually realistic 3D preview.
With this innovative technology, precise and easy grid
distortion can take place in minutes instead of days,
speeding up customers’ time to market drastically while
also increasing quality.
In 2024, PACKZ introduced intelligent lane planning to
optimize roll usage, boost digital press uptime, and minimize
substrate waste for its customers.
32 33

Business segments
Hybrid Software Group Strategic report Governance Financial statements Other information
Hybrid Software Group PLC | Annual Report 2024
The industrial inkjet market is very broad and fast growing,
and includes ceramic tiles, flooring and décor, wallpaper,
labels and packaging, functional and 3D printing, product
decoration, and textiles. Our software and proprietary drive
electronics send data to printheads inside inkjet devices
to control the output produced by these printheads.
Printheads are a critical component of an inkjet press and
generally contain thousands of nozzles for jetting ink or
other fluids onto substrates.
The major industrial printhead manufacturers are one
route to identifying inkjet development projects around
the world. Consequently, we work closely with all leading
printhead vendors, including Xaar, FUJIFILM Dimatix,
Kyocera, Konica Minolta, Memjet, Toshiba Riso, SII, Ricoh,
Epson, and Xerox. We continually develop hardware and
software drivers for new printhead models and partner
with printhead manufacturers and OEMs to accelerate their
route to production.
Printhead solutions
Meteor’s new HDC-XM solution for the Xerox M Series enables OEMs to fully
exploit the capabilities of these printheads which are already widely used for
additive manufacturing. Coupled with Meteor software for system control, print
job creation and image quality enhancement, OEMs can significantly reduce the
time and effort associated with the design and delivery of industrial inkjet systems.
Our solutions are modular, scalable, and production-ready
and are supported by a world-class technical team, based
near Cambridge, UK as well as in key markets including
China and North America.
Customers
Our solutions reduce development risk and time to market
for manufacturers building new industrial inkjet printers.
Among our customers in this segment are Mark Andy, a
leading label equipment manufacturer in the US; Hymmen,
a leading printed laminate equipment manufacturer in
Germany; and China’s leading ceramic tile decoration
equipment manufacturer.
Under the brand of Meteor Inkjet, we develop and supply printhead drive electronics,
software, tools and services for industrial inkjet systems and printing devices.
New ready-to-use DFE, MetIndustrial
MetIndustrial is a ready-to-use Digital Front End (DFE)
designed for industrial applications where printing is an
element of the overall production process and motion
control is external to the print system, i.e., motion control is
provided either by a Programmable Logic Controller (PLC)
or a system associated with, for example, the robotics.
With Meteor’s PrintEngine at its core, MetIndustrial
responds to the motion of the industrial application rather
than controlling it, easing incorporation with existing
manufacturing processes. Its comprehensive user interface
enables operators to run print jobs, perform maintenance
and manage access to printer configuration settings.
Meteor Inkjet products and services
Meteor Inkjet supports the leading printheads demanded
by OEMs and print system integrators worldwide with
solutions that provide high-speed output, unmatched
quality, and rapid time to market for new product
launches. Meteor Inkjet collaborates closely with printhead
manufacturers to support the launch of new printheads
with electronics and software tailored to each specific
printhead.
Electronics
Production-ready, scalable drive electronics for all major
industrial inkjet printheads.
Software
Meteor’s software stack is seamlessly integrated with its
printhead drive electronics to control the print system data
path. Accessible through Software Development Kits or, for
OEMs seeking ready-made solutions, configurable Digital
Front Ends, Meteor solutions include advanced print quality,
swath management, printer calibration, and nozzle status
detection technologies.
Tools and services
DropWatching components and printhead waveform
development services for system design and optimisation.
34 35

Business segments
Hybrid Software Group Strategic report Governance Financial statements Other information
Hybrid Software Group PLC | Annual Report 2024
Before graphic designs can be printed or displayed on
a monitor, they must be broken down into vector data
(mathematical drawing algorithms), raster data (image
pixels), and/or screened data (calibrated areas of ink or
pigment representing image data). Our Global Graphics
Software brand is one of the world’s foremost developers
of the graphic processing engines, known as Raster Image
Processors or RIPs, that are used for these tasks.
Colour management is also required for high-quality
output, a task which is especially difficult for digital
printing where the inks supported by the printer may not
be capable of exactly matching brand-specific spot colours
used for packaging and corporate branding. Our ColorLogic
brand provides a full set of products for these demanding
applications, as well as a Software Development Kit (SDK)
which allows OEMs to produce their own customised colour
management tools.
We develop software components and workflow solutions
for the high-speed digital printing of photo books,
labels, packaging, interior décor, textiles and ceramics.
The company’s combination of software and first-rate
engineering skills enables it to help press manufacturers to
respond to technical challenges with innovation, meeting
their speed and quality requirements, and getting them to
market quickly.
Printing software
For more than 30 years, the Printing Software segment has been driven by the high-
performance Harlequin RIP®, a Raster Image Processor which forms a critical part of the
print process for tens of thousands of customers worldwide. We have continued to enhance
Harlequin to meet the needs of the digital printing market: high-speed processing which runs
efficiently on off-the-shelf hardware while supporting fully variable print data.
Customers
Customers include OEMs such as Hewlett Packard, Mimaki,
Mutoh, Canon, Durst, Roland, Agfa, Kodak, Kirk Rudy,
Postmark, Ryobi, Mitsubishi, Memjet, Presstek, Printware
and Neopost, as well as many others who embed our
printing software solutions into their own branded Digital
Front Ends (DFEs).
Licensing
Solutions are typically licensed under technology
agreements and reseller agreements. We are noted for
our flexible approach to licensing technology and pride
ourselves on being a trusted commercial and development
partner. This is facilitated by a Technical Services team who
work to accelerate each customer’s time to market, and
also by an experienced product support team.
ColorLogic’s ColorAnt, CoPrA, and ZePrA were awarded a
2024 EDP Award for Best Color Management.
Key products
Harlequin Core
A Raster Image Processor (RIP), specialised software that
converts text and image data from many file formats
including PDF, TIFF™ or JPEG into a format that a printing
device can understand and output. It produces unmatched
quality without sacrificing speed, which means that printing
devices that incorporate Harlequin can be kept running at
full-rated speed, even on the most complex jobs, without
incurring high costs for computing hardware.
SmartDFE
A turnkey Digital Front End (DFE) based on Harlequin Direct,
CLOUDFLOW, and Meteor for digital printing of labels and
packaging within Industry 4.0 automated manufacturing
environments.
Harlequin Direct
Software that drives print data directly to the printer
electronics instead of buffering them on mass storage
devices, allowing the development of faster, wider and
higher resolution printing devices.
ScreenPro Core
Software that converts continuous tone image data into
ready-to-print halftones (dots of varying size and spacing) in
real-time with no compromise on quality.
Mako Core
Software that creates, rasterises, converts, analyses and
optimises many different page description languages,
allowing print software developers full control over colour,
fonts, text, images, vector content and metadata with
precision and performance.
Colour management software
Colour accurate matching of brand colours for digital
production using four or up to seven process colours.
Products include CoPrA, ColorAnt, ZePrA, as well as a full
SDK for OEM licensing.
Navigator Harlequin RIP and workflow
Software that provides prepress environments with fast,
predictable, and reliable interpretation of PostScript, PDF,
and EPS format files.
Navigator DFE
Software that helps prepare jobs, manage colour, and
control digital output devices built with Memjet or any
standard inkjet printhead.
Output device interfaces
Hardware and software solutions to connect RIPs to
Computer-to-Plate devices, imagesetters, proofers, digital
presses, high-speed copiers, and inkjet printers, extending
the life of legacy equipment.
Hybrid Software’s integrated colour management provides
colour prediction performance on various printing presses.
36 37

38 39
Hybrid Software Group PLC | Annual Report 2024
2024 was a successful year for Hybrid Software, with healthy
growth in all business segments despite difficult market conditions.
Our commitment to innovation is stronger than ever, with more
than 90 engineers innovating in partnership with our customers
and all of the nearly 280 employees of Hybrid Software dedicated
to their success. In 2025 we will continue to execute our strategy of
delivering profitable growth for all stakeholders.
COMPANY
STRATEGIC
REPORT

Chairman's statement
Hybrid Software Group Strategic report Governance Financial statements Other information
Hybrid Software Group PLC | Annual Report 2024
Chairman’s statement
Guido Van der Schueren,
Executive Chairman
Guido Van der Schueren
Executive Chairman
“We enter 2025 in similar business
conditions but as a stronger company,
with revenue growth across all our
business segments and an even more
significant improvement
in profitability.”
Last year I opened my letter with remarks about the difficult
business climate, with unstable political situations and high
interest rates limiting capital investment. We enter 2025 in
similar business conditions but as a stronger company, with
revenue growth across all our business segments and an even
more significant improvement in profitability. We achieved
this through careful cost management while continuing to
fully fund our engineering teams and software development
programs.
The first half of 2024 was dominated by the build-up to
Drupa, the largest trade fair for the printing and packaging
industry. Drupa normally takes place in Düsseldorf every four
years but the COVID-19 pandemic resulted in the cancellation
of Drupa 2020, so it had been eight years since the last one.
Personally, this was my twelfth Drupa and we invested heavily
in the event, with a 300-square meter stand showcasing all
our products and technology under the Hybrid Software
banner. Every trade fair is important, both to reconnect
with old friends and customers and to showcase our latest
technology to the industry, and we accomplished this at
Drupa.
Did we sell more products because we attended Drupa? That’s
difficult to say; we closed a lot of business at the show, but I
was disappointed that we didn’t meet more new customers
in Düsseldorf. The summer months are normally slow in our
business because customers take holidays and appointments
are difficult to schedule. I had hoped that this would change
in a Drupa year but it was not the case, and it was Q4 before
our sales recovered in a material manner. Hybrid Software
supports many industry events and trade fairs and we will
never miss a Drupa, but I believe that the pandemic changed
the trade show industry by forcing customers and vendors
to interact in different ways, and our marketing priorities will
reflect this in the future.
Artificial intelligence dominated the news headlines for the
last year, and our strategy to leverage this new technology
deserves an explanation. Hybrid Software’s Global Graphics
business received a US patent entitled “Methods and Systems
for Enhancing Raster Image Processing Using Artificial
Intelligence”, an important patent for our Digital Front End
business that was actually filed in 2021, long before AI was a household term. But I believe
many companies jumped on the AI bandwagon far too quickly, hyping products that offered
clever software algorithms but not true artificial intelligence. The complexity of packaging
designs makes it difficult to replace human craftsmanship with artificial intelligence; after
all, the industry is called ‘graphic arts’, not ‘graphic sciences’. Nevertheless, we start to see
the potential for serious business applications of AI technology in our brands business for
tasks like design ideation, line extensions, language translations, and automated artwork
compliance checking, so we have ramped up our development activity in these areas.
In late 2024 we instituted a share buyback program, committing €1 million to buy back and
cancel shares as a sort of tax-free dividend to all shareholders. There are strict limits to the
number of shares we can buy and the price we can pay for shares, but the impact on our
share price has been significant already and we plan to continue this initiative throughout
2025.
I have high expectations for the year ahead. We’ve invested heavily in new products for
flexo screening and plate output, colour management and Digital Front Ends for digital
presses, 3D nesting for additive manufacturing, and artwork management for brands and
consumer packaged goods companies. In fact, we invest more than 100% of our EBITDA
into R&D, a figure that far exceeds industry norms and reflects our commitment to
innovation for the packaging and digital printing industries. These new products and many
others are now starting to generate revenue for the company which should continue to
build in the future. We have streamlined the group structure and consolidated our software
businesses, with a close-knit management team to facilitate execution while staying close to
our customers. My motto for Drupa, “We Share Your Heartbeat”, was aimed directly at our
customers and extends from all of our employees to our customers around the world.
In closing, I would like to thank the stakeholders of Hybrid Software Group: our
shareholders, our employees, Board of Directors, and management team, and most of all
our customers for their continued support as we seek further growth and success in 2025
and beyond.
40 41

CEO's review
Hybrid Software Group Strategic report Governance Financial statements Other information
Hybrid Software Group PLC | Annual Report 2024
CEO’s review
Mike Rottenborn,
Chief Executive Officer
Mike Rottenborn
Chief Executive Officer
“2024 was a successful year for
Hybrid Software Group, with healthy
growth in all business segments
despite difficult market conditions.”
2024 was a successful year for Hybrid Software Group, with
healthy growth in all business units despite difficult market
conditions. We expect similar conditions in 2025, yet we are
still very positive about the outlook for Hybrid Software and
our customers. There are several reasons for this.
First, labels and packaging continue to be the most
dynamic and innovative segments of the printing industry.
Regulatory changes and sustainability concerns at the
brand level drive the creation of new materials and package
designs, and this in turn creates business growth for
packaging trade shops and converters.
Second, digital and hybrid printing of labels and packaging
is pervasive, no longer a novelty but an important printing
method to add value to packaging – with variable data,
personalisation, extended gamut colour matching,
embellishment, etc. – so the value of the printed packaging
market grows even as overall production declines in some
regions.
Third, most successful printers and converters realise that
efficiency is the key to success in serving their demanding
brand customers. Automation can help increase efficiency
and compensate for the shrinking labour pool of skilled
professionals, but it’s not a panacea. There are many
tasks in packaging prepress that require skilled operators
wielding very specialised software tools. Hybrid Software
is dedicated to innovation in software -- automated
workflows, smart Digital Front Ends, and powerful PDF
editors -- to continue moving the packaging industry into
the future.
Hybrid Software is the only company in our industry
that can provide all core technology required to print
packaging using any method – digital, hybrid, flexo, offset,
gravure, and screen printing – as well as digital printing
of any product: packaging, commercial print, wide format
graphics, flooring, textiles, laminates and substrates, etc.
In 2024 we began to see the synergies emerging from this
strategy: digital presses designed with Meteor printhead
electronics coming to market with requirements for faster
and more powerful Digital Front Ends (DFEs) which we can
supply via Global Graphics Software and Xitron, with colour management requirements
delivered by ColorLogic, and with needs for workflow automation and advanced editing
software which are provided by Hybrid Software.
It has long been our strategy to leverage synergies between our OEM business (sales of
software and electronics to companies who produce digital printing presses) and our
end-user business (automation and editing software sold to the printing companies who
purchase digital presses). Hybrid Software is the only company which can provide this full
suite of solutions, and the tight integration of all components helps our OEM customers
bring their products to market faster. We took steps in 2024 to further align our software
businesses and will continue to integrate the RIP and DFE businesses of Global Graphics
Software into Hybrid Software in 2025.
Synergies in the business plan aren’t always realised in the market, so it’s very encouraging
to see the tandem growth in both our OEM and end-user businesses, with an overall
revenue growth of 7% over the previous year. In last year’s letter, I promised to focus on
improving the profitability of Hybrid Software, so it’s gratifying to report that we delivered
a 286% improvement in our adjusted operating result over 2023, as well as a 64% increase
in our EBITDA, despite heavy marketing spending on the Drupa trade fair. We expect to
deliver further improvements in the coming year.
2024 also saw the launch of a new business unit, Hybrid Software BrandZ, to serve brands
and manufacturers of consumer packaged goods with software solutions for artwork
management which facilitate downstream print production, opening a market that is
potentially much larger than the print providers themselves.
Our commitment to innovation is stronger than ever, with nearly 100 engineers innovating
in partnership with our customers and all of the 280 employees of Hybrid Software
dedicated to their success. In 2025 we will continue to execute our strategy of delivering
profitable growth for all stakeholders.
42 43

CFO's review
Hybrid Software Group Strategic report Governance Financial statements Other information
Hybrid Software Group PLC | Annual Report 2024
Revenue for the year was
€51.50 million
(2023: €48.04 million)
Gross profit for the year was
€43.42 million
(2023: €39.37 million)
Adjusted operating profit from
continuing operations was
€7.20 million
(2023: €2.52 million)
EBITDA* for the year was
€11.99 million
(2023: €7.31 million)
Cash at 31st December was
€9.51 million
(2023: €7.08 million)
CFO’s review
The following financial information relates
to continuing operations.
Revenue
Revenue for the year was €51.50 million compared with
€48.04 million in 2023, an increase of €3.46 million (7.2%).
Licence royalties accounted for 45.9% (2023: 43.6%) of
revenue, driver electronics accounted for 19.8% (2023:
20.4%), maintenance and support accounted for 21.8%
(2023: 22.5%), services accounted for 10.1% (2023: 10.7%),
hardware and consumables accounted for 2.1% (2023:
2.5%) and other items accounted for 0.3% (2023: 0.3%).
Customer concentration and the dependence on a limited
number of customers increased this year. In 2024, the ten
largest customers represented 32.3% (2023: 28.5%) of the
Group’s revenue, the five largest customers represented
22.0% (2023: 21.4%) of the Group’s revenue and the
single largest customer represented 6.5% (2023: 5.9%)
of the Group’s revenue. There was no customer (2023: no
customer) during the year that represented 10% or more of
total revenue.
The Group’s sales are made in several different currencies,
thus fluctuations in exchange rates can affect the reported
revenue. During the year 27.1% (2023: 32.3%) were in
euros, 37.3% (2023: 36.3%) were in US dollars, 23.0%
(2023: 28.8%) were in pounds sterling, 10.9% (2023: 1.1%)
were in Japanese yen and 1.7% (2023: 1.5%) were in other
currencies.
→ Printing Software segment
Revenue for the Printing Software segment was €16.67
million for the year (2023: €14.94 million). During 2024 new
contracts were agreed with two existing customers which
resulted in €4.3 million of revenue being recognised. In
2023 a new contract was agreed with an existing customer
which resulted in €2.6 million of revenue being recognised
in that year.
→ Printhead Solutions segment
Revenue for the Printhead Solutions segment was €11.59
million for the year (2023: €11.30 million). In 2022 revenue
in this segment had been severely impacted by the shortage
of its most commonly used chip. In 2023 it recovered
significantly throughout the year which continued into 2024
although at a more tepid pace.
This segment it is quite dependent on a limited number of
customers for a significant portion of sales, although the
breath of customers increased in 2024. In 2024, the top
10 customers generated 65.1% of revenue (2023: 69.6%),
with the top customer generating 17.5% of revenue (2023:
26.6%).
→ Enterprise Software segment
Revenue for the Enterprise Software segment was €23.24
million for the year (2023: €21.81 million). In 2023 the
segment experienced unfavourable business conditions
in its two most important markets, the United States and
Germany, which improved in 2024. For the segment year-
over-year license royalty income increased by €0.8 million,
maintenance and after-sale support services income €0.4
million and services income by €0.2 million.
Pre-tax result
The consolidated pre-tax result for continuing operations
was a loss of €3.36 million compared with a loss of €1.67
million in 2023. The increase in the loss of €1.69 million is
due to:
→ an increase in revenue of €3.46 million;
→ a decrease in cost of sales of €0.59 million;
→ a decrease in selling, general and administrative expenses
of €0.58 million;
→ an increase of €6.28 million impairment charge on
goodwill;
→ an increase in research and development expenses of
€0.17 million;
→ an increase in other operating expenses of €0.06 million;
→ a decrease in other income of €0.05 million;
→ an increase in net finance expenses of €0.02 million; and
→ a decrease in foreign exchange losses of €0.26 million.
Gross profit for the period decreased to 84% of revenue
(2023: 82%), primarily due to the lower mix of printing
electronics related sales during the year, which have a
lower level of gross margin than software because of their
manufacturing costs.
Included in selling, general and administrative expenses is
amortisation of €0.90 million (2023: €0.97 million) related to
intangible assets recognised as a result of acquisitions.
In 2024 the Group recorded a goodwill impairment charge
of €6.28 million (2023: €nil) in aggregate (see Note 16).
Research and development expenses includes the
capitalisation and amortisation of internally generated
intangible assets and the amortisation of certain intangible
assets recognised as a result of acquisitions. During the
period there was a net capitalisation of development
expenditure of €0.53 million (2023: €1.39 million) and
amortisation of acquired intangible assets of €4.57 million
(2023: €4.76 million).
The net capitalisation of development expenditure
was comprised of €3.45 million (2023: €3.82 million) of
capitalised expenditure less €2.92 million (2023: €2.43
million) of amortisation.
Total operating expenses increased by €5.93 million, or
14.56% compared to the same period in the prior year.
Making abstraction of the goodwill impairment of €6.28
million, total operating expenses decreased by €0.35 million,
or 0.86% compared to the same period in the prior year.
Foreign exchange gains and losses are primarily due to the
revaluation of currency balances held at the balance sheet
date and the change in exchange rates during the year.
Joachim Van Hemelen,
Chief Financial Officer
44 45

CFO's review
Hybrid Software Group Strategic report Governance Financial statements Other information
Hybrid Software Group PLC | Annual Report 2024
Alternative performance measures
Alternative performance measures (see Note 2) and adjusted financial information have not been audited by the Group’s
auditors.
→ Revenue
To eliminate the impact of currency movements when comparing the current year to the comparative, the current year is
restated at the comparative’s actual exchange rates.
At constant exchange rates (“CER”) (2024 restated at 2023 exchange rates):
In thousands of euros
Reported
2024
CER
2024
Reported
2023
Revenue from continuing operations 51,501 50,887 48,043
→ Adjusted operating result and net profit
The Board believes that evaluating the Group’s ongoing results may not be as useful if it is limited to reviewing only IFRS
financial measures, particularly because management uses adjusted financial information to evaluate its ongoing operations,
for internal planning and forecasting purposes and for the measurement of performance related bonuses.
The Group does not suggest that investors should consider these adjusted financial results in isolation from, or as a
substitute for, financial information prepared in accordance with IFRS. The Group presents adjusted financial results when
reporting its financial results to provide investors with additional performance measures to evaluate the Group’s results
in a manner that focuses on what the Group believes to be its underlying business operations. The Group’s management
believes that the inclusion of adjusted financial results provides consistency and comparability with past reports.
IFRS reported operating profit or loss from continuing operations is adjusted as follows:
In thousands of euros 2024 2023
IFRS reported operating loss from continuing operations (3,090) (1,161)
Add severance costs 54 493
Deduct capitalised development expense (see note 16) (3,451) (3,824)
Add amortisation of capitalised development 2,922 2,434
Add amortisation of acquired intangibles 4,569 4,760
Add impairment of goodwill (see note 16) 6,280 -
Add other operating expenses (see note 8) 70 11
Deduct other income (see note 9) (150) (196)
Total adjustments to reported operating profit from continuing operations 10,294 3,678
Adjusted operating profit from continuing operations 7,204 2,517
Cashflow
Cash flow was positive for the year with a net cash inflow of €2.21 million (2023: net cash inflow of €0.76 million). Cash flow
from operating activities was positive at €8.91 million (2023: €7.02 million).
Loan repayments of €1.51 million were made to Congra Software SARL, consisting of €1.30 million in principal repayments
and €0.21 million of interest (see Note 26 and 31).
The Group continues to generate sufficient cash to fund its day to day operational expenditure and capital expenditure on
property, plant and equipment and has overdraft facilities available if required.
IFRS reported net profit or loss from continuing operations is adjusted as follows:
In thousands of euros 2024 2023
IFRS reported net (loss)/profit from continuing operations (2,828) 1,319
Adjustments to operating result above 10,294 3,678
Tax effect of above-mentioned adjustments (514) (876)
Remeasurement of deferred tax liability - (2,445)
Total adjustments to reported net profit from continuing operations 9,780 357
Adjusted net profit from continuing operations 6,952 1,676
Adjusted net basic earnings per share for continuing operations €0.21 €0.05
Adjusted net diluted earnings per share for continuing operations €0.21 €0.05
→ EBITDA
EBITDA is also reported as an alternative measure of profit and is calculated by adding back interest, tax, depreciation and
amortisation to net profit from continuing operations.
EBITDA from continuing operations was €11.99 million (2023: €7.31 million) and is reconciled to IFRS reported net profit
from continuing operations as follows:
In thousands of euros 2024 2023
IFRS reported net (loss)/profit from continuing operations (2,828) 1,319
Net finance expenses 261 240
Tax credit (653) (2,986)
Depreciation 1,427 1,529
Amortisation 7,502 7,204
Impairment of goodwill (see note 16) 6,280 -
EBITDA from continuing operations 11,989 7,306
As a % of revenue from continuing operations 23% 15%
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Global economic conditions
2024 was characterised by above target inflation in the Western world and restrictive monetary policy by most of the
central banks. Higher interest rates increase financing costs for companies, which put more strain on our customers capital
expenditure budgets.
In Germany, an important market for all of the Group’s business segments, the situation is more aggravated due to political
uncertainty and ecologically inspired governmental policy choices undermining Germany’s competitiveness, all affecting
negatively the business climate and economic activity.
In 2024 Western economies overall have proven to be rather resilient and continue to grow, albeit at varying rates.
China, an important market for multiple of the Group’s business segments, continues to face economic headwinds with
the construction sector not being able to pull the economy anymore. In the second half of 2024; the Chinese government
in concert with the Chinese central bank launched a series of stimulative programs, all of which are in the process of
transpiring in the real economy.
War in the Middle East
The Group does not have any operations in Israël but has significant customers in the country. Currently this has only
marginally impacted business levels in the region.
If the situation were to worsen and spread to other countries, there could be a negative impact on the demand for the
Group’s products and services, which could impact the Group’s revenue and profitability.
Russia’s invasion of Ukraine
The Group does not have any operations in Ukraine and does not generate any significant revenue from either Russia or
Ukraine, thus is not directly affected by the current situation.
In the year since the invasion, the Board remains concerned about the economic and political uncertainty across the world.
If the situation were to worsen and spread to other countries, there could be a negative impact on the demand for the
Group’s products and services, which could impact the Group’s revenue and profitability.
Refer to note 2 to the consolidated financial statements for further details about going concern.
Principal risks
and uncertainties
Risks related to the Group’s financial situation
→ The Group’s business, results of operations and financial condition could be materially affected by global
economic and political conditions
The Group sells its products and services throughout the world and economic conditions that affect the global economy or
regional economies may significantly impact the demand for printing technology and therefore for the Group’s products
and services.
The current uncertainty around the global economy, international trade and the pace of growth in the countries and
industries in which the Group’s existing and prospective customers and suppliers operate may negatively affect the level
of demand for the Group’s products and services. A reduced demand for the Group’s products and services will reduce the
Group’s revenue and profitability.
In 2024 the group generated positive cash flow and increased its net cash position. Management expects the Company
to generate positive cash flow and further increase its net cash position in 2025. The Company continues to grow in the
countries where it is active, hence through its global presence the Company increases it’s geographic diversification which
makes it less vulnerable to individual national or regional adverse events.
→ A significant portion of the Group’s revenue comes from a small number of large customers
The Group is dependent on a relatively small number of large customers for a significant portion of its revenue. For the year
ended 31 December 2024, the Group’s ten largest customers represented 32.3% (2023: 28.5%) of the Group’s revenue,
with the single largest customer representing 6.5% (2023: 5.9%) of the Group’s revenue. If one or more of these customers
choose to source the products or services supplied by the Group from an alternative vendor the effect on revenue, and
therefore profitability, could be material.
In 2024 multiple actions have been taken to source new, significant customers, which should further increase customer
diversification.
→ Source dependency might lead to higher prices to be paid to suppliers or disruption in the production of certain of
the Groups’ products and therefore impacts the Group’s business activities and profitability
Meteor Inkjet Limited’s products include some key electronic components which are subject to shortage of supply from
time to time. There is a risk that some of the Group’s products could not be manufactured if there is a disruption to that
supply, therefore customer orders could be delayed or cancelled, which could result in a reduction in revenue and profits
in the Group. Revenue for these products is reported in the Group’s Printhead Solutions segment and for the year ended
31 December 2024, revenue from external customers for that segment was €11.59 million (2023: €11.29 million), which is
equal to 22.51% (2023: 23.51%) of the Group’s total revenue.
In 2024 the supply chain shortages abated significantly. Nevertheless management continues to examine how sourcing can
be optimised in order to minimalise the effects of any supply chain disruption.
The Group does not have a dedicated risk management or internal audit function,
consequently the risk management review is carried out by the executive management
team on a regular basis. The risks and uncertainties described below are not necessarily set
out in order of priority or potential impact on the Group’s financial statements.
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Hybrid Software Group PLC | Annual Report 2024
Risks related to the Group’s business activities and industry
→ The Group is dependent on the graphic arts and digital printing industries
The Group derives all of its revenues from products and services provided to the graphic arts and digital printing industries.
Accordingly, the Group’s future success significantly depends upon the continued demand for its products within such
industries.
The Board believes that an important factor to consider is the substantial change in the graphic arts and digital printing
industries, as evidenced by sustained growth in digital printing and low growth in conventional printing. The shift in inkjet
printing technology opens up opportunities to the Group when manufacturers develop new products.
If this environment of change were to slow, the Group could experience reduced demand for its products which could have
a material adverse effect on its operational results.
In 2024 the Company continues to invest in research and development at above market levels, in order to enhance or at
least protect its technological advantage. It provides best in class products and solutions which allow its customers to
harvest maximum productivity gains from purchasing the Company products and services. Customers and prospects are
always looking to improve efficiency, and any market downturn increases pressure to do so.
→ Security breaches and other disruptions could compromise the Group’s confidential and sensitive information and
expose the Company to liability, which would cause the Company’s business and reputation to suffer
The Group and certain third parties that it relies on for its operations collect and store confidential and sensitive
information, and their operations are highly dependent on information technology systems, including internet-based
systems, which may be vulnerable to breakdown, wrongful intrusions, data breaches and malicious attack. This information
includes, among other things, intellectual property (“IP”) and proprietary information, source codes and commercially
sensitive data, both of the Group and of its customers.
Although the Group has appropriate measures in place (including appropriate insurance coverage) to protect its business
from any potential interruptions, any attack or breach could compromise the Company’s networks or those of related third
parties and stored information could be accessed, publicly disclosed, lost, or stolen. For example, if the Group would as a
result of such an attack be unable to access its source code needed to develop new products, it might lose customers, which
will have an impact on its operational results. In addition, if IP were to be stolen from the Group, such stolen IP could be
used by competitors to improve their products or produce products which could reduce the Group’s competitive advantage
and therefore impact the Group’s operational results in the long term.
In 2024 management continues to monitor and enhance its security systems.
→ Following the acquisition of HYBRID Software in 2021, the Group serves, in addition to its traditional client base
of original equipment manufacturers, directly end-user customers and such customer mix needs to be carefully
managed to avoid an adverse impact on its business and results of operations
33.9% of the Group’s revenue for the year ending 31 December 2024 (2023: 38.8%) was generated by customers that are
original equipment manufacturers (“OEMs”), such as industrial inkjet press manufacturers, who embed the Group’s software
in their own products that they sell to end-users.
Although HYBRID Software does have a limited amount of OEM customers who manufacture products for package printing,
most of its customers are end-users (representing 95.2% of its revenue (2023: 98.8%)), i.e., companies that create packaging
files and packaging converting companies. Those companies purchase, in addition to the software of HYBRID Software, the
systems and equipment from OEMs including those who are customers of the Group. As a result of the HYBRID Software
acquisition, the Group directly serves certain clients of its own clients.
While the Board believes that this customer mix will not have an adverse effect on the group, as is confirmed by the fact
that no OEM or end-user customers provided negative feedback on the acquisition, its customer mix needs to be carefully
managed in the future to avoid an impact on either the OEM sales or end-user sales and therefore on the profitability of the
Group.
In 2024 management continues to monitor the situation closely.
→ The HYBRID Software acquisition made the environment in which the Group operates more competitive, which
could have a material adverse effect on the Group’s business and results of operations
Because of the highly technical nature of the products produced by both the Group and HYBRID Software, there is a high
barrier for competitors to enter the market. As a result, the limited number of competitors which do exist tend to be larger
companies with sufficient resources to compete in these demanding market segments.
The acquisition of HYBRID Software and merging its products and services mix with the products and services of the
Group, has increased the number of competitors the Group is facing, as companies that were used to be only competitors
of HYBRID Software will now also be competing with the Group. In addition, companies that were traditionally only
competitors of the Group might now also view the activities of HYBRID Software in a more competitive way.
Although HYBRID Software has been a long-standing partner of the Group and such relationship was already well known
in the industry, it cannot be excluded that such increased competition could result in a business disruption from both
customers and suppliers of the Group which could have a material adverse effect on the Group’s results of operations.
In 2024 management continues to monitor the situation closely and adjust any business plans when and where it deems
appropriate.
→ Certain contractual arrangements with customers contain extended payment terms which lead to an increased
credit risk on such customers
The Group sells its products and services to a range of established customers and generally takes payments in advance for
the sale of physical goods in the Printhead Solutions segment, thus minimising the credit risk. In the Printing Software and
Enterprise Software segments, certain licensing arrangements allow, however for payments to be made over an extended
period of time, up to five years in some instances. These extended payment terms increase the credit risk and the chance
that the Group may not be paid. During the year ended 31 December 2024, €3.47 million (2023: €3.11 million) of revenue
was recognised in respect of a licensing arrangement that includes extended payment terms of up to 5 years. To date, for
licensing arrangements where revenue has been recognised in previous years, all contractually due payments have been
received in accordance with the contractual terms.
The current economic uncertainty has increased the likelihood of the materialisation of such risk, as the liquidity position of
certain customers could be affected by the consequences of a downward economy and the payment behaviour of certain
customers could change.
In 2024 management continued to monitor the financial health of the customers with which it engages in long term
licensing arrangements and takes measures to mitigate any risks.
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Hybrid Software Group PLC | Annual Report 2024
Legal and regulatory risk
→ Failure to adequately protect the Group’s intellectual property could substantially harm its business and
operating results
The Group’s success is heavily dependent upon its proprietary technology. To protect its proprietary rights, the Group
relies on a combination of patent, copyright, trade secret and trademark laws, as well as the early implementation and
enforcement of non-disclosure and other contractual restrictions. As part of its confidentiality procedures, the Group enters
into written non-disclosure agreements with its employees, prospective customers, OEMs and strategic partners and takes
steps to limit access to, and distribution of, its software, intellectual property and other proprietary information.
Despite these efforts, if such agreements are not made on a timely basis, complied with or enforced, the Group may be
unable to effectively protect its proprietary rights and the enforcement of its proprietary rights may be cost-prohibitive.
Unauthorised parties may attempt to copy or otherwise obtain, distribute, or use the Group’s products or technology.
Monitoring unauthorised use of the Group’s software products is difficult. Management cannot be certain that steps taken
to prevent unauthorised use of the Group’s proprietary technology, particularly in countries where the laws may not protect
proprietary rights as fully as in the UK, the EU or the United States, will be effective.
The Group’s source code is also protected as a trade secret. However, from time to time, the Group licenses its source code
to partners, which subjects it to the risk of unauthorised use or misappropriation despite the contractual terms restricting
disclosure, distribution, copying and use. In addition, it may be possible for unauthorised parties to obtain, distribute, copy
or use the Group’s proprietary information or to reverse engineer its trade secrets.
The Group holds patents, and has patent applications pending, in the United States and in the EU. There may be no
assurance that patents held by the Group will not be challenged, that patents will be issued from the pending applications
or that any claims allowed from existing or pending patents will be of sufficient scope or strength to provide adequate
protection for the Group’s intellectual property rights.
The failure to adequately protect the Group’s proprietary technology may adversely affect the Group’s business, financial
position, result of operations and prospects.
In 2024 management continues to monitor and enhance its systems and procedures to protect its intellectual property
rights.
→ Recruitment and retention of key personnel
An important part of the Group’s future success depends on the continued service and availability of the Group’s senior
management, including its Chief Executive Officer and other members of the executive team. These individuals have
acquired specialised knowledge and skills with respect to the Group. The loss of any of these individuals could harm the
Group’s business.
The Group’s business is also dependent on its ability to attract, retain, and motivate talented, highly skilled personnel,
notably in software development, electronic engineering and technical support areas. Such personnel are in high demand
and competition for their talents is intense. Should the Group be unable to continue to successfully attract and retain key
personnel, its business may be harmed. The Group offers a competitive package of salary and benefits to directors and
employees and regularly benchmarks them against similar businesses to ensure that they remain attractive to current and
prospective employees.
In 2024 management continues to recruit and retain essential staff by applying a muti-faceted approach to reducing staffing
and skill risks, including: (I) competitive wage and benefits packages, tailored by location, (II) development opportunities, (III)
continuous improvement.
→ Enforcing, acquiring and defending intellectual property rights is costly and could have a material adverse effect
on the Group’s financial position and result of operations
In connection with the enforcement of its own intellectual property rights, the acquisition of third-party intellectual
property rights or disputes relating to the validity or alleged infringement of third-party rights, including patent rights,
the Group may be in the future subject to claims, negotiations or protracted litigation. Intellectual property disputes and
litigation are typically very costly and can be disruptive to the Group’s business operations by diverting the attention and
energies of management and key technical personnel. Although the Group has successfully defended or resolved past
litigation and disputes, it may not prevail in any future litigation and disputes.
Third-party intellectual property rights could subject the Group to significant expenditures, require the Group to enter into
royalty and licensing agreements on unfavourable terms, prevent the Group from licensing certain of its products, cause
disruption to the markets where the Group operates or require the Group to satisfy indemnification commitments with its
customers including contractual provisions under various license arrangements, any one of which could harm the Group’s
business and have a material adverse effect on the Group’s financial position and results of operations.
In 2024 management continues to monitor the situation closely.
→ As a result of Brexit, both Belgian and UK takeover regulations apply in their entirety to the Company, which may
render a potential takeover complex and costlier
As the Company is a public company limited by shares with its registered office in the United Kingdom, the provisions of
the UK City Code on Takeovers and Mergers (the “UK City Code”) apply to the Company. Simultaneously, as the Company’s
shares are listed on the regulated market of Euronext Brussels, a voluntary takeover bid for the Shares of the Company
would also be subject to the Belgian takeover legislation. Accordingly, any voluntary takeover bid for the Company would be
governed by both the UK and Belgian takeover legislation.
Contrary to what was the case before Brexit (where certain aspects were governed by UK law and certain other aspects by
Belgian law based on the provisions of the European Directive 2004/25/EC of 21 April 2004 (the EU Takeover Directive)), UK
and Belgian takeover legislations apply in their entirety to any potential voluntary takeover bid with respect to the Shares
and it could not be excluded that these regulations might be conflicting. This may have an impact on the information the
potential bidder must disclose, the envisaged timelines and the contents of the prospectus. Moreover, both the Financial
Services Market Authority (the “FSMA”) and the Panel on Takeovers and Mergers (the “Takeover Panel”) would be competent
authorities with respect to such takeover bid.
The process to make a successful bid could therefore be more complex and costlier. This could potentially discourage
potential bidders from launching a takeover attempt and thus deprive shareholders of the opportunity to sell their Shares at
a premium (which is typically offered in the framework of a takeover bid).
In 2024 no acquisitions have been made.
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Principal risks and uncertainties
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Internal control risk
→ The Company cannot guarantee that its disaster recovery and business continuity plans will adequately address
any potential issue in the future
The Company cannot guarantee that the Group’s disaster recovery and business continuity plans will be adequate in the
future for its critical business processes nor that they will adequately address every potential event. Although the Group
has insured major risks, the Company can give no assurance that the Group’s present insurance coverage is sufficient to
meet any claims to which it may be subject, that it will in the future be able to obtain or maintain insurance on acceptable
terms or at appropriate levels or that any insurance maintained will provide adequate protection against potential liabilities.
Any losses that the Group incurs that are not adequately covered by insurance may decrease the Group’s future operating
income. In addition, defending the Group against such claims may strain management resources, affect the Group’s
reputation and require the Group to expend significant sums on legal costs.
The Group’s business is currently operated from various locations across the UK, Europe, North America, China and Japan.
Some business critical IT infrastructure is concentrated at one site in the UK with a continuous backup of those systems and
data to a separate UK site. Business continuity plans are intended to ensure that business-critical processes and data are
protected from disruption and will continue even after a disastrous event (such as a major fire or weather, political or war
event). Without these plans, or if these plans prove to be inadequate, there is no guarantee that the Company or any of
its operating subsidiaries would be able to compete effectively or even to continue in business after a disastrous event or
major disruption to one or more of its operating subsidiaries. Accordingly, if critical business processes fail or are materially
disrupted as a result of a disastrous event or otherwise and cannot recover quickly, this could have a material adverse effect
on the Group’s business, financial condition and results of operations.
In 2024 the Company continues to enhance and implement extensive information security programmes, to reasonably
ensure confidentiality, integrity, availability and security of its systems. The entire security approach is underpinned by
policies and procedures, and for selected platforms and entities, it is also formalised in order to obtain certifications such
as ISO27000. Other risk reduction initiatives include an information security training and awareness program and a broad
penetration testing schedule, with immediate correction in case of findings.
54 55

Monitoring Key Performance Indicators
Hybrid Software Group Strategic report Governance Financial statements Other information
Hybrid Software Group PLC | Annual Report 2024
Section 172(1)
The Directors have considered the requirements of section
172(1) of the Companies Act 2006 and it is a core duty of
the Directors above. The key considerations are set out
below.
It is a core duty of the Directors to promote the success
of the company. To do so the Directors consider the main
issues and stakeholders when making significant decisions.
The Company has never paid a dividend, thus shareholders
are invested for capital growth and due to the nature
of the business, employees are critical to the success of
the Group’s products. The CEO and CFO communicate
regularly with analysts and shareholders are encouraged to
participate in an annual meeting.
Engagement with employees is two-way to ensure that
employees are kept well-informed about the business and
valuable feedback is received to ensure continuation of
being a trusted employer. Initiatives to ensure the well-
being of employees and their dependents are regularly
reviewed and enhanced.
Considering the capital growth aims of shareholders, the
Directors are focussed on growing the revenue and product
portfolio to ensure that the Group continues to grow,
whilst remaining profitable, with the continuing move to
digital printing and manufacturing in the marketplace.
This is done by development of new products, for example
ScreenPro™,PrintFlat™ and SmartDFE in recent years and
by strategic acquisitions such as Meteor, Xitron, HYBRID
Software, ColorLogic and iC3D.
Products are developed based on an identified market
demand. In the case of ScreenPro™ and PrintFlat™, the
identification of quality issues when printing with inkjet
technology and in the case of SmartDFE, the evolution of
smart factories and Industry 4.0.
Acquisitions are evaluated not only for their financial
merits, but on the basis that they fit within the strategy
and culture of the Group and that synergies and further
opportunities can be developed through integration.
Relationships with customers and key suppliers are fostered
through a collaborative approach through the use of
technical services, evaluation software and products and
customer-specific product development where appropriate.
Commercial contracts are written to further strengthen
those relationships.
It is the Group’s policy to manage and operate worldwide
business activities in conformity with applicable laws and
regulations as well as with the highest ethical standards.
The board monitors progress on the overall Group strategy and the individual strategic
elements by reference to financial KPIs; specifically revenue, gross margin, operating
expenses, adjusted operating profit, EBITDA* and cash. These KPIs have been addressed in
more detail in the Business review and future developments section above.
Both the Group’s Board of Directors and executive management are determined to comply
fully with the applicable law and regulations, and to maintain the Group’s reputation for
integrity and fairness in business dealings with third parties. A strict compliance with the
provisions of the Group’s Code of Ethics is mandatory for every member of the Group’s Board,
executive officers, every senior executive and every employee at all locations.
The Directors consider the impact of the Company’s operations on the environment and
consider how it can reduce any negative impact it might have. The Company’s technology
and products enable its customers to produce more efficient and less resource consuming
products and services, thus saving energy and raw materials and the Company participates in
a program to offset the carbon footprint of all its employees, in both their personal and work
lives. For more information see page 58.
*For the EBITDA calculation see page 47
2024 Copyright © Adobe Stock
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Environmental matters
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Hybrid Software Group PLC | Annual Report 2024
Environmental matters
The Board of Directors is very aware of its responsibilities towards the environment and to
employees and believes that driving sustainability goals through the business is not only
the right thing to do for future generations but also makes for good business practice.
Indeed, in many of the Group’s key growth markets, such as packaging and textiles,
environmental factors are influencing how those markets develop.
The Board of Directors is very aware of its responsibilities
towards the environment and to employees and believes
that driving sustainability goals through the business is not
only the right thing to do for future generations but also
makes for good business practice. Indeed, in many of the
Group’s key growth markets, such as packaging and textiles,
environmental factors are influencing how those markets
develop.
The Group’s business is to develop and market software
solutions for printing and electronics for inkjet printing in
particular. As a result, management believes the Group has
no activities that are likely to have significant, detrimental
effects on the environment. In fact, an application of some
of the Group’s products is to limit ink use when printing and
inkjet printing is inherently more sustainable than analogue
printing: generating less waste in all aspects of production.
The Group has shown leadership in the industry, advertising
its commitment to Net Zero, and reiterating the strategic
importance of sustainability issues at industry conferences.
For several years the Group has implemented policies
aimed at minimising the Group’s environmental footprint,
including recycling waste from paper, ink, toner cartridges,
other computer consumables and computer hardware.
partnership
Since 2021, through a partnership with Ecologi,
the Group now offsets the carbon footprint of all
Group employees, whether from personal activities
at home or from (Scope 1 and Scope 2) activities
at work. Ecologi facilitates the funding of carbon
offset projects and tree planting around the world,
to generate high quality carbon offsets. Since this
partnership with Ecologi started, the Group has
achieved an offset of over 6,600 tonnes of CO2e and
funded over 75,000 trees, which have contributed to
34 environmental projects across the globe.
75,764 trees planted
6,653 tCo2e avoided
2024 Copyright © Adobe Stock
The Meteor Inkjet team rolled up their sleeves to collect
more than 16kg of litter in their community.
“As a Board we are very aware of our responsibilities towards the environment and to our
employees. Driving sustainability goals through the business is not only the right thing to do
for future generations but it makes good business sense too. For instance, in many of our key
growth markets, such as packaging and textiles, environmental factors are influencing how
those markets develop. Improving our environmental credentials shows our commitment to
the expansion of these markets as they continue to transition towards digital production.”
Guido Van der Schueren - Executive Chairman
Starting in 2022, the Group has partnered with Octopus Electric Vehicles to allow UK based
employees to lease electric vehicles via a salary sacrifice scheme. There are currently nine
employees that are utilising the scheme and have taken delivery of their electric vehicle.
Other employee events to encourage sustainability included hosting lunches with
invited speakers to discuss environment issues, a green commute to work campaign, and
“sustainability taskforce” of employee volunteers who meet regularly to identify and pursue
sustainability ideas within the office or related to company activities. We also support the
Cambridgeshire Wildlife Trust, a charity that is committed to creating a sustainable future for
wildlife.
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Social and community
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Hybrid Software Group PLC | Annual Report 2024
Social and community
Staff are encouraged and given time off to participate in charitable and community
activities. The Group contributes to employee-led fundraising activities for local and
national charities. Activities this year included Movember (focussing on men’s health
issues), a Bake Off event (raising money for flood-recovery work in Valencia) and Save the
Children’s Christmas Jumper Day.
Donations
Donations to charities amounted to €340 (2023: €19,375) during the year.
The Group operates a peer-to-peer recognition system which allows UK employees to
nominate awards to colleagues for their outstanding performance. Some operating
divisions also issue employee of the quarter awards.
Human rights
The Group respects all human rights and in conducting its business the Group regards
those rights relating to non-discrimination, fair treatment and respect for privacy to be the
most relevant and to have the greatest potential impact on its key stakeholder groups of
customers, employees and suppliers.
2024 Copyright © Adobe Stock
2024 Copyright © Adobe Stock
Employee matters
The Group places considerable value on the involvement of its employees and has
continued to keep them informed on matters affecting them as employees and on the
various factors affecting the performance of the Group. This is achieved through formal
quarterly company meetings presented by the CEO to all employees.
Employment policies
The Group gives full and fair consideration to applications
for employment from all persons where the candidate’s
aptitudes and abilities meet the requirements of the job. In
the event of any staff becoming disabled while employed
by the Group, every effort is made to ensure that their
employment by the Group continues and that appropriate
adjustments are made to their work environment. The
Group provides long-term health insurance for all staff if
they are unable to work due to illness or disability whilst in
employment.
As a responsible employer, the Group provides modern
and professional working environments in all locations.
Compliant with all relevant human resources and health and
safety regulations, the Group strives to offer competitive
Company level Number of females Number of males Total
Board
Management
Employees
1
2
36
4
29
210
5
31
246
Total Group 39 243 282
employment packages with opportunities for personal
and professional development. Staff surveys are carried
out with follow-up action plans alongside an internal
communications programme to provide regular updates on
performance.
Diversity
The Group does not discriminate on the grounds of age,
race, sex, sexual orientation or disability. It has a clear and
transparent recruitment process with annual appraisals
to provide feedback on staff performance and to create
individual objectives.
The table below shows the number of persons of each sex
who were directors, management and employees of the
Group as at 31 December 2024.
By order of the Board,
Mike Rottenborn
Chief Executive Officer
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Employee matters
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Hybrid Software Group PLC | Annual Report 2024
The Hybrid Software Americas team visited the Flexo Xperience
Center (The FXC) in Atlanta, Georgia. Hybrid Software is a proud
supplier partner to The FXC, which is the ideal place to bring the
industry’s best innovation providers together and ‘move flexo
forward’.
Hybrid Software, DACH team shares snowy moments during
their end-of-year get-together.
The team from BARBIERI electronic visited the Global
Graphics Software headquarters to discuss present and
future colour measurement synergies.
Eric Worrall celebrated his 20th year with Global Graphics
Software. He has held various roles within the company
and currently leads the Product Management and Technical
Services teams, as well as being responsible for the product
strategy, position and vision within Global Graphics.
The Hybrid Software team travelled across Asia
Pacific to meet with customers for hands-on teaching,
collaboration, and growth.
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Hybrid Software Group PLC | Annual Report 2024
GOVERNANCE
The Board of Directors of Hybrid Software Group believes in strong corporate
governance and transparency, with open, clear, and frequent communications
to our shareholders.

Board od directors
Hybrid Software Group Strategic report Governance Financial statements Other information
Hybrid Software Group PLC | Annual Report 2024
Guido Van der Schueren has been
Chairman of the Board since 2014 and
has close to 50 years of experience in
the graphic arts industry. In 1992 he
co-founded Artwork Systems and from
1996 to 2007 served as Managing
Director and Chairman of the Board of
Artwork Systems Company. He served
as Vice Chairman of the EskoArtwork
Company from June 2007 until
April 2011. He runs Powergraph, an
investment company mainly active in
graphic arts software and technology.
He is also the Chairman of Congra
Software, the holding company
which owns a majority stake in Hybrid
Software Group PLC.
Mike Rottenborn took up the position
of Chief Executive Officer in January
2020. He was formerly the President
and CEO of HYBRID Software Inc.,
which he founded in 2007. He has
spent more than 35 years working in
the graphic arts industry and began
his career as an electrical engineer
with DuPont Printing & Publishing.
After DuPont, he joined PCC Artwork
Systems to focus on prepress
workflow software for packaging
and commercial printing customers.
He received his Bachelor of Science
degree in Electrical Engineering from
Virginia Tech and his Master of Science
degree in Computer Science from
Villanova University.
Board of directors
The Board of Directors
guides the Company
to create growth and
shareholder value. With
decades of experience
in building successful
companies, the Board
supports the talented
individuals in the senior
management teams to
execute and deliver on
strategy.
Guido Van der Schueren
Executive Chairman
Mike Rottenborn
Chief Executive Officer
Joachim Van Hemelen was
appointed Chief Financial Officer,
Company Director and a member
of the Company’s executive team in
September 2022. He has management
responsibility over the firm’s global
finance, treasury and corporate
development functions. Prior to being
appointed he was CFO of HYBRID
Software which he joined in 2015.
Before this he worked as a corporate
finance advisor in an Antwerp-based
family office, Portolani, and as a
merger and acquisitions advisor in
a Flanders-based mid-market M&A
boutique. He started his professional
career in 2010 as a financial auditor
at BDO. Joachim earned his Master of
Science in Business Administration at
the Lessius Hogeschool Antwerp.
Clare Findlay was appointed an
independent non-executive director
of the Company in March 2019.
She was previously a non-executive
director of the Company from June
2011 until 2014 and has more than
20 years’ experience at senior level
positions in the computer software
industry, including as managing
director of the UK operations of
Concentrix Corporation, the global
business process outsourcing division
of SYNNEX. In 2013 Clare co-founded
Purple Demand, a Demand Creation
Agency.
Luc De Vos was appointed an
independent non-executive
director in February 2021. An
engineer by training, Luc is credited
with championing the early
implementations of the internet in
Europe and was the founding father
of the first sizeable pan-European
Internet Service Provider. A notable
business angel during the nineties’
new media and internet boom, he was
a key player in KPNQwest, Stepstone,
and Starlab and more recently,
CarsOnTheWeb (now ADESA Europe).
He has also been a non-executive
chairman to the first mediatech
venture capital fund (Arkafund) in
Belgium as well as a director to the
global leasing and fleet management
company Sofico, and advisor to unified
threat management security provider
AXS GUARD. In all, he has worked
with more than 60 companies with a
strong focus on growth and corporate
governance.
Joachim Van Hemelen
Chief Financial Officer
Clare Findlay
Non-executive Director
Luc De Vos
Non-executive Director
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Director’s report
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Hybrid Software Group PLC | Annual Report 2024
Directors’ report
The Directors present their annual report and the audited financial statements for the year
ended 31 December 2024.
Hybrid Software Group PLC is a public limited-liability company registered in England and
Wales with its shares traded on Euronext Brussels under stock code HYSG. As analogue
printing markets are converting to digital production, Hybrid Software Group is the only
vertically integrated supplier to this market, supplying products and technology to both
manufacturers of digital printing equipment and to manufacturers of packaging and other
printed goods who operate them.
Directors
The board are responsible for the appointment of Directors and the amendment of articles of association (“Articles”) and
meet regularly throughout the year.
Subject to the provisions of the Company’s Articles, any person who is willing to act as a director, and is permitted by law to
do so, may be appointed to be a director by ordinary resolution, or by a decision of the Directors, either to fill a vacancy or as
an addition to the existing board provided that the appointment does not result in the total numbers of Directors exceeding
any maximum number fixed in accordance with the Company’s Articles.
At every annual general meeting all the Directors shall retire from office. If the Company, at the meeting at which a director
retires under, does not fill the vacancy, the retiring director shall, if willing to act, be deemed to have been reappointed
unless at the meeting it is resolved not to fill the vacancy, or unless a resolution for the reappointment of the director is put
to the meeting and lost.
The Directors who held office during the year under review were:
Guido Van der Schueren Executive Chairman
Michael Rottenborn Chief Executive Officer
Joachim Van Hemelen Chief Financial Officer
Clare Findlay Non-executive Director
Luc De Vos Non-executive Director
The Company maintains director and officers’ liability insurance.
Shareholdings
Ordinary shares are entitled to one vote each in any circumstance. Each share is entitled pari passu to dividend payments or
any distribution. The shares are not redeemable and there are no transfer restrictions on the shares.
Subject to the Company’s Articles, but without prejudice to the rights attached to any existing ordinary share, the Company
may issue shares with such rights or restrictions as may be determined by ordinary resolution.
The breakdown of the Company’s issued share capital as at 31 December 2024 was:
Number of ordinary
shares
% of issued share
capital
Congra Software S.à r.l. *** 27,390,187 83.23%
Company owned shares 63,822 0.19%
Free float 5,455,728 16.58%
Total 32,909,737 100.00%
*** Congra Software S.à r.l. is controlled by Guido Van der Schueren, the Company’s Chairman. Michael Rottenborn (Chief
Executive Officer) and Joachim Van Hemelen (Chief Financial Officer) are also shareholders of Congra Software S.à r.l.
Investment in own shares
The Company holds some of its own shares in treasury to meet its obligations arising from the Group’s employee share
programmes (see notes 23 and 29 to the consolidated financial statements).
On 10 December 2024 the Company announced the start of its share repurchase programme, for a total amount of €1
million. The total number of shares held in treasury at 31 December 2024 was 63,822 (2023: 58,584). Further information
can be found in note 23 to the consolidated financial statements.
During the year, the Company disposed of 9,106 treasury shares (2023: 19,000), transferred to employees to satisfy the
Company’s obligations under share schemes.
Corporate governance
Details of the Group’s corporate governance can be found in the Corporate governance report on page 74.
Political contributions
The Group made no political contributions during the year (2023: €nil).
Dividends
The Directors do not recommend the payment of a dividend (2023: €nil).
Research and development
The Group spent €13.32 million (2023: €13.15 million) on research and development during the year. Under IAS 38
Intangible Assets, €3.45 million (2023: €3.82 million) of research and development was capitalised and €2.92 million (2023:
€2.43 million) of capitalised research and development was amortised. There was no impairment of capitalised research and
development during the year (2023: €nil). The net effect of capitalisation, amortisation and impairment on profit in the year
was a decrease in expense of €0.53 million (2023: €1.39 million decrease in expense).
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Director’s report
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Hybrid Software Group PLC | Annual Report 2024
Post balance sheet events
Details of post balance sheet events are detailed in note 35 to the consolidated financial statements.
Financial risk management
Details of the Group’s financial risk management are disclosed in the Group strategic report and in note 30 to the financial
statements.
Streamlined Energy and Carbon Reporting (SECR)
The following Streamlined Energy and Carbon Report (SECR) provides environmental impact information in accordance with
the Companies Act 2006 (Strategic Report and Director’s Report) Regulations 2013 and the Companies (Directors’ Report)
and Limited Liability Partnerships (Energy and Carbon Reporting) Regulations 2018.
Global energy use and greenhouse gas (“GHG”) emissions from activities for which the Group is responsible for:
2024 2023
Energy used (kwh)
Electricity (scope 2) 362,588 379,631
Gas (scope 1) 273,501 259,515
Fuel (scope 1) 815,299 938,438
Total energy used (kwh) 1,451,388 1,577,584
United Kingdom 219,946 228,781
Rest of the world 1,231,442 1,348,803
Total energy used (kwh) 1,451,388 1,577,584
GHG emissions (CO2e tonnes)
Electricity (scope 2) 83.6 84.9
Gas (scope 1) 50.0 44.2
Fuel (scope 1) 194.9 242.5
Total GHG emissions (CO2e tonnes) (a) 328.5 353.5
United Kingdom 45.5 47.3
Rest of the world 283.0 306.2
Total GHG emissions (CO2e tonnes) 328.5 353.5
Intensity ratio
Average number of employees 271 277
GHG emissions per employee (CO2e kilogram) 1,217 1,276
Effect of the carbon offset program with Ecologi (CO2e tonnes) (b) (1,453.4) (1,669.6)
Net GHG offset (CO2e tonnes) (a+b) (1,124.9) (1,316.1)
Electricity and gas are used to power and heat the Group’s offices and transport fuel is used by company cars provided to
some employees. Where possible, primary data has been sourced (meter readings and supplier invoices), but where actual
energy figures are not available a reasonable approximation has been used to estimate energy usage.
There has been a continuation of the existing strategy to reduce the physical number of computers to consolidate into more
efficient servers where possible. A senior manager has been appointed to head up and implement group-wide sustainability
initiatives, including to reduce energy consumption across the Groups offices.
The Company continues to partner with Ecologi, the platform that facilitates the funding of carbon offset projects and tree
planting around the world, to offset its carbon footprint.
Since October 2021, the Group has been working towards compensating for the environmental footprint of every employee
in their work and personal life. At work, the Group is implementing policies to reduce Scope 1 and Scope 2 footprint such as
sourcing renewable energy and low-carbon travel, and is talking with supply chains to measure and push down on Scope 3
carbon footprint.
Through the partnership with Ecologi, the Group offsets the carbon footprint of all Group employees, whether at home or
at work.
Statement of Directors’ responsibilities in respect of the annual report and the
financial statements
The Directors are responsible for preparing the Annual report and the group and parent Company financial statements in
accordance with applicable law and regulations.
Company law requires the Directors to prepare Group and parent Company financial statements for each financial year.
Under that law they are required to prepare the Group financial statements in accordance with UK-adopted international
accounting standards and applicable law and have elected to prepare the parent Company financial statements in
accordance with UK accounting standards and applicable law, including FRS 101 Reduced Disclosure Framework. In addition,
the Group financial statements are required to be prepared in accordance with International Financial Reporting Standards
adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union (“IFRSs as adopted by the EU”).
Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true
and fair view of the state of affairs of the Group and parent Company and of the Group’s profit or loss for that period. In
preparing each of the Group and parent Company financial statements, the Directors are required to:
→ select suitable accounting policies and then apply them consistently;
→ make judgements and estimates that are reasonable, relevant, reliable and prudent;
→ for the Group financial statements, state whether they have been prepared in accordance with UK-adopted international
accounting standards and IFRSs as adopted by the EU;
→ for the parent Company financial statements, state whether applicable UK accounting standards have been followed,
subject to any material departures disclosed and explained in the parent Company financial statements;
→ assess the Group and parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to
going concern; and
→ use the going concern basis of accounting unless they either intend to liquidate the Group or the parent Company or to
cease operations or have no realistic alternative but to do so.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the parent
Company’s transactions and disclose with reasonable accuracy at any time the financial position of the parent Company and
enable them to ensure that its financial statements comply with the Companies Act 2006. They are responsible for such
internal control as they determine is necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to
them to safeguard the assets of the Group and to prevent and detect fraud and other irregularities.
Under applicable law and regulations, the Directors are also responsible for preparing a Strategic Report and a Directors’
Report that complies with that law and those regulations.
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Directors’ report
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Hybrid Software Group PLC | Annual Report 2024
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the
Company’s website. Legislation in the UK governing the preparation and dissemination of financial statements may differ
from legislation in other jurisdictions.
The Directors are responsible for the preparation of the consolidated financial statements in electronic format in
accordance with the ESEF requirements set out in the regulatory technical standards as laid down in the EU Delegated
Regulation nr. 2019/815 of 17 December 2018.
Responsibility statements under the disclosure and transparency rules
We confirm that to the best of their knowledge:
→ the financial statements, prepared in accordance with the applicable set of accounting standards, give a true and fair
view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the
consolidation taken as a whole; and
→ the strategic report includes a fair review of the development and performance of the business and the position of the
issuer and the undertakings included in the consolidation taken as a whole, together with a description of the principal
risks and uncertainties that they face.
Disclosure of information to auditor
The Directors confirm that:
→ so far as each director is aware there is no relevant audit information of which the Company’s Auditor is unaware; and
→ the Directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit
information and to establish that the auditor is aware of that information.
Auditor
PKF Littlejohn LLP were re-appointed during the year as auditor of the company.
By order of the Board,
Michael Rottenborn, Director
2030 Cambourne Business Park
Cambourne
Cambridge
CB23 6DW
19 March 2025
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Corporate governance report
Hybrid Software Group Strategic report Governance Financial statements Other information
Hybrid Software Group PLC | Annual Report 2024
Corporate
governance report
Directors and Board
The Board comprises two executive directors, an executive
chairman and two non-executive directors. The Board
considers that the non-executive directors are independent.
See page 66 for further details about the Board of
Directors.
The roles of chairman and chief executive officer are
separate appointments and it is Board policy that this
will continue. The non-executive directors bring their
independent judgement to bear on issues of strategy,
performance, appointments, resources and standards of
conduct.
Board committees
Audit and remuneration committees provide additional
review and scrutiny of the Group’s activities.
Relations with shareholders
The Company’s executive directors communicate regularly
with analysts and private investors are encouraged to
participate in the Annual General Meeting.
Internal financial control
The Group has established policies covering the key areas of
internal financial control and the appropriate procedures,
controls, authority levels and reporting requirements which
must be applied throughout the Group.
The key procedures that have been established in respect
of internal financial control are:
→ internal control: the directors review the effectiveness of
the Group’s system of internal controls on a regular basis;
→ financial reporting: there is in place a comprehensive
system of financial reporting based on the annual budget
approved by the board. The results for the Group are
reported monthly along with an analysis of key variances
to budget, and year-end forecasts are updated on a
regular basis; and
The Financial Conduct Authority’s Listing Rules (“the Listing Rules”) require that listed
companies (but not companies traded on an overseas EU market) incorporated in the UK
should state in their report and accounts whether they comply with the UK Corporate
Governance Code (“the Code”) and identify and give reasons for any area of non-
compliance. The Company is listed on Euronext Brussels and therefore is not required to
comply with the Listing Rules or the Code, however, several voluntary disclosures have
been given. The Board supports the principles and aims of the Code and intends to ensure
that the Group observes the provisions of the Code as it grows, as far as is practical.
However, the Board considers that at this stage in the Group’s development the expense of
full compliance with the Code is not appropriate.
The content of this report is unaudited.
→ investment appraisal: applications for significant expenditure of either a revenue or
capital nature are made in a format which places emphasis on the commercial and
strategic justification as well as the financial returns.
All significant projects require specific Board approval.
No system can provide absolute assurance against material misstatement or loss but
the Group’s systems are designed to provide reasonable assurance as to the reliability of
financial information and ensuring proper control over income and expenditure, assets and
liabilities.
Going concern
The Directors have a reasonable expectation that the Group has adequate resources to
continue in operational existence for the foreseeable future. The Directors have prepared
cash flow forecasts for a period of at least 12 months from the date of approval of these
financial statements and have no reason to believe that a material uncertainty exists that
may cast significant doubt about the Group’s ability to continue as a going concern, notably
because of a cash position of €9.51 million as at 31 December 2024 (2023: €7.08 million).
Those forecasts take into account reasonably possible downsides, including the potential
impact for increased costs of inflation. Thus, they continue to adopt the going concern basis
of accounting in preparing the annual financial statements.
Refer to note 2 to the consolidated financial statements for further details.
2024 Copyright © Adobe Stock
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Audit committee report
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Hybrid Software Group PLC | Annual Report 2024
The members of the Committee are Luc De Vos (Chair of the
Committee) and Clare Findlay.
The Committee oversees the relationship with the
Company’s external auditor, monitors its effectiveness
and independence and makes recommendations to the
Board in respect of the external auditor’s remuneration,
appointment and removal. The Committee also reviews the
findings from the external auditor, including discussion of
significant accounting and audit judgements, levels of errors
identified and overall effectiveness of the audit process.
The Committee meets as required, typically at least 3 times
per year; at the beginning of the financial year to agree on
the audit and risk operational plan for that year, at mid-year
to evaluate any matters and issues that might have arisen
and at the close of the financial year to review the findings
of the auditor and to ensure that the group’s audit and risk
objectives have been met.
The Committee also considers significant financial reporting
issues, accounting policies and key areas of judgement or
estimation. This review also includes consideration of the
clarity and completeness of disclosures on the information
presented in the financial statements.
Additionally, the Committee will:
→ review the effectiveness of the Company’s internal
financial control systems,
Audit committee report
The Audit Committee (the “Committee”) is appointed by the
Board and consists wholly of the non-executive directors.
The Board has delegated to the Committee responsibility
for overseeing financial reporting, the review and
assessment of the effectiveness of the internal control and
risk management systems and maintaining an appropriate
relationship with the external auditor.
→ advise the Board on the Company’s risk strategy, risk
policies and current and emerging risk exposures,
including the oversight of the overall risk management
framework and systems,
→ assess the adequacy and security of the Company’s
arrangements for its employees and contractors to raise
concerns, in confidence, about possible wrongdoing
in financial reporting or other matters and to ensure
proportionate and independent investigation of such
matters,
→ and make recommendations to the Board as it deems
appropriate on any area within its remit where action or
improvement is required.
The Committee operates with clarity, simplicity, fairness,
predictability and is aligned to the culture of the
organisation.
Luc De Vos
Chair of the Audit Committee
Luc De Vos
Chair of the Committee
Directors’
remuneration report
The members of the Committee are the independent, non-executive directors, Clare Findlay
(Chair of the Committee) and Luc De Vos.
The report is split into three main areas: the statement by the chair of the Committee, the
annual report on remuneration and the policy report.
The policy report will be subject to a binding shareholder vote at the 2025 Annual General
Meeting and the policy will take effect for the financial year beginning on 1 January 2025.
The annual report on remuneration provides details on remuneration in the period and
some other information required by the Regulations. It will be subject to an advisory
shareholder vote at the 2025 Annual General Meeting.
The Companies Act 2006 requires the auditors to report to the shareholders on certain parts
of the Directors’ remuneration report and to state whether, in their opinion, those parts of
the report have been properly prepared in accordance with the Regulations.
The chair’s annual statement
The information provided in this part of the Directors’ remuneration report is not subject to
audit. The remuneration committee reviewed the current level of board fees and salaries
payable to the chairman, the CEO and CFO.
Clare Findlay
Chair of the Committee
This report, prepared by the Remuneration Committee (the
“Committee”), is on the activities of the board in respect
of the remuneration of directors for the year ending 31
December 2024. It sets out the remuneration policy and
remuneration details for the executive and non-executive
directors of the Group. It has been prepared in accordance
with Schedule 8 of The Large and Medium-sized Companies
and Groups (Accounts and Reports) Regulations 2008 (the
“Regulations”).
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Directors’ remuneration report
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Hybrid Software Group PLC | Annual Report 2024
Annual report on remuneration
The information provided in this part of the Directors’ remuneration report is subject to audit.
The remuneration of the executive and non-executive directors of the Group in respect of services to the Group were as
follows:
For the year ended 31 December 2024:
In euros
Salary
and fees Benefits Bonus LTIP Pension Total
Total
fixed
Total
variable
Executive directors
Guido Van der Schueren
1
425,584 63,960 60,342 - 952 550,837 490,495 60,342
Michael Rottenborn, CEO 262,812 38,731 53,161 - 9,568 364,272 311,110 53,161
Joachim Van Hemelen, CFO 267,395 - 43,914 - - 311,309 267,395 43,914
Total executive directors 955,791 102,691 157,417 - 10,519 1,226,418 1,069,001 157,417
Non-executive directors
Clare Findlay 38,550 - - - - 38,550 38,550 -
Luc De Vos 31,000 - - - - 31,000 31,000 -
Total non-executive directors 69,550 - - - - 69,550 69,550 -
Total directors 1,025,340 102,691 157,417 - 10,519 1,295,968 1,138,551 157,417
For the year ended 31 December 2023:
In euros
Salary
and fees Benefits Bonus LTIP Pension Total
Total
fixed
Total
variable
Executive directors
Guido Van der Schueren
2
459,744 66,567 45,000 - 1,392 572,703 527,703 45,000
Michael Rottenborn, CEO 274,264 40,663 45,000 - 9,126 369,053 324,053 45,000
Joachim Van Hemelen, CFO 270,151 - 33,750 - 303,901 270,151 33,750
Total executive directors 1,004,159 107,230 123,750 - 10,518 1,245,657 1,121,907 123,750
Non-executive directors
Clare Findlay 25,426 - - - - 25,426 25,426 -
Luc De Vos 20,000 - - - - 20,000 20,000 -
Total non-executive directors 45,426 - - - - 45,426 45,426 -
Total directors 1,049,585 107,230 123,750 - 10,518 1,291,083 1,167,333 123,750
Salary and fees are the contracted annual salaries and board fees that are payable. Each executive director received board
fees, prorated where appointed or resigned during the year, which are included within the Salary and fees column.
Benefits include car allowance, travel allowance, home allowance and private medical insurance payments.
The executive directors’ total available bonus for the year was structured as follows:
→ up to 40% for meeting the board-approved group adjusted operating profit target,
→ up to 40% for achieving the board-approved adjusted operating profit targets for the group’s components, and
→ up to 20% fulfilling specific KPIs, as agreed and signed off by the Remuneration Committee.
1
includes the director’s daughter, who is also an employee of the Group
2
includes the director’s daughter, who is also an employee of the Group
Although the board-approved targets for the year were not met fully, the Remuneration Committee authorised bonus
payments of 70% based on the successful achievement of individual objectives.
LTIP (long term incentive plan) is a cash award that will be payable after 3 years of continuous service from the date of
award.
Contributions totalling €11,000 (2023: €11,000) were made to the personal pension schemes of two (2023: two) of the
directors in accordance with their employment contracts. The Group operates a defined contribution scheme where
contributions are calculated as a percentage of gross salary. There are no defined benefit schemes.
→ Scheme interests awarded during the financial year
There were no share-based awards during the year and there are no outstanding share options as at 31 December 2024.
The aggregate amount of gains made by directors on the exercise of share options during the year was €nil (2023: €nil).
→ Directors and their interests in shares of the Company
The directors held the following interests in the shares of Hybrid Software Group PLC as at 31 December 2024:
Guido Van der
Schueren *
Michael
Rottenborn **
Joachim Van
Hemelen *** Clare Findlay Luc De Vos
Shares beneficially
owned
27,364,396 3,850 - 100 5,000
Total interest in
shares
27,364,396 3,850 - 100 5,000
* The interests of Guido Van der Schueren are held in the name of Congra Software S.à r.l., Together with his wife and children, he
owns approximately 69.68% of the shares of Congra Software S.à. r.l..
** Michael Rottenborn is also a shareholder of Congra Software S.à r.l., he owns approximately 0.42% of the shares of Congra
Software S.à. r.l..
*** Joachim Van Hemelen is also a shareholder of Congra Software S.à r.l., he owns approximately 0.47% of the shares of Congra
Software S.à. r.l..
The information provided in the following sub-sections of the Directors’ remuneration report are not subject to audit.
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Directors’ remuneration report
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Hybrid Software Group PLC | Annual Report 2024
→ CEO remuneration table
The following table shows the CEO’s remuneration and percentage achievement of annual bonuses and long-term
incentives over the past 5 years:
2020 2021 2022 2023 2024
Total CEO remuneration (in thousands of euros) 325 458 358 346 337
Annual bonus pay-out against maximum opportunity 88% 100% 44% 20% 68%
Long term incentive vesting rates against maximum opportunity n/a n/a n/a n/a n/a
→ Percentage change in remuneration of directors
The table below shows the percentage change over the preceding year, in the base payment currency of remuneration for
the directors and for all employees of the Group:
Salary and fees Benefits Bonus
Director 2023 2024 2023 2024 2023 2024
Guido Van der Schueren (2.1%) (7.4%) 177.4% (3.9%) (10.0%) 34.1%
Michael Rottenborn
3
(1.2%) (4.2%) 29.6% (4.8%) (10.0%) 17.0%
Joachim Van Hemelen
4
5.0% (1.0%) 0.0% 0.0% (15.6%) 30.1%
Clare Findlay
5
20.1% 47.6% 0.0% 0.0% 0.0% 0.0%
Luc De Vos
6
0.0% 55.0% 0.0% 0.0% 0.0% 0.0%
All employees average 4.4% 3.7% 0.0% 0.0% 0.0% 0.0%
For further information with regards to the changes in 2022 and 2023, please refer to the annual report for the relevant
financial year.
→ Relative importance of spend on pay
The main operating expense of the Group is the cost of its employees due to the nature of the work of the Group. In order
to attract and retain staff, pay and reward levels need to be competitive and commensurate with the highly technical skills
that are required.
The table below shows the amounts paid to employees (for continuing operations) and the amounts distributed to
shareholders.
In thousands of euros 2024 2023 % change
Staff expenses (see note 12 to the consolidated financial statements) 28,335 28,084 0.9%
Dividends paid to shareholders - - 0%
→ Statement of implementation of remuneration policy in the following financial year
There are no significant changes in the way that the remuneration policy will be implemented in the next financial year
compared to how it was implemented during this financial year.
The remuneration policy will be voted upon during the next AGM to be held during 2025.
Remuneration policy
The information provided in this part of the Directors’ remuneration report is not subject to audit.
The board determines the Group’s policy for employee, executive and non-executive remuneration and the individual
remuneration packages for executive directors. In setting the remuneration packages, the board considers the pay and
benefits that are offered to existing Group employees and the salaries, bonuses and benefits available to directors of
comparable companies and the continued commitment to the Group through appropriate long-term incentive schemes,
such as the award of shares and share options.
The board did not consult with employees when drawing up the remuneration policy set out in this part of the report and no
views about the policy have been expressed by shareholders of the Company to the board.
→ Remuneration of executive directors
Consistent with this policy, remuneration packages awarded to executive directors include a mix of basic salary and
performance related remuneration that is designed to incentivise the director to achieve the Group’s strategic objectives.
The remuneration packages usually include some or all of the following elements:
- base salary, as agreed by the board;
- bonus scheme, with performance measured against annually set targets and personal objectives all reviewed and
approved by the board;
- profit share bonus scheme based on component and group performance
- equity, by way of shares and share options;
- other benefits, such as car allowance, company contribution into a personal pension scheme, private medical insurance,
life assurance and long-term sickness insurance; and
- recruitment fee, notice period for termination of contract or payments for loss of office.
All of the above elements are negotiable between the board and the prospective director.
There are no fixed term contracts and each director must resign and be reappointed at each AGM.
The executive directors’ total bonus available for the year will be structured as follows:
In the forthcoming year the above policy will be applied. The bonus payment for the Chairman, CEO and CFO is divided into
3 elements and weighted dependant on individual role and responsibility:
- achievement of the board-approved group adjusted operating profit target,
- achievement of the board-approved group’s components adjusted operating profit targets, and
- achievement of the individual KPIs as agreed and signed off by the Remuneration Committee.
→ Remuneration of non-executive directors
The fees paid to non-executive directors are determined by the board. The non-executive directors do not receive any other
fixed forms of remuneration or benefits.
3
Michael Rottenborn joined the Group in January 2020
4
Joachim Van Hemelen was appointed a Director in September 2022
5
Clare Findlay joined the Group in March 2019
6
Luc de Vos joined the Group in February 2021
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Hybrid Software Group PLC | Annual Report 2024
Future policy table
The information provided in this part of the Directors’ remuneration report is not subject to audit.
The following table provides a summary of the key components of the remuneration package for executive directors:
Salary and fees
Purpose Rewards skills and experience and provides the basis for a competitive remuneration package.
Operation
Salaries and fees, including recruitment and loss of office payments, are agreed with the director with
reference to the role, the individual’s experience, and market practice and market data.
Opportunity 100% of contractual salary and fees are paid for services rendered to the Group.
Performance
measures
Reviewed annually and executive directors’ salaries are generally increased in line with company-
wide pay increases. Exceptional changes are tied to significant changes in the Group or exceptional
performance.
Recovery No provision for recovery or withholding of payments unless breach of contract.
Taxable benefits
Purpose Protects against risks and provides other benefits.
Operation
The provision of benefits to executive directors includes private medical cover, life insurance and ill-
health income protection.
Opportunity 100% of the premiums due are paid on behalf of the executive director.
Performance
measures
There are no performance measures associated with the benefits other than being a current
executive director.
Recovery No provision for recovery or withholding of payments unless breach of contract.
Bonuses
Purpose
Rewards delivery of the near-term business targets set each year, the individual performance of the
executive directors in achieving those targets, and contribution to delivering the Group’s strategic
objectives.
Operation
Bonuses are agreed in the employment contract with the executive director. The level of bonus
payable is determined based on the role, the individual’s experience, and market practice and market
data.
Opportunity
Generally 50% to 100% of the annual bonus is achievable on meeting the revenue and expense
targets as set by the Board. Adjustments can be made to the plan for specific, strategic objectives.
Performance
measures
The performance objectives include only financial measures. The financial measures are generally
related to revenue and controlling expenses.
Recovery
Payment of annual bonuses is usually withheld until the Group’s auditors have cleared the audit and
the Board have approved payment of the bonuses.
Pension
Purpose Enables executive directors to build long term retirement savings.
Operation The Group pays defined contributions into a pension plan on behalf of the executive director.
Opportunity
100% of the contributions due are paid directly to the pension company on behalf of the executive
director.
Performance
measures
There are no performance measures associated with the benefits other than being a current
executive director.
Recovery No provision for recovery or withholding of payments unless breach of contract.
The following table provides a summary of the key components of the remuneration package for non-executive directors:
Board fees
Purpose
Attract and retain individuals with the required skills, experience and knowledge so that the Board is
able to effectively carry out its duties.
Operation Fees are paid monthly or quarterly.
Opportunity 100% of contractual fees are paid for services rendered to the Group.
Performance
measures
Reviewed annually and increased only in exceptional circumstances.
Recovery No provision for recovery or withholding of payments if performance obligations have been fulfilled.
→ Recruitment remuneration
For the appointment of a new director, the aforementioned components will be included in their remuneration package
and negotiated with consideration of the role, their experience and market data. The fees that may be agreed may include
sign-on payments to incentivise the director to take the appointment. These sign-on fees will be negotiated taking into
consideration the role, their experience and market data.
→ Pay policy for other employees
The Company values its total workforce and aims to provide remuneration packages that are geographically competitive,
comply with any local statutory requirements and are applied fairly and equitably across the Group. Where remuneration is
not determined by statutory regulation, the following key principles are applied:
- to reward in a manner that allows for stability in the business and for sustainable long-term growth
- to reward fairly and consistently for each role with due regard to peers, the economy, the marketplace and the technical
skills required
→ Service contracts
It is the Group’s policy that executive directors should have contracts with an indefinite term. Non-executive directors are
appointed for an initial six-year term, with provisions for extension, subject to mutual agreement.
All Directors offer themselves for annual re-election at each AGM in accordance with the UK Corporate Governance Code.
Service agreements and letters of appointment are available for inspection at the registered office address of the Company.
None of the directors are entitled to any specific indemnity which would be due or liable to be due on termination of their
appointment.
Date of contract
Date of
appointment
Notice from
the Company
Notice from
the director
Unexpired
term on 31
December
2024
Guido Van der Schueren 4 April 2017 16 May 2014 12 months 12 months -
Michael Rottenborn 1 January 2020 2 January 2020 12 months 12 months -
Joachim Van Hemelen 1 January 2021 1 September 2022 12 months 12 months -
Clare Findlay 1 March 2019 1 March 2019 - - 2 months
Luc De Vos 4 February 2021 15 February 2021 - - 25 months
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→ Application of the policy
The table below shows the level of remuneration that would be received by the directors in accordance with the directors’
remuneration policy.
Euro 000s
Minimum
performance Medium performance
Maximum
performance 2024 actual
Guido Van der Schueren 491 541 566 551
Michael Rottenborn 322 365 390 364
Joachim Van Hemelen 267 303 322 311
Clare Findlay 39 39 39 39
Luc De Vos 31 31 31 31
The scenarios have been illustrated for each executive director based on the following:
Minimum
performance
- Base salary/fee, taxable benefits and pension
- No bonus pay-out
- No long term incentive plan
Medium performance: - Base salary/fee, taxable benefits and pension
- 50% bonus pay-out
- 50% long term incentive plan
Maximum
performance:
- Base salary/fee, taxable benefits and pension
- 100% bonus pay-out
- 100% long term incentive plan
The report was approved by the board of directors on 19 March 2025 and signed on its behalf by:
Clare Findlay
Chair of the Remuneration Committee
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Hybrid Software Group PLC | Annual Report 2024
Independent auditor’s report
PKF Littlejohn LLP
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF HYBRID SOFTWARE GROUP PLC
Opinion
We have audited the financial statements of Hybrid Software Group plc (the ‘parent company’) and its subsidiaries (the ‘group’)
for the year ended 31 December 2024 which comprise the Consolidated Statement of Comprehensive Income, the Consolidated
and Company Statement of Financial Position, the Consolidated and Company Statements of Changes in Equity, the
Consolidated Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The
financial reporting framework that has been applied in their preparation is applicable law and UK-adopted international
accounting standards and as regards the parent company financial statements, as applied in accordance with UK Generally
Accepted Accounting Practice (‘UK GAAP’) and the provisions of the Companies Act 2006.
In our opinion:
• the financial statements give a true and fair view of the state of the group’s and of the parent company’s affairs as at 31
December 2024 and of the group’s loss for the year then ended;
• the group financial statements have been properly prepared in accordance with UK-adopted international accounting
standards;
• the parent company financial statements have been properly prepared in accordance with UK GAAP, including FRS 101
Reduced Disclosure Framework, and as applied in accordance with the provisions of the Companies Act 2006; and
• the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
Separate opinion in relation to IFRSs as adopted by the European Union
As explained in note 2 to the group financial statements, the group, in addition to complying with its legal obligation to apply UK-
adopted International Accounting Standards, has also applied International Financial Reporting Standards adopted pursuant to
Regulation (EC) No 1606/2002 as it applies to the European Union (EU-endorsed IFRSs).
In our opinion, the group financial statements give a true and fair view of the consolidated financial position of the group as at 31
December 2024 and of its consolidated financial performance and its cash flows for the year then ended in accordance with EU-
endorsed IFRSs.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our
responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial
statements section of our report. We are independent of the group and parent company in accordance with the ethical
requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard as applied
to listed entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that
the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the
preparation of the financial statements is appropriate. Our evaluation of the directors’ assessment of the group’s and parent
company’s ability to continue to adopt the going concern basis of accounting included the following audit procedures:
• Obtaining an understanding of the controls in place around the preparation of the going concern forecast and future
plans for the group through discussions with management;
• Obtaining management’s assessment for the going concern period to 31 March 2026 and checking the mathematical
accuracy of the cash flow forecasts and budgets prepared;
• Comparing budgeted performance for the year ended 31 December 2024 against actual to assess management’s
historical forecasting accuracy;
• Challenging management where appropriate on the reasonableness of key inputs and assumptions underpinning the
going concern model. These challenges included but not limited to:
o Performing sensitivity analysis on key inputs and assumptions to assess the headroom across the going
concern period. Key inputs and assumptions included: (i) sales growth rates, (ii) loss of key customers and (iii)
levels of operating expenditure;
o Assessing management’s stress testing performed;
PKF Littlejohn LLP
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF HYBRID SOFTWARE GROUP PLC
Opinion
We have audited the financial statements of Hybrid Software Group plc (the ‘parent company’) and its subsidiaries (the ‘group’)
for the year ended 31 December 2024 which comprise the Consolidated Statement of Comprehensive Income, the Consolidated
and Company Statement of Financial Position, the Consolidated and Company Statements of Changes in Equity, the
Consolidated Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The
financial reporting framework that has been applied in their preparation is applicable law and UK-adopted international
accounting standards and as regards the parent company financial statements, as applied in accordance with UK Generally
Accepted Accounting Practice (‘UK GAAP’) and the provisions of the Companies Act 2006.
In our opinion:
• the financial statements give a true and fair view of the state of the group’s and of the parent company’s affairs as at 31
December 2024 and of the group’s loss for the year then ended;
• the group financial statements have been properly prepared in accordance with UK-adopted international accounting
standards;
• the parent company financial statements have been properly prepared in accordance with UK GAAP, including FRS 101
Reduced Disclosure Framework, and as applied in accordance with the provisions of the Companies Act 2006; and
• the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
Separate opinion in relation to IFRSs as adopted by the European Union
As explained in note 2 to the group financial statements, the group, in addition to complying with its legal obligation to apply UK-
adopted International Accounting Standards, has also applied International Financial Reporting Standards adopted pursuant to
Regulation (EC) No 1606/2002 as it applies to the European Union (EU-endorsed IFRSs).
In our opinion, the group financial statements give a true and fair view of the consolidated financial position of the group as at 31
December 2024 and of its consolidated financial performance and its cash flows for the year then ended in accordance with EU-
endorsed IFRSs.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our
responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial
statements section of our report. We are independent of the group and parent company in accordance with the ethical
requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard as applied
to listed entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that
the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the
preparation of the financial statements is appropriate. Our evaluation of the directors’ assessment of the group’s and parent
company’s ability to continue to adopt the going concern basis of accounting included the following audit procedures:
• Obtaining an understanding of the controls in place around the preparation of the going concern forecast and future
plans for the group through discussions with management;
• Obtaining management’s assessment for the going concern period to 31 March 2026 and checking the mathematical
accuracy of the cash flow forecasts and budgets prepared;
• Comparing budgeted performance for the year ended 31 December 2024 against actual to assess management’s
historical forecasting accuracy;
• Challenging management where appropriate on the reasonableness of key inputs and assumptions underpinning the
going concern model. These challenges included but not limited to:
o Performing sensitivity analysis on key inputs and assumptions to assess the headroom across the going
concern period. Key inputs and assumptions included: (i) sales growth rates, (ii) loss of key customers and (iii)
levels of operating expenditure;
o Assessing management’s stress testing performed;
2
o Assessing the prospective accuracy of management’s forecast in 2025 against post year-end bank statements
and management financial reports;
• Reviewing the terms of loan facilities within the group to confirm their availability across the forecast period and to
ensuring compliance with any conditions attached;
• Undertaking a review of subsequent events on matters impacting the going concern assessment; and
• Considering the adequacy of the disclosures and accounting policies in the financial statements.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that,
individually or collectively, may cast significant doubt on the group's or parent company’s ability to continue as a going concern
for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections
of this report.
Our application of materiality
The scope of our audit was influenced by our application of materiality. We set certain quantitative thresholds for materiality.
These, together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent
of audit procedures on the individual financial statement line items and disclosures in evaluating the effect of misstatements,
both individually and in aggregate, on the financial statements as a whole.
Financial statements - group Financial statements – parent company
Overall materiality €641,000 (2023: €480,000) €320,000 (2023: €400,000)
Basis for determining
overall materiality
1.25% of revenue (2023: 1% of revenue)
2% of net
assets as constrained by the
allocation of overall group materiality (2023:
Same)
Rationale for the
benchmark applied
The group derives the majority of its
revenue from software licensing,
subscription sales and service contracts.
While revenue is not the sole financial
metric with which
management and
stakeholders measure and assess
financial performance, the nature of the
business activities and operations result
in the group being highly revenue driven.
We consider total revenue to be the most
appropriate basis for determining overall
materiality for the group as it provides
users of the financial statements with a
more stable measure year-on-
year of
financial performance, compared to profit
before tax which has historically been
volatile.
On this basis, revenue was determined to
be an appropriate basis for determining
overall materiality.
We considered the nature of the parent
company, being a holding company for the
investment activities of the group, and
determined that net assets was an appropriate
basis for the calculation of the overall
materiality given the significant asset base as
at 31 December 2024.
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3
Financial statements - group
Financial statements – parent company
Performance
materiality
€448,000 (2023: €312,000)
€224,000 (2023: €260,000)
Basis for determining
performance
materiality
70% of the group overall materiality
(2023: 65%)
70% of the parent company overall materiality
(2023: 65%)
Rationale for the
benchmark applied
In determining the performance materiality, we have considered the following factors:
• The level of significant judgements and estimates;
• The risk assessment and aggregation of risk and the effectiveness of controls;
• The control environment and the group’s financial reporting controls and
processes;
• It is the second year of our appointment as group auditor; and
• The stability of key management personnel.
We use performance materiality to reduce to an appropriately low level the probability that the aggregate of uncorrected and
undetected misstatements exceeds overall materiality. Specifically, we use performance materiality in determining the nature
and extent of our testing of account balances, classes of transactions and disclosures, for example in determining sample sizes.
We agreed with the Audit Committee that we would report to them misstatements identified during our audit above €32,000 (2023:
€24,000) for the audit of the consolidated financial statements and €16,000 (2023: €20,000) for the parent company financial
statements as well as misstatements below those amounts that, in our view, warranted reporting for qualitative reasons.
For each component in the scope of the group audit, we allocated a materiality that was less than the overall group materiality.
The range of overall materiality allocated across the components was between €224,000 (2023: €117,000) and €313,600 (2023:
€312,000).
Our approach to the audit
In designing our audit approach, we determined materiality and assessed risk of material misstatement in the financial
statements. In particular, we looked at areas involving significant accounting estimates and judgements by the directors,
including the recognition of revenue, the impairment of goodwill and other identifiable intangible assets and the capitalisation of
development costs. Procedures were then performed to address the risk identified and for the most significant assessed risks of
misstatement, the procedures performed are outlined below in the key audit matters section of this report. We re-assessed the
risks throughout the audit process and concluded that the scope remained in line with that determined at the planning stage of
the audit.
An audit was performed on the financial information of the group’s significant operating components which, for the year ended
31 December 2024, were located in the United Kingdom (UK), the United States of America (USA) and Belgium. The audit of the
group and parent company financial statements was undertaken by the group audit team based in London, with meetings being
held with group management over video-link or in person, in Belgium and the UK. The component in Belgium was audited by a
component auditor operating under our instruction. We communicated regularly with the component audit team during all stages
of the audit and we were responsible for the scope and oversight of the audit process, which included an onsite review of the work
conducted at the component auditor’s office in Belgium. This, in conjunction with additional procedures performed by the group
audit team, provided sufficient appropriate audit evidence for our opinion on the group and parent company financial statements.
As a result of our materiality and risk assessments, we determined which components required a full scope audit of their financial
information, with consideration of their significance to the group based on their contribution to overall revenue and their risk
characteristics. On this basis. we scoped in four components requiring a full scope audit of their financial information for group
purposes and three components which were subjected to specified audit procedures due to specific risk characteristics and due
to the presence of material classes of transactions and account balances.
4
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial
statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to
fraud) we identified, including those which had the greatest effect on: the overall audit strategy, the allocation of resources in the
audit; and directing the efforts of the engagement team. These matters were addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Key Audit Matter
How our scope addressed this matter
Revenue recognition (note 7)
Under ISA (UK) 240, there is a rebuttable presumption that
revenue recognition is a significant fraud risk.
The Group earns revenue from contracts with customers
which are required to be recognised under IFRS 15 –
‘Revenue from Contracts with Customers’.
The complexity arises due to differing contractual
performance obligations, depending on the revenue
stream. For example:
• Software licences are recognised at a point in
time, when the license has been delivered to the
customer and all performance obligations are
complete.
• Multi-year licence and distribution agreements
come with licence royalties which are recognised
upon receiving confirmations from customers.
• Support and Maintenance are both recognised
over the duration of the contractually agreed
period.
• Physical good sales are recorded when control of
the item has passed on to the customer.
A material error in this balance could affect the decision
making of users of the financial statements.
As a result, there is a risk of fraud or error in revenue
recognition due to the potential to inappropriately
recognise revenue, and therefore revenue recognition is a
key audit matter.
In addition to the procedures required by ISA (UK) 240, our
work on this key audit matter included:
• Documenting our understanding of the information
system and related controls relevant to each
material revenue stream;
• Evaluating the appropriateness of the information
system and the effectiveness of the design and
implementation of the related controls;
•
Substantive transactional testing of income
recognised in the financial statements, including
deferred and accrued income balances recognised
at the year-end. This included selecting a sample of
sales from the ledger and vouching to customer
order, invoice and delivery information;
• Verifying the recognition of revenue through review
of supporting information regarding the satisfaction
of performance obligations; and
•
Reviewing revenue contracts active during the
current year and particularly around the year end to
ensure revenue had been recognised in the correct
period and that performance obligations had been
met.
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5
Impairment of goodwill (note 16)
Goodwill on consolidation arises from the acquisitions of
multiple subsidiaries throughout the Group’s history.
In line with the requirements of IAS 36 Impairment of
Assets, goodwill is tested annually for impairment by
management for each Cash Generating Unit (CGU)
identified, as per the below:
Cash Generating Unit
€’000
Global Graphics Software
7,157
Meteor Inkjet
2,341
Xitron
1,902
HYBRID Software Labels and Packaging
44,782
HYBRID Software Brandz
668
ColorLogic
582
Management determine the recoverable amount of each
CGU by calculating a value-in-use (VIU) which is based on
financial forecasts for five years to 31 December 2029 and
then into perpetuity using a terminal growth rate.
Impairment is recognised thereon whe
re the carrying
amount of the CGU exceeds the recoverable amount
calculated by management.
Significant judgement is required from management in the
determination of the carrying amounts of each CGU with
respect to the allocation of only those assets and
liabilities that can be directly attributed, or assigned on a
reasonable and consistent basis, to the CGU and that will
generate future cash inflows used in arriving at the VIU of
the CGU. The calculation of the VIU of each CGU is based
on significant assumptions and estimations by
management.
The calculation of the VIU of each CGU is based on
significant assumptions and estimations by management.
Such key areas of subjectivity and uncertainty include
revenue growth rates, gross margins, pre-tax discount
rates, terminal growth rates and forecasted cash flows
incorporated by management.
Given the inherent uncertainty and subjectivity of key
inputs and assumptions within the impairment
assessment, there is a significant risk of material
misstatement that the goodwill balances are not
recoverable and require impairment. On this basis, we
have determined that the carrying value of goodwill as at
31 December 2024 is a key audit matter.
Our work in this key audit matter included the following:
• Understanding the design and implementation of
the g
roup’s controls over the impairment
assessment process;
• Evaluating the appropriateness of management’s
identification of the Group’s CGUs in line with the
requirements of IAS 36;
• Challenging management on the appropriateness of
the impairment models and the reasonableness of
the assumptions used through performance of the
following:
o Reviewing the group’s key market-related
assumptions in the impairment models,
including discount rates, long-term growth
rates and cash flows against external data;
o Assessing the reliability of management’s
forecasts by comparing historical budgets
against actual performance;
o
Testing the mathematical accuracy of
management’s impairment models;
o Performing a range of sensitivity analysis
on key assumptions;
o
Obtaining an understanding of the
commercial viability of projects and
assets; and
o Using a PKF internal valuation specialist to
test the appropriateness of the key inputs
and assumptions within the determination
of the discount rates for each CGU.
•
Assessing the disclosures made in the financial
statements for their adequacy and appropriateness.
6
Capitalisation of development costs (note 15)
Software development costs are recorded as assets on
the balance sheet if they meet certain criteria to be
capitalised in line with IAS 38 Intangible Assets.
Management make the following considerations during
the course of capitalising costs in respect of internally
generated intangible assets:
• Technical feasibility of completing the asset
• Intention to complete and use/sell the asset
• Ability to use or sell the asset
• How the asset will generate future economic
benefit
• Availability of sufficient resources to complete
the development and use/sell the asset
•
Ability to measure reliably the expenditure
incurred on the development.
During the financial year a total of €3.4m of development
costs were capitalised to Intangible assets.
Management exercises significant judgement in
determining whether projects, and subsequently
development costs, meet the qualifying criteria set out
under IAS 38.
Incorrect application of the accounting standard could
result in a material misstatement to expenses and assets.
On this basis, we have determined the capitalisation of
development costs as a key audit matter.
Our work in respect of this key audit matter included the
following:
• Obtaining an understanding of the group’s process
for capitalising development costs, including the
criteria used
to determine whether development
costs meet the definition of an internally generated
intangible asset under IAS 38. This included the
group’s procedures for identifying, measuring and
recording development costs;
• S
ubstantively testing the accuracy and
classification of a sample of employee and
contractor time capitalised as internally generated
development costs by vouching to the timesheets
and pay rates and ensuring the project met the
criteria for capitalisation as per IAS 38; and
•
Reviewing the associated disclosures in the
financial
statements and assessing the
appropriateness of such disclosures.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our
auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion
on the group and parent company financial statements does not cover the other information and, except to the extent otherwise
explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or
our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material
inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material
misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a
material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• the information given in the strategic report and the directors’ report for the financial year for which the financial
statements are prepared is consistent with the financial statements; and
• the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.
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7
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course
of the audit, we have not identified material misstatements in the strategic report or the directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to
you if, in our opinion:
• adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not
been received from branches not visited by us; or
• the parent company financial statements are not in agreement with the accounting records and returns; or
• certain disclosures of directors’ remuneration specified by law are not made; or
• we have not received all the information and explanations we require for our audit.
European Single Electronic Format (ESEF)
Hybrid Software Group plc has prepared consolidated financial statements in the form of an electronic file in the European Single
Electronic Format (ESEF), which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of
Financial Position, Consolidated Statement of Changes in Equity, Consolidated Statement of Cash Flows and the related notes.
The requirements for this format are set out in the regulatory technical standards as laid down in the EU Delegated Regulation.
The Board of directors are responsible for the preparation, in accordance with the ESEF requirements in the EU Delegated
Regulation, of the digital consolidated financial statements identified.
We were engaged by Hybrid Software Group plc to report on whether the digital consolidated financial statements are prepared,
in all material respects, in compliance with the ESEF regulation under the Delegated Regulation. Our responsibility, under the
terms of our engagement, is to obtain sufficient and appropriate information to conclude whether the format and the tagging of
the digital consolidated financial statements complies, in all material respects, with the ESEF requirements under the Delegated
Regulation.
In our opinion, based on our work performed, the format and the tagging of information in the digital consolidated financial
statements as per 31 December 2024, complies in all material respects, with the ESEF requirements under the EU Delegated
Regulation.
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the group
and parent company financial statements and for being satisfied that they give a true and fair view, and for such internal control
as the directors determine is necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the group and parent company financial statements, the directors are responsible for assessing the group and the
parent company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using
the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease
operations, or have no realistic alternative but to do so.
8
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is
a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial
statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our
responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which
our procedures are capable of detecting irregularities, including fraud is detailed below:
• We obtained an understanding of the group and parent company and the sector in which they operate to identify laws
and regulations that could reasonably be expected to have a direct effect on the financial statements. We obtained our
understanding in this regard through discussions with management, industry research and experience of the sector.
• We determined the principal laws and regulations relevant to the group and parent company in this regard to be those
arising from:
o The Companies Act 2006;
o UK-adopted International Accounting Standards;
o EU-endorsed International Financial Reporting Standards (EU-endorsed IFRSs)
o United Kingdom Generally Accepted Accounting Practice (UK GAAP);
o The UK Corporate Governance Code;
o General Data Protection Regulation;
o The Bribery Act 2010;
o Serious Organised Crime and Police Act 2005;
o Proceeds of Crime Act 2002;
o Euronext Listing Rules;
o UK tax legislation; and
o Tax legislation applicable in other jurisdictions.
• We designed our audit procedures to ensure the audit team considered whether there were any indications of non-
compliance by the group and parent company with those laws and regulations. These procedures included, but were
not limited to:
o Making enquiries of management;
o Reviewing Board minutes;
o Reviewing legal expenditure nominal ledger accounts; and
o Reviewing Regulatory News Services announcements.
• We also identified the risks of material misstatement of the financial statements due to fraud. We considered, in addition
to the non-rebuttable presumption of a risk of fraud arising from management override of controls, that the potential for
management bias was identified in relation to revenue recognition, the impairment of goodwill and other intangible
assets and the capitalisation of development costs. We addressed this by challenging the assumptions and judgements
made by management when auditing these significant accounting estimates. Please refer to the Key audit matters
section of our report for further information.
• As in all of our audits, we addressed the risk of fraud arising from management override of controls by performing audit
procedures which included, but were not limited to: the testing of journals; reviewing accounting estimates for evidence
of bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal
course of business.
• As part of the group audit, we have communicated with the component auditor the risks associated with the
components of the group, including the risk of fraud as a result of management override of controls. To ensure that this
has been completed, we reviewed the component auditor working papers in this area and obtained responses to our
group instructions from the component auditors.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a
material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that
compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will
be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to
fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
92 93

Independent auditor’s report
Hybrid Software Group Strategic report Governance Financial statements Other information
Hybrid Software Group PLC | Annual Report 2024
9
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s
website at: www.frc.org.uk/auditorsresponsibilities.
This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act
2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to
state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone, other than the company and the company's members as a body, for our audit work, for this report, or for
the opinions we have formed.
Joseph Archer (Senior Statutory Auditor) 15 Westferry Circus
For and on behalf of PKF Littlejohn LLP Canary Wharf
Statutory Auditor London E14 4HD
94 95

96 97
Hybrid Software Group PLC | Annual Report 2024
FINANCIAL
STATEMENTS
The following pages contain the detailed audited financial statements
for Hybrid Software Group PLC and its subsidiary companies.

Consolidated statement of comprehensive income
Hybrid Software Group Strategic report Governance Financial statements Other information
Hybrid Software Group PLC | Annual Report 2024
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
2024
2023
In thousands of euros
Note
Revenue
7
51,501
48,043
Cost of sales
(8,078)
(8,671)
Gross profit
43,423
39,372
Selling, general and administrative expenses
(26,989)
(27,569)
Impairment of goodwill
16
(6,280)
-
Research and development expenses
(13,324)
(13,149)
Other operating expenses
8
(70)
(11)
Other income
9
150
196
Operating loss
(3,090)
(1,161)
Finance income
13
232
174
Finance expenses
13
(493)
(414)
Net finance expenses
(261)
(240)
Foreign currency exchange losses
(10)
(266)
Loss before tax
(3,361)
(1,667)
Tax credit
18
653
2,986
(Loss)/Profit from continuing operations
(2,708)
1,319
Loss on sale of discontinued operation, net of tax
34
(120)
-
(Loss)/Profit for the period
(2,828)
1,319
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Foreign currency translation differences
1,162
241
Other comprehensive income for the year
1,162
241
Total comprehensive (loss)/income attributable to equity holders
(1,666)
1,560
Earnings per ordinary share
Basic earnings per share (euro)
28
(0.09)
0.04
Diluted earnings per share (euro)
28
(0.09)
0.04
The
notes on pages 98 to 136 are an integral part of these consolidated financial statements.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
For the year ended 31 December
In thousands of euros
Note
2024
2023
ASSETS
Non-current assets
Property, plant and equipment
14
1,324
1,547
Right-of-use assets
24
1,591
2,201
Other intangible assets
15
36,752
40,607
Goodwill
16
57,432
63,127
Financial assets
17
1,020
947
Deferred tax assets
18
1,307
1,633
Trade and other receivables due after more than one year
7, 20
-
22
Contract assets due after more than one year
7
5,599
4,408
Other assets due after more than one year
17
18
Total non-current assets
105,042
114,510
Current assets
Inventories
19
3,448
3,912
Current tax assets
370
174
Trade and other receivables
7, 20
6,045
5,409
Contract assets
7
4,416
4,185
Other current assets
21
468
375
Prepayments
1,725
1,827
Cash and cash equivalents
22
9,513
7,079
Total current assets
25,985
22,961
TOTAL ASSETS
131,027
137,471
EQUITY AND LIABILITIES
Equity attributable to owners of the Parent
Share capital
23
13,164
13,164
Share premium
23
1,979
1,979
Merger reserve
23
67,015
67,015
Treasury shares
23
(193)
(179)
Retained earnings
37,770
40,638
Foreign currency translation reserve
(9,508)
(10,670)
Total equity
110,227
111,947
Non-current liabilities
Deferred tax liabilities
18
1,512
2,401
Lease liabilities
24
1,051
1,777
Retirement benefit obligations
1,068
982
Accrued liabilities
36
52
Loans & borrowings
26
4,000
7,800
Other liabilities
25
112
352
Contract liabilities
7, 27
377
477
Total non-current liabilities
8,156
13,841
Current liabilities
Current tax liabilities
66
506
Trade and other payables
3,882
3,502
Lease liabilities
24
940
824
Accrued liabilities
1,410
1,940
Loans & borrowings
26
2,500
-
Other liabilities
25
369
543
Contract liabilities
7,27
3,477
4,368
Total current liabilities
12,644
11,683
Total liabilities
20,800
25,524
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
131,027
137,471
The
notes on pages 98 to 136 are an integral part of these consolidated financial statements.
These financial statements on pages 98 to 101 were approved and authorised for issue by the Board of Directors on 19 March 2025 and
were signed on its behalf by:
Michael Rottenborn
Director
Company registered number: 10872426
98 99

Consolidated statement of changes in equity
Hybrid Software Group Strategic report Governance Financial statements Other information
Hybrid Software Group PLC | Annual Report 2024
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Foreign
currency
Share
Share
Merger
Treasury
Retained
translation
Total
In thousands of euros
Note
capital
premium
reserve
shares
earnings
reserve
equity
13,164
1,979
67,015
(161)
39,373
(10,911)
110,459
-
-
-
-
1,319
-
1,319
-
-
-
-
-
241
241
-
-
-
-
1,319
241
1,560
Share-b ased payment transactions
23
-
-
-
54
(54)
-
-
23
-
-
-
(72)
-
-
(72)
Total transactions with owners
-
-
-
(18)
(54)
-
(72)
13,164
1,979
67,015
(179)
40,638
(10,670)
111,947
-
-
-
-
(2,828)
-
(2,828)
-
-
-
-
(2,828)
1,162
(1,666)
23
23
Total transactions with owners
-
(54)
13,164
1,979
67,015
(193)
37,770
(9,508)
110,227
The
notes on pages 98 to 136 are an integral part of these consolidated financial statements.
CONSOLIDATED STATEMENT OF CASH FLOWS
2024
2023
In thousands of euros
Note
Cash flows from operating activities:
Net (loss)/profit for the year
(2,828)
1,319
Adjustments to reconcile net profit to net cash:
- Impairment of goodwill
16
6,280
-
- Amortisation and impairment of intangible fixed assets
15
7,502
7,204
- Depreciation of right-of-use-assets
24
740
763
- Depreciation and impairment of property, plant & equipment
14
687
769
41
(11)
- Net finance expense
13
261
240
10
266
- Tax credit
18
(653)
(2,986)
- Loss on sale of discontinued operation, net of tax
34
120
-
- Other items
(20)
36
14,968
6,281
Change in operating assets and liabilities:
- Financial assets
17
(73)
82
- Inventories
19
463
(17)
- Trade and other receivables
20
(614)
854
(1,289)
140
- Other current assets
21
(90)
476
104
(102)
86
120
381
(551)
(546)
(238)
- Contract liabilities
27
(853)
464
(2,431)
1,228
Cash generated from operating activities
9,709
8,828
Interest received
13
152
59
Interest paid
13
(493)
(414)
Taxes paid
(553)
(1,385)
Net cash flow from operating activities
8,815
7,088
Cash flows from investing activities:
Capital expenditures on property, plant & equipment
14
(529)
(635)
Capital expenditures on other intangible assets
15
-
(5)
Capitalisation of development expenses
15
(3,451)
(3,824)
38
-
Proceeds on disposal of discontinued operations
34
20
-
(3,922)
(4,464)
Cash flows from financing activities:
Repayment against loans and borrowings
26
(1,300)
(293)
Deferred consideration paid
25
(310)
(310)
Contingent consideration paid
25
(236)
(367)
(787)
(880)
Own shares re-purchased
23
(54)
(72)
(2,687)
(1,922)
Net increase in cash
2,206
702
Cash and cash equivalents at 1 January
7,079
6,317
228
60
9,513
7,079
The
notes on pages 98 to 136 are an integral part of these consolidated financial statements.
100 101

Notes to the consolidated financial statements
Hybrid Software Group Strategic report Governance Financial statements Other information
Hybrid Software Group PLC | Annual Report 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. REPORTING ENTITY
Hybrid Software Group PLC (the "Company") and its subsidiaries (together the "Group") is a leading developer of software solutions for
pre-press, printing and packaging conversion. It is also a leading supplier of printhead drive electronics for industrial inkjet printing.
The Company is a public limited company, registered in England and Wales, domiciled in the United Kingdom and is quoted on Euronext in
Brussels. The Company's registered office address is 2030, Cambourne Business Park, Cambourne, Cambridge, CB23 6DW.
2. BASIS OF PREPARATION
Statement of compliance
These consolidated financial statements have been prepared in accordance with UK-adopted international accounting standards and
International Financial Reporting Standards adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union.
These consolidated financial statements were authorised for issue by the Company’s Board of Directors on 19 March 2025. As defined in
article 4 of the Transparency Directive (2004/109/EC), the official version of the annual financial report is the ESEF version.
Basis of measurement
These consolidated financial statements have been prepared on the historical cost basis. Non-current assets are stated at the lower of
amortised cost and fair value less disposal costs when applicable. The methods used to measure fair value are discussed in Note 4
‘Determination of fair values’.
Functional and presentation currency
The amounts included in the financial statements for each of the Group’s entities are measured using their respective functional currency,
which is then translated to euro using appropriate exchange rates. The functional currency is determined for each of the Group’s entities
based on the primary economic environment in which each of the Group’s entities operates and the primary currency used for transactions
in those entities. The functional currency for each of the entities in the Group is shown in the table below.
Company name
Functional currency
Hybrid Software Group PLC
Euro (EUR)
Global Graphics (UK) Limited
Pound sterling (GBP)
Global Graphics Software Limited
Pound sterling (GBP)
Global Graphics Software Incorporated
United States dollar (USD)
Global Graphics Kabushiki Kaisha
Japanese yen (JPY)
Meteor Inkjet Limited
Pound sterling (GBP)
Xitron, LLC
United States dollar (USD)
HYBRID Software Group S.à r.l.
Euro (EUR)
HYBRID Software Development NV
Euro (EUR)
HYBRID Integration LLC
United States dollar (USD)
HYBRID Software UK Limited
Pound sterling (GBP)
HYBRID Software NV
Euro (EUR)
HYBRID Software France SAS
Euro (EUR)
HYRBID Software Iberia S.L.U.
Euro (EUR)
HYBRID Software Italy SRL
Euro (EUR)
HYBRID Software GmbH
Euro (EUR)
HYBRID Software China Co. Limited
Chinese yuan (CNY)
HYBRID Software Australia Pty Limited
Australian dollar (AUD)
The
se consolidated financial statements are presented in euros and all information which is presented in the following notes has been
rounded to the nearest thousand, unless otherwise specified.
Use of accounting estimates
The preparation of the consolidated financial statements in conformity with IFRS requires management to make judgements, estimates
and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses.
Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period
in which the estimates are revised and in any future periods affected. Information about critical judgements in applying accounting policies
that have the most significant effect on the amounts recognised in the consolidated financial statements is included in Note 5 ‘Critical
accounting estimates and judgements’.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
2. BASIS OF PREPARATION (CONTINUED)
Going concern
The Group’s business activities, together with the factors likely to affect its future development, performance and position are set out in
the strategic report. The Directors’ report further describes the financial position of the Group; its cash flows and liquidity position; the
Group’s objectives, policies and processes for managing its capital; its financial risk management objectives; details of its financial
instruments; and its exposure to credit risk and liquidity risk.
As a result of the multiple factors playing out at the same time, restrictive monetary policy by central banks in the Western world, a near
deflationary economic situation in China, wars in Ukraine & Israel there is more uncertainty across the global economy. The Group has
considerable financial resources, together with long-standing relationships with customers through its licence and support sales model.
The Group’s forecasts and projections, taking account of potential and realistic changes in trading performance, and also including worst
case, severe, yet plausible downside scenarios, continue to indicate that the Group is able to operate within the level of existing cash
resources.
The Directors have considered the impact of a significant reduction in sales against forecasts, which may arise if the economic conditions
further worsen in the company’s main markets, being the United States, Europe & Asia. This impact has been considered against a backdrop
of rising employment and operating costs due to inflation and increases in cost of living. The Directors have prepared Group cash flow
forecasts for a period of at least 12 months from the date of approval of these financial statements which indicate that, taking account of
reasonably possible downsides, the Group will have sufficient funds to meet its liabilities as they fall due for that period.
The Group is diversified in terms of products, customers and geographies served. Any reductions in revenue in one segment have generally
been offset by increased revenue in another segment. Across the Group, there have been no contract cancellations and to the Directors’
knowledge none of the Group’s significant customers have failed.
Consequently, the Directors are confident that the Group will have sufficient funds to continue to meet its liabilities as they fall due for at
least 12 months from the date of approval of these financial statements and therefore have prepared these financial statements on a
going concern basis.
Alternative performance measures
The Strategic Report includes IFRS revenue and profit, constant exchange rate (“CER”) revenue, adjusted profit and EBITDA. See page 47
for further details.
CER revenue eliminates the impact of currency movements when comparing the current year to the comparative year. The current year is
restated at the comparative year’s actual exchange rates.
Adjusted profit, in management’s view, reflects the underlying operating performance of the business and provides a more meaningful
comparison of how the business is managed and measured from year to year by adjusting for non-recurring or uncontrollable factors which
affect the IFRS reported amounts.
EBITDA is also reported as an alternative measure of profit and is calculated by adding back interest, tax, depreciation and amortisation to
net profit. EBITDA is a common measure used by investors and analysts to comparatively evaluate the financial performance of companies.
The Board believes that evaluating the Group’s ongoing results may not be as useful if it is limited to reviewing only IFRS financial measures,
particularly because management uses adjusted financial information to evaluate its ongoing operations, for internal planning and
forecasting purposes and for the measurement of performance related bonuses.
The Board does not suggest that investors should consider these adjusted financial results in isolation from, or as a substitute for, financial
information prepared in accordance with IFRS. The Board presents EBITDA and adjusted financial results when reporting its financial results
to provide investors with additional tools to evaluate the Group’s results in a manner that focuses on what the Board believes to be its
underlying business operations. The Board believes that the inclusion of adjusted financial results provides consistency and comparability
with past reports.
Parent Company financial statements
The parent Company financial statements present information about the Company as a separate entity and not about its group. The
Company has elected to prepare its parent company financial statements in accordance with FRS 101. These are presented on pages 138
to 144.
102 103

Notes to the consolidated financial statements
Hybrid Software Group Strategic report Governance Financial statements Other information
Hybrid Software Group PLC | Annual Report 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
3. MATERIAL ACCOUNTING POLICIES
The principal accounting policies applied in the presentation of these consolidated financial statements are set out below. These policies
have been consistently applied to all the years presented.
In addition, the Group adopted Presentation of Financial Statements (Amendments to IAS 1) from 1 January 2024. The amendments require
the classification of liabilities as current or non-current and non-current liabilities with covenants. The amendments did not result in any
changes to the accounting policies or financial statement disclosures. There are no other new or amended interpretations or standards
effective for the financial year commencing 1 January 2024 that have had a material impact on the Group.
Basis of consolidation
Subsidiaries
Subsidiaries are all entities controlled by the Group. The financial statements of subsidiaries are included in the consolidated financial
statements from the date that control commences until the date that control ceases.
Transactions eliminated on consolidation
Inter-company balances and transactions, and any unrealised income and expenses arising from inter-company transactions, are eliminated
in preparing the consolidated financial statements. Unrealised losses are eliminated in the same way as unrealised gains, but only to the
extent that there is no evidence of impairment.
Business combinations
Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is
transferred to the Group.
For business combinations with acquisition dates on or after 1 January 2024, the Group has determined whether a particular set of activities
and assets is a business by assessing whether the set of assets and activities acquired includes, at a minimum, an input and substantive
process and whether the acquired set has the ability to produce outputs. The Group has an option to apply a ‘concentration test’ that
permits a simplified assessment of whether an acquired set of activities and assets is not a business. This election can be applied on a
transaction by transaction basis. The optional concentration test is met if substantially all of the fair value of the gross assets acquired is
concentrated in a single identified asset or group of similar identifiable assets.
Foreign currency translation
Foreign currency transactions
Transactions in foreign currencies are translated to the respective functional currencies of Group entities at exchange rates at the dates
of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the
functional currency at the exchange rate at that date. The foreign currency gain or loss on monetary items is the difference between
amortised cost in the functional currency at the beginning of the year, adjusted for effective interest and payments during the year, and
the amortised cost in foreign currency translated at the exchange rate at the end of the year.
Non-monetary assets and liabilities that are measured at fair value in a foreign currency are retranslated to the functional currency at the
exchange rate at the date that the fair value was determined. Non-monetary items that are measured based on historical cost in a foreign
currency are translated using the exchange rate at the date of the transaction. Foreign currency differences arising on retranslation are
generally recognised in profit or loss.
Translation of financial statements of foreign operations
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated to euro
at exchange rates at the reporting date. The income and expenses of foreign operations are translated on a monthly basis to euro at
average exchange rates for each month. Foreign currency differences are recognised in other comprehensive income and presented in the
foreign currency translation reserve in equity.
Financial instruments
Non-derivative financial instruments
Non-derivative financial instruments comprise trade and other receivables, other current assets, cash, trade payables, and other liabilities.
Non-derivative financial instruments are recognised initially at fair value plus any directly attributable transaction costs. After initial
recognition, non-derivative financial instruments are measured at amortised cost using the effective interest method, less any impairment
losses.
Derivative financial instruments
The Group only uses derivative financial instruments (notably foreign currency forward and option contracts) to manage exposure to
foreign exchange risk. In accordance with guidelines established by the board, the Group does not permit the use of derivative financial
instruments for speculative purposes.
Derivative financial instruments are initially recognised at fair value at the date the derivative contract is entered into and are subsequently
re-measured to their fair value at each balance sheet date. The resulting gain or loss is recognised in the income statement immediately.
At 31 December 2024 the Group had no derivative financial instrument contracts in place (2023: none).
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
3. MATERIAL ACCOUNTING POLICIES (CONTINUED)
Property, plant and equipment
Property, plant and equipment are stated at cost, net of depreciation and any provision for impairment in value. Ongoing repairs and
maintenance are expensed as incurred. Depreciation is provided on all property, plant and equipment, at rates calculated to write off the
cost, less estimated residual value, of each asset on a straight-line basis over its expected economic useful life. Depreciation is recognised
within operating expenses within the consolidated income statement.
The estimated useful lives for the current and comparative years of significant items of property, plant and equipment are as follows:
• leasehold improvements 3 to 10 years, or the remaining lease term
• computer equipment and office equipment 3 to 5 years
• motor vehicles 5 years
Right-of-use assets
Right-of-use assets are stated at cost, net of depreciation, any provision for impairment in value and any remeasurement of the associated
lease liability. Depreciation is provided on all right-of-use assets, at rates calculated to write off the cost, less estimated residual value, of
each asset on a straight-line basis over the earlier of its expected useful life or the term of the lease. Depreciation is recognised within
operating expenses within the consolidated income statement.
Group as lessor
The Group only acts as a lessor in the context of sub-lease arrangements. When the Group is an intermediate lessor, it accounts for its
interests in the head lease and the sub-lease separately. It assesses the lease classification of a sub-lease as being either a finance lease or
an operating lease with reference to the right-of-use asset arising from the head lease, not with reference to the underlying asset. To
classify each sub-lease, an overall assessment is made as to whether the lease transfers to the lessee substantially all of the risks and
rewards of ownership incidental to ownership of the right-of-use asset. If this is the case, then the lease is a finance lease; if not, then it is
an operating lease. As part of this assessment, the Group considers certain indicators such as whether the lease is for the major part of the
economic life of the asset. The group recognises lease payments received under operating leases as income on a straight-line basis over
the lease term as part of selling, general and administrative expenses within the consolidated income statement.
Goodwill and intangible assets
Goodwill
The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Group. The cost of an acquisition is
measured as the fair value of the assets acquired, equity instruments issued and liabilities incurred or assumed at the date of exchange of
control. For acquisitions before IFRS 3 (revised) became effective, costs directly attributable to the acquisition are also included.
Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair
values at the acquisition date. The excess of the cost of acquisition over the fair value of the Group's share of the identifiable net assets
acquired is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, thus giving
rise to negative goodwill (a bargain purchase), the difference is recognised directly in the income statement within other income. Goodwill
is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units for the purposes of impairment
testing. Goodwill is not amortised but is tested annually for impairment or more frequently if facts and circumstances warrant a review.
Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity, if any.
Other intangible assets
Other intangible assets that are acquired by the Group and have finite useful lives are measured at cost less accumulated amortisation and
any accumulated impairment losses. The amortisation of patents is included in cost of sales, the amortisation charge for software
technology and driver electronics is included in research and development expenses and amortisation charges related to any other
intangible assets acquired through business combinations are included in selling, general and administrative expenses.
Trademarks, know-how, patents and patent applications
Trademarks, know-how, as well as patent and patent applications are carried at historical cost (which was estimated to be their fair value
on the purchase date by the Group) less accumulated amortisation. Amortisation is calculated over their useful estimated lives from
respective acquisition dates, as follows:
• trademarks 10 years
• patents and patent applications 3 to 10 years
• know-how 1 year
Customer relationships
Customer relationships are carried at historical cost (which was estimated to be their fair value on the acquisition date by the Group) less
accumulated amortisation. Amortisation is calculated over the estimated useful lives of the respective relationships, over periods ranging
from five to ten years from respective acquisition dates.
104 105

Notes to the consolidated financial statements
Hybrid Software Group Strategic report Governance Financial statements Other information
Hybrid Software Group PLC | Annual Report 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
3. MATERIAL ACCOUNTING POLICIES (CONTINUED)
Goodwill and intangible assets (continued)
Computer software technology
Computer software technology is capitalised on the basis of the costs directly incurred to acquire and bring to use the specific software.
These costs are amortised over their estimated useful lives from respective acquisition dates over periods ranging from three to twelve
years. Costs associated with maintaining existing computer software technology and programmes are recognised as an expense when
incurred.
Driver electronics
Driver electronics technology is capitalised on the basis of the costs incurred to acquire and bring to use the specific technology. These
costs are amortised over their estimated useful lives from respective acquisition dates, currently a period of five years. Costs associated
with maintaining the existing driver electronics are recognised as an expense when incurred.
Capitalised development costs
Direct costs incurred on development projects relating to the design and testing of new or improved products and technology are
recognised as intangible assets when all of the following criteria are met:
• it is technically feasible to complete the intangible asset so that it will be available for use;
• management intends to complete the intangible asset, and use or sell it;
• the Group has the ability to use or sell the intangible asset;
• it can be demonstrated how the intangible asset will generate probable future economic benefits;
• adequate technical, financial and other resources to complete the development and to use or sell the intangible asset are
available; and
• the expenditure attributable to the intangible asset during its development may be reliably measured.
Capitalised development costs recognised as intangible assets are amortised from the point the asset is ready for use on a straight-line
basis over its estimated useful life, over periods ranging from three (Printing Software segment) to twelve (Enterprise Software segment)
years. Printing Software technology has existed for a longer period of time than Enterprise Software technology, therefore any
development costs are deemed to have a shorter useful life. The amortisation charge is included in research and development expenses
in the income statement.
Other development expenditures that do not meet these criteria are recognised as an expense when incurred.
Impairment of non-current assets
At each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is
any indication that those assets have suffered any impairment. If any such indication exists, the recoverable amount of the asset (being
the higher of fair value less costs to sell and value in use) is estimated in order to determine the extent of any impairment. Any impairment
loss is recognised as an expense in the income statement in the period in which it was identified. An impairment loss is reversed if the
reversal can be related objectively to an event occurring after the impairment loss was recognised through the income statement.
Impairment of financial assets
Financial assets and contract assets are assessed at each reporting date to determine whether there is any objective evidence that an asset
is impaired. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when
estimating expected credit losses, the Group considers reasonable and supportable information that is relevant and available without
undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group’s historical experience
and informed credit assessment, that includes forward-looking information.
The Group assumes that the credit risk on a financial asset has increased significantly if it is more than 90 days past due. A financial asset
is impaired if objective evidence indicates that one or more events have had a negative effect on the estimated future cash flows of that
asset. An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between the carrying
amount, and the present value of the estimated future cash flows discounted at the original effective interest rate.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
3. MATERIAL ACCOUNTING POLICIES (CONTINUED)
Impairment of non-financial assets
The carrying amounts of the Group’s non-financial assets, other than deferred tax assets, are reviewed at each reporting date to determine
whether there is any indication of impairment. If such indication exists, then the asset’s recoverable amount is estimated.
The recoverable amount of an asset or a cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing
value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks specific to the asset.
For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from
continuing use that are largely independent of the cash inflows of other assets or group of assets ("cash-generating unit"). An impairment
loss is recognised if the carrying amount of an asset or a cash-generating unit exceeds its estimated recoverable amount. Impairment losses
recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to cash-
generating units and then, to reduce the carrying amount of the other assets in the unit on a pro rata basis. An impairment loss in respect
of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date
for any indications that the loss had decreased or no longer exists. An impairment loss is reversed if there has been a change in the
estimates used to determine the recoverable amount, but only to the extent that the carrying amount of the asset does not exceed the
carrying amount that would have been determined, net of depreciation or amortisation, had no impairment loss been recognised.
Inventories
Inventories are stated at the lower of cost and net realisable value. The cost of inventories is based on the standard costing principle, and
includes expenditures incurred in acquiring the inventories and other costs incurred in bringing them to their existing location and
condition. Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs expected to be incurred
to complete the sale.
Trade receivables
Trade receivables are recognised initially at fair value and subsequently held at amortised cost using the effective interest rate method,
less provision for impairment. Trade receivables are first assessed individually for impairment, or collectively where the receivables are
not individually significant. Where there is no objective evidence of impairment for an individual receivable, it is included in a group of
receivables with similar credit risk characteristics and these are collectively assessed for impairment. Movements in the provision for
doubtful debts are recorded in the statement of comprehensive income within selling, general and administrative expenses.
Cash
Cash comprises cash in hand and deposits held at call with banks at each reporting date.
Share capital
Ordinary shares
Ordinary shares, which are the only class of shares issued by the Company, are classified as equity. Incremental costs directly attributable
to the issue of new ordinary shares (whether they are resulting from the exercise of share options or the acquisition of a business) are
recognised as a deduction from equity, net of any tax effects.
Own shares re-purchased
When share capital recognised in equity is re-purchased, the consideration paid, including directly attributable costs, net of any tax effects,
is recognised as a deduction from equity. When treasury shares are sold or reissued subsequently, the amount received is recognised as
an increase in equity. Any resulting surplus over the purchase price is transferred to share premium and any deficit is transferred to retained
earnings.
Current liabilities
Trade payables and accrued liabilities are recognised initially at fair value and are subsequently measured at amortised cost, using the
effective interest method. Trade payables and accrued liabilities with a short duration are not discounted, as the carrying amount is a
reasonable approximation of fair value.
106 107

Notes to the consolidated financial statements
Hybrid Software Group Strategic report Governance Financial statements Other information
Hybrid Software Group PLC | Annual Report 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
3. MATERIAL ACCOUNTING POLICIES (CONTINUED)
Employee benefits
Pension obligations
Contributions to the Group’s defined contribution pension schemes and employees’ personal pension plans are charged to the income
statement as employee benefit expenses when they are due. The Group has no further payment obligation once the contributions have
been paid.
Termination benefits
Termination benefits are recognised as an expense when the Group is demonstrably committed, without realistic possibility of withdrawal,
to a formal, detailed plan to either terminate employment before the normal retirement date, or to provide termination benefits as a
result of an offer made to encourage voluntary redundancy. Termination benefits for voluntary redundancies are recognised as an expense
if the Group has made an offer of voluntary redundancy, it is probable that the offer will be accepted, and the number of acceptances can
be measured reliably.
Other short-term employee benefits
Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A
liability is recognised for the amount to be paid under short-term cash bonus or commission plans if the Group has a present legal or
constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be measured
reliably.
Provisions
A provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated
reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by
discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the
risks specific to the liability.
A provision for restructuring is recognised when the Group has approved a detailed and formal restructuring plan, and the restructuring
has either commenced or has been announced publicly. Future operating costs are not provided for.
Revenue recognition
Software
The Group typically licenses its software to equipment manufacturers through multi-year license and distribution agreements, or direct to
end users by a mix of perpetual and subscription-based licences.
Multi-year license and distribution agreements generally provide for the periodic payment of licence royalties, the unit value of which has
been contractually agreed at the outset of the agreement, and which is typically based upon either the volume sold by the customer or
the sale value of those products into which the Group’s software has been integrated. These agreements also include specific provisions
with respect to the delivery of maintenance and after-sale support services over the duration of the agreement. Such services are rendered
against the payment of a fixed fee, which has been contractually agreed at the outset of the agreement and is typically charged on the
anniversary date of the agreement. These agreements may also provide for the delivery of engineering services to ensure a seamless
integration of the Group’s software into the customer’s products.
End user licences are typically accompanied by annual support and maintenance agreements, which are usually renewed annually by
customers. The annual support and maintenance agreements provide technical support and bug fixes.
Fees from arrangements involving licences, after-sale customer support, and other related services such as training, are allocated to the
performance obligations identified in the contract. The stand-alone selling price of each of the elements of the arrangement is typically
established by the contract or the price charged when the same element is sold separately. Where there is no stand-alone selling price, a
percentage estimation of the total licence value is performed to identify the stand-alone price.
The Group’s performance obligations under software contracts with customers are to deliver a distribution licence, deliver a master copy
of the software, at times provide licence keys to enable the use of software and to provide ongoing support and maintenance services.
The Group also provides engineering and consulting services under some contracts to enhance functionality or assist with integration.
Revenues from software licences or non-refundable minimum royalty agreements are recognised upon satisfaction of all the following
criteria:
• signing of the license agreement
• no additional significant production, modification or customisation of the software is required
• performance obligations are complete
• the fee is fixed or determinable
Fees from perpetual licences relating to software are recognised in the period in which the delivery to the end-customer takes place and
based on customer-usage reports, at which point there is no further performance obligation of the Group. Revenue from time-limited
licences to use the software is recognised rateably over the period of the licence only if there is an ongoing performance obligation for
that licence on the Group during the licence period. If there are no ongoing performance obligations, the licence revenue is recognised
when the Group's performance obligation to deliver the software has been fulfilled. All licence fees are non-refundable.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
3. MATERIAL ACCOUNTING POLICIES (CONTINUED)
Revenue recognition (continued)
Software (continued)
Software support and maintenance revenue is recognised over the duration of the support and maintenance period. Engineering and
consultancy services revenue is recognised upon satisfaction of the relevant performance obligation where the customer substantially
obtains the benefit of the engineering or consultancy work and usually makes a payment for those services rendered. Amounts received
in advance of the related services being performed are included in deferred revenue and recognised in revenue based on hours delivered
only when the services are provided.
Fees are non-refundable and are generally on payment terms of 30 days from date of invoice. For long-term engineering services, payments
will be due on the achievement of the performance obligation. License agreements may have extended payment terms and support and
maintenance is payable in advance of the period of coverage.
Physical goods
The Group’s performance obligations with respect to physical goods (principally the Printhead solutions segment) is to deliver a finished
product to a customer. Control of the goods transfers to the customer at the point of despatch and revenue is recognised at that point in
time.
Payment for physical goods is generally received in advance of despatch and is non-refundable. If any item is found to be faulty it will either
be returned by the customer for repair or replaced with a new item.
Contract assets and contract liabilities
Contract assets and liabilities will arise from scheduled payments specified in the contracts when measured against the recognition of
revenue under the respective performance obligations.
Cost of sales
Cost of sales includes the costs of goods sold and services rendered. This includes finished goods, product packaging, royalties paid to
third parties, excess and obsolete inventory, amortisation of patents acquired through acquisition, amortisation of purchased software,
and employee costs associated with the direct manufacturing and shipping of the Group’s products or rendering of services provided.
Tax
Tax expense comprises current and deferred tax. Current tax is recognised in profit or loss except to the extent that it relates to items
recognised directly in equity or in other comprehensive income. Current tax is the expected tax payable on the taxable income for the year,
using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous tax years.
Deferred tax is recognised using the balance sheet liability method on temporary differences between the carrying amounts of assets and
liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for taxable
temporary differences arising on the initial recognition of goodwill, the initial recognition of assets or liabilities that affect neither
accounting nor taxable profit, or differences relating to investments in subsidiaries to the extent that they will probably not reverse in the
foreseeable future. Deferred tax is measured at the tax rates that are expected to apply to temporary differences when they reverse,
based on the laws that have been enacted or substantively enacted by the reporting date. A deferred tax asset is recognised only to the
extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are
reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, they relate to
income taxes levied by the same tax authority on the same taxable entity, and they have similar maturities.
Earnings per share
The Group presents basic and diluted earnings per share ("EPS") data for its ordinary shares. Basic EPS is calculated by dividing the profit
or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the
reporting period. Diluted EPS is determined by adjusting the weighted average number of ordinary shares outstanding for the effects of
all potential dilutive ordinary shares.
Government grants
Government grants are recognised where there is reasonable assurance that the grant will be received, and all attached conditions will be
complied with. All such grants relate to expense items. The grant is recognised as other income on a systematic basis over the periods that
the related costs, for which it is intended to compensate, are expensed. The grant income is disclosed in Other Income in the Consolidated
Statement of Comprehensive Income.
Operating segments
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The
Group’s chief operating decision-maker has been identified as the Group’s Chief Executive Officer.
108 109

Notes to the consolidated financial statements
Hybrid Software Group Strategic report Governance Financial statements Other information
Hybrid Software Group PLC | Annual Report 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
3. MATERIAL ACCOUNTING POLICIES (CONTINUED)
Effect of interpretations and amendments to existing and new standards
For the purposes of the preparation of these consolidated financial statements, the Group has applied all standards and interpretations
that are effective for accounting periods beginning on or after 1 January 2024.
New standards which were not adopted by the Group in 2024
A number of new standards and amendments to standards are effective for annual periods beginning on or after 1 January 2024 and earlier
application is permitted; however, the Group has not early adopted the following new or amended standards in preparing these
consolidated financial statements for the year ended 31 December 2024 and they are not expected to have a significant impact on the
Group’s consolidated financial statements:
• IAS 1 Presentation of Financial Statements – classification of liabilities
• Lease Liability in a Sale and Leaseback – Amendments to IFRS 16 Leases
• Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures – Supplier Finance Arrangements
4. DETERMINATION OF FAIR VALUES
Several of the Group’s accounting policies and disclosures require the determination of fair value, for both financial and non-financial
assets and liabilities. Fair values have been determined for measurement and/or disclosure purposes based on the following methods.
Where applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to that
asset or liability.
Other intangible assets
The fair value of other intangible assets which were acquired in business combinations is based on either the discounted cash flows
expected to be derived from the use of these intangible assets, or the average of the discounted cash flows and the total replacement
cost of these intangible assets.
Non-derivative financial instruments
The carrying values less impairment provision of trade and other receivables, current tax assets, other current assets, cash, trade payables,
current tax liabilities, accrued liabilities, are assumed to approximate their fair values at each of the balance sheet dates presented herein.
Share-based payments
The fair value of share options which are granted are valued by using a Black-Scholes valuation model. Measurement inputs include the
share price on the measurement date, the exercise price of the share option, the expected volatility, the weighted average expected life
of the option, the expected absence of dividends, and a risk-free interest rate (based on government bonds). Service and non-market
performance conditions attached to the transactions are not taken into account in determining fair value of the options.
5. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
The preparation of financial information in conformity with IFRS requires the Directors to make critical accounting estimates and
judgements that affect the application of policies and reported amounts of assets and liabilities, income and expenses. An assessment of
the impact of these estimates and judgements on the financial statements is set out below.
Estimates and judgements are continually evaluated and based on historical experience and other factors, including expectations of future
events that are believed to be reasonable under the circumstances. Actual results could differ from these estimates and any subsequent
changes are accounted for with an effect on income at the time such updated information is available.
Estimates
Identification and valuation of separately identifiable intangibles related to acquisitions (see note 15)
Where a business combination is considered significant, the Group commissions and relies upon independent valuation reports to identify
and value the intangible assets related to that acquisition. For less significant business combinations, internal estimates to calculate a
discount rate are determined by the Directors to apply a consistent approach with previous acquisitions.
Assessing whether goodwill and acquisition-related intangibles have been impaired (see note 15 and 16)
The Group tests annually whether the goodwill has been impaired and assesses acquisition-related intangible assets for indicators of
impairment by reference to expected future generation of cash from the relevant intangible assets. In estimating the cash flow, the
Directors make estimates, based on forecasts, about the amount of future profits from the relevant products that will be generated and
the timing of when these will be realised. See Note 16 ‘Goodwill’ for further details.
Deferred tax recognition (see note 18)
Deferred tax assets are reviewed at each reporting date and are recognised only to the extent that it is probable that future taxable profits
will be available against which the asset can be utilised. The Directors make estimates about future sales and expenses, and the timing of
their realisation, to derive an estimate of the future profits. The Directors have recognised an amount that they expect to recover in the
foreseeable future of €2.90 million (2023: €2.84 million) and if there was a reduction in this period by 2 years the impact would be to reduce
the asset by €1.2 million (2023: €0.86 million). See Note 18 ‘Tax’ for further details.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
5. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS (CONTINUED)
Estimates (continued)
Provisions for obsolete inventory (see note 19)
Inventory items are reviewed at each reporting date for possible obsolescence. Estimates are made in respect of the future demand and
net realisable value of items that are deemed to be slow moving. The estimates of demand are based on a variety of factors, including the
number of customers for that have purchased that item and historical transactions. As at 31 December the total gross inventory balance
is €3,818,000 (2023: €4,237,000) and the provision against slow moving and obsolete inventory is €370,000 (2023: €325,000).
Judgements
Assessing whether development costs meet the criteria for capitalisation (see note 15)
The point at which development costs meet the criteria for capitalisation is critically dependent on management’s judgement of the point
at which technical feasibility is demonstrable, that the asset will probably generate future economic benefit, the intention to complete
the asset and that the expenditure can be reliably measured.
Furthermore, the useful economic lives of capitalised development costs are based on management’s knowledge of the life cycle of the
Group’s products and technology.
The carrying value of development assets also depends on management’s ability to demonstrate the future economic benefits they will
deliver. This judgement requires assumptions about factors outside the business’s control such as medium-term economic conditions,
technological developments, and market changes.
The Directors have made a judgement that €3,451,000 (2023: €3,824,000) has been capitalised as eligible, qualifying expenditure for the
purposes of IAS 38. There is judgement in determining whether development activity constitutes a substantial enhancement to the
underlying assets, and in quantifying the time spent on these substantial enhancements. The Group utilise a timesheet tracking system to
monitor the nature of development being undertaken and the time spent on this activity.
Allocation of value to performance obligations in contracts with customers (see note 7)
The Group enters into contracts with customers, some of which include multiple performance obligations. The allocation of the transaction
price to the performance obligations is subject to management’s judgement of the performance obligations that are both explicit and
implied in the contract and the subsequent stand-alone selling price of each of those performance obligations.
6. OPERATING SEGMENTS
Identification of reportable segments
Management has determined the operating segments based on the reports reviewed by the Group’s Chief Executive Officer (“CEO”) that
are used for deciding how to allocate resources and also in assessing both operating and financial performance of each segment. The
Group’s CEO is considered as the Group’s chief operating decision maker (“CODM”).
The Group’s segments are:
• Enterprise Software, for enterprise workflow software used primarily for the production of labels & packaging;
• Printhead Solutions, for electronics and software developed for industrial inkjet printing;
• Printing Software, for digital printing and colour management software; and
• Group, for group related expenses that are not allocated to another segment.
Measurement of the operating segments’ profit is assessed against revenue forecasts and expense budgets, excluding non-operating IFRS
items such as the amortisation of intangible assets acquired through acquisition.
The following tables provide information on revenue, operating profit, interest, depreciation and amortisation and tax as reported to the
CODM for each of the Group’s operating segments for the years ended 31 December 2023 and 31 December 2024. The Group has disclosed
these amounts for each reportable segment because they are regularly provided to the CODM or are required to be disclosed by IFRS 8.
Assets and liabilities by segment are not regularly reported to the CODM, hence are not disclosed within this note.
Inter-segment revenues are included in cost of sales for the reciprocal segment and are eliminated on consolidation. Unallocated amounts
relate to expenses incurred by the Group’s parent company (HYBRID Software Group PLC) and exchange gains and losses that are not
attributable to a particular operating segment.
Segment EBITDA is calculated by adding back interest, depreciation, amortisation and tax to segment operating profit/(loss) after tax.
The operating segments are unchanged from the previous year.
110 111

Notes to the consolidated financial statements
Hybrid Software Group Strategic report Governance Financial statements Other information
Hybrid Software Group PLC | Annual Report 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
6. OPERATING SEGMENTS (CONTINUED)
Year ended 31 December 2024:
In thousands of euros
Software
Solutions
Software
Group
Total
16,666
11,593
23,242
-
51,501
418
-
381
-
799
17,084
11,593
23,623
-
52,300
4,336
1,176
3,441
(1,446)
7,507
114
53
37
28
232
(302)
(25)
(101)
(65)
(493)
(2,572)
(798)
(990)
-
(4,360)
282
-
(143)
-
139
6,814
1,946
4,638
(1,409)
11,989
Year ended 31 December 2023:
In thousands of euros
Software
Solutions
Software
Group
Total
Revenue from external customers
14,937
11,293
21,813
-
48,043
Inter-segment revenue
322
-
1,012
-
1,334
Segment revenue
15,259
11,293
22,825
-
49,377
Segment operating profit/(loss) after tax
158
753
5,416
(1,126)
5,201
Interest income
140
23
11
-
174
Interest expense
(59)
(20)
(294)
(41)
(414)
Depreciation and amortisation
(2,398)
(703)
(873)
-
(3,974)
Tax (charge)/credit
(257)
43
2,323
-
2,109
Segment EBITDA
2,732
1,410
4,249
(1,085)
7,306
Reconciliation of reportable segments’ operating profit after tax to consolidated profit after tax:
In thousands of euros
2024
2023
Segment total operating profit after tax
7,507
5,201
Impairment of goodwill
(6,280)
-
Amortisation of acquired intangible assets
(4,569)
(4,760)
Tax effect of above-mentioned items
514
878
Consolidated (loss)/profit after tax
(2,828)
1,319
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
7. REVENUE
Printing Software segment
The segment licenses its software directly to end users as a standalone software licence and directly to equipment manufacturers through
multi-year license and distribution agreements, some of which provide for the periodic payment of license royalties, the unit value of which
has been contractually agreed at the outset of the agreement, and which is typically based upon either the volume sold by the customer
or the sale value of those products into which the Group’s software has been integrated. These multi-year agreements also include specific
provisions with respect to the delivery of maintenance and after-sale support services over the duration of the agreement. Such services
are rendered against the payment of a fixed fee, which has been contractually agreed at the outset of the agreement and is typically
charged on the anniversary date of the agreement. These agreements may also provide for the delivery of engineering services to ensure
a seamless integration of the Group’s software into the customer’s products.
Printhead Solutions segment
Driver electronics and accompanying software are initially sold as a development kit to a new customer. Once the customer has completed
their design process and their product is put into production, they will typically issue a purchase order for a quantity of products and will
draw-down from that order as they require the inventory.
Enterprise Software segment
Enterprise workflow software is licensed primarily to end users by way of a perpetual software licence. Accompanying training and
implementation services are often sold with the licences and customers increasingly purchase ongoing after-sale support services. Training
and implementation services are rendered against the payment of a fixed fee, which has been contractually agreed in advance. On-going
support and maintenance agreements are annual agreements that renew automatically unless cancelled by the customer within the terms
of the cancellation provisions.
An analysis of external revenue by revenue type, primary geographical market and timing of recognition is shown below. The table also
provides a reconciliation of disaggregated revenue with the Group’s reportable segments.
Enterprise
Printing Software
Solutions
Software
Total
In thousands of euros
2024
2023
2024
2023
2024
2023
2024
2023
Revenue type
13,349
11,514
899
872
9,412
8,582
23,660
20,968
Maintenance and after-sale support
1,945
1,903
61
66
9,237
8,817
11,243
10,786
453
488
276
383
4,479
4,266
5,208
5,137
893
984
126
146
51
59
1,070
1,189
Driver electronics
-
-
10,204
9,809
-
-
10,204
9,809
26
48
27
17
63
89
116
154
16,666
14,937
11,593
11,293
23,242
21,813
51,501
48,043
Primary geographical markets
330
499
304
495
1,483
1,400
2,117
2,394
2,268
4,939
2,408
2,306
11,765
10,684
16,441
17,929
5,671
6,177
2,583
2,318
8,550
8,296
16,804
16,791
Asia
8,397
3,322
6,298
6,174
1,444
1,433
16,139
10,929
Total revenue
16,666
14,937
11,593
11,293
23,242
21,813
51,501
48,043
Timing of revenue recognition
Recognised at a point in time
14,720
13,032
11,532
11,227
11,801
11,666
38,053
35,925
1,946
1,905
61
66
11,441
10,147
13,448
12,118
16,666
14,937
11,593
11,293
23,242
21,813
51,501
48,043
Revenue recognised over time is for performance obligations that are performed over time and include maintenance and after-sale
support, some services and some licence royalties that are not perpetual licences. All other revenue is recognised as a point in time.
112 113

Notes to the consolidated financial statements
Hybrid Software Group Strategic report Governance Financial statements Other information
Hybrid Software Group PLC | Annual Report 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
7. REVENUE (CONTINUED)
For continuing operations, the ten largest customers represented 32.3% (2023: 28.5%) of the Group’s revenue, the five largest customers
represented 22.0% (2023: 21.4%) of the Group’s revenue and the single largest customer represented 6.5% (2023: 5.9%) of the Group’s
revenue. There was no customer (2023: nil) during the year that represented 10% or more of total revenue.
Within the North & South America geographical market, €15.38 million of revenue was generated in the United States of America (2023:
€16.01 million).
During 2024 new contracts were agreed with two existing customers which resulted in €4.3 million of revenue being recognised. In 2023 a
new contract was agreed with an existing customer which resulted in €2.6 million of revenue being recognised in that year.
The following table shows revenue expected to be recognised in the future related to performance obligations that are unsatisfied (or
partially unsatisfied) as at 31 December 2024.
In thousands of euros
next 12 months
12-24 months
after 24 months
Total
After-sale support
1,863
197
169
2,229
1,702
10
2
1,714
Total
3,565
207
171
3,943
The Group applies the practical expedient in paragraph 63 of IFRS 15 and does not adjust the promised amount of consideration for the
effects of a significant financing component for contracts where payments are due within one year.
Contract balances
The following table provides information about receivables, contract assets and contract liabilities from contracts with customers.
2024
2023
6,045
5,431
Contract assets
10,015
8,593
(3,854)
(4,845)
Under some licensing arrangements, the Group recognises revenue at the commencement of the contract and payments become due
during the term of the agreement.
The movement in the Group’s provision for impairment of trade receivables and accrued revenue was a decrease of €137,000 (2023: an
increase of €257,000).
Revenue recognised in the year that was included in the contract liability balance at the beginning of the year was €1.60 million (2023:
€0.85 million).
8. OTHER OPERATING EXPENSES
Other operating expenses incurred during the year were:
2024
2023
70
5
-
6
70
11
9. OTHER INCOME
In thousands of euros
2024
2023
28
18
23
63
99
115
150
196
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
10. EXPENSES BY NATURE
In thousands of euros
2024
2023
26,426
26,473
Depreciation of property, plant & equipment (see note 14)
687
769
740
763
6,280
-
(3,451)
(3,824)
7,492
7,194
387
402
8,032
8,756
Total operating expenses, net of other operating income
46,593
40,533
11. REMUNERATION OF DIRECTORS
The aggregate amount of remuneration (all salary, fees and bonuses, sums paid by way of expense allowance and money value of other
non-cash benefits) paid or receivable by the five Directors for the year was €1,285,000 (2023: €1,280,000).
The aggregate value of gains made by Directors during the year on the exercise of share options was €nil (2023: €nil).
The Group only operates defined contribution pension schemes for the Directors. During the year, for two Directors (2023: two), €11,000
(2023: €11,000) of pension contributions were paid.
Further information is available in the Directors’ remuneration report on pages 77 to 85.
12. EMPLOYEE INFORMATION
The average number of people, including executive Directors, employed by the Group during the year was:
2024
2023
By activity
Research and development
93
99
Sales, maintenance and support
142
139
General and administrative
36
39
Total average number of people employed
271
277
Employee benefit expenses were made up of:
2024
2023
Wages and salaries
23,606
22,970
Social security contributions
2,758
2,856
Medical insurance contributions
423
437
Pension contributions to defined contribution plans
771
773
Other employee related expenses
777
1,048
28,335
28,084
Of the total employee benefit expenses, €1,909,000 (2023: €1,611,000) was recognised in cost of sales and €26,426,000 (2023:
€26,473,000) was recognised in operating expenses within Selling, general and administrative expenses and Research and development
expenses.
114 115

Notes to the consolidated financial statements
Hybrid Software Group Strategic report Governance Financial statements Other information
Hybrid Software Group PLC | Annual Report 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
13. FINANCE INCOME AND FINANCE EXPENSES
In thousands of euros
2024
2023
Interest income
127
Finance income on net investment in leases
25
Total interest income
152
59
Other financial income
80
115
Total finance income
232
174
Interest expense
(1)
(1)
Interest expense on loan from related undertaking (see note 31)
(207)
(235)
Interest on lease liabilities (see note 24)
(120)
(127)
Remeasurement of deferred consideration on ColorLogic GmbH acquisition
(65)
(41)
Other financial charges
(100)
(10)
Total finance expenses
(493)
(414)
Net finance expenses
(261)
(240)
14. PROPERTY, PLANT AND EQUIPMENT
Computer
In thousands of euros
improvements
equipment
equipment
vehicles
Total
Cost
At 31 December 2022
1,014
2,142
1,510
765
5,431
Additions
9
272
-
354
635
Transfers
-
678
(678)
-
-
-
(97)
(36)
(84)
(217)
Effect of movement in exchange rates
17
46
(6)
3
60
At 31 December 2023
1,040
3,041
790
1,038
5,909
Additions
-
222
1
306
529
Transfers
-
17
(17)
-
-
Disposals
(19)
(795)
(50)
(86)
(950)
42
146
25
9
222
At 31 December 2024
1,063
2,631
749
1,267
5,710
Depreciation
At 31 December 2022
807
1,687
1,147
88
3,729
Charge for the year
83
376
95
215
769
Transfers
-
656
(656)
-
-
-
(92)
(32)
(43)
(167)
Effect of movement in exchange rates
15
20
(5)
1
31
At 31 December 2023
905
2,647
549
261
4,362
Charge for the year
52
331
65
239
687
Transfers
-
7
(7)
-
-
Disposals
(19)
(786)
(50)
(16)
(871)
41
141
21
5
208
At 31 December 2024
979
2,340
578
489
4,386
Net book value
At 31 December 2023
135
394
241
777
1,547
84
291
171
778
1,324
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
15. OTHER INTANGIBLE ASSETS
Customer
Software
Driver
In thousands of euros
technology
ships
Patents
marks
how
electronics
Total
Cost
At 31 December 2022
85,951
Additions – purchased
5
Additions – internally developed
3,301
Effect of movement in exchange rates
1,761
At 31 December 2023
91,018
2,820
-
-
-
-
631
3,451
2,361
663
128
28
42
233
3,455
96,199
21,701
2,917
626
1,443
5,610
128,496
At 31 December 2022
48,205
Charge for the year
5,875
Effect of movement in exchange rates
1,751
At 31 December 2023
55,831
6,091
889
11
-
-
511
7,502
2,218
661
124
28
42
186
3,259
64,140
18,216
2,812
626
1,443
4,507
91,744
At 31 December 2023
35,187
At 31 December 2024
32,059
3,485
105
-
-
1,103
36,752
The amortisation of patents is included in cost of sales, the amortisation charge for software technology and driver electronics is included
in research and development expenses, and amortisation charges related to any other intangible assets acquired through business
combinations are included in selling, general and administrative expenses.
The amortisation charge is recognised in the following line items in the consolidated statement of comprehensive income:
In thousands of euros
2024
2023
Cost of sales
10
10
Selling, general and administrative expenses
889
966
Research and development expenses
6,603
6,228
7,502
7,204
Intangible assets that are subject to amortisation are reviewed annually for indicators of impairment or whenever events or changes in
accounting estimates indicate that the carrying amount may not be recoverable. If an indicator of impairment is identified, a full
impairment review is performed with the calculations being based on the discounted cash flows over the remaining period of amortisation
of the capitalised development expense and use the same discount rate and exchange rates that were used for the impairment review of
Goodwill (see Note 16 ‘Goodwill’). These intangible assets are also allocated to a CGU containing goodwill and are tested annually for
impairment as part of the goodwill impairment review (see Note 16 ‘Goodwill’).
116 117

Notes to the consolidated financial statements
Hybrid Software Group Strategic report Governance Financial statements Other information
Hybrid Software Group PLC | Annual Report 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
15. OTHER INTANGIBLE ASSETS (CONTINUED)
There was no significant change during the year to the indicators that were used at 31 December 2023 to identify the requirement to
impair any of these intangible assets. It was concluded that no impairment was required hence the Directors’ have assessed that full
recoverability is expected for all other intangible assets for the year ended 31 December 2024 (2023: €nil).
For individual intangible assets material to the financial statements, the following table shows the remaining amortisation periods and the
carrying amounts:
In thousands of euros
Remaining amortisation period
2024
2023
Cloudflow
8 to 11.5 years
15,243
ColorLogic
0.3 to 6.8 years
2,148
EDL
0.3 to 2.7 years
196
Harlequin RIP
0.2 to 2.7 years
1,654
iC3D
7.25 to 9.5 years
1,258
1,300
Other software
1 to 5 years
86
Packz
8 to 11.5 years
10,877
Xitron
0.2 to 2.8 years
597
Total software technology
32,059
35,187
Customer relationships
2 to 6.8 years
3,485
Patents
10 years
105
Driver electronics
0.2 to 4.8 years
1,103
936
16. GOODWILL
Cash generating units [‘CGU’]
The cash generating units can be described as follows:
Global Graphics Software CGU [‘GGS’], part of Printing Software segment
Provides award-winning digital front end, core SDKs and technologies to Print OEMs and Independent Software Vendors.
Meteor Inkjet CGU [‘MET’] ], part of Printhead Solutions segment
Leading independent supplier of industrial inkjet electronics, software, tools and services to industrial inkjet OEM’s.
Xitron CGU [‘XIT’] ], part of Printing Software segment
Xitron provides Harlequin based RIP’s to drive almost every output device in the market.
Hybrid Software Labels & Packaging [‘L&P’] ], part of Enterprise Software segment
Provides leading native PDF prepress editing software and workflow software to labels & packaging OEM’s, premedia service agencies and
labels and packaging converters.
Hybrid Software Brandz CGU [‘Brandz’] ], part of Enterprise Software segment
Provides artwork management software and 3D rendering software solutions to brand owners. This CGU has been formed in 2024 as a
consequence of setting up dedicated business unit within Hybrid Software oriented at brand owners.
ColorLogic CGU [‘Color’] ], part of Printing Software segment
Provides color measurement, color profiling and color management solutions to Print OEMs and Independent Software Vendors.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
16. GOODWILL (CONTINUED)
Carrying amounts of goodwill
The carrying amount of goodwill per CGU is summarised below:
In thousands of euros
GGS
MET
XIT
L&P
Brandz
Color
Total
Cost
At 31 December 2022
12,472
2,195
1,857
51,110
-
1,202
68,835
43
(64)
-
-
-
97
At 31 December 2023
12,589
2,238
1,793
51,110
-
1,202
68,932
Transfers
-
-
-
(1,578)
1,578
-
-
103
109
-
-
-
914
2,341
1,902
49,532
1,578
1,202
69,846
At 31 December 2022
5,750
-
-
-
-
-
5,750
-
-
-
-
-
55
At 31 December 2023
5,805
-
-
-
-
-
5,805
Impairment
-
-
-
4,750
910
620
6,280
-
-
-
-
-
329
At 31 December 2024
6,134
-
-
4,750
910
620
12,414
At 31 December 2023
6,784
2,238
1,793
49,532
1,578
1,202
63,127
At 31 December 2024
7,157
2,341
1,902
44,782
668
582
57,432
The Brandz goodwill position mainly relates to the in 2022 acquired IC3D intellectual property rights and related commercial activities. With
the formation of a dedicated business unit within Hybrid Software catering to brand owners in 2024, management assessed it being appropriate
to disaggregate the former Hybrid Software CGU into a Labels & Packaging CGU and Brandz CGU.
Weighted cost of capital
The applied weighted cost of capital (“WACC”) 2024 and 2023 are:
In thousands of euros
GGS
MET
XIT
L&P
Brandz
Color
WACC 2023 pre tax
19.64%
19.60%
19.30%
11.44%
11.44%
20.30%
WACC 2024 pre tax
17.82%
17.93%
17.18%
10.30%
10.30%
17.74%
In general, it is noted that the WACC has been on an downward trend, given that interest rates have decreased over the past year and this
has a direct impact on risk premiums.
The L&P and Brandz CGU’s enjoy a significantly lower discount rate than the other group CGU’s due to the following elements: (I) an optimized
capital structure, and (II) a lower effective tax rate due to a preferential tax regime obtained in 2023 by the intellectual property owner of the
CGU: Hybrid Software Development NV.
118 119

Notes to the consolidated financial statements
Hybrid Software Group Strategic report Governance Financial statements Other information
Hybrid Software Group PLC | Annual Report 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
16. GOODWILL (CONTINUED)
Impairment testing
The Group is required to test annually whether goodwill and other intangible assets with indefinite useful lives have suffered any
impairment during the year in accordance with the policy set out in Note 3 ‘Material accounting policies’.
The recoverable amounts of the CGUs are assessed using a value-in-use model. The value-in-use is calculated using a discounted cash
flow approach, discounted with a pretax discount rate applied to the projected pre-tax cash flows and terminal value.
The current exercise is executed in the period December 2024 – January 2025. The plan was built, starting from the approved budget
2025, and extended with a business plan for another 4 years per CGU specific growth expectations.
The recoverable amount of the CGUs has been determined using an estimate of their value in use as at 31 December 2024. These
calculations employed cash flow projections based on financial forecasts approved by management and the company directors covering a
five-year period ending 31 December 2029 and then into perpetuity using a terminal growth rate. The financial forecasts are most sensitive
to changes in the customer base and associated revenues and to changes in staff costs. Revenues were forecasted based on historical
trends and anticipated growth. Staffing levels were reviewed against revenue projections and an average increase in staff costs was
applied to account for future potential pay increases that could be awarded to employees.
Projected cash flows were converted into euros based on the rates used for preparing the Group’s budget for the year ending 31 December
2024. The exchange rates were determined with reference to market forecasts and were 1.1764 euros for 1 pound sterling, 0.9091 US
dollars for 1 euro, 7.7 Chinese renminbi for 1 euro and 140 Japanese yen for 1 euro.
Management considers that the use of a five-year forecast and then into perpetuity is justified because the core of the products and
technology that make up the CGUs have been generating revenue for between 10 and 25 years. The Group’s technology has evolved to
meet the changing requirements of the industries in which it operates, and it continues to do so. Combining acquisitions with the continual
shift to digital printing and manufacturers looking to differentiate their products, new opportunities continue to be created for the Group
and its products.
Global Graphics Software CGU
Key assumptions
The following key assumptions have been adopted in the calculations:
• The pre-tax discount rate used was 17.82% (2023: 19.64%);
• Revenue growth rates used in the estimation process are consistent with the approved budget for 2025, compound annual
growth rate for the next 4 years is projected at 8.2% (2023: 5%);
• Gross margin was increased to 95% compared to recent actual gross margins (2023: 93%), mainly due to a decrease in
intercompany sourcing of software components;
• The staff costs growth rates used in the estimation process are consistent with the approved budget for 2025, compound annual
growth rate for the next 4 years is projected at 7.08% (2023: 3%); and
• The terminal growth rate used was 2% (2023: 2%).
Results
The impairment test indicates headroom of €4,060,000.
Sensitivity
The Directors have identified that a reasonably possible change in key assumptions could cause the carrying amount to match the
recoverable amount. The following table shows the amount by which these assumptions would need to change individually for the
estimated recoverable amount to be equal to the carrying amount.
The Directors believe there were no reasonably possible changes in the other key assumptions that could cause impairment.
recoverable
2024
2023
(124bps)
(44bps)
Discount rate
642bps
41bps
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
16. GOODWILL (CONTINUED)
Meteor Inkjet CGU
Key assumptions
The following key assumptions have been adopted in the calculations:
• The pre-tax discount rate used was 17.93% (2023: 19.6%);
• Revenue growth rates used in the estimation process are consistent with the approved budget for 2025, compound annual
growth rate for the next 4 years is projected at 8.26% (2023: 7.5%);
• Gross margin was increased to 60% compared to recent actual gross margins of 58% (2023: 58%);
• The staff costs growth rates used in the estimation process are consistent with the approved budget for 2025, compound annual
growth rate for the next 4 years is projected at 8.97% (2023: 4.5%); and
• The terminal growth rate used was 2% (2023: 2%).
Results
The impairment test indicates headroom of €8,230,000.
Sensitivity
The Directors believe there were no reasonably possible changes in the other key assumptions that could cause impairment.
Xitron CGU
Key assumptions
The following key assumptions have been adopted in the calculations:
• The pre-tax discount rate used was 17.18% (2023: 19.3%);
• Revenue growth rates used in the estimation process are consistent with the approved budget for 2025, compound annual
growth rate for the next 4 years is projected at 3.0% (2023: 5%);
• Gross margin was aligned to recent actual gross margins of 65% (2023: 65%);
• The staff costs growth rates used in the estimation process are consistent with the approved budget for 2025, compound annual
growth rate for the next 4 years is projected at 3.34% (2023: 4.5%); and
• The terminal growth rate used was 2% (2023: 2%).
Results
The impairment test indicates headroom of €1,050,000.
Sensitivity
The Directors believe there were no reasonably possible changes in the other key assumptions that could cause impairment.
Hybrid Software Labels & Packaging CGU
Key assumptions
The following key assumptions have been adopted in the calculations:
• The pre-tax discount rate used was 10.30% (2023: 11.44%).
• Revenue growth rates used in the estimation process are consistent with the approved budget for 2025, compound annual
growth rate for the next 4 years is projected at 9.26% (2023: 8.71%);
• Gross margin was reduced to 96.6% compared to recent actual gross margins (2023: 96.8%);
• The staff costs growth rates used in the estimation process are consistent with the approved budget for 2025, compound annual
growth rate for the next 4 years is projected at 7.32% (2023: 8.71%); and
• The terminal growth rate used was 2.25% (2023: 3%). HYBRID Software enjoys significant competitive advantages in the markets
it is active providing for above average pricing power hence the ability to grow its income more than the long term inflation rates
of the countries in which it is active.
Results
The impairment test indicates negative headroom of €4,750,000.
An impairment of €4,750,000 was recorded. Despite having demonstrated consistent growth since the CGU has been acquired by the group
in 2021, it has fallen short of its growth forecasts as estimated at moment of acquisition. Consequently, to account for lower growth future
growth, the perpetual growth rate has been revised downward from 3% in 2023 to 2.25% in 2024.
120 121

Notes to the consolidated financial statements
Hybrid Software Group Strategic report Governance Financial statements Other information
Hybrid Software Group PLC | Annual Report 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
16. GOODWILL (CONTINUED)
Hybrid Software Labels & Packaging CGU (continued)
Sensitivity
The Directors have identified that each additional shortage of headroom of 1% represents a value of €448,000 on the impaired carrying
value.
Any further change in the key assumptions would result in a following effect on the residual carrying value:
Headroom
Update parameter
%-change
8.26%
(21.13%)
Discount rate increased with 1%
11.30%
(20.19%)
Hybrid Software Brandz CGU
Key assumptions
The following key assumptions have been adopted in the calculations:
• The pre-tax discount rate used was 10.30%;
• Revenue growth rates used in the estimation process are consistent with the approved budget for 2025, compound annual
growth rate for the next 4 years is projected at 11.10%;
• Gross margin was aligned to recent actual gross margins of 100%;
• The staff costs growth rates used in the estimation process are consistent with the approved budget for 2025, compound annual
growth rate for the next 4 years is projected at 10.03%; and
• The terminal growth rate used was 2%.
Results
The impairment test indicates negative headroom of €910,000.
An impairment of €910,000 was recorded, mainly due to the CGU having fallen significantly short of its growth forecasts as estimated at
moment of acquisition.
Sensitivity to changes in assumptions
The Directors have identified that each additional shortage of headroom of 1% represents a value of €6,68 0 on the impaired carrying value.
Any further change in the key assumptions would result in a following effect on the residual carrying value:
Headroom
Update parameter
%-change
Revenue growth rate lowered with 1%
10.10%
(76.41%)
Discount rate increased with 1%
11.30%
(31.55%)
ColorLogic CGU
Key assumptions
The following key assumptions have been adopted in the calculations:
• The pre-tax discount rate used was 17.74% (2023: 20.3%);
• Revenue growth rates used in the estimation process are consistent with the approved budget for 2025, compound annual
growth rate for the next 4 years is projected at 10.77% (2023: 5%);
• Gross margin was aligned to recent actual gross margins of 99% (2023: 90%);
• The staff costs growth rates used in the estimation process are consistent with the approved budget for 2025, compound annual
growth rate for the next 4 years is projected at 9.81% (2023: 2%); and
• The terminal growth rate used was 2% (2023: 2%).
Results
The impairment test indicates negative headroom of €620,000 .
An impairment of €620,000 was recorded, mainly due to the CGU having fallen significantly short of its growth forecasts as estimated at
moment of acquisition.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
16. GOODWILL (CONTINUED)
ColorLogic CGU (continued)
Sensitivity to changes in assumptions
The Directors have identified that each additional shortage of headroom of 1% represents a value of €5,820 on the impaired carrying value.
Any further change in the key assumptions would result in a following effect on the residual carrying value:
Headroom
Update parameter
%-change
9.77%
(51.42%)
Discount rate increased with 1%
18.74%
(26.71%)
17. FINANCIAL ASSETS
Financial assets measured at amortised cost.
2024
2023
Rent and other deposits
30
32
Financial assets not classified as cash or cash equivalent
900
803
Non-current finance lease receivables (see note 24)
90
112
1,020
947
18. TAX
Corporation tax
Analysis of the tax credit in the year:
2024
2023
Current tax
Current year charge
(152)
(500)
Withholding tax
-
-
Credit related to previous periods
237
49
Total current tax
85
(451)
Deferred tax
Arising from amortization of acquired intangibles
486
3,510
Arising from the capitalisation and amortisation of development expenses
66
(47)
Recognition of previously unrecognised tax losses
16
(26)
Total deferred tax
568
3,437
Total tax credit
653
2,986
The tax credit for the year differs from that calculated by applying the standard rate of corporation tax of the Company to profit or loss
before taxation. The differences are as follows:
2024
2023
Loss before tax on continuing and discontinued operations
(3,481)
(1,667)
Expected tax credit at the Company's tax rate of 25% (2023: 23.5%)
870
392
Effect of differences in tax rates in foreign jurisdictions
49
200
Effect of expenses not deductible and items not taxable
677
1,156
Deferred tax not recognised
(1,397)
(1,713)
Impact of rate change
-
2,445
Effect of R&D enhanced expenditure
455
498
Effect of withholding tax
(16)
(16)
Recognition of previously unrecognised tax asset
15
24
Total tax credit recognised
653
2,986
An increase in the UK corporation tax rate from 19% to 25% (effective 1 April 2023) was substantively enacted on 24 May 2021.
122 123

Notes to the consolidated financial statements
Hybrid Software Group Strategic report Governance Financial statements Other information
Hybrid Software Group PLC | Annual Report 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
18. TAX (CONTINUED)
Deferred tax
The Group had recognised deferred tax as follows:
2024
2023
Deferred tax assets
Capital allowances
1,827
Unused tax losses
1,072
Total recognised deferred tax assets before set-off
2,899
Deferred tax set-off
(1,592)
(1,208)
Net deferred tax assets
1,307
Deferred tax liabilities
Capitalised development expenses
941
As a result of business combinations
2,163
Total recognised deferred tax liabilities before set-off
3,104
Deferred tax set-off
(1,592)
Net deferred tax liabilities
1,512
2,401
Deferred tax assets are recognised for tax losses available for carrying forward to the extent that the realisation of the related tax benefit
through future taxable profits is probable. Deferred tax is measured at the tax rates that are expected to apply to temporary differences
when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date.
The deferred tax asset at 31 December 2024 has been calculated based on the rates expected to be in force at the time of utilisation. The
deferred tax liability at 31 December 2024 has been recognised as a result of acquisitions in different tax jurisdictions at the rates prevailing
in those jurisdictions. The rates range from 21% to 25%.
Deferred tax assets on trading losses of €17.61 million (2023: €25.96 million) and fixed asset temporary differences of €3.94 million (2023:
€4.04 million) have not been recognised.
The movement in deferred tax is as follows:
In thousands of euros
2024
2023
Deferred tax assets
Balance as at 1 January
2,841
2,786
Amounts credited/(charged) to profit & loss
16
(26)
Foreign currency translation differences recognised in other comprehensive income
42
81
Total recognised deferred tax assets before set-off as at 31 December
2,899
2,841
Deferred tax liabilities
Balance as at 1 January as previously reported
3,609
9,381
Prior year adjustment
-
(2,368)
Balance as at 1 January as restated
3,609
7,013
Amounts credited to profit & loss
(552)
(3,463)
Foreign currency translation differences recognised in other comprehensive income
47
59
3,104
3,609
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
19. INVENTORIES
In thousands of euros
2024
2023
Finished goods
1,838
1,823
Components
1,610
2,089
Total inventories
3,448
3,912
20. TRADE AND OTHER RECEIVABLES
In thousands of euros
2024
2023
Trade receivables
6,501
Allowance for doubtful debts
(456)
6,045
Trade receivables less than 90 days past due are not considered impaired. The ageing analysis of total trade receivables is as follows:
2024
2023
Under 90 days
5,283
4,970
Over 90 days and provided for
456
461
Over 90 days but not provided for
306
-
Total trade receivables
6,045
5,431
Impairment losses during the year were €nil (2023: €nil).
Movements in the Group's provision for impairment of trade receivables are as follows:
In thousands of euros
2024
2023
At 1 January
593
336
(Credit) / Charge during the year
(137)
257
At 31 December
456
593
The Directors have considered the nature of the customers, the historic levels of bad debts and the payment profile of customer contracts
in reaching the value of the expected credit losses above. See Note 30 ‘Financial risk management’ for further disclosure regarding the
credit quality of the Group’s trade debtors.
21. OTHER CURRENT ASSETS
In thousands of euros
2024
2023
VAT receivable
283
260
Current finance lease receivables (see note 24)
123
60
Other items
62
55
468
375
22. CASH AND CASH EQUIVALENTS
In thousands of euros
2024
2023
Cash at bank and in hand
9,513
7,079
Total cash and cash equivalents
9,513
7,079
124 125

Notes to the consolidated financial statements
Hybrid Software Group Strategic report Governance Financial statements Other information
Hybrid Software Group PLC | Annual Report 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
23. CAPITAL AND RESERVES
Ordinary shares of €0.40 allotted, called up and fully paid:
2024
2023
In thousands of euros, except number of shares
Number
As at 31 December
32,909,737
13,164
32,909,737
13,164
2024
2023
As at 31 December
1,979
1,979
2024
2023
67,015
67,015
Treasury shares:
The Company's investment in its own shares in treasury is as follows:
2024
2023
In thousands of euros, except number of shares
Number
Value
Number
As at 1 January
58,584
179
58,996
161
Disbursement of shares to employees
(9,106)
(40)
(19,000)
(54)
Own shares re-purchased
14,344
54
18,588
72
As at 31 December
63,822
193
58,584
179
24. LEASES
Group as lessee
The Group leases office facilities and motor vehicles. The office leases typically run for a period of 6 years with an option to renew the
lease at the end of the term and motor vehicle leases typically run for 3 years. Lease payments are agreed at the inception of the lease and
at any subsequent renewal.
Right-of-use assets
In thousands of euros
buildings
vehicles
Total
Balance at 31 December 2022
2,834
78
2,912
Additions
-
45
45
Depreciation charge for the year
(694)
(69)
(763)
Effect of movement in exchange rates
8
(1)
7
Balance at 31 December 2023
2,148
53
2,201
Additions
-
85
85
Depreciation charge for the year
(701)
(39)
(740)
45
-
45
1,492
99
1,591
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
24. LEASES (CONTINUED)
Group as lessee (continued)
These right-of-use assets are depreciated on a straight-line basis over the remaining term of the rental agreement. As at the date of these
financial statements, the remaining terms range from 1 month to 6 years. Remeasurements are the result of an extension to the term of
an existing lease.
Lease liabilities
In thousands of euros
2024
2023
Current
Non-current
Total lease liabilities
1,991
2,601
It is expected that as a lease matures it will either be extended or replaced by a new lease on similar terms. There are no variable lease
payments, all lease payments are for fixed amounts agreed at the outset of the lease.
Amounts recognised in the Consolidated Statement of Comprehensive Income:
In thousands of euros
Interest on lease liabilities
Expenses relating to short-term leases
Total recognised in profit or loss
170
220
A short-term lease is a lease that, at the commencement date, has a lease term of 12 months or less. The Group has elected to apply the
recognition exemption under paragraph 5 of IFRS 16 and recognise the associated payments in profit or loss. The short-term leases are
leases for office space with a duration of 12 months or less.
Cash out flow for leases:
In thousands of euros
Lease liability interest
Principal payments
Additions
Total cash outflow for leases
731
920
Maturity analysis of contractual undiscounted cash flows for lease payments:
In thousands of euros
Within 1 year
Between 1 and 2 years
Between 2 and 3 years
Between 3 and 4 years
Between 4 and 5 years
After 5 years
Total undiscounted lease liabilities at 31 December
2,149
2,895
126 127

Notes to the consolidated financial statements
Hybrid Software Group Strategic report Governance Financial statements Other information
Hybrid Software Group PLC | Annual Report 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
24. LEASES (CONTINUED)
Group as lessor – finance leases
The Group has cancellable leases, as intermediate lessor, of motor vehicles. The terms of these leases vary. The following amounts are
recognised in the Consolidated Statement of Comprehensive Income:
Income received from subleasing right-of-use assets
120
96
Finance income on net investment in leases
(25)
(18)
Future minimum lease payments receivable for motor vehicles under cancellable finance leases are set out below:
2024
2023
Within 1 year
138
72
Between 1 and 2 years
80
72
Between 2 and 3 years
17
52
Between 3 and 4 years
2
-
Between 4 and 5 years
-
-
After 5 years
-
-
Total undiscounted lease payments receivable
237
196
Unearned finance income
(25)
(24)
Net investment in the lease
232
172
Current (see note 21)
123
60
Non-current (see note 17)
90
112
Total finance lease receivable
213
172
25. OTHER LIABILITIES
Financial liabilities measured at fair value.
2024
2023
Contingent consideration
-
Deferred consideration
417
Other liabilities
64
Total other liabilities
481
895
In thousands of euros
2024
2023
Current
369
Non-current
112
Total other liabilities
481
895
Contingent consideration
Certain assumptions about revenue growth were used when calculating the acquisition date fair value of contingent consideration for the
acquisition of TTP Meteor Limited (now Meteor Inkjet Limited) in the year ending 31 December 2016. During the year, cash payments of
€236,000 (2023: €367,000) were paid against the contingent consideration due for the acquisition of Meteor Inkjet Limited. The underlying
liability is denominated in pounds sterling, thus there is a movement due to changes in exchange rates used to convert to Euros at the
reporting date. In 2024 the last and final payment against the contingent consideration has been made.
Deferred consideration
Deferred consideration primarily relates to the acquisition of ColorLogic GmbH and Hybrid Software Group Iberia SLU. During the year,
cash payments of €310,000 (2023: €310,000) were paid against the deferred considerations, of which €300,000 (2023: €300,000) in relation
of ColorLogic GmbH and 10,000 (2023: €10,000) in relation of Hybrid Software Group Iberia SLU.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
26. LOANS AND BORROWINGS
In thousands of euros
2024
2023
Current
2,500
Non-current
4,000
Total loans and borrowings
6,500
7,800
Unsecured loan from related party
An unsecured loan has been granted by Congra Software S.à.r.l. (“Congra”) to HYBRID Software Development NV. (“HYBRID”). During the
year, payments totalling €1,507,000 (2023: €528,000) have been made to Congra in respect of the loan. €1,300,000 (2023: €293,000) has
been paid as a repayment against the principal and €207,000 (2023: €235,000) has been paid for interest. Interest is calculated and payable
at a fixed rate of 3% per annum on the outstanding balance. The balance of the loan outstanding at 31 December 2024 was €6,500,000
(2023: €7,800,000).
On 16 February 2023, an addendum to the loan agreement was executed in which an adjustment to the repayment scheme has been
agreed to. Subject to the amended repayment scheme, €93,000 was to be repaid in 2023 and the balance in 8 equal quarterly instalments
of €1,000,000 each of which the first in the 1
st
quarter of 2025 and the last in the 4
th
quarter of 2026. The loan is due to be fully repaid on
31 December 2026.
It has been contractually agreed that HYBRID is entitled to accelerate repayments by making any additional repayments without any
additional cost. In 2024 advance payments for the total amount of €1,300,000 have been made (2023: €200,000).
27. CONTRACT LIABILITIES
In thousands of euros
2024
2023
Customer advances
579
Deferred revenue
3,275
Total contract liabilities
3,854
4,845
In thousands of euros
2024
2023
Current
3,477
4,368
Non-current
377
477
Total contract liabilities
3,854
4,845
The contract liabilities relate to consideration received in advance of the provision of goods and services. Customer advances relate to
consideration received in advance of the provision of physical goods, engineering and consultancy services. Deferred revenue relates to
the consideration received for support and maintenance performance obligations that will be recognised as revenue over a period of time.
Movements in the balance are driven by individual contracts and are not expected to necessarily be consistent year on year.
28. EARNINGS PER SHARE
The basic earnings per share is calculated by dividing the net profit attributable to equity holders of the Company by the weighted average
number of ordinary shares in issue during the year, excluding those held in treasury. For diluted earnings per share, the weighted average
number of ordinary shares in issue during the year, excluding those held in treasury, is adjusted to assume conversion of all dilutive
potential ordinary shares. At the year end, those share options where the exercise price is less than the average market price of the
Company’s ordinary shares were the only dilutive potential ordinary shares.
2024
2023
Weighted average number of shares (basic), in thousands of shares
32,851
(Loss)/Profit for the period
(2,828)
Basic earnings per share, in euros
(0.09)
Diluted earnings per share, in euros
(0.09)
On 12 January 2021, pursuant to the completion of an acquisition (see Notes 25 ‘Capital and
reserves’ and 34 ‘Acquisitions’) 21,074,030 new shares were issued, taking the total issued share
capital to 32,909,737, of which 73,996 were held in treasury on 31 December 2021.
On 12 January 2021, pursuant to the completion of an acquisition (see Notes 25 ‘Capital and
reserves’ and 34 ‘Acquisitions’) 21,074,030 new shares were issued, taking the total issued share
capital to 32,909,737, of which 73,996 were held in treasury on 31 December 2021.
On 12 January 2021, pursuant to the completion of an acquisition (see Notes 25 ‘Capital and
reserves’ and 34 ‘Acquisitions’) 21,074,030 new shares were issued, taking the total issued share
capital to 32,909,737, o
On 12 January 2021, pursuant to the completion of an acquisition (see Notes 25 ‘Capital and
reserves’ and 34 ‘Acquisitions’) 21,074,030 new shares were issued, taking the total issued share
capital to 32,909,737, of which 73,996 were held in treasury on 31 December 2021.
f which 73,996 were held in treasury on 31 December 2021.
On 12 January 2021, pursuant to the completion of an acquisition (see Notes 25 ‘Capital and
reserves’ and 34 ‘Acquisitions’) 21,074,030 new shares were issued, taking the total issued share
capital to 32,909,737, of which 73,996 were held in treasury on 31 December 2021.
128 129

Notes to the consolidated financial statements
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Hybrid Software Group PLC | Annual Report 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
29. SHARE BASED PAYMENTS
At 31 December 2023, the Group has the following shared based payment arrangements.
Free shares
On 24 April 2009 the Group established an HMRC approved Share Incentive Plan (“SIP”) in the UK and also operates an Enterprise
Management Incentive Scheme (“EMI”) to enable its UK employees and Directors to participate in a tax efficient manner in the ownership
of the Company’s shares. Under these schemes, free shares can be granted by the board to eligible employees and Directors. For non-UK
employees and Directors, free shares can be granted directly to the employee. Free shares granted by the board to employees and
Directors, either directly or through the SIP or EMI, have a 3 or 4 year vesting period and free shares granted outside of the SIP or EMI have
vesting periods of either 12 or 24 months.
Employees participating in the SIP are also granted free matching shares in proportion to the partnership shares that they purchased
through a deduction from their gross pay before tax, subject to current HMRC limits. The matching shares have a vesting period of 3 years.
The number of free shares granted, exercised, lapsed or withdrawn during the year was as follows:
As at 31 December
As at 31 December
Number
Number
Number
Number
Number
Number
SIP matching shares
15,274
-
(1,991)
-
-
13,283
Free shares granted
20,000
-
(6,045)
(4,955)
-
9,000
35,274
-
(8,036)
(4,955)
-
22,283
Measurement of fair value
The fair value of free shares granted as matching shares under the SIP was assumed to be equal to the purchase price of corresponding
partnership shares which were acquired by participants in the SIP.
The fair value of free shares granted was assumed to be the closing price reported for the Company’s shares on the last trading day
immediately preceding the date when the shares were granted. It was also considered that all of the grantees would be in employment at
the date of vesting.
During the year the Group recognised €nil (2023: €nil) of share-based payment expense in these financial statements.
30. FINANCIAL RISK MANAGEMENT
The Group’s activities expose it to a variety of financial risks: market (notably foreign exchange risk), credit risk and liquidity risk. The
Group’s overall financial risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential
adverse effects on the Group’s financial performance. Financial risk management is overseen by the Chief Financial Officer (CFO) under
policies approved by the board which has overall responsibility for the establishment and oversight of the Group’s risk management
framework
The board provides principles for overall risk management, covering specific areas such as foreign exchange risk and the use of derivative
financial instruments, whereas the CFO identifies, evaluates, and manages financial risks in close co-operation with the Group’s operating
units. The Group does not permit the use of derivative financial instruments for speculative purposes.
Market risk
The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect
to the US dollar and the British pound. Foreign exchange risk arises from future commercial transactions, recognised assets (notably trade
receivables) and liabilities, as well as net investments in foreign operations.
The objective of market risk management is to manage and control market risk exposures within acceptable parameters. To help manage
these foreign exchange risks the Group may utilise foreign currency option or forward contracts transacted with high-credit-quality
financial institutions, after review and approval by the Group’s CFO. There were no such contracts outstanding as at 31 December 2024
(2023: none).
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
30. FINANCIAL RISK MANAGEMENT (CONTINUED)
Market risk (continued)
The Group had the following current assets and liabilities denominated in currencies:
In thousands of euros
Euros
US dollars
sterling
yen
dollars
yuan
dollars
Trade and other receivables
2,051
2,740
1,013
170
-
14
57
Contract assets
1,318
1,215
678
1,039
31
109
26
Other current assets
98
-
306
7
-
57
-
Loans & borrowings
(2,500)
-
-
-
-
-
-
Trade and other payables
(2,169)
(397)
(1,231)
(31)
-
(30)
(24)
Accrued liabilities
(483)
(65)
(833)
-
-
(26)
(3)
Other liabilities
(346)
(20)
(3)
-
-
-
-
(2,031)
3,473
(70)
1,185
31
124
56
Trade and other receivables
1,688
2,664
836
160
-
45
16
Contract assets
1,646
1,415
899
56
40
121
8
Other current assets
171
-
161
9
-
34
-
Trade and other payables
(1,904)
(636)
(924)
(31)
-
-
(7)
Accrued liabilities
(925)
(76)
(894)
(19)
-
(24)
(2)
Other liabilities
(276)
(34)
(233)
-
-
-
-
Net exposure
400
3,333
(155)
175
40
176
15
The Group had the following non-current assets and liabilities denominated in currencies:
In thousands of euros
Euros
US dollars
sterling
yen
dollars
yuan
dollars
Trade and other receivables
-
-
-
-
-
-
-
Contract assets
1,080
607
1,820
1,976
52
64
-
Other non-current assets
9
6
-
-
-
-
2
Retirement benefit obligations
(1,068)
-
-
-
-
-
-
Loans & borrowings
(4,000)
-
-
-
-
-
-
Accrued liabilities
(36)
-
-
-
-
-
-
Other liabilities
(112)
-
-
-
-
-
-
Net exposure
(4,127)
613
1,820
1,976
52
64
2
Trade and other receivables
-
22
-
-
-
-
-
Contract assets
1,930
1,052
1,309
13
104
-
-
Other non-current assets
8
8
-
-
-
-
2
Retirement benefit obligations
(982)
-
-
-
-
-
-
Loans & borrowings
(7,800)
-
-
-
-
-
-
Accrued liabilities
(52)
-
-
-
-
-
-
Other liabilities
(352)
-
-
-
-
-
-
Net exposure
(7,248)
1,082
1,309
13
104
-
2
The average and year end exchange rates applied during the year to convert currencies to Euros are as follows:
Average rate for
Rate at 31 December
2024
2023
US dollar
0.9236
0.9261
0.9611
0.9060
Pound sterling
1.1791
1.1497
1.2058
Japanese yen
0.0061
0.0066
0.0062
Canadian dollar
0.6313
0.5934
0.6698
Chinese yuan
0.1293
0.1316
0.1317
Australian dollar
0.6100
0.6156
0.5975
If sales and results for the year had been converted using the exchange rates prevailing in the prior year, the Group’s 2024 sales would
have decreased by approximately €0.61 million and the operating result for the year would have decreased by approximately €0.12 million.
130 131

Notes to the consolidated financial statements
Hybrid Software Group Strategic report Governance Financial statements Other information
Hybrid Software Group PLC | Annual Report 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
30. FINANCIAL RISK MANAGEMENT (CONTINUED)
Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual
obligations.
The Group is mainly exposed to credit risk from sales to customers. It is Group policy to assess the credit risk of new customers before
entering contracts and to have a frequent and proactive collections process. Historically, bad debts across the Group have been extremely
low and full or part payment in advance by some customers helps to reduce the overall risk. Credit risk also arises from cash deposits held
at banks. At the year-end, the Group’s cash deposits were held with major banks such as HSBC (UK, United States & Australia), PNC Financial
Services Group (United States), KBC Bank (Europe), CREDEM (Italy), Bank of China (China), Sumitomo Mitsui Banking Corporation (Japan).
The Group’s exposure to credit risk is limited to the carrying amount of financial assets recognised at the balance sheet date. These are
summarised within Note 20 ‘Trade and other receivables’ and Note 22 ‘Cash and cash equivalents’. The Group’s management considers
that all the above financial assets that are not impaired at the balance sheet date under review are of good credit quality, including those
that are past due.
The exposure to credit risk for trade receivables by type of counterparty was as follows:
2024
2023
Equipment manufacturers
1,873
1,891
Resellers and end users
4,172
3,540
Total trade receivables
6,045
5,431
At 31 December 2024, the ten largest accounts receivable represented 30.3% (2023: 36.6%) of the Group’s accounts receivables and the
single largest accounts receivable represented 6.8% (2023: 9.9%) of the Group's accounts receivables.
The Group measures the loss allowance for trade receivables at an amount equal to lifetime expected credit losses. The expected credit
losses on trade receivables are estimated using a provision matrix by reference to past default experience of the debtor and adjusted for
factors that are specific to the debtor and general economic conditions of the industry in which the Group operates.
The Group has recognised a loss allowance of €456,000 (2023: €593,000) against trade receivables. The loss allowance applies to debt over
90 days and relates to a small number of customers where none of the debt is expected to be recovered through normal trading. A
provision is made against trade receivables until such time as the Group believes the amount to be irrecoverable, after which the trade
receivable balance is written off. The Directors consider that the carrying amount of trade and other receivables approximates their fair
value.
Liquidity risk
Liquidity risk arises from the Group’s management of working capital. It is the risk that the Group will encounter difficulty in meeting its
financial obligations as they fall due. The board reviews an annual 12-month financial projection and the CFO and CEO review cash balances
and cash flow forecasts regularly. At the balance sheet date liquidity risk was considered to be low, given the fact that the Group is
expected to be cash generative and cash and cash equivalents are thought to be at acceptable levels. While the board considers there to
be no current need for additional borrowing facilities, it continually monitors the Group’s cash requirements.
The Group's financial liabilities have contractual maturities as summarised below:
In thousands of euros
Within 1 year
Total
At 31 December 2024
Retirement benefit obligations
-
1,068
1,068
Loans & borrowings
2,500
4,000
6,500
Trade payables
3,882
-
3,882
Other liabilities
369
112
481
Accrued liabilities
1,410
36
1,446
8,161
5,216
At 31 December 2023
Retirement benefit obligations
-
982
982
Loans & borrowings
-
7,800
7,800
Trade payables
-
3,502
Other liabilities
543
352
895
Accrued liabilities
1,940
52
1,992
Total
5,985
9,186
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
30. FINANCIAL RISK MANAGEMENT (CONTINUED)
Interest rate risk
The Group has no variable interest rate debt, therefore the Group currently has no interest rate risk.
Capital
risk
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern to provide returns for
shareholders, maintain investor, creditor and market confidence, and sustain future development of the business. There were no changes
in the Group’s approach to capital risk management during the year ended 31 December 2024.
2024
2023
Capital
Total equity
116,507
111,947
Less cash and cash equivalents
9,513
7,079
106,994
104,868
Overall financing
Total equity
116,507
111,947
Plus borrowings
6,500
7,800
123,007
119,747
1:1.15
1:1.14
Accounting classifications and fair values
The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair
value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the
carrying amount is a reasonable approximation of fair value.
Carrying amount
Fair value
In thousands of euros
FVTPL
amortised cost
liabilities
Total
Level 2
Financial assets not measured at fair value
Financial assets (see note 17)
-
1,020
-
1,020
1,020
Trade and other receivables (see notes 20)
-
6,045
-
6,045
6,045
Cash and cash equivalents (see note 22)
-
9,513
-
9,513
9,513
-
16,578
-
16,578
16,578
Financial liabilities measured at fair value
Deferred consideration (see note 25)
417
-
-
417
417
Unsecured loan from related party (see note 26)
6,500
-
-
6,500
6,500
6,917
-
-
6,917
6,917
Financial assets not measured at fair value
Trade and other payables
-
-
3,882
3,882
3,882
-
-
3,882
3,882
3,882
At 31 December 2023
Financial assets not measured at fair value
Financial assets (see note 17)
-
947
-
947
947
Trade and other receivables (see notes 20)
-
5,431
-
5,431
5,431
Cash and cash equivalents (see note 22)
-
7,079
-
7,079
7,079
-
13,457
-
13,457
13,457
Financial liabilities measured at fair value
Contingent consideration (see note 25)
Deferred consideration (see note 25)
662
-
-
662
662
Unsecured loan from related party (see note 26)
7,800
-
-
7,800
7,800
8,695
-
-
8,695
8,695
Financial assets not measured at fair value
Trade and other payables
-
-
3,502
3,502
3,502
-
-
3,502
3,502
3,502
132 133

Notes to the consolidated financial statements
Hybrid Software Group Strategic report Governance Financial statements Other information
Hybrid Software Group PLC | Annual Report 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
31. RELATED PARTIES
The controlling party is Congra Software S.à r.l. (“Congra”), which owns the majority of the voting rights of the Company. Congra is
controlled by Powergraph BV “(Powergraph”) and Powergraph BV is controlled by the Group’s chairman, Guido Van der Schueren. Congra
and Powergraph do not produce consolidated financial statements that are publicly available.
Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not
disclosed.
Remuneration of key management personnel
The remuneration paid to the Directors, who are key management personnel of the Group, is detailed in the Directors' remuneration report
on pages 77 to 85.
A service agreement between Hybrid Software Group PLC and Powergraph BV provides an arrangement for the remuneration of Guido
Van der Schueren.
Michael Rottenborn has an employment contract with Global Graphics Software Inc. that entitles him to salary, bonus and other benefits
in addition to board fees. A service agreement between Hybrid Software Group PLC and Bellevarde Financial BV provides an arrangement
for the remuneration of Joachim Van Hemelen.
Remuneration of key management personnel, which includes the Directors, was as follows:
2024
2023
Short-term employee benefits
3,578
3,089
Post-employment benefits
107
136
Termination payments
-
115
Shares sold to Hybrid Software Group PLC
11
22
Total key management personnel expenses
3,696
3,362
Unsecured loan from related party
An unsecured loan has been granted by Congra Software S.à.r.l. (“Congra”) to HYBRID Software Development NV. (“HYBRID”). During the
year, payments totalling €1,507,000 (2023: €528,000) have been made to Congra in respect of the loan. €1,300,000 (2023: €293,000) has
been paid as a repayment against the principal and €207,000 (2023: €235,000) has been paid for interest. Interest is calculated and payable
at a fixed rate of 3% per annum on the outstanding balance. The balance of the loan outstanding at 31 December 2024 was €6,500,000
(2023: €7,800,000).
On 16 February 2023, an addendum to the loan agreement was executed in which an adjustment to the repayment scheme has been
agreed to. Subject to the amended repayment scheme, €93,000 was to be repaid in 2023 and the balance in 8 equal quarterly instalments
of €1,000,000 each of which the first in the 1
st
quarter of 2025 and the last in the 4
th
quarter of 2026. The loan is due to be fully repaid on
31 December 2026.
It has been contractually agreed that HYBRID is entitled to accelerate repayments by making any additional repayments without any
additional cost. In 2024 advance payments for the total amount of €1,300,000 have been made (2023: €200,000).
Additionally, Congra recharges some minor expenses to HYBRID and HYBRID was liable for some additional consideration that was payable
in respect of a transfer of the Cloudflow intangible assets prior to joining the Group. The minor expenses totalled €nil (2023: €15,000) and
the additional consideration was €200,000 (2023: €200,000). At 31 December 2023, €200,000 (2022: €200,000) was owed to Congra in
respect of these items.
Powergraph
A total of €446,000 (2023: €542,000) was paid during the year by HYBRID to Powergraph in respect of the aforementioned service
agreement for Guido Van der Schueren. This amount is included in the amounts presented in the Directors’ remuneration report on pages
77 to 85. €60,000 (2023: €145,000) was owed at the 31 December 2024.
Other related parties
Powergraph and Congra have interests in other companies, namely Hybrid Software Brandz NV. During the year, HYBRID Software NV
made sales of €100,800 (2023: €25,022) to this company and at 31 December 2024 €nil (2023: €nil) was owed to HYBRID.
A total of €267,000 (2023: €270,000) was paid during the year by HYBRID to Bellevarde Financial BV in respect of the aforementioned
service agreement for Joachim Van Hemelen. This amount is included in the amounts presented in the Directors’ remuneration report on
pages 77 to 85. €64,000 (2023: €54,000) was owed as per 31 December 2024.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
32. GROUP ENTITIES
Country of
Ownership interest %
Company name
Registered office address
incorporation
2024
2023
Global Graphics (UK)
2030
Cambourne Business Park, Cambourne, CB23
United Kingdom
100%
100%
Limited
6DW, UK
Global Graphics Software
2030
Cambourne Business Park, Cambourne, CB23
United Kingdom
100%
100%
Limited*
6DW, UK
Global Graphics Software
6601
S.Tamiami Trail, Suite 176, Sarasota, FL 34231,
United States of
100%
100%
Incorporated*
USA
America
Global Graphics
610
AIOS Nagatacho Bldg, 2-17-17 Nagatacho,
Japan
100%
100%
Kabushiki Kaisha*
Chiyoda-ku, Tokyo 100-0014, Japan
Harston Mill, Royston Road, Harston, Cambridge,
United Kingdom
100%
100%
CB22 7GG, UK
4750
Venture Drive, Suite 200A, Ann Arbor, Michigan
United States of
100%
100%
HYBRID Software Group
48108,
USA
America
S.à r.l.
Guldensporenpark 18, Block B, 9820 Merelbeke,
19-21 route d’Arlon, LU-8009 Strassen, Luxembourg
Luxembourg
100%
100%
Belgium
Belgium
-
100%
HYBRID Software
Guldensporenpark 18, Block B, 9820 Merelbeke,
Belgium
100%
100%
Development NV*
Belgium
One South State Street, Newtown, Pennsylvania
United States of
100%
100%
18940
, USA
America
Guldensporenpark 18, Block B, 9820 Merelbeke,
Belgium
100%
100%
Belgium
HYBRID Software China
Room
2504
, 25
th
Floor, Building 2, No. 900 Yishan
China
100%
100%
Co. Limited*
Road, Xuhui District, Shanghai, China
HYBRID Software GmbH*
Uhlandstrabe 9, 79102 Freiburg, Germany
Germany
100%
100%
HYBRID Software Italy
Viale Sondrio 2, IT-20124 Milano, Italy
Italy
100%
100%
SRL*
HYBRID Software France
15 Rue Marsollier, F-75002 Paris, France
France
100%
100%
SAS*
HYBRID Software UK
2030
Cambourne Business Park, Cambourne, CB23
United Kingdom
100%
100%
Limited*
6DW, UK
HYBRID Software
Suite 2, Level 14, 9 Castlereagh Street, Sydney, NSW
Australia
100%
100%
Australia Pty Limited*
2000,
Australia
HYBRID Software Iberia
Riera dels Frares, 8 – E08907 L’Hospitalet, Barcelona,
Spain
100%
100%
S.L.U.*
Spain
ColorLogic GmbH ~
Landersumer Weg 40, D-48431 Rheine
Germany
-
100%
See Note 3 ‘Investments’ of the company financial statements for the principal activities of each company.
* indirectly held by the Company.
~ ColorLogic GmbH legally merged into HYBRID Software GmbH on 14 May 2024
“ eXplio NV was sold on 2 December 2024
134 135

Notes to the consolidated financial statements
Hybrid Software Group Strategic report Governance Financial statements Other information
Hybrid Software Group PLC | Annual Report 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
33. MOVEMENTS IN LIABILITIES ARISING FROM FINANCING ACTIVITIES
In thousands of euros
Lease liabilities
Other liabilities
Total
Balance at 31 December 2023
2,601
8,695
11,296
Loan repayment
-
(1,300)
(1,300)
Deferred consideration paid
-
(310)
(310)
Contingent consideration paid
-
(236)
(236)
Principal payments of lease liabilities
(1,003)
-
(1,003)
Other debts
-
64
64
Total cashflows
(1,003)
(1,782)
(2,785)
Deferred consideration fair value adjustment
-
65
65
Contingent consideration fair value adjustment
-
3
3
Recognition of new lease liabilities
216
-
216
Other non-cash items*
120
120
Exchange rate effects
57
-
57
Total non-cash items
393
68
461
Balance at 31 December 2024
1,991
6,981
8,972
In thousands of euros
Lease liabilities
Other liabilities
Total
Balance at 31 December 2022
3,394
9,812
13,206
Loan repayment
-
(293)
(293)
Deferred consideration paid
-
(310)
(310)
Contingent consideration paid
-
(367)
(367)
Principal payments of lease liabilities
(880)
-
(880)
Total cashflows
(880)
(970)
(1,850)
Contingent consideration fair value adjustment
-
41
41
Recognition of new lease liabilities
84
-
84
Disposal of expired lease liabilities
(59)
-
(59)
Other non-cash items*
127
(108)
Exchange rate effects
(65)
47
(18)
Total non-cash items
87
(147)
(60)
Balance at 31 December 2023
2,601
8,695
11,296
*Other non-cash items include the unwinding of discounts on lease liabilities and interest on loans and borrowings.
34. DISCONTINUED OPERATIONS
On 2 December 2024, (I) Hybrid Software Development NV sold the shares it held in eXplio NV (‘eXplio’), against a cash consideration of
€1, and (II) Hybrid Software Group PLC sold a receivable it held on eXplio, against a cash consideration of €20,000.
The aggregate loss of the sale of the discontinued operation, net of tax, amounts to €120,000.
The subsidiary was not previously classified as held-for-sale or as a discontinued operation. Given the immaterial nature of eXplio’s financial
result, the relevant accounting standard IFRS 5 has not been applied as the Consolidated Statement of Comprehensive Income has not
been re-presented to show the discontinued operation separately from continuing operations.
As per 30 November 2024, eXplio had a total asset value of €193,000 and net asset value of €140,000.
In the first 11 months of 2024, eXplio achieved revenue of €168,000 and had a net loss of €9,000. In 2023, over a 12 month period, eXplio
achieved revenue of €284,000 and had a net loss of €78,000.
35. SUBSEQUENT EVENTS
There are no post balance sheet events requiring disclosure in the financial statements for the year ended 31 December 2024.
136 137

Notes to the consolidated financial statements
Hybrid Software Group Strategic report Governance Financial statements Other information
Hybrid Software Group PLC | Annual Report 2024
COMPANY STATEMENT OF FINANCIAL POSITION
For the year ended 31 December
In thousands of euros Note
2024 2023
Non-current assets
Investments 3 90,460 101,121
Trade and other receivables 4
9,889 10,000
Total non-current assets
100,349 111,121
Current assets
Trade and other receivables 4 1,734 289
Cash and cash equivalents
3,608
420
Total current assets
5,342 709
Current Liabilities
Creditors: Amounts falling due within one year 5
(1,287)
(1,847)
Net current assets/(liabilities)
4,055 (1,138)
Creditors: Amounts falling due in more than one year 6 (107) (343)
Net assets
104,297 109,640
Capital and reserves
Called up share capital 8
13,164
13,164
Share premium account 8
1,979 1,979
Merger reserve 8
67,015 67,015
Treasury shares
8
(193)
(179)
Profit and loss account
22,332 27,661
Total shareholders' funds
104,297 109,640
The notes on pages 138 to 144 form part of these financial statements.
Under section 408 of the Companies Act 2006 the Company is exempt from the requirement to present its own income statement and
related notes. The result for the year ended 31 December 2024 was a loss of €5,289,000 (2023: profit of €18,874,000).
There are no recognised gains or losses for the current year or preceding year other than those disclosed above.
These financial statements were approved and authorised for issue by the board of Directors on 19 March 2025 and were signed on its
behalf by:
Michael Rottenborn
Director
Company registered number: 10872426
COMPANY STATEMENT OF CHANGES IN EQUITY
In thousands of euros
Note
Called up
share capital
Share premium
account
Merger
reserve
Treasury
shares
Profit
and loss
account
Total equity
Balance at 31 December 2022 13,164 1,979 67,015 (161) 8,841 90,838
Total comprehensive income for the
year
Net profit for the year - - - - 18,874 18,874
Total comprehensive income for the
year
- - - - 18,874 18,874
Transactions with owners
Share-based payment transactions 9 - - - 54 (54) -
Own shares re-purchased 8 - - - (72) - (72)
Total transactions with owners - - - (18) (54) (72)
Balance at 31 December 2023 13,164 1,979 67,015 (179) 27,661 109,640
Total comprehensive income for the
year
Net loss for the year - - - - (5,289) (5,289)
Total comprehensive loss for the year - - - - (5,289) (5,289)
Transactions with owners
Share-based payment transactions
9
-
-
-
40
(40)
-
Own shares re-purchased
8
-
-
-
(54)
-
(54)
Total transactions with owners - - - (14) (40) (54)
Balance at 31 December 2024 13,164 1,979 67,015 (193) 22,332 104,297
The notes on pages 138 to 144 form part of these financial statements.
138 139

Notes to the consolidated financial statements
Hybrid Software Group Strategic report Governance Financial statements Other information
Hybrid Software Group PLC | Annual Report 2024
NOTES TO THE COMPANY FINANCIAL STATEMENTS
1. PRINCIPAL ACCOUNTING POLICIES
Hybrid Software Group PLC is a company incorporated and domiciled in the United Kingdom.
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the
Company’s financial statements.
Basis of preparation
These financial statements were prepared in accordance with Financial Reporting Standard 101 - Reduced Disclosure Framework (“FRS
101”).
In preparing these financial statements, the Company applies the recognition, measurement and disclosure requirements of UK-adopted
international accounting standards but makes amendments where necessary to comply with Companies Act 2006 and has set out below
where advantage of the FRS 101 disclosure exemptions has been taken.
The Company is an ultimate parent undertaking and is included in the Company's consolidated financial statements. The consolidated
financial statements are prepared in accordance with IFRS and are available to the public and may be obtained from 2030 Cambourne
Business Park, Cambourne, CB23 6DW.
In these financial statements, the company has applied the exemptions available under FRS 101 in respect of the following disclosures:
• A Cash Flow Statement and related notes;
• Comparative period reconciliations for share capitals;
• Disclosures in respect of transactions with wholly owned subsidiaries;
• Disclosures in respect of capital management;
• The effects of new but not yet effective IFRS; and
• Disclosures in respect of the compensation of Key Management Personnel.
As the consolidated financial statements of the Company include the equivalent disclosures, the Company has also taken the exemptions
under FRS 101 available in respect of the following disclosures:
• IFRS 2 Share Based Payments in respect of group settled share based payments;
• Certain disclosures required by IFRS 3 Business Combinations in respect of business combinations undertaken by the Company;
and
• Financial instruments.
The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial
statements. Group accounting policies also apply to the Company, in addition to those stated below.
Investments
Investments in subsidiary undertakings are stated at cost, less provision for any impairment in value.
Foreign currencies
The functional and presentation currency of the Company is euro.
Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Monetary assets and
liabilities denominated in foreign currencies are translated using the rate of exchange ruling at the balance sheet date or at a contracted
rate if applicable and any exchange differences arising are taken to the profit and loss account.
Provisions
Provisions are recognised when the Company has a present obligation as a result of a past event, and it is probable that the Company will
be required to settle that obligation. Provisions are measured at the Directors’ best estimate of the expenditure required to settle the
obligation at the balance sheet date and are discounted to present value where the effect is material.
Taxation
The charge for taxation is based on the profit or loss for the year and takes into account taxation deferred because of timing differences
between the treatment of certain items for taxation and accounting purposes. Deferred taxation is recognised, without discounting, in
respect of all timing differences between the treatment of certain items for taxation and accounting purposes which have arisen but not
reversed by the balance sheet date, except as required by IAS 12.
NOTES TO THE COMPANY FINANCIAL STATEMENTS (CONTINUED)
1. PRINCIPAL ACCOUNTING POLICIES (CONTINUED)
Share based payments
The share option programme allows employees of the Group to acquire shares of the Company. The fair value of the options and shares
granted is recognised as an employee expense, with a corresponding increase in equity, and is measured at grant date and spread over the
period during which the employees become unconditionally entitled to the options or shares. The fair value of the options granted is
measured using an appropriate valuation model, taking into account the terms and conditions upon which the options were granted. At
each reporting date, the amount recognised as an expense is adjusted to reflect the actual number of share options or shares for which
the related service and non-market conditions are met. The proceeds received, net of any directly attributable transaction costs, are
credited to share capital for the par value of the shares issued and to share premium for the balance, when the share options are exercised.
Going concern
The Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the
foreseeable future. The Directors have prepared cash flow forecasts for a period of at least 12 months from the date of approval of these
financial statements and have no reason to believe that a material uncertainty exists that may cast significant doubt about the Group’s
ability to continue as a going concern, notably because of a cash position of €9.51 million as at 31 December 2024 (2023: €7.08 million).
Those forecasts take into account multiple reasonably possible downsides. Thus, they continue to adopt the going concern basis of
accounting in preparing the annual financial statements. Refer to Note 2 ‘Basis of preparation’ of the consolidated financial statements
for further details.
Estimates and Judgements
Investments (see note 3) are assessed at each reporting date to determine whether there is any indication of impairment. If such indication
exists, then the asset’s recoverable amount is estimated.
Amounts owed by group undertakings (see note 4) are assessed for impairment but are deemed by the Directors to be recoverable in more
than 12 months.
2. EMPLOYEES AND REMUNERATION OF DIRECTORS
The Company employed an average of nil employees (including executive Directors) during the year (2023: nil). Directors’ emoluments are
disclosed in the Directors' remuneration report on pages 77 to 85 and in Note 12 ‘Remuneration of Directors’ of the consolidated financial
statements.
3. INVESTMENTS
In thousands of euros
Shares in subsidiary
undertakings
Cost
At 31 December 2023
158,879
Disposals
(4,381)
At 31 December 2024
154,498
Provision or impairment
At 31 December 2023
57,758
Impairment
6,280
At 31 December 2024
64,038
Net book value
At 31 December 2023
101,121
At 31 December 2024
90,460
The investment of €4,381,000 in ColorLogic GmbH was transferred during the year to HYBRID Software GmbH (a fellow subsidiary
undertaking) on 14 May 2024.
Investments are assessed at each reporting date to determine whether there is any objective evidence that they are impaired. An
investment is considered to be impaired if objective evidence indicates that one or more events have had a negative effect on the
estimated future cash flows of that investment. An impairment loss in respect of an investment is measured as the difference between its
carrying amount and the present value of the estimated future cash flows.
140 141

Notes to the consolidated financial statements
Hybrid Software Group Strategic report Governance Financial statements Other information
Hybrid Software Group PLC | Annual Report 2024
NOTES TO THE COMPANY FINANCIAL STATEMENTS (CONTINUED)
3. INVESTMENTS (CONTINUED)
The estimated fair value of the investments has been determined by the present value of future cash flows over a five-year period from
2025 to 2029 using the same discount rate and exchange rates that were used for the impairment review of Goodwill in the consolidated
financial statements (see Note 16 ‘Goodwill’ of the consolidated financial statements). Management considers the use of a five-year period
is justified because the underlying businesses have been established for between 10 and 25 years, have recurring revenues and continue
to develop new products and gain new customers. An impairment of €6,280,000 (2023: €nil) has been recognised against the investment
in HYBRID Software Group S.à r.l.
At 31 December 2024 the Company had the following interests in the ordinary share capital of group undertakings:
Class of
shares held
Ownership interest
Company name
Registered office address
Principal Activities
2024
2023
Global Graphics (UK)
Limited
2030 Cambourne Business Park,
Cambourne, CB23 6DW, UK
Dormant holding company. Ordinary
100% 100%
Global Graphics
Software Limited*
2030 Cambourne Business Park,
Cambourne, CB23 6DW, UK
Computer software development,
sales and technical support.
Ordinary
100% 100%
Global Graphics
Software
Incorporated*
6601 S.Tamiami Trail, Suite 176,
Sarasota, FL 34231, USA
Computer software development,
sales and technical support.
Ordinary
100% 100%
Global Graphics
Kabushiki Kaisha*
610 AIOS Nagatacho Bldg, 2-17-17
Nagatacho, Chiyoda-ku, Tokyo 100-
0014, Japan
Technical support of computer
software.
Ordinary
100% 100%
Meteor Inkjet Limited
Harston Mill, Royston Road,
Harston, Cambridge, CB22 7GG, UK
Design and supply of technology
for digital inkjet printing.
Ordinary 100% 100%
Xitron, LLC*
4750 Venture Drive, Suite 200A,
Ann Arbor, Michigan 48108, USA
Computer software development,
sales and technical support.
n/a 100% 100%
HYBRID Software
Group S.à r.l.
19-21 route d’Arlon, LU-8009
Strassen, Luxembourg
Holding company. Ordinary
100% 100%
eXplio NV*”
Guldensporenpark 18, Block B, 9820
Merelbeke, Belgium
Computer software development,
sales and technical support.
Ordinary - 100%
HYBRID Software
Development NV*
Guldensporenpark 18, Block B, 9820
Merelbeke, Belgium
Computer software development,
sales and technical support.
Ordinary
100% 100%
HYBRID Integration
LLC*
One South State Street, Newtown,
Pennsylvania 18940, USA
Computer software sales and
technical support.
Ordinary
100% 100%
HYBRID Software NV*
Guldensporenpark 18, Block B, 9820
Merelbeke, Belgium
Computer software sales and
technical support.
Ordinary 100% 100%
HYBRID Software
China Co. Limited*
Room 2504, 25
th
Floor, Building 2,
No. 900 Yishan Road, Xuhui District,
Shanghai, China
Computer software sales and
technical support.
Ordinary
100% 100%
HYBRID Software
GmbH*
Uhlandstrabe 9, 79102 Freiburg,
Germany
Computer software sales and
technical support.
Ordinary
100% 100%
HYBRID Software Italy
SRL*
Viale Sondrio 2, IT-20124 Milano,
Italy
Computer software sales and
technical support.
Ordinary
100% 100%
HYBRID Software
France SAS*
15 Rue Marsollier, F-75002 Paris,
France
Computer software sales and
technical support.
Ordinary
100% 100%
HYBRID Software UK
Limited*
2030 Cambourne Business Park,
Cambourne, CB23 6DW, UK
Computer software sales and
technical support.
Ordinary
100% 100%
HYBRID Software
Australia Pty Limited*
Suite 2, Level 14, 9 Castlereagh
Street, Sydney, NSW 2000, Australia
Computer software sales and
technical support.
Ordinary
100% 100%
HYBRID Software
Iberia S.L.U.*
Riera dels Frares, 8 – E08907
L’Hospitalet, Barcelona, Spain
Computer software sales and
technical support.
Ordinary
100% 100%
ColorLogic GmbH ~
Landersumer Weg 40, D-48431
Rheine, Germany
Computer software development,
sales and technical support.
Ordinary - 100%
* indirectly held by the Company.
~ ColorLogic GmbH legally merged into HYBRID Software GmbH on 14 May 2024
“ eXplio NV was sold on 2 December 2024
NOTES TO THE COMPANY FINANCIAL STATEMENTS (CONTINUED)
4. TRADE AND OTHER RECEIVABLES
In thousands of euros 2024 2023
Amounts owed by group undertakings
11,379 10,000
Other receivables
244 289
Total trade and other receivables
11,623
10,289
In thousands of euros
2024 2023
Current
1,734 289
Non-current
9,889 10,000
Total trade and other receivables
11,623
10,000
There are formal intercompany agreements in place, which incur interest charges at 6% per annum and have a fixed repayment schedule.
Other amounts owed by group undertakings are interest free and would be repayable on demand.
5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
In thousands of euros 2024 2023
Trade and other payables
85
154
Amounts owed to group undertakings
442 582
Accruals
460 578
Contingent consideration (see note 6)
- 233
Deferred consideration (see note 6)
300 300
Total creditors due within one year
1,287
1,847
There are formal intercompany agreements in place, which incur interest charges at 6% per annum and have a fixed repayment schedule.
Other amounts owed by group undertakings are interest free and would be repayable on demand.
6. CREDITORS: AMOUNTS FALLING DUE IN MORE THAN ONE YEAR
In thousands of euros 2024 2023
Deferred consideration
107
343
Total other liabilities 107 343
Fair value adjustment to contingent consideration
Certain assumptions about revenue growth were used when calculating the acquisition date fair value of contingent consideration for the
acquisition of TTP Meteor Limited (now Meteor Inkjet Limited) in the year ending 31 December 2016.
During the year, cash payments of €236,000 (2023: €367,000) were paid against the contingent consideration due for the acquisition of
Meteor Inkjet Limited. The underlying liability is denominated in pounds sterling, thus there is a movement due to changes in exchange
rates used to convert to Euros at the reporting date.
Deferred consideration
Deferred consideration relates to the acquisition of ColorLogic GmbH. During the year, cash payments of €300,000 (2023: €300,000) were
paid against the deferred consideration.
7. TAX
Deferred tax assets are recognised for tax losses available for carrying forward to the extent that the realisation of the related tax benefit
through future taxable profits is probable. The Company had no recognised or unrecognised deferred tax assets as at 31 December 2024
(2023: €nil).
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Notes to the consolidated financial statements
Hybrid Software Group Strategic report Governance Financial statements Other information
Hybrid Software Group PLC | Annual Report 2024
NOTES TO THE COMPANY FINANCIAL STATEMENTS (CONTINUED)
8. SHARE CAPITAL AND RESERVES
Ordinary shares of €0.40 allotted, called up and fully paid:
2024
2023
In thousands of euros, except number of shares Number Value Number Value
As at 31 December
32,909,737
13,164
32,909,737
13,164
Share premium:
In thousands of euros
2024
2023
As at 31 December 1,979 1,979
Merger reserve:
The movement during the year is as follows:
In thousands of euros
2024
2023
As at 31 December 67,015 67,015
Treasury shares:
The Company's investment in its own shares in treasury is as follows:
2024
2023
In thousands of euros, except number of shares Number Value Number Value
As at 1 January
58,584
179
58,996
161
Disbursement of shares to employees
(9,106) (40) (19,000) (54)
Own shares re-purchased
14,344 54 18,588 72
As at 31 December
63,822
193
58,584
179
9. SHARE BASED PAYMENTS
Information about share based payments for Directors and employees is detailed in Note 29 ‘Share based payments’ of the consolidated
financial statements.
10. RELATED PARTY TRANSACTIONS
The controlling party is Congra Software S.à r.l. (“Congra”), which owns the majority of the voting rights of the Company. Congra is
controlled by Powergraph BV and Powergraph BV is controlled by the Group’s chairman, Guido Van der Schueren.
The remuneration paid to the Directors is detailed in the Directors’ remuneration report on pages 77 to 85. Other related party
relationships are detailed in Note 31 ‘Related parties’ of the consolidated financial statements.
The Company has taken advantage of the exemption under paragraph 8(k) of FRS 101 for transactions with wholly owned group companies.
11. SUBSEQUENT EVENTS
Details of post balance sheet events requiring disclosure in the financial statements for the year ended 31 December 2024 are in Note 35
‘Subsequent events’ of the consolidated financial statements.
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Hybrid Software Group PLC | Annual Report 2024
OTHER
INFORMATION
146

Glossary
Hybrid Software Group Strategic report Governance Financial statements Other information
Hybrid Software Group PLC | Annual Report 2024
Additive manufacturing
Building physical product by digitally ‘printing’ it, often with
technology similar to the inkjet heads used for 2D printing.
The term “3D printing” is often used for home and small-
scale additive manufacturing.
Binder jetting
A class of additive manufacturing in which the solid form is
created by jetting a binder fluid into a bed of powder. This
technique can be used for metals, polymers and glass.
CAGR
Compound Annual Growth Rate.
Colour separation
Colour can be specified in many different ways in the digital
world, but printing uses only a small set of inks. All colours
in the source document must be transformed into a set
of separations, one for each of the inks to be used. Most
commonly in commercial print, labels and packaging this
means Cyan, Magenta, Yellow and Black (see also “Extended
Gamut”).
Converting
The design for a label or package is converted from a
primary copy, such as a PDF file, through printing on a
substrate and then one or more processes such as cutting,
folding and gluing to create a label that can be applied or a
carton that can be filled.
CTP
Computer to Plate – imaging a printing plate directly from
digital data rather than imaging a film and using that to
image the plate.
Digital Front End (DFE)
The controller that manages and drives a digital press,
consuming source files such as PDF, processing them as
necessary and sending colour separations to the
printhead.
Enterprise software
Computer programs that have common business
applications. In relation to printing these typically manage
customer relationships, estimation, billing, production
management and shipping.
EPS
Encapsulated PostScript; a subset of the PostScript PDL
with extra commenting rules designed to allow graphics to
be placed within a larger page in a design application.
Extended gamut
Printing in the commercial, labels and packaging sectors is
often done using four inks: Cyan, Magenta, Yellow and Black
(CMYK). Together these can deliver good approximations
of most colours. An extended gamut ink set can be used
to reproduce more vibrant colours, including some brand
colours. This is often achieved by adding one or more of
Orange, Green and Violet inks to the CMYK set.
Flexo/Flexography
A conventional printing technology in which flexible
plates with raised areas are used to transfer ink onto the
substrate. Widely used in labels and packaging.
Functional printing
Applying substances to a substrate that do more than
represent colour or some other aspect of appearance such
as gloss, using a process that’s normally used for printing.
Examples include conductive tracks for printed electronics,
or materials that change colour in the presence of certain
gases for food safety, etc.
Glossary
Gravure
Conventional print technology in which a cylinder is
engraved with cells which carry ink to transfer it to the
substrate. Very expensive to prepare cylinders for each job,
so it’s most used for jobs with extremely long run lengths
(millions of copies), such as long-run magazines and wall-
coverings.
Image setter
Machine for imaging from digital data to film or
photographic paper. The result would then be used
to image a plate. Obsolete for offset lithography and
increasingly so for other conventional press technologies;
replaced by plate setters.
Imposition
Laying out multiple pages or multiple jobs together to
maximise usage of the area of a printing press.
Industrial inkjet
A term that is used with various different meanings, but
is best applied to printing where the substance being
printed is a part of the final product, as opposed to carrying
information (e.g. in commercial print) orto protect a
product (e.g. in packaging). Examples of industrial print
include applications of colour and functional coatings to
textiles, ceramics and other décor.
Industry 4.0
A term for fully automated production, where equipment
performing different processes are interconnected and
share information.
Inkjet printing
Application of coloured or functional fluids to a substrate
by jetting as drops.
JPEG
Joint Photographic Experts Company’; a committee (ISO/
IEC JTC1/SC29) and the format that they defined for storing
images in a very compact way using (mainly) compression.
There are now variants such as JPEG 2000 and JPEG-XR that
use rather different and incompatible techniques.
Litho
Offset lithography – conventional printing press technology
using plates treated to make some areas hydrophilic and
others hydrophobic (attracting and rejecting water) to
control where ink will adhere to them. ‘Offset’ here means
that the ink is transferred from the plate to a blanket
before then being applied to the media being printed on.
Mass customisation
Mass produced products where every item is unique.
Examples include personalized labels, tee-shirts, phone
cases and the like.
OEM
OEM, or original equipment manufacturer, is an
organisation that makes devices from component parts
bought from other organisations.
Piezoelectric
Electricity resulting from pressure and latent heat. Piezo
printheads are all based on the principle that a particular
type of crystal expands or contracts when an electric
current is passed though it and switched off again. This
expansion/contraction is used as the basis of a pump in the
ink chamber.
PDF
Portable Document Format, a universal file format that
is maintained by the International Standards Organisation.
In printing it can contain all the information required to
produce an item that matches exactly what the graphic
designer intended in terms of fonts, colour specifications
etc.
PostScript
Page description language (PDL) created in the mid 1980s
by Adobe Systems; the first general PDL to be widely
adopted for both office and production printing, replacing
proprietary languages from each vendor. Still used for
office printing, but largely replaced by PDF for production
printing.
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Glossary
Hybrid Software Group Strategic report Governance Financial statements Other information
Hybrid Software Group PLC | Annual Report 2024
Image courtesy of Vollherbst.
Pre-press
A department or series of software processes that prepare
files for printing.
Printhead driver solutions
Our software and proprietary driver electronics send
data to printheads inside inkjet devices to control the
printing process.
Printheads
Printheads are a component of an inkjet press and generally
contain multiple nozzles for jetting ink or other fluids onto
substrates.
Proofer
Device used to make colour-managed prints configured
to match the appearance of the same job on a production
printing press for use in approval workflows. Increasingly
replaced by “soft proofing”, using a calibrated computer
display for approval rather than creating printed copy
Rasterisation
The process of transforming a page description language
( see PostScript), comprising text, vector graphics, images
and other complex constructs, into a rectangular grid
of pixels that is suitable for delivering to an inkjet head,
plate setter or other imaging device. Often equated to
‘rendering’.
RIP/ RIPping
A Raster Image Processor converts graphic designs into
raster data (image pixels) for onward processing by the
printing device.
Screening
Screening (sometimes called halftone screening) converts
graphical designs from raster data (such as that delivered
by a RIP) into a slightly different format. The process
compensates for the fact that most printing technology
cannot represent more than a very small number of
different tints of each ink. Screening places very small and
carefully structured collections of areas of ink in such a way
that the human eye is fooled into seeing additional tints
from the intended viewing distance.
Screen printing
In screen printing ink is applied to a surface through a
stencil held on a mesh attached to a frame.
Smart factory
Smart factories are designed to autonomously run
the entire production process and this will include the print
subsystems.
Trapping
A process to avoid unpleasant visible effects when the
colour separations being printed are not perfectly aligned
with each other (in register). It typically works by enlarging
some objects slightly, and contracting others.
Variable data processing or VDP
Printing items where every instance varies at least slightly
from the others, often with some graphics in common as
well. Examples range from adding serial numbers to labels,
through direct mail and variations designed to ensure that
packaging has more shelf appeal.
Waveform
The way in which the voltage applied to an inkjet head is
varied over time in order to deliver well-formed ink drops of
the desired size and at the desired speed.
Wide format
Printing on devices with a width that’s usually more than
50cm, usually using inkjet and often related in some way to
marketing or photo finishing, including banners, stickers,
soft signage and sportswear.
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Info
Hybrid Software Group Strategic report Governance Financial statements Other information
Hybrid Software Group PLC | Annual Report 2024
Country of incorporation: England and Wales
Legal form: Public limited company
Company number: 10872426
Directors
- Guido Van der Schueren
- Michael Rottenborn
- Joachim Van Hemelen
- Clare Findlay
- Luc De Vos
Secretary
Peter Goodwin
Auditors
PKF Littlejohn LLP,
15 Westferry Circus, Canary Wharf, London E14 4HD
Lawyers
Mills & Reeve LLP, Botanic House,
100 Hills Road, Cambridge, CB2 1AR
Share registrar
MUFG Corporate Markets (UK) Ltd, 6th Floor,
65 Gresham Street, London, EC2V 7NQ
Stock market: Euronext Brussels
Stock ticker: HYSG
Legal Entity Identifier (LEI): 213800ZFW446QIHAB654
Shares ISIN: GB00BYN5BY03
152 153