27149588 2024-01-01 2024-12-31 27149588 2024-01-01 2024-12-31 1 27149588 2024-01-01 2024-12-31 1 27149588 2024-01-01 2024-12-31 2 27149588 2024-01-01 2024-12-31 3 27149588 2024-01-01 2024-12-31 1 27149588 2024-12-31 27149588 2023-12-31 fsa:ContributedCapitalMember 27149588 2023-12-31 fsa:RetainedEarningsMember 27149588 2023-12-31 fsa:ProposedDividendRecognisedInEquityMember 27149588 2023-12-31 27149588 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 27149588 2024-01-01 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 27149588 2024-01-01 2024-12-31 fsa:ContributedCapitalMember 27149588 2024-12-31 fsa:ContributedCapitalMember 27149588 2024-12-31 fsa:RetainedEarningsMember 27149588 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 27149588 2023-01-01 2023-12-31 iso4217:DKK The Board of Directors and the Executive Board have today considered and approved the annual report of ITW Denmark ApS for the financial year 01.01.2024 - 31.12.2024. 406000 567000 The annual report is presented in accordance with the Danish Financial Statements Act. -406000 -567000 In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2024 and of the results of its operations for the financial year 01.01.2024 - 31.12.2024. 251869000 169863000 We believe that the management commentary contains a fair review of the affairs and conditions referred to therein. 19439000 16107000 We recommend the annual report for adoption at the Annual General Meeting. 10637000 5304000 Silkeborg 260265000 180099000 2025-06-20 1822000 2253000 Ryan Ronald Dale 258443000 177846000 Manoela Pereira Fry 650000000 300000000 Monique Martins -391557000 -122154000 Ryan Ronald Dale To the shareholder of ITW Denmark ApS 7000 15000 We have audited the financial statements of ITW Denmark ApS for the financial year 01.01.2024 - 31.12.2024, which comprise the income statement, balance sheet, statement of changes in equity and ​notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. ​ ​In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2024 and of the results of its operations for the financial year 01.01.2024 - 31.12.2024 in accordance with the Danish Financial Statements Act. 7000 15000 We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor’s responsibilities for the audit of the financial statements" section of this auditor’s report. We are independent of the Entity in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 851511000 735033000 Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Entity’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so. 851511000 735033000 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 and the additional requirements applicable in Denmark 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.​​As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, ​we exercise professional judgement and maintain professional scepticism throughout the audit. We also:Identify and assess the risks of material misstatement of the financial statements, whether due to ​fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence ​that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a ​material misstatement resulting from fraud is higher than for one resulting from error, as fraud may ​involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.​Obtain an understanding of internal control relevant to the audit in order to design audit procedures ​that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the ​effectiveness of the Entity’s internal control.​Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates ​and related disclosures made by Management. ​Conclude on the appropriateness of Management’s use of the going concern basis of accounting in ​preparing the financial statements, and, based on the audit evidence obtained, whether a material ​uncertainty exists related to events or conditions that may cast significant doubt on the Entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to ​draw attention in our auditor’s report to the related disclosures in the financial statements or, if such ​disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence ​obtained up to the date of our auditor’s report. However, future events or conditions may cause the ​Entity to cease to continue as a going concern.​Evaluate the overall presentation, structure and content of the financial statements, including the disclosures ​in the notes, and whether the financial statements represent the underlying transactions and ​events in a manner that gives a true and fair view.Plan and perform the audit of the financial statements to obtain sufficient appropriate audit evidence regarding the consolidated financial information of the entities or business units as a basis for forming an opinion on the financial statements. We are responsible for the direction, supervision and review of the audit work performed. We remain solely responsible for our audit opinion.We communicate with those charged with governance regarding, among other matters, the planned scope ​and timing of the audit and significant audit findings, including any significant deficiencies in internal control ​that we identify during our audit. 851518000 735048000 301037000 322853000 Management is responsible for the management commentary. Our opinion on the financial statements does not cover the management commentary, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the management commentary and, in doing so, consider whether the management commentary is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the management commentary provides the information required by relevant law and regulations.Based on the work we have performed, we conclude that the management commentary is in accordance with the financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary. 554000 192000 301591000 323045000 Aarhus 319271000 105990000 Mikael Møller 620862000 429035000 mne47835 1472380000 1164083000 State Authorised Public Accountant 2088000 2088000 Financial highlights2024 DKK'0002023 DKK'0002022 DKK'0002021 DKK'0002020 DKK'000Key figuresGross profit/loss(406)(567)(292)(168)(180)Net financials260,265180,099 204,349156,402131,979Profit/loss for the year258,443177,846201,915156,120131,894Total assets1,472,3801,164,0831,043,177914,930711,668Equity913,713955,661877,979676,240520,190RatiosReturn on equity (%)28.2818.6122.9926.1020.90Equity ratio (%)62.0682.1084.1673.9173.09Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark.Return on equity (%) :Profit/loss for the year * 100 Average equityEquity ratio (%) :Equity * 100 Total assets 261625000 653573000 Primary activitiesThe Company’s main activity is to run an international manufacturing and trading company through investments ​in other companies with similar activities in Denmark and abroad. Development in activities and financesNet profit for the year amounts to DKK 258,443k. The Management of the Company regards the net profit as very satisfactory. Profit for the year is in accordance with the expected development. Profit for 2025 is expected to be at the same level as in 2024. 913713000 955661000 Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. 558381000 183217000 This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class B enterprises with addition of a few provisions for reporting class C.The accounting policies applied to these financial statements are consistent with those applied last year. 92000 25034000 Consolidated financial statementsReferring to section 112(1) of the Danish Financial Statements Act, no consolidated financial statements have been prepared. 194000 171000 Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic benefits will flow to the Entity, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial recognition is effected as described below for each financial statement item. Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and measurement. Income is recognised in the income statement when earned, whereas costs are recognised by the amounts attributable to this financial year. 558667000 208422000 Foreign currency translationOn initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction ​date. Receivables, payables and other monetary items denominated in foreign currencies that have not been ​settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange ​differences that arise between the rate at the transaction date and the rate in effect at the payment date, or the ​rate at the balance sheet date, are recognised in the income statement as financial income or financial expenses. ​Property, plant and equipment, intangible assets, inventories and other non-monetary assets that have been ​purchased in foreign currencies are translated using historical rates.​​When recognising foreign subsidiaries and associates that are independent entities, the income statements ​are translated at average exchange rates for the months that do not significantly deviate from the rates at the ​transaction date. Balance sheet items are translated using the exchange rates at the balance sheet date. Goodwill ​is considered belonging to the independent foreign entity and is translated using the exchange rate at the ​balance sheet date. Exchange differences arising out of the translation of foreign subsidiaries’ equity at the ​beginning of the year at the balance sheet date exchange rates and out of the translation of income statements ​from average rates to the exchange rates at the balance sheet date are recognised directly in translation reserve in equity.​​Exchange adjustments of outstanding accounts with independent foreign subsidiaries, which are considered ​part of the total investment in the subsidiary in question, are recognised directly in translation reserve in equity.When recognising foreign subsidiaries that are integral entities, monetary assets and liabilities are translated ​using the exchange rates at the balance sheet date. Non-monetary assets and liabilities are translated at the ​exchange rate at the time of acquisition or the time of any subsequent revaluation or writedown. The items of the ​income statement are translated at the average rates of the months; however, items deriving from non-monetary ​assets and liabilities are translated using the historical rates applicable to the relevant non-monetary items. 558667000 208422000 1472380000 1164083000 Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities, including expenses for premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of receivables recognised in current assets. 2088000 Income from investments in group enterprisesIncome from investments in group enterprises comprises the pro rata share of the individual enterprises’ profit/loss after full elimination of intragroup profits or losses and impairment losses of goodwill on consolidation. 653573000 Other financial incomeOther financial income comprises interest income, including interest income on receivables from group enterprises, net capital gains on payables and transactions in foreign currencies etc. 300000000 Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group enterprises, net capital losses on payables and transactions in foreign currencies etc. Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity. The current tax payable or receivable is recognised in the balance sheet, stated as tax calculated on this year’s taxable income, adjusted for prepaid tax. Deferred tax is recognised and measured applying the liability method on all temporary differences between the carrying amount and taxbased value of assets and liabilities. Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at their estimated realisable value, either as a setoff against deferred tax liabilities or as net tax assets. s).The Entity is jointly taxed with all Danish group enterprises. The current Danish income tax is allocated among the jointly taxed entities proportionally to their taxable income (full allocation with a refund concerning tax losses). 0 Intellectual property rights etc.Intellectual property rights etc comprise projects completed and in progress with related intellectual property rights, acquired intellectual property rights and prepayments for intangible assets.Intellectual property rights acquired are measured at cost less accumulated amortisation. Patents are amortised on a straight-line basis over their remaining duration, and licences are amortised over the term of the agreement.​ ​Intellectual property rights etc. are written down to the lower of recoverable amount and carrying amount. 300000000 Investments in group enterprisesInvestments group enterprises are recognised and measured according to the equity method. This means that investments are measured at the pro rata share of the enterprises’ equity value plus or minus unamortised positive, or negative, goodwill on consolidation and plus or minus unrealised intragroup profits or losses. The parent`s share of the enterprises net profits or losses after elimination of unrealised intragroup profits and losses and minus or plus amortisation of positive, or negative, goodwill on consolidation is recognised in the income statement. Group enterprises with a negative equity value are measured at zero value, and any receivables from these enterprises are written down by the parent`s share of such negative equity if it is deemed irrecoverable. If the negative equity exceeds the amount receivable, the remaining amount is recognised under provisions if the Parent has a legal or constructive obligation to cover the liabilities of the relevant enterprise. Net revaluation of investments in group enterprises is taken to reserve for net revaluation under the equity method if the carrying amount exceeds cost. Goodwill on consolidation is amortised straight-line over its estimated useful life which is fixed based on the experience gained by Management for each business area. The amortisation period may be up to 20 years for strategically acquired enterprises with a strong market position and a long-term earnings profile if the amortisation period is considered to give a fair reflection of the Group`s benefit from the relevant resources. Goodwill on consolidation is written down to the lower of recoverable amount and carrying amount.The accounting policies applied to material financial statement items of group enterprises are: Investment property: Investment properties are measured at fair value which is equivalent to the amount at which the individual property may be sold to an independent buyer at the balance sheet date. The financial year's adjustments of the properties’ fair value are recognised in the income statement. Other investments: Other investments comprising listed securities and unlisted investments are measured at fair value. 300000000 ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and doubtful debts. 0 CashCash comprises cash in hand and bank deposits. 391000 DividendDividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for the financial year is disclosed as a separate item in equity. 0 Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. 391000 Tax receivable or payableCurrent tax receivable or payable is recognised in the balance sheet, stated as tax computed on this year's taxable income, adjusted for prepaid tax. -391557000 true 650000000 Grundlag for konklusion Konklusion 2088000 2025-06-20 261625000 true 650000000 33963556 2023-01-01 1 Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. 2023-12-31 2 Other financial income 2024 DKK'0002023 DKK'000Financial income from group enterprises18,62815,495Other interest income81161219,43916,107 Aarhus C 3 Other financial expenses2024 DKK'0002023 DKK'000Financial expenses from group enterprises10,6335,231Other interest expenses47310,6375,304 8000 4 Tax on profit/loss for the year2024 DKK'0002023 DKK'000Current tax1,8492,253Adjustment concerning previous years(27)01,8222,253 2 5 Intangible assetsAcquired intangible assets DKK'000Cost beginning of year38Cost end of year38Amortisation and impairment losses beginning of year(23)Amortisation for the year(8)Amortisation and impairment losses end of year(31)Carrying amount end of year7 City Tower, Værkmestergade 6 Financial assetsInvestments in group enterprises​DKK'000Cost beginning of year1,667,395Cost end of year1,667,395Impairment losses beginning of year(932,362)Exchange rate adjustments(391)Share of profit/loss for the year251,869Dividend(135,000)Impairment losses end of year(815,884)Carrying amount end of year851,511Investments in subsidiariesRegistered inCorporate formEquity​interest​%Hobart Scandinavia ApSGreveApS100.00Novadan ApSKoldingApS100.00ITW Construction Products ApSMiddelfartApS100.00ITW GSE ApSOdenseApS100.00ITW Chemical Products Scandinavia ApSSilkeborgApS100.00Densit ApSAalborgApS100.00 Deloitte Statsautoriseret Revisionspartnerselskab 7 Receivables from group enterprisesTogether with the other Danish group companies, the Company has entered into a cash pool arrangement, according to which the Company is liable as sole contractor towards the bank. The other participating companies deposits and debt related to the cash pool arrangement has been recognised as either intercompany receivables or payables. The net balance of the cash pool as of 31 December 2024 is a payable of DKK 257,837k. Silkeborg 8 EmployeesThe Entity has no employees. Silkeborg 9 Contingent liabilitiesThe Entity serves as the administration company in a Danish joint taxation arrangement. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity is therefore liable for income taxes etc for the jointly taxed entities, and for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for these entities. 8600 10 Transactions with related partiesOnly related party transactions not conducted on an arm’s length basis are disclosed in the annual report. No such transactions have been conducted in the financial year. Regnskabsklasse B 11 Group relationsName and registered office of the Parent preparing consolidated financial statements for the largest group: ITW Denmark ApS and subsidiaries are included in the consolidated financial statements of Illinois Tools Works Inc., Chicago, USA. Copies of the consolidated financial statements of Illinois Tool Works Inc may be ordered at the following address: 155 Harlem Ave, Glenview, IL 60025, USA. Revisionspåtegning 2024-12-31 2024-01-01 36 Priorsvej ITW Denmark ApS 27149588 27149588 8600 Silkeborg Priorsvej 36 ITW Denmark ApS Årsrapport 2025-06-20 Ryan Dale