187182352024-01-012024-12-31187182352024-01-012024-12-311187182352024-01-012024-12-311187182352024-01-012024-12-312187182352024-01-012024-12-313187182352024-01-012024-12-314187182352024-01-012024-12-311187182352024-12-31187182352023-12-31fsa:ContributedCapitalMember187182352023-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember187182352023-12-31fsa:RetainedEarningsMember187182352023-12-31fsa:ProposedDividendRecognisedInEquityMember187182352023-12-31187182352024-01-012024-12-31fsa:RetainedEarningsMember187182352024-01-012024-12-31fsa:ProposedDividendRecognisedInEquityMember187182352024-01-012024-12-31fsa:ContributedCapitalMember187182352024-01-012024-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember187182352024-12-31fsa:ContributedCapitalMember187182352024-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember187182352024-12-31fsa:RetainedEarningsMember187182352024-12-31fsa:ProposedDividendRecognisedInEquityMember187182352023-01-012023-12-31iso4217:DKKxbrli:pureThe Board of Directors and the Executive Board have today considered and approved the annual report of Scanavo A/S for the financial year 01.01.2024 - 31.12.2024.5276988553235251The annual report is presented in accordance with the Danish Financial Statements Act.2216843821771192In 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 - 31.12.2024.594538471312We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.3000690930992747We recommend the annual report for adoption at the Annual General Meeting.1575843926526828Taastrup1771357606268Tino Thorbjørn Sølling240557997851Mads Bohnstedt Sølling4729614857127992Chairman69453656743116Tino Thorbjørn Sølling4035078350384876Maria Elisabeth Bohnstedt Sølling89706110795Jeanette Sigrid Sølling429075623222To the shareholder of Scanavo A/S518781734017We have audited the financial statements of Scanavo A/S 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.2616643934945874We 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.20000522714Management 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.2618643935468588Our 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.2670522036202605581294714512626Management 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.581294714512626708019312629125Copenhagen59630637403012Christian Sanderhage564000625200mne2334727914872012913State Authorised Public Accountant6158291453330Financial highlights2024 DKK'0002023 DKK'0002022 DKK'0002021 DKK'0002020 DKK'000Key figuresGross profit/loss52,77053,23528,15346,17346,857Operating profit/loss30,00730,9937,21423,71423,861Net financials1,531(392)205(249)(106)Profit/loss for the year40,35150,38534,49842,71135,276Total assets76,10295,22469,423102,91665,640Investments in property, plant and equipment3837151,4452,5061,651Equity57,45766,00251,31959,86250,883RatiosReturn on equity (%)65.3785.8962.0677.1368.62Equity ratio (%)75.5069.3173.9258.1777.52Financial 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 assets57358149278Primary activitiesThe Group’s primary activity remains the sale and marketing of media packaging. In recent years, the business has evolved into a strategic partner for film studios and game publishers within the global home entertainment industry. With a broad and established distribution network, the Group serves customers worldwide through its regional sales offices in Europe, North America, and Asia.1707193024272858Development in activities and financesThe annual report for 2024 shows a profit before tax of DKK 47.296 thousand DKK, which Management considers satisfactory. Our performance continues to be influenced by the timing and scale of new product releases from our key clients in the film and gaming sectors. These factors naturally fluctuate from year to year and remain outside our direct control. 2651227320236395Profit/loss for the year in relation to expected developmentsManagement expected around 20% decline in earnings from 2023 to 2024 which is in line with the realised decline in earnings before tax from 57,128 thousand DKK to 47,296 thousand DKK.4939715059021879OutlookManagement maintains a cautious outlook for 2025. While the company’s strategic positioning and client partnerships remain strong, external macroeconomic factors have introduced short-term challenges. In particular, the recent escalation of tariffs on goods manufactured in China is expected to have a material impact on earnings until we are able to further relocate the affected portions of our production to alternative regions. Although a significant share of our manufacturing has already been moved to the US and EU, the remaining exposure to Chinese production will temporarily constrain our margins and flexibility. Management is actively engaged in identifying and implementing solutions to mitigate these pressures and remains confident in the long-term viability and resilience of the business. While management remains optimistic about the long-term impact of our strategic initiatives, we anticipate a temporary decline in earnings for 2025 estimated around 10%.7610237095224484Research and development activitiesThe Company continues to invest in product development to remain agile and responsive to emerging opportunities in the market.37500003750000Events 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. 88253048006640This annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (medium).The accounting policies applied to these financial statements are consistent with those applied last year.48813104245566Recognition 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.4000000050000000Foreign 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. 5745661466002206Gross profit or lossGross profit or loss comprises revenue, changes in inventories of finished goods, other operating income, cost of raw materials and consumables and external expenses.12988059000495RevenueRevenue from the sale of manufactured goods and goods for resale is recognised in the income statement when delivery is made and risk has passed to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed.82626715847505Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary activities, including rental income and gains from the sale of intangible assets and property, plant and equipment.15370053735267Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for normal inventory writedowns.45556506134769Other 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.29916254504242Staff costsStaff costs comprise salaries and wages, and social security contributions, pension contributions, etc for entity staff.1864575629222278Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment and intangible assets comprise depreciation, amortisation and impairment losses for the financial year, calculated on the basis of the residual values and useful lives of the individual assets and impairment testing as well as gains and losses from the sale of intangible assets as well as property, plant and equipment.1864575629222278Income 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 intra-group profits or losses.7610237095224484Other financial incomeOther financial income comprises dividends etc received on other investments, interest income, including interest income on receivables from group enterprises, net capital or exchange gains on securities, payables and transactions in foreign currencies, amortisation of financial assets, and tax relief under the Danish Tax Prepayment Scheme etc.375000034Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group enterprises, net capital or exchange losses on securities, payables and transactions in foreign currencies, amortisation of financial liabilities, and tax surcharge under the Danish Tax Prepayment Scheme etc.8006640Tax 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 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).4245566384876Property, plant and equipmentPlant and machinery, and other fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses. Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the asset until the time when it is ready to be put into operation. The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line depreciation is made on the basis of the following estimated useful lives of the assets:Useful life Plant and machinery1-2 yearsOther fixtures and fittings, tools and equipment3-5 yearsLeasehold improvements are expensed during the financial year. Estimated useful lives and residual values are reassessed annually. Items of property, plant and equipment are written down to the lower of recoverable amount and carrying amount. Gains and losses on the disposal of property, plant and equipment are determined as the difference between the selling price less selling costs and the carrying amount at the date of disposal.50000000Investments in group enterprisesInvestments in 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 goodwill and plus or minus unrealised intra-group profits or losses. The Parent’s share of the enterprises’ results is recognised in the income statement. Subsidiaries and associates with negative net asset values are measured at DKK 0, and any amounts owed by such enterprises are written down by the Parent’s share of the negative net asset value if the amount owed is deemed irrecoverable. If the negative net asset value exceeds the amount owed, the remaining amount is recognised under provisions to the extent that the Parent has a legal or constructive obligation to cover that enterprise’s liabilities.ReceivablesReceivables are measured at amortised cost, usually equalling nominal value, less writedowns for bad and ​doubtful debts.0InventoriesInventories are measured at the lower of cost using the FIFO method and net realisable value. Goods for resale are measured at cost, comprising purchase price plus delivery costs. Write-down is made for obsolete goods, including slow-moving items The net realisable value of inventories is calculated as the estimated selling price less completion costs and costs incurred to execute sale.50000000Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based value of assets and liabilities, for which the tax-based value is calculated based on the planned use of each asset. 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 set-off against deferred tax liabilities or as net tax assets.50000000Joint taxation contributions receivable or payableCurrent joint taxation contributions payable or joint taxation contributions receivable are recognised in the balance sheet, calculated as tax computed on the taxable income for the year, which has been adjusted for prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are expected to be used under the joint taxation arrangement.0PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost.-1103625CashCash comprises cash in hand and bank deposits.0DividendDividend 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. 0Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.-1103625Prepayments received from customersPrepayments received from customers comprise amounts received from customers prior to delivery of the goods agreed or completion of the service agreed.-16043400Cash flow statementReferring to section 86(4) of the Danish Financial Statements Act, no cash flow statement has been prepared as Scanavo A/S is included in the cash flow statement of TS Holding 2018 ApS.16043400true0Grundlag for konklusion15758439Konklusion-154076562025-06-24400000002025-06-24Regnskabsklasse C, mellemstor virksomhed37500002023-01-0188253042023-12-3148813103396355640000000København S23001 Staff costs2024 DKK2023 DKKWages and salaries19,735,00619,652,206Pension costs2,154,1101,843,204Other social security costs279,322275,78222,168,43821,771,192Average number of full-time employees3234Staff costs include remuneration and pension costs to the Executive Board and the Board of Directors. In accordance with section 98b(3) of the Danish Financial Statements Act, no specification of amounts has been included.632Weidekampsgade2 Depreciation, amortisation and impairment losses2024 DKK2023 DKKDepreciation of property, plant and equipment594,538471,312594,538471,312Deloitte Statsautoriseret Revisionspartnerselskab3 Other financial income2024 DKK2023 DKKFinancial income from group enterprises93,03768,141Other interest income788,436538,127Exchange rate adjustments889,88401,771,357606,268Høje-taastrup4 Other financial expenses2024 DKK2023 DKKFinancial expenses from group enterprises195,521221,287Other interest expenses45,03696,698Exchange rate adjustments0679,866240,557997,851Taastrup5 Tax on profit/loss for the year2024​DKK2023​DKKCurrent tax6,884,1716,546,670Change in deferred tax61,200200,000Adjustment concerning previous years(6)(3,554)6,945,3656,743,11626306 Proposed distribution of profit and loss2024 DKK2023 DKKOrdinary dividend for the financial year40,000,00050,000,000Retained earnings350,783384,876 40,350,78350,384,876Revisionspåtegning2024-12-313507832024-01-0123427 Property, plant and equipmentPlant and machinery DKKOther fixtures and fittings, tools and equipment DKKCost beginning of year6,947,2001,792,008Additions383,0500Disposals0(557,004)Cost end of year7,330,2501,235,004Depreciation and impairment losses beginning of year(6,836,404)(1,168,785)Depreciation for the year(404,140)(190,398)Reversal regarding disposals0553,254Depreciation and impairment losses end of year(7,240,544)(805,929)Carrying amount end of year89,706429,0758 Financial assetsInvestments in group enterprises​DKKOther receivables​DKKCost beginning of year2,507,946522,714Disposals0(502,714)Cost end of year2,507,94620,000Revaluations beginning of year32,434,9410Exchange rate adjustments1,106,6130Share of profit/loss for the year15,758,4390Dividend(25,641,500)0Revaluations end of year23,658,4930Carrying amount end of year26,166,43920,000Dividend relates to recognized dividends regarding prior financial year which is received during current financial year.Investments in subsidiariesRegistered inCorporate formEquity​interest​%Scanavo Market A/STaastrupA/S100Scanavo Manufactoring Hong Kong Ltd.Hong KongLtd.1009 Deferred tax2024 DKK2023 DKKProperty, plant and equipment467,000549,200Receivables97,000110,000Provisions0(34,000)Deferred tax564,000625,200 Changes during the year2024 DKK2023 DKKBeginning of year625,200825,200Recognised in the income statement(61,200)(200,000)End of year564,000625,200​Deferred tax assetsDeferred tax assets are recognised based on management best estimates of utilisation within 3-5 years. Roskildevej10 PrepaymentsPrepayments comprise costs incurred concerning subsequent financial years.Scanavo A/S11 Unrecognised rental and lease commitments2024​DKK2023​DKKLiabilities under rental or lease agreements until maturity in total77,000620,0001871823512 Contingent liabilitiesThe Entity participates in a Danish joint taxation arrangement where TS Holding 2018 ApS serves as the administration company. 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 the jointly taxed entities. The jointly taxed entities' total known net liability under the joint taxation arrangement is disclosed in the administration company's financial statements.3396355613 Related parties with controlling interestScanavo A/S’ related parties comprise the following: - Scanavo Holding ApS, Taastrup, Denmark - TS Holding 2018 ApS, Taastrup, Denmark - Tino Thorbjørn Sølling (CEO), Solrød Strand, Denmark2300 København S14 Non-arm’s length related party transactionsOnly 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.Weidekampsgade 615 Group relationsName and registered office of the Parent preparing consolidated financial statements for the largest and smallest group: TS Holding 2018 ApS, Business Registration No 39434156Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapport2025-06-24Tino Thorbjørn Sølling