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Papirfabrikken 3461614000411040008600 Silkeborg
35414000312030002022267011971600081289000The Board of Directors and the Executive Board have today considered and approved the annual report of Silkeborg IF A/S for the financial year 01.01.2024 - 31.12.2024.4680100044031000The annual report is presented in accordance with the Danish Financial Statements Act.1244400011563000In 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 and cash flows for the financial year 01.01.2024 - 31.12.2024.6047100025695000We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.15780001793000We recommend the annual report for adoption at the Annual General Meeting.209000146000Silkeborg6184000027342000Kent Villadsen Madsen136000006014000CEO4824000021328000Claus Kjær Agerskov Christensen169820007126000CFO00Benjamin Albert Boycott169820007126000chairman33790006749000Henrik Hedegård Lyhne5922300063193000deputy chairman6260200069942000Poul Hansen4200042000To the shareholders of Silkeborg IF A/S80008000We have audited the financial statements of Silkeborg IF A/S for the financial year 01.01.2024 - 31.12.2024, which comprise the income statement, balance sheet, statement of changes in equity, cash flow statement 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 and cash flows for the financial year 01.01.2024 - 31.12.2024 in accordance
with the Danish Financial Statements Act.5000050000We 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.7963400077118000Management 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.11800061000Our 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.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.118000610005135000032002000Management 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.0200000001512000715000Silkeborg10005000Thomas Baagøe20120001394000mne341195487500054116000State Authorized Public Accountant2052200053804000Tommy Wulff Andreasen75515000107981000mne27705155149000185099000State Authorized Public Accountant50000005000000Financial highlights2024DKK'0002023DKK'0002022DKK'0002021DKK'0002020DKK'000Key figuresRevenue93,51671,388113,14747,12444,276Other operating income61,61441,10447,15513,30430,699Gross profit/loss119,71681,289126,03739,02856,397Operating profit/loss60,47125,69570,385(3,309)17,404Net financials1,3691,647337(71)(284)Profit/loss for the year48,24021,32855,159(2,722)14,596Total assets155,149185,099174,175109,131125,261Investments in property,
plant and equipment7332,2347,858865718Equity104,416140,276118,94863,78966,511Cash flows from (used in) operating activities(14,796)(19,487)9,727(2,692)(3,243)Cash flows from (used in) investing activities45,61436,44731,7435,04524,020Cash flows from (used in) financing activities(64,100)0(6,355)(2,236)(20,581)RatiosGross margin (%)128.02113.87111.3982.82127.38EBIT margin (%)64.6635.9962.21(7.02)39.31Return on equity (%)39.4316.4660.37(4.18)24.65Equity ratio (%)67.3075.7868.2958.4553.10In connection with the submission of the annual report for 2023, a few classification changes were made for the classification of salary refunds, due to immateriality no correction was made to the comparative figures in the main and key figures summary for 2020-2021.Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark.Gross margin (%)
:Gross profit/loss * 100RevenueEBIT margin (%):Operating profit/loss
* 100RevenueReturn on equity (%)
:Profit/loss for the year * 100Average equityEquity ratio (%)
:Equity * 100Total assets9941600085276000050000000Primary activitiesThe Company's primary activity consists of the operation of football activities in Silkeborg IF – including contract football, investing in sales rights related to professional athletes, and other related business activities. Besides a team in the Men's National Championship (3F Superliga), the activity includes a comprehensive talent develop-ment programme. Furthermore, the Company's operations include both food and beverage activities (stall sales and conference activities) and the operational tasks associated with managing the pitch and building complex at JYSK Park.104416000140276000Development in activities and financesThe Company recorded revenue of DKK 93.5m in 2024 (2023: DKK 71.4m), reflecting an increase of DKK 22.1m compared to the previous year. The increase can predominantly be attributed to sporting success, including a Top6 placement, a Danish Cup Championship in 2024, and four subsequent European matches in UEFA's club tournaments.
TV revenues increased by DKK 3.6 million. This increase can be attributed to participation in the Championship Playoff (Top 6) in the spring of 2024 and a strong performance in the autumn.
Revenue from admission fees, food and beverage activities at JYSK park, and merchandise sales increased by DKK6.2m, primarily due to more matches and additional income from a sold-out cup final at Parken. The average number of spectators in 2024 has again been strong, although it does not reach the historically high levels seen in 2022.
Sponsorship and partnership agreements increased by DKK 3.2m, driven by sports performance and a general expansion of the sponsorship base.
Compensation from FIFA, UEFA and DBU (the Danish Football Association) increased from DKK 0.7m to DKK 6.2m in 2024. The increase is primarily due to the club receiving payment again (due to the non-participation in the UEFA group stage in 2023/24). Moreover, UEFA has changed the payment criteria effective from the 2024/25 season, which also has a positive impact, as there is a favourable shift in the payment period for the clubs.
Other revenue decreased from DKK 10.5m in 2023 to 10.1m in 2024.
Other operating income amounted to a total of DKK 61.6m in 2024 (2023: DKK 41.1m). The increase is primarily attributable to a rise in transfer income of DKK 20.9m. This year's transfer income is considered satisfactory.
The Company's total costs, including depreciation and amortisation, increased by DKK 7.9m, rising from DKK 86.8m to DKK 94.7m. The increase can be partly attributed to a rise of DKK 2.8m in staff costs and partly to a rise of DKK 4.2m in external costs. The increases can be attributed to sports performance and increased activity levelsin connection with the club's participation in UEFA's club tournaments. The Company's depreciation, amortisationand impairment losses increased by DKK 0.9m.
In 2024, the Company had net financial items of DKK 1.4m (2023: DKK 1.6m). The marginal decrease consists partly of a slight decline in financial income and partly an increase in financial expenses.
Tax on profit for the year amounted to DKK 13.6m (2023: DKK 6.0m), and profit for the year amounted to DKK 48.2m (2023: DKK 21.3m), which is considered satisfactory.
The balance sheet total at 31 December 2024 amounted to DKK 155.1m in 2024 against DKK 185.1m at 31 December 2023.
Equity at 31 December 2024 amounted to DKK 104.4m against DKK 140.3m at 31 December 2023. The development is attributable to profit for the year less distributions for the year totalling DKK 84.1m.
Sports performance
At the start of 2024, the Group's football team was ranked 6th in Denmark’s top football league, the 3F Superliga. After a close finish to the regular season, the team secured a spot in the Championship Playoff in the spring of 2024 and finished the season in an impressive 6th place. By participating in the Championship Playoff, the team has also secured its place in the 3F Superliga for the 2024/25 season.
The greatest triumph of the spring occurred on a sunny Ascension Day, 9 May, when the club faced AGF in the final of the Oddset Cup. It was an unforgettable day in a completely sold-out Parken, where more than 12,000 festive fans from Silkeborg helped create a fantastic atmosphere for the cup final. The team managed to win the match 1-0 with a goal by Oliver Sonne, and the club was deservedly celebrated as the 2024 Danish Cup Champion. Additionally, the team's midfielder Stefán Teitur Thórdarson was honoured as the Cup Fighter of the Year. The victory also secured the club's participation in the UEFA Club Tournament, with qualification rounds in July and August.
The club is in its 4th consecutive season in the 3F Superliga and has managed to establish itself in a highly competitive league despite a modest financial framework. In the autumn, the team advanced to the semifinals of the Cup Tournament (to be held in the spring of 2025) and finished the autumn season in the 3F Superliga with a current ranking of 6th, giving it the opportunity to qualify for the Championship Playoff in the spring of 2025.
Currently, the team is ranked 6th, with one round remaining in the regular season. The tournament will conclude with an exciting playoff consisting of 10 matches.
Own talents
In 2024, the Company has consistently been ranked at the highest possible level within the Danish Football Association's talent development programme. The club is currently ranked 8th in Denmark with 3½ stars out of 5 possible. Therefore, the club's youth teams will also be represented in Denmark’s top youth leagues in the coming two seasons, 2024/25 and 2025/26, which is, of course, very satisfactory.
Based on the club's long-standing efforts to optimise the talent strategy, the club offers a football programme from U13 to U19 in direct combination with an education, such as 7th-9th grade, 9th-10th grade continuation school, or an upper secondary education.
It remains the Company's ambition to maintain and expand its position within Talent Development, thereby ensuring the club's youth teams participate at the highest possible level. The club continues to see an intensification of the 'hunt for talent' from both foreign and Danish clubs. It remains crucial for the continued significant efforts in talent development that the club can 'retain' the young talents - partly to be able to utilise the individual player on the first team, and partly to achieve transfer income to support the substantial investment in the talent structure.
It is Management's assessment that the talent sector has once again done an excellent job and that the efforts in Talent Development will provide a strong foundation for both sporting and financial success in the years to come.
In 2024, in addition to maintaining high transfer income, performance-related payments from previous sales and shares of the so-called solidarity payments have been realised in accordance with FIFA's current rules. This transfer activity strengthens the Company's potential for future income, as the Company continuously seeks to secure both a transfer share of resale to third parties and a share of the so-called solidarity payments in accordance with FIFA's current rules. Thus, this transfer income supports the current strategy.
2063000023847000206300002384700032680003268000Profit/loss for the year in relation to expected developmentsNotwithstanding the Company's strategic profit target, Management expected the Company to realise a loss before tax in the range of DKK 9-11m in 2024, depending on the sporting results and without significant transfer income.
The Company realised a profit before tax of DKK 61.8m (2023: 27.3m), which is significantly better than expected. The positive development in 2024 is mainly attributable to the Company's sports performance with a Danish Cup Championship and four subsequent European matches in UEFAs club tournaments and another series of significant transfer sales of Tobias Salquist to the US, Stefán Teitur Thórdarson to Preston FC (UK), Alexander Lucas Lind Rasmussen to Pisa SC (Italy) and Mark Brink Christensen to FC Nordsjælland (Denmark). The profit for the year thus includes DKK 55.0m relating to transfer activities.
The financial performance for the year is considered satisfactory.
22360002513000Uncertainty relating to recognition and measurementThe financial statements for 2024 include no significant estimates, assumptions and uncertainties that have had a material impact on the assets and liabilities recognised in the financial year.30360001823000OutlookAs the Company's business is financially robust, we enter 2025 with optimism. Management expects an increasing activity and cost level compared to 2024. The Company's earnings, in terms of TV, sponsorship and matchday income related to match operations, are expected to develop positively as a result of the strong sporting foundation.
In January 2025, the Company sold the intellectual property rights for footballer Oliver Sonne, which is the reason why the income from this sale is part of the Company's expectations for 2025.
On this background, Management expects the Company to achieve a close to break-even financial position in 2025, excluding additional significant transfer income.
Besed on the fact that the club plays in Superligaen in 2025, a revenue of DKK 65-70m is expected for the year 2025.
The above outlook about future developments are subject to uncertainties and risks. Many factors will be beyond the Company's control and may cause actual developments to differ materially from the expectations reflected in the annual report.140480000Group relationsThe Company's former sole owner, Silkeborg IF Invest A/S (now Papirfabrikken Invest A/S) announced on 18 December that the basis for a divestment of 80% of the capital in Silkeborg IF A/S to Trivela Group V ApS had been fulfilled, making the sale a reality.3970007338000Events after the balance sheet dateIn January 2025, the Company entered into an agreement to sell the intellectual property rights related to the football player Oliver Sonne. The transaction is included in the above performance expectations for 2025. No other events have occurred after the balance sheet date to this date that would influence the evaluation of this annual report. annual report.71180006034000This 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.3010300020976000Recognition 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.5073300044823000Foreign 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. Goodwillis 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 the 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 the 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 theincome statement are translated at the average rates of the months; however, items
deriving from non-monetaryassets and liabilities are translated using the historical rates applicable to the
relevant non-monetary items.155149000185099000500000011563000RevenueRevenue includes sponsorship and co-operation agreements, admission and TV revenue, prizes, compensation (FIFA/UEFA/DBU), merchandise sales, food & beverage sales, and other operating income.
Sponsorship and cooperation agreements are recognized on a straight-line basis over the term of the agreement unless another method better reflects the stage of completion of the individual agreement.
Admission revenue is recognized upon completion of the event for which admission has been sold.
TV revenue is recognized on a proportionate basis based on the content of the contracts signed and taking into account the parameters included in the calculation of TV revenue. Generally, TV revenue is recognized over the contract period unless another method better reflects the stage of completion of the contract.
Prize income for participation in European club tournaments is recognized when the tournaments are held and is recognized in the period in which the service is provided.
Sales of merchandise and food & beverage are recognized when delivery and passing of risk to the buyer have taken place.
Revenue is measured at the fair value of the consideration received or receivable. Revenue is calculated excluding VAT, taxes etc. collected on behalf of third parties, and discounts.
85276000-2947000Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary activities, including profit from the sale of transfer rights and property, plant and equipment as well as other public grants.0-40435000Other external expensesOther external expenses include match and player expenses, which consist of costs related to football matches, transfer costs and selling and administrative expenses, which consist of costs related to sales, advertising, administration, premises, bad debts, rental expenses under operating leases, and other staff costs, etc. 50000000-6124000Staff costsStaff costs comprise wages and salaries, including player salaries, remuneration of the Board of Directors as well as defined contribution pension plans and social security contribution, etc.
Staff costs are recognized when the employee in question has performed the work for which the employee is entitled to the remuneration, etc.
1793000Depreciation, 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.0146000Other 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.5000000015010000Other 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.50000000-19487000Tax 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.04685000Intellectual property rights etcAcquired intangible assets comprise contractual rights and software, which are measured at cost less accumulated amortization. Contractual rights are amortized on a straight-line basis over the contract period (2-5 years), while software is amortized over 2-3 yearsSome contractual rights carry embedded provisions for performance-based payments that are recognized as partof cost when the payments become likely and amortized on a straight-line basis over the remaining term of the contract.
If contractual rights are extended before the expiry of the existing contract, any addition to the contractual rights is amortized over the new contract period. Existing contractual rights continue to be amortized over the original contract period.
Cost and accumulated amortization are not written off from contractual rights until the contract is terminated either by resale or contract expiry.
Profits and losses on the disposal of contractual rights are calculated as the difference between the sales price less sales costs and the carrying amount at the time of sale. Profits and losses are recognized in the income statement.
Acquired intellectual property rights are measured at cost less accumulated amortization. Patents are amortized on a straight-line basis over the remaining patent period, and licenses are amortized on a straight-line basis over the contract period.
Intellectual property rights etc are written down to the lower of recoverable amount and carrying amount.3410000042814000341000002234000Property, plant and equipmentLeasehold improvements as well as other fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses.
Cost comprises the acquisition price and costs directly attributable to the acquisition until the time when the asset is ready to be put into operation. Public grants and grants from various football organizations are deducted from the cost of the asset. For assets held under finance leases, cost is the lower of the fair value of the asset and the present value of the future lease payments.
The basis of depreciation is cost of the asset less the residual value. The residual value is the estimated amount that would be obtainable from the sale of the asset today, after deducting sales costs, if the asset were already of the age and in the condition in which the asset is expected to be at the end of its useful life. The cost of a single asset is divided into smaller components which are depreciated separately if the useful lives are different.
Useful lifeResidual valueOther fixtures and fittings, tools and equipment3-10 years0%Leasehold improvements3-30 years0%Leases
Leases of property, plant and equipment where the Company has all the significant risks and benefits of ownership (finance leases) are initially recognized in the balance sheet at the lower of fair value and the present value of the future lease payments. When calculating the present value, the lease's internal interest rate or alternatively the Company's borrowing rate is used as the discount rate. Assets held under finance leases are then treated as other similar tangible fixed assets.
The capitalized residual lease liability is recognized in the balance sheet as a liability and the interest portion of the lease payment is recognized in the income statement over the term of the contract.
Estimated useful lives and residual values are reassessed annually.
Impairment of assets
Items of property, plant and equipment are written down to the lower of recoverable amount and carrying
amount.
If there are indications of impairment, an impairment test is carried out on each individual asset or group of assets. A write-down is made to the recoverable amount if this is lower than the carrying amount.
The recoverable amount is the higher value of net selling price and capital value. The capital value is calculated as the present value of the expected net cash flows from the use of the asset or asset group and expected net cash flows from the sale of the asset or asset group after the end of the useful life.14140000552000Other investmentsOther investments comprise of unlisted equity investments that are not expected to be sold. These investments are measured at fair value on the balance sheet date.3410000036447000InventoriesInventories are measured at the lower of cost using the FIFO method and net realisable value.
Cost consists of purchase price plus delivery costs.0-16960000ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and
doubtful debts.0Deferred 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. However, no deferred tax is recognised for amortisation of goodwill disallowed for tax purposes and
temporary differences arising at the date of acquisition that do not result from a business combination and
that do not have any effect on profit or loss or on taxable income.
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.50000000PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at
cost.994160000CashCash comprises cash in hand and bank deposits.016960000DividendDividend 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. Extraordinary dividend adopted in the financial
year is recognised directly in equity when distributed and disclosed as a separate item in Management's
proposal for distribution of profit/loss.036844000Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.53804000Prepayments received from customersPrepayments received from customers comprise amounts received from customers prior to completion of the service agreed.The company's capital is distributed as follows: A shares, 50,000 nom shares. DKK 100.64Joint taxation contributions payable or receivableCurrent joint taxation contributions receivable or joint taxation contributions payable are recognised in the
balance sheet, calculated as tax computed on the taxable income of 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.124440002160000Cash flow statementThe cash flow statement shows cash flows from operating, investing and financing activities, and cash
and cash equivalents at the beginning and the end of the financial year.
Cash flows from operating activities are presented using the indirect method and calculated as the operating
profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
enterprises, activities and fixed asset investments, and purchase, development, improvement and sale,
etc of intangible assets and property, plant and equipment.Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend.
Cash and cash equivalents comprise cash in hand and bank deposits.-20943000The cash flow statement shows cash flows from operating, investing and financing activities, and cash
and cash equivalents at the beginning and the end of the financial year.
Cash flows from operating activities are presented using the indirect method and calculated as the operating
profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
enterprises, activities and fixed asset investments, and purchase, development, improvement and sale,
etc of intangible assets and property, plant and equipment.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend.
Cash and cash equivalents comprise cash in hand and bank deposits.Profit from the sale of transfer rights0true-60847000-28672000Grundlag for konklusion-8875000Konklusion16100002025-03-061930002025-03-067338000Regnskabsklasse C, mellemstor virksomhed-147960002023-01-01153760002023-12-3161723000Silkeborg733000Silkeborg0860045614000Revisionspåtegning-308180002024-12-31841000002024-01-01Reimbursement from group enterprises20000000-64100000104-33282000AnsvejSilkeborg IF A/S20522000263977311 Events after the balance sheet dateIn January 2025, the Company entered into an agreement to sell the intellectual property rights related to the football player Oliver Sonne. The transaction is included in the above performance expectations for 2025. No other events have occurred after the balance sheet date to this date that would influence the evaluation of this annual report.339635562 Revenue2024
DKK'0002023
DKK'000Entrance fees9,7564,808TV revenue25,15021,572Sponsorship and collaboration agreements28,64025,475Sale of merchandise531252Compensation (FIFA/UEFA/DBU)6,188662Food & beverage JYSK PARK6,4545,462Prize income6,7112,673Other revenue10,08610,484Total revenue by activity 93,51671,3882300 København S3 Other operating income2024
DKK'0002023
DKK'000Transfer income61,34340,402Public subsidies055Sale of property, plant and equipment0371Salary refunds27127661,61441,104Weidekampsgade 64 Other external expensesExternal expenses comprise match and player expenses of DKK 19,980k (DKK 16,094k in 2023), sales and administrative expenses of DKK 14,315k (DKK 13,788k in 2023) and other staff costs of DKK 1,119k (DKK 1,321k in 2023).
Sales and administrative expenses include raw material consumption of DKK 3,191k (DKK 3,433k in 2023) and expenses related to income from sponsorships of DKK 4,407k (DKK 4,234k in 2023).
Deloitte Statsautoriseret Revisionspartnerselskab5 Staff costs2024DKK'0002023DKK'000Wages and salaries44,25941,624Pension costs1,9541,836Other social security costs58857146,80144,031Average number of full-time employees6664Remunerationof Management2024DKK'000Remunerationof Management2023DKK'000Executive Board2,2562,1602,2562,160Average number of employees includes 30 contract players (29 contract players in 2023).Årsrapport662025-04-24Remuneration of Management2024
DKK'000Remuneration of Management
2023
DKK'000Executive Board2,2562,1602,2562,160Søren Egede Schulz22560006 Other financial income2024
DKK'0002023
DKK'000Financial income from group enterprises1,136743Other interest income4421,0501,5781,7937 Other financial expenses2024
DKK'0002023
DKK'000Other interest expenses2091462091468 Tax on profit/loss for the year2024
DKK'0002023
DKK'000Current tax14,3977,338Change in deferred tax(797)(1,324)13,6006,0149 Proposed distribution of profit and loss2024DKK'0002023DKK'000Ordinary dividend for the financial year050,000Extraordinary dividend distributed in the financial year34,1000Retained earnings14,140(28,672) 48,24021,328341000001414000010 Intangible assetsAcquired intangible assets
DKK'000Acquired licences
DKK'000Cost beginning of year11,583544Additions15,3760Disposals(4,523)0Cost end of year22,436544Amortisation and impairment losses beginning of year(4,457)(544)Amortisation for the year(4,371)0Reversal regarding disposals3,3740Amortisation and impairment losses end of year(5,454)(544)Carrying amount end of year16,982011 Property, plant and equipmentOther fixtures and fittings, tools and equipment
DKK'000Leasehold improvements
DKK'000Cost beginning of year26,39683,566Additions65380Disposals0(282)Cost end of year27,04983,364Depreciation and impairment losses beginning of year(19,647)(20,373)Depreciation for the year(4,023)(4,050)Reversal regarding disposals0282Depreciation and impairment losses end of year(23,670)(24,141)Carrying amount end of year3,37959,22312 Financial assetsOther investmentsDKK'000DepositsDKK'000Cost beginning of year428Cost end of year428Carrying amount end of year42813 Trade receivablesTrade receivables include receivables from the sale of contractual rights of DKK 42,327k (DKK 31,267k in 2023), of which receivables of DKK 12,012k (DKK 9,204k in 2023) fall due more than 12 months from the balance sheet date.14 Deferred tax2024
DKK'0002023
DKK'000Intangible assets(56)(211)Property, plant and equipment1,460926Tax losses carried forward1080Deferred tax1,512715
Changes during the year2024
DKK'0002023
DKK'000Beginning of year715(609)Recognised in the income statement7971,324End of year1,512715Deferred tax assetsThe Company has recognized a deferred tax asset based on an expectation that this can be utilized in the coming
years.15 PrepaymentsPrepayments comprise prepaid expenses of DKK 2,012k (DKK 1,394k in 2023).16 CashAt the balance sheet date, DKK 1,125k is deposited in an escrow account.17 Non-current liabilities other than provisionsDue within 12 months2024DKK'000Due within 12
months2023DKK'000Due after more than 12 months2024DKK'000Outstanding after 5 years2024DKK'000Prepayments received from customers3,2683,26820,63012,2783,2683,26820,63012,27818 Other payables2024
DKK'0002023
DKK'000VAT and duties2,5412,869Wages and salaries, personal income taxes, social security costs, etc payable638984Holiday pay obligation1,105857Other costs payable2,8341,3247,1186,03419 Changes in working capital2024
DKK'0002023
DKK'000Increase/decrease in inventories(57)(23)Increase/decrease in receivables(19,688)(801)Increase/decrease in trade payables etc(1,198)(2,123)(20,943)(2,947)20 Unrecognised rental and lease commitments2024
DKK'0002023
DKK'000Liabilities under rental or lease agreements until maturity in total7,4367,616Silkeborg IF A/S has entered into a fixed-term rental agreement with Silkeborg Kommune for the use of JYSK Park.
The rental agreement runs until 30 June 2047.
21 Contingent assetsIn connection with a few sales of contractual rights, there are payments that will not be effected until a number of conditions are met. Revenue is recognized when the conditions are met.22 Contingent liabilitiesIn connection with the purchase of contractual rights, there are, in a few cases, payments that will not be effecteduntil a number of conditions are met. The related costs are recognized as and when the conditions are likely to bemet.
Employment agreements have been signed with the Company's players that entail payment of salary or compensation for a long-term contract period. The average contract period at 31 December 2024 is approx. 2.10 years (31 December 2023: 2.04 years).
The Company has entered into an operation and maintenance agreement for JYSK Park. The agreement is non-terminable by the Company until 1 January 2029. As part of the agreement, the Company has an obligation to maintain the artificial turf at JYSK Park during the period.
The Entity participates in a Danish joint taxation
arrangement where Papirfabrikken Invest A/S serves as the administration company in the period 01.01.2024 - 17.12.2024. For the period 18.12.2024 - 31.12.2024 Trivela Group V ApS serves as the adminstration 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 theadministration company's financial statements.23 Assets charged and collateralA chattel mortgage of DKK 5,000k has been secured on fixtures and fittings, tools and equipment with a carrying amount of DKK 3,379k at 31 December 2024 (31 December 2022: DKK 6,749k). The chattel mortgage is held by the company and has not been provided as collateral. 24 Related parties with controlling interestIn the period 01.01.2024 - 17.12.2024 Papirfabrikken Invest A/S owned 100% of the shares and exercised control in this period.
Trivela Group V ApS, c/o Kromann Reumert, Rådhuspladsen 3, 8000 Aarhus C, CVR no. 44918803 bought 80% of the shares in the Entity on 18.12.2024, thus exercising control at the balance sheet date. 25 Group relationsName and registered office of the Parent preparing consolidated financial statements for the smallest group at balance sheet date:
Trivela Group V ApS
c/o Kromann Reumert
Rådhuspladsen 3
8000 Aarhus C
CVR no. 44918803