28311656 2023-07-01 2024-06-30 28311656 2023-07-01 2024-06-30 2 28311656 2022-07-01 2023-06-30 28311656 2024-06-30 28311656 2023-06-30 28311656 2023-06-30 fsa:ContributedCapitalMember 28311656 2023-07-01 2024-06-30 fsa:ContributedCapitalMember 28311656 2024-06-30 fsa:ContributedCapitalMember 28311656 2023-06-30 fsa:RetainedEarningsMember 28311656 2023-07-01 2024-06-30 fsa:RetainedEarningsMember 28311656 2024-06-30 fsa:RetainedEarningsMember 28311656 2023-07-01 2024-06-30 1 28311656 2023-07-01 2024-06-30 2 28311656 2023-07-01 2024-06-30 1 iso4217:DKK xbrli:pure Mark Kempf The Executive Board has today discussed and approved the annual report of EBV Elektronik ApS for thefinancial year 1 July 2023 – 30 June 2024.The annual report has been prepared in accordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities andfinancial position at 30 June 2024 and of the results of the Company's operations for the financial year 1 July 2023 – 30 June 2024.Further, in our opinion, the Management's review gives a fair review of the development in theCompany's operations and financial matters, of the results for the year and of the Company's financialposition.We recommend that the annual report be approved at the annual general meeting. Åbyhø Mark Kemp William Caruso To the shareholder of EBV Elektronik ApS We have audited the financial statements of EBV Elektronik ApS for the financial year 1 July 2023 - 30 June 2024, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity and notes. The financial statements are prepared under the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the company's financial position at 30 June 2024 and of the results of the company's operations for the financial year 1 July 2023 - 30 June 2024 in accordance with the Danish Financial Statements Act. We conducted our audit in accordance with International Standards on Auditing (ISAs) and the 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 our report. We are independent of the company in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 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 the 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless management either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. 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 company 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 company'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 Company'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 Company to cease to continue as a going concern.- evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, 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. Copenhagen Baker Tilly DenmarkGodkendt Revisionspartnerselskab 35257691 Ramazan Turan Nanna Grejs Munksgaard statsautoriseret reviso statsautoriseret revisor mne32779 mne49907 Management is responsible for the management's review.Our opinion on the financial statements does not cover the management's review, 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's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act.Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of the management's review. EBV Elektronik ApS Elkjærve 19, 1 DK 8230 Åbyhø 28311656 Åbyhø Poul Bundgaards Ve 1, 1 DK 2500 Valby Financial highlightsDKK'0002023/242022/232021/222020/212019/20Gross profit 26,058 34,734 24,662 17,907 15,091Operating profit 9,189 14,827 9,350 4,483 2,015Profit/loss from financialincome and expenses 447 2,408 628 417 -1,440Profit for the year 6,806 9,587 6,720 3,828 409Total assets 114,983 107,751 97,712 70,911 81,949Equity 81,728 74,922 65,335 58,615 54,787Investment in property, plant and equipment 495756266RatiosReturn on invested capital 8.3% 13.8% 14.4% 11.1% 5.9%Return on equity 8.7% 12.8% 13.7% 10.8% 6.8%Solvency ratio71.1%69.5%69.5%66.9%82.7%Average number of full-time employees 18 17 16 17 17The financial ratios have been calculated as follows:Return on invested capitalOperating profit/loss * 100Average invested capitalReturn on equityProfit/loss from ordinary activities after tax * 100Average equitySolvency ratioEquity at year-end * 100Total equity and liabilities at year-end7Operating reviewPrincipal activitiesEBV Elektronik ApS engages in trading with electronic components to the Danish electronics industry.Development in activities and financial positionThe Company's income statement for 2023/24 shows a profit of DKK 6,806 thousand as against DKK 9,587thousand in 2022/23. The market suffered a correction, which was expected as set in the outlook ofManagement's review in the annual report for 2022/23. Equity in the Company's balance sheet at 30 June2024 stood at DKK 81,728 thousand as against DKK 74,922 thousand at 30 June 2023.The market conditions for electronic components remained challenging during the year, in line with the generaleconomic conditions. We have seen continued price increases but interest rates remained high, whichimpacted consumer spending and by default the demand of electronic components decreased. We expect the demand to increase from the third quarter of FY25 as inflationary pressures seem to be easing,although the war in Ukraine and the conflict in Middle East could affect the global supply and demand ofelectronic components.EBV Elektronik ApS remains well positioned and has improved its service quality further in the last few years,furthermore, a low level of staff turnover generates trust from our customers and makes us a reliable business partner.Industrial customers in Denmark also benefit from global networking structures within the Avnet Group.OutlookDue to these uncertainties and challenging market conditions, the market outlook is unclear and themanagement expectacions for the business' activities for FY25 are expected to shrink or continue moderate in comparison with the current year.However, long term, the management is convinced that electronic components will play a major role inindustry transformation and techonological advances, and EBV Elektronik ApS is in a strong positionto cover the market recovery.Environmental mattersEBV Elektronik ApS is governed by the environmental policies of the Avnet Group, which can beaccessed through the following link:https://www.avnet.com/wps/portal/us/about-avnet/corporate-social-responsibility/environmental-sustainability/Intellectual propertyAs EBV Elektronik ApS is a trading company in a group structure, all intellectual property belongs to theHeadquarters.Operating reviewFinancial instrumentsThe Company's risk exposureThe Company is not faced with any particular risks other than increasing market competition.The Company's goals and policies for management of financial risksIn general the Company’s invoices to customers are in DKK and purchase invoices are in DKK, EUR andUSD. Financial hedging / purchase of financial instruments is used to reduce the financial risks. The financial hedging is managed at group level to reduce the exposure at component level.Events after the balance sheet dateNo events have occurred after the balance sheet date that may influence the assessment of the annualreport for 2023/24. 26058000 34734000 16820000 19859000 49000 48000 9189000 14827000 1254000 403000 1701000 2811000 8742000 12419000 1936000 2832000 6806000 9587000 72000 72000 72000 72000 0 206000 64674000 107216000 50035000 0 51000 4000 28000 32000 122000 220000 114910000 107472000 1000 1000 114911000 107679000 114983000 107751000 125000 125000 81603000 74797000 81728000 74922000 398000 464000 20120000 19523000 4679000 2748000 8057000 10093000 33255000 32829000 114983000 107751000 125000 74797000 0 6806000 125000 81603000 Note 1. Accounting policiesThe annual report of EBV Elektronik ApS for 2023/24 has been prepared in accordance with the provisionsapplying to reporting class C medium-sized entities under the Danish Financial Statements Act. TheForeign currency translationOn initial recognition, transactions denominated in foreign currencies are translated at the exchange rates at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses.Receivables, payables and other monetary items denominated in foreign currencies are translated at theexchange rates at the balance sheet date. The difference between the exchange rates at the balancesheet date and the date at which the receivable or payable arose or was recognised in the latest financialstatements is recognised in the income statement as financial income or financial expenses.Derivative financial instrumentsOn initial recognition, derivative financial instruments are recognised in the balance sheet at cost andsubsequently measured at fair value. Positive and negative fair values of derivative financial instrumentsare recognised as other receivables and other payables, respectively.Changes in the fair value of derivative financial instruments designated as and qualifying for recognitionas a fair value hedge of a recognised asset or liability are recognised in the income statement togetherwith changes in the fair value of the hedged asset or liability.Changes in the fair value of derivative financial instruments designated as and qualifying for recognitionas a hedge of future transactions are recognised as other receivables or other payables and in equityuntil the realisation of the hedged transactions. If the future transaction results in the recognition ofassets or liabilities, amounts that were previously recognised in equity are transferred to the cost of theasset or liability. If the future transaction results in income or costs, amounts that were previouslyrecognised in equity are transferred to the income statement for the period when the hedged item affectsthe income statement.Income statementGross profitPursuant to section 32 of the Danish Financial Statements Act, the Company has decided only todisclose gross profit.RevenueRevenue from the sale of goods for resale, finished goods and service income is recognised in the incomestatement provided that transfer of risk to the buyer has taken place before year end and provided that theincome can be reliably measured and is expected to be received. Revenue is measured ex. VAT.Services are invoiced and recorded as revenue once duties are fully performed and delivered.Cost of salesCost of sales comprises costs incurred in generating revenue for the year, including any direct costs orindirect production overheads relating to freight and duties. Other external costsOther external costs comprise distribution costs and costs related to sales, sales campaigns,administration, office premises, etc.Staff costsStaff costs comprise wages and salaries, including holiday allowance, pension and other social securitycosts, etc., to the Company's employees, deducted by reimbursements from public authorities.Financial income and expensesFinancial income and expenses comprise interest income and expense, gains and losses on receivables,payables and transactions denominated in foreign currencies, amortisation of liabilities as well assurcharges and refunds under the on-account tax scheme, etc.Tax on profit for the yearTax for the year comprises current tax for the year and changes in deferred tax, including changes in taxrates. The tax expense relating to the profit for the year is recognised in the income statement at theamount attributable to the profit for the year and directly in equity at the amount attributable to entriesdirectly in equity.The Company is comprised by the Danish rules on joint taxation of the Avnet Group's Danish entities.Avnet Nortec ApS serves as the administrative company for the joint taxation and accordingly settles allpayments of corporation tax to the tax authorities.Current Danish corporation tax is allocated by the settlement of joint taxation contributions among thejointly taxed companies in proportion to their taxable income. In this relation, companies with tax lossesreceive joint taxation contributions from companies that have been able to use this loss to reduce theirown tax profits.Tax for the year comprising current tax for the year and changes in deferred tax for the year is recognisedin the income statement.Balance sheetProperty, plant and equipmentFixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses.Cost comprises the purchase price and any costs directly attributable to the acquisition until the date onwhich the asset is available for use.The basis of depreciation is cost less any projected residual value after the end of the useful life.Depreciation is provided on a straight-line basis over the estimated useful life. The estimated useful livesare as follows:Fixtures and fittings, tools and equipment 3-5 yearsThe useful life and residual value are reassessed annually. Changes are accounted for as accountingestimates, and the effect on depreciation is recognised prospectively.Depreciation is recognised in the income statement.Gains and losses on the disposal of property, plant and equipment are stated as the difference betweenthe selling price less selling costs and the carrying amount at the date of disposal. Gains and losses arerecognised in the income statement as other operating income or other operating costs, respectively.Impairment of fixed assetsThe carrying amount of property, plant and equipment is subject to an annual test for indications ofimpairment other than the decrease in value reflected by depreciation.Impairment tests are conducted of individual assets or groups of assets when there is an indication thatthey may be impaired. Write-down is made to the recoverable amount if this is lower than the carryingamount.InventoriesInventories comprise prepayment of goods.Prepayments of goods are measured at cost, comprising purchase price plus delivery costs. Where thenet realisable value is lower than cost, inventories are written down to this lower value.ReceivablesReceivables are measured at amortised cost. Write-down is made for expected bad debt losses after anindividual assessment of receivables.PrepaymentsPrepayments comprise prepayment of costs incurred relating to subsequent financial years.Cash at bank and in handCash and cash equivalents comprise cash on hand and bank deposits. Bank overdrafts are included inliabilities.DividendsProposed dividends are recognised as a liability at the date on which they are adopted at the annualgeneral meeting (declaration date). The proposed dividend payment for the year is disclosed as aseparate item under equity.Corporation tax and deferred taxCurrent tax payable and receivable is recognised in the balance sheet as tax computed on the taxableincome for the year, adjusted for tax on the taxable income of prior years and for tax paid on account.The rules on joint taxation stipulate that the companies' liability for the payment of corporation tax to thetax authorities is to cease in line with the payment of joint taxation contributions to the administrativecompany.Deferred tax is measured using the balance sheet liability method on all temporary differences betweenthe carrying amount and the tax value of assets and liabilities. However, deferred tax is not recognised ontemporary differences where temporary differences arise at the date of acquisition without affecting eitherprofit/loss for the year or taxable income. Where alternative tax rules can be applied to determine the taxbase, deferred tax is measured based on Management's planned use of the asset or settlement of theliability, respectively.Deferred tax assets, including the tax value of tax loss carryforwards, are recognised at the expectedvalue of their utilisation within the foreseeable future; either as a set-off against tax on future income or asa set-off against deferred tax liabilities in the same legal tax entity and jurisdiction. Any deferred netassets are measured at net realisable value.LiabilitiesOther liabilities are measured at amortised cost, which usually corresponds to nominal value. true Omission of cash flow statementPursuant to section 86(4) of the Danish Financial Statements Act, no cash flow statement has been prepared.The Company's cash flows are included in the cash flow statement in the consolidated financial statements ofAvnet Inc. The consolidated financial statements of this group are available to the public and may be obtainedfrom Avnet Inc., 2211 South 47th Street, Phoenix, AZ85034, USA or by visiting Avnet Inc.'s Investor Relationswebsite at www.ir.avnet.com Note 2. Staff cost Wages and salaries 13,740 17,260Pensions 2,914 2,227Other social security costs 166 37216,820 19,859 18 17 In accordance with section 98b (3) of the Danish Financial Statements Act, remuneration of theExecutive Board is not disclosed. Note 3. Property, plant and equipmentFixtures andfittings, toolsandequipmentCost at 1 July 20231,156Additions for the year 49Disposals for the year (19)Cost at 30 June 2024 1,186 Depreciation and impairment losses at 1 July 2023 (1,084) Depreciation for the year (49)Rev. depreciation and impairment losses on assets disposed19Depreciation and impairment losses at 30 June 2024 (1,114) Carrying amount at 30 June 2024 72 2023/2024 2022/2023DKK'000 DKK'000Note 4. Financial incomeInterest income from group entities 1,254 403 1,254 403 Note 5. Financial expensesInterest expense to group entities 819 112 Other financial expenses 882 2,699 1,701 2,811 Note 6. Tax on profit for the yearCurrent tax for the year 1,932 2,748 Deferred tax adjustment for the year 4 11 Adjustment of tax concerning prevoius years - 73 1,936 2,832 6806000 9587000 Note 8. Deferred tax assetAt beginning of year 32 44 Charged to the income statement (4) (12) At end of year 28 32 Deferred tax of DKK 32 thousand recognised at 30 June 2023 relates to timing differences on property,plant and equipment and is expected to be realised as current tax along with the depreciation period overthe next coming years. Note 9. PrepaymentsPrepayments for insurance, rent, etc. 122 220 Note 10. Contractual obligations, contingencies, etc.Operating lease obligationsThe Company has operating leases for cars with a total remaining lease payment of DKK 195 thousandas of 30 June 2024 (30 June 2023: DKK 481 thousand). The leases will mature in 12 months.The Company has entered into a property lease. The lease can be terminated after 41 months. Thetotal liability amounts to DKK 665 thousand (30 June 2023: DKK 842 thousand).The Company is jointly taxed with the other Danish subsidiaries in the Avnet Group. The Company hasunlimited joint and several liability together with the subsidiaries for Danish corporation taxes andwithholding taxes on dividends, interest and royalties within the jointly taxed entity. Any subsequentcorrections of the taxable joint taxation income or withholding taxes may entail an increase in theCompany's liability. Note 11. Related party disclosures EBV Elektronik ApS' related parties comprise the following:ControlThe Company is fully owned by EBV Elektronik GmbH in Poing, Germany. The ultimate ParentCompany is Avnet Inc. in the US.EBV Elektronik ApS is part of the consolidated financial statements of Avnet Inc., 2211 South 47th Street,Phoenix, AZ, USA, which is the smallest and largest group in which the Company is included as asubsidiary.The consolidated financial statements of Avnet Inc. can be obtained by contacting the Company at theaddress above.2023/2024 2022/2023DKK'000 DKK'000Related party transactionsSale of services to group entities 5,0316,874Purchase of goods from group entities 190,789303,180Purchase of services from group entities 1,0072,807Financial income and expenses to/from group entities are disclosed in notes 4 and 5. Note 12. Currency risks and the use of derivative financial instrumentsAs part of the hedging of recognised and unrecognised transactions, the Company makes use of forwardhedging contacts to manage balance sheet risk.Currency risks2023/2024 2023/2024USD USDDKK'000DKK'000Hedged by forward exchange contractsFair value (Loss accrued)18394Nominal value (Commitment to sell in USD)31,54222,333The fair value of the liability for future commitments under forward exchange contracts is included inamounts payable to group entities. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2023-07-01 2024-06-30 2022-07-01 2023-06-30 2024-12-19 Reporting class C, medium-size enterprise 2004-12-23 2024-12-19 35257691 BAKER TILLY DENMARK GODKENDT REVISIONSPARTNERSELSKAB Poul Bundgaards Vej 1, 1. 2500 Valby Opinion Basis for Opinion 2024-12-19 35257691 Baker Tilly Denmark Godkendt Revisionspartnerselskab Poul Bundgaards Vej 1, 1. 2500 Valby DK