63129216 2024-01-01 2024-12-31 63129216 2024-01-01 2024-12-31 1 63129216 2024-01-01 2024-12-31 1 63129216 2024-01-01 2024-12-31 2 63129216 2024-01-01 2024-12-31 3 63129216 2024-01-01 2024-12-31 1 63129216 2024-01-01 2024-12-31 2 63129216 2024-12-31 63129216 2023-12-31 fsa:ContributedCapitalMember 63129216 2023-12-31 fsa:RetainedEarningsMember 63129216 2023-12-31 fsa:ProposedDividendRecognisedInEquityMember 63129216 2023-12-31 63129216 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 63129216 2024-01-01 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 63129216 2024-12-31 fsa:ContributedCapitalMember 63129216 2024-12-31 fsa:RetainedEarningsMember 63129216 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 63129216 2023-01-01 2023-12-31 iso4217:DKK xbrli:pure The Board of Directors and the Executive Board have today considered and approved the annual report of Novadan ApS for the financial year 01.01.2024 - 31.12.2024. 109082617 106655920 The annual report is presented in accordance with the Danish Financial Statements Act. 41110379 38148525 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. 24186240 24974847 We believe that the management commentary contains a fair review of the affairs and conditions referred to therein. 43785998 43532548 We recommend to the Annual General Meeting that the financial statements for the next financial year not be audited. 1656491 1467151 We recommend the annual report for adoption at the Annual General Meeting. 1265257 1335528 Kolding 44177232 43664171 Jens Lauritz Bramsen 9746113 9616663 Gail Elizabeth Sherwood 34431119 34047508 chair 1732815 2610969 Manoela Pereira Fry 1732815 2610969 Monique Martins 5135335 3050192 To the shareholder of Novadan ApS 168161 144048 We have audited the financial statements of Novadan ApS for the financial year 01.01.2024 - 31.12.2024, which comprise the income statement, balance sheet, statement of changes in equity and ​notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. ​ ​In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2024 and of the results of its operations for the financial year 01.01.2024 - 31.12.2024 in accordance with the Danish Financial Statements Act. 0 703500 We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor’s responsibilities for the audit of the financial statements" section of this auditor’s report. We are independent of the Entity in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 5303496 3897740 Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Entity’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so. 2740546 2711591 Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are ​free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes ​our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted ​in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material ​misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, ​individually or in the aggregate, they could reasonably be expected to influence the economic decisions of ​users taken on the basis of these financial statements.​​As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, ​we exercise professional judgement and maintain professional scepticism throughout the audit. We also:Identify and assess the risks of material misstatement of the financial statements, whether due to ​fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence ​that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a ​material misstatement resulting from fraud is higher than for one resulting from error, as fraud may ​involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.​Obtain an understanding of internal control relevant to the audit in order to design audit procedures ​that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the ​effectiveness of the Entity’s internal control.​Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates ​and related disclosures made by Management.​Conclude on the appropriateness of Management’s use of the going concern basis of accounting in ​preparing the financial statements, and, based on the audit evidence obtained, whether a material ​uncertainty exists related to events or conditions that may cast significant doubt on the Entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to ​draw attention in our auditor’s report to the related disclosures in the financial statements or, if such ​disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence ​obtained up to the date of our auditor’s report. However, future events or conditions may cause the ​Entity to cease to continue as a going concern.​Evaluate the overall presentation, structure and content of the financial statements, including the disclosures ​in the notes, and whether the financial statements represent the underlying transactions and ​events in a manner that gives a true and fair view.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. 2740546 2711591 9776857 9220300 Management is responsible for the management commentary. Our opinion on the financial statements does not cover the management commentary, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the management commentary and, in doing so, consider whether the management commentary is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the management commentary provides the information required by relevant law and regulations.Based on the work we have performed, we conclude that the management commentary is in accordance with ​the financial statements and has been prepared in accordance with the requirements of the Danish Financial ​Statements Act. We did not identify any material misstatement of the management commentary.​​​ 10822552 14692488 10867844 14320853 Aarhus 21690396 29013341 Henrik Vedel 41308624 44013696 mne10052 56658705 41630664 State Authorised Public Accountant 92055 1057560 Mikael Møller 629026 0 mne47835 705684 335078 State Authorised Public Accountant 99394094 87036998 Financial highlights2024 DKK'0002023 DKK'0002022 DKK'0002021 DKK'0002020 DKK'000Key figuresGross profit/loss109,083106,65699,33986,50693,670Operating profit/loss43,78643,53338,88627,96936,226Net financials391132(1,044)456115Profit/loss for the year34,43134,04829,50422,13428,338Total assets130,861125,271118,848101,918104,422Investments in property, plant and equipment2,8451,8639471,2341,130Equity103,127103,69689,64875,14578,011RatiosReturn on equity (%)33.3035.2235.8128.9039.72Equity ratio (%)78.8182.7875.4373.7374.71Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark.Return on equity (%) :Profit/loss for the year * 100 Average equityEquity ratio (%) :Equity * 100 Total assets 121084490 116050339 Primary activitiesThe main activity of the company is production and marketing of cleaning and disinfecting agents together with chemicals, accessories and equipment for industrial and professional use. 130861347 125270639 Development in activities and financesThe financial result of the period was a profit before tax of DKK 44,177k compared to a profit before tax of DKK 43,664k in 2023. The result in 2024 is considered to be satisfactory. 6000000 6000000 Profit/loss for the year in relation to expected developmentsThe profit of DKK 34,431k in 2024 is in line with expectations communicated in last year's financial statement. 47127111 62695992 OutlookFor the financial year 2025, the activity and earnings are expected to be stable compared to 2024. Management's expectation for the profit in 2025 is approx. DKK 33 - 38m. 50000000 35000000 Research and development activitiesDuring the year, the development activites have been focused on increasing the efficiency and the enviormental performance of our concepts and products. 103127111 103695992 Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. 420546 245407 This 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. 420546 245407 Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic benefits will flow to the Entity, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial recognition is effected as described below for each financial statement item. Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and measurement. Income is recognised in the income statement when earned, whereas costs are recognised by the amounts attributable to this financial year. 13909750 13295337 Foreign currency translationOn initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the rate in effect at the payment date, or the rate at the balance sheet date, are recognised in the income statement as financial income or financial expenses. Property, plant and equipment, intangible assets, inventories and other non-monetary assets that have been purchased in foreign currencies are translated using historical rates. 6085699 282438 Gross profit or lossThe company has in relation to the Danish Financial Statements Act § 32 Chosen not to show the net revenues. 0 231627 RevenueRevenue from the sale of manufactured goods and good for resale is recognised in the income statement when delivery is made and risk passed to the buyer. 7318241 7519838 Production costsCost of sales comprises direct and indirect costs incurred to earn revenue. In cost of sales, costs of raw materials, consumables, production staff and depreciation of production plant are included. ​​Cost of production also includes costs of development projects. 27313690 21329240 Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for normal inventory writedowns. 27313690 21329240 Distribution costsDistribution costs comprise costs incurred for distribution of goods sold and also sales campaigns, including costs for sales and distribution staff, advertising costs as well as depreciation, amortisation and impairment losses. 130861347 125270639 Administrative expensesAdministrative expenses comprise expenses incurred for management and administration of the Company, including expenses for the administrative staff and the Management, stationary and the office supplies as well as depreciation and amortisation. 6000000 65 Other 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 intangible assets and property, plant and equipment, and salary refunds. 62695992 Other financial incomeOther financial income comprises interest income, realised and unrealised capital gains on securities and transactions in foreign currencies and cash discounts, etc. 35000000 -952492 Other financial expensesOther financial expenses comprise interest expenses, net capital or exchange losses on securities, payables and transactions in foreign. Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity.The Entity is jointly taxed with all Danish group enterprises. The current Danish income tax is allocated among the jointly taxed entities proportionally to their taxable income (full allocation with a refund concerning tax losses). 0 Intellectual property rights etcIntellectual property rights etc comprise development projects completed and in progress with related intellectual property rights, acquired intellectual property rights and prepayments for intangible assets. Intellectual property rights acquired are measured at cost less accumulated amortisation. Patents are amortised on a straight-line basis over their remaining duration, and licences are amortised over the term of the agreement.​ ​Intellectual property rights etc are written down to the lower of recoverable amount and carrying amount. Estimated useful lives and residual values are reassessed annually. 35000000 Property, plant and equipmentPlant and machinery as well as other fixtures and fittings, tools and equipment, cars and leasehold improvements are measured at cost less accumulated depreciation and impairment losses. 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 machinery3-15 yearsOther fixtures and fittings, tools and equipment1-5 yearsEstimated 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. 35000000 InventoriesInventories are measured at the lower of cost using the FIFO method and net realisable value. Cost of goods for resale, raw materials and consumables consist of purchase price plus landing costs. Cost of manufactured good and work in progress consist of costs of raw materials, consumables and direct labour costs as well as indirect production costs. -15568881 ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and doubtful debts. 50000000 Tax payable or receivableCurrent tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's taxable income, adjusted for prepaid tax. PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost. 6000000 DividendDividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for ​the financial year is disclosed as a separate item in equity. 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. 47127111 Deferred 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. 50000000 Operating leasesLease payments on operating leases are recognised on a straight-line basis in the income statement over the term of the lease. Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. 1 Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. Cash flow statementIn pursuance of section 86 of the Danish Financial Statements Act, the preparation of cash flow statement is exluded as it contained in the cash flow statement for the ultimate parent company Illinois Tool Works Inc., Illinois, USA. 2 Staff costs2024 DKK2023 DKKWages and salaries35,373,80733,818,475Pension costs3,217,4973,012,81538,591,30436,831,290Average number of full-time employees6565Management remuneration for 2024 is omitted in accordance with ÅRL § 98 b, subsection 3. true 65 Grundlag for konklusion 3 Depreciation, amortisation and impairment losses2024 DKK2023 DKKAmortisation of intangible assets878,154878,154Depreciation of property, plant and equipment1,439,4251,333,3212,317,5792,211,475 Konklusion 4 Other financial income2024 DKK2023 DKKFinancial income from group enterprises1,477,020997,718Other interest income8977,517Exchange rate adjustments179,382391,9161,656,4911,467,151 2025-04-25 5 Other financial expenses2024 DKK2023 DKKFinancial expenses from group enterprises04,617Other interest expenses15,8762,227Exchange rate adjustments1,249,3811,328,6841,265,2571,335,528 2025-04-25 6 Tax on profit/loss for the year2024​DKK2023​DKKCurrent tax9,570,97410,043,628Change in deferred tax175,139(426,965)9,746,1139,616,663 Regnskabsklasse C, mellemstor virksomhed 7 Proposed distribution of profit and loss2024 DKK2023 DKKOrdinary dividend for the financial year50,000,00035,000,000Retained earnings(15,568,881)(952,492) 34,431,11934,047,508 33963556 2023-01-01 -15568881 2023-12-31 Aarhus C 8 Intangible assetsAcquired licences DKKCost beginning of year9,019,236Cost end of year9,019,236Amortisation and impairment losses beginning of year(6,408,267)Amortisation for the year(878,154)Amortisation and impairment losses end of year(7,286,421)Carrying amount end of year1,732,815 8000 9 Property, plant and equipmentPlant and machinery DKKOther fixtures and fittings, tools and equipment DKKProperty, plant and equipment in progress DKKCost beginning of year47,756,40818,291,526703,500Transfers703,5000(703,500)Additions2,463,204381,9650Cost end of year50,923,11218,673,4910Depreciation and impairment losses beginning of year(44,706,204)(18,147,478)0Depreciation for the year(1,081,573)(357,852)0Depreciation and impairment losses end of year(45,787,777)(18,505,330)0Carrying amount end of year5,135,335168,1610 2 10 Financial assetsDeposits​DKKCost beginning of year2,711,591Additions28,955Cost end of year2,740,546Carrying amount end of year2,740,546 City Tower, Værkmestergade 11 Receivables from group enterprisesTogether with other Danish Group companies, the company has entered into a cash pool arrangement, according to which another company is liable as sole contractor towards the bank. The balance of the cash pool arrangement DKK 53,355k is included in “Receiveables from group enterprises”. Deloitte Statsautoriseret Revisionspartnerselskab 12 PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at amortised cost which usually corresponds to the nominal value. Kolding 13 Deferred tax2024 DKK2023 DKKIntangible assets381,219574,413Property, plant and equipment(224,620)(336,142)Inventories301,683321,967Receivables(37,736)(314,831)Deferred tax420,546245,407 Changes during the year2024 DKK2023 DKKBeginning of year245,407672,372Recognised in the income statement175,139(426,965)End of year420,546245,407 Kolding 14 Contingent liabilitiesThe Entity participates in a Danish joint taxation arrangement where ITW Denmark 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. ​ ​Rental Commitments ​The company has entered a rental agreement for the business areas Platinvej 13, 21, 27, 29 and 31, which expire ​31.12.2026. The annual rent is DKK 5,793k. ​ ​The company has entered a rental agreement regarding cars and transport vehicles with an average period of rent for 3 years. The annual rent is 1,370k. 6000 15 Related parties with controlling interestRelated parties with a controlling interest in Novadan ApS includes the ultimative parent company of the company, Illionis Tool Works Inc. through the sole shareholder ITW Denmark ApS, Silkeborg. Other related parties in the NOVADAN Group includes the management and the board of the parent company. Revisionspåtegning 16 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. 2024-12-31 17 Group relationsName and registered office of the Parent preparing consolidated financial statements for the smallest group: • Illinois Tool Works Inc. • 155 Harlem Avenue • Glenview, IL 60025 • USA 2024-01-01 21 Platinvej Novadan ApS 63129216 63129216 6000 Kolding Platinvej 21 Novadan ApS Årsrapport 2025-04-25 Manoela Pereira Fry