30070186 2024-01-01 2024-12-31 30070186 2024-01-01 2024-12-31 1 30070186 2024-01-01 2024-12-31 1 30070186 2024-01-01 2024-12-31 2 30070186 2024-01-01 2024-12-31 3 30070186 2024-01-01 2024-12-31 4 30070186 2024-01-01 2024-12-31 5 30070186 2024-01-01 2024-12-31 1 30070186 2024-01-01 2024-12-31 2 30070186 2024-12-31 30070186 2023-12-31 fsa:ContributedCapitalMember 30070186 2023-12-31 fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember 30070186 2023-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 30070186 2023-12-31 fsa:RetainedEarningsMember 30070186 2023-12-31 fsa:ProposedDividendRecognisedInEquityMember 30070186 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 30070186 2024-01-01 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 30070186 2024-01-01 2024-12-31 fsa:ContributedCapitalMember 30070186 2024-01-01 2024-12-31 fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember 30070186 2024-01-01 2024-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 30070186 2024-12-31 fsa:ContributedCapitalMember 30070186 2024-12-31 fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember 30070186 2024-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 30070186 2024-12-31 fsa:RetainedEarningsMember 30070186 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 30070186 2023-12-31 30070186 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 ferm LIVING ApS for the financial year 01.01.2024 - 31.12.2024. Unusual circumstances affecting recognition and measurementManagement reports and books have been thoroughly analyzed by auditors and do not foresee any uncertainty in the reporting. 335509736 The annual report is presented in accordance with the Danish Financial Statements Act. 360813772 19026533 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. 19630994 196618115 We believe that the management commentary contains a fair review of the affairs and conditions referred to therein. 203805141 54659074 We recommend the annual report for adoption at the Annual General Meeting. 62821343 103259080 Copenhagen 113818282 53079022 2025-06-30 52655181 9058553 Peter Mikael Vedel 8832753 41121505 CEO 52330348 1719817 Torsten Bjerre Rasmussen 2928490 854961 chairman 810359 2438179 Anna Kathrine Neve Andersen 1579795 41258104 Sophie Louise Knauer 54489402 13785622 Hans Maasbøl 13187276 27472482 Thomas Riis 41302126 0 To the shareholders of ferm LIVING ApS 1383336 90694021 We have audited the financial statements of ferm LIVING 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. 83188309 90694021 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. 84571645 1148840 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. 1278887 876222 Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are ​free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes ​our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted ​in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material ​misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, ​individually or in the aggregate, they could reasonably be expected to influence the economic decisions of ​users taken on the basis of these financial statements.​​As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, ​we exercise professional judgement and maintain professional scepticism throughout the audit. We also:Identify and assess the risks of material misstatement of the financial statements, whether due to ​fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence ​that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a ​material misstatement resulting from fraud is higher than for one resulting from error, as fraud may ​involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.​Obtain an understanding of internal control relevant to the audit in order to design audit procedures ​that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the ​effectiveness of the Entity’s internal control.​Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates ​and related disclosures made by Management.​Conclude on the appropriateness of Management’s use of the going concern basis of accounting in ​preparing the financial statements, and, based on the audit evidence obtained, whether a material ​uncertainty exists related to events or conditions that may cast significant doubt on the Entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to ​draw attention in our auditor’s report to the related disclosures in the financial statements or, if such ​disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence ​obtained up to the date of our auditor’s report. However, future events or conditions may cause the ​Entity to cease to continue as a going concern.​Evaluate the overall presentation, structure and content of the financial statements, including the disclosures ​in the notes, and whether the financial statements represent the underlying transactions and ​events in a manner that gives a true and fair view.Plan and perform the audit of the financial statements to obtain sufficient appropriate audit evidence regarding the consolidated financial information of the entities or business units as a basis for forming an opinion on the financial statements. We are responsible for the direction, supervision and review of the audit work performed. We remain solely responsible for our audit opinion.We communicate with those charged with governance regarding, among other matters, the planned scope ​and timing of the audit and significant audit findings, including any significant deficiencies in internal control ​that we identify during our audit. 402715 2025062 1681602 8690987 Management is responsible for the management commentary. Our opinion on the financial statements does not cover the management commentary, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the management commentary and, in doing so, consider whether the management commentary is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the management commentary provides the information required by relevant law and regulations.Based on the work we have performed, we conclude that the management commentary is in accordance with the financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary. 12248343 2006439 2065785 10697426 Copenhagen 14314128 103416509 Bjørn Winkler Jakobsen 100567375 50748509 mne32127 56244299 8445150 State Authorised Public Accountant 13527465 59193659 Hans Tauby 69771764 25270601 mne44339 25333006 21945674 State Authorised Public Accountant 8287077 251208 Financial highlights2024​DKK'0002023​DKK'0002022​DKK'0002021​DKK'0002020​DKK'000Key figuresRevenue360,814335,510387,195403,935Gross profit/loss113,818103,259123,813119,78875,740EBITDA61,16350,18075,11583,68444,400Operating profit/loss52,33041,12266,01774,70643,621Net financials(769)(1,583)(3,060)(1,969)(1,229)Profit/loss for the year41,30227,47250,31455,05340,163Total assets238,078242,155260,194270,97785,683Investments in property, ​plant and equipment9846821,4554682,151Equity173,114177,203211,995161,31535,855RatiosGross margin (%)31.5430.7831.9829.66Invalid equationEBIT margin (%)14.5012.2617.0518.49Invalid equationNet margin (%)11.458.1912.9913.63Invalid equationEquity ratio (%)72.7173.1881.4859.5341.85Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark. The annual report os 2019 and 2020 were presented in accordance with with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (medium).​Hence, revenue figures and revenue related ratios for 2019 and 2020 have not been disclosed.​​​​​​​​​​​​Gross margin (%) :Gross profit/loss * 100​RevenueEBIT margin (%):Operating profit/loss * 100​RevenueNet margin (%) :Profit/loss for the year * 100​RevenueEquity ratio (%) :Equity * 100​Total assets 209401 0 704658 873722 Primary activitiesFerm Living is a distinct brand with the primary activity to design, develop and distribute its portfolio of interior design products across its numerous retail and e-tail partners, as well as its own webshop, all over the world. From their home in Copenhagen, they blend authentic design and responsible thinking to create honest collections for your home. Objects that embrace the contrasts in life, so you can create space to feel comfortably you. They create collections of furniture, accessories, and lighting, for all rooms in the home. Their products are sold worldwide in more than 85 countries with main markets in Europe and North America. The company was founded in 2006 by Trine Andersen in Denmark and participant of UN Global Compact. 2945766 48341205 Development in activities and financesThe recent years challenging market conditions with multiple geopolitical issues across the world and consequently high level of uncertainty among consumers again impacted consumer sentiment. The company has continued to launch new accessory products and expanded the furniture and lighting collection to complement the existing collections and brand universe. The 2024 collections have performed well and represent 15% of orders in the year and the company experienced growth across all product categories with furniture and lighting continuing to represent 45% of the total. The brand is available at retailers and e-tailers in more than 85 countries and worldwide on the company’s own website. The dedicated work with existing partners in strategic and key markets continues to develop the business and new branded concept presentations have been established in several major cities. Furthermore, the company collaborates with key B2B contract dealers in main markets to promote the brand to office, the hospitality sector, and others in the professional market with great success. The Brand continues to experience strong interest and is investing significantly in growing awareness of the brand and traffic to the website, which hosted more than 8 million sessions (+55%) and the social media community surpassed +1,6 million followers around the world, confirming that the brand is well established and with strong future potential. Given the diverse product assortment, geographical spread, and multiple sales channels, the company managed despite challenging market conditions to grow its total business with 8% to revenue of 361MDKK in Ferm Living Aps and 411 MDKK in revenue (at consolidated group level). During the year the company has strengthened its organization with additional positions for future development of the business and investments in improvements of IT systems to enhance operations and efficiency as well as upgrades to the business intelligence system. Furthermore, significant investments and preparations in a new Ferm Living logo with complete update of visual identity being launched in February 2025 has been done. New supplier contracts, including our updated code of conduct, have been signed and relationships further developed with existing suppliers. At the same time new suppliers have been onboarded, and the company now has several large product groups being produced in Vietnam. 37479908 31203870 Profit/loss for the year in relation to expected developmentsThe overall cost base has increased during the year as planned, to ensure appropriate operational capability and investments to continue the growth journey. However, with the increase in revenue, the company has managed to grow EBITDA to 61 MDKK +22% vs. prior year, a satisfactory result. 30259296 138738734 OutlookThe Board of Directors and Management expects to continue the positive development of the company with its attractive market position both online and offline. Thanks to a strong brand, iconic and popular products, launch of new collections, and a growing loyal customer base there are good long-term growth possibilities. The company will continue to invest in resources and tools to further strengthen the operation combined with strategic initiatives aiming for revenue growth. The current market conditions remain very uncertain and current trade wars can negatively impact, however the company expects growth in 2025 to a consolidated revenue level in the range of 430-475 MDKK and EBITDA of 70-85 MDKK. 137510968 242155243 Environmental performanceAs a part of the global consumer industry GHG emissions are a risk. Therefore, the company has been working with sustainability for many years and is a proud member of UN Global Compact. The company continues to actively improve the CSR profile and have obtained FSC and BSCI certifications and started initiatives to measure CO2 impact. As a member of UN Global Compact and a dedicated internal resource working with continued improvement of environmental performance. The company has identified its 2030 commitments and is actively working on a better tomorrow. Please see https://fermliving.com/pages/sustainability and the 2024 responsibility report for further details. In 2024, the company reached an important milestone by gaining full visibility of the CO₂ emissions across the entire product range. This allows focus on reduction efforts where they will have the greatest impact. The company also obtained Global Recycled Standard (GRS) certification, which is already being applied to some of our recycled material products. Ferm Living works with certifications and testing to ensure working conditions in the supply chain are safe and fair and that products are responsibly produced and of high quality. The company currently works with the following certifications: GOTS (The Global Organic Textile Standard), OCS (The Organic Content Standard), FSC™ (The Forest Stewardship Council), BSCI (Business Social Compliance Initiative) and GRS (Global Recycled Standard). With visibility of the CO₂ emissions the company will gain knowledge and can prioritize how to efficiently apply its efforts for reductions. 238078343 125000 Group relations​​Maj Invest Equity is a part of the Danish private equity fund Maj Invest. The current structure is deemed appropriate in relation to the need for financial flexibility and stability in the Group. 125000 635929 Foreign branchesThe group operates branches in Sweden, Finland, and United Kingdom, in addition to subsidiaries in Norway and the United States. 1245010 8049000 Statutory report on corporate social responsibilityFor a description of the Group’s business model, please refer to the section above “Principal activities”. ​ ​As a global company, Ferm Living is aware that there may be risk across the business when operating in areas where human rights, labor, environment, ethics, and anti-corruption may differ from Denmark. Hence there is a focus on these risks, including setting the tone at the top to align values throughout the Group to comply with international rules and regulations and expecting the same from our stakeholders. Secondly, employees are being trained in guidelines within these areas. ​ ​The company joined the UN Global Compact in 2021 and is committed to the Ten Principles of the UNGC for responsible business conduct within the areas of human rights, labor, environment, and anticorruption. ​ ​The company takes ESG very seriously as they believe that it’s not only crucial for the environment to treat natural ​resources better, but also that it is becoming business critical and necessary to succeed in the market. ​ ​The company has selected a series of key performance indicators related to three Sustainable Development Goals. These indicators will serve as a contributor to the development of the ESG profile of the company and contribute to the efforts and goals set out by the UN and the 2030 agenda. ​ ​Furthermore, the company has since 2017 been reporting on ESG (Environmental, Social, and Governance) topics to its Board of Directors and the Management is responsible for ensuring the ESG strategy is implemented. ​​​Human Rights ​The Company recognizes the importance of maintaining and promoting basic human rights throughout the operations and has joined the UN Universal Declaration of Human Rights, which states, among other things, that all people are born free and equal in dignity and rights. All employees receive guidelines on respecting human rights. Our goal is not to experience any issues related to non-compliance with human rights and the established whistleblower scheme can also be used if human rights are violated. ​ ​Ferm Living’s Code of Conduct has been updated during the year and is based on the Ten Guiding Principles of the UN Global Compact. It defines the ethical principles of our business and has been signed by all our employees, agents, and suppliers. Violations of human rights are a risk, unacceptable and will, under no circumstances, be tolerated. The use of child labor of any kind is strictly forbidden. Primary risk of potential violation of human rights is identified to be related to supply chain, hence the group requires all suppliers to comply with Ferm Living’s Code of Conduct and to acknowledge the declaration stated in the UN Global Compact. ​The company is not aware of any breach of human rights within the company or among suppliers during 2024 and will continue to monitor the operation among suppliers. ​ ​Social ​The group policy is hiring according to qualifications and talent, regardless of ethnicity, age, gender, religion, sexual preference, disability, and social identity. The Company does not believe anyone is above others and works ​to create an environment and atmosphere where everyone can feel safe and are treated in the same way with the same possibilities and equality. The Company continuously works with its culture and conducts employee surveys to measure, mitigate risks and identify potential areas of improvements. When recruiting new people, the ​potential candidates are selected solely based on qualifications and all been through a structured recruitment process. Ferm Living has no knowledge of any breaches hereof. By the end of 2024 the company employed: ​​​​The company systematically registers workplace accidents, and no accidents were registered in the reporting year. Due to the nature of the company, there is very low risk and as such no specific health and safety procedures have been implemented. Team Engagement Culture Survey has been conducted in October 2024 with 90% participation and new surveys are planned for 2025. ​ ​The company expects similar results in 2025 and will continue to work for equal opportunities and a safe work environment. ​​Ethics & Anti-corruption ​According to the company’s Code of Conduct all business proposals in relation to corruption are rejected and the company is fully committed to following the law with integrity. Working with suppliers in many foreign countries there are always local risks, however, we have no tolerance within the company and all suppliers sign our code of conduct. 58% of the suppliers are classified “Responsible Suppliers” and audited by externals and company representatives’ visits suppliers from time to time. The company’s governance procedures utilize 4-eye principle for all company expenses and costs. Whistleblower procedures have been established and are available online for everyone and include a process for the anonymous reporting of incidents, and nothing has been reported in the year. The company is not aware of any breach or corruption within the company or among suppliers during 2024. The company will continue to work actively with its code of conduct and UN Global Conduct in its work for anti-corruption. 10977490 122392879 115766515 46000000 45000000 177202808 Statutory report on data ethics policyThe company has a policy for data ethics and strict IT security guidelines and continuously upgrades its IT system and policies to minimize risk of hacking and inappropriate use. The data ethics policy describes how to use and threat data and all systems are monitored by external IT services. The Group strives to conduct its business ethically, acknowledging the increased use and processing of data as an integral part of the Group’s business. As described in the company’s Code of Conduct, all data is treated with the greatest respect and confidentiality according to law. 173114015 838764 Statutory report on corporate governanceThe Group is subject to and complies with the “Guidelines for responsible Ownership and Corporate Governance" of the Active Owners Denmark (Brancheforeningen for Aktive Ejere i Danmark, www.aktiveejere.dk) because of being ultimately owned by the private equity fund, Maj Invest Equity 5 that is a member of Active Owners Denmark . Management is on an ongoing basis monitoring the financial performance of the Group as well as the corporate governance to ensure that the Group is managed in accordance with applicable laws, to protect the interests of all stakeholders. Risk management is an essential part of the Group's strategy and therefore a natural and integrated part of the daily work in the Group. The members of the Board of Directors in Ferm Living are appointed by the owners. The Board meetings are held on a regular basis. 902744 838764 Events after the balance sheet dateNo other events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. ​ ​Financial Risks of the Elected Capital Structure ​MIE5 Datterholding 9 ApS' share capital is not divided into classes. The Group's equity ratio is 81.48 per cent. ​ ​Ownership and the Board of Directors' Managerial Duties ​Maj Invest Equity 5 K/S owns 67 per cent of MIE5 Datterholding 9 ApS. ​​​​​​​​​Board of Directors​​​​​​​​​​​ 902744 340962 4121 2238430 This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (large).The accounting policies applied to these financial statements are consistent with those applied last year. 3807245 19250349 Consolidated financial statementsReferring to section 112(1) of the Danish Financial Statements Act, no consolidated financial statements have been prepared. 21035449 23835868 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. Reclassifications have been made to the comparative figures which have not had an effect on profit and equity. 23385868 1310394 Foreign currency translationOn initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the rate in effect at the payment date, or the rate at the balance sheet date, are recognised in the income statement as financial income or financial expenses. ​Property, plant and equipment, intangible assets, inventories and other non-monetary assets that have been purchased in foreign currencies are translated using historical rates.​​When recognising foreign subsidiaries and associates that are independent entities, the income statements ​are translated at average exchange rates for the months that do not significantly deviate from the rates at the transaction date. Balance sheet items are translated using the exchange rates at the balance sheet date. Goodwill​is considered belonging to the independent foreign entity and is translated using the exchange rate at the balance sheet date.​Exchange differences arising out of the translation of foreign subsidiaries’ equity at the beginning of the year at the balance sheet date exchange rates and out of the translation of income statements from average rates to the exchange rates at the balance sheet date are recognised directly in 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 the​income statement are translated at the average rates of the months; however, items deriving from non-monetary​assets and liabilities are translated using the historical rates applicable to the relevant non-monetary items. 16870 4532182 5299697 12605486 RevenueRevenue from the sale of manufactured goods and goods for resale is recognised in the income statement when delivery is made and risk has passed to the buyer. Revenue from the sale of services is recognised in the income statement when delivery is made to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed. 10512334 64113671 Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary activities and salary refunds. 64061584 64113671 Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for normal inventory writedowns. 64061584 242155243 Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities, including expenses for premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of receivables recognised in current assets. 238078343 82 Staff costsStaff costs comprise salaries and wages, and social security contributions, pension contributions, etc for entity staff. 125000 2912324 Depreciation, 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, and gains and losses from the sale of intangible assets and property, plant and equipment. 635929 Income from investments in group enterprisesIncome from investments in group enterprises comprises the pro rata share of the individual enterprises’ profit/loss after full elimination of intra-group profits or losses. 8049000 -18527518 Other financial incomeOther financial income comprises interest income, including interest income on payables and transactions in foreign currencies and tax relief under the Danish Tax Prepayment Scheme etc. 122392879 Other financial expensesOther financial expenses comprise interest expenses, including interest expenses payables and transactions in foreign currencies and tax surcharge under the Danish Tax Prepayment Scheme etc. 46000000 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 GoodwillGoodwill is the positive difference between cost and fair value of assets and liabilities arising from acquisitions. Goodwill is amortised straight-line over its estimated useful life, which is fixed based on the experience gained by Management for each business area. Useful life has been determined based on an assessment of whether the enterprises are strategically acquired enterprises with a strong market position and a long-term earnings profile and whether the amount of goodwill includes intangible resources of a temporary nature that cannot be separated and recognised as separate assets. Useful lives are reassessed annually. The amortisation periods used is 20 years. Goodwill is written down to the lower of recoverable amount and carrying amount.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. 46000000 0 Property, plant and equipment Plant and machinery, and other fixtures and fittings, tools and equipment are ​measured at cost less accumulated depreciation and impairment losses. Land is not depreciated.​​Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the asset until the time when it is ready to be put into operation. ​​The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line depreciation is made on the basis of the following estimated useful lives of the assets:Useful life Other fixtures and fittings, tools and equipment3-5 yearsLeasehold improvements3-5 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. -609081 0 Investments in group enterprisesInvestments in group enterprises are recognised and measured according to the equity method. This means that investments are measured at the pro rata share of the enterprises’ equity value plus unamortised goodwill and plus or minus unrealised intra-group profits or losses. Group enterprises with negative equity value are measured at DKK 0. Any receivables from these enterprises are written down to net realisable value based on a specific assessment. If the Parent has a legal or constructive obligation to cover the liabilities of the relevant enterprise, and it is probable that such obligation will involve a loss, a provision is recognised that is measured at present value of the costs necessary to settle the obligations at the balance sheet date. Upon distribution of profit or loss, net revaluation of investments in group enterprises is transferred to the reserve for net revaluation according to the equity method in equity. Goodwill is the positive difference between cost of investments and fair value of assets and liabilities arising from acquisitions. Goodwill is amortised straight-line over its estimated useful life, which is fixed based on the experience gained by Management for each business area. ​Investments in group enterprises are written down to the lower of recoverable amount and carrying amount. 0 InventoriesInventories are measured at the lower of cost using the FIFO method and net realisable value. Cost consists of purchase price plus delivery costs The net realisable value of inventories is calculated as the estimated selling price less completion costs and costs incurred to execute sale. 0 ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and doubtful debts. 0 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. 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. 2928490 -6626364 PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost. 45000000 CashCash comprises cash in hand and bank deposits. 125000 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. 1245010 Other provisionsOther provisions comprise provisions for warranty and provisions for fairness. Provisions for warranty are obligations to repair products within the warranty period, whereas provisions for fairness are obligations to repair products after the end of the warranty period. Other provisions are recognised when there is a legal or constructive obligation as a result of events in the financial year or previous years, and it is probable that an outflow of financial resources will be required to settle the obligation. Provisions are measured at the present value of the expected expenditure required to settle the obligation. 10977490 Operating leasesLease payments on operating leases are recognised on a straight-line basis in the income statement over the term of the lease. 115766515 Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. 45000000 Prepayments received from customersPrepayments received from customers comprise amounts received from customers prior to delivery of the goods agreed or completion of the service agreed. Tax receivable or payableCurrent tax receivable or payable is recognised in the balance sheet, stated as tax computed on this year's taxable income, adjusted for prepaid tax.Joint 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. 46000000 -609081 Cash flow statementIn accordance with section 86(4) if the Danish Financial Statements Act no cash flow statement has been prepared. The cash flow statement for ferm LIVING ApS incorporated in the cash flow statement of the consolidated Financial Statements of MIE5 Datterholding 9 ApS. true Grundlag for konklusion 1 Events after the balance sheet date No events have occurred after the balance sheet date to this date, which would influence the evaluation of ​this annual report. Konklusion 2 Revenue2024 DKK2023 DKKEurope331,613,984311,354,703Rest of World29,199,78824,155,033Total revenue by geographical market360,813,772335,509,736Furnitures, lighting, accessories360,813,772335,509,736Total revenue by activity 360,813,772335,509,736 2025-06-30 3 Fees to the auditor appointed by the Annual General MeetingWith reference to section 96(3) of the Danish Financial Statements Act, the fee to the auditor appointed by the general meeting is not disclosed. Regnskabsklasse C, stor virksomhed 4 Staff costs2024​DKK2023​DKKWages and salaries46,244,99746,259,760Pension costs4,767,6815,232,731Other social security costs1,642,5031,586,53152,655,18153,079,022Average number of full-time employees7882Remuneration​of Management2024​DKKRemuneration​of Management​2023​DKKTotal amount for management categories3,037,6002,912,3243,037,6002,912,324Special incentive programmesAn incentive scheme for key management personnel has been established to motivate and retain the ​participants. ​ ​The incentive scheme has allowed participants to subscribe for a number of warrants, entitling all holders to ​collectively buy 384,395 warrents of a nominal value of DKK 384,395 in the Group at a price agreed in advance. ​ ​As of 31st December 2024, management participants in the incentive scheme have subscribed for 219,371 warrants in total.Management categories have been summarized, as the executive board consists of one individual. 2023-01-01 2023-12-31 78 33963556 Remuneration of Management2024 DKKRemuneration of Management 2023 DKKTotal amount for management categories3,037,6002,912,3243,037,6002,912,324 København S 3037600 2300 5 Depreciation, amortisation and impairment losses2024 DKK2023 DKKAmortisation of intangible assets7,505,7127,612,474Depreciation of property, plant and equipment1,327,0411,446,0798,832,7539,058,553 6 6 Other financial income2024 DKK2023 DKKFinancial income from group enterprises339,596492,518Other interest income470,763362,443810,359854,961 Weidekampsgade 7 Other financial expenses2024 DKK2023 DKKFinancial expenses from group enterprises5400Other interest expenses778,2241,223,648Exchange rate adjustments801,0311,214,5311,579,7952,438,179 Deloitte Statsautoriseret Revisionspartnerselskab 8 Tax on profit/loss for the year2024 DKK2023 DKKCurrent tax13,145,46910,604,515Change in deferred tax41,807(15,163)Adjustment concerning previous years03,196,27013,187,27613,785,622 Copenhagen 9 Proposed distribution of profit and loss2024​DKK2023​DKKOrdinary dividend for the financial year45,000,00046,000,000Retained earnings(3,697,874)(18,527,518)41,302,12627,472,482 Copenhagen 1434 -3697874 Revisionspåtegning 2024-12-31 10 Intangible assetsAcquired intangible assets DKKGoodwill DKKCost beginning of year658,050150,114,241Additions1,383,3360Cost end of year2,041,386150,114,241Amortisation and impairment losses beginning of year(658,050)(59,420,220)Amortisation for the year0(7,505,712)Amortisation and impairment losses end of year(658,050)(66,925,932)Carrying amount end of year1,383,33683,188,309 2024-01-01 11 Property, plant and equipmentOther fixtures and fittings, tools and equipment DKKLeasehold improvements DKKCost beginning of year2,729,0344,158,138Additions943,87739,704Cost end of year3,672,9114,197,842Depreciation and impairment losses beginning of year(1,580,194)(3,281,916)Depreciation for the year(813,830)(513,211)Depreciation and impairment losses end of year(2,394,024)(3,795,127)Carrying amount end of year1,278,887402,715 12 Financial assetsInvestments in group enterprises​DKKDeposits​DKKCost beginning of year6,0582,006,439Additions19,78559,346Cost end of year25,8432,065,785Revaluations beginning of year8,684,9290Exchange rate adjustments609,0810Share of profit/loss for the year2,928,4900Revaluations end of year12,222,5000Carrying amount end of year12,248,3432,065,785Investments in subsidiariesRegistered inCorporate formEquity​interest​%ferm LIVING US Inc.USAInc100.00ferm LIVING Norge ASNorwayAS100.00 13 Deferred tax Changes during the year2024 DKK2023 DKKBeginning of year251,208236,045Recognised in the income statement(41,807)15,163End of year209,401251,208​Deferred tax assetsDeferred tax relates to intangible assets, property, plant and equipment. 1 14 PrepaymentsPrepayments consist prepaid costs, primarily insurances and membership fees, relating to the next year. Kuglegårdsvej 15 Other provisionsOther provisions for warranty and fairness of DKK 0.9 million have been recognised as of 31 December 2024 to ​cover expected warranty and fairness claims. The size and timing of the provisions is based on previous ​experience of the level and timing of repairs and returns. The expected amount due within one year amounts to ​DKK 0.9 million. No amount is expected to be outstanding after 5 years. ferm LIVING ApS 16 Unrecognised rental and lease commitments2024 DKK2023 DKKLiabilities under rental or lease agreements until maturity in total23,593,42925,003,660 30070186 17 Contingent liabilitiesThe Entity participates in a Danish joint taxation arrangement where MIE5 Holding 9 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. 33963556 18 Assets charged and collateralThe company has issued business charge of DKK ('000) 15.000 to Nykredit Bank A/S, providing security on the chattel. ferm LIVING ApS and its subsidiaries are subject to negative pledges (in Danish pantsætningsforbud). The shares in ferm LIVING US Inc are pledged in favour of the lenders under the Group’s bank agreement. 2300 København S 19 Related parties with controlling interestRelated parties with controlling interest in ferm LIVING ApS: MIE5 Datterholding 9 ApS, 1457 Copenhagen, (immediate parent company) MIE5 Holding 9 ApS, 1457 Copenhagen, (parent company) Weidekampsgade 6 20 Non-arm’s length related party transactionsOnly related party transactions not conducted on an arm’s length basis are disclosed in the annual report.​ During the financial year, related party transactions have been conducted on an arm’s length basis besides the following transactions: In 2023 the Group did not recognized interest on all intercompany balances. Deloitte Statsautoriseret Revisionspartnerselskab 21 Group relationsName and registered office of the Parent preparing consolidated financial statements for the largest group: MIE5 Holding 9 ApS, Gammeltorv 18, 1457 Copenhagen.Name and registered office of the Parent preparing consolidated financial statements for the smallest group: MIE5 Datterholding 9 ApS, Gammeltorv 18, 1457 Copenhagen. Årsrapport 2025-06-30 Thomas Riis