140175772024-01-012024-12-31140175772024-01-012024-12-311140175772024-01-012024-12-311140175772024-01-012024-12-312140175772024-12-31140175772023-12-31fsa:ContributedCapitalMember140175772023-12-31fsa:ReserveForCurrentValueOfHedgingMember140175772023-12-31fsa:ReserveForDevelopmentExpenditureMember140175772023-12-31fsa:RetainedEarningsMember140175772023-12-31140175772024-01-012024-12-31fsa:ReserveForCurrentValueOfHedgingMember140175772024-01-012024-12-31fsa:RetainedEarningsMember140175772024-01-012024-12-31fsa:ReserveForDevelopmentExpenditureMember140175772024-12-31fsa:ContributedCapitalMember140175772024-12-31fsa:ReserveForCurrentValueOfHedgingMember140175772024-12-31fsa:ReserveForDevelopmentExpenditureMember140175772024-12-31fsa:RetainedEarningsMember140175772023-01-012023-12-31xbrli:pureiso4217:DKKThe Executive Board has today considered and approved the annual report of Zizzi Denmark ApS for the financial year 01.01.2024 - 31.12.2024. 22The annual report is presented in accordance with the Danish Financial Statements Act.0.0000.000In 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 - 31.12.2024.2524I believe that the management commentary contains a fair review of the affairs and conditions referred to therein.0.440000.3750I recommend the annual report for adoption at the Annual General Meeting.0.400000.40000Billund202420272025-01-31570978000621857000Kuno Kildetoft Mehlsen1698800013830000Chief Executive Officer313537000346232000To the shareholders of Zizzi Denmark ApS129277000132222000We have audited the financial statements of Zizzi Denmark 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 accordance with the Danish Financial Statements Act.145152000157233000We 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.123741000124377000Management 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.1847400014173000Our 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.4197000441000-126000018242000Management 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 under the Danish Financial Statements Act. 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.4740000389900079250008035000Kolding-4445000141060002025-01-311340003546000Morten Gade Steinmetz-457900010560000mne341452496000027587000State Authorised Public Accountant13170002212000Thomas Aamand Lund2627700029799000mne47764178510009711000State Authorised Public Accountant85770005419000Financial highlights2024​DKK'0002023​DKK'0002022​DKK'0002021​DKK'0002020​DKK'000Key figuresRevenue570,978621,857644,861608,481540,745Gross profit/loss145,152157,233138,905189,406142,171EBITDA17,21432,41515,87375,2141,102Operating profit/loss(1,260)18,2424,59365,615(13,928)Net financials(3,185)(4,136)​(2,418)(9,543)(4,006)Profit/loss for the year(4,579)10,5601,69443,506(14,201)Total assets297,666290,319294,707244,980205,786Investments in property, ​plant and equipment19,6389,1504,7232,36110,798Equity108,770107,89194,36297,83649,250Average number of employees257266278254267RatiosGross margin (%)25.4225.2821.5431.1326.29EBIT margin (%)(0.22)2.930.7110.78(2.58)Net margin (%)(0.80)1.700.267.15(2.63)Return on equity (%)(4.23)10.441.7659.16(32.97)Equity ratio (%)36.5437.1632.0239.9423.93Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by CFA Society Denmark.Gross margin (%) :Gross profit/loss * 100​RevenueEBIT margin (%):Operating profit/loss * 100​RevenueNet margin (%) :Profit/loss for the year * 100​RevenueReturn on equity (%) :Profit/loss for the year * 100​Average equityEquity ratio (%) :Equity * 100​Total assets264280001513000053830005197000Primary activitiesThe company’s main objective is to source and market clothing for plus size women across European markets ​ ​Group chart​​​ 53830005197000Development in activities and financesDespite the challenges relating to high inflation and continuous war in Europe, the company has achieved a revenue of DKK 570,9m (621.8m 2023) and an EBITDA of DKK 17,2m (32,4m 2023). The decrease of DKK 15,2m compared to the EBITDA in 2023, illustrates that 2024 has been equally challenging as the fiscal year 2023. Realised revenue and profitability are below expectations for 2024 which where a growth in revenue compared to 2023 of 5-10 % in revenue and a profitability at the same level as in 2021. The revenue decline is primarily driven by a lack of demand in some parts of the distribution network and related to issues with the flow of goods due to supply chain constraints and relocation of warehouse. We have during 2024 been in control of our costs, but the decline in revenue has more than offset this tight control of costs. For this reason, we now enter into 2025 with re-acceleration of growth being our key priority. Management expects to realize growth in revenue at 5-15% in 2025 compared to 2024, as we will continue the journey of expanding our digital sales channels and new retail concept, which have been successfully launched in 2024. As per Dec 2024 we now have 8 new concept stores so called “brand stores” out of 62 stores in total. Focus remains to secure that profitability is restored at levels realized in 2021. (EBITDA range of DKK 50m-70m) In 2024 the Group successfully relocated the existing warehouse operation from Billund (app. 6,500 sqm) to Horsens in a new established warehouse (app. 12,000 sqm). The relocation which took place from May-August 2024 has been efficiently carried out. The direct cost of this relocation has affected this year’s result with app. 6 mDKK not accounting for disruption in ordinary business processes. By end of 2024 the Group has in line with plan renewed its existing bank agreement with Nordea, thus ensuring a sufficient liquidity to support growth activities both in own e-commerce as well as expansion of retail stores. 5808800050126000Profit/loss for the year in relation to expected developmentsManagement considers the financial result to be unsatisfactory for 2024.97752000111436000Uncertainty relating to recognition and measurementIRegarding recognition and measurement for the financial year, no significant uncertainty has been identified. 97752000111436000OutlookHaving successfully completed major transitional projects over the past few years, we are now poised to focus on driving commercial development in the year ahead. The consistent positive results from our own digital channels and new brand store concept reinforce our optimism for the future. We are confident in achieving further revenue growth, enhanced profitability, and strong free cash flow generation in the coming year. Significant events after the closing of the financial statement Zizzi Holding’s owner has in the beginning of 2025 granted a loan to the group to support further growth. This further strengthens the Group’s liquidity reserve. Particular risks Business risks The primary business risks for the company relate to upholding and developing its business activities across international markets in an increasingly competitive landscape. In addition, the company faces various risks related to events outside of the Group’s control i.e pandemics, war, political uprisings, change in international legislation and more. The Group works actively to remedy such potential events to limit their impact on the Group. The Board of Directors must ensure continuous monitoring of the development on the markets to reduce business risks as well as to strengthen its competitive position. Credit risks Credit risks are related to debtors who receive deliveries according to the company’s normal trade terms. The priority of the Group’s debtors is insured via credit insurance and/or bank guarantees, under continuous control and risk assessment of level of credit. Treasury risks Treasury risks are predominantly related to the business exposure to foreign currencies. The Group is exposed to the development in the USD/DKK exchange rate, since most of the costs associated with product purchases are placed in USD. The Group does not have any income in USD, why the natural hedging from continuous cash inflow in USD is absent. The Group has sales in NOK and SEK and is exposed to the development in these currencies. The exposure is classified as less influential in terms of impact to the Group, as the Group also account for costs in NOK and SEK. The Group has adopted a Treasury Policy including the use of financial instruments to limit the exposure to the company. 821100023420000 Use of financial instrumentsThe company will always be exposed to currency risks. A considerable part of the Group’s cash flow is carried out in foreign currency and will be affected by exchange rates and interest development. This goes for activities carried out between foreign companies, suppliers, and customers. The company’s currency policy is using a layered hedging approach to minimize the risks in transactions with foreign exchange. The policy has not been changed in the financial year and continues to prove to be effective (limiting future currency exposure) and will be continued unchanged during the coming financial year. 10553600076475000Knowledge resourcesIIt is essential for the Group to maintain the ability to attract, develop and retain qualified members of staff with a​high level of competence. The presence of quality knowledge and knowhow in each level of staff will be obtained by thorough recruitment and continuous development of the existing staff and their competencies.​​Staff​Development within the members of staff can be illustrated as below:​​​​Please note that the figure for Denmark reflects employees in Zizzi Denmark ApS, whereas the total reflects employees in Zizzi Holding ApS on a consolidated basis.69940001067000Environmental performancePlease refer to the paragraph "Statutory report on corporate social responsibility" below. 1614300016671000Research and development activitiesIn line with Group strategy, investments will be made in the ongoing development of the business platform, as well as the optimization of all distribution channels across the Scandinavian and Central European markets. Growth in revenue is expected to return to our economic region from 2025 onwards, hence we remain focused to invest for future growth in 2025. 136884000117633000Statutory report on corporate social responsibilityThe company monitors relevant relations towards social responsibilities, including employee relations, environmental issues and anti-corruption. ​​During the financial year, the Group focused on the following areas of social responsibility: ​The ESG committee’s work, changed towards ensuring compliance preparation with new legislation initiatives commencing 2025. ​ ​The 2030 ESG strategy includes four commitments: ​1. Continuously transform our business to ensure responsible production and consumption in our value chain. ​2. Significantly improve our impact on the climate and environment through our activities. ​3. Ensure good working conditions for all people involved with our products and business activities. ​4. Fight for inclusivity for everyone no matter their gender, age, size, race, or origin. ​ ​Extract of achievements in 2024: ​• We reached our goal of achieving more than 25% of styles created containing more than 50% preferred fibers. ​• We have increased the share of suppliers either being GOTS (more than 6pp) or GRS certified (more than 10pp). ​• Share of polyester has dropped from 34% in 2023 to 29% in 2024. ​• We have commenced the extensive double materiality assessment being ready for CSRD compliance as of 2025. As a member of the UN Global Compact, the Group issues a progression report concerning the CSR work performed by the Group. In accordance with the Danish Financial Statements act §99a the Group has issued a Corporate Social Responsibility Report. For detailed information regarding the work of Zizzi Group relating to social responsibilities reference is made to this report. The report is published on the following link: ​https://www.aboutzizzi.com/csr 494200011124000239578000240193000Statutory report on the underrepresented gender20242023Supreme management bodyTotal number of members22Underrepresented gender (%)0.000.00With reference to the Danish Financial Statements Act §99b the Group reports the following figures. The Board of Directors has a gender composition of 100% “male” since the Board consists of two (2) members as per end of 2024. As there are only two members in the Group’s Board, a target for gender balance is not formulated in line with the guideline of reaching 40/60 balance between the genders. The gender composition of the BoD in 2024 is subject to resource availability with Zizzi Holding ApS’ owners.As can be seen from the table below the Group has per 2024 a gender representation on Other Management Levels of 40/60. The underrepresented gender is in the Group’s case “male”.The policy of the Group is to strive for a balance in gender representation on all management levels. 20242023Other management levelsTotal number of members2524Underrepresented gender (%)44.0037.50Target figures (%)40.0040.00Year of expected achievement of target figures20242027297666000290319000With reference to the Danish Financial Statements Act §99b the Group reports the following figures. The Board of Directors has a gender composition of 100% “male” since the Board consists of two (2) members as per end of 2024. As there are only two members in the Group’s Board, a target for gender balance is not formulated in line with the guideline of reaching 40/60 balance between the genders. The gender composition of the BoD in 2024 is subject to resource availability with Zizzi Holding ApS’ owners.550000550000As can be seen from the table below the Group has per 2024 a gender representation on Other Management Levels of 40/60. The underrepresented gender is in the Group’s case “male”.83470002889000The policy of the Group is to strive for a balance in gender representation on all management levels. 1946900022988000Statutory report on data ethics policyZizzi collects personal data on employees and customers to fulfil our obligations towards national authorities such as national tax authorities, as well as our obligation to fulfil the orders placed by our customers. Where national legislation demands us to transfer personal data, we will exchange such data with third parties (national authorities). To fulfil our obligation of delivering our products we exchange non-sensitive personal data with local distributors. Zizzi does not sell customer data, confidential data, or sensitive personal data. ​​Employee data including sensitive personal data is kept confidential and can only be accessed by a few trusted employees to fulfil our obligations of communicating with national authorities. Personal data is kept in record for as long as we have an obligation to store this information to meet the demands from national authorities. ​Sensitive personal data is only kept record for as long as it is necessary to fulfil the legislative demands. Hereafter​it is deleted. ​​The customer data we receive (after customers’ active consent) is never classified as sensitive. However, if we have no reason to keep the customer data in record (for example to fulfil our obligation of handling customer complaints (guarantee period) after we have transferred products to the customer), the data will be deleted. Overall, customer data is used to provide unique customer service, i.e. trade data about our customers to provide​the expected service. ​​Customers delivering personal data to us always have the right to have their data deleted upon request to the company. ​​There have been no non-intended exchange or leak of any individuals’ personal data in 2024. ​​The company has prepared a Group data policy with detailed explanations on how data is utilized responsibly in our business. ​​The policy is published on the following link: https://www.aboutzizzi.com/data-policy. 8040400081464000108770000107891000Statutory report on corporate governanceZizzi Holding’s Board of Directors will at any time secure that the Group Management structure and internal controls are appropriate and work satisfactorily. ​​The basis for the organization of tasks handled by the Board of Directors and Management includes the Companies Act, the Financial Statements Act, the company´s articles of association and good practices for companies of the same size and same international reach as Zizzi Group. Under this, the Group - due to its status as a private equity owned company, adheres to the guidelines for responsible ownership and corporate governance. ​​On this basis, several internal procedures are being developed and maintained to ensure active, safe, and profitable management of the Group. ​​Proposals for active ownership and corporate governance of equity funds ​In 2011 the Danish Venture and Private Equity Association published updated guidelines for responsible ownership and corporate governance for equity funds and their controlled companies. ​The recommendations concern the guidelines regarding corporate governance, social responsibilities, risk assessments, employments policy and strategy. These matters are discussed in the Management’s Review. ​ ​Management will in general follow the guidelines and recommendations. For further information on the mentioned recommendations reference is made to www.dvca.dk ​​Shareholders’ conditions ​The capital structure of the company will always be monitored by the Board of Directors and kept with the expectations from the Board of Directors and in the interests of the Group. The main goal is to have a capital structure that supports continuous profitable growth and does not increase the operational risk to the point where the capital structure must be changed within a short period of time. ​​The company’s articles of association contain no limits towards ownership or the right to vote. Zizzi Holding’s unit capital consists solely of one share class.​ ​Sissi 26 FIII Holding GmbH is the largest indirect shareholder of Zizzi Holding and has a controlling influence in the company. ​ ​​The work of the Board of Directors ​The Board of Directors overlooks the work of Executive Management ensuring that approved goals, strategies and business processes are kept. Information from Management is done systematically during meetings and by ongoing reporting. The reporting contains information on market developments, Group development and profitability. ​​Risk assessments ​The management ensures effective risk assessment and internal audit reduce strategic and business risk, securing compliance with laws and regulations, to ensure an effective basis for management decision. The strategic choices of Zizzi Holding lead to natural risks, which are essential to identify and be communicated out and handled effectively. Internal audit and effective risk assessments are vital for the Board and executives to carry out tasks expected by the governing bodies. ​​Financial reporting process​Management, on behalf of the Board of Directors, handles the overall responsibility of the company´s risk assessments and internal audits concerning the financial reporting process. Organizational structure, policies, procedures and audits in relation to the financial reporting process undergo continuous evaluation by the Board of Directors. ​​The Group has established a Group reporting process, including monthly reporting, consisting of full income report, balance sheet and cash flow, follow-up to budget, valuation on KPI performances and achievement of the agreed target for each business unit. ​ ​Management remuneration ​ To attract and maintain management competencies, the remuneration of Executive Management and senior executives is determined by consideration of work tasks, value creation and terms in comparable companies. ​​Incentive pay has been used for Executive Management and senior executives in the form of bonus schemes, as well as a contingent and warrant-based incentive program for the Executive Management and senior executives. ​ ​The Board of Directors and the Executive Board´s shareholding​At the end of the financial year, the Board of Directors and the Executive Board have no indirect shareholding in the company. ​ ​Dividend policy ​Payment of dividend must take place with consideration of the necessary consolidation of equity for the Group’s planned expansion. ​​The Board suggests no dividend be distributed in connection with the annual general meeting. ​​Stakeholders ​Zizzi Group continues to develop and expand good relations to interest groups, as those relations are considered to have essential and positive effect on the Group´s future development.4459000443700044590004437000Events 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. 4464300030330000This 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.5436000065233000Recognition 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.5123800046135000Foreign 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. 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 classified directly as equity.16510000Derivative financial instrumentsOn initial recognition in the balance sheet, derivative financial instruments are measured at cost and subsequently at fair value. Derivative financial instruments are recognised under other receivables or other ​payables.​Changes in the fair value of derivative financial instruments classified as and complying with the requirements for​hedging future transactions are recognised directly in equity. When the hedged transactions are realised, the accumulated changes are recognised as part of cost of the relevant financial statement items. ​​For derivative financial instruments that do not comply with the requirements for being treated as hedging ​instruments, changes in fair value are recognised currently in the income statement as financial income or ​financial expenses.3254500036293000184437000177991000RevenueRevenue from the sale of goods for resale is recognised in the income statement when delivery is made and risk has passed to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed.184437000177991000Other 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.297666000290319000Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for ordinary inventory writedowns.550000266Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities, including expens-es for premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of receivables recognised in current assets. By reference to the Danish Financial Statements Act section 99a paragraph 7 fees to the auditor appointed at the annual general meeting is not disclosed since this is included in the consolidated financial statements of Zizzi Holding ApS. 288900010560000Staff costsStaff costs comprise salaries and wages as well as social security contributions, pension contributions, etc for entity staff.22988000Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment and intan-gible assets comprise depreciation, amortisation and impairment losses for the financial year, calculat-ed on the basis of the residual values and useful lives of the individual assets and impairment testing.81464000Other operating expensesOther operating expenses comprise expenses of a secondary nature as viewed in relation to the Entity’s primary activities, including loss from the sale of intangible assets and property, plant and equipment.Other financial incomeOther financial income comprises interest income, net capital or exchange gains, payables and transac-tions in foreign currencies as well as tax relief under the Danish Tax Prepayment Scheme etc.6997000Other financial expensesOther financial expenses comprise interest expenses, net capital or exchange losses, payables and transactions in​foreign currencies as well as tax surcharge under the Danish Tax Prepayment Scheme etc.0Tax 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 Zizzi Holding ApS, Business Reg. No 40 29 85 68 and all 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).6997000Development projects and Intellectual property rights etcIntellectual property rights etc comprise acquired intellectual property rights (rental rights).Development projects on clearly defined and identifiable products and processes, for which the technical rate of utilisation, adequate resources and a potential future market or development opportunity in the enterprise can be established, and where the intention is to manufacture, market or apply the product or process in question, are recognised as intangible assets. Other development costs are recognised as costs in the income statement as incurred. When recognising development projects as intangible assets, an amount equalling the costs incurred less deferred tax is taken to equity in the reserve for development costs that is reduced as the development projects are amortised and written down. ​ ​The cost of development projects comprises costs such as salaries and amortisation that are directly and indirectly attributable to the development projects. ​ ​Indirect production costs in the form of indirectly attributable staff costs and amortisation of intangible assets and depreciation of property, plant and equipment used in the development process are recognised in cost based on time spent on each project. ​Completed development projects are amortised on a straight-line basis using their estimated useful lives which are determined based on a specific assessment of each development project. If the useful life cannot be estimated reliably, it is fixed at 10 years. For development projects protected by intellectual property rights, the maximum period of amortisation is the remaining duration of the relevant rights. The amortisation periods used are 3-5 years. Intellectual property rights acquired are measured at cost less accumulated amortisation, which is set at 10 years with no residual value. ​Intellectual property rights etc are written down to the lower of recoverable amount and carrying amount. 1539000Property, plant and equipmentOther fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses. ​​Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the asset until the time when it is ready to be put into operation.​​The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line depreciation is made on the basis of the following estimated useful lives of the assets:Useful life Other fixtures and fittings, tools and equipment3-5 yearsLeasehold improvements3-10 yearsFor leasehold improvements and assets held under finance leases, the depreciation amount exceeds the contract​period. ​ ​Estimated useful lives and residual values are reassessed annually. ​Items of property, plant and equipment are written down to the lower of recoverable amount and car-rying amount. 01539000InventoriesInventories 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. 0ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and doubtful debts.-3519000PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost.3519000CashCash comprises cash in hand and bank deposits.0Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based value of assets and liabilities, for which the tax-based value is calculated based on the planned use of each asset. 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.0Operating leasesLease payments on operating leases are recognised on a straight-line basis in the income statement over the term of the lease.-4579000Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.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.550000Cash flow statementReferring to section 86 of the Danish Financial Statements Act, a cash flow statement has not been prepared because the Company’s cash flow is fully included in the consolidated cash flows of Zizzi Holding ApS, Business Reg. No 40 29 85 68. 8347000true19469000Grundlag for konklusion80404000KonklusionRegnskabsklasse C, stor virksomhed1 Revenue2024 DKK'0002023 DKK'000Denmark245,402255,000Germany101,345105,363Rest of Europe224,231261,494Total revenue by geographical market570,978621,857The company only have one activity from sale of clothes. 339635562 Other operating incomeOther operating income consists of income from TP adjustments according to the Group transfer pricing policy and income from adminstration services delivered inside the Group.2023-01-013 Fees to the auditor appointed by the Annual General MeetingReferring to section 96 of the Danish Financial Statements Act, the note regarding fees to the auditor appointed by the Annual General Meeting has not been prepared because the Company’s is fully included in the note presented in the consolidated financial statements of Zizzi Holding ApS, Business Reg. No 40 29 85 68. 2023-12-314 Staff costs2024 DKK'0002023 DKK'000Wages and salaries116,281117,605Pension costs5,8414,971Other social security costs1,6191,801123,741124,377Average number of full-time employees257266Apart from staff cost a management fee is paid for management services and this amount is recognized as other external expenses. Remuneration of the Executive Board is is not disclosed with reference to S. 98(3) of the Danish Financial Statements Act. In order to strengthen Management and certain leading employees’ interest in the long-term value creation of the group, a total of 1,193,657,879 warrants have been issued. The warrants each give the right to subscription of a new share in Zizzi Invest ApS at an exercise price of DKK 0.01. The warrants are granted over a period of time and subject to the warrant holders continued employment in the Group. At year end a total of 1,189,802,627 warrents have been assigned to employees. Kolding25760005 Depreciation, amortisation and impairment losses2024​DKK'0002023​DKK'000Amortisation of intangible assets10,1857,557Depreciation of property, plant and equipment8,2896,61618,47414,17346 Other operating expensesOther operating expensens consists of costs from TP adjustments according to the Group transfer pricing policy.Egtved Allé7 Other financial income2024 DKK'0002023 DKK'000Financial income from group enterprises4,5513,565Other interest income1893344,7403,899Deloitte Statsautoriseret Revisionspartnerselskab8 Other financial expenses2024 DKK'0002023 DKK'000Financial expenses from group enterprises3,7315,336Other interest expenses3,5212,024Exchange rate adjustments6736757,9258,035Billund9 Tax on profit/loss for the year2024 DKK'0002023 DKK'000Current tax1120Change in deferred tax223,5461343,546Billund10 Proposed distribution of profit and loss2024 DKK'0002023 DKK'000Retained earnings(4,579)10,560 (4,579)10,5607190-4579000Revisionspåtegning2024-12-3111 Intangible assetsCompleted development projects​DKK'000Acquired rights​DKK'000Cost beginning of year38,94912,946Additions7,0290Disposals0(1,548)Cost end of year45,97811,398Amortisation and impairment losses beginning of year(11,362)(10,734)Amortisation for the year(9,656)(529)Reversal regarding disposals01,182Amortisation and impairment losses end of year(21,018)(10,081)Carrying amount end of year24,9601,3172024-01-0112 Development projectsDevelopment projects consists of cost to the development of a new e-commerce sales platform and cost related to this development. The platform has been launched in 2022 and is now up and running. The company has increased sales volume and margins due to this new platform because of a better customer experience. 13 Property, plant and equipmentOther fixtures and fittings, tools and equipment DKK'000Leasehold improvements DKK'000Cost beginning of year65,59613,718Additions14,3145,324Disposals(4,124)(934)Cost end of year75,78618,108Depreciation and impairment losses beginning of year(55,885)(8,299)Depreciation for the year(6,166)(2,123)Reversal regarding disposals4,116891Depreciation and impairment losses end of year(57,935)(9,531)Carrying amount end of year17,8518,57714 Financial assetsDeposits​DKK'000Cost beginning of year5,197Additions428Disposals(242)Cost end of year5,383Carrying amount end of year5,3832915 InventoriesManufactured goods and goods for resale include goods in transit of 31,004k (2023: 33,496k).Kløvermarken16 PrepaymentsPrepayments comprise incurred marketing costs and other costs relating to subsequent financial years. Zizzi Denmark ApS17 Deferred tax Changes during the year2024 DKK'0002023 DKK'000Beginning of year4,43753Recognised in the income statement223,546Recognised directly in equity0838End of year4,4594,437Deferred tax relates to intangible assets, property, plant and equipment, inventories and other provisions.1401757718 Financial instrumentsOther receivables include a positive fair value of forward exchange contracts of DKK 4,740k. Zizzi Denmark ApS hedges future exchange risks relating to sales and purchases and sales of goods. Zizzi Denmark ApS has entered into forward exchange contracts for the following 8 months to secure purchases and sales of goods in the following currencies: DKK 86,160k and USD 12,719k. All values are absolute values. All contracts are subscribed with the Company’s ordinary bank.3396355619 Unrecognised rental and lease commitments2024 DKK'0002023 DKK'000Liabilities under rental or lease agreements until maturity in total98,61090,6582300 København S20 Contingent liabilities2024​DKK'0002023​DKK'000Recourse and non-recourse guarantee commitments10,90214,001Contingent liabilities 10,90214,001The Entity participates in a Danish joint taxation arrangement where Zizzi Holding 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.Weidekampsgade 6Deloitte Statsautoriseret Revisionspartnerselskab21 Assets charged and collateralBank loans are secured by way of a floating charge of DKK 80,000k and a owners' mortage deeds of DKK 10,100k. The assets covered by the floating charge and the owners' mortage deeds amount to DKK 261,064k and comprises receivables, inventory and operating equipment. The company have given negative pledge in the entity's assets. Collateral provided for group enterprisesThe Entity has guaranteed group enterprises’ debt with the Group’s main bank. The maximum limit of the guarantee is DKK 110m. Bank loans of group enterprises amount to DKK 57m at 31 December 2024. The above mentioned floating charge also secures group enterprises’ debt with the Group’s main bank. Årsrapport22 Related parties with controlling interestThe following parties have a controlling interest: Zizzi ApS, Billund, shareholder Zizzi Invest ApS, Billund, shareholder Zizzi Holding ApS, Billund, shareholder Sissi 26 FIII Holding GmbH, Munich, ​shareholder Sissi 26 SC FIII Holding GmbH, Munich, shareholder2025-06-3023 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.Kuno Kildetoft Mehlsen24 Group relationsName and registered office of the Parent preparing consolidated financial statements for the largest group: Zizzi Holding ApS, Kløvermarken 29, 7190 Billund, Business Reg. No 40 29 85 68. Name and registered office of the Parent preparing consolidated financial statements for the smallest group: Zizzi ApS, Kløvermarken 29, 7190 Billund, Business Reg. No 28 30 20 29.