346963492024-01-012024-12-31346963492024-12-31346963492023-12-31fsa:ContributedCapitalMember346963492023-12-31fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember346963492023-12-31fsa:RetainedEarningsMember346963492023-12-31346963492024-01-012024-12-31fsa:ContributedCapitalMember346963492024-01-012024-12-31fsa:RetainedEarningsMember346963492024-01-012024-12-31fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember346963492024-12-31fsa:ContributedCapitalMember346963492024-12-31fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember346963492024-12-31fsa:RetainedEarningsMember346963492024-01-012024-12-31cmn:ConsolidatedMemberfsa:LiquidationAccountMember346963492024-01-012024-12-31cmn:ConsolidatedMember346963492024-01-012024-12-31cmn:ConsolidatedMember1346963492024-01-012024-12-31cmn:ConsolidatedMember1346963492024-01-012024-12-31cmn:ConsolidatedMember2346963492024-01-012024-12-31cmn:ConsolidatedMember3346963492024-01-012024-12-31cmn:ConsolidatedMember4346963492024-01-012024-12-31cmn:ConsolidatedMember1346963492024-12-31cmn:ConsolidatedMember346963492023-12-31cmn:ConsolidatedMemberfsa:ContributedCapitalMember346963492023-12-31cmn:ConsolidatedMemberfsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember346963492023-12-31cmn:ConsolidatedMemberfsa:RetainedEarningsMember346963492023-12-31cmn:ConsolidatedMemberfsa:EquityAttributableToParentMember346963492023-12-31cmn:ConsolidatedMemberfsa:MinorityInterestsMember346963492024-01-012024-12-31cmn:ConsolidatedMemberfsa:ContributedCapitalMember346963492024-01-012024-12-31cmn:ConsolidatedMemberfsa:RetainedEarningsMember346963492024-01-012024-12-31cmn:ConsolidatedMemberfsa:EquityAttributableToParentMember346963492024-01-012024-12-31cmn:ConsolidatedMemberfsa:MinorityInterestsMember346963492024-01-012024-12-31cmn:ConsolidatedMemberfsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember346963492024-12-31cmn:ConsolidatedMemberfsa:ContributedCapitalMember346963492024-12-31cmn:ConsolidatedMemberfsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember346963492024-12-31cmn:ConsolidatedMemberfsa:RetainedEarningsMember346963492024-12-31cmn:ConsolidatedMemberfsa:EquityAttributableToParentMember346963492024-12-31cmn:ConsolidatedMemberfsa:MinorityInterestsMember346963492023-12-31cmn:ConsolidatedMember346963492024-01-012024-12-31cmn:ConsolidatedMember6346963492024-01-012024-12-31cmn:ConsolidatedMember1346963492024-01-012024-12-31cmn:ConsolidatedMember2346963492024-01-012024-12-31cmn:ConsolidatedMember2346963492024-01-012024-12-31cmn:ConsolidatedMemberfsa:ShorttermDeferredIncomeMember346963492023-01-012023-12-31346963492023-01-012023-12-31cmn:ConsolidatedMember346963492023-01-012023-12-31cmn:ConsolidatedMember6346963492023-01-012023-12-31cmn:ConsolidatedMember1346963492023-01-012023-12-31cmn:ConsolidatedMember2346963492023-01-012023-12-31cmn:ConsolidatedMember2346963492022-12-31cmn:ConsolidatedMemberiso4217:DKKxbrli:pure34696349Årsrapport4763178203587874249616242170384The Board of Directors and the Executive Board have today considered and approved the annual report of Bjergsø Holding ApS for the financial year 01.01.2024 - 31.12.2024.82958435292991704544The annual report is presented in accordance with the Danish Financial Statements Act.4791873934815703229018In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 31.12.2024 and of the results of their operations and the consolidated cash flows for the financial year
01.01.2024 - 31.12.2024.-374415629522763116483We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.329332496711695303We recommend the annual report for adoption at the Annual General Meeting.094096357112232Copenhagen-3667739874969320888046Mikkel Bjergsø-222617175572582958468Ditte Kristine Lassen-Kahlke2469209-66916130Chair98000259018110238Mikkel Bjergsø0480137-1670Carsten Dalsgaard2745739504323850178Frank Hilmer Borring Petersen-23560992220121112777101To the shareholders of Bjergsø Holding ApS-197847-1554871211073077We have audited the consolidated financial statements and the parent financial statements of Bjergsø Holding 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, for the Group as well as the Parent, and the consolidated cash flow statement. The consolidated financial statements and the parent financial statements
are prepared in accordance with the
Danish Financial Statements Act.
In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 31.12.2024 and of the results of their operations and the consolidated cash flows for the financial year 01.01.2024 - 31.12.2024 in accordance
with the Danish Financial Statements Act.-23363145-1871113028379We 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 consolidated financial statements and the parent financial statements" section of this auditor’s
report. We are independent of the Group 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.10376490-1553000193075254Management is responsible for the preparation of consolidated financial statements and parent 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 consolidated financial statements and parent financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the consolidated financial statements and the parent financial statements, Management is responsible for assessing the Group's and 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 consolidated financial statements and the parent financial statements unless Management either intends to liquidate
the Entity or to cease operations, or has no realistic alternative but to do so.49880374-7429777500000Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and the parent 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 consolidated financial statements and parent 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 consolidated financial statements and the parent 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 ofnot 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 Group's and 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 consolidated financial statements and the parent 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 Group's and 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 consolidated financial statements and the parent 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
Group and the Entity to cease to continue as a going concern.Evaluate the overall presentation, structure and content of the consolidated financial statements and the parent financial statements, including the disclosures
in the notes, and whether the consolidated financial statements and the parent financial statements represent the underlying transactions and
events in a manner that gives a true and fair view.Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the consolidated financial statements and the parent financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. 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.0-22959778106603633602568642982502106603633Management is responsible for the management commentary.
Our opinion on the consolidated financial statements and the parent 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 consolidated financial statements and the parent financial statements, our responsibility is to read the management
commentary and, in doing so, consider whether the management commentary is materially inconsistent with
the consolidated financial statements and the parent 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 consolidated financial statements and the parent 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.
60256864013244631564529825020Copenhagen310722010413769324619Hans Tauby279978146816340mne44339124125095403457065State Authorised Public Accountant37040842342481225990Financial highlights2024DKK'0002023DKK'0002022DKK'0002021DKK'0002020DKK'000Key figuresRevenue265,726249,616247,087237,065212,856Gross profit/loss101,43196,71252,19356,62149,639EBITDA9,7062,058(50,475)(32,610)(38,087)Operating profit/loss1,950(6,692)(63,810)(51,719)(64,826)Net financials2,006(9,116)(743)1,246(5,244)Profit/loss for the year11,928(22,960)(106,494)(52,541)(72,101)Profit for the year excl
.minority interests11,073(23,363)(106,980)(50,786)(69,372)Balance sheet total124,28299,170117,639198,703190,893Investments in property, plant and equipment8,5336,2586,54024,66614,970Equity25,63656,96062,054131,075139,984Equity excl. minority interests25,78857,90362,936132,387140,177Average number of
employees180209226239244RatiosGross margin (%)38.1738.7421.1223.8823.32Net margin (%)4.49(9.20)(43.10)(22.16)(33.87)Return on equity (%)26.46(38.67)(109.54)(37.27)(59.06)Equity ratio (%)20.7558.3953.5066.6373.43Financial highlights are defined and calculated in accordance with the current version of "Recommendations &
Ratios" issued by the CFA Society Denmark.Gross margin (%)
:Gross profit/loss * 100RevenueNet margin (%)
:
Profit/loss for the year * 100
RevenueReturn on equity (%)
:Profit/loss for the year excl. minority interests * 100
Average equity excl. minority interestsEquity ratio (%)
:Equity excl. minority interests * 100
Balance sheet total15937265834196168305552978100108286688Primary activitiesThe Group's activities comprise of the development, manufacturing and sale of high-quality craft beers under the "Mikkeller" and “WarPigs” brands but also through various partnerships such as “Ramen To Biiru” and “Selma”.
The Group operates both own bars and restaurants as well as partner/licensed establishments (referred to as retail activities). The production of beer takes place at the Group's own breweries and in cooperation with leading breweries primarily in Europe.
655546746068444143648Development in activities and financesIn 2024 the Group recorded a total revenue of DKK 265,726 thousand corresponding to an increase in revenue of 6% compared to 2023. The income statement for the period 01.01.24 - 31.12.24 shows a net profit of DKK 11,928 thousand and the balance sheet shows a total equity of DKK 25,636 thousand.
The group has in 2024 continued its severe dedication to profitability. Consequences hereof can be traced in the realized EBITDA for the year of positive DKK 9,706 thousand compared to the positive EBITDA of DKK 2,058 thousand in 2023.
The Group had set ambitious targets for the year, and is overall pleased with its operational achievements.
13412234146349-4623189Profit/loss for the year in relation to expected developmentsThe group projected a net profit in the range of DKK 5,000 to DKK 10,000 thousand. The overachievement can mainly be traced to the recognition of larger deferred tax assets than expected and a license agreement with Carlsberg.-14263661864781630267834Uncertainty relating to recognition and measurementOther than the above mentioned license agreement no significant unusual circumstances affecting recognition and measurement have occurred.591947571864781625788293OutlookThe Groups’ outlook for 2025 is expected to be better than the previous year.
The Group has achieved sustainable growth in 2024 and continues into 2025 both financially and operationally on a better foundation than ever. The Group’s management team remains dedicated to making informed decisions and implementing measures to ensure financial stability and long-term success.
The Group remains optimistic about its outlook for 2025. The projected range for net profits is expected to fall between DKK 20,000 thousand and DKK 25,000 thousand.
The expected revenue is DKK 250 - 280 million.
With a resilient management team and a focus on sustainable growth, the Group is confident in its ability to realize its potential and achieve positive outcomes in 2025
.579025139031590329676Environmental performanceThe Group is steadfast in its commitment to responsible and sustainable business operations. The production of beer has an environmental impact. The process has to great extents been outsourced to the long-term supplier, De Proef Brouwerij. De Proef Brouwerij is committed to enhancing the sustainability of the brewing process through several initiatives. To name a few implemented in 2024;
• Heat recovery from boiling vessel vapor, improving energy efficiency in the brewing process.
• Expansion of solar capacity from 300 kW to 450 kW, enabling a total electricity consumption reduction of 28%.
• R&D initiative to cultivate 50,000 m² of local winter barley, reducing the environmental footprint of raw materials.
These efforts underscore both companies' dedication to reducing environmental footprints while maintaining high-quality production standards. 33414381029359571573Research and development activitiesThe Group maintains a pursuit of innovation, consistently evolving its concepts and products to uphold its position as a leading trendsetter in the market. In the upcoming year of 2025, the Group will persistently invest in advancing both its existing and new concepts and products, firmly entrenching product innovation within its very DNA.
Of notable significance is the Group unwavering commitment to nonalcoholic craft beers, as it continues to allocate substantial resources towards product development and brand activation in this continuously thriving category.
By prioritizing this area, the Group strives to meet the evolving demands and preferences of consumers, ensuring a compelling and captivating experience with its offerings
.0451334159901249Foreign branchesThe group has a foreign branch in Sweden.33414347552454200000Events 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.01911046960374426572574536715152534987069971697173112933763631081552159719977006710191590681326086731169409917041050390610143069171274013412222597146912480787318018-1426366824983958114754765216159194757108286688117683655546745790251313412219501762-943006-14263663193274-23363145569595075919475735072333138367009526150139631383670714928709526-523096545999540000000123802521324038340000000-451880613406011928372192714653196823299163151242810038709530319682329916314184789701230486236300611073077130656309917041025370492-30363531436485103438749693-46231896322743-48577103026783410201785-17866171703487101 Staff costs2024
DKK2023
DKKWages and salaries2,809,0452,940,692Pension costs303,603337,452Other social security costs3,83515,1803,116,4833,293,324Average number of full-time employees22Special incentive programmesThe Company has issued warrants. As of 31 December 2024, participants have subscribed to a number of warrants, entitling the holders to collectively buy 4,078,419 warrants with a nominal value of DKK 40,784.19 in the Group, at a price agreed in advance and on the terms set out in Appendices 1 to 11 of the Articles of Association of the Company.
As of 31 December 2024, management participants have collectively subscribed to 925,885 warrants with a nominal value of DKK 92,588.50.Remuneration of management
Under the exemption rule section 98b of the Danish Financial Statements act, remuneration to Management is not disclosed.45396994-76226002177329574837142 Other financial income2024
DKK2023
DKKFinancial income from group enterprises2,869,7242,526,893Other interest income105,9800Exchange rate adjustments(17,236)(57,684)2,958,4682,469,209177329576453003 Tax on profit/loss for the year2024
DKK2023
DKKCurrent tax13,277,1010Change in deferred tax(500,000)0Adjustment concerning previous years0(197,847)12,777,101(197,847)873282704 Proposed distribution of profit and loss2024DKK2023DKKRetained earnings11,073,077(23,363,145)11,073,077(23,363,145)616675-180072110730771943470-796425847061083110235 Financial assetsInvestments in group enterprises
DKKReceivables from group enterprises
DKKDeferred tax
DKKCost beginning of year29,061,105285,533,6920Additions031,815,049500,000Disposals0(3,659,503)0Cost end of year29,061,105313,689,238500,000Impairment losses beginning of year(18,684,615)(235,653,318)0Exchange rate adjustments(3,196,823)00Share of profit/loss for the year20,888,04600Impairment losses for the year015,039,3340Investments with negative equity value depreciated over receivables (15,039,334)00Impairment losses end of year(16,032,726)(220,613,984)0Carrying amount end of year13,028,37993,075,254500,000A specification of investments in subsidiaries is evident from the notes to the consolidated financial statements.Despite several reminders, Management of Craft Beer Bar Holding ApS has not received accounting records for the
recognition of the subsidiaries; Mikkeller Beer (Shanghai) Co., Ltd., Mikkeller Bar Korea, Mikkeller Bar Helsinki OY, Mikkeller Taipei Ltd and Danish Craft Beer Spain S.L. as at 31 December
2024.
Consequently, Management has assessed that it is not possible to recognise the companies in the
consolidated financial statements of 2024 with reference to the Danish Financial Statements Act, S 114.
At 31
December 2024, the companies total equity amounted to DKK 0.1599908062583056 Deferred tax Changes during the year2024DKKRecognised in the income statement500,000End of year500,000Management expects to utilise the deferred tax asset within 3-5 years based on cost optimization initiatives which are expected to lead to positive earnings in the coming years.Deferred tax assetsManagement has chosen not to recognize the full value of the deferred tax asset.437885054557207752054207 PrepaymentsPrepayments comprise prepaid insurance policies and software subscriptions.13640284430328 Deferred incomeDeferred income pertains to an upfront payment related to the license agreement with Carlsberg. The income is recognised over time as performance obligations are fulfilled.12428156417866179 Non-current liabilities other than provisionsDue within 12
months
2024
DKKDue after
more than 12
months
2024
DKKOther payables0329,676Deferred income4,200,00059,571,5734,200,00059,901,249Other payables pertain to frozen holiday pay resulting from the implementation of the new Danish Holiday law. Payments of the frozen holiday pay is not expected within 12 months from the balance date and it therefore remains uncertain when these will be paid.143648010 Contingent liabilitiesThe Entity serves as the administration company in a Danish joint taxation arrangement. 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 these entities.
The Entity has issued a letter of support to the subsidiaries by which the Parent is irrevocably obligated to
support the subsidiary in fulfilling its obligations until 31 December 2025.-4623189-326191311 Assets charged and collateralThe Entity has provided a guarantee whereby the guarantor assumes primary liability for group enterprises
and joint ventures' payables to credit institutions. The guarantee is unlimited.302678341122617112 Related parties with controlling interestThe Company has not traded with, granted loans to, pledged collateral, provided recourse guarantees to or
undertaken guarantee obligations for the Board of Directors, the Executive Board or the shareholder or any
non-group enterprises in which the parties concerned have interests.25788293-7875913 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 2024, the Group did not recognise interest on intercompany balances based on market conditions.-1519310Investments in group enterprisesIn the parent financial statements, investments 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 and 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
Reserve for net revaluation according to the equity method under equity.
Goodwill 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 lives are reassessed annually. The amortisation periods
used are 10 years.
Investments in group enterprises are written down to the lower of recoverable amount and carrying amount.25636362185530503166485186318095957157374056386273805817944232420000025349870020913700547-2336314521597194033671238485832741453571926998457327187875124281564134122-14263665919475757902513-94300695260952604000000040000000003196823031968236422001107307711073077855295143648-46231893026783425788293-1519319526400000003261043Operating profit/loss from discontinued operations-751338114754-4415830Adjustments to other operating income 0Change in deferred income 637715736934554031041015013963424507-642196466582808398972048854702917180Change in short term bank debt-459995-6430334-58235494-193615400000009526-3979685918438635437885051 Staff costs2024
DKK2023
DKKWages and salaries86,458,83690,284,851Pension costs2,370,1382,496,718Other social security costs2,419,1041,314,78891,248,07894,096,357Average number of full-time employees180209Special incentive programmesThe Company has issued warrants. As of 31 December 2024, participants have subscribed to a number of warrants, entitling the holders to collectively buy 4,078,419 warrants with a nominal value of DKK 40,784.19 in the
Group, at a price agreed in advance and on the terms set out in Appendices 1 to 11 of the Articles of Association of the Company.
As of 31 December 2024, management participants have collectively subscribed to 925,885 warrants with a nominal value of DKK 92,588.50.Remuneration of management
Under the exemption rule section 98b of the Danish Financial Statements act, remuneration to Management is not disclosed.1802 Depreciation, amortisation and impairment losses2024
DKK2023
DKKAmortisation of intangible assets628,655563,576Impairment losses on intangible assets0702,404Depreciation on property, plant and equipment7,331,0997,483,713Impairment losses on property, plant and equipment155,00008,114,7548,749,6933 Other financial income2024DKK2023DKKOther interest income572,207190,250Exchange rate adjustments2,853,7490Other financial income81,277289,8873,507,233480,1374 Other financial expenses2024
DKK2023
DKKOther interest expenses1,501,396393,670Exchange rate adjustments01,555,911Other financial expenses0251,6301,501,3962,201,2115 Tax on profit/loss for the year2024
DKK2023
DKKCurrent tax5,159,7970Change in deferred tax(10,062,609)(18,711)Adjustment concerning previous years(328,153)0(5,230,965)(18,711)6 Discontinued operations2024DKK2023DKKRevenue09,552,671Other operating income2,331,9110Cost of sales0(644,825)Other external expenses(2,210,541)(8,897,959)Staff cost(598,100)(3,124,713)Depreciation, amortisation and impairment losses0(4,314,951)Other financial income24,8500Profit/loss for the period(451,880)(7,429,777)Post-tax profit/loss from discontinued operations(451,880)(7,429,777)Deposits415,767392,589Other receivables59,493202,341Cash888,7681,320,976Assets related to discontinued operations1,364,0281,915,906Trade payables0185,605Other payables187,875177,401Liabilities related to discontinued operations187,875363,006The discontinued operations pertain to the subsidiary, Stella Polly Inc., which is currently undergoing planned divestment. As part of this process, the Group has ceased its brewery and retail activities in the US.7 Proposed distribution of profit/loss2024
DKK2023
DKKRetained earnings11,073,077(23,363,145)Minority interests' share of profit/loss855,295403,36711,928,372(22,959,778)110730778552958 Intangible assetsAcquired intangible assetsDKKGoodwillDKKCost beginning of year6,003,00528,068,621Additions2,136,2550Disposals(1,993,290)0Cost end of year6,145,97028,068,621Amortisation and impairment losses beginning of year(3,020,503)(28,068,621)Amortisation for the year(628,655)0Reversal regarding disposals494,8190Amortisation and impairment losses end of year(3,154,339)(28,068,621)Carrying amount end of year2,991,63109 Property, plant and equipmentOther fixtures and fittings, tools and equipment
DKKLeasehold improvements
DKKCost beginning of year32,618,12853,149,758Additions6,791,5881,741,896Disposals(1,331,151)(1,192,915)Cost end of year38,078,56553,698,739Depreciation and impairment losses beginning of year(22,204,359)(38,468,124)Impairment losses for the year(155,000)0Depreciation for the year(4,476,159)(2,854,940)Reversal regarding disposals1,061,815689,955Depreciation and impairment losses end of year(25,773,703)(40,633,109)Carrying amount end of year12,304,86213,065,63010 Financial assetsInvestments in associatesDKKDepositsDKKDeferred taxDKKCost beginning of year601,3385,834,1960Additions01,850,74010,201,785Disposals(25,000)(1,362,193)0Cost end of year576,3386,322,74310,201,785Impairment losses beginning of year(367,090)00Share of profit/loss for the year276,09500Reversal of impairment losses25,00000Impairment losses end of year(65,995)00Carrying amount end of year510,3436,322,74310,201,785
AssociatesRegistered inOwnership
%Open Faced ApSCopenhagen, Denmark49.0011 Deferred tax
Changes during the year2024
DKKRecognised in the income statement10,201,785End of year10,201,785Deferred tax assetsDeferred tax relates to differences between book values and tax values of fixed assets and tax losses carried
forward.
Management has chosen not to recognize the full value of the deferred tax asset.12 PrepaymentsPrepayments comprise of prepaid insurance policies, software subscriptions, and rent.13 Contributed capitalNumberPar valueDKKNominal
valueDKKRecorded par
valueDKKA-Shares6,975,7820.0169,75869,758D-Shares1,795,8670.0117,95917,959E-shares47,3620.01474474F-Shares2,490,6200.0124,90624,906G-Shares182,2110.011,8221,822H-Shares2,872,9600.0128,72928,72914,364,802143,648143,648Each share has a par value of 0.01 DKK and represents one voting right.14 Deferred incomeDeferred income (non-current) pertains to an upfront payment related to the license agreement with Carlsberg. The income is recognised over time as performance obligations are fulfilled.15 Non-current liabilities other than provisionsDue within 12
months
2024
DKKDue after
more than 12
months
2024
DKKOther payables03,166,485Deferred income4,200,00059,571,5734,200,00062,738,058Other payables pertain to frozen holiday pay resulting from the implementation of the new Danish Holiday law. Payments of the frozen holiday pay is not expected within 12 months from the balance date and it therefore remains uncertain when these will be paid.
A portion of non-current deferred income is expected to remain outstanding after 5 years. However, it has not been possible to reliably estimate the exact amount.16 Deferred incomeDeferred income (current) comprises revenue related to ticket sales for events taking place after the balance sheet date.
17 Changes in working capital2024DKK2023DKKIncrease/decrease in inventories914,8598,064,310Increase/decrease in receivables2,917,772(6,695,156)Increase/decrease in trade payables etc.(8,248,461)(6,226,864)(4,415,830)(4,857,710)18 Unrecognised rental and lease commitments2024
DKK2023
DKKTotal liabilities under rental or lease agreements until maturity 39,256,47531,814,68619 Contingent liabilitiesThe Group may incur tax obligations in certain countries outside Denmark.20 Assets charged and collateralThe company has provided guarantees in respect of landlord, which amounts to DKK 516,575.21 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 2024, the Group did not recognise interest on intercompany balances based on market conditions.22 SubsidiariesRegistered inOwnership
%Craft Brewery Holding ApSCopenhagen, Denmark100.00Mikkeller ApSCopenhagen, Denmark100.00StellaPolly Craft Beer ApSCopenhagen, Denmark100.00Stella Polly Inc.San Diego, USA100.00Mikkeller US Holding Inc.Delaware, USA100.00Craft Beer Bar Holding ApSCopenhagen, Denmark100.00Ramen Copenhagen ApSCopenhagen, Denmark75.29Mikkeller DK Bars ApSCopenhagen, Denmark100.00Mikkeller Roller Coaster ApSCopenhagen, Denmark100.00Noodle Masters ApSCopenhagen, Denmark 100.00Kødbyen Brygpub ApSCopenhagen, Denmark100.00Mikkeller Bar Helsinki OYHelsinki, Finland65.00Mikkeller Bar KoreaSeoul, South Korea51.00Sp/f Mikkeller TorshavnTorshavn, FaroeIslands51.00Mikkeller Beer (Shanghai) Co., Ltd.Shanghai, China84.00Mikkeller Japan KKTokyo, Japan70.00Danish Craft Beer Spain S.LMadrid, Spain75.00Mikkeller Craft Beer Germany GmbHBerlin, Germany90.00TheGoodOlDays LimitedLondon, UnitedKingdom80.00You are a funny man ASOslo, Norway100.00Mikkeller Bar Paris SASParis, France100.00Mikkeller Taipei LtdTaipei, Taiwan51.00Despite several reminders, Management has not received accounting records for the
recognition of the subsidiaries; Mikkeller Beer (Shanghai) Co., Ltd., Mikkeller Bar Korea, Mikkeller Bar Helsinki OY, Mikkeller Taipei Ltd and Danish Craft Beer Spain S.L. as at 31 December
2024.Consequently, Management has assessed that it is not possible to recognise the companies in the
consolidated financial statements of 2024 with reference to the Danish Financial Statements Act, S 114. At 31
December 2024, the companies' total equity amounted to DKK 0.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 consolidated financial statements and parent financial statements are consistent with those applied last year.Consolidated financial statementsThe consolidated financial statements comprise the Parent and the group enterprises (subsidiaries) that are
controlled by the Parent. Control is achieved by the Parent, either directly or indirectly, holding more than
50% of the voting rights or in any other way possibly or actually exercising controlling influence. Enterprises
in which the Group, directly or indirectly, holds between 20% and 50% of the voting rights and exercises
significant, but not controlling influence are regarded as associates.Basis of consolidationThe consolidated financial statements are prepared on the basis of the financial statements of the Parent and
its subsidiaries. The consolidated financial statements are prepared by combining uniform items. On consolidation,
intra-group income and expenses, intra-group accounts and dividends as well as profits and losses
on transactions between the consolidated enterprises are eliminated. The financial statements used for consolidation
have been prepared applying the Group’s accounting policies.
Subsidiaries’ financial statement items are recognised in full in the consolidated financial statements. Minority
interests’ proportionate share of profit or loss is presented as a separate item in Management’s proposal for
distribution of profit or loss, and their share of subsidiaries’ net assets is presented as a separate item in
group equity.
Investments in subsidiaries are offset at the pro rata share of such subsidiaries’ net assets at the acquisition
date, with net assets having been calculated at fair value.
Despite several reminders, Management has not received accounting records for the
recognition of the subsidiaries; Mikkeller Beer (Shanghai) Co., Ltd., Mikkeller Bar Korea, Mikkeller Bar Helsinki OY, Mikkeller Taipei Ltd and Danish Craft Beer Spain S.L. as at 31 December
2023.
Consequently, Management has assessed that it is not possible to recognise the companies in the
consolidated financial statements of 2023 with reference to the Danish Financial Statements Act, S 114.
At 31
December 2023, the companies total equity amounted to DKK 0.Discontinued operationsDiscontinued operations are material business areas or geographical areas planned, or decided, to be
disposed
of, discontinued or abandoned and which may be separated from the Entity’s other operations.
Results from discontinued operations are presented in the income statement as a separate item consisting
of profit/loss after tax of the relevant operation and any gains or losses from fair value adjustments or sale
of the assets and liabilities related to the operation.
Assets relating to the discontinued operations are presented separately in the balance sheet as assets related
to discontinued operations. Liabilities related to the discontinued operations are presented separately in the
balance sheet as liabilities related to discontinued operations.
The comparative figures in the income statement and the balance sheet are not restated.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 as well as out of the translation of income statements from average rates to the exchange rates at the balance sheet date are recognised directly
in equity.RevenueRevenue 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. Revenue also pertains to a license agreement from which income is recognised over time as performance obligations are fulfilled.Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary
activities.Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for ordinary inventory
writedowns.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.Staff costsStaff costs comprise salaries and wages as well as social security contributions, pension contributions, etc
for entity staff.Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to plant and equipment and intangible assets comprise
depreciation, amortisation and impairment losses for the financial year, as well as gains and losses from
the sale of intangible assets as well as property, plant and equipment.Other 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.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 internal profits or losses.Income from investments in associatesIncome from investments in associates comprises the pro rata share of the individual associates’ profit/loss
after elimination of internal profits or losses.Other financial incomeOther financial income comprises dividends etc received on other investments, interest income, including
interest income on receivables from group enterprises, net capital or exchange gains on securities, payables
and transactions in foreign currencies, amortisation of financial assets as well as tax relief under the Danish Tax Prepayment Scheme etc.Impairment losses on financial assetsImpairment losses on financial assets comprises impairment losses on financial assets which are not measured
at fair value on a current basis.Financial expenses from group enterprisesFinancial expenses from group enterprises comprise interest expenses etc. from payables to group
enterprises.Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group enterprises,
net capital or exchange losses on securities, payables and transactions in foreign currencies, amortisation
of financial liabilities as well as tax surcharge under the Danish Tax Prepayment Scheme etc.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.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 lives are reassessed annually. The amortisation periods
used are 10 years. Goodwill is written down to the lower of recoverable amount and carrying amount.
No residual value is used in the calculation of amortisations.Intellectual property rights etc.Intellectual 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
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.
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:Acquired rights 3-10 years
Estimated useful lives and residual values are reassessed annually. No residual value is used in the calculation
of amortisations.Property, plant and equipmentPlant and machinery as well as leasehold improvements, other 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 equipment3-10 yearsLeasehold improvements3-5 yearsEstimated useful lives and residual values are reassessed annually. No residual value is used in the calculation
of amortisations.
Items of property, plant and equipment are written down to the lower of recoverable amount and carrying
amount.Investments in associatesInvestments in associates are recognised and measured according to the equity method. This means that
investments are measured at the pro rata share of the enterprises' equity values plus unamortised goodwill and
plus or minus unrealised pro rata intra-group profits and losses.
Associates 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 associate, 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 associates is transferred to Reserve for
net
revaluation according to the equity method under equity.
Investments in associates are written down to the lower of recoverable amount and carrying amount.
recoverable amount and carrying amount.Investments in associates fall within the definitions of both participating interests and associates, yet in these consolidated financial statements they have been presented as investments in associates because this designation reflects more accurately the Group’s involvement in the relevant entities.
ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and
doubtful debts.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 losses carried forward, 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.InventoriesInventories are measured at the lower of cost using the FIFO method and net realisable value.
Cost of raw materials, manufactured goods and work in progress consists of costs of raw materials, consumables, direct labour costs and indirect production costs.
The net realisable value of inventories is calculated as the estimated selling price less completion costs and
costs incurred to execute sale.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at
cost.CashCash comprises cash in hand and bank deposits.Minority interestsOn initial recognition, minority interests are measured at the minority interests’ share of the acquiree’s net assets measured at fair value. No goodwill related to the minority interests’ equity interests in the acquiree is recognised.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Tax payable or receivable Current tax receivable or payable is recognised in the balance sheet, stated as tax calculated on this year's
taxable income, adjusted for prepaid tax.Deferred incomeDeferred income pertains to an upfront payment related to the license agreement with Carlsberg. The income is recognised over time as performance obligations are fulfilled.Cash flow statementThe cash flow statement shows cash flows from operating, investing and financing activities as well as cash
and cash equivalents at the beginning and the end of the financial year.
Cash flows from operating activities are presented using the indirect method and calculated as the operating profit/loss adjusted for non-cash operating items, working capital changes and income taxes paid.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
enterprises, activities and fixed asset investments as well as purchase, development, improvement and sale, etc of intangible assets and property, plant and equipment, including acquisition of assets held under finance
leases.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs as well as the raising of loans, inception of finance leases, instalments on interest-bearing
debt, purchase of treasury shares and payment of dividend.
Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk less shortterm
bank loans.The cash flow statement shows cash flows from operating, investing and financing activities as well as cash
and cash equivalents at the beginning and the end of the financial year.
Cash flows from operating activities are presented using the indirect method and calculated as the operating profit/loss adjusted for non-cash operating items, working capital changes and income taxes paid.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
enterprises, activities and fixed asset investments as well as purchase, development, improvement and sale, etc of intangible assets and property, plant and equipment, including acquisition of assets held under finance
leases.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs as well as the raising of loans, inception of finance leases, instalments on interest-bearing
debt, purchase of treasury shares and payment of dividend.
Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk less shortterm
bank loans.trueGrundlag for konklusionKonklusion2025-06-192025-06-1933963556Deloitte Statsautoriseret RevisionspartnerselskabRevisionspåtegningRegnskabsklasse C, mellemstor virksomhed2023-12-312023-01-0133963556Weidekampsgade 6Deloitte Statsautoriseret Revisionspartnerselskab2300 København S2024-12-312024-01-01Bjergsø Holding ApS34696349ÅrsrapportKøbenhavn S23006WeidekampsgadeKøbenhavnKøbenhavn V171732Skelbækgade2025-06-19Ditte Kristine Lassen-Kahlke