436642392024-01-012024-12-31436642392024-12-31436642392023-12-31fsa:ContributedCapitalMember436642392023-12-31fsa:RetainedEarningsMember436642392023-12-31436642392024-01-012024-12-31fsa:RetainedEarningsMember436642392024-12-31fsa:ContributedCapitalMember436642392024-12-31fsa:RetainedEarningsMember436642392024-01-012024-12-31cmn:ConsolidatedMemberfsa:LiquidationAccountMember436642392024-01-012024-12-31cmn:ConsolidatedMember436642392024-01-012024-12-31cmn:ConsolidatedMember1436642392024-01-012024-12-31cmn:ConsolidatedMember2436642392024-01-012024-12-31cmn:ConsolidatedMember1436642392024-12-31cmn:ConsolidatedMember436642392023-12-31cmn:ConsolidatedMemberfsa:ContributedCapitalMember436642392023-12-31cmn:ConsolidatedMemberfsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember436642392023-12-31cmn:ConsolidatedMemberfsa:RetainedEarningsMember436642392023-12-31cmn:ConsolidatedMemberfsa:EquityAttributableToParentMember436642392023-12-31cmn:ConsolidatedMemberfsa:MinorityInterestsMember436642392024-01-012024-12-31cmn:ConsolidatedMemberfsa:ContributedCapitalMember436642392024-01-012024-12-31cmn:ConsolidatedMemberfsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember436642392024-01-012024-12-31cmn:ConsolidatedMemberfsa:RetainedEarningsMember436642392024-01-012024-12-31cmn:ConsolidatedMemberfsa:EquityAttributableToParentMember436642392024-01-012024-12-31cmn:ConsolidatedMemberfsa:MinorityInterestsMember436642392024-12-31cmn:ConsolidatedMemberfsa:ContributedCapitalMember436642392024-12-31cmn:ConsolidatedMemberfsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember436642392024-12-31cmn:ConsolidatedMemberfsa:RetainedEarningsMember436642392024-12-31cmn:ConsolidatedMemberfsa:EquityAttributableToParentMember436642392024-12-31cmn:ConsolidatedMemberfsa:MinorityInterestsMember436642392023-12-31cmn:ConsolidatedMember436642392024-01-012024-12-31cmn:ConsolidatedMember4436642392024-01-012024-12-31cmn:ConsolidatedMember3436642392024-01-012024-12-31cmn:ConsolidatedMemberfsa:ManagementMember436642392024-01-012024-12-31cmn:ConsolidatedMemberfsa:BoardOfDirectorsMember436642392023-01-012023-12-31436642392023-01-012023-12-31cmn:ConsolidatedMember436642392023-01-012023-12-31cmn:ConsolidatedMember4436642392023-01-012023-12-31cmn:ConsolidatedMember3436642392022-12-31cmn:ConsolidatedMember436642392023-01-012023-12-31cmn:ConsolidatedMemberfsa:ManagementMember436642392023-01-012023-12-31cmn:ConsolidatedMemberfsa:BoardOfDirectorsMemberiso4217:DKKxbrli:pure43664239Årsrapport-8954020-77750300427201308The Executive Board has today considered and approved the annual report of Norbert Acquisition ApS for the financial year 01.01.2024 - 31.12.2024. 2968178719181915703The annual report is presented in accordance with the Danish Financial Statements Act.192077020429072-2003935In 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.-1995552636748-411486We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.-439021-8895018-1592449We recommend the annual report for adoption at the Annual General Meeting.-1556531237021102608527Nibe1026085277251658102608527Stefan Andreas Walter Happak102608527-15909655102608527Bernd Strack10260852796213717481To the shareholders of Norbert Acquisition ApS0-1600586811540We have audited the consolidated financial statements and the parent financial statements of Norbert Acquisition 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.06425689108000We conducted our audit in accordance with International Standards on Auditing (ISA) 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.0287942271673326Management 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.24980541392988492510347Our 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 ISA and the additional requirements applicable in 2498054174518765539890Management 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 in the relevant law and regulations. We did not identify any material misstatement of the management commentary.996851252331830502373494905143350105658764Aalborg106103432266666841000René Winther Pedersen4100072712158846523mne341736043897272712158887523State Authorised Public Accountant6047997217791255445441631Financial highlights2024
DKK'0002023
DKK'0002022
DKK'000Key figuresGross profit/loss30,23230,0431,243Operating profit/loss(11,647)(8,895)(6,257)Net financials(7,341)(7,015)(478)Profit/loss for the year(18,376)(16,006)(6,738)Profit for the year excl
.
minority interests(13,368)(11,671)(4,755)Balance sheet total210,094245,436279,227Investments in property, plant and equipment1,2031,7692,121Equity65,01883,39699,402Equity excl. minority interests32,37045,73857,410Cash flows from operating activities6,2935,110(2,301)Cash flows from investing activities(835)(3,295)(159,680)Cash flows from financing activities(14,082)(14,425)189,187RatiosEquity ratio (%)15.4118.6420.56Financial highlights are defined and calculated in accordance with the current version of "Recommendations &
Ratios" issued by the CFA Society Denmark.Equity ratio (%)
:Equity excl. minority interests * 100
Balance sheet total435269273675843345441631Primary activitiesThe Entity's primary activity is investments in group enterprises.
The Group's activities consist of imports and wholesale of bindery articles, pots and crafts.
43526927266950867770Development in activities and financesFor 2024, the Group realised a loss of TDKK 18,376 against a loss of TDKK 16,006 in 2023.
The result is considered satisfactory taking the current market conditions into consideration.
37500394279410Profit/loss for the year in relation to expected developmentsThe profit of the year is lower than expected, primarily due to lower sales in total compared to the expected due to the worsened market conditions observed during the year.
The expected loss before tax presented in last year’s Annual Report in 2024 to end up in the level of TDKK -8,400 to TDKK -6,400 was consequently not met due to the Scandinavian market not utilising the sales volume of Nordiqs’ products expected, as the market in general ended out lower than expected by all market players.
The original sales set-up was maintained and even strengthened, which will be an important factor in the years to come, where increased activity is expected again. This implicated costs of maintaining the sales set-up, which has impacted the profit as well. It is believed that this will be a future competitive factor that is expected to result in increased profits over the years to come.
813460130417941261840Uncertainty relating to recognition and measurementThe carrying amount as of 31.12.2024 regarding investment in group enterprises / goodwill and other intangible assets in relation to the purchase of Nordiq A/S has been impairment tested based on management's expectations on future results and free cash flows. The impairment test indicates that there is no need for a write down as of 31.12.2024, although there are some uncertainty regarding future results (and their timing), as well as the calculated and applied WACC being sensitive to market forces.124557301329610OutlookA positive development in sales growth is expected to be obtained in 2025, as the sales activity in all markets is expected to normalise to previous or even higher levels. The increase in the sales activity is expected to contribute to an increased profit before tax compared to 2024. Thus, loss before tax in 2025 is expected to end up in the level of TDKK -8,000 to TDKK -10,000.209653333587346771241
Use of financial instrumentsCurrency risks are offset using forward swaps. It is estimated that there is a low risk in relation to changes in prices, creditworthiness, liquidity and cash flows.456234600105658764
Knowledge resourcesIt is estimated that the Group has the necessary resources.10610343212325841000Environmental performanceThe Group has high focus on the environment, both in relation to product range, as well as in daily operations.-15565311350092560438972Events after the balance sheet dateNo events after the balance sheet date to this date have occurred that would influence the evaluation of this annual report.145941993023183467523065-15924492120322124543561920652803410004100022493-59358846523-1164668345697995175426457384021 Other financial income2024
DKK2023
DKKOther interest income1,3082,9681,3082,9687516759376572672 Other financial expenses2024
DKK2023
DKKFinancial expenses from group enterprises1,873,5641,870,426Exchange rate adjustments42,13950,3441,915,7031,920,770-18988016833956693 Tax on profit/loss for the year2024
DKK2023
DKKRefund in joint taxation arrangement(411,486)(439,021)(411,486)(439,021)-61229172042384 Proposed distribution of profit and loss2024
DKK2023
DKKRetained earnings(1,592,449)(1,556,531)(1,592,449)(1,556,531)-1837572513000000-159244956240862020423825508513640000005 Financial assetsInvestments in group enterprisesDKKCost beginning of year102,608,527Cost end of year102,608,527Carrying amount end of year102,608,527A specification of investments in subsidiaries is evident from the notes to the consolidated financial statements.The carrying amount as of 31.12.2024 regarding investment in group enterprises / goodwill and other intangible
assets in relation to the purchase of Nordiq A/S has been impairment tested based on management's expectations on future results and free cash flows. The impairment test indicates that there is no need for a write
down as of 31.12.2024, although there are some uncertainty regarding future results (and their timing), as well as 123764452435269276 Non-current liabilities other than provisionsDue after
more than 12
months
2024
DKKPayables to group enterprises45,441,63145,441,631The outstanding amount on payables to group enterprises after 5 years is DKK 0.1548970519352947 EmployeesThe Entity has no employees other than the Executive Board. The Executive Officer has not received any
remuneration.24567171084622218 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 also for obligations, if any, relating to
the withholding of tax on interest, royalties and
dividends for these entities.83228160000009 Related parties with controlling interestTopCo FIII Holding GmbH, München, owns all shares in the Entity, thus exercising control.
Hans Hermann Freudenberg, Deutschland, has 51% of the voting rights in Norbert Acquisition ApS, thus exercising control.253994510085110 Non-arm’s length related party transactionsOnly non-arm's length related party transactions are disclosed in the annual report. No
such transactions were conducted during the financial year.73532312159290Investments in group enterprisesInvestments in group enterprises are measured at cost. Investments are written down to the
lower of recoverable amount and carrying amount.735323813460158172319429989029858040333734911673274141835712315313142454356191257896020361441285141720306869372010800013186729836041251496144208875345363596958429832435192178551096192100941042000000410001768701-178425638632330455518383236967126916232648571-329499165018242-18146286570238013000000-1542549719570238100000048000000-1442549745441631-1261086996428927205068944059201459419916000000311039873915360116572781500000-116710673338439-43348013109970412550562421009410441000-59345697995457384023765726701191011915110-13367540-13367540-500818541000-17843233045532369671326485711702206528035672433Profit/loss from sale of assets-7713914601414175426751642796743962929740120250037527382020-835429-54575451914704Changes in payables to other institutions-159968640-14082160-862461559695841 Staff costs2024
DKK2023
DKKWages and salaries19,774,75316,151,974Pension costs1,199,1531,500,400Other social security costs229,315219,54421,203,22117,871,918Average number of full-time employees3431Remunerationof management
2024
DKKRemunerationof management
2023
DKKExecutive Board3,899,0453,915,360Board of Directors150,000150,0004,049,0454,065,36034Remunerationof management
2024
DKKRemunerationof management
2023
DKKExecutive Board3,899,0453,915,360Board of Directors150,000150,0004,049,0454,065,36038990451500002 Depreciation, amortisation and impairment losses2024
DKK2023
DKKAmortisation of intangible assets19,621,71419,443,143Depreciation on property, plant and equipment1,031,089985,92920,652,80320,429,0723 Other financial expenses2024
DKK2023
DKKFinancial expenses from group enterprises1,873,5641,870,426Other interest expenses4,972,3134,737,145Exchange rate adjustments42,13957,624Other financial expenses628,743586,4637,516,7597,251,6584 Tax on profit/loss for the year2024DKK2023DKKCurrent tax21,709835,213Change in deferred tax(634,000)(739,000)(612,291)96,2135 Proposed distribution of profit/loss2024
DKK2023
DKKRetained earnings(13,367,540)(11,671,067)Minority interests' share of profit/loss(5,008,185)(4,334,801)(18,375,725)(16,005,868)-13367540-50081856 Intangible assetsAcquired intangible assets
DKKAcquired rights
DKKGoodwill
DKKCost beginning of year7,252,09832,000,000155,343,966Cost end of year7,252,09832,000,000155,343,966Amortisation and impairment losses beginning of year(826,409)(3,205,773)(16,045,117)Amortisation for the year(801,603)(3,285,714)(15,534,397)Amortisation and impairment losses end of year(1,628,012)(6,491,487)(31,579,514)Carrying amount end of year5,624,08625,508,513123,764,452Acquired rights comprises of the acquired customer relations as a part of a purchase of an activity from a third
party. The value is assessed based on the expected future profit from the activity.
The carrying amount as of 31.12.2024 regarding investment in group enterprises / goodwill and other intangible
assets in relation to the purchase of Nordiq A/S has been impairment tested based on management's expectations on future results and free cash flows. The impairment test indicates that there is no need for a write
down as of 31.12.2024, although there are some uncertainty regarding future results (and their timing), as well as the calculated and applied WACC being sensitive to market forces. 7 Property, plant and equipmentOther fixtures and fittings, tools and equipmentDKKLeasehold improvements
DKKCost beginning of year7,312,8962,504,456Additions1,089,057113,443Disposals(593,227)0Cost end of year7,808,7262,617,899Depreciation and impairment losses beginning of year(4,789,578)(2,361,106)Depreciation for the year(857,524)(173,565)Reversal regarding disposals295,0930Depreciation and impairment losses end of year(5,352,009)(2,534,671)Carrying amount end of year2,456,71783,2288 Financial assetsDeposits
DKKCost beginning of year727,121Additions8,202Cost end of year735,323Carrying amount end of year735,3239 PrepaymentsPrepayments consist of other prepaid costs, including subscriptions relating to the financial year 2024.10 Deferred tax2024DKK2023DKKIntangible assets(6,535,238)(7,371,238)Property, plant and equipment92,000107,000Receivables(127,000)60,000Deferred tax(6,570,238)(7,204,238)
Changes during the year2024DKK2023DKKBeginning of year(7,204,238)(7,943,238)Recognised in the income statement634,000739,000End of year(6,570,238)(7,204,238)11 Other provisions Other provisions consist of an earnout note issued as part of the business combination with Nordiq A/S. The earnout is profit contigent, recognised as the value deemed most likely to occur.12 Non-current liabilities other than provisionsDue within 12
months
2024
DKKDue within 12
months
2023
DKKDue after
more than 12
months
2024
DKKOutstanding
after 5 years
2024
DKKBank loans16,000,00016,000,00048,000,0000Payables to group enterprises0045,441,6310Other payables00964,289850,90616,000,00016,000,00094,405,920850,90613 Changes in working capital2024
DKK2023
DKKIncrease/decrease in inventories7,896,6275,048,180Increase/decrease in receivables46,315(934,299)Increase/decrease in trade payables etc.(2,270,509)(2,393,575)5,672,4331,720,30614 Derivative financial instrumentsOther receivables consist of forward contracts with a positive fair value of TDKK 806.
The forward contracts will be settled by January-April 2025, and have been acquired to mitigate the currency risk regarding the Company's future receivables and payables abroad. By year end 2024, the contract is expected to mitigate the risk for a total of net; TUSD 2,014. The contracts have been entered with the Company's normal bank
connections.
The forward contracts can be specified as follows:
31/12/2024:
31 contracts to buy a total of nom. TUSD 2,014 to exchangesrates between 664.27 - 706.72 with an end date between 13/01/2025 and 15/04/2025.15
Fair value informationForward ContractDKKFair value end of year 805,875Unrealised fair value
adjustments recognised in
the income statement
938,52716 Unrecognised rental and lease commitments2024
DKK2023
DKKTotal liabilities under rental or lease agreements until maturity 5,634,7685,639,28117 Assets charged and collateralAs security for balances with Sydbank, 2 corporate mortgages of DKK 15 million and DKK 10 million are provided, comprising simple claims relating to the sale of goods and services and stocks, with a value of TDKK 44,110.18 Non-arm’s length related party transactionsOnly non-arm's length related party transactions are disclosed in the annual report. No
such transactions were conducted during the financial year.19 SubsidiariesRegistered inOwnership
%Equity
DKKProfit/loss
DKKNorbert HoldCo ApSDenmark70.00146,569,402(7,820)Norbert BidCo ApS - 100% owned by Norbert HoldCo ApSDenmark70.00145,514,97411,214,373Nordiq A/S - 100% owned by Norbert BidCo ApSDenmark70.0032,171,6036,555,885Nordiq GmbH - 100% owned by Nordiq A/SGermany70.00129,108(35,047)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.Non-comparabilityThe Entity's first financial year was 2022 and covered only a period of 37 days. Therefore, the financial year is not
comparable to 2022.Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic
benefits will flow to the Entity, and the value of the asset can be measured reliably.
Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a
result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the
value of the liability can be measured reliably.
On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial
recognition is effected as described below for each financial statement item.
Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm
or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and
measurement.
Income is recognised in the income statement when earned, whereas costs are recognised by the amounts
attributable to this financial year. 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.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’ pro rata shares of the profit/loss and the net assets are disclosed as separate items in Management's proposal for the distribution of net profit/loss and equity, respectively.Business combinationsNewly acquired or newly established enterprises are recognised in the financial statements from the time
of acquiring or establishing such enterprises. Divested or wound-up enterprises are recognised in the income
statement up to the time of their divestment or winding-up.
The purchase method is applied at the acquisition of new enterprises, under which identifiable assets and
liabilities of these enterprises are measured at fair value at the acquisition date. Provisions for costs of
restructuring of the enterprise acquired are only made in so far as such restructuring was decided by the
enterprise acquired prior to acquisition. Allowance is made for the tax effect of restatements.Positive differences in amount (goodwill) between cost of the acquired share and fair value of the assets
and liabilities taken over are recognised in intangible assets, and they are amortised systematically over
the income statement based on an individual assessment of their useful lives. If the useful life cannot be
estimated reliably, it is fixed at 10 years. Useful life is reassessed annually.Derivative financial instrumentsOn initial recognition in the balance sheet, derivative financial instruments are measured at cost and
subsequently at fair value, which has been calculated as the discounted value of expected future net cash flows by using an approximate risk-free interest rate adjusted for any factors that a potential market participant would attribute value to when acquiring the instrument. Derivative financial instruments are recognised in other receivables or other payables.
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.Gross profit or lossGross profit or loss comprises revenue, changes in inventories of finished goods, other operating income, costs of raw materials and consumables and external expenses.RevenueRevenue from the sale of manufactured goods and goods for resale is recognised in the income statement
when delivery is made and risk has passed to the buyer. Revenue is recognised net of VAT, duties and
sales
discounts and is measured at fair value of the consideration fixed.Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary
activities, including profit from the sale of intangible assets and property, plant and equipment, and salary refunds .Costs of raw materials and consumablesCosts of raw materials and consumables comprise the consumption of raw materials and consumables for
the
financial year after adjustment for changes in inventories of these goods from the beginning to the end
of the
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 wages and salaries, and social security contributions, pension contributions, etc
. for Entity
staff.Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment and intangible
assets comprise depreciation, amortisation and impairment losses for the financial year, and gains and
losses from the sale of intangible assets and property, plant and equipment.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.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, and tax relief under the Danish
Tax Prepayment Scheme etc.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, and 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.The Parent is jointly taxed with all of its Danish group enterprises. The current Danish income tax is allocated
among
the jointly taxed entities proportionally to their taxable income (full allocation with a refund
concerning tax losses).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. For other
amounts of goodwill, useful life
has been determined based on an assessment of whether the enterprises
are strategically acquired enterprises
with a strong market position and a long-term earnings profile and the extent to which the goodwill amount includes time-limited intangible resources that it has not been possible to seperate and recognise as separate assets. Property, 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 lifeResidual valueOther fixtures and fittings, tools and equipment2-5 years0-40 %Leasehold improvements2-5 years0 %
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 carrying
amount.InventoriesInventories are measured at the lower of cost using the FIFO method and net realisable value.
Cost consists of purchase price plus delivery costs.
The net realisable value of inventories is calculated as the estimated selling price less completion costs and
costs incurred to execute sale.ReceivablesReceivables are measured at amortised cost, usually equalling nominal value, less writedowns for bad and
doubtful debts.Tax payable or receivableCurrent tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's
taxable income, adjusted for prepaid tax.Joint taxation contributions payable or receivable Current joint taxation contributions payable or receivable are recognised in the
balance sheet, stated as tax computed on this year's taxable income, adjusted for
prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are
expected to be used under the joint taxation arrangement.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.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.
Other provisionsOther provisions comprise anticipated costs of decided and published restructuring, etc.
Other provisions are recognised and measured as the best estimate of the expenses required to settle the
liabilities at the balance sheet date. Provisions that are estimated to mature more than one year after the
balance sheet date are measured at their discounted value.
On acquisition of enterprises and investments in group enterprises, provisions are made for costs relating
to restructuring in the acquired enterprise that were decided and published at the acquisition date at the
latest.
Once it is probable that total costs will exceed total income from a contract in progress, provision is made
for the total loss estimated to result from the relevant contract.Operating leasesLease payments on operating leases are recognised on a straight-line basis in the income statement over
the
term of the lease.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Cash flow statementThe cash flow statement shows cash flows from operating, investing and financing activities, and cash
and cash equivalents at the beginning and the end of the financial year.
The cash flow statement shows cash flows from operating, investing and financing activities, and cash
and cash equivalents at the beginning and the end of the financial year.
trueGrundlag for konklusionKonklusion2025-01-302025-01-3033963556Deloitte Statsautoriseret RevisionspartnerselskabRevisionspåtegningRegnskabsklasse C, mellemstor virksomhed2023-12-312023-01-0133963556Weidekampsgade 6Deloitte Statsautoriseret Revisionspartnerselskab2300 København S2024-12-312024-01-01Norbert Acquisition ApS43664239ÅrsrapportAalborg900026, 4. salØstre HavnepromenadeAalborgNibe924048Vestervej2025-01-30Peter Larsen