39163764 2022-08-01 2023-07-31 39163764 2022-08-01 2023-07-31 1 39163764 2021-08-01 2022-07-31 1 39163764 2020-08-01 2021-07-31 1 39163764 2019-08-01 2020-07-31 1 39163764 2018-08-01 2019-07-31 1 39163764 2018-08-01 2019-07-31 2 39163764 2019-08-01 2020-07-31 2 39163764 2020-08-01 2021-07-31 2 39163764 2021-08-01 2022-07-31 2 39163764 2022-08-01 2023-07-31 2 39163764 2021-08-01 2022-07-31 39163764 2020-08-01 2021-07-31 39163764 2019-08-01 2020-07-31 39163764 2018-08-01 2019-07-31 39163764 2018-08-01 2019-07-31 3 39163764 2019-08-01 2020-07-31 3 39163764 2020-08-01 2021-07-31 3 39163764 2021-08-01 2022-07-31 3 39163764 2022-08-01 2023-07-31 3 39163764 2023-07-31 39163764 2022-07-31 39163764 2021-07-31 39163764 2020-07-31 39163764 2019-07-31 39163764 2022-08-01 2023-07-31 1 39163764 2022-08-01 2023-07-31 2 39163764 2022-08-01 2023-07-31 3 39163764 2022-08-01 2023-07-31 1 39163764 2022-08-01 2023-07-31 2 39163764 2021-07-31 fsa:ContributedCapitalMember 39163764 2021-07-31 fsa:SharePremiumMember 39163764 2021-07-31 fsa:RetainedEarningsMember 39163764 2021-07-31 fsa:ProposedDividendRecognisedInEquityMember 39163764 2021-08-01 2022-07-31 fsa:ContributedCapitalMember 39163764 2021-08-01 2022-07-31 fsa:SharePremiumMember 39163764 2021-08-01 2022-07-31 fsa:RetainedEarningsMember 39163764 2021-08-01 2022-07-31 fsa:ProposedDividendRecognisedInEquityMember 39163764 2022-07-31 fsa:ContributedCapitalMember 39163764 2022-07-31 fsa:SharePremiumMember 39163764 2022-07-31 fsa:RetainedEarningsMember 39163764 2022-07-31 fsa:ProposedDividendRecognisedInEquityMember 39163764 2022-08-01 2023-07-31 fsa:ContributedCapitalMember 39163764 2022-08-01 2023-07-31 fsa:SharePremiumMember 39163764 2022-08-01 2023-07-31 fsa:RetainedEarningsMember 39163764 2022-08-01 2023-07-31 fsa:ProposedDividendRecognisedInEquityMember 39163764 2023-07-31 fsa:ContributedCapitalMember 39163764 2023-07-31 fsa:SharePremiumMember 39163764 2023-07-31 fsa:RetainedEarningsMember 39163764 2023-07-31 fsa:ProposedDividendRecognisedInEquityMember iso4217:EUR xbrli:pure 2023-12-20 Laurits Anton Jorgensen ACTIVITY The Company’s sole activity is to hold the shares in STARK Sourcing A/S. RESULTS IN 2022/23 The Company’s income statement for 2022/23 shows a loss of EUR 3m compared to a profit of EUR 264m last year. The result in 2022/23 includes an impairment of investments in subsidiaries of EUR 6m. Last year the result for the year included income from investments in subsidiaries of EUR 252m compared to a loss of EUR 3m this year. BALANCE SHEET As of 31 July 2022, the Company has receivables from group enterprises of EUR 1,327m, which has been settled during 2022/23. At the same time, the Company has paid the dividend of EUR 1,310m, which was declared at the AGM last year and is the primary reason for the decrease in the equity. The equity is EUR 8m as of 31 July 2023 (31 July 2022: EUR 1,321m). SPECIAL RISKS There are no significant uncertainty or special risks in relation to the Financial Statements. SIGNIFICANT UNCERTAINTY REGARDING RECOGNITION AND MEASUREMENT There is no significant uncertainty regarding recognition and measurement in the Financial Statements. OUTLOOK As the sole activity for the Company is to hold the shares in STARK Sourcing A/S, the outlook for 2023/24 depends on the dividends received from this company. The Company does not expect to receive dividends from STARK Sourcing A/S in 2023/24 and earnings before tax is expected to be close to zero. DATA ETHICS With reference to the Danish Financial Statements Act § 99d, the Company has not described the politic for data ethics. Reference is made to the consolidated financial statements of the Parent Company and its subsidiaries in the Annual Report 2023 for STARK Group A/S. The Executive Board consisted of 33% women (one out of three). The Company continuously works to adjust the gender balance of the Company. The full corporate social responsibility statement of LSF10 Wolverine Bidco ApS as required by the EU Directive 2014/95/EU and Sections 99a and 99b of the Danish Financial Statements Act is part of the Stark Group Sustainability Report 2023 and can be found through Stark Group’s webpage at the following address: www.starkgroup.dk/newsroom/publications -6000000 252000000 1428000000 82000000 35000000 Earnings before interest and tax (EBIT) Earnings before interest and tax (EBIT) Earnings before interest and tax (EBIT) Earnings before interest and tax (EBIT) Earnings before interest and tax (EBIT) -7000000 251000000 1427000000 82000000 34000000 9000000 16000000 -32000000 -59000000 -46000000 Earnings before tax Earnings before tax Earnings before tax Earnings before tax Earnings before tax 2000000 267000000 1395000000 23000000 -12000000 -3000000 264000000 1398000000 25000000 -10000000 12000000 18000000 1080000000 1080000000 1076000000 18000000 1360000000 1093000000 1163000000 1170000000 8000000 1321000000 1077000000 268000000 182000000 The Executive Board have today considered and adopted In our opinion, Management’s Review includes a true the Annual Report of LSF10 Wolverine Bidco ApS for the and fair account of the development in the operations financial year 1 August 2022 to 31 July 2023. and financial circumstances of the Company, and the results for the year and of the financial position of the The Financial Statements have been prepared in Company as well as a description of the most significant accordance with the Danish Financial Statements Act. risks and elements of uncertainty facing the Company. In our opinion, the Financial Statements give a true and We recommend that the Financial Statements of the fair view of the financial position as of 31 July 2023 and Company be approved at the Annual General Meeting. of the results of the financial year 1 August 2022 - 31 July 2023. Frederiksberg 2023-12-20 Søren P. Olesen Sisse Fjelsted Rasmussen Laurits Anton Jørgensen TO THE SHAREHOLDER OF LSF10 WOLVERINE BIDCO APS Opinion We have audited the financial statements of LSF10 Wolverine Bidco ApS for the financial year 01.08.2022 - 31.07.2023, 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 31.07.2023 and of the results of its operations for the financial year 01.08.2022 - 31.07.2023 in accordance with the Danish Financial Statements Act. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor’s responsibilities for the audit of the financial statements" section of this auditor’s report. We are independent of the Entity in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management's responsibilities for the financial statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Entity’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:  Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.  Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Entity’s internal control.  Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.  Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial statements, and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Entity to cease to continue as a going concern.  Evaluate the overall presentation, structure and content of the financial statements, including the disclosures in the notes, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Statement on the Management Review Management is responsible for the Management's Review. Our opinion on the financial statements does not cover the Management’s Review, 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’s Review and, in doing so, consider whether the Management’s Review 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’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the Management’s Review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the Management’s Review. Copenhagen, 2023-12-20 Deloitte Statsautoriseret Revisionspartnerselskab 33963556 Lars Siggaard Hansen State Authorised Public Accountant mne32208 Özgün Acigora State Authorised Public Accountant mne48478 -6000000 252000000 1000000 1000000 10000000 17000000 1000000 1000000 2000000 267000000 5000000 3000000 -3000000 264000000 0 20000000 0 1310000000 -3000000 -1066000000 -3000000 264000000 12000000 18000000 0 1327000000 12000000 1345000000 12000000 1345000000 5000000 5000000 0 5000000 0 4000000 1000000 1000000 6000000 15000000 18000000 1360000000 1000000 1000000 7000000 10000000 0 1310000000 8000000 1321000000 5000000 0 5000000 0 0 39000000 0 0 4000000 0 1000000 0 5000000 39000000 10000000 39000000 18000000 1360000000 1000000 235000000 841000000 0 1077000000 0 0 0 20000000 20000000 0 0 -1066000000 1330000000 264000000 0 235000000 -235000000 0 0 1000000 0 10000000 1310000000 1321000000 1000000 0 10000000 1310000000 1321000000 0 0 0 1310000000 1310000000 0 0 -3000000 0 -3000000 1000000 0 7000000 0 8000000 Basis of Preparation The Financial Statements of LSF10 Wolverine Bidco ApS have been prepared in accordance with the provisions of the Danish Financial Statements Act for reporting class C – large companies. The Financial Statements are presented in million Euros, which is the presentation currency of the Company. With reference to the Danish Financial Statements Act § 112, the Company has not presented consolidated financial statements. Further, with reference to the Danish Financial Statements Act § 86.4 and 96.3, the Recognition and measurement The current Danish corporation tax is allocated by settling joint The Financial Statements have been prepared under the historical cost taxation contributions between the jointly taxed companies in method. proportion to their taxable income. In connection with this, companies with tax losses receive joint taxation contributions from companies that have been able to utilize this loss to reduce their own tax Income in the form of dividends are recognised in the income profit/loss. statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are The tax for the year, consisting of current corporate income tax, the recognised. Moreover, all expenses incurred to achieve the earnings for year’s joint tax contribution and change in deferred taxes - including as the year are recognised in the income statement, including a result of a change in tax rate - are recognised in the income depreciation, amortisation, impairment losses and provisions as well statement with the part attributable to the profit for the year and as reversals due to changed accounting estimates of amounts that directly to equity with the part that can is attributable to entries directly have previously been recognised in the income statement. in equity. The Company is subject to the Danish Tax Prepayment Scheme. Interest reimbursement and interest surcharge have been Assets are recognised in the balance sheet when it is probable that recognised in financial income and expenses. future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably. Investments in subsidiaries Investments in subsidiaries are measured at cost. Where cost exceeds Liabilities are recognised in the balance sheet when it is probable that the recoverable amount, write down is made to this lower value. future economic benefits will flow out of the Company, and the value of the liability can be measured reliably. Receivables from group companies Receivables from group enterprises are recognised in the balance Assets and liabilities are initially measured at cost. Subsequently, sheet at amortised cost, which substantially corresponds to nominal assets and liabilities are measured as described for each item below. value. Receivables from group enterprises includes, among other things, the Company’s participation in the group cash-pool. Recognition and measurement consider predictable losses and risks occurring before the presentation of the Annual Report which confirm or invalidate affairs and conditions existing at the balance sheet date. Prepayments Prepayments comprise costs incurred relating to subsequent financial years. Foreign currencies Transactions in foreign currencies are translated to the functional currency using the exchange rates at transaction date. At each balance Cash and cash equivalents sheet date, monetary assets and liabilities that are denominated in Cash and cash equivalents include cash in hand and deposits held at foreign currencies are translated to the functional currency at the rate call with banks. prevailing on the balance sheet date. All differences are recognised in the income statement. Payables to group companies Interest-bearing loans from group enterprises are initially recorded at Income from investments in subsidiaries fair value, net of attributable transaction costs. Subsequent to initial The income comprises of dividends received from subsidiary during recognition, interest-bearing borrowings are stated at amortised cost the financial year less any impairment of investments in subsidiaries. with any difference between proceeds and redemption value being recognised in the income statement over the period of the borrowings Other external operating expenses on an effective interest basis. Other external expenses comprise operating expenses such as administration and professional services expenses. Current tax receivables and payables Current tax liabilities and receivables are recognised in the balance Financial income and expenses sheet as the expected taxable income for the year adjusted for tax on Financial income and expenses comprise interest realised and taxable incomes for prior years and tax paid on account. Surcharges or unrealised exchange gains and losses as well as interest surcharge refunds under the on-account taxation scheme are recognised in the and interest reimbursements under the Danish Tax Prepayment income statement in financial income and expenses Scheme. Equity Tax on result for the year Proposed dividend for the financial year is presented as a separate The Company is subject to the Danish rules for joint taxation with the item in equity. Group’s Danish Subsidiaries. Danish subsidiaries are included in joint taxation from the time they are acquired or incorporated by a Danish Liabilities Group company until the date that control is no longer effective. STARK Liabilities have been measured at amortised cost, which corresponds Group A/S is the administration company. to nominal value. true Company has not presented cash flow statement on a stand-alone basis, nor disclosed fee to auditors with reference to Danish Financial statement Act §96.3. Reference is made to the consolidated financial statements of the Parent Company and its subsidiaries in the Annual Report 2023 for STARK Group A/S. 2.1 INCOME FROM INVESTMENTS IN SUBSIDIARIES EUR million2022/232021/22Income from investments in subsidiaries, see note 3.1 (6) 252Income from investments in subsidiaries (6) 252 2.2 FINANCIAL INCOME AND EXPENSES EUR million2022/232021/22Financial incomeInterests on loans to group enterprises 10 17Total financial income 10 17 2.3 TAX FOR THE YEAR EUR million2022/232021/22Current tax (2) (3)Company tax concerning previous year (3) 0Total tax for the period (5) (3) 2.4 EMPLOYEES The company has no employees (2021/22: 0 employees). Financial expenses, netInterests on loans from group enterprises (0) (1)Other interest expenses (1) - Total financial expenses (1) (1) 3.1 INVESTMENTS IN SUBSIDIARIES EUR million2022/232021/22Cost at the beginning of the year 1,077 1,080Disposal - (3)Cost at the end of the year 1,077 1,077Impairment losses at the beginning of the year (1,059) - 1Impairment for the year(6) (1,059)Accumulated impairment losses at the end of the year (1,065) (1,059)Carrying amount at the end of the year 12 18Voting and 2022/23Result for Equity as of 31 ownership EUR million2022/23July 2023 Registered officeshareSTARK Sourcing A/S EUR -6m EUR 12m 100% Frederiksberg, Denmark1) In 2021/22, the company has received EUR 1,311m in dividend from STARK Sourcing A/S during the financial year.EUR 1,059m of this has been used for impairment of the carrying value to the net asset value in STARK Sourcing A/Sas of 31 July 2022 and the remaining amount, EUR 252m, has been taken to the profit and loss account and presentedon one line for income from investments in subsidiaries.In 2022/23, the Company has recognised an impairment of the carrying value to the net asset value in STARK Sourcing A/Sas of 31 July 2023. The impairment amounts to EUR 6m and is in the profit and loss account presented on one line forincome from investments in subsidiaries. 3.2 RECEIVABLES FROM GROUP ENTERPRISES 31 July31 JulyEUR million20232022Within 1 year 5 5Between 1 and 5 years - 1,327Carrying amount 5 1,332Receivables from group enterprises amounts to EUR 5m Receivables from group enterprises amounted to EUR as of 31 July 2023 and is related to Company’s 1,332m as of 31 July 2022 and was mainly related to participation in the cash pool arrangement owned by the dividend received from STARK Sourcing A/S as a loan parent company. note. The loan note was repaid in 2022/23. 4.1 SHARE CAPITAL The company’s share capital consists of 11,000,000 issues shares of DKK 1 nominal value, which is unchanged compared to last year. 4.2 PAYABLES TO GROUP ENTERPRISES 31 July31 JulyEUR million20232022Within 1 year - 39Carrying amount - 39Payables to group enterprises amounted to EUR 39m as of 31 July 2022 and was partly related to Company’s participation in the cash pool arrangement owned by the parent company and partly by a loan from the parent company which was repaid in 2022/23. 5.1 CONTINGENT LIABILITIES Danish group companies are jointly and severally liable liable for Danish withholding taxes by way of dividend for the tax on the jointly taxed incomes of Stark Group tax, tax on royalty payments and tax on unearned A/S and other Danish group companies. The total income. Any subsequent adjustments of corporation amount of corporation tax payable for the year is taxes and withholding taxes may increase the Group’s disclosed in the annual report of Stark Group A/S, which liability. is the management company for joint taxation purposes. Moreover, the group companies are jointly and severally 5.2 SECURITIES The shares in the subsidiary with a carrying amount of amounting to EUR 1,795m and Senior Revolving Credit EUR 12m have been pledged as security for external facilities agreement with lenders up to EUR 371m. The financing obtained by the parent company’s single Senior Revolving Credit facilities were not drawn as of shareholder Winterfell Financing S.à r.l. and the same 31 July 2023. subsidiary is jointly and several liable for Term loans 5.3 RELATED PARTIES Controlling interest Other related parties with significant influence over STARK Group A/S is the parent company and owns STARK Group A/S comprise Winterfell Financing S.à r.l., 100% of the share capital of the Company. The ultimate Winterfell S.à r.l., Winterfell Investments S.à r.l., shareholders of the company are limited partnerships Winterfell Holdings S.à r.l., Winterfell ManCo I S.A., with CVC Capital Partners VII Limited acting as General Winterfell ManCo II S.A., Winterfell Topco S.à r.l. and the Partner. Companies’ Board of Managers. Furthermore, transactions with the respective companies’ Executive Related parties are considered to be the parent company Boards, Supervisory Boards and senior employees and STARK Group A/S and its subsidiaries. their immediate family members are included. Related parties also include companies where the mentioned persons have significant interests.5.3 RELATED PARTIES - CONTINUEDThere have been no transactions with the Executive The consolidated annual reports can be obtained at the Board, Executive Management, significant shareholders, following addresses: group enterprises or other related parties, except for intercompany transactions. All transactions are made on STARK Group A/S an arm’s length basis and, according to the Danish C.F. Richs Vej 115 Financial Statements Act §98c, 7, they are not disclosed. 2000 Frederiksberg Denmark The Company and its subsidiary are included in the consolidated financial statements of STARK Group A/S Winterfell Topco S.à r.l. as the smallest group and Winterfell Topco S.à r.l. as the 20, avenue Monterey largest group.L-2163 Luxembourg R.C.S. Luxembourg: B 250.784 5.4 SUBSEQUENT EVENTSNo events have occurred after the balance sheet date that materially affect the Company’s financial statements. LSF10 Wolverine Bidco ApS C.F. Richs Vej 115 2000 Frederiksberg Denmark 39163764 2017-12-14 6 Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2022-08-01 2023-07-31 2021-08-01 2022-07-31 Reporting class C, large enterprise www.starkgroup.dk/newsroom/publications 39163764 LSF10 Wolverine Bidco ApS C.F. Richs Vej 115 2000 Frederiksberg Opinion Basis for Opinion 33963556 Deloitte Statsautoriseret Revisionspartnerselskab Dividends from subsidiary Dividends from subsidiary Dividends from subsidiary Dividends from subsidiary Dividends from subsidiary