The Board of Directors and executive board have today discussed and approved the annual report of Thule Holding ApS for the financial year 1 January - 31 December 2023.The annual report is prepared in accordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the company's financial position at 31 December 2023 and of the results of the company's operations for the financial year 1 January - 31 December 2023.We recommend that the Annual Report be adopted at the Annual General Meeting.Claes Mattias AnkarbergClaes Mattias AnkarbergchairmanMarianne Bonrud HagelqvistNis GjendalTo the shareholder of Thule Holding ApSOpinionWe have performed an extended review of the Financial Statements of Thule Holding ApS for the financial year 1 January - 31 December 2023, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity and notes. The Financial Statements are prepared in accordance with the Danish Financial Statements Act. Based on the work performed, in our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2023 and of the results of the Company operations for the financial year 1 January - 31 December 2023 in accordance with the Danish Financial Statements Act.Basis for OpinionWe conducted our extended review in accordance with the Danish Business Authority's Assurance Standard for Small Enterprises and FSR – Danish Auditors' standard on extended review of financial statements prepared in accordance with the Danish Financial Statements Act. Our responsibilities under those standards and requirements are further described in the ”Practitioner's responsibilities for the extended review of the financial statements” section of our report. We are independent of the Company 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 evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion.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 Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.Our responsibility is to express a conclusion on the Financial Statements. This requires that we plan and perform procedures to obtain limited assurance in respect of our conclusion on the Financial Statements and, moreover, that we perform supplementary procedures specifically required to obtain additional assurance in respect of our conclusion. An extended review consists of making inquiries, primarily of Management and others within the enterprise, as appropriate, and applying analytical procedures and the supplementary procedures specifically required as well as assessing the evidence obtained. An extended review is less in scope than an audit and, consequently, we do not express an audit opinion on the Financial Statements.Hellerup2024-07-03PricewaterhouseCoopersGösta GauffinState Authorised Public Accountantmne45821The annual report of Thule Holding ApS for 2023 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B, as well as provisions applying to reporting class C entities. The accounting policies applied are consistent with those of last year. The annual report for 2023 is presented in TDKK Certain amounts have been reclassified in the comparative figures for 2022 to ensure the same presentation. Pursuant to sections §110 subsection 1, of the Danish Financial Statements Act, the company has not prepared consolidated financial statements.Income is recognised in the income statement as earned, including value adjustments of financial assets and liabilities. All expenses, including amortisation, depreciation and impairment losses, are also recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits will flow to the company and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow from the company and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost. On subsequent recognition, assets and liabilities are measured as described below for each individual accounting item. Certain financial assets and liabilities are measured at amortised cost using the effective interest method. Amortised cost is calculated as the historic cost less any installments and plus/less the accumulated amortisation of the difference between the cost and the nominal amount. On recognition and measurement, allowance is made for predictable losses and risks which occur before the annual report is presented and which confirm or invalidate matters existing at the balance sheet date.In pursuance of section 32 of the Danish Financial Statements Act, the company does not disclose its revenue. Gross profit reflects an aggregation of revenue less other external expenses.Revenue is measured at the fair value of the agreed consideration, excluding VAT and other indirect taxes. Revenue is net of all types of discounts granted.Other external expenses include expenses related to services and administration.Staff costs include wages and salaries, including compensated absence and pensions, as well as other social security contributions, etc. made to the entity's employees.Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Net financials include interest income and expenses, realised and unrealised exchange gains and losses on foreign currency transactions and allowances under the advance-payment-of-tax scheme, etc.The proportionate share of the results after tax of the individual subsidiaries is recognised in the income statement of the company after full elimination of intra-group profits/losses.The company is subject to the Danish rules on compulsory joint taxation of the Group's Danish subsidiaries. Subsidiaries participate in the joint taxation arrangement from the time when they are included in the consolidated financial statements and until the time when they withdraw from the consolidation. The company acts as management company for all jointly taxed entities and, in its capacity as such, pays all income taxes to the Danish tax authorities. On payment of joint taxation contributions, the current Danish income tax is allocated between the jointly taxed entities in proportion to their taxable income. Entities with tax losses receive joint taxation contributions from entities that have been able to use tax losses to reduce their own taxable profits. Tax for the year, which comprises the current tax charge for the year and changes in the deferred tax charge, is recognised in the income statement.Investments in subsidiaries are measured at the proportionate share of the net asset value of the entities, calculated on the basis of the group's accounting policies, plus or less unrealised intra-group gains or losses and plus or less any remaining value of positive or negative goodwill stated according to the purchase method. Negative goodwill is recognised in the income statement on acquisition. Where the negative goodwill relates to contingent liabilities having been taken over, the negative goodwill is not recognised until the contingent liabilities have been settled or no longer exist.Receivables are measured at amortised cost.As management company, Thule Holding ApS is liable for payment of the subsidiaries' corporate income taxes to the tax authorities. Current tax liabilities and current tax receivables are recognised in the balance sheet as the estimated tax on the taxable income for the year, adjusted for tax on the taxable income for previous years and tax paid on account. Deferred tax is measured according to the liability method in respect of temporary differences between the carrying amount of assets and liabilities and their tax base, calculated on the basis of the planned use of the asset and settlement of the liability, respectively. Deferred tax is measured at net realisable value.Liabilities, which include trade payables, payables to subsidiaries and other debt are measured at amortised cost, which is usually equivalent to nominal value.34460005195000125500015130002191000368200011030005080002217000277000142800066700040830003800000656000694000342700031060003427000310600023113000220110002311300022011000231130002201100064298000598260000160002151000311700031100014300014000330006677400063135000667740006313500089887000851460003314400033144000325260002909900065670000622430008300080000240440002270400090000119000242170002290300024217000229030008988700085146000331440002909900034270003314400032526000Thule Holding ApS' activities comprise service fee and to hold the total share capital of Brink Nordisk Holdings ApS.109400014040001470009800070001100070000125500015130002322170002770002217000277000142600066400010000100030001428000667000967000837000-311000-14300043035000430350004303500043035000-21024000-215320001102000508000-19922000-210240002311300022011000The share capital consists of 331,440 shares of a nominal value of TDKK 100. No shares carry any special rights. There have been no changes in the share capital during the last 5 years.331440100As management company, the company is jointly taxed with other danish related parties and jointly liable with other jointly taxed entities for payment of income taxes as well as for payment of withholding taxes on dividends and interest.According to the company’s register of shareholders, the following shareholder holds at least 5% of the votes or at least 5% of the share capital:Årsrapport39188678Rödl & Partner DanmarkStore Kongensgade 40H, 2.1264 København K2023-01-012023-12-312022-01-012022-12-3128297696Thule Holding ApSStore Kongensgade40H, 21264København KDK2004-12-16København KPricewaterhouseCoopers33771231Gösta GauffinState Authorised Public AccountantStrandvejen442900HellerupDKDanmark+45 39 45 39 452024-07-03Marianne Bonrud HagelqvistRegnskabsklasse BtrueErklæring om udvidet gennemgangCaseWare-FSRfalsefalsefalsefalse282976962023-01-012023-12-31282976962023-01-012023-12-311282976962022-01-012022-12-31282976962022-12-31282976962023-12-31282976962023-01-01f:InvestmentsInGroupEnterprisesMember282976962022-01-01f:InvestmentsInGroupEnterprisesMember282976962023-01-012023-12-31f:InvestmentsInGroupEnterprisesMember282976962022-01-012022-12-31f:InvestmentsInGroupEnterprisesMember282976962023-12-31f:InvestmentsInGroupEnterprisesMember282976962022-12-31f:InvestmentsInGroupEnterprisesMember282976962023-01-012023-12-311282976962023-01-012023-12-312282976962023-01-012023-12-313282976962023-01-012023-12-311282976962023-01-01f:ContributedCapitalMember282976962023-12-31f:ContributedCapitalMember282976962023-01-01f:RetainedEarningsMember282976962023-01-012023-12-31f:RetainedEarningsMember282976962023-12-31f:RetainedEarningsMember282976962023-12-311xbrli:sharesiso4217:DKKxbrli:pure