256867052023-10-012024-09-30256867052024-09-30256867052023-09-30fsa:ContributedCapitalMember256867052023-09-30fsa:ReserveForNetRevaluationAccordingToEquityMethodMember256867052023-09-30fsa:RetainedEarningsMember256867052023-09-30fsa:ProposedDividendRecognisedInEquityMember256867052023-09-30256867052023-10-012024-09-30fsa:RetainedEarningsMember256867052023-10-012024-09-30fsa:ProposedDividendRecognisedInEquityMember256867052023-10-012024-09-30fsa:ContributedCapitalMember256867052023-10-012024-09-30fsa:ReserveForNetRevaluationAccordingToEquityMethodMember256867052024-09-30fsa:ContributedCapitalMember256867052024-09-30fsa:ReserveForNetRevaluationAccordingToEquityMethodMember256867052024-09-30fsa:RetainedEarningsMember256867052024-09-30fsa:ProposedDividendRecognisedInEquityMember256867052023-10-012024-09-30cmn:ConsolidatedMemberfsa:LiquidationAccountMember256867052023-10-012024-09-30cmn:ConsolidatedMember256867052023-10-012024-09-30cmn:ConsolidatedMember1256867052023-10-012024-09-30cmn:ConsolidatedMember1256867052023-10-012024-09-30cmn:ConsolidatedMember2256867052023-10-012024-09-30cmn:ConsolidatedMember3256867052023-10-012024-09-30cmn:ConsolidatedMember4256867052023-10-012024-09-30cmn:ConsolidatedMember1256867052023-10-012024-09-30cmn:ConsolidatedMember2256867052024-09-30cmn:ConsolidatedMember256867052023-09-30cmn:ConsolidatedMemberfsa:ContributedCapitalMember256867052023-09-30cmn:ConsolidatedMemberfsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember256867052023-09-30cmn:ConsolidatedMemberfsa:RetainedEarningsMember256867052023-09-30cmn:ConsolidatedMemberfsa:ProposedDividendRecognisedInEquityMember256867052023-09-30cmn:ConsolidatedMemberfsa:EquityAttributableToParentMember256867052023-10-012024-09-30cmn:ConsolidatedMemberfsa:RetainedEarningsMember256867052023-10-012024-09-30cmn:ConsolidatedMemberfsa:ProposedDividendRecognisedInEquityMember256867052023-10-012024-09-30cmn:ConsolidatedMemberfsa:EquityAttributableToParentMember256867052023-10-012024-09-30cmn:ConsolidatedMemberfsa:ContributedCapitalMember256867052023-10-012024-09-30cmn:ConsolidatedMemberfsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember256867052024-09-30cmn:ConsolidatedMemberfsa:ContributedCapitalMember256867052024-09-30cmn:ConsolidatedMemberfsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember256867052024-09-30cmn:ConsolidatedMemberfsa:RetainedEarningsMember256867052024-09-30cmn:ConsolidatedMemberfsa:ProposedDividendRecognisedInEquityMember256867052024-09-30cmn:ConsolidatedMemberfsa:EquityAttributableToParentMember256867052023-09-30cmn:ConsolidatedMemberfsa:MinorityInterestsMember256867052023-09-30cmn:ConsolidatedMember256867052023-10-012024-09-30cmn:ConsolidatedMemberfsa:MinorityInterestsMember256867052024-09-30cmn:ConsolidatedMemberfsa:MinorityInterestsMember256867052023-10-012024-09-30cmn:ConsolidatedMember1256867052023-10-012024-09-30cmn:ConsolidatedMember4256867052023-10-012024-09-30cmn:ConsolidatedMemberfsa:ManagementMember256867052023-10-012024-09-30cmn:ConsolidatedMemberfsa:BoardOfDirectorsMember256867052023-10-012024-09-30cmn:ConsolidatedMemberfsa:OtherShorttermPayablesMember256867052022-10-012023-09-30256867052022-10-012023-09-30cmn:ConsolidatedMember256867052022-10-012023-09-30cmn:ConsolidatedMember1256867052022-10-012023-09-30cmn:ConsolidatedMember4256867052022-09-30cmn:ConsolidatedMember256867052022-10-012023-09-30cmn:ConsolidatedMemberfsa:ManagementMember256867052022-10-012023-09-30cmn:ConsolidatedMemberfsa:BoardOfDirectorsMemberiso4217:DKKxbrli:pure25686705Årsrapport16396220296081292689737-163962The Board of Directors and the Executive Board have today considered and approved the annual report of AART Architects A/S for the financial year 01.10.2023 - 30.09.2024.-2960812062588150000The annual report is presented in accordance with the Danish Financial Statements Act.250000105846564-313962In 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 30.09.2024 and of the results of their operations and the consolidated cash flows for the financial year
01.10.2023 - 30.09.2024.-546081188905761-3969477We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.229938017726468140500We recommend the annual report for adoption at the Annual General Meeting.2625065383361290586Aarhus13359655102744-5533525Torben Skovbjerg Larsen443584318923-344540Anders Tyrrestrup-8163401498408-5188985Lars Dige Knudsen1259924392325940699423Torben Skovbjerg Larsen4989240115273961329250Anders Strange1526250239586342028673To the shareholders of AART Architects A/S514186512361620342028673We have audited the consolidated financial statements and the parent financial statements of AART Architects A/S for the financial year 01.10.2023 - 30.09.2024, 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 30.09.2024 and of the results of their operations and the consolidated cash flows for the financial year 01.10.2023 - 30.09.2024 in accordance
with the Danish Financial Statements Act.51418651236162031817878We 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.1496163605212396122Management 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.0400805520643Our 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.5610006452928457050182719111951420Management 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.567930231532891693389003317907942891693Aarhus3890033600908944920366Lars Andersen5530868436078220500000mne34506500000664937280State Authorised Public Accountant29898921956640021200803Kasper Vildrich Jessen235396057503230mne42784100000067876121700803State Authorised Public Accountant2802949781544364975000Financial highlights2023/24
DKK'0002022/23
DKK'0002021/22
DKK'0002020/21
DKK'0002019/20
DKK'000Key figuresRevenue273,125292,690239,216146,970121,808Gross profit/loss167,272188,906159,339103,74088,453Earnings before interests, tax, depreciations and amortisations (EBITDA)3,07811,61811,99312,4327,692Operating profit/loss(3,817)5,1037,3739,3184,867Net financials(1,578)(1,179)(1,738)(42)(494)Earnings before tax (EBT)(5,394)3,9235,6359,2754,373Profit/loss for the year(5,020)2,3963,4547,2433,525Profit for the year excl
.
minority interests(5,189)1,2602,8276,8453,439Balance sheet total124,904132,896136,24372,83763,144Investments in property, plant and equipment2,1283,2845,8303,080606Equity28,95836,26731,31028,01621,863RatiosGross margin (%)61.2464.5466.6170.5972.62Net margin (%)(1.84)0.821.444.932.89Equity ratio (%) incl. minority interets23.1827.2922.9838.4634.62Financial 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 * 100
RevenueNet margin (%)
:
Profit/loss for the year * 100
RevenueEquity ratio (%)
incl. minority interests:
Equity * 100
Balance sheet total8650000956436484975000Primary activitiesAART Architects operates as an architectural firm, engaging in projects and related activities both domestically and internationally, as determined by the Board of Directors.865000011736473675000Development in activities and financesAs one of Scandinavia’s leading independent architectural firms, AART faced a challenging financial year, marked by a decrease in both revenue and results due to an uncertain market across the region. A lower level of activity in several segments contributed to a decline in revenue and a negative financial outcome. While we have experienced varied activity in both the public and private sector projects in Denmark, activity in Norway and Sweden was significantly limited due to difficult market conditions.
The fourth quarter showed slight improvements, though ongoing uncertainties, driven by high interest rates and escalating construction costs, continued to pose challenges. Despite the constrained environment, AART has focused on strengthening its core competencies. Investments were made to expand expertise in sustainability, transformation, space planning, landscape architecture, and impact-driven design. Furthermore, we welcomed several experienced leaders and specialists into key roles across our offices.
In early 2024, we finalized the updated version of our strategy, Fast Forward / Reinforcing Impact, setting ambitious goals to enhance AART’s position as a leader in impact-based architecture. Looking ahead, we plan to launch a new, comprehensive strategy in early 2025, with the objective of solidifying our position as the leading Scandinavian advisor in impact-based architecture and our independent standing amidst industry consolidation. Supported by our multidisciplinary services, a robust pipeline of over three million square meters under development, and offices in Aarhus, Copenhagen, Roskilde, Frederikssund, Oslo, and Stockholm, we are poised for growth.
3675000968172954744199Profit/loss for the year in relation to expected developmentsAART achieved a revenue of 273 million DKK, a 7% decline compared to the previous year. While this confirms ourstatus as one of Scandinavia’s largest partner-owned architectural firms, the year’s financial results fell below expectations. EBITDA closed just above 3 million DKK, with an EBT of -5.4 million DKK. The financing of the acquisition of Mangor & Nagel still influences the result. Despite these outcomes, the financial performance remains unsatisfactory, and measures are being taken to improve profitability in the coming year.
Intellectual capital resources
Our employees are the cornerstone of our success, delivering impact-driven architectural solutions every day. Weprioritize monitoring, evaluating, and enhancing employee motivation and satisfaction through annual surveys, aligning with our ambition to be Scandinavia’s most meaningful architectural workplace. This year’s meaningfulness survey reflected strong results, highlighting a sense of purpose, belonging, and opportunities for personal growth despite external challenges.
Our specialist teams span various fields, including building typologies, transformation, urban planning, landscapedesign, sustainability, and impact assessment. Central to our impact-driven approach is the Effektkompas™, a strategic tool that ensures measurable social, economic, and environmental outcomes throughout project phases. By leveraging this tool, we translate client visions into architecture that delivers tangible impact.
Research and development activities
In 2024, we continued to advance our R&D efforts. As the first Scandinavian architecture firm to establish an impact-focused team in 2018, we have built strong partnerships with academic institutions to explore architecture’s broad potential for creating sustainable impact. This year, we expanded our business PhD portfolio to include Social Commissioning, which examines how to enhance the social lifecycle of buildings. Conducted in collaboration with Aarhus University and BUILD, this project complements our latest business PhD projects ongoing research initiatives, Catalyst and Revalue, further cementing our leadership in documenting architecture’s societal and environmental impact.Particular risks
The past three years have underscored the unpredictability of global crises, from COVID-19 to geopolitical tensions and economic volatility. These events, coupled with persistent inflation, high construction costs, and market sensitivity, continue to pose risks. Additionally, increasing conflicts and legal disputes within the construction industry present challenges. However, a modest improvement in the labor market offers optimism for future recruitment efforts. We remain vigilant in risk assessments to navigate these uncertainties effectively.558583813289551514400130005000009249072OutlookDespite continued market challenges, we approach 2025 with cautious optimism. Our diversified portfolio, strong local presence across Scandinavia, and expertise in both public and private sectors provide a solid foundation for growth. Early next year, we will unveil a new strategy aimed at strengthening AART’s role as a leader in impact-based architecture and as an independent advisor in a consolidating industry. We also aim to solidify our reputation as Scandinavia’s most desirable architectural workplace. While we anticipate up to a 10% decline in revenue, we project an EBT ranging between 2-5 million DKK.75750260434225Events 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. 16195022652949712766727312542816082110000001824456321938481862918728029497232195631080475822727918782371934492036616727169455308684362666905000001641934600181929122989892689483950000023539605-38166052599241869291210000001859248650000176379186500000-539447236750001000000-37463184771971000000-501984115104902030613176168571299942030613121828604041085932753720606608896928591312999447694827793591301169662132895515-971526833886515336013292500-97155182300-6319725-598708630257913-3011075987086671010994997248018284502318923719068815813271448283-71906884310001061456064126002806432-4063500938105283284263-1125485835907230000946464355999990124904348151164350000050000000-12999412270842120080321330797-40335160028796422170080396750001 Staff costs2023/24
DKK2022/23
DKKWages and salaries150,000250,000150,000250,000Average number of full-time employees007257269305946402895807202 Other financial expenses2023/24
DKK2022/23
DKKFinancial expenses from group enterprises321,167255,233Other interest expenses966,3781,080,732Exchange rate adjustments3,04101,290,5861,335,96517828820-98548223 Tax on profit/loss for the year2023/24
DKK2022/23
DKKChange in deferred tax(95,308)(608,163)Adjustment concerning previous years0(488)Refund in joint taxation arrangement(249,232)(207,689)(344,540)(816,340)550000-58213064 Proposed distribution of profit and loss2023/24
DKK2022/23
DKKOrdinary dividend for the financial year01,000,000Retained earnings(5,188,985)259,924(5,188,985)1,259,92418378820699495349750001173647-51889854975000257367500028764265 Financial assetsInvestments in group enterprisesDKKOther receivablesDKKCost beginning of year46,902,5091,526,250Additions893,5780Disposals0(197,000)Cost end of year47,796,0871,329,250Revaluations beginning of year2,989,8930Exchange rate adjustments(129,994)0Amortisation of goodwill(2,825,232)0Share of profit/loss for the year(1,144,245)0Dividend(5,987,086)0Revaluations end of year(7,096,664)0Carrying amount end of year40,699,4231,329,250The carrying amount of the group goodwill is TDKK 16,629 (2022/23: TDKK 19,455).A specification of investments in subsidiaries is evident from the notes to the consolidated financial statements.162438762500006 Deferred tax2023/24
DKK2022/23
DKKTax losses carried forward1,817,8781,496,163Deferred tax1,817,8781,496,163
Changes during the year2023/24
DKK2022/23
DKKBeginning of year1,496,163888,000Recognised in the income statement321,715608,163End of year1,817,8781,496,163Deferred tax assetsThe company's tax losses carried forward is recognized as a deferred tax asset, since this is expected to be used
within the foreseeable future.1913997 PrepaymentsCosts incurred relating to the subsequent financial year.67757672599248 Non-current liabilities other than provisionsDue within 12
months2023/24DKKDue within 12
months2022/23DKKDue after
more than 12
months2023/24DKKBank loans3,675,0003,675,0004,975,0003,675,0003,675,0004,975,000Due after 5 years: 0 DKK2464128611359399 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.2106512810 Assets charged and collateralThe company has provided security in shares of one of the group entreprises as at security for the bankdebt.
The carrying amount of investments in group enterprise is TDK 19,104 (2022/23: TDKK 22,107)
The company has provided a unrestricted gurantee of payment on behalf of other group entreprises bankdebt. The balance of the group entreprises consitutes a net deposit.7259245611 Non-arm’s length related party transactionsTransactions with related parties are only disclosed in the annual report if they are not on arm’s length terms.
Transactions between AART Architects A/S and related parties are on arm’s length terms.77567456Investments 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.
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 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 whether the amount of goodwill includes intangible resources of a temporary nature that
cannot be separated and recognised as separate assets. 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.124904348500000026529497100000028029497010000001000000012999400129994000-97150-97150-51889850-5188985500000-1299942133079702170080382371931431670243167024321324262850342850340-97151691447257269689483950000-2535012Exchange rate adjustments-1095024837201859241738311-258300-810367212838418902300466945-14724162282783776667936750002431670Group contributions etc.2850341945043-3377408359071 Staff costs2023/24
DKK2022/23
DKKWages and salaries143,071,162154,953,155Pension costs15,824,34115,737,919Other social security costs5,297,9576,573,607164,193,460177,264,681Average number of full-time employees231257Remunerationof management
2023/24
DKKRemunerationof management
2022/23
DKKExecutive Board1,736,9642,876,426Board of Directors150,000250,0001,886,9643,126,426231Remunerationof management
2023/24
DKKRemunerationof management
2022/23
DKKExecutive Board1,736,9642,876,426Board of Directors150,000250,0001,886,9643,126,42617369641500002 Depreciation, amortisation and impairment losses2023/24
DKK2022/23
DKKAmortisation of intangible assets3,310,0723,310,071Depreciation on property, plant and equipment3,584,7673,228,2656,894,8396,538,3363 Tax on profit/loss for the year2023/24
DKK2022/23
DKKChange in deferred tax(364,092)1,864,948Adjustment concerning previous years(10,539)(337,552)(374,631)1,527,3964 Proposed distribution of profit/loss2023/24DKK2022/23DKKOrdinary dividend for the financial year01,000,000Retained earnings(5,188,985)259,924Minority interests' share of profit/loss169,1441,135,939(5,019,841)2,395,863-51889851691445 Intangible assetsGoodwill
DKKCost beginning of year33,832,623Cost end of year33,832,623Amortisation and impairment losses beginning of year(10,216,420)Amortisation for the year(3,310,072)Amortisation and impairment losses end of year(13,526,492)Carrying amount end of year20,306,1316 Property, plant and equipmentOther fixtures and fittings, tools and equipment
DKKLeasehold improvements
DKKCost beginning of year14,498,7641,593,231Exchange rate adjustments(47,051)0Additions1,414,896713,488Disposals(5,949,380)(3,133,524)Cost end of year9,917,229(826,805)Depreciation and impairment losses beginning of year(8,446,641)(1,192,426)Exchange rate adjustments9,0110Depreciation for the year(3,131,365)(453,402)Reversal regarding disposals5,760,3593,133,522Depreciation and impairment losses end of year(5,808,636)1,487,694Carrying amount end of year4,108,593660,8897 Financial assetsOther investmentsDKKDepositsDKKOther receivablesDKKCost beginning of year170,0003,023,1531,790,794Exchange rate adjustments005,401Additions041,9600Disposals0(381,725)(466,945)Cost end of year170,0002,683,3881,329,250Revaluations beginning of year1,025,14200Impairment losses for the year(25,480)00Revaluations end of year999,66200Carrying amount end of year1,169,6622,683,3881,329,2508 Contract work in progress2023/24
DKK2022/23
DKKContract work in progress472,480,678403,891,726Progress billings(460,971,943)(391,942,183)Transferred to liabilities other than provisions6,775,7677,616,85718,284,50219,566,4009 PrepaymentsPrepayments comprises costs incurred relating to the subsequent financial year. 10 Deferred tax2023/24
DKK2022/23
DKKProperty, plant and equipment(1,224,855)(493,000)Receivables29,694,80826,189,561Tax losses carried forward(10,641,133)(7,503,649)Deferred tax17,828,82018,192,912
Changes during the year2023/24
DKK2022/23
DKKBeginning of year18,192,91216,327,964Recognised in the income statement(364,092)1,864,948End of year17,828,82018,192,91211 Other provisions The company is a party to individual cases which have not yet been concluded, with which there is still
uncertainty about the outcome of the cases. An assessment has been made of the individual cases and provision
has been made in cases where it has been deemed necessary.12 Non-current liabilities other than provisionsDue within 12
months
2023/24
DKKDue within 12
months
2022/23
DKKDue after
more than 12
months
2023/24
DKKBank loans3,675,0003,675,0004,975,0003,675,0003,675,0004,975,000Due after 5 years: 0 DKK13 Other payables2023/24
DKK2022/23
DKKVAT and duties3,968,9753,357,877Wages and salaries, personal income taxes, social security costs, etc. payable1,516,2225,519,627Holiday pay obligation4,656,6944,869,804Other costs payable10,923,23713,789,89821,065,12827,537,20614 Changes in working capital2023/24
DKK2022/23
DKKIncrease/decrease in receivables1,925,124(3,666,771)Increase/decrease in trade payables etc.(4,460,136)(2,652,954)(2,535,012)(6,319,725)15
Fair value informationUnlisted shares of capital
DKKFair value end of year 1,169,662Unrealised fair value
adjustments recognised in
the income statement
(25,480)16 Unrecognised rental and lease commitments2023/24DKK2022/23DKKTotal liabilities under rental or lease agreements until maturity 63,398,67164,533,03217 Assets charged and collateralBank loans are secured by a floating charge capped at TDKK 15,000 in operating equipment, fixures and fittings, inventories and unsecured claims.
The book value of the assets amounts to TDKK 30,472 (2022/23: TDKK 27,887).18 Non-arm’s length related party transactionsTransactions with related parties are only disclosed in the annual report if they are not on arm’s length terms.
Transactions between AART Architects A/S and related parties are on arm’s length terms.19 SubsidiariesRegistered inCorporate
formOwnership
%AART Architects DK West A/SAarhusA/S100.00AART Architects DK EAST A/SFrederikssundA/S70.00AART Architects NO ASNorwayAS100.00AART Architects ABSwedenAB76.00AART Designers ApSAarhusApS75.00This 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.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.
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.
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.
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. Goodwillis 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 and out of the translation of income statements
from average rates to the exchange rates at the balance sheet date are classified
directly as equity.
Exchange adjustments of outstanding accounts with independent foreign subsidiaries, which are considered
part of the total investment in the subsidiary in question, are classified directly as equity.When recognising foreign subsidiaries that are integral entities, monetary assets and liabilities are
translated
using the exchange rates at the balance sheet date. Non-monetary assets and liabilities are
translated at the
exchange rate at the time of acquisition or the time of any subsequent revaluation or writedown.
The items of the
income statement are translated at the average rates of the months; however, items
deriving from non-monetary
assets and liabilities are translated using the historical rates applicable to the
relevant non-monetary items.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.
Contract work in progress is included in revenue based on the stage of completion so that revenue corresponds
to the selling price of the work performed in the financial year (the percentage-of-completion
method).Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary
activities, including salary refunds .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 property, 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.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.Other financial incomeOther financial income comprises interest income on receivables from group enterprises, exchange gains on securities, payables
and tax relief under the Danish
Tax Prepayment Scheme etc.Other financial expensesOther financial expenses comprise interest expenses on payables to group enterprises,
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 whether the amount of goodwill includes intangible resources
of a temporary nature that cannot be separated and recognised as separate assets. 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.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 life
Other fixtures and fittings, tools and equipment3-5 yearsLeasehold improvements5-10 yearsEstimated 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.ReceivablesReceivables are measured at amortised cost, usually equalling nominal value, less writedowns for bad and
doubtful debts.Other investmentsOther investments comprise listed securities which are measured at fair value (market price) at the balance
sheet date and unlisted investments measured at the lower of cost and net realisable value.Contract work in progressContract work in progress is measured at the selling price of the work carried out at the balance sheet date.
The selling price is measured based on the stage of completion and the total estimated income from the
individual contracts in progress. Usually, the stage of completion is determined as the ratio of actual to total
budgeted consumption of resources.
If the selling price of a project in progress cannot be made up reliably, it is measured at the lower of costs
incurred and net realisable value.
Each contract in progress is recognised in the balance sheet under receivables or liabilities other than provisions,
depending on whether the net value, calculated as the selling price less prepayments received, is
positive or negative.
Costs of sales work and of securing contracts as well as financecosts are recognised in the income statement
as incurred.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.
Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at
their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets.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. PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at
cost.CashCash comprises cash in hand and bank deposits.DividendDividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for the
financial year is disclosed as a separate item in equity. Extraordinary dividend adopted in the financial year
is recognised directly in equity when distributed and disclosed as a separate item in Management’s proposal
for distribution of profit/loss.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 provisionsOther provisions comprise anticipated costs of loss on contract work in progress, 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.
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.Prepayments received from customersPrepayments received from customers comprise amounts received from customers prior to delivery of the
goods agreed or completion of the service agreed.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 purchase, development and sale etc of property, plant and equipment.
Cash flows from financing activities comprise changes in the related costs as well as the instalments on interest-bearing
debt, deposits on sales of minorities, and payment of dividend.
Cash and cash equivalents comprise cash less short-term 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 purchase, development and sale etc of property, plant and equipment.
Cash flows from financing activities comprise changes in the related costs as well as the instalments on interest-bearing
debt, deposits on sales of minorities, and payment of dividend.
Cash and cash equivalents comprise cash less short-term bank loans.trueGrundlag for konklusionKonklusion2025-02-062025-02-0633963556Deloitte Statsautoriseret RevisionspartnerselskabRevisionspåtegningRegnskabsklasse C, mellemstor virksomhed2023-09-302022-10-0133963556Weidekampsgade 6Deloitte Statsautoriseret Revisionspartnerselskab2300 København S2024-09-302023-10-01AART Architects A/S25686705ÅrsrapportAarhus C80002City Tower, VærkmestergadeAarhusAarhus C800091Mariane Thomsens Gade2025-02-06Torben Skovbjerg Larsen