25451996 2022-08-31 25451996 2021-08-31 25451996 2020-08-31 25451996 2024-08-31 25451996 2023-08-31 25451996 2023-09-01 fsa:ContributedCapitalMember 25451996 2023-09-01 fsa:ReserveForDevelopmentExpenditureMember 25451996 2023-09-01 fsa:RetainedEarningsMember 25451996 2024-08-31 fsa:ContributedCapitalMember 25451996 2024-08-31 fsa:ReserveForDevelopmentExpenditureMember 25451996 2024-08-31 fsa:RetainedEarningsMember 25451996 2023-09-01 fsa:CompletedDevelopmentProjectsMember 25451996 2023-09-01 fsa:AcquiredOtherSimilarRightsMember 25451996 2024-08-31 fsa:CompletedDevelopmentProjectsMember 25451996 2024-08-31 fsa:AcquiredOtherSimilarRightsMember 25451996 2023-09-01 fsa:FixturesFittingsToolsAndEquipmentMember 25451996 2023-09-01 fsa:LeaseholdImprovementsMember 25451996 2024-08-31 fsa:FixturesFittingsToolsAndEquipmentMember 25451996 2024-08-31 fsa:LeaseholdImprovementsMember 25451996 2023-09-01 fsa:InvestmentsInGroupEnterprisesMember 25451996 2022-09-01 fsa:InvestmentsInGroupEnterprisesMember 25451996 2024-08-31 fsa:InvestmentsInGroupEnterprisesMember 25451996 2023-08-31 fsa:InvestmentsInGroupEnterprisesMember 25451996 2024-08-31 1 fsa:SubsidiaryMember 25451996 2023-09-01 fsa:DepositsLongtermInvestmentsAndReceivablesMember 25451996 2024-08-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember 25451996 2023-09-01 2024-08-31 25451996 2023-09-01 2024-08-31 1 25451996 2023-09-01 2024-08-31 memberOfBoardIdentifier_executive_board_1 25451996 2023-09-01 2024-08-31 memberOfBoardIdentifier_board_of_director_1 25451996 2023-09-01 2024-08-31 memberOfBoardIdentifier_board_of_director_2 25451996 2023-09-01 2024-08-31 memberOfBoardIdentifier_board_of_director_3 25451996 2023-09-01 2024-08-31 memberOfBoardIdentifier_board_of_director_4 25451996 2021-09-01 2022-08-31 25451996 2020-09-01 2021-08-31 25451996 2019-09-01 2020-08-31 25451996 2022-09-01 2023-08-31 25451996 2023-09-01 2024-08-31 fsa:ContributedCapitalMember 25451996 2023-09-01 2024-08-31 fsa:ReserveForDevelopmentExpenditureMember 25451996 2023-09-01 2024-08-31 fsa:RetainedEarningsMember 25451996 2023-09-01 2024-08-31 fsa:CompletedDevelopmentProjectsMember 25451996 2023-09-01 2024-08-31 fsa:AcquiredOtherSimilarRightsMember 25451996 2023-09-01 2024-08-31 fsa:FixturesFittingsToolsAndEquipmentMember 25451996 2023-09-01 2024-08-31 fsa:LeaseholdImprovementsMember 25451996 2023-09-01 2024-08-31 1 fsa:SubsidiaryMember 25451996 2023-09-01 2024-08-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember iso4217:DKK pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2023-09-01 2022-09-01 2024-08-31 2023-08-31 25451996 BOLIA A/S Værkmestergade 11, 1. 8000 Aarhus C Aarhus PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Jens Chr. Skous Vej 1 8000 Aarhus C Denmark 89 32 00 00 aarhus@pwc.dk 2024-12-18 Jan Bøgh Regnskabsklasse C, stor virksomhed Revisionspåtegning The Executive Board and Board of Directors have today considered and adopted the Annual Report of BOLIA A/S for the financial year 1 September 2023 - 31 August 2024. 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 financial position at 31 August 2024 of the Company and of the results of the Company operations for 2023/24. In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review. We recommend that the Annual Report be adopted at the Annual General Meeting. 2024-11-14 Aarhus C Lars Lyse Hansen CEO Jan Bøgh Chairman Henrik Naundrup Peter Dornonville de la Cour Andsager Niels Veien To the shareholder of BOLIA A/S Opinion In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 August 2024 and of the results of the Company´s operations for the financial year 1 September 2023 - 31 August 2024 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of BOLIA A/S for the financial year 1 September 2023 - 31 August 2024, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (”the Financial Statements”). Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the 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 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 audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 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 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 Company´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 Company´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 Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, 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. Management is responsible for Management’s Review. Our opinion on the Financial Statements does not cover 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 Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, in our view, 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 in Management’s Review. Aarhus C 2024-11-14 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Henrik Kragh State Authorised Public Accountant mne26783 1315078000 1176422000 1039331000 328826000 334719000 292480000 50031000 96696000 80174000 -6363000 -8206000 -4232000 35805000 65738000 60012000 537964000 494169000 389510000 53483000 62652000 65787000 57732000 19366000 159695000 188890000 162152000 415 347 308 0.262 0.236 0.25 0.285 0.281 0.027 -0.004 0.038 0.082 0.077 0.067 -0.011 0.093 0.196 0.206 0.283 0.278 0.297 0.382 0.416 0.153 -0.129 0.205 0.375 0.431 1426537000 1275267000 7300000 0 702963000 638212000 357352000 336249000 373522000 300806000 242372000 212284000 92010000 93486000 329000 689000 38811000 -5653000 10991000 4137000 19080000 20395000 30722000 -21911000 7480000 -2514000 23242000 -19397000 8889000 6664000 -8889000 -6664000 23242000 -19397000 68523000 79918000 2407000 2735000 70930000 82653000 31274000 37445000 118938000 109509000 150212000 146954000 0 0 14204000 6821000 14204000 6821000 235346000 236428000 152508000 130740000 152508000 130740000 56567000 49414000 15878000 8763000 0 7252000 46762000 49526000 119207000 114955000 71594000 21924000 343309000 267619000 578655000 504047000 1800000 1800000 53447000 62336000 108293000 76162000 163540000 140298000 16037000 17286000 16037000 17286000 78407000 64516000 128171000 108288000 9077000 3813000 18171000 26077000 165252000 143769000 399078000 346463000 399078000 346463000 578655000 504047000 1800000 62336000 76162000 0 0 23242000 0 -8889000 8889000 1800000 53447000 108293000 No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. Business segments Business to consumer 1279680000 1135483000 Business to business 146857000 139784000 Total 1426537000 1275267000 With reference to section 96(1) of the Danish Financial Statements Act, no disclosure is made of the breakdown of revenue into geographical markets as Company Management, including the Board of Directors, finds that such disclosure would be very detrimental to the Company. 196462000 182904000 18060000 10550000 27850000 18830000 242372000 212284000 484 443 Remuneration to the Executive Board has not been disclosed in accordance with section 98 B(3) of the Danish Financial Statements Act. 10207000 2013000 784000 2087000 0 37000 10991000 4137000 8191000 8808000 10889000 11301000 0 286000 19080000 20395000 8352000 -3405000 -1249000 -1070000 377000 -19574000 0 21535000 7480000 -2514000 255136000 7422000 31837000 0 286973000 7422000 175218000 4687000 43232000 328000 218450000 5015000 68523000 2407000 Development projects relate to the development of the company's digital platform, which is fully implemented by the business. Sub-projects of the IT project are completed on an ongoing basis. 128014000 284255000 11469000 42014000 59400000 85322000 80083000 240947000 90569000 174746000 16374000 32076000 58134000 84813000 48809000 122009000 31274000 118938000 0 0 0 0 0 0 Bolia Inc. Delaware, USA 100 0 6821000 8342000 959000 14204000 14204000 Investments in subsidiaries are specified as follows: Prepayments and accrued income consist mainly of prepaid expenses relating to rent and marketing. Deferred tax liabilities at 1 September 17286000 -3179000 Amounts recognised in the income statement for the year -1249000 20465000 Deferred tax liabilities at 31 August 16037000 17286000 Fixed asset investments -4688000 -970000 Trade receivables -523000 -557000 Leasehold improvements 3883000 3566000 Rights 74000 7000 Prepayments 2217000 1614000 Development projects 15074000 13626000 16037000 17286000 Deferred tax asset Calculated tax assets 0 0 Carrying amount 0 0 Prepayments are mainly made up of prepayments received regarding income in the following years as well as issued gift cards. Other contingent liabilities At 31 August, the Company has assumed rental obligations, which are non-terminable for 1-7 years, and which total: 437526000 313641000 At 31 August, the Company has assumed lease commitments, which are non-terminable for 1-3 years, and which total: 533000 530000 Guarantees have been provided to external parties, which at 31 August amounted to: 30863000 32281000 The company's enterprises are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The total amount of corporation tax payable is disclosed in the Annual Report of Lars Larsen Group A/S, which is the management company of the joint taxation purposes. Moreover, the group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company's liability. Lars Larsen Group A/S has entered into an agreement concerning a group arrangement for Lars Larsen Group. As of 31 August 2023 0 kDKK had been withdrawn from the total group facility. As a participant in the group account arrangement, Bolia A/S has provided surety towards credit institutions as security for Lars Larsen Group A/S' obligations under the group agreement. Basis Controlling interest Lars Larsen Group A/S, CVR-nr. 86 00 15 19 Parent entity Transactions The Company has chosen only to disclose transactions which have not been made on an arm's length basis in accordance with section 98(c)(7) of the Danish Financial Statements Act. Consolidated Financial Statements The Company is included in the Group Annual Report of the Parent Company of the largest and smallest group: Name Place of registered office Lars Larsen Group A/S, CVR-nr. 86 00 15 19 Aarhus The Group Annual Report of Lars Larsen Group A/S, CVR-nr. 86 00 15 19 may be obtained at the following address:Lars Larsen Group A/SRandersvej 2C8600 SilkeborgDanmark With reference to section 96(3) of the Danish Financial Statements Act and to the consolidated financial statements for 2023/24 of Lars Larsen Group A/S, CVR-nr. 86 00 15 19, the Company has not disclosed the fee to the auditors appointed at the general meeting. The Annual Report of BOLIA A/S for 2023/24 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to large enterprises of reporting class C. Regarding to the true and fair view of the financial statement, certain reclassifications have been made in the notes. Comparative figures have been adjusted accordingly. The accounting policies applied remain unchanged from last year. true With reference to section 112 of the Danish Financial Statements Act and to the consolidated financial statements for 2023/24 of Lars Larsen Group A/S, CVR-nr. 86 00 15 19, the Company has not prepared consolidated financial statements. With reference to section 86(4) of the Danish Financial Statements Act and to the cash flow statement included in the consolidated financial statements of Lars Larsen Group A/S, CVR-nr. 86 00 15 19, the Company has not prepared a cash flow statement. Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset 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 out of the Company, and the value of the liability can be measured reliably. Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Recognition and measurement take into account 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. Danish kroner is used as the presentation currency. All other currencies are regarded as foreign currencies. Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognised directly in equity. Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement. Fixed assets acquired in foreign currencies are measured at the transaction date rates. With reference to section 96(1) of the Danish Financial Statements Act, no disclosure is made of the breakdown of revenue into business segments as Company Management, including the Board of Directors, finds that such disclosure would be very detrimental to the Company. Revenue from the sale of goods for resale and finished goods is recognised in the income statement when the sale is considered effected based on the following criteria:- delivery has been made before the end of the financial year;- a binding sales agreement has been made;- the selling price has been determined; and- payment has been received or may with reasonable certainty be expected to be received. Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales. Cost of goods sold comprise the purchase price etc. for goods sold in the year. Med henvisning til ÅRL § 96, stk. 3 undlades oplysningerne som honorar til generalforsamlingsvalgt revisor. Der henvises til opgørelsen i koncernregnskabet for LLG A/S Other external expenses comprise indirect production costs and expenses for premises, sales and distribution as well as office expenses, etc. With reference to section 96(3) of the Danish Financial Statements Act, no disclosure is made of the fee to the auditors appointed at the general meeting. We refer to the statement in Lars Larsen Group A/S’ Consolidated Financial Statements. Staff expenses comprise wages and salaries as well as payroll expenses. Amortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment. Other operating income and other operating expenses comprise items of a secondary nature to the main activities of the Company, including gains and losses on the sale of intangible assets and property, plant and equipment. Dividends from subsidiaries are recognised as income in the income statement when adopted at the General Meeting of the subsidiary. However, dividends relating to earnings in the subsidiary before it was acquired by the Parent Company are set off against the cost of the subsidiary. Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Tax for the year consists of current tax for the year and deferred tax for the year. The tax attributable to the profit for year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. Any changes in deferred tax due to changes to tax rates are recognised in the income statement. The Company is jointly taxed with Lars Larsen Group A/S. The tax effect of the joint taxation with the subsidiaries is allocated to Danish enterprises showing profits or losses in proportion to their taxable incomes (full allocation with credit for tax losses). Costs of development projects comprise salaries, amortisation and other expenses directly or indirectly attributable to the Company’s development activities. Development projects that are clearly defined and identifiable and in respect of which technical feasibility, sufficient resources and a potential future market or development opportunity in the enterprise can be demonstrated, and where it is the intention to manufacture, market or use the project, are recognised as intangible assets. This applies if sufficient certainty exists that the value in use of future earnings can cover cost of sales, distribution and administrative expenses involved as well as the development costs. Development projects that do not meet the criteria for recognition in the balance sheet are recognised as expenses in the income statement as incurred. Capitalised development costs are measured at cost less accumulated amortisation and impairment losses or at a lower recoverable amount. An amount corresponding to the recognised development costs is allocated to the equity item 'Reserve for development costs'. The reserve comprises only development costs recognised in financial years beginning on or after 1 January 2016. The reserve is reduced by amortisation of and impairment losses on the development projects on a continuing basis. As of the date of completion, capitalised development costs are amortised on a straight-line basis over the period of the expected economic benefit from the development work. The amortisation period is 3-5 year. Rights are measured at cost less accumulated amortisation and less any accumulated impairment losses or at a lower value in use. Rights are amortised over the period of the agreement, which is 6 years. Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses. Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are: Other fixtures and fittings, tools and equipment 3-6 years Plant and machinery 6 years The fixed assets’ residual values are determined at nil. Depreciation period and residual value are reassessed annually. The carrying amounts of intangible assets and property, plant and equipment and investments are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation. Investments in subsidiaries are measured at cost. Where cost exceeds the recoverable amount, write-down is made to this lower value. Other fixed asset investments consist of deposits. Inventories are measured at the lower of cost under the FIFO method and net realisable value. The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses and costs of completion. The net realisable value is determined allowing for marketability, obsolescence and development in expected selling price. The cost of goods for resale equals landed cost. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. Provisions for bad debts are determined on the basis of an individual assessment of each receivable, and in respect of trade receivables, a general provision is also made based on the Company´s experience from previous years. Prepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Dividend distribution proposed by Management for the year is disclosed as a separate equity item. Deferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively. Deferred tax assets are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity. Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity. Current tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses. Payables are recognised at cost at the time of incurring the debt. Subsequently, they are determined at amortised cost, which in terms of short-term and non-interest-bearing liabilities as well as variable-rate liabilities usually corresponds to nominal value. Deferred income comprises payments received in respect of income in subsequent years. Gross margin Gross profit x 100 / Revenue Profit margin Profit/loss of ordinary primary operations x 100 / Revenue Return on assets Profit/loss of ordinary primary operations x 100 / Total assets at year end Solvency ratio Equity at year end x 100 / Total assets at year end Return on equity Net profit for the year x 100 / Average equity