37218146 2022-12-31 37218146 2021-12-31 37218146 2020-12-31 37218146 2024-12-31 37218146 2023-12-31 37218146 2024-01-01 fsa:ContributedCapitalMember 37218146 2024-01-01 fsa:ReserveForDevelopmentExpenditureMember 37218146 2024-01-01 fsa:RetainedEarningsMember 37218146 2024-01-01 fsa:ProposedDividendRecognisedInEquityMember 37218146 2024-12-31 fsa:ContributedCapitalMember 37218146 2024-12-31 fsa:ReserveForDevelopmentExpenditureMember 37218146 2024-12-31 fsa:RetainedEarningsMember 37218146 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 37218146 2024-01-01 fsa:CompletedDevelopmentProjectsMember 37218146 2024-01-01 fsa:DevelopmentProjectsInProgressMember 37218146 2024-12-31 fsa:CompletedDevelopmentProjectsMember 37218146 2024-12-31 fsa:DevelopmentProjectsInProgressMember 37218146 2024-01-01 fsa:LeaseholdImprovementsMember 37218146 2024-12-31 fsa:LeaseholdImprovementsMember 37218146 2024-01-01 fsa:DepositsLongtermInvestmentsAndReceivablesMember 37218146 2024-12-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember 37218146 2024-01-01 2024-12-31 37218146 2024-01-01 2024-12-31 1 37218146 2024-01-01 2024-12-31 memberOfBoardIdentifier_executive_board_1 37218146 2024-01-01 2024-12-31 memberOfBoardIdentifier_board_of_director_1 37218146 2024-01-01 2024-12-31 memberOfBoardIdentifier_board_of_director_2 37218146 2024-01-01 2024-12-31 memberOfBoardIdentifier_board_of_director_3 37218146 2024-01-01 2024-12-31 memberOfBoardIdentifier_board_of_director_4 37218146 2024-01-01 2024-12-31 2 37218146 2022-01-01 2022-12-31 37218146 2021-01-01 2021-12-31 37218146 2020-01-01 2020-12-31 37218146 2023-01-01 2023-12-31 37218146 2024-01-01 2024-12-31 fsa:ContributedCapitalMember 37218146 2024-01-01 2024-12-31 fsa:ReserveForDevelopmentExpenditureMember 37218146 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 37218146 2024-01-01 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 37218146 2024-01-01 2024-12-31 fsa:CompletedDevelopmentProjectsMember 37218146 2024-01-01 2024-12-31 fsa:DevelopmentProjectsInProgressMember 37218146 2024-01-01 2024-12-31 fsa:LeaseholdImprovementsMember 37218146 2024-01-01 2024-12-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember iso4217:DKK pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2024-01-01 2023-01-01 2024-12-31 2023-12-31 37218146 Bibs Danmark ApS Høgevej 19 3400 Hillerød PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Strandvejen 44 2900 Hellerup Denmark 39 45 39 45 koebenhavn@pwc.dk 2025-06-11 Henrik Juul Hansen Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning The Executive Board and Board of Directors have today considered and adopted the Annual Report of Bibs Danmark ApS for the financial year 1 January - 31 December 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 December 2024 of the Company and of the results of the Company operations for 2024. 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. 2025-06-11 Hillerød Henrik Juel Larsen CEO Henrik Juul Hansen Chairman Henrik Juel Larsen Vice chairman Michael Bisgaard Christensen Rasmus Emil Andersen To the shareholder of Bibs Danmark ApS Opinion In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2024 and of the results of the Company´s operations for the financial year 1 January - 31 December 2024 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of Bibs Danmark ApS for the financial year 1 January - 31 December 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. Hellerup 2025-06-11 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Henrik Kyhnauv State Authorised Public Accountant mne40028 Sune Christensen Bjerre State Authorised Public Accountant mne47832 67748000 96756000 55795000 31908000 78249000 44982000 -1024000 -507000 -253000 24096000 60643000 34877000 73440000 85716000 53704000 164000 -7757000 8332000 57021000 20505000 24813000 60717000 35074000 55 34 12 0.063 0.119 0.338 0.708 0.653 66511563 64361827 52018463 48462481 810146 737758 13682954 15161588 783859 996800 2086475 3584352 12380338 12574036 2749442 2777814 9630896 9796222 9000000 9000000 630896 796222 1930556 780148 0 615657 1930556 1395805 1221754 1653259 1221754 1653259 883740 858000 883740 858000 4036050 3907064 12181199 21408296 12181199 21408296 34984178 31492509 121179764 6874245 3357453 4749772 462652 111849 159984047 43228375 2203264 20564047 174368510 85200718 178404560 89107782 50000 50000 1505834 1088728 683800 470010 9000000 9000000 11239634 10608738 464330 365382 464330 365382 189118 20213 4471406 4595327 145047070 59945748 2650494 0 14342508 13572374 166700596 78133662 166700596 78133662 178404560 89107782 50000 1088728 470010 9000000 0 0 0 9000000 0 0 630896 9000000 0 417106 -417106 0 50000 1505834 683800 9000000 No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. 46213884 40839877 5185620 4495478 618959 584186 0 2542940 52018463 48462481 79 69 Remuneration to the Executive Board has not been disclosed in accordance with section 98 B(3) of the Danish Financial Statements Act. 535661 511102 274485 226656 810146 737758 343021 627801 440838 368999 783859 996800 970115 1234878 1116360 2349474 2086475 3584352 2650494 2670917 98948 106897 2749442 2777814 1174527 615657 809236 0 615657 -615657 2599420 0 394389 0 274475 0 668864 0 1930556 0 During the current year, the company has initiated the development of its own web shops, which together support the company's long-term strategy and are expected to contribute positively to both cash flow and revenue in the coming years. 2567312 163694 208313 2522693 914053 535661 148775 1300939 1221754 858000 25740 883740 883740 Deferred tax liabilities at 1 January 365382 0 Amounts recognised in the income statement for the year 0 106897 Amounts recognised in equity for the year 98948 258485 Deferred tax liabilities at 31 December 464330 365382 Intangible assets 424722 307077 Property, plant and equipment 39608 58304 Deferred tax liabilities at 1 January 365382 0 Tax loss carry-forward -365382 1 464330 365382 Deferred tax asset The deferred tax asset relates to losses in subsidiaries Calculated tax assets 0 0 Carrying amount 0 0 Rental and lease obligations The company has entered into rental commitment regarding rent of premises. The rental contract is non-termin able until 1/12 2025. The total commitment represents 1860000 3289000 The company has entered into rental commitment regarding rent of company car. The rental contract is non-terminable until 1/8/2025. The total commitment represents 62974 0 Other contingent liabilities Bibs Danmark ApS are jointly taxed with other group companies and are severally liable for tax on the jointly taxed incomes etc. of the group. Moreover, the group companies are jointly and severally liable for Danish with holding taxes by way of tax on interest, dividend tax and tax on royalty payments. Any sub sequent adjustments of corporation taxes and with holding taxes may increase the the company's liability. Basis Controlling interest AH License ApSHøgevej 19Hillerød, 3400, Denmark Main shareholder AH Group Holding ApSGøngevænget 12, GadevangHillerød, 3400, Denmark Owner of AH License ApS with 100 % Henrik Juel LarsenAnn-Cathrine Juel Lythcke Owner of AH Group ApS with 50 %Owner of AH Group ApS with 50 % In accordance with section 98(c)(7) of the Danish Financial Statements Act no related party transactions have been disclosed as management assess all transactions have been carried out on an arm’s length basis. **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 The largest group:AH Group Holding ApS Gøngevænget 12, Gadevang Hillerød, 3400, Denmark The smallest group:AH License ApS Høgevej 19 Hillerød, 3400, Denmark The Annual Report of Bibs Danmark ApS for 2024 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to medium-sized enterprises of reporting class C. The accounting policies applied remain unchanged from last year. The Financial Statements for 2024 are presented in DKK. true 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 AH License ApS, 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. 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 transaction date rates are recognised in financial income and expenses in the income statement; however, see the section on hedge accounting. Income statements of foreign subsidiaries and associates that are separate legal entities are translated at transaction date rates or approximated average exchange rates. Balance sheet items are translated at the exchange rates at the balance sheet date. Exchange adjustments arising on the translation of the opening equity and exchange adjustments arising from the translation of the income statements at the exchange rates at the balance sheet date are recognised directly in equity. Income statements of enterprises that are integrated entities are translated at transaction date rates or approximated average exchange rates; however, items derived from non-monetary balance sheet items are translated at the transaction date rates of the underlying assets or liabilities. Monetary balance sheet items are translated at the exchange rates at the balance sheet date, whereas non-monetary items are translated at transaction date rates. Exchange adjustments arising on the translation are recognised in financial income and expenses in the income statement. Revenue from the sale of goods is recognised when the risks and rewards relating to the goods sold have been transferred to the purchaser, the revenue can be measured reliably and it is probable that the economic benefits relating to the sale will flow to the Company. Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales. Expenses for raw materials and consumables comprise the raw materials and consumables consumed to achieve revenue for the year. Other external expenses comprise expenses for premises, sales as well as office expenses, etc. With reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue, other operating income, expenses for raw materials and consumables and other external expenses. 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. Amortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment. Other operating income comprises income of a secondary nature as viewed in relation to the company's primary activities, including payments received from public authorities as well as proft on sale of fixed assets. Financial income and expenses comprise interest, financial expenses in respect of finance leases, realised and unrealised exchange adjustments and price adjustment of securities. 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 AH Group Holding ApS. The tax effect of the joint taxation with the subsidiaries is allocated to 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'. 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 7 year. 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. Interest expenses on loans contracted directly for financing the construction of property, plant and equipment are recognised in cost over the construction period. 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: Leasehold improvements 5-10 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. The recoverable amount of the asset is calculated as the higher of net selling price and value in use. Where a recoverable amount cannot be determined for the individual asset, the assets are assessed in the smallest group of assets for which a reliable recoverable amount can be determined based on a total assessment. Other fixed asset investments consist of deposit. 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. The cost of finished goods and work in progress comprises the cost of raw materials, consumables and direct labour. 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. Prepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. **Dividend**Dividend distribution proposed by Management for the year is disclosed as a separate equity item. Deferred tax is recognised in respect of all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised in respect of temporary differences concerning goodwill not deductible for tax purposes and other items - apart from business acquisitions - where temporary differences have arisen at the time of acquisition without affecting the profit for the year or the taxable income. 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. In cases where the computation of the tax base may be made according to alternative tax rules, deferred tax is measured on the basis of the intended use of the asset and settlement of the liability, respectively. Deferred tax assets, including the tax base of tax loss carry-forwards, 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. Deferred tax assets and liabilities are offset within the same legal tax entity. Current tax receivables and liabilities are recognised in the balance sheet at the amount calculated on the basis of the expected taxable income for the year adjusted for tax on taxable incomes for prior years. Tax receivables and liabilities are offset if there is a legally enforceable right of set-off and an intention to settle on a net basis or simultaneously. Loans, such as loans from credit institutions, are recognised initially at the proceeds received net of transaction expenses incurred. Subsequently, the loans are measured at amortised cost; the difference between the proceeds and the nominal value is recognised as an interest expense in the income statement over the loan period. Other debts are measured at amortised cost, substantially corresponding to nominal value. Solvency ratio Equity at year end x 100 / Total assets at year end Gross margin Gross profit / Revenue Return on equity Net profit for the year x 100 / Average equity