425000702024-01-012024-12-31425000702024-12-31425000702023-12-31fsa:ContributedCapitalMember425000702023-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember425000702023-12-31fsa:RetainedEarningsMember425000702023-12-31425000702024-01-012024-12-31fsa:ContributedCapitalMember425000702024-01-012024-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember425000702024-01-012024-12-31fsa:RetainedEarningsMember425000702024-12-31fsa:ContributedCapitalMember425000702024-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember425000702024-12-31fsa:RetainedEarningsMember425000702024-01-012024-12-31cmn:ConsolidatedMemberfsa:LiquidationAccountMember425000702024-01-012024-12-31cmn:ConsolidatedMember425000702024-01-012024-12-31cmn:ConsolidatedMember1425000702024-01-012024-12-31cmn:ConsolidatedMember2425000702024-01-012024-12-31cmn:ConsolidatedMember3425000702024-01-012024-12-31cmn:ConsolidatedMember1425000702024-01-012024-12-31cmn:ConsolidatedMember2425000702024-12-31cmn:ConsolidatedMember425000702023-12-31cmn:ConsolidatedMemberfsa:ContributedCapitalMember425000702023-12-31cmn:ConsolidatedMemberfsa:RetainedEarningsMember425000702023-12-31cmn:ConsolidatedMemberfsa:EquityAttributableToParentMember425000702023-12-31cmn:ConsolidatedMemberfsa:MinorityInterestsMember425000702023-12-31cmn:ConsolidatedMember425000702024-01-012024-12-31cmn:ConsolidatedMemberfsa:ContributedCapitalMember425000702024-01-012024-12-31cmn:ConsolidatedMemberfsa:RetainedEarningsMember425000702024-01-012024-12-31cmn:ConsolidatedMemberfsa:EquityAttributableToParentMember425000702024-01-012024-12-31cmn:ConsolidatedMemberfsa:MinorityInterestsMember425000702024-12-31cmn:ConsolidatedMemberfsa:ContributedCapitalMember425000702024-12-31cmn:ConsolidatedMemberfsa:RetainedEarningsMember425000702024-12-31cmn:ConsolidatedMemberfsa:EquityAttributableToParentMember425000702024-12-31cmn:ConsolidatedMemberfsa:MinorityInterestsMember425000702024-01-012024-12-31cmn:ConsolidatedMember2425000702023-01-012023-12-31425000702023-01-012023-12-31cmn:ConsolidatedMember425000702023-01-012023-12-31cmn:ConsolidatedMember2425000702022-12-31cmn:ConsolidatedMemberiso4217:DKKxbrli:pure42500070Årsrapport-12102520-49328504514527425227The Executive Board has today considered and approved the annual report of Topcap D ApS for the financial year 01.01.2024 - 31.12.2024. 92786130060549169The annual report is presented in accordance with the Danish Financial Statements Act.37089961880In 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 31.12.2024 and of the results of their operations and the consolidated cash flows for the financial year
01.01.2024 - 31.12.2024.4962607304371We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.82927711394715-21397We recommend the annual report for adoption at the Annual General Meeting.-143011080997325768Copenhagen843578726774350500537Henrik Normann43083982423507150500537Martin Jørgensen43083982266953750500537Erik Balleby Jensen4308398215655340To the shareholder of Topcap D ApS1430571902We have audited the consolidated financial statements and the parent financial statements of Topcap D ApS for the financial year 01.01.2024 - 31.12.2024, 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 31.12.2024 and of the results of their operations and the consolidated cash flows for the financial year 01.01.2024 - 31.12.2024 in accordance
with the Danish Financial Statements Act.05321328656645We 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.17851801372380431228547Management 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.178532353610017043Our 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.518681430954711245590183719159380951746127Management 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.449211735938091000000100000027474720580537Copenhagen1316398227474728848263Bjørn Winkler Jakobsen2894772214396402750428800mne32127431117043337668524794State Authorised Public Accountant016911280Henrik Hartmann Olesen501122350678131207533mne341431273347243370885000State Authorised Public Accountant3500010803481317327Financial highlights2024
DKK'0002023
DKK'0002022
DKK'0002021
DKK'000Key figuresGross profit/loss67,66750,45165,82919,984EBITDA33,78220,39135,5839,381Operating profit/loss24,81711,39526,5915,802Net financials(5,581)(7,160)(5,741)0Profit/loss for the year14,4831,56619,6532,034Profit for the year excl
.
minority interests7,32684411,0331,133Balance sheet total210,829198,046231,808225,006Investments in property, plant and equipment0157482882Equity93,10376,63475,06955,416Equity excl. minority interests50,42943,11242,26831,235Cash flows from operating activities3,91959,997(20,489)(27,451)Cash flows from investing activities(4,330)(3,599)955(110,677)Cash flows from financing activities(7,924)(46,527)6133Average number of
employees54556056RatiosReturn on equity (%)7.832.0052.203.63Equity ratio (%)23.9221.7718.2313.88Financial highlights are defined and calculated in accordance with the current version of "Recommendations &
Ratios" issued by the CFA Society Denmark.Return on equity (%)
:Profit/loss for the year excl. minority interests * 100
Average equity excl. minority interestsEquity ratio (%)
:Equity excl. minority interests * 100
Balance sheet total18094691563631317327Primary activitiesThe parent company's activities are to own shares in other companies.
The Groups activities comprises Dancover A/S which is a leading international supplier specializing in a diverse range of products designed for parties, events, storage solutions, and garden enhancement. Established in 2003, Dancover has become one of the leading supplier in Europe. Headquartered in Denmark, the company operates an international e-commerce platform, delivering products to private and professional clients across the Europe.1809469051746127Development in activities and financesDespite challenges such as high inflation and supply chain disruptions, Dancover has maintained robust performance, achieving improved profitability. Sales remained stable across both private and business segments,
with an increased demand for high-end quality products
.
Significant investments were made in IT security and development, particularly with the implementation of a new ERP system and a Product Information System, ensuring the foundation for continued growth. These investments
will support the growth strategy of Dancover A/S.
449211739601401000000Profit/loss for the year in relation to expected developmentsParent:
The result amounted to DKK 14,483,289.
Dancover A/S:
The financial year 2024 has been a strong year for Dancover A/S, with EBITDA reaching DKK 34,005,000, up from DKK 20,397,000 in 2023. The company's equity amounted to DKK 36,676,002, resulting in an equity ratio of 45,9%.
The total balance sheet stood at DKK 79,876,849 at year-end.
The financial year was in line with forecast, and results for the year are considered satisfactory.843578463055913163982Uncertainty relating to recognition and measurementThe recognition and measurement of items in the annual
report is not associated with any uncertainty.1438377128947722OutlookFor 2025, Dancover anticipates continued growth, focusing on the key product categories such as pavilions, greenhouses, party tents and Flextents. The introduction of new categories, especially for the home garden, is also expected to contribute positively to growth.
The company aims to strengthen its concept sales approach, offering complete solutions for home garden life. Market growth is expected across Europe.
Investments in internal processes, IT development and IT security will continue. The development of a new e-commerce platform (dancovershop.com) is scheduled for completion by the end of 2025.
In 2024 we have made great progress in the different ESG areas and the ESG ambition is to continue that development, and it is our objective to achieve CO2 neutrality on scopes 1 & 2 by 2027.
For 2025, Dancover expects an EBITDA between DKK 30-38 million.
However, the current global instability—such as increasing geopolitical tensions, disruptions in the Red Sea region and ongoing tariff conflicts—may significantly impact our expectations for EBITDA in 2025. These developments pose a degree of uncertainty that could affect global supply chains, freight costs, and consumer demand, and are therefore being closely monitored.Overall, Dancover is well-positioned to achieve its growth and development goals in 2025 and beyond.
540821431980461700
Knowledge resourcesDancover values its knowledge resources as vital to its development and business optimization. The company introduced an employee satisfaction survey in 2024, achieving an eNPS of 43, and aims to enhance employee satisfaction further in 2025.10000008672Research and development activities
Dancover continues to allocate resources to secure future business opportunities. The largest investment is the new dancovershop.com platform, along with developing sustainable alternatives within the party tents, pavilions, and pergola categories.421117040Statutory report on corporate governanceTopcap D ApS is part of a group which has the Danish private equity fund Capidea as its main shareholder. Companies that are owned by private equity funds and presents the annual report in accordance with the rules for large class C companies must incorporate AE's
(Active Owners Denmark) guide to good corporate governance. The company presents the annual report in accordance with the rules for medium-sized companies in accounting class C and is therefore not fully comprehend by AE's guidelines.
Capidea is represented in the Board of Directors by Partner Henrik Normann. Board meetings are held at least 4 times a year.There has not been set up any special board committees.431117048672Events 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. 3352257674252276766661876634280-99459338439412000008964844200000100000040522298588592058053724817311297630828848263299314503686705880112832038371 Events 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.19236513120000002 Other financial income2024
DKK2023
DKKOther interest income16937016937047532242304853 Other financial expenses2024
DKK2023
DKKOther interest expenses049,626049,6261448328930249824 Tax on profit/loss for the year2024
DKK2023
DKKAdjustment concerning previous years(383)(3,590)Refund in joint taxation arrangement(21,014)(10,711)(21,397)(14,301)108453162670215 Proposed distribution of profit and loss2024
DKK2023
DKKRetained earnings7,325,768843,5787,325,768843,5787354589501122732576812944426359844431877218380080536 Financial assetsInvestments in group enterprisesDKKCost beginning of year29,920,000Cost end of year29,920,000Revaluations beginning of year13,163,982Exchange rate adjustments(8,672)Share of profit/loss for the year7,425,227Revaluations end of year20,580,537Carrying amount end of year50,500,537A specification of investments in subsidiaries is evident from the notes to the consolidated financial statements.1387845231212118907 EmployeesThe entity has no employees other than the Executive Board. The Executive Officers has not received any
remuneration.2774201980461708 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.27742089961889 Assets charged and collateralCredit lines by banks is secured by pledge of shares in subsidiaries. Carrying amount of pledged shares is DKK 50.5 milion, equivalent to the underlying equity value of subsidiaries.267503010 Related parties with controlling interestCapidea Kapital III K/S
, Grønningen 25, st, 1270 København K owns all shares in the Entity, thus exercising control. 2675034763611511 Non-arm’s length related party transactionsOnly non-arm's length related party transactions are disclosed in the annual report. No
such transactions were conducted during the financial year.13932944668027018Investments in group enterprisesInvestments 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 or minus unrealised intra-group profits or losses. Refer to the above
section on business combinations for more details about the accounting policies used on acquisitions of
investments in group enterprises.
Group enterprises with negative equity value are measured at DKK 0. Any receivables from these enterprises
are written down to net realisable value based on a specific assessment. If the Parent has a legal
or constructive obligation to cover the liabilities of the relevant enterprise, and it is probable that such
obligation will involve a loss, a provision is recognised that is measured at present value of the costs
necessary to settle the obligations at the balance sheet date.
Upon distribution of profit or loss, net revaluation of investments in group enterprises is transferred to
the reserve for net revaluation according to the equity method in equity.
Goodwill is the positive difference between cost of investments 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.
Investments in group enterprises are written down to the lower of recoverable amount and carrying amount.581430171080992203482417643060346499396120426326665999748312379443357427100952184975719020652017-232235104624-35991476048023-56398336714991463237625210828592497644751000000049428800-46526850504288009871486426738944512285931026941438377130000055300000843578178588597219564014576533907907526422568400143405922289386322896747061251274216167311742589821082859210000004211170443111704335225760002000000200000008672867262031487573257687325768715752110000004942880050428800426738948964844100000-183988371548331829931458801125983844391867644867160149209Change of deposits
7244-43302634115875900402158245632000000-7924161-833574860480231 Events 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.2 Staff costs2024
DKK2023
DKKWages and salaries29,091,35125,957,595Pension costs3,699,4353,703,803Other social security costs1,053,155399,15133,843,94130,060,549Average number of full-time employees5455Special incentive programmesThe Company has in 2021 set up an incentive scheme for selected key employees in management with the option
to subscribe new shares in Caphold D ApS. 37.594 warrents previously awarded remains further subscription at balance sheet date. Unless subscribed all warrant agreements will expire at 21.07.2031. The fair value of the warrants depends on the financial development in Dancover A/S (subsidiary) and whether or not a shareholder exit takes place. Per date of award and as of balance sheet date the value is considered to be zero or lower and the warrants have not be recognized in the financial statements.Group management has not received any
remuneration as salary from Topcap D ApS.543 Depreciation, amortisation and impairment losses2024
DKK2023
DKKAmortisation of intangible assets8,797,6648,819,516Depreciation on property, plant and equipment167,180176,6728,964,8448,996,1884 Other financial income2024
DKK2023
DKKOther interest income299,314108,099299,314108,0995 Other financial expenses2024DKK2023DKKOther interest expenses5,513,3577,267,743Exchange rate adjustments36,8690Other financial expenses329,88605,880,1127,267,7436 Tax on profit/loss for the year2024
DKK2023
DKKCurrent tax4,848,6513,001,089Change in deferred tax(157,596)(327,962)Adjustment concerning previous years62,169(3,590)4,753,2242,669,5377 Proposed distribution of profit/loss2024
DKK2023
DKKRetained earnings7,325,768843,578Minority interests' share of profit/loss7,157,521721,95614,483,2891,565,534732576871575218 Intangible assetsCompleted development projectsDKKAcquired intangible assetsDKKGoodwillDKKDevelopment projects in progressDKKCost beginning of year07,821,328155,875,603536,100Transfers112,33700(112,337)Additions03,033,26101,453,455Cost end of year112,33710,854,589155,875,6031,877,218Amortisation and impairment losses beginning of year0(2,500,000)(18,637,560)0Amortisation for the year(3,884)(1,000,000)(7,793,780)0Amortisation and impairment losses end of year(3,884)(3,500,000)(26,431,340)0Carrying amount end of year108,4537,354,589129,444,2631,877,218Carrying amount if asset had not been revalued6,844,101Recognised assets not owned by Entity05,854,59000Acquired intangible assets includes leasing assets with a recognised cost price of DKK 5,855 thousand, of which DKK 510 thousand is the assessed present value of future interests on installments that comprise the reevaluation. Leasing assets are ammortised over the leasing period.9 Development projectsThe Group has development activities
related to software tools, add-ons for warehouse management systems and website sales management systems. Development activities are performed by internal employees and consultants located throughout the Group's presence.10 Property, plant and equipmentOther fixtures and fittings, tools and equipment
DKKCost beginning of year3,490,929Disposals(267,813)Cost end of year3,223,116Depreciation and impairment losses beginning of year(2,897,120)Depreciation for the year(167,180)Reversal regarding disposals118,604Depreciation and impairment losses end of year(2,945,696)Carrying amount end of year277,42011 Financial assetsDeposits
DKKCost beginning of year274,747Disposals(7,244)Cost end of year267,503Carrying amount end of year267,50312 Deferred tax2024DKK2023DKKIntangible assets992,590(11,064)Property, plant and equipment(19,995)(14,633)Inventories157,4101,040,296Receivables41,0900Provisions66,00044,000Liabilities other than provisions84921,749Deferred tax1,237,9441,080,348Changes during the year2024DKK2023DKKBeginning of year1,080,348752,386Recognised in the income statement157,596327,962End of year1,237,9441,080,348Deferred tax assetsDeferred tax comprise temporary differences between the financial statement and tax value of assets. The tax asset has been recognised because expectations are that it will be possible to deduct it from the Company's future taxable income.13 PrepaymentsPrepayments comprise prepaid expenses regarding rent, insurance premiums and subscriptions.14 Other provisions Other provisions comprise warranty obligations in connection with usual 2-year warranty on products as well as the right of return obligations on goods sold.15 Non-current liabilities other than provisionsDue within 12
months
2024
DKKDue within 12
months
2023
DKKDue after
more than 12
months
2024
DKKBank loans5,000,00012,000,00017,858,859Lease liabilities1,840,01404,014,576Payables to owners and management 0053,390,7906,840,01412,000,00075,264,225A minority shareholder with outstanding debt of DKK 53,391 thousand has indicated their intention to step back in favour of the Group's financial institution in order to cover the financial institution's receivable in the subsidiary Caphold D ApS.16 Changes in working capital2024
DKK2023
DKKIncrease/decrease in inventories(25,278,686)38,873,478Increase/decrease in receivables255,433(309,025)Increase/decrease in trade payables etc.6,624,4169,071,662(18,398,837)47,636,11517 Unrecognised rental and lease commitments2024
DKK2023
DKKTotal liabilities under rental or lease agreements until maturity 6,396,9865,638,00018 Contingent liabilities2024DKK2023DKKRecourse and non-recourse guarantee commitments1,261,085867,000Contingent liabilities 1,261,085867,000A bank guarantee has been provided to the landlord regarding the Group's rental commitments and for foreign costums agencies.19 Assets charged and collateralBank loans is secured by pledge of shares and charged assets in Dancover A/S. Assets charged including pledged shares in subsidiaries is recognised in the consolidated figures with the following carrying value in DKK milions:
Intangible assets: 138.8
Property, plant and equipment: 0.3
Financial assets: 0.3
Inventories: 60.3
Receivables: 5,1
Cash: 6.020 Non-arm’s length related party transactionsOnly non-arm's length related party transactions are disclosed in the annual report. No
such transactions were conducted during the financial year.21 SubsidiariesRegistered inCorporate
formOwnership
%Caphold D ApSDenmarkApS54.20Dancover A/SDenmarkA/S100.00SUPREME CALL CENTER, S.L.
SpainS.L.
100.00This 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.Non-comparabilityThere has been minor adjustments and reclassification of comparison figures in the income statement and balance sheet figures.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.Gross profit or lossGross profit or loss comprises revenue, changes in inventories of finished goods, other operating income, and external expenses.RevenueRevenue from the sale of manufactured goods and goods for resale is recognised in the income statement
when delivery is made and risk has passed to the buyer. Revenue is recognised net of VAT, duties and
sales discounts and is measured at fair value of the consideration fixed.Own work capitalisedOwn work capitalised comprises staff costs and other costs incurred in the financial year and recognised in
cost for proprietary intangible assets.Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary
activities, including profit from the sale of intangible assets and property, plant and equipment.Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for normal
inventory writedowns.Other external expensesOther external expenses include expenses relating to the Entity’s normal 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, and 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.Other operating expensesOther operating expenses comprise expenses of a secondary nature as viewed in relation to the Entity’s
primary activities, including loss from the sale of intangible assets and 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 intra-group profits or losses.Other financial incomeOther financial income comprises dividends etc received on other investments, interest income, including
interest income on receivables from group enterprises, net capital or exchange gains on securities, payables
and transactions in foreign currencies, amortisation of financial assets, and tax relief under the Danish
Tax Prepayment Scheme etc.Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group
enterprises, net capital or exchange losses on securities, payables and transactions in foreign currencies,
amortisation of financial liabilities, 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 Entity is jointly taxed with all 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 20 years.
Goodwill is written down to the lower of recoverable amount and carrying amount.Intellectual property rights etc.Intellectual property rights etc comprise development projects completed and in progress with related
intellectual property rights, acquired intellectual property rights and prepayments for intangible assetsDevelopment projects on clearly defined and identifiable products and processes, for which the technical rate
of utilisation, adequate resources and a potential future market or development opportunity in the enterprise
can be established, and where the intention is to manufacture, market or apply the product or process in
question, are recognised as intangible assets. Other development costs are recognised as costs in the income
statement as incurred. When recognising development projects as intangible assets, an amount equalling
the costs incurred less deferred tax is taken to equity in the reserve for development costs that is reduced
as the development projects are amortised and written down.
The cost of development projects comprises costs such as salaries and amortisation that are directly and
indirectly attributable to the development projects.
Indirect production costs in the form of indirectly attributable staff costs and amortisation of intangible
assets and depreciation of property, plant and equipment used in the development process are recognised
in cost based on time spent on each project.
Completed development projects are amortised on a straight-line basis using their estimated useful lives
which are determined based on a specific assessment of each development project. If the useful life cannot
be estimated reliably, it is fixed at 10 years. For development projects protected by intellectual property
rights, the maximum period of amortisation is the remaining duration of the relevant rights. The amortisation
periods used are 3 years. Intellectual property rights acquired are measured at cost less accumulated amortisation. Patents are
amortised on a straight-line basis over their remaining duration, and licences are amortised over the term of the agreement.
Intellectual property rights etc are written down to the lower of recoverable amount and carrying amount.Property, plant and equipmentLand and buildings, plant and machinery, and other fixtures and fittings, tools and equipment are
measured at cost less accumulated depreciation and impairment losses. Land is not depreciated.
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. For assets held under
finance leases, cost is the lower of the asset’s fair value and present value of future lease payments.
Interest expenses on loans for the financing of the manufacture of property, plant and equipment are
included in
cost if they relate to the manufacturing period. All other finance costs are recognised in the income
statement.
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 equipment5-8 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.InventoriesInventories are measured at the lower of cost using the FIFO method and net realisable value.
Cost consists of purchase price plus delivery costs.
The net realisable value of inventories is calculated as the estimated selling price less completion costs and
costs incurred to execute sale.ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and
doubtful debts.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 receivable or joint taxation contributions payable are recognised in the
balance sheet, calculated as tax computed on the taxable income of the year, which has been adjusted for
prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are
expected to be used under the joint taxation arrangement.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at
cost.CashCash comprises cash in hand and bank deposits.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 warrenty commitments and sales returns.
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.Lease liabilitiesLease liabilities relating to assets held under finance leases are recognised in the balance sheet as
liabilities other
than provisions, and, at the time of inception of the lease, measured at the present value of
future lease payments. Subsequent to initial recognition, lease liabilities are measured at amortised
cost. The difference between present value and nominal amount of the lease payments is recognised in the
income statement as a financial expense over the term of the leases.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, and 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 financial income, financial expenses and income tax paid.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
enterprises, activities and fixed asset investments, and purchase, development, improvement and sale,
etc. of intangible assets and property, plant and equipment.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend.
Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk.
The cash flow statement shows cash flows from operating, investing and financing activities, and 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 financial income, financial expenses and income tax paid.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
enterprises, activities and fixed asset investments, and purchase, development, improvement and sale,
etc. of intangible assets and property, plant and equipment.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend.
Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk.
trueGrundlag for konklusionKonklusion2025-05-142025-05-1433963556Deloitte Statsautoriseret RevisionspartnerselskabRevisionspåtegningRegnskabsklasse C, mellemstor virksomhed2023-12-312023-01-0133963556Weidekampsgade 6Deloitte Statsautoriseret Revisionspartnerselskab2300 København S2024-12-312024-01-01Topcap D ApS42500070ÅrsrapportKøbenhavn S23006WeidekampsgadeHelsingørHellebæk31502119Nordre Strandvej2025-05-14Henrik Normann