iso4217:DKK406775852023-01-012023-12-31406775852023-01-012023-12-311406775852023-01-012023-12-311406775852023-01-012023-12-311406775852023-01-012023-12-312406775852023-01-012023-12-313406775852023-01-012023-12-312406775852023-01-012023-12-31406775852022-01-012022-12-31406775852023-01-012023-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember406775852023-01-012023-12-31fsa:RetainedEarningsMember406775852023-12-31406775852022-12-31406775852023-01-01fsa:ContributedCapitalMember406775852023-01-01fsa:ReserveForNetRevaluationAccordingToEquityMethodMember406775852023-01-01fsa:RetainedEarningsMember406775852023-01-01406775852023-12-31fsa:ContributedCapitalMember406775852023-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember406775852023-12-31fsa:RetainedEarningsMemberGrundlag for konklusionKonklusion2024-04-302024-04-30true2022-01-012022-12-3133963556København S23006WeidekampsgadeDeloitte Statsautoriseret RevisionspartnerselskabFrederikssundFrederikssund3600Regnskabsklasse BRevisionspåtegning2023-12-312023-01-01<br /><br />37ElsenbakkenLion Danmark 2019 ApS40677585339635562300 København SWeidekampsgade 6Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapportThe Board of Directors and the Executive Board have today considered and approved the annual report of Lion Danmark 2019 ApS for the financial year 01.01.2023 - 31.12.2023.The annual report is presented in accordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2023 and of the results of its operations for the financial year 01.01.2023 - 31.12.2023.We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.We recommend the annual report for adoption at the Annual General Meeting.FrederikssundKenneth Tjørnelunde BorupCEOPeter KorsholmJohanne Christiane Frazer Riegels ØstergårdMorten StrømstedchairmanTo the shareholders of Lion Danmark 2019 ApSWe have audited the financial statements of Lion Danmark 2019 ApS for the financial year 01.01.2023 -
31.12.2023, which comprise the income statement, balance sheet, statement of changes in equity and
notes, including a
summary of significant accounting policies. The financial statements are prepared in
accordance with the
Danish Financial Statements Act.
In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2023 and of the results of its operations for the financial year 01.01.2023 - 31.12.2023 in accordance
with the Danish Financial Statements Act.We 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 financial statements" section of this auditor’s
report. We are independent of the Entity 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 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 financial statements unless Management either intends to liquidate
the Entity 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:<br />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.
<br />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 Entity’s internal control.
<br />Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by Management.
<br />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 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 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
Entity to cease to continue as a going concern.
<br />Evaluate the overall presentation, structure and content of the financial statements, including the disclosures
in the notes, and whether the financial statements represent the underlying transactions and
events in a manner that gives a true and fair view.<br />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 the management commentary.
Our opinion on the 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 financial statements, our responsibility is to read the management
commentary and, in doing so, consider whether the management commentary is materially inconsistent with
the 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.<br />Based on the work we have performed, we conclude that the management commentary is in accordance with
the 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.CopenhagenEskild Nørregaard JakobsenChristian Dahlstrømmne11681mne35660State Authorised Public AccountantState Authorised Public AccountantPrimary activitiesThe objective of the Company is - directly or through equity investments in other enterprises - to carry out trade
distribution and production and other related business that according to the Board of Directors' assessment is
related there to.
Lion Danmark ApS' profit in 2023 amounts to DKK 33,538 thousands and an equity of DKK 165,623 thousands, which
is considered satisfactory by management.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.-56638-375003568231924981614902119884783359355238963943293424821932503-604576-67080433538824226033070-6146117695000000950000000-614611762260330734955171241291870334955171241291870334955171241291870329662728657149604576115606435708489813213357084898132133531225604227319161000001000008031105614367804785212436873559301656234922311339771000001436780478735593002311339771000008031105685212436092534766705334729253476670533472300000003000000064895302909954686900068999949643021210644671874990681915979393531225604227319160-95000000-95000000-6336699159317682-40493091 Other financial income
2023
DKK2022
DKKFinancial income from group enterprises902,119884,783902,119884,7832 Other financial expenses2023
DKK2022
DKKOther financial expenses3,593,5523,896,3943,593,5523,896,394<br />2023
DKK2022
DKKOther financial expenses3,593,5523,896,3943,593,5523,896,3943 Tax on profit/loss for the year2023
DKK2022
DKKCurrent tax(604,576)(670,804)(604,576)(670,804)4 Financial assetsInvestments in group enterprises
DKKCost beginning of year269,240,656Cost end of year269,240,656Revaluations beginning of year143,678,047Adjustments on equity(4,049,309)Amortisation of goodwill(15,185,753)Share of profit/loss for the year50,868,071Dividend(95,000,000)Revaluations end of year80,311,056Carrying amount end of year349,551,712Goodwill or negative goodwill recognised during the financial year202,124,271Investments in subsidiariesRegistered inCorporate formEquity
interest
%Equity
DKKProfit/loss
DKKLomax A/SFrederikssundA/S100.00147,427,44050,868,0715 Bank loansThe Company participates in a cash pool scheme with other entities within the Lion Denmark Group. Cash include
bank accounts affiliated with cash pool with Nykredit. Other group entities have cash receivable in the cash pool
at DKK 108.928 thousand. Lion Danmark 2019 ApS is the legal owner of the main cash pool agreement with Nykredit.6 Contingent liabilitiesThe Company participates in a Danish joint taxation arrangement in which Lion Danmark I ApS serves as the
administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the
Company is, therefore, liable for the jointly taxed companies and obligations, if any, relating to the withholding of
tax on interest, royalties and dividend for the jointly taxed companies.7 Assets charged and collateralThe Company has pledged the Company’s investments in group enterprises, and receivables as security for the bank loan agreement for a total amount of 80.383 thousand.
Furthermore, the Company has issued a Negative Pledged in favor of the bank loan agreement. 8 Related parties with controlling interestThe following shareholder is recorded in the Company's register of shareholders at holding at least 5% of the
votes or at least 5% of the share capital:
Lion Danmark I ApS
Elsenbakken 37
3600 Frederikssund9 Group relationsName and registered office of the Parent preparing consolidated financial statements for the largest group:
Lion Danmark I ApS, Denmark
The consolidated financial statements for the smallest group is also the largest group.
This annual report has been presented in accordance with the provisions of the Danish Financial Statements
Act governing reporting class B enterprises with addition of a few provisions for reporting class C.The accounting policies applied to these financial statements are consistent with those applied last year.falseConsolidated financial statementsReferring to section 112(1) of the Danish Financial Statements Act, no consolidated financial statements have
been prepared.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.Business combinationsThe book-value method is applied on demergers where the enterprises concerned are controlled by the parent,
under which method the combination is considered completed at the date of restructuring without restatement
of comparative figures. Under the book-value method, the acquiree’s assets and liabilities are recognised at their
carrying amounts, adjusted for any differences in accounting policies and accounting estimates. The difference
between the consideration agreed and the carrying amount of the acquiree is recognised in equity.Foreign currency translationOn initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction
date. Receivables, payables and other monetary items denominated in foreign currencies that have not been
settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange
differences that arise between the rate at the transaction date and the rate in effect at the payment date, or the
rate at the balance sheet date, are recognised in the income statement as financial income or financial expenses.Gross profit or lossGross profit or loss comprises external expenses.Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities.Income from investments in group enterprisesIncome from investments in group enterprises comprises the pro rata share of the individual enterprises’
profit/loss after full elimination of internal profits or losses. individual group enterprises in the financial year.Other financial incomeOther financial income comprises interest income on receivables from group enterprises, foreign currency
transactions, amortisation of financial assets etc.Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group
enterprises,
foreign currency transactions, amortisation of financial liabilities 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 Lion Danmark I ApS and all Danish subsidiaries. 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).Investments in group enterprisesThe item "Investments in group enterprises" in the balance sheet includes the proportionate ownership share
of the net asset value of the enterprises calculated on the basis of the fair values of identifiable net assets at the
time of acquisition with deduction or addition of unrealised intercompany profits or losses and with addition of
any remaining value of positive differences (goodwill) and deduction of any remaining value of negative
differences (negative goodwill). The amortisation period of goodwill ranges from 15-20 years for strategically
acquired enterprises with a strong market position and a long-term earnings profile if the longer amortisation
period is considers to give a better reflection of the benefit from the relevant resources.
The total net revaluation of investments in subsidiaries, which is structured as ApS, A/S or similar, is transferred
upon distribution of profit to "Reserve for net revaluation under the equity method" under equity. The reserve is
reduced by dividend distributed to the parent company and adjusted for other equity movements
in subsidiaries.
Subsidiaries with a negative net asset value are recognised at DKK 0. Any legal or constructive obligation of the
parent company to cover the negative balance of the enterprise will be recognised in provisions. If the carrying
amount of the negative equity value exceeds receivables, the remaining amount is recognised under provisions,
to the extent that the parent company has a legal or actual obligation to cover the subsidiaries’ obligationsReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and
doubtful debts.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.DividendDividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for
the financial year is disclosed as a separate item in equity. Extraordinary dividend adopted in the financial
year is recognised directly in equity when distributed and disclosed as a separate item in Management's
proposal for distribution of profit/loss.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.2024-04-30Kenneth Tjørnelunde Borup