406775852024-01-012024-12-31406775852024-01-012024-12-311406775852024-01-012024-12-311406775852024-01-012024-12-312406775852024-01-012024-12-313406775852024-01-012024-12-311406775852024-01-012024-12-312406775852024-12-31406775852023-12-31fsa:ContributedCapitalMember406775852023-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember406775852023-12-31fsa:RetainedEarningsMember406775852023-12-31406775852024-01-012024-12-31fsa:ContributedCapitalMember406775852024-01-012024-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember406775852024-01-012024-12-31fsa:RetainedEarningsMember406775852024-12-31fsa:ContributedCapitalMember406775852024-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember406775852024-12-31fsa:RetainedEarningsMember406775852023-01-012023-12-31iso4217:DKKThe Board of Directors and the Executive Board have today considered and approved the annual report of Lion Danmark 2019 ApS for the financial year 01.01.2024 - 31.12.2024.-57850-56638The annual report is presented in accordance with the Danish Financial Statements Act.2730091835682319In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2024 and of the results of its operations for the financial year 01.01.2024 - 31.12.2024.918719902119We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.80331803593552We recommend the annual report for adoption at the Annual General Meeting.2012860732934248Frederikssund-1577908-604576Kenneth Tjørnelunde Borup2170651533538824CEO095000000Peter Korsholm21706515-61461176chairmanMorten Strømsted376830483349551712Johanne Christiane Frazer Riegels376830483349551712To the shareholders of Lion Danmark 2019 ApS376830483349551712We have audited the financial statements of Lion Danmark 2019 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. 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 31.12.2024 and of the results of its operations for the financial year 01.01.2024 - 31.12.2024 in accordance with the Danish Financial Statements Act.42154972966272We 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.1577908604576Management 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.57934053570848Our 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 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 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.​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.Plan and perform the audit of the financial statements to obtain sufficient appropriate audit evidence regarding the consolidated financial information of the entities or business units as a basis for forming an opinion on the financial statements. We are responsible for the direction, supervision and review of the audit work performed. 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.57934053570848382623888353122560Management 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.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.10000010000010758982780311056Copenhagen7961803485212436Eskild Nørregaard Jakobsen187307861165623492mne116818715308992534766State Authorised Public Accountant8715308992534766Christian Dahlstrøm4000000030000000mne356606809393964895302State Authorised Public Accountant6899969000Primary 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 2024 amounts to DKK 21,707 thousands and an equity of DKK 187,308 thousands, which is considered satisfactory by management.10816293894964302Events 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.195316027187499068This 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.382623888353122560Consolidated financial statementsReferring to section 112(1) of the Danish Financial Statements Act, no consolidated financial statements have been prepared.100000Recognition 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.80311056Business 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.85212436Foreign 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.0Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities.22146Income 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.0Other financial incomeOther financial income comprises interest income on receivables from group enterprises, foreign currency transactions, amortisation of financial assets etc.22146Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group enterprises, foreign currency transactions, amortisation of financial liabilities etc.27300917Tax 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).-5594402Investments 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.100000Joint taxation contributions receivable or payableCurrent joint taxation contributions payable or joint taxation contributions receivable are recognised in the balance sheet, calculated as tax computed on the taxable income for 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.107589827DividendDividend 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.79618034Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.true1 Other financial income 2024 DKK2023 DKKFinancial income from group enterprises918,719902,119918,719902,119Grundlag for konklusion2 Other financial expenses2024 DKK2023 DKKOther financial expenses8,033,1803,593,5528,033,1803,593,552Konklusion3 Tax on profit/loss for the year2024 DKK2023 DKKCurrent tax(1,577,908)(604,576)(1,577,908)(604,576)2025-03-104 Financial assetsInvestments in group enterprises DKKCost beginning of year269,240,656Cost end of year269,240,656Revaluations beginning of year80,311,056Exchange rate adjustments(22,146)Amortisation of goodwill(15,185,753)Share of profit/loss for the year42,486,670Revaluations end of year107,589,827Carrying amount end of year376,830,483Goodwill or negative goodwill recognised during the financial year186,938,519Investments in subsidiariesRegistered inCorporate formEquity interest %Equity DKKProfit/loss DKKLomax A/SFrederikssundA/S100.00189,891,96442,486,6702025-03-105 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 99.078 thousand. Lion Danmark 2019 ApS is the legal owner of the main cash pool agreement with Nykredit.true6 EmployeesThe Entity has no employees other than the Executive Board. The Executive Officer has not received any ​​remuneration.2023-01-017 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.2023-12-318 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 127,153 thousand. Furthermore, the Company has issued a Negative Pledged in favor of the bank loan agreement. 339635569 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 FrederikssundKøbenhavn S10 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. 23006WeidekampsgadeDeloitte Statsautoriseret RevisionspartnerselskabFrederikssundFrederikssund3600Regnskabsklasse BRevisionspåtegning2024-12-312024-01-0137ElsenbakkenLion Danmark 2019 ApS40677585339635562300 København SWeidekampsgade 6Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapport2025-03-10Kenneth Tjørnelunde Borup