62816414 2024-07-01 2025-06-30 62816414 2024-07-01 2025-06-30 0 62816414 2024-07-01 2025-06-30 0 62816414 2024-07-01 2025-06-30 1 62816414 2024-07-01 2025-06-30 4 62816414 2024-07-01 2025-06-30 2 62816414 2024-07-01 2025-06-30 3 62816414 2024-07-01 2025-06-30 1 62816414 2024-07-01 2025-06-30 0 62816414 2023-07-01 2024-06-30 62816414 2025-06-30 62816414 2024-06-30 xbrli:pure iso4217:DKK Regnskabsklasse B true Årsrapport 30700228 EY Cortex Park Vest 3 5230 Odense M xWizard version 1.1.1450.0, by EasyX Aps. www.easyx.eu 2023-07-01 2024-06-30 Revisionspåtegning Grundlag for konklusion Konklusion 2025-12-17 Laust Johan Johnsen 2025-12-09 0 Statement by Management   The Board of Directors and the Executive Board have today discussed and approved the annual report of  IC Group A/S for the financial year 1 July 2024–30 June 2025. 2024-07-01 2025-06-30 The annual report has been 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 of the Company  at 30 June 2025 and of the results of its operations for the financial year 1 July 2024 –30 June 2025.   Further, in our opinion, the Management's review gives a fair review of the matters discussed in the  Management's review.   We recommend that the annual report be approved at the annual general meeting.   Executive Board Laust Johan Johnsen Board of Directors Kønigsfeldt Chair Niels Erik Martinsen Laust Johan Johnsen Independent auditor's report   Independent auditor's report   To the shareholder of IC Group A/ S   Opinion   We have audited the financial statements of IC Group A/S for the financial year 1 July 2024 –30 June  2025, which comprise income statement, balance sheet, statement of changes in equity and notes,   including 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 financial position of the Company  at 30 June 2025 and of the results of the Company's operations for the financial year 1 July 2024 –30  June 2025 in accordance with the Danish Financial Statements Act.   Basis for opinion   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   our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide  a basis for our opinion.   Independence   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.   Management's responsibilities for the financial statements   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.   Auditor's responsibilities for the audit of the financial statements   Our objectives are to obtain reasonable assurance as to 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 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 the financial statements.  As part of an audit conducted in accordance with ISAs and 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  note 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.   Statement on the Management's review  Management is responsible for the Management's review.   Our opinion on the financial statements does not cover the 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 the Management's  review and, in doing so, consider whether the 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 the Management's review provides the information   required under the Danish Financial Statements Act.   Based on the work we have performed, we conclude that the 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 of the Management's review.   EY Godkendt Revisionspartnerselskab EY Godkendt Revisionspartnerselskab 30700228 30700228 Mikkel Sthyr Ole Becker State Authorised Public Accountant mne26693 State Authorised Public Accountant mne33732 IC Group A/S Høsterkøbvej 65, 2970 Hørsholm 62816414 1980-08-11 Hørsholm fi@friheden-invest.dk +45 45 94 66 10 Management's review   Operating review   Key activities   IC Group A/S is a holding company with the full ownership of the fashion companies Tiger of Sweden AB  and By Malene Birger A/S. The two Brands operates as independent companies with the full  responsibility for their own business strategy, value chain, income statement etc.   Strategy  The strategy of IC Group A/S is unchanged to act as active owners of the two Brands and in corporation  with management and employees of the two companies develop and produce the products in a more   sustainable way.   Uncertainty related to recognition and measurement   Recognition and measurement in the Annual Report have not been subject to any significant  uncertainty.   Unusual matters   The financial position at end June 2025 of the results of the activities for the financial year 2024/25  have not been affected by any unusual events.   Development in activities and financial matters   The income statement of the IC Group A/S for 2024/25 shows a net loss of DKK 77.9 million, and an  equity of DKK 12.2 million at 30 June 2025. Profit before net financials was DKK -0.5 million in   2024/25 compared to DKK -3.3 million in 2023/24.  The result for the year is below expectations due to the performance in the Brands, where weak demand   on a number of the key markets and supply challenges for some important products. Further the ERP  implementation started in 2023/24 has impacted the result as well in 2024/25.The result is not  satisfactory.  The parent company has remission of debt of DKK 66.9 million to ensure positive equity at 30 June   2025. Further the Company has provided tax free group contribution to the Brands of DKK 73.3 million  to support the liquidity in the Brands.   Credit risks   There are no significant risks.   Target and expectations for the year ahead   For the financial year 2025/26 IC Group A/S expects to an operating profit of around zero.   Events after the balance sheet date   No events materially affecting the assessment of the Annual Report have occurred after the balance  sheet date.   0 500000 2800000 6100000 -69700000 3600000 -73000000 6000000 13400000 13600000 -2200000 -4300000 -77900000 -79600000 93300000 138300000 0 94400000 73900000 800000 231600000 169100000 40300000 8800000 35300000 6600000 100000 400000 49200000 280800000 42300000 211400000 5000000 7200000 5000000 22700000 12200000 27700000 256000000 256000000 0 0 0 100000 156600000 1200000 11100000 1400000 24400000 1500000 12600000 268600000 280800000 183700000 183700000 211400000 Statement of changes in equity  Reserve for   net   revaluation   according to   the equity  Retained   DKK million   Share capital   method   Earnings   Total   Equity at 1 July  5.0   0 22.5   27.7   Exchange rate adjustments  0 -5.0   0.0   -5.0   Value adjustments of cash flow hedge   0 0.6   0 0.6   Remission of debt   0 0 66.9   66.9   Net profit/loss for the year  0 -69.7   -8.1   -77.8   Transfer  0 74.1   -74.1   0 Equity at 30 June  5.0   0 7.2   12.2   12 Equity  The share capital is 500,000 shares of nominal value of DKK 10. In 2020/21 the share capital was  reduced from 15,193,307 shares to 500,000 shares of a nominal value of DKK 10. No shares carry any   special rights. No other changes have been made the last 5 years.   Accounting policies Accounting policies (continued) Accounting policies (continued) Accounting policies (continued) The annual report of IC Group A/S for 2025 has been prepared in accordance with the provisions in the  Danish Financial Statements Act applying to reporting class B entities and elective choice of certain  provisions applying to reporting class C entities.   Pursuant to section 110(1) of the Danish Financial Statements Act, the Company has not prepared  consolidated financial statements.   Presentation currency   The financial statements are presented in Danish Kroner (DKK).   Foreign currency translation   On initial recognition, transactions denominated in foreign currencies are translated at the exchange  rates at the transaction date. Foreign exchange differences arising between the exchange rates at the   transaction date and the date of payment are recognised in the income statement as financial income or  financial expenses.   Receivables, payables and other monetary items denominated in foreign currencies are translated at the  exchange rates at the balance sheet date. The difference between the exchange rates at the balance  sheet date and the date at which the receivable or payable arose or was recognised in the latest  financial statements is recognised in the income statement as financial income or financial expenses.   Fixed assets acquired in foreign currency are measured at the exchange rate at the transaction date.  Foreign group entities are considered separate entities. The income statements are translated at the  average exchange rates for the month, and the balance sheet items are translated at the exchange rates   at the balance sheet date. Foreign exchange differences arising on translation of the opening equity of  foreign group entities at the exchange rates at the balance sheet date and on translation of the income   statements from average exchange rates to the exchange rates at the balance sheet date are  recognised directly in equity.   Foreign exchange adjustments of balances with independent foreign group entities that are considered  part of the total net investment in the group entity are recognised directly in the translation reserve   under equity. Correspondingly, foreign exchange gains and losses on loans and derivative financial  instruments hedging net investments in foreign group entities are recognised directly in the translation   reserve under equity   Income statement   Other external expenses  Other external expenses comprise costs relating to the Company’s primary activities incurred in the  year, including expenses relating to distribution, sale, advertising, administration, premises, bad debts,  lease payments under operating leases, etc.   Other operating income and expenses  Other operating income and other operating expenses comprises items secondary to the companies  activities, including gains and losses on disposal of intangible assets and property, plant and equipment  and governments compensations.   Profit/ loss from equity investments in subsidiaries   The proportionate share of the results after tax of the individual subsidiaries is recognised in the income   statement of the Parent Company after full elimination of intra-group profits/ losses.   Financial income and expenses   Financial income and expenses comprise interest income and expenses, gains and losses on securities,   payables and transactions denominated in foreign currencies, amortisation of financial assets and   liabilities as well as surcharges and refunds under the on-account tax scheme, etc.   Tax for the year   Tax for the year comprises current income tax, joint taxation contribution and changes in deferred tax  for the year due to changes in the tax rate. The tax expense relating to the profit/loss for the year is  recognised in the income statement, and the tax expense relating to amounts recognised directly in   equity is recognised directly in equity.   The ultimate Parent Company Friheden Invest Holding ApS is subject to the Danish rules on compulsory  joint taxation of the Group's Danish subsidiaries. Subsidiaries are included in the joint taxation  arrangement from the date when they are included in the consolidated financial statements and up to   the date when they are excluded from the consolidation.   The ultimate Parent Company Friheden Invest Holding ApS acts as administration company for the joint  taxation arrangement and consequently settles all corporate income tax payments with the tax  authorities on behalf of the Danish entities.  On payment of joint taxation contributions, the Danish corporation tax charge is allocated between the   jointly taxed entities in proportion to their taxable income. Entities with tax losses receive joint taxation  contributions from entities that have been able to use the tax losses to reduce their own taxable income.   Balance sheet   Intangible assets   Equity investments in subsidiaries  Equity investments in subsidiaries are measured according to the equity method in the parent company  financial statements.   The Parent Company has chosen to consider the equity method a measurement method. On initial  recognition, equity investments in subsidiaries are measured at cost, i.e. plus transaction costs. The   cost is allocated in accordance with the acquisition method; see the accounting policies regarding the   consolidated financial statements above.   The cost is adjusted by shares of profit/loss after tax calculated in accordance with the Group's  accounting policies less or plus unrealised intra-group gains/ losses.  Identified increases in value and goodwill, if any, compared to the underlying entity's net asset value are  amortised in accordance with the accounting policies in the consolidated financial statements. Negative   goodwill is recognised in the income statement.   Dividend received is deducted from the carrying amount.   Impairment of non-fixed assets   The carrying amount of equity investments in group entities is tested annually for indication of   impairment other than the decrease in value reflected by amortisation/ depreciation made.   An impairment test is conducted on individual assets or cash-generating units when there is indication of  impairment. Write-down is made to the lower of the recoverable amount and carrying amount.  The recoverable amount is the higher of the net selling price of an asset and its value in use. The value   in use is calculated as the present value of the expected net cash flows from the use of the asset or the   group of assets and the expected net cash flows from the disposal of the asset or the group of assets  after the end of the useful life.  Previously recognised impairment losses are reversed when the reason for recognition no longer exists.  Impairment losses on goodwill are not reversed.   Other fixed assets investment  Other fixed assets investments consist of deposits and other receivables.   Receivables   Receivables are measured at the lower of amortised cost and net realisable value.   The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables.  Write-down for bad and doubtful debts is made when there is objective evidence that a receivable or a  portfolio of receivables has been impaired. If there is objective evidence that an individual receivable   has been impaired, an impairment loss is recognised on an individual basis.   Prepayments   Prepayments comprise prepaid costs concerning subsequent financial years.   Equity   Proposed dividend   Proposed dividend is recognised as a liability at the date when it is adopted at the annual general  meeting (declaration date). Dividend expected to be distributed for the year is presented as a separate   line item in equity.   Corporation tax and deferred tax   Current tax payables and receivables are recognised in the balance sheet as tax computed on the  taxable income for the year, adjusted for tax on taxable income in previous years and tax paid on  account.   Joint taxation contributions payable and receivable are recognised in the balance sheet as corporation   tax receivable or corporation tax payable.  Deferred tax is measured using the balance sheet liability method on all temporary differences between  the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised   on temporary differences relating to non-deductible goodwill and on office premises and other items   where temporary differences –apart from acquisitions –arise at the acquisition date without affecting  either profit/ loss for the year or taxable income. Where alternative tax rules can be applied to  determine the tax base, deferred tax is measured based on Management's intended use of the asset or  settlement of the liability, respectively.  Deferred tax assets, including the tax value of tax loss carry forwards, are recognised at the expected  value of their utilisation; either as a set-off against tax on future income or as a set-off against deferred   tax liabilities in the same legal tax entity and jurisdiction.  Adjustment is made to deferred tax resulting from elimination of unrealised intra-group profits and   losses.   Deferred tax is measured according to the tax rules and at the tax rates applicable in the respective  countries at the balance sheet date when the deferred tax is expected to crystallise as current tax.   Liabilities other than provisions   Financial liabilities are recognised at the date of borrowing at the proceeds received less transaction   costs paid. On subsequent recognition, financial liabilities are measured at amortised cost,  corresponding to the capitalised value, using the effective interest rate. Accordingly, the difference   between the proceeds and the nominal value is recognised in the income statement over the term of the  loan.   Other liabilities are measured at net realisable value.   Notes   2 Liquidity   The IC Group A/S and its subsidiaries have received comfort letter from Friheden Invest A/S that  financially ensure IC Group A/S and its subsidiaries can discharge its obligations as the fall due until at  least 1 July 2026.   3 Events after the balance sheet date   No events have occurred after the balance sheet date which could influence the evaluation of these  financial statements.   4 Other operating income  From a former agent case regarding IC Group’s former subsidiary, IC Group Spain A.S., which have been  used as a former invoice unit for Peak Performance, where a former agent was resigned where there   was still a receivable. This was settled and IC Group A/S received the compensation for the settlement,  which is the operating income in 2023/24 on DKK 2.8 million.   inancial income 3600000 0 0 5800000 100000 100000 inancial expenses 7300000 500000 5600000 5600000 0 8000000 8 Investments in subsidiaries   Cost at 1 July  832.4   709.2   Additions for the year   74.1   123.2   Cost at 30 June  906.5   832.4   Value adjustments at 1 July   -738.0   -656.8   Net profit/loss for the year  -69.7   -73.0   Other adjustments  -5.5   3.9   Transferred to/from write down of amount owned by affiliated companies  0.0   -12.1   Value adjustments at 30 June   -813.2   -738.0   Equity investments with negative net asset value transferred to provisions  0 0 Carrying amount at 30 June  93.3   94.4   Place of   Voting and   Name   registered office   Currency   ownership   Tiger of Sweden AB   Sweden   SEK   100%   Tiger of Sweden Danmark A/S  Denmark   DKK   100%   Tiger of Sweden Norway AS   Norway   NOK   100%   Vingåker Factory Outlet AB  Sweden   SEK   100%   Tiger of Sweden Finland Oy   Finland   EUR   100%   Tiger of Sweden Netherlands BV  Netherlands  EUR   100%   Tiger of Sweden UK Ltd.*  United Kingdom  GBP   100%   Tiger of Sweden Germany G.m.b.H**  Germany  EUR   100%   Tiger of Sweden Poland Sp. Z.o.o   Poland   PLN   100%   Tiger of Sweden France   France  EUR   100%   Tiger of Sweden Hong Kong Ltd.  Hong Kong   HKD   100%   Tiger of Sweden Romania SRL   Romania   RON   100%   By Malene Birger A/S  Denmark   DKK   100%   By Malene Birger Norway AS   Norway   NOK   100%   By Malene Birger Sverige AB   Sweden   SEK   100%   By Malena Birger UK Ltd. *  United Kingdom  GBP   100%   By Malene Birger Hong Kong Ltd.  Hong Kong   HKD   100%   By Malene Birger Inc.   US   USD   100%   Group contribution in 2023/24 of DKK 123,2 million has been corrected between cost price and value.  adjustment. Carrying amount is unchanged.  *) TheCompany are exempt from the audit in the UK, cf. the exemption in section 479A of the UK   Companies Act 2006.  **) The parent company has agreed to carry all the subsidiary company’s liabilities (Tiger of Sweden  Germany), which were entered before the reporting date, in the following fiscal year.   ax on profit/ loss for the year 0 2200000 -2300000 6600000 9 Loan to group enterprises   Loan to group enterprises consist of long-term loan established between IC Group A/S and Tiger of  Sweden AB and IC Group A/S and Tiger of Sweden AB’s subsidiary. The duration of the loan is more than  one year.   10 Otherreceivables   Other  DKK million   Receivables   Cost at 1 July  0.8   Disposals for the year   0.8   Cost at 30 June  0 Carrying amount at 30 June  0 11 Deferredtax assets   Deferred tax assets for DKK 8.8 million as per 30 June 2025 related to tax losses. Management expects  that the tax losses carried forward can be utilize based on the estimated taxable income in the Friheden   Group for the coming 5 years.   13 Loan from parent company   Loan from parent company fall due for payment 1 July 2026, unless loans are extended or other   finance facilities are in place.   of profits   DKK million   2024/ 25   2023/ 24   -77900000 -79600000 15 Contingentassets, liabilities and other financial obligations   DKK million   2024/ 25   2023/ 24   Bank guarantees  0.0   225.0   0.0   225.0   Other contingent liabilities  The Company and its Danish subsidiaries are jointly and severally liable for tax on the jointly Danish  corporation taxes and withholding taxes on dividends, interest and royalties in the joint taxation with   Friheden Invest Holding ApS and other Danish entities within the Friheden invest Group. Friheden Invest  Holding ApS is the administration company of the joint taxation purpose.   As of 30 June 2025, the Company is not part of any litigations or claims, which may have material  impact to the financial position of the Company.   16 Related parties   IC Group A/S’ related parties comprise the following:  Controlling interest  Friheden Invest A/S, Parent  Høsterkøbvej 65  2970 Hørsholm  Friheden Invest Holding ApS, Ultimate Parent  Høsterkøbvej 65  2970 Hørsholm  Annual reports for the Company and Ultimate Parent can be obtained by contacting the companies.