62816414 2023-07-01 2024-06-30 62816414 2022-07-01 2023-06-30 62816414 2024-06-30 62816414 2023-06-30 62816414 2023-07-01 fsa:ContributedCapitalMember 62816414 2023-07-01 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 62816414 2023-07-01 fsa:RetainedEarningsMember 62816414 2023-07-01 62816414 2023-07-01 2024-06-30 fsa:ContributedCapitalMember 62816414 2023-07-01 2024-06-30 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 62816414 2023-07-01 2024-06-30 fsa:RetainedEarningsMember 62816414 2024-06-30 fsa:ContributedCapitalMember 62816414 2024-06-30 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 62816414 2024-06-30 fsa:RetainedEarningsMember 62816414 2023-07-01 2024-06-30 0 62816414 2023-07-01 2024-06-30 0 62816414 2023-07-01 2024-06-30 1 62816414 2023-07-01 2024-06-30 2 62816414 2023-07-01 2024-06-30 0 62816414 2023-07-01 2024-06-30 1 iso4217:DKK xbrli:pure 2023-07-01 2024-06-30 2800000 6100000 -3300000 -73000000 6000000 13600000 -83900000 -4300000 -79600000 -6100000 -4100000 91400000 0 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'xMill'</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" ><b>Notes</b></td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" ><b>Liquidity</b></td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >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 2025.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Events after the balance sheet date</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >No events have occurred after the balance sheet date which could influence the evaluation of these financial statements.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Other operating income</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >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.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Financial income</td></tr></table> 5800000 100000 100000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Financial expenses</td></tr></table> 5600000 8000000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Tax on profit/loss for the year</td></tr></table> 2300000 0 -6600000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'xMill'</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >Investments</td></tr><tr><td width="25%" ></td><td width="25%" colspan="1" align="left" valign="middle" ><b>Investments in subsidiaries</b></td><td width="50%" colspan="2" align="left" valign="middle" ><b>Total investments</b></td></tr><tr><td width="25%" ></td><td width="25%" colspan="1" align="left" valign="middle" ><b>2023/24</b></td><td width="50%" colspan="2" align="left" valign="middle" ><b>2023/24</b></td></tr><tr><td width="25%" ></td><td width="25%" colspan="1" align="left" valign="middle" ><b>DKK million</b></td><td width="50%" colspan="2" align="left" valign="middle" ><b>DKK million</b></td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" >Cost at 1 July</td><td width="25%" align="right" valign="middle" >709,2</td><td width="25%" align="right" valign="middle" >709,2</td><td width="25%" ></td></tr><tr><td colspan="4"></td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" >Cost at 30 June</td><td width="25%" align="right" valign="middle" >709,2</td><td width="25%" align="right" valign="middle" >709,2</td><td width="25%" ></td></tr><tr><td colspan="4"></td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" >Value adjustments at 1 July</td><td width="25%" align="right" valign="middle" >-656,8</td><td width="25%" align="right" valign="middle" >-656,8</td><td width="25%" ></td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" >Group contribution</td><td width="25%" align="right" valign="middle" >123,2</td><td width="25%" align="right" valign="middle" >123,2</td><td width="25%" ></td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" >Net profit/loss for the year</td><td width="25%" align="right" valign="middle" >-73</td><td width="25%" align="right" valign="middle" >-73</td><td width="25%" ></td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" >Other adjustments</td><td width="25%" align="right" valign="middle" >3,9</td><td width="25%" align="right" valign="middle" >3,9</td><td width="25%" ></td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" >Transferred to/from write down of amount owned by affiliated companies</td><td width="25%" align="right" valign="middle" >-12,1</td><td width="25%" align="right" valign="middle" >-12,1</td><td width="25%" ></td></tr><tr><td colspan="4"></td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" >Value adjustments at 30 June</td><td width="25%" align="right" valign="middle" >-614,8</td><td width="25%" align="right" valign="middle" >-614,8</td><td width="25%" ></td></tr><tr><td colspan="4"></td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" >Equity investments with negative net asset value transferred to provisions</td><td width="25%" align="right" valign="middle" >0</td><td width="25%" align="right" valign="middle" >0</td><td width="25%" ></td></tr><tr><td colspan="4"></td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" ><b>Carrying amount at 30 June</b></td><td width="25%" align="right" valign="middle" >94,4</td><td width="25%" align="right" valign="middle" >94,4</td><td width="25%" ></td></tr><tr><td colspan="4"></td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" ><b>Name</b></td><td width="25%" colspan="1" align="right" valign="middle" ><b>Place of registered office</b></td><td width="25%" colspan="1" align="right" valign="middle" ><b>Currency</b></td><td width="25%" colspan="1" align="right" valign="middle" ><b>Voting and ownership</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" >Tiger of Sweden AB</td><td width="25%" colspan="1" align="right" valign="middle" >Sweden</td><td width="25%" colspan="1" align="right" valign="middle" >SEK</td><td width="25%" align="right" valign="middle" >100%</td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" >Tiger of Sweden Danmark A/S</td><td width="25%" colspan="1" align="right" valign="middle" >Denmark</td><td width="25%" colspan="1" align="right" valign="middle" >DKK</td><td width="25%" align="right" valign="middle" >100%</td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" >Tiger of Sweden Norway AS</td><td width="25%" colspan="1" align="right" valign="middle" >Norway</td><td width="25%" colspan="1" align="right" valign="middle" >NOK</td><td width="25%" align="right" valign="middle" >100%</td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" >Vingåker Factory Outlet AB</td><td width="25%" colspan="1" align="right" valign="middle" >Sweden</td><td width="25%" colspan="1" align="right" valign="middle" >SEK</td><td width="25%" align="right" valign="middle" >100%</td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" >Tiger of Sweden Finland Oy</td><td width="25%" colspan="1" align="right" valign="middle" >Finland</td><td width="25%" colspan="1" align="right" valign="middle" >EUR</td><td width="25%" align="right" valign="middle" >100%</td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" >Tiger of Sweden Netherlands BV</td><td width="25%" colspan="1" align="right" valign="middle" >Netherlands</td><td width="25%" colspan="1" align="right" valign="middle" >EUR</td><td width="25%" align="right" valign="middle" >100%</td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" >Tiger of Sweden UK Ltd.*</td><td width="25%" colspan="1" align="right" valign="middle" >United Kingdom</td><td width="25%" colspan="1" align="right" valign="middle" >GBP</td><td width="25%" align="right" valign="middle" >100%</td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" >Tiger of Sweden Germany G.m.b.H**</td><td width="25%" colspan="1" align="right" valign="middle" >Germany</td><td width="25%" colspan="1" align="right" valign="middle" >EUR</td><td width="25%" align="right" valign="middle" >100%</td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" >Tiger of Sweden Poland Sp. Z.o.o</td><td width="25%" colspan="1" align="right" valign="middle" >Poland</td><td width="25%" colspan="1" align="right" valign="middle" >PLN</td><td width="25%" align="right" valign="middle" >100%</td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" >Tiger of Sweden France</td><td width="25%" colspan="1" align="right" valign="middle" >France</td><td width="25%" colspan="1" align="right" valign="middle" >EUR</td><td width="25%" align="right" valign="middle" >100%</td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" >Tiger of Sweden Hong Kong Ltd.</td><td width="25%" colspan="1" align="right" valign="middle" >Hong Kong</td><td width="25%" colspan="1" align="right" valign="middle" >HKD</td><td width="25%" align="right" valign="middle" >100%</td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" >Tiger of Sweden Romania SRL</td><td width="25%" colspan="1" align="right" valign="middle" >Romania</td><td width="25%" colspan="1" align="right" valign="middle" >RON</td><td width="25%" align="right" valign="middle" >100%</td></tr><tr><td colspan="4"></td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" >By Malene Birger A/S</td><td width="25%" colspan="1" align="right" valign="middle" >Denmark</td><td width="25%" colspan="1" align="right" valign="middle" >DKK</td><td width="25%" align="right" valign="middle" >100%</td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" >By Malene Birger Norway AS</td><td width="25%" colspan="1" align="right" valign="middle" >Norway</td><td width="25%" colspan="1" align="right" valign="middle" >NOK</td><td width="25%" align="right" valign="middle" >100%</td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" >By Malene Birger Sverige AB</td><td width="25%" colspan="1" align="right" valign="middle" >Sweden</td><td width="25%" colspan="1" align="right" valign="middle" >SEK</td><td width="25%" align="right" valign="middle" >100%</td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" >By Malena Birger UK Ltd. *</td><td width="25%" colspan="1" align="right" valign="middle" >United Kingdom</td><td width="25%" colspan="1" align="right" valign="middle" >GBP</td><td width="25%" align="right" valign="middle" >100%</td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" >By Malene Birger Hong Kong Ltd.</td><td width="25%" colspan="1" align="right" valign="middle" >Hong Kong</td><td width="25%" colspan="1" align="right" valign="middle" >HKD</td><td width="25%" align="right" valign="middle" >100%</td></tr><tr><td colspan="4"></td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" >*)</td><td width="75%" colspan="3" align="left" valign="middle" >The Company are exempt from the audit in the UK, cf. the exemption in section 479A of the UK Companies Act 2006.</td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" >**)</td><td width="75%" colspan="3" align="left" valign="middle" >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.</td></tr><tr><td colspan="4"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Loan to group enterprises</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >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.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'xMill'</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" ><b>Other receivables</b></td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" ><b>Other Receivables</b></td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" ><b>2023/24</b></td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" ><b>DKK million</b></td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Cost at 1 July</td><td width="50%" align="right" valign="middle" >3</td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Disposals for the year</td><td width="50%" align="right" valign="middle" >-2,2</td></tr><tr><td colspan="2"></td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Cost at 30 June</td><td width="50%" align="right" valign="middle" >0,8</td></tr><tr><td colspan="2"></td></tr><tr><td width="50%" colspan="1" align="left" valign="middle" >Carrying amount at 30 June</td><td width="50%" align="right" valign="middle" >0,8</td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Deferred tax assets</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Deferred tax assets for DKK 6.6 million as per 30 June 2024 related to tax losses. Management expect that the tax losses carried forward can be utilize based on the estimated taxable income in the Friheden Group for the coming 5 years.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Prepayments</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Prepayments consists of prepaid expenses concerning rent, insurance premiums subscriptions, prepaid collections etc.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>.Equity</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The share capital is 500,000 shares of nominal value of DKK 10. In 2020/21 the share capital has been 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.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Distribution of profits</td></tr></table> -79600000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'xMill'</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Contingent assets, liabilities and other financial obligations</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="33%" ></td><td width="33%" colspan="1" align="right" valign="middle" ><b>2023/24</b></td><td width="34%" colspan="1" align="right" valign="middle" ><b>2022/23</b></td></tr><tr><td width="33%" ></td><td width="33%" colspan="1" align="left" valign="middle" ><b>DKK million</b></td><td width="34%" colspan="1" align="left" valign="middle" ><b>DKK million</b></td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Bank guarantees</td><td width="33%" align="right" valign="middle" >225</td><td width="34%" align="right" valign="middle" >226,9</td></tr><tr><td colspan="3"></td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Total contingent assets, liabilities and other financial obligations</td><td width="33%" align="right" valign="middle" >225</td><td width="34%" align="right" valign="middle" >226,9</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Other contingent liabilities</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >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.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >As of 30 June 2024, the Company is not part of any litigations or claims, which may have material impact to the financial position of the Company.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The Company and subsidiaries are jointly and severally liable for a credit facility of DKK 225 million (drawn DKK 156.6 million at 30 June 2024) and a market to market facility. The Guarantee covers all present and future payment obligations to the lender.</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Related parties</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >IC Group A/S’ related parties comprise the following</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Controlling interest</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Friheden Invest A/S, Parent</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Høsterkøbvej 65</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >2970 Hørsholm</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Annual reports for the Company and Ultimate Parent can be obtained by contacting the companies.</td></tr><tr><td colspan="1"></td></tr></table> IC Group A/S Høsterkøbvej 65 2970 Hørsholm 62816414 2024-12-19 Per Hillebrandt jensen <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement by Management</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">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 2023 – 30 June 2024.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The annual report has been prepared in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, the financial statements give a true and fair view of the financial position of the Company at 30 June 2024 and of the results of its operations for the financial year 1 July 2023 – 30 June 2024.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We recommend that the annual report be approved at the annual general meeting.</td></tr></table> Rudersdal 2024-12-19 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent auditor's report</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the shareholder of IC Group A/S</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Opinion</td></tr><tr><td colspan="1">We have audited the financial statements of IC Group A/S for the financial year 1 July 2023 – 30 June 2024, 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.</td></tr><tr><td colspan="1">In our opinion, the financial statements give a true and fair view of the financial position of the Company at 30 June 2024 and of the results of the Company's operations for the financial year 1 July 2023 – 30 June 2024 in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for opinion</td></tr><tr><td colspan="1">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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independence</td></tr><tr><td colspan="1">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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management's responsibilities for the financial statements</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Auditor's responsibilities for the audit of the financial statements</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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. </td></tr><tr><td colspan="1">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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on the Management's review</td></tr><tr><td colspan="1">Management is responsible for the Management's review.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">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.</td></tr></table> Copenhagen 2024-12-19 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management's review</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Operating review</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Key activities</td></tr><tr><td colspan="1">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.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Strategy</td></tr><tr><td colspan="1">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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Uncertainty related to recognition and measurement</td></tr><tr><td colspan="1">Recognition and measurement in the Annual Report have not been subject to any significant uncertainty.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Unusual matters</td></tr><tr><td colspan="1">The financial position at end June 2024 of the results of the activities for the financial year 2023/24 have not been affected by any unusual events.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Development in activities and financial matters</td></tr><tr><td colspan="1">The income statement of the IC Group A/S for 2023/24 shows a net loss of DKK 79.6 million, and an equity of DKK 27.2 million at 30 June 2024. Profit before net financials was DKK -3.3 million in 2023/24 compared to DKK -7.0 million in 2022/23.</td></tr><tr><td colspan="1">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 a new ERP implementation throughout the year impacted the result. The result is not satisfactory.</td></tr><tr><td colspan="1">The parent company has remission of debt of DKK 91.4 million to ensure positive equity at 30 June 2024. Further the Company has provided tax free group contribution to the Brands of DKK 123.2 million to support the liquidity in the Brands.</td></tr><tr><td colspan="1">The subsidiary in IC Group Spain A.S. has been merged into IC Group A/S as per 1 July 2023 without any significant impact.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Credit risks</td></tr><tr><td colspan="1">There are no significant risks.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Target and expectations for the year ahead</td></tr><tr><td colspan="1">For the financial year 2024/25 IC Group A/S expects to an operating profit of DKK 0-10 million.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Events after the balance sheet date</td></tr><tr><td colspan="1">No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Accounting policies</td></tr></table> Regnskabsklasse B <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The annual report of IC Group A/S for 2024 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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Pursuant to section 110(1) of the Danish Financial Statements Act, the Company has not prepared consolidated financial statements.</td></tr></table> true <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Presentation currency</td></tr><tr><td colspan="1">The financial statements are presented in Danish Kroner (DKK).</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Foreign currency translation</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">Fixed assets acquired in foreign currency are measured at the exchange rate at the transaction date.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Income statement</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Other external expenses</td></tr><tr><td colspan="1">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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Other operating income and expenses</td></tr><tr><td colspan="1">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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Profit/ loss from equity investments in subsidiaries</td></tr><tr><td colspan="1">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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial income and expenses</td></tr><tr><td colspan="1">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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Tax for the year</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Balance sheet</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Intangible assets</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Equity investments in subsidiaries</td></tr><tr><td colspan="1">Equity investments in subsidiaries are measured according to the equity method in the parent company financial statements.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">Dividend received is deducted from the carrying amount.</td></tr><tr><td colspan="1">Impairment of non-fixed assets</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">Previously recognised impairment losses are reversed when the reason for recognition no longer exists. Impairment losses on goodwill are not reversed.</td></tr><tr><td colspan="1">Other fixed assets investment</td></tr><tr><td colspan="1">Other fixed assets investments consist of deposits and other receivables.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Receivables</td></tr><tr><td colspan="1">Receivables are measured at the lower of amortised cost and net realisable value.</td></tr><tr><td colspan="1">The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables.</td></tr><tr><td colspan="1">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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Prepayments</td></tr><tr><td colspan="1">Prepayments comprise prepaid costs concerning subsequent financial years.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Equity</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Proposed dividend</td></tr><tr><td colspan="1">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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Corporation tax and deferred tax</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">Joint taxation contributions payable and receivable are recognised in the balance sheet as corporation tax receivable or corporation tax payable.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">Adjustment is made to deferred tax resulting from elimination of unrealised intra-group profits and losses.</td></tr><tr><td colspan="1">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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Liabilities other than provisions</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">Other liabilities are measured at net realisable value.</td></tr></table> Årsrapport 30700228 EY Godkendt revisionspartnerselskab Cortex Park Vest 3 5230 Odense M xWizard version 1.1.1305.0, by EasyX Aps. www.easyx.eu 2022-07-01 2023-06-30 0 Revisionspåtegning Grundlag for konklusion Konklusion 0 7000000 -7000000 -16300000 6800000 9100000 -25600000 -5600000 -20000000 4100000 1800000 900000 4600000 4500000 -2200000 -3400000 0 -20000000 94400000 73900000 800000 169100000 169100000 35300000 0 6600000 0 41900000 400000 42300000 211400000 5000000 22700000 27700000 0 0 156600000 1200000 24400000 1500000 183700000 183700000 211400000 54100000 83900000 3000000 141000000 141000000 54900000 2200000 0 600000 57700000 500000 58200000 199200000 5000000 8900000 13900000 1700000 1700000 154500000 5100000 24000000 0 183600000 185300000 199200000 5000000 0 8900000 13900000 0 0 0 0 0 -7900000 -4100000 0 -73000000 69200000 1800000 0 91400000 -6600000 -69200000 5000000 0 22500000 Per Hillebrandt Jensen Niels Erik Martinsen Chair Peter Thorsen Deputy Chair Per Hillebrandt Jensen EY Godkendt Revisionspartnerselskab 30700228 Mikkel Sthyr State Authorised Public Accountant mne26693 Ole Becker State Authorised Public Accountant mne33732 30700228 EY Godkendt Revisionspartnerselskab