Årsrapport37979058Fazsion Group ApSGammeltorv 6, 4.sal1457 København K2018-01-012018-12-312017-01-012017-12-312019-05-2237979058Fazsion Group ApSGammeltorv61457København KDKDanmark2016-09-02Københavnwww.Fazsiongroup.comJyske Bank A/S2019-05-22Kim Holm HansenRegnskabsklasse BtrueIngen bistandDirektionen har dags dato behandlet og godkendt årsrapporten for regnskabsåret 1. januar - 31. december 2018 for Fazsion Group ApS.The executive board has today discussed and approved the annual report of Fazsion Group ApS for the financial year 1 January - 31 December 2018.Årsrapporten aflægges i overensstemmelse med årsregnskabsloven.The annual report is prepared in accordance with the Danish Financial Statements Act.Det er min opfattelse, at årsregnskabet giver et retvisende billede af selskabets aktiver, passiver og finansielle stilling pr. 31. december 2018 og resultatet af selskabets aktiviteter for regnskabsåret 1. januar - 31. december 2018.In my opinion, the financial statements give a true and fair view of the company's financial position at 31 December 2018 and of the results of the company's operations for the financial year 1 January - 31 December 2018.Ledelsesberetningen indeholder efter min opfattelse en retvisende redegørelse for de forhold, beretningen omhandler.In my opinion, management's review includes a fair review of the matters dealt with in the management's review.Årsregnskabet er ikke revideret. Ledelsen erklærer, at betingelserne herfor er opfyldt.The financial statements have not been audited. Manangement considers the criteria for not auditing the financial statements to be met.Årsrapporten indstilles til generalforsamlingens godkendelse.Management recommends that the annual report should be approved by the company in general meeting.Kim Holm HansendirektørSelskabets væsentligste aktiviteter Selskabets formål er, direkte eller via kapitalandele i andre selskaber, at drive salg af tøj i Afrika; hovedsageligt igennem distributionskanalerne •Egen online platform •Andres online platform fx. Jumia, Konga osv. •Egne sælger/agenter, som sælger til engros og detail •Detailkæder, fx Spar, Hubmart og andre •Virksomhedsaftaler og deres ansatte •Affiliateaftaler såsom studerende osv. •Fazsion outlet Produkterne er hovedsageligt danske men også europæiske brands. En naturlig udvikling af vores forretning vil være at tilføje parfume/kosmetik og homeware til vores produktportefølje. Udviklingen i aktiviteter og økonomiske forhold Selskabets resultatopgørelse for 2018 udviser et underskud på kr. 1.165.006, og selskabets balance pr. 31. december 2018 udviser en egenkapital på kr. 422.447. Selskabet har brugt de sidste 2 år på at opbygge en platform og har måttet ændre strategi fra udelukkende at være en online platform til også fokusere på de mere traditionelle distributionskanaler. Det har medført, at selskabet har måttet finde nye investorer til projektet, og de gamle investorer er udtrådt af selskabet. Der er lagt en business plan “We believe in Africa”, som de nye investorer understøtter, og investorerne har en købsret på op til 52% af selskabet. Den nye business plan fokuserer både på salg af overskudstøj (hjælper folk til at købe beklædning uden farlige kemikalier), sund økonomi og med et samfundsansvar på at uddanne vores team til europæisk niveau. Særlige risici, herunder forretningsmæssige og finansielle risici Driftsmæssige risici Hovedsædet for virksomhedens aktivitet i Afrika er i Lagos i Nigeria, og det medfører lidt andre udfordringer end normalt, da der er en del korruption. Det er ikke noget, der påvirker Fazsion direkte, da vi enten sælger direkte til forbrugerne eller gennem internationale samarbejdspartnere, hvor forholdende er i orden. Den politiske situation er stabil og har været det i mange år. Der er demokratiske valg (sidst i 2019). Nigeria er den største økonomi i Afrika og bliver som sådan set som foregangsland for de andre afrikanske lande. Vidensressourcer og medarbejderforhold Den væsentligste vidensressource er medarbejdere, og det er en del af business planen at videreudvikle medarbejderne og tage et socialt ansvar. Vores ledelsesteam er følgende: Bo Holm - CEO har erfaring i e-commers opstart og business Development, har tidligere startet virksomheder og lavet produktion i både Kina og Vietnam og har indtil for 3 år siden været involveret i et mobilpay firma in Nigeria (bancore). Ochije Nnani - Country manager/partner Har før han startede hos Fazsion, været med i opstarten af Konga, for senere at skifte til hvor han til Jumia (største C2C platform i Afrika) hvor han frem til hans fratrædelse sad som fashion direktør. Chidi Donald Omah - warehouse manager Chidi er warehouse manager, han er også hentet fra Jumia, hvor han også har været med fra starten, så han har en del erfaring i lager logistik, og de forskellige processer. Assumpta - sales agent manager Hun er sales agent manager dvs. hun lægger strategi og eksekverer salg for vores salgsagenter. Hun står for expansion af netværket.Hun kommer fra Jumia, hvor hun har været sales agent manager, og har stået for Jumia agent netværk på 15.000 sælgere. Vi har pt. 10 andre ansatte: Social media manager Produkt manager Outlet-medarbejdere Lagerarbejdere Bogholder Vi har 2 it medarbejdere i Vietnam Pr. april 2019 har vi 19 salgsagenter, der hver dag besøger retailere og sælger varer ind til deres forretninger. De har hver et specifikt område, som de sælger ind til. Vi har base i Lagos, men med tiden vil vi udvide til de større byer i Nigeria for at kunne understøtte vores netværk af salgsagenter. I 2020 planlægger vi at udvide både online (med vores salgspartnere, der er repræsenteret i 14 lande i Afrika) og offline. Derudover har vi udarbejdet vores politik, som i hovedtræk er: •Tager afstand fra alle former for korruption, bestikkelse og afpresning •Overholder gældende lovgivning i de markeder selskabet er til stede •Overholder gældende Menneskerettigheds- og arbejdstagerrettigheder, som er godkendt af FN eller andre relevante internationale organisationer og ratificeret af Danmark •Tolererer ikke diskrimination eller latterliggørelse på grund af race, hudfarve, køn, seksuel orientering, alder, handicap, sprog, religion, politisk overbevisning, kulturel baggrund eller etnicitet •Respekterer medarbejdernes forenings- og forhandlingsret samt retten til medlemskab af faglige organisationer og/eller til at indgå i selskabets bestyrelse eller afstå herfra. Betydningsfulde hændelser, som er indtruffet efter regnskabsårets afslutning Der er tilført yderligere penge efter 1. januar 2019. Det forventes, at selskabet er selvfinansierende af driften fra sommer 2019 og yderligere tilførsel af penge er udelukkende til arbejdskapitalen.Business activities The Company’s purpose is, either direct or through equity investments in third party companies, to sell clothes, mainly through, the below described distribution channels: •Fazsion’s own online platform •Third party online platforms, Ex. Jumia, Konga and others •Fazsion agents/sales force, selling to wholesale and to retail •Retail chains, Ex. Spar, Hubmart and others •Corporate agreements, employees get a discount. •Affiliated marketing, through student network, banks etc. •Fazsion outlet The products are mainly Danish Produced, but we also sell European brands. As we are in the fashion segment, the natural development of our business will be to add, perfume/cosmetics and homeware to our product portfolio. Business review The company's income statement for the year ended 31 December shows a loss of kr. 1.121.011, and the balance sheet at 31 December 2018 shows equity of kr. 466.442. The company has spent the last two years, building and testing the platform. We have after launch changed our strategy from exclusively selling online, to also focusing on the more traditional distribution channels. As a result, the company had to find new investors for the project, as the old investors resigned from the company. A new business plan has been made: ”We believe in Africa” with support from the new investors, which have an option to buy 52% of the company. The new business focuses on clearing brands’ ”last season” products (helping people to be able to buy clothes without dangerous chemicals produced in China) healthy economy, and taking social responsibility, and giving our employees an education at an European standard. Special risks apart from generally occurring risks in industry Operating risks The headquarters of the company's activities is in Lagos/Nigeria, this leads to some slightly different challenges than usual, there is quite a lot of corruption, it has no impact on the company, as we sell direct to the end consumer, or through our international partners, that live up to European standards. The political situation is stable and has been for many years. latest democratic election was in 2019. Nigeria is the largest economy in Africa and is seen as a pioneer for the other African countries. Knowledge resources The key source of knowledge resource is our employees, and part of our business plan is to extend this ressource by taking a social responsibility and educate our employees. Our management team is as follow Bo Holm - CEO Experienced in e-commerce, has been involved in multiple upstarts and business development, has produced in China and Vietnam, and prior to Fazsion, he was founder of a mobilepay company in Nigeria (Bancore) Ochije Nnani Before joining Fazsion, he has been a part of launching both Konga and Jumia (biggest C2C platform in Africa) in the latter, he held the position as fashion director, prior to his engagement in Fazsion. Chidi Donald Omah Chidi is our warehouse manager, he is also ex Jumia where he also started from the beginning, he has a vast experience in warehouse logistic and the various processes. Assumpta She is our sales manager, helping strategize and execute sales. She is in charge of our sales agents and are responsible for expansion of the network. Assumpta is also ex Jumia, she has been sales agent manager, and helped build Jumia's vast network of 15.000 agents. We have 10 operations employees Social media manager Product manager Outlet manager Warehouse workers Book keeper We have 2 IT megento sitting in Vietnam. As off April 2019 we have 19 sales agents, selling into retail, they have an assigned area, and are selling to local shops in this area. We are currently based in Lagos, but over time we will expand, to the larger cities in Nigeria to be able to support our sales agent network. By 2020 we plan to expand both online (with our sales partners who are present in 14 countries in Africa) and offline, making up a pan African company. Formel company policy •We denounce all kind of corruption, bribe and extortion •We abide all rules and regulations of the local legislation •We abide by the human rights act and employees’ regulation, sanctioned by the UN or other relevant organizations ratified under Denmark •We will not tolerate discrimination or ridicule on basis of race, gender, sex, color, sexual orientation, religion cultural or political background •We respect the employees’ rights to join and form unions and select representatives to represent them. Significant events occurring after end of reporting period Significant events occurring after end of reporting period. Funding has been added after 1st of January 2019. It is expected that the company will be self-financing from operations by summer 2019 and futher funding exclusively added to the working capital.Årsrapporten for Fazsion Group ApS for 2018 er aflagt i overensstemmelse med årsregnskabslovens bestemmelser for virksomheder i regnskabsklasse B med tilvalg fra højere klasser. Den anvendte regnskabspraksis er uændret i forhold til sidste år. Årsrapporten for 2018 er aflagt i kr.The annual report of Fazsion Group ApS for 2018 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B as well as selected provisions as regards larger entities. The accounting policies applied are consistent with those of last year. The annual report for 2018 is presented in kr.I resultatopgørelsen indregnes indtægter i takt med, at de indtjenes. Herudover indregnes værdireguleringer af finansielle aktiver og forpligtelser. I resultatopgørelsen indregnes ligeledes alle omkostninger, herunder afskrivninger og nedskrivninger. Aktiver indregnes i balancen, når det er sandsynligt, at fremtidige økonomiske fordele vil tilflyde selskabet, og aktivets værdi kan måles pålideligt. Forpligtelser indregnes i balancen, når det er sandsynligt, at fremtidige økonomiske fordele vil fragå selskabet, og forpligtelsens værdi kan måles pålideligt. Ved første indregning måles aktiver og forpligtelser til kostpris. Efterfølgende måles aktiver og forpligtelser som beskrevet for hver enkelt regnskabspost nedenfor. Visse finansielle aktiver og forpligtelser måles til amortiseret kostpris, hvorved der indregnes en konstant effektiv rente over løbetiden. Amortiseret kostpris opgøres som oprindelig kostpris med fradrag af eventuelle afdrag samt tillæg/fradrag af den akkumulerede amortisering af forskellen mellem kostpris og nominelt beløb. Ved indregning og måling tages hensyn til forudsigelige tab og risici, der fremkommer, inden årsrapporten aflægges, og som be- eller afkræfter forhold, der eksisterede på balancedagen.Income is recognised in the income statement as earned, including value adjustments of financial assets and liabilities. All expenses, including amortisation, depreciation and impairment losses, are also recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits will flow to the company and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow from the company and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost. On subsequent recognition, assets and liabilities are measured as described below for each individual accounting item. Certain financial assets and liabilities are measured at amortised cost using the effective interest method. Amortised cost is calculated as the historic cost less any instalments and plus/less the accumulated amortisation of the difference between the cost and the nominal amount. On recognition and measurement, allowance is made for predictable losses and risks which occur before the annual report is presented and which confirm or invalidate matters existing at the balance sheet date.Selskabet anvender bestemmelsen i årsregnskabslovens § 32, hvorefter selskabets omsætning ikke er oplyst. Bruttotab er et sammendrag af nettoomsætning, med fradrag af omkostninger til råvarer og hjælpematerialer og andre eksterne omkostninger.In pursuance of section 32 of the Danish Financial Statements Act, the company does not disclose its revenue. Gross profit reflects an aggregation of revenue, changes in inventories of finished goods and work in progress and other operating income less costs of raw materials and consumables and other external expenses.Indtægter fra salg af handelsvarer og færdigvarer, indregnes i resultatopgørelsen, når levering og risikoovergang til køber har fundet sted, og hvis indtægten kan opgøres pålideligt og forventes modtaget.Income from the sale of goods for resale and finished goods is recognised in the income statement, provided that the transfer of risk, usually on delivery to the buyer, has taken place and that the income can be measured reliably and is expected to be received.Omkostninger til råvarer og hjælpematerialer indeholder det forbrug af råvarer og hjælpematerialer, der er anvendt for at opnå årets nettoomsætning.Costs of raw materials and consumables include the raw materials and consumables used in generating the year’s revenue.Andre eksterne omkostninger omfatter omkostninger til distribution, salg, reklame, administration, lokaler, tab på debitorer, operationelle leasingomkostninger mv.Other external costs include expenses related to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc.Finansielle indtægter og omkostninger indregnes i resultatopgørelsen med de beløb, der vedrører regnskabsåret. Finansielle poster omfatter renteindtægter og -omkostninger, finansielle omkostninger ved finansiel leasing, realiserede og urealiserede kursgevinster og -tab vedrørende værdipapirer, gæld og transaktioner i fremmed valuta, amortisering af realkreditlån samt tillæg og godtgørelse under acontoskatteordningen mv.Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Net financials include interest income and expenses, financial expenses relating to finance leases, realised and unrealised capital/exchange gains and losses on securities and foreign currency transactions, amortisation of mortgage loans and surcharges and allowances under the advance-payment-of-tax scheme, etc.Udbytte fra kapitalandele indtægtsføres i det regnskabsår, hvor udbyttet deklareres.Dividend from investments is recognised in the reporting year in which the dividend is declared.Årets skat, som består af årets aktuelle selskabsskat og ændring i udskudt skat, indregnes i resultatopgørelsen med den del, der kan henføres til årets resultat, og direkte i egenkapitalen med den del, der kan henføres til posteringer direkte i egenkapitalen.Tax for the year, which comprises the current tax charge for the year and changes in the deferred tax charge, is recognised in the income statement as regards the portion that relates to the profit/loss for the year and directly in equity as regards the portion that relates to entries directly in equity.Kapitalandele i dattervirksomheder og associerede virksomheder måles til kostpris. I tilfælde, hvor kostprisen overstiger genindvindingsværdien, nedskrives til denne lavere værdi.Investment in subsidiaries and associates are measured at cost. If cost exceeds the recoverable amount, a write-down is made to this lower value.Tilgodehavender måles til amortiseret kostpris. Der foretages nedskrivning til imødegåelse af tab, hvor der vurderes at være indtruffet en objektiv indikation på, at et tilgodehavende eller en portefølje af tilgodehavender er værdiforringet. Hvis der foreligger en objektiv indikation på, at et individuelt tilgodehavende er værdiforringet, foretages nedskrivning på individuelt niveau.Receivables are measured at amortised cost. An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable is impaired, an impairment loss for that individual asset is recognised.Udbytte Foreslået udbytte vises som en særskilt post under egenkapitalen. Udbytte indregnes som en forpligtelse på tidspunktet for vedtagelse på generalforsamlingen.Dividends Proposed dividends are disclosed as a separate item under equity. Dividends are recognised as a liability when declared by the annual general meeting of shareholders.Aktuelle skatteforpligtelser og tilgodehavende aktuel skat indregnes i balancen som beregnet skat af årets skattepligtige indkomst, reguleret for skat af tidligere års skattepligtige indkomster samt for betalte acontoskatter. Udskudt skat måles efter den balanceorienterede gældsmetode af midlertidige forskelle mellem regnskabsmæssig og skattemæssig værdi af aktiver og forpligtelser opgjort på grundlag af den planlagte anvendelse af aktivet henholdsvis afvikling af forpligtelsen. Udskudte skatteaktiver, herunder skatteværdien af fremførselsberettiget skattemæssigt underskud, måles til den værdi, hvortil aktivet forventes at kunne realiseres, enten ved udligning i skat af fremtidig indtjening eller ved modregning i udskudte skatteforpligtelser inden for samme juridiske skatteenhed. Eventuelle udskudte nettoskatteaktiver måles til nettorealisationsværdi.Current tax liabilities and current tax receivables are recognised in the balance sheet as the estimated tax on the taxable income for the year, adjusted for tax on the taxable income for previous years and tax paid on account. Deferred tax is measured according to the liability method in respect of temporary differences between the carrying amount of assets and liabilities and their tax base, calculated on the basis of the planned use of the asset and settlement of the liability, respectively. Deferred tax assets, including the tax base of tax losses allowed for carry forward, are measured at the value to which the asset is expected to be realised, either as a set-off against tax on future income or as a set-off against deferred tax liabilities within the same legal tax entity. Any deferred net tax assets are measured at net realisable value.Gældsforpligtelser, som omfatter gæld til leverandører, tilknyttede virksomheder samt anden gæld, måles til amortiseret kostpris, hvilket sædvanligvis svarer til nominel værdi.Liabilities, which include trade payables, payables to group entities and other payables, are measured at amortised cost, which is usually equivalent to nominal value.Transaktioner i fremmed valuta omregnes ved første indregning til transaktionsdagens kurs. Valutakursdifferencer, der opstår mellem transaktionsdagens kurs og kursen på betalingsdagen, indregnes i resultatopgørelsen som en finansiel post. Hvis valutapositioner anses for sikring af fremtidige pengestrømme, indregnes værdireguleringerne direkte på egenkapitalen. Tilgodehavender, gæld og andre monetære poster i fremmed valuta omregnes til balancedagens valutakurs. Forskellen mellem balancedagens kurs og kursen på tidspunktet for tilgodehavendets eller gældsforpligtelsens opståen eller indregning i seneste årsregnskab indregnes i resultatopgørelsen under finansielle indtægter og omkostninger. On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and at the date of payment are recognised in the income statement as financial income or financial expenses. If foreign currency transactions are considered cash flow hedges, the value adjustments are taken directly to equity. Receivables and 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. -1937186-400550823412276349249620818-1778201-612547-6131950-1165006-612547-1165006-612547004736411441809473641144180947364114418090110000061652906165291100000530916718621838111671810954792558527550005500002145000367447-61254742244715874530800000480867050438053130580000011125014393117190287582714314172717107467303297107410954792558527550002145000-612547-116500602145000550000367447104234122764040000508234122763472106206991441567598-44834924962081817190-481769016150-13476008393839383938393-8393-8393-8393-839300Fazsion Designs & Styles LimitedNigeria10080000000005043805043804808670480867Ingen/ nonIngen/ non379790582018-01-012018-12-31379790582017-01-012017-12-31379790582018-01-012018-12-31d:RetainedEarningsMember379790582017-01-012017-12-31d:RetainedEarningsMember379790582017-12-31379790582018-12-31379790582018-01-01d:InvestmentsInGroupEnterprisesMember379790582017-01-01d:InvestmentsInGroupEnterprisesMember379790582018-12-31d:InvestmentsInGroupEnterprisesMember379790582017-12-31d:InvestmentsInGroupEnterprisesMember379790582018-01-012018-12-311379790582018-01-01d:ContributedCapitalMember379790582018-12-31d:ContributedCapitalMember379790582018-01-01d:SharePremiumMember379790582018-01-012018-12-31d:SharePremiumMember379790582018-12-31d:SharePremiumMember379790582018-01-01d:RetainedEarningsMember379790582018-01-012018-12-31d:RetainedEarningsMember379790582018-12-31d:RetainedEarningsMember379790582018-12-31d:ConvertibleProfitYieldingOrDividendYieldingLongtermDebtInstrumentsMember379790582018-01-01d:ConvertibleProfitYieldingOrDividendYieldingLongtermDebtInstrumentsMember379790582018-12-31d:OtherLongtermPayablesMember379790582018-01-01d:OtherLongtermPayablesMember379790582018-01-012018-12-31d:SubsidiaryMember1379790582018-12-31d:SubsidiaryMember1379790582018-12-31d:LongtermPayablesToShareholdersAndManagementMember379790582018-01-01d:LongtermPayablesToShareholdersAndManagementMemberiso4217:DKKxbrli:pure