424625942024-01-012024-12-31424625942024-12-31424625942023-12-31fsa:ContributedCapitalMember424625942023-12-31fsa:SharePremiumMember424625942023-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember424625942023-12-31fsa:RetainedEarningsMember424625942023-12-31424625942024-01-012024-12-31fsa:ContributedCapitalMember424625942024-01-012024-12-31fsa:SharePremiumMember424625942024-01-012024-12-31fsa:RetainedEarningsMember424625942024-01-012024-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember424625942024-12-31fsa:ContributedCapitalMember424625942024-12-31fsa:SharePremiumMember424625942024-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember424625942024-12-31fsa:RetainedEarningsMember424625942024-01-012024-12-31cmn:ConsolidatedMemberfsa:LiquidationAccountMember424625942024-01-012024-12-31cmn:ConsolidatedMember424625942024-01-012024-12-31cmn:ConsolidatedMember1424625942024-01-012024-12-31cmn:ConsolidatedMember1424625942024-01-012024-12-31cmn:ConsolidatedMember2424625942024-01-012024-12-31cmn:ConsolidatedMember3424625942024-01-012024-12-31cmn:ConsolidatedMember4424625942024-01-012024-12-31cmn:ConsolidatedMember5424625942024-01-012024-12-31cmn:ConsolidatedMember6424625942024-01-012024-12-31cmn:ConsolidatedMember1424625942024-12-31cmn:ConsolidatedMember424625942023-12-31cmn:ConsolidatedMemberfsa:ContributedCapitalMember424625942023-12-31cmn:ConsolidatedMemberfsa:SharePremiumMember424625942023-12-31cmn:ConsolidatedMemberfsa:ReserveForDevelopmentExpenditureMember424625942023-12-31cmn:ConsolidatedMemberfsa:RetainedEarningsMember424625942023-12-31cmn:ConsolidatedMember424625942024-01-012024-12-31cmn:ConsolidatedMemberfsa:ContributedCapitalMember424625942024-01-012024-12-31cmn:ConsolidatedMemberfsa:SharePremiumMember424625942024-01-012024-12-31cmn:ConsolidatedMemberfsa:RetainedEarningsMember424625942024-01-012024-12-31cmn:ConsolidatedMemberfsa:ReserveForDevelopmentExpenditureMember424625942024-12-31cmn:ConsolidatedMemberfsa:ContributedCapitalMember424625942024-12-31cmn:ConsolidatedMemberfsa:SharePremiumMember424625942024-12-31cmn:ConsolidatedMemberfsa:ReserveForDevelopmentExpenditureMember424625942024-12-31cmn:ConsolidatedMemberfsa:RetainedEarningsMember424625942023-01-012023-12-31424625942023-01-012023-12-31cmn:ConsolidatedMember424625942022-12-31cmn:ConsolidatedMemberiso4217:DKKxbrli:pure42462594Årsrapport7227000202407271000526960008022000The Board of Directors and the Executive Board have today considered and approved the annual report of AE2017 Bidco ApS for the financial year 01.01.2024 - 31.12.2024.715000015837000-795000The annual report is presented in accordance with the Danish Financial Statements Act.121000287880005843000In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 31.12.2024 and of the results of their operations and the consolidated cash flows for the financial year
01.01.2024 - 31.12.2024.3889000807100086000We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.50008110006923000We recommend the annual report for adoption at the Annual General Meeting.73550008947000-1789000Hornsyld-3340000-65000-6190002025-05-21-15900001686000-1170000Lars Prisak-1750000-1751000201896000Hans Simon Joel Ahlin1821760000201896000Caroline Brandt Lilja1821760003821000201896000Jacob Klein1821760001355550006307000Henrik Ringmar635100043610001038000Benny Zakrisson22940001437370007345000Susanne Helmer Nielsen8645000635600096000To the shareholders of AE2017 Bidco ApS7700011900007441000We have audited the consolidated financial statements and the parent financial statements of AE2017 Bidco ApS for the financial year 01.01.2024 - 31.12.2024, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a
summary of significant accounting policies, for the Group as well as the Parent, and the consolidated cash flow statement. The consolidated financial statements and the parent financial statements
are prepared in accordance with the
Danish Financial Statements Act.
In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 31.12.2024 and of the results of their operations and the consolidated cash flows for the financial year 01.01.2024 - 31.12.2024 in accordance
with the Danish Financial Statements Act.87220001746000209337000We 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 consolidated financial statements and the parent financial statements" section of this auditor’s
report. We are independent of the Group in accordance
with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional
Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled
our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.19089800042300017197000Management is responsible for the preparation of consolidated financial statements and parent 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 consolidated financial statements and parent financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the consolidated financial statements and the parent financial statements, Management is responsible for assessing the Group's and the Entity’s ability to continue
as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the consolidated financial statements and the parent financial statements unless Management either intends to liquidate
the Entity or to cease operations, or has no realistic alternative but to do so.100010009715000673000Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and the parent financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of these consolidated financial statements and parent financial statements.
As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark,
we exercise professional judgement and maintain professional scepticism throughout the audit. We also:Identify and assess the risks of material misstatement of the consolidated financial statements and the parent 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 ofnot 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 Group's and the Entity’s internal control.Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by Management.Conclude on the appropriateness of Management’s use of the going concern basis of accounting in
preparing the consolidated financial statements and the parent 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 Group's and the Entity’s ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are required to
draw attention in our auditor’s report to the related disclosures in the consolidated financial statements and the parent 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
Group and the Entity to cease to continue as a going concern.Evaluate the overall presentation, structure and content of the consolidated financial statements and the parent financial statements, including the disclosures
in the notes, and whether the consolidated financial statements and the parent financial statements represent the underlying transactions and
events in a manner that gives a true and fair view.Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the consolidated financial statements and the parent financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.01534520001003510008377400020352000118221000Management is responsible for the management commentary.
Our opinion on the consolidated financial statements and the parent financial statements does not cover the management commentary, and we do not express
any form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements and the parent financial statements, our responsibility is to read the management
commentary and, in doing so, consider whether the management commentary is materially inconsistent with
the consolidated financial statements and the parent financial statements or our knowledge obtained in the audit or otherwise appears to be materially
misstated.
Moreover, it is our responsibility to consider whether the management commentary provides the information
required by relevant law and regulations.Based on the work we have performed, we conclude that the management commentary is in accordance with
the consolidated financial statements and the parent financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary.93775000115060007288400000414000Aarhus40300031858000732980002025-05-214030002161900016700000Jacob Tækker Nørgaard000mne4004991592000239000088000State Authorised Public Accountant650009380000Financial highlights2024
DKK'0002023
DKK'0002022
DKK'0002021/22
DKK'000Key figuresGross profit/loss57,32452,69628,51741,815Operating profit/loss9,8718,0717,4335,940Net financials(7,472)(8,136)(2,897)(4,516)Profit/loss for the year(1,170)(1,751)2,396(2,576)Balance sheet total248,855219,536243,983261,615Equity118,23093,77495,52693,130Cash flows from operating activities24,06312,42122,488(2,963)Cash flows from investing activities(35,572)(5,210)(2,519)(195,104)Cash flows from financing activities23,315(12,500)(10,000)202,666RatiosReturn on assets (%)4.223.392.942.27Return on equity (%)(1.10)(2.06)2.54(2.77)Equity ratio (%)47.5142.7139.1535.602021/22 includes 11 months P&L, 2022 includes 8 months P&L and 2023 includes 12 months P&L. Which is why there is non-comperability between the years. In 2024 Stitec became part of the Group the Incomestatement is effected by the inclusion of 5 months income derived from Stitec and the balance as of 31. December 2024 is also effected by the acquisition of Stitec.Financial highlights are defined and calculated in accordance with the current version of "Recommendations &
Ratios" issued by the CFA Society Denmark.Return on assets (%):Profit/loss from operating activities * 100
Average assetsReturn on equity (%)
:Profit/loss for the year * 100
Average equityEquity ratio (%)
:Equity * 100
Balance sheet total3481000249470001030000Primary activitiesThe objectives of AE2017 Bidco ApS business are to provide management services, to own shares and other financial instruments and any other activities which, in the discretion of the board of directors, are directly or indirectly related thereto. AE2017 Bidco ApS owns Triarca A/S, which since July 2023 also includes a German sales subsidiary, Triarca GmbH, and since August 2024 also Stitec AB.
Triarca’s business is manufacturing and selling of fuse lists, circuit breakers and enclosure products primarily for low voltage electrical distribution, e-mobility, and communication, but also for other segments where outdoor climate enclosures are needed, in mainly Denmark, Sweden, Norway, Finland, Germany and France.
Stitec is a well-established high-quality supplier of solutions in Sweden for the low-voltage grid. Stitec develops, manufactures and delivers a diverse range of low voltage solutions for cable switchboard cabinets, power measuring, EV charging, street light controls and fiber roll-out cabinets.
Together, the combined group will strengthen its ability to deliver top-tier solutions across the low-voltage grid, eMobility sector and FTTH.
Corporate GovernanceAE2017 Bidco ApS was established in June 2021 and acquired 100% of Triarca Holding ApS in July 2021. The two companies were merged in January 2024. The majority owner of AE2017 Bidco ApS is Accent Equity 2017 AB. For additional information regarding Accent Equity 2017 AB go to www.accentequity.com. The remaining shares are owned by key employees and board members of AE2017 Bidco ApS.
The Board of Directors consists of:
Benny Zakrisson, Chairman
Caroline Brandt Lilja
Simon Ahlin
Henrik Ringmar
Jacob Klein, Employee representative
Susanne Helmer Nielsen, Employee representative
Benny Zakrisson, Caroline Brandt Lilja, Simon Ahlin and Henrik Ringmar have been appointed to the Board of Directors by the General Assembly. Jacob Klein and Susanne Helmer Nielsen have been appointed to the board as employee representatives.
1582000927900017818000Development in activities and financesThe income statement for 2024 shows a loss of DKK 1,170 thousand and the balance sheet on December 31st, 2024, shows equity of DKK 118,230 thousand.
The loss for the year was mainly due to the purchase of Stitec
AB which affected the year end result with DKK 2.5m this however was caught up by increased profiability and an increased turnover in Triarca A/S. Stitec AB added a total increase in assets of DKK 24,973 thousand.The number of employees in the group has been rising over the period and was at YE 119 employees with 25 of those employees in Stitec AB. Management expected to increase the number of employees with the expected increase in activity in 2024.
Business risk
The Board of Directors has assigned a committee for questions relating to risk assessment, internal control, financial reporting, and auditing (the Audit Committee). The Audit Committee shall form an opinion regarding the
risk situation in the Group and assess whether the applied policies for internal control and governance are appropriate and efficient. The assessment of risk situation and internal control including recommendations shall be presented to the Board of Directors for consideration and approval. The Board of Directors is responsible for setting overall policies, procedures, and controls of important areas in the day-to-day operation of the Group.
The assessments of significant risks and internal controls in connection with the Group’s activities are done on an
annual basis (at least). On this basis, ongoing actions are evaluated and adopted to eliminate and/or reduce risks,
including business and financial risks.
The most important business risk is the ability to be strongly positioned in the markets the Group operates in. It is important for the Group to be at the forefront of technological development to maintain the Group’s market shares.
The Group is exposed to several financial risks, including market risks (currency and interest rate risks) as well as liquidity and financing risks. During Covid-19 and the war in Ukraine, the dependencies on good supplier relations and exposure to raw material prices have been emphasized. The Groups production relies on sufficient available energy, mainly natural gas, and electricity.
96720000660840009111600097123000219536000209337000Profit/loss for the year in relation to expected developmentsThe profit for 2024 was below expectations even though we exceeded 2023 in like-for-like numbers when excluding the acquisition of Stitec.1908980001000100010001000OutlookThe activity level for the coming period is expected to gradually increase, and the Group plans to market new products. We expect the gross profit to increase with 5-15% and net profit before tax with 10-20%.
The Group will continue to be focused on executing internal process improvements and increasing activities to ensure profitability and growth in the coming years.1034020000
Use of financial instrumentsFinancial exposure
As the main markets are Denmark and the Nordic Countries the Group’s main currency exposure is towards DKK, NOK and SEK as well as EUR with some exposure to USD and CNY due to non-EU suppliers.
It is the Group’s policy not to engage in speculation of financial risks. The Group’s finance policy focuses only on the management and reduction of the financial risks that are a direct consequence of the Group’s operations, investments, and financing.
9803710000
Knowledge resourcesThe Group is committed to be attractive to key employees and currently faces no challenges with intellectual capital resources.-17500009377400083774000Environmental performanceImpact on the external environment
The wholly owned subsidiary Triarca A/S holds an ISO14001 certificate concerning environmental issues which is yearly approved by the local authorities. The audits during the period have resulted in no special activities.
Sustainability
The Group believes that the incorporation of environmental, social, and corporate governance (ESG) aspects into the business model and a focus on sustainability issues are significant components to build lasting values and mitigating risks. Hence, the Group strives to incorporate ESG factors in the business activities and incorporate responsible investment aspects into the investment practices and business processes.2048000Research and development activitiesThe activities have increased during the period and new products and services have been offered with success to the market.20480007196000Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. 018420000573240003451000013109000345100025616000343440000-184200009871000915920001842000064900011670000081210001100002399000359000013409000356900013400000-13409000-117000012026300003796000123714000-195000002925000219536000195000001424150001201600003444000270006764000152580000-194000-7934000626500019920000126500014700017197000129900079550000612000-30900067300094410001242100010035100016202100032790002389400019310001 Staff costs2024
DKK'0002023
DKK'000Wages and salaries5,9716,317Pension costs617568Other social security costs35766,6236,961Number of employees at balance sheet date1010Average number of full-time employees9915892000010921000-5210000940707000-72110002 Proposed distribution of profit and loss2024
DKK'0002023
DKK'000Retained earnings(1,170)(1,750)(1,170)(1,750)225360000-11700003800012500000117800003 Financial assetsInvestments in group enterprises
DKK'000Cost beginning of year189,821Addition through business combinations etc75,312Disposals on divestments etc. (97,250)Additions34,371Cost end of year202,254Revaluations beginning of year(7,536)Addition through business combinations etc28,367Disposals on divestments etc. (7,423)Amortisation of goodwill(10,230)Share of profit/loss for the year15,964Dividend(19,500)Revaluations end of year(358)Carrying amount end of year201,896Goodwill or negative goodwill recognised during the financial year131,943A specification of investments in subsidiaries is evident from the notes to the consolidated financial statements.1290000-125000004 Non-current liabilities other than provisionsDue within 12
months2024DKK'000Due after
more than 12
months2024DKK'000Outstanding
after 5 years2024DKK'000Bank loans16,70072,8840Other payables041440316,70073,29840325042000-52890005 Contingent liabilitiesThe Entity participates in a Danish joint taxation
arrangement in which AE 2017 Admin ApS serves as the administration company.
According to the joint taxation provisions of
the Danish Corporation Tax Act, the Entity is therefore liable for
income taxes etc. for the jointly taxed entities, and also for obligations, if any, relating to the withholding of tax on
interest, royalties and dividends for the jointly
taxed entities. The jointly taxed entities' total known net liability under the joint taxation arrangement is
disclosed in the administration company's financial statements.21085000145680006 Assets charged and collateralAs security for the Group’s total bank debt to Jyske Bank A/S, the Parent Company has provided
collateral secured on the Company’s shares in Triarca ApS and Stitec AB.
Furthermore, the Parent Company guarantees all outstanding accounts with Triarca A/S.
8683400092790007 Related parties with controlling interestAE2017 Bidco ApS' related parties comprise the following:
Triarca A/S, Hornsyld, Denmark
Triarca GmbH, Munich, Germany
Stitec AB, Anderstorp, Sweden
Accent Equity 2017 AB holds the majority of the share capital in the Company.
248855000888 Non-arm’s length related party transactionsOnly non-arm's length related party transactions are disclosed in the annual report. No
such transactions were conducted during the financial year.1719600084Investments in group enterprisesInvestments in group enterprises are recognised and measured in the parent financial statements according to the equity
method.
This means that investments are measured at the pro rata share of the enterprises’ equity value plus
unamortised goodwill and plus or minus unrealised intra-group profits or losses.
Upon distribution of profit or loss, net revaluation of investments in group enterprises is transferred to
the reserve for net revaluation according to the equity method in equity.
Goodwill is the difference between cost of investments and fair value of the pro rata share of assets and liabilities arising
from
acquisitions. Goodwill is amortised straight-line over its estimated useful life, which is fixed based on the
experience gained by Management for each business area. For one amount of goodwill, it has not been
possible to estimate useful life reliably, for which reason such useful life has been set at 10 years.
Investments in group enterprises are written down to the lower of recoverable amount and carrying amount.
5647000-1751000953870001182300005353000535300072884000334200076226000168190000216460008840000969700049046000125272000248855000100010000340200080382000719500018420000025615000-1842000018420000002245000-22450000-1170000171960000564700095387000144150009580000850003395100065400080180002524000240630003104000125100031217000-35572000115090001020000012500000256150002331500011806000210850001 Staff costs2024
DKK'0002023
DKK'000Wages and salaries49,83642,752Pension costs4,3313,751Other social security costs1,08032655,24746,829Staff costs classified as assets(25,479)(21,412)29,76825,417Number of employees at balance sheet date11988Average number of full-time employees10684By reference to section 98b(3), (ii), of the Danish Financial Statements Act, remuneration to
Management is not
disclosed.1191062 Depreciation, amortisation and impairment losses2024
DKK'0002023
DKK'000Amortisation of intangible assets12,3419,363Depreciation on property, plant and equipment2,0752,66414,41612,0273 Other financial income2024
DKK'0002023
DKK'000Exchange rate adjustments153664Other financial income4961476498114 Other financial expenses2024DKK'0002023DKK'000Financial expenses from group enterprises270Exchange rate adjustments391748Other financial expenses7,7038,1998,1218,9475 Tax on profit/loss for the year2024
DKK'0002023
DKK'000Current tax2,23611Change in deferred tax1,294816Adjustment concerning previous years3958Refund in joint taxation arrangement08013,5691,6866 Proposed distribution of profit/loss2024
DKK'0002023
DKK'000Retained earnings(1,170)(1,751)(1,170)(1,751)-11700007 Intangible assetsCompleted development projects
DKK'000Acquired intangible assets
DKK'000Goodwill
DKK'000Development projects in progress
DKK'000Cost beginning of year05,069176,5374,360Addition through business combinations etc0018,0800Transfers4,02000(4,020)Additions0003,104Cost end of year4,0205,069194,6173,444Amortisation and impairment losses beginning of year0(1,247)(40,982)0Amortisation for the year(224)(897)(11,220)0Amortisation and impairment losses end of year(224)(2,144)(52,202)0Carrying amount end of year3,7962,925142,4153,4448 Development projectsTriarca develops and delivers solutions within areas such as electrical distribution, e-mobility, communication, and automation. We continuously develop new solutions in response to the evolving needs of our customers and,ultimately, consumers. Additionally, we actively contribute to the green transition, which significantly drives the demand for innovative solutions.
Our ongoing development projects serve to enhance and expand our company’s product range. Regularly, we introduce new products and upgraded solutions. Our assessment of these projects is based on their ability to enhance the application value of existing products and to introduce new products to the B2B market, thereby driving future sales.
We anticipate completing the currently ongoing development projects within the next 1-3 years.
9 Property, plant and equipmentPlant and machinery
DKK'000Other fixtures and fittings, tools and equipment
DKK'000Leasehold improvements
DKK'000Property, plant and equipment in progress
DKK'000Cost beginning of year20,1402,6594,089424Addition through business combinations etc2,85650000Transfers8612020(1,063)Additions0001,251Cost end of year23,8573,3614,089612Depreciation and impairment losses beginning of year(13,785)(1,468)(2,343)0Addition through business combinations etc(2,469)(339)00Depreciation for the year(1,338)(289)(447)0Depreciation and impairment losses end of year(17,592)(2,096)(2,790)0Carrying amount end of year6,2651,2651,29961210 PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years.11 Deferred tax2024DKK'0002023DKK'000Intangible assets2,2831,176Property, plant and equipment628664Inventories344414Provisions195(206)Other deductible temporary differences1,9030Deferred tax5,3532,048
Changes during the year2024DKK'0002023DKK'000Beginning of year2,0481,232Recognised in the income statement1,464816Deferred tax from Stitec acquisition1,8410End of year5,3532,04812 Non-current liabilities other than provisionsDue within 12
months
2024
DKK'000Due after
more than 12
months
2024
DKK'000Outstanding
after 5 years
2024
DKK'000Bank loans16,70072,8840Other payables1193,3422,68216,81976,2262,682Non-current other payables consists of accruals regarding holiday acording to danish law. Outstanding after 5
years is estimated based on the age of the workforce and the expected retirement age.13 Changes in working capital2024
DKK'0002023
DKK'000Increase/decrease in inventories6,2408,624Increase/decrease in receivables3,0793,864Increase/decrease in trade payables etc.261(12,461)9,5802714 Unrecognised rental and lease commitments2024
DKK'0002023
DKK'000Total liabilities under rental or lease agreements until maturity 40,93023,666Rent and lease liabilities includes rent obligations totalling DKK 39,223 thousand in interminable rent
agreements
with remaining contract terms of up to 9 years and 7 months. Furthermore, the Company has liabilities
under
operating leases, totalling DKK 1,707 thousand, with remaining contract terms of 1-5 years. The change from 2023 to 2024 is due to the acquisition of Stitec.15 Contingent liabilitiesThe Company has entered into contractual commitments regarding purchase of inventory of a total of
DKK 4,415 thousand.
The Entity participates in a Danish joint taxation
arrangement where AE 2017 Admin ApS serves as the
administration company. According to the joint taxation provisions of
the Danish Corporation Tax Act, the Entity
is therefore liable for income taxes etc for the jointly taxed entities, and for obligations, if any, relating to the
withholding of tax on interest, royalties and dividend for the jointly
taxed entities. The jointly taxed entities' total
known net liability under the joint taxation arrangement is
disclosed in the administration company's financial
statements.16 Non-arm’s length related party transactionsOnly non-arm's length related party transactions are disclosed in the annual report. No
such transactions were conducted during the financial year.17 SubsidiariesOwnership
%Stitec AB100.00Triarca A/S100.00Triarca GmbH100.00This annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act
governing reporting class C enterprises (medium).The accounting policies applied to these consolidated financial statements and parent financial statements are consistent with those applied last year.Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic
benefits will flow to the Entity, and the value of the asset can be measured reliably.
Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a
result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the
value of the liability can be measured reliably.
On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial
recognition is effected as described below for each financial statement item.
Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm
or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and
measurement.
Income is recognised in the income statement when earned, whereas costs are recognised by the amounts
attributable to this financial year. Consolidated financial statementsThe consolidated financial statements comprise the Parent and the group enterprises (subsidiaries) that are controlled by the Parent. Control is achieved by the Parent, either directly or indirectly, holding more than 50% of the voting rights or in any other way possibly or actually exercising controlling influence.
Basis of consolidationThe consolidated financial statements are prepared on the basis of the financial statements of the Parent and its subsidiaries. The consolidated financial statements are prepared by combining uniform items. On consolidation, intra-group income and expenses, intra-group accounts and dividends as well as profits and losses on transactions between the consolidated enterprises are eliminated. The financial statements used for consolidation have been prepared applying the Group’s accounting policies.
Subsidiaries’ financial statement items are recognised in full in the consolidated financial statements.
Investments in subsidiaries are offset at the pro rata share of such subsidiaries’ net assets at the acquisition date, with net assets having been calculated at fair value.Business combinationsNewly acquired or newly established enterprises are recognised in the financial statements from the time
of acquiring or establishing such enterprises. Divested or wound-up enterprises are recognised in the income
statement up to the time of their divestment or winding-up.
The purchase method is applied at the acquisition of new enterprises, under which identifiable assets and
liabilities of these enterprises are measured at fair value at the acquisition date. Provisions for costs of
restructuring of the enterprise acquired are only made in so far as such restructuring was decided by the
enterprise acquired prior to acquisition. Allowance is made for the tax effect of restatements.Positive differences in amount (goodwill) between cost of the acquired share and fair value of the assets
and liabilities taken over are recognised in intangible assets, and they are amortised systematically over
the income statement based on an individual assessment of their useful lives. Useful life is reassessed annually. The uniting-of-interests method is applied on acquisition of enterprises, mergers, etc. in which the enterprises concerned are controlled by the Parent,
under
which method the combination is considered completed at the date of acquisition without restatement
of
comparative figures. Under the uniting-of-interests method, the acquiree’s assets and liabilities are
recognised at
their carrying amounts, adjusted for any differences in accounting policies and accounting
estimates. The
difference between the consideration agreed and the carrying amount of the acquiree is
recognised in equity.The modified uniting-of-interests method is applied to vertical mergers in which the participating entities are subject to the Parent’s control. Under this method, assets and liabilities of the participating entities are recognised at the amounts at which they are recognised in the consolidated financial statements of the parent forming part of the merger.Gross profit or lossGross profit or loss comprises revenue, production costs and other operating income.RevenueRevenue from the sale of manufactured goods and goods for resale is recognised in the income statement
when delivery is made and risk has passed to the buyer. Revenue is recognised net of VAT, duties and
sales
discounts and is measured at fair value of the consideration fixed.Production costsProduction: Production costs comprise expenses incurred to earn revenue for the financial
year.
Production costs comprise direct and indirect costs for raw materials and consumables, wages and
salaries,
rent and lease, and amortisation, depreciation and impairment losses relating to intangible
assets and property,
plant and equipment included in the production process. In addition, the item includes
normal writedown of
inventories.
Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for normal inventory
writedowns.Distribution costsDistribution costs comprise costs incurred for sale and distribution of the Entity’s products, including wages
and salaries for sales staff, advertising costs, travelling and entertainment expenses, etc., and amortisation,
depreciation and impairment losses relating to intangible assets and property, plant and
equipment involved in
the distribution process.Administrative expensesAdministrative expenses comprise expenses incurred for the Entity’s administrative functions, including wages
and salaries for administrative staff and Management, stationery and office supplies, and amortisation,
depreciation and impairment losses relating to intangible assets and property, plant and equipment used for
administration of the Entity.Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary
activities, including profit from the sale of intangible assets and property, plant and equipment, and salary refunds.Income from investments in group enterprisesIncome from investments in group enterprises comprises the pro rata share of the individual enterprises’ profit/loss after full elimination of intra-group profits or losses.
Other financial incomeOther financial income comprises interest expenses, including interest income on receivables from group enterprises.Other financial expensesOther financial expenses comprise interest expenses.Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the
income statement by the portion attributable to the profit for the year and recognised directly in equity by
the
portion attributable to entries directly in equity.The Parent is jointly taxed with all of its Danish group enterprises. The current Danish income tax is allocated
among
the jointly taxed entities proportionally to their taxable income (full allocation with a refund
concerning tax losses).GoodwillGoodwill is the positive difference between cost and fair value of assets and liabilities arising from
acquisitions. Goodwill is amortised straight-line over its estimated useful life, which is fixed based on the experience gained by
Management for each business area. For the amounts of goodwill, useful life
has been determined based on an assessment of whether the enterprises
are strategically acquired enterprises with a strong market position and a long-term earnings profile and whether the amount of goodwill includes
intangible resources of a temporary nature that cannot be
separated and recognised as separate assets. Useful
lives are reassessed annually. The amortisation periods
used are 20 years.
Goodwill is written down to the lower of recoverable amount and carrying amount.Intellectual property rights etc.Intellectual property rights etc. comprise development projects completed with related
intellectual property rights, acquired intellectual property rights and prepayments for intangible assets.Development projects on clearly defined and identifiable products and processes, for which the technical rate
of utilisation, adequate resources and a potential future market or development opportunity in the enterprise
can be established, and where the intention is to manufacture, market or apply the product or process in
question, are recognised as intangible assets. Other development costs are recognised as costs in the income
statement as incurred. When recognising development projects as intangible assets, an amount equalling
the costs incurred less deferred tax is taken to equity in the reserve for development costs that is reduced
as the development projects are amortised and written down.
The cost of development projects comprises costs such as salaries and amortisation that are directly and
indirectly attributable to the development projects.
Indirect production costs in the form of indirectly attributable staff costs and amortisation of intangible
assets and depreciation on property, plant and equipment used in the development process are recognised
in
cost based on time spent on each project.
Completed development projects are amortised on a straight-line basis using their estimated useful lives
which are determined based on a specific assessment of each development project. If the useful life cannot
be estimated reliably, it is fixed at 10 years. For development projects protected by intellectual property
rights,
the maximum period of amortisation is the remaining duration of the relevant rights. The amortisation
periods
used are 5-10 years. Intellectual property rights acquired are measured at cost less accumulated amortisation. Patents are
amortised
on a straight-line basis over their remaining duration, and licences are amortised on a straight-line basis over the term of the agreement.
Intellectual property rights etc. are written down to the lower of recoverable amount and carrying amount.Property, plant and equipmentPlant and machinery, and other fixtures and fittings, tools and equipment are
measured at
cost less accumulated depreciation and impairment losses.
Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of
the
asset until the time when it is ready to be put into operation.
The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line
depreciation is made on the basis of the following estimated useful lives of the assets:Useful life
Plant and machinery5-15Other fixtures and fittings, tools and equipment3-10Leasehold improvements5-15For leasehold improvements and assets subject to finance leases, the depreciation period cannot exceed
the contract period.
Estimated useful lives and residual values are reassessed annually.
Items of property, plant and equipment are written down to the lower of recoverable amount and carrying
amount.InventoriesInventories are measured at the lower of cost using the FIFO method and net realisable value.
Cost consists of purchase price plus delivery costs. Cost of manufactured goods and work in progress consists
of costs of raw materials, consumables, direct labour costs and indirect production costs.
Indirect production costs comprise indirect materials and labour costs, costs of maintenance of, depreciation
on machinery, factory buildings and equipment used in the manufacturing process, and costs of factory administration and management. Finance costs are not included in cost.
The net realisable value of inventories is calculated as the estimated selling price less completion costs and
costs incurred to execute sale.ReceivablesReceivables are measured at amortised cost, usually equalling nominal value, less writedowns for bad and
doubtful debts.Joint taxation contributions payable or receivable Current joint taxation contributions payable or receivable are recognised in the
balance sheet, stated as tax computed on this year's taxable income, adjusted for
prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are
expected to be used under the joint taxation arrangement.Tax payable or receivable Current tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's
taxable income, adjusted for prepaid tax.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at
cost.CashCash comprises cash in hand and bank deposits.Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based
value of
assets and liabilities, for which the tax-based value is calculated based on the planned use of each asset. However, no deferred tax is recognised for amortisation of
goodwill disallowed for tax purposes and temporary
differences arising at the date of acquisition that do not result from a business combination and that do not have
any effect on profit or loss or on taxable income.
Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at
their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets.
Deferred tax relating to retaxation of previously deducted losses in foreign subsidiaries is recognised on the
basis of an actual assessment of the purpose of each subsidiary.Operating leasesLease payments on operating leases are recognised on a straight-line basis in the income statement over
the
term of the lease.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Cash flow statementThe cash flow statement shows cash flows from operating, investing and financing activities, and cash
and cash equivalents at the beginning and the end of the financial year.
Cash flows from operating activities are presented using the indirect method and calculated as the operating
profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
enterprises, activities and fixed asset investments, and purchase, development, improvement and sale,
etc. of intangible assets and property, plant and equipment.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend.
Cash and cash equivalents comprise cash.The cash flow statement shows cash flows from operating, investing and financing activities, and cash
and cash equivalents at the beginning and the end of the financial year.
Cash flows from operating activities are presented using the indirect method and calculated as the operating
profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
enterprises, activities and fixed asset investments, and purchase, development, improvement and sale,
etc. of intangible assets and property, plant and equipment.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend.
Cash and cash equivalents comprise cash.trueGrundlag for konklusionKonklusion33963556Deloitte Statsautoriseret RevisionspartnerselskabRevisionspåtegningRegnskabsklasse C, mellemstor virksomhed2023-12-312023-01-0133963556Weidekampsgade 6Deloitte Statsautoriseret Revisionspartnerselskab2300 København S2024-12-312024-01-01AE2017 Bidco ApS42462594ÅrsrapportAarhus C80002City Tower, VærkmestergadeHedenstedHornsyld87833Bjørnkærvej2025-06-25Benny Zakrisson