74218814 2024-01-01 2024-12-31 74218814 2024-01-01 2024-12-31 1 74218814 2024-01-01 2024-12-31 1 74218814 2024-01-01 2024-12-31 2 74218814 2024-01-01 2024-12-31 3 74218814 2024-01-01 2024-12-31 4 74218814 2024-01-01 2024-12-31 5 74218814 2024-01-01 2024-12-31 1 74218814 2024-01-01 2024-12-31 2 74218814 2024-12-31 74218814 2023-12-31 fsa:ContributedCapitalMember 74218814 2023-12-31 fsa:RetainedEarningsMember 74218814 2023-12-31 fsa:ProposedDividendRecognisedInEquityMember 74218814 2023-12-31 74218814 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 74218814 2024-01-01 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 74218814 2024-12-31 fsa:ContributedCapitalMember 74218814 2024-12-31 fsa:RetainedEarningsMember 74218814 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 74218814 2024-01-01 2024-12-31 fsa:ShorttermDeferredIncomeMember 74218814 2023-01-01 2023-12-31 iso4217:DKK xbrli:pure The Board of Directors and the Executive Board have today considered and approved the annual report of ITW GSE ApS for the financial year 01.01.2024 - 31.12.2024. 678343665 506018297 The annual report is presented in accordance with the Danish Financial Statements Act. 374786 1361943 In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2024 and of the results of its operations for the financial year 01.01.2024 - 31.12.2024. 312226193 291926091 We believe that the management commentary contains a fair review of the affairs and conditions referred to therein. 116317572 69745035 We recommend the annual report for adoption at the Annual General Meeting. 250174686 145709114 Odense 77845689 67160453 2025-03-12 556374 457815 Poul Laursen Elvstrøm 171772623 78090846 Chief Executive Officer 2281507 1680775 Manoela Pereira Fry 1362561 1158354 Chair 172691569 78613267 Poul Laursen Elvstrøm 39159008 17213714 Monique Martins 133532561 61399553 Lars Storm 2536719 1391458 Rasmus Bøgh Jørgensen 586636 352295 To the shareholder of ITW GSE ApS 10312178 1224405 We have audited the financial statements of ITW GSE ApS for the financial year 01.01.2024 - 31.12.2024, which comprise the income statement, balance sheet, statement of changes in equity and ​notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. ​ ​In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2024 and of the results of its operations for the financial year 01.01.2024 - 31.12.2024 in accordance with the Danish Financial Statements Act. 13435533 2968158 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 this auditor’s report. We are independent of the Entity in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 2429384 3041112 Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Entity’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so. 2429384 3041112 Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are ​free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes ​our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted ​in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material ​misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, ​individually or in the aggregate, they could reasonably be expected to influence the economic decisions of ​users taken on the basis of these financial statements.​​As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, ​we exercise professional judgement and maintain professional scepticism throughout the audit. We also:Identify and assess the risks of material misstatement of the financial statements, whether due to ​fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence ​that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a ​material misstatement resulting from fraud is higher than for one resulting from error, as fraud may ​involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.​Obtain an understanding of internal control relevant to the audit in order to design audit procedures ​that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the ​effectiveness of the Entity’s internal control.​Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates ​and related disclosures made by Management.​Conclude on the appropriateness of Management’s use of the going concern basis of accounting in ​preparing the financial statements, and, based on the audit evidence obtained, whether a material ​uncertainty exists related to events or conditions that may cast significant doubt on the Entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to ​draw attention in our auditor’s report to the related disclosures in the financial statements or, if such ​disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence ​obtained up to the date of our auditor’s report. However, future events or conditions may cause the ​Entity to cease to continue as a going concern.​Evaluate the overall presentation, structure and content of the financial statements, including the disclosures ​in the notes, and whether the financial statements represent the underlying transactions and ​events in a manner that gives a true and fair view.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. 15864917 6009270 32232783 48629247 Management is responsible for the management commentary. Our opinion on the financial statements does not cover the management commentary, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the management commentary and, in doing so, consider whether the management commentary is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the management commentary provides the information required by relevant law and regulations.Based on the work we have performed, we conclude that the management commentary is in accordance with the financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary. 0 270407 46913539 44345810 Aarhus 1430029 2196835 2025-03-12 80576351 95442299 Henrik Vedel 76138054 79557010 mne10052 181024106 59420878 State Authorised Public Accountant 8676149 7272200 Mikael Møller 10969133 647837 mne47835 2868535 2518898 State Authorised Public Accountant 279675977 149416823 Financial highlights2024 DKK'0002023 DKK'0002022 DKK'0002021 DKK'0002020 DKK'000Key figuresRevenue678,344506,018410,975374,518304,598Gross profit/loss250,175145,709112,758118,25692,129Operating profit/loss171,77378,09153,30467,01541,965Net financials919522(811)(334)(1,141)Profit/loss for the year133,53361,40040,38452,96532,330Total assets376,117250,868192,537201,648171,915Investments in property, plant and equipment12,9201,37146513875Equity272,074193,541152,142156,758138,793RatiosGross margin (%)36.8828.8027.4431.5830.25EBIT margin (%)25.3215.4312.9717.8913.78Return on equity (%)57.3635.5226.1535.8422.28Equity ratio (%)72.3477.1579.0277.7480.73Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark.Gross margin (%) :Gross profit/loss * 100 RevenueEBIT margin (%):Operating profit/loss * 100 RevenueReturn on equity (%) :Profit/loss for the year * 100 Average equityEquity ratio (%) :Equity * 100 Total assets 360252328 244859122 Primary activitiesThe Company’s primary activities consist of developing, manufacturing and selling electro-mechanical products to​the global aviation industry 376117245 250868392 Development in activities and finances Global Aviation has generally developed positively, and the company has managed to adjust its capacity to meet the market demand. In addition, the company has launched new products which further has contributed to growth in both turnover and result. There is a continued increased focus on sustainability among the aviation industry a development which the company's product portfolio supports. The management considers the overall performance for the year to be very satisfactory. Particular risks Business risks The Company’s products are primarily sold to the aviation industry where market proxies such as global passenger traffic and cargo airfreight are impacting the global demand. Apart from Asia-Pacific, where travel activity has not yet returned to the pre-covid level, activity in the company's main markets has fully recovered. Financial exposure There are no significant financial risks, despite sales on credit terms to customers. Intellectual capital resources ITW GSE’s vision is to develop, produce and deliver clean, reliable and cost-efficient ground support equipment, especially 400Hz and 28VDC Ground Power units as well as pre-conditioned air systems to the global Aviation industry. To deliver on the vision the company holds a wide range of high level educated employees in Research & Development, Project Management, Sales & Marketing. In addition, the company holds a number of relevant patents. 8000000 8000000 Profit/loss for the year in relation to expected developmentsManagement considers profit/loss for the year very satisfactory and above outlook from last year's annual report. 114073944 130541383 OutlookA stable market situation is expected in 2025, and a result is expected at the same level as in 2024. 150000000 55000000 Foreign branchesThe Company has a branch office in Dubai and a Sales Office in Singapore. 272073944 193541383 Statutory report on corporate social responsibilityITW GSE wants to do business in a responsible and sustainable way. The CSR policy is based on the areas that the ​Danish Financial Statements Act prescribes in relation to the Company's statutory report on corporate social responsibility. The CSR policy sets a common standard and guideline for employees in their daily work within the most relevant business areas: Social Responsibility, Business Ethics, Work Environment and Human Rights. ​ ​ITW GSE is part of the Illinois Tool Work Inc. ​The policy can be read in full length at www.itw.com/sustainability/our-people​Corporate social responsibility ​ITW GSE’s primary activities are as described on page 8, production and sale of electro-mechanical products to the global aviation industry. ​ ​The business model is comprised of three elements, 80/20 business processes, customer-focused innovation as well as a decentralized entrepreneurial culture. The Business model helps us stay focused on our core customers,​products and processes. When using these three elements on our CSR, our 80/20 allows us to focus on areas where we have the most impact. It is our clear objective to develop products that solve our customers’ problems with focus on sustainable and environmentally friendly solutions. ​ ​Our decentralized entrepreneurial culture is driven with the purpose of maximizing the positive influence on humans and environment and the local community of which we are a part. ​ ​Social conditions and employee relations ​ITW GSE strives to comply with laws and regulations concerning employee safety and health and often surpass the rules to ensure ’Living well at ITW’. ’Living well’ means a life with a work-life balance. ​​The most significant risk in working with electrical components is the risk of getting an electric shock in connection with the production and testing of the company's products. Through training and updating the knowledge of employees about these risks, focus is ensured on countering these risks. Compliance with the company's guidelines is monitored very closely, and any accidents and near accidents are recorded and followed up. ​ ​There have been no accidents in the financial year, and this is also the target for 2025. ​​​A more physically active day ​​ITW GSE offers their employees the opportunity to go exercising for 30 minutes daily during working hours and thus meets the Danish Health Authority’s recommendations.​​​Talent development and diversity ​It is ITW GSE’s objective to attract and retain talents and to ensure that the labor force, as a rule, reflects society in ​terms of gender, race and religion. We have observed, however, that the educations and competencies required by our products and industry are educations that primarily appeal to men. Therefore, the number of men versus women at ITW GSE differs from the societal distribution. ITW GSE has focus on diversity, and whenever new employees are hired, we consider whether we can improve the present gender composition as we believe that an​equal gender distribution will have a positive impact on our work environment. ​​ ​ ​​Anti-corruption and bribery ​ITW’s Anti-Corruption Policy has been adopted to supplement the ITW Principles of Conduct by further emphasizing the importance of complying with the FCPA, the OECD Convention, the UK Bribery Act and the anti-corruption laws of all countries in which ITW Companies operate. ​ ​In general, bribery means offering, giving or receiving anything of value directly or indirectly to influence the behavior of someone in government or business to obtain or retain business, or to secure an improper advantage. ​ ​In accordance with the policies in the ITW-group, ITW GSE strives to demonstrate ethical behavior and always appear fair and honest when doing business and always within the framework of the law, in whichever country business is performed. The ITW Group organizes a learning session for their employees on morality and ethics every year, and also in 2024. On this background, executives as well as employees of ITW GSE have a strong basis for meeting the Group’s ethical guidelines. ​ ​We have not found any violations regarding anti-corruption and bribery in 2024, and we expect the same for 2025. ​ ​Also in this area is ITW GSE continually updating its guidelines to match the development, and ITW GSE will therefore always meet the latest international provisions in this area. ​ ​Training on anti-bribery and corruption is included within ITW education portal, which also includes modules on areas such as compliance with laws, regulations and professional standards and the Global Code of Conduct. ​The training is required to be completed by client-facing personnel annually, with new hires completing such training within three months of joining a ITW. In addition, certain non-client facing personnel who work in finance,​procurement, or the sales and marketing departments are also required to participate in anti-bribery training tailored to these groups. ​ ​In 2024, the annual sessions for employees on morality and ethics will be held and/or ITW’s Principles of Conduct on anti-corruption will be benchmarked against the latest provisions in the area and updated if necessary. ​​​Supply chain ​ITW GSE ApS’ quality system is certified according to the ISO 9001:2015 standard. ITW examines its supply chain and enters into agreements with suppliers who ensure that their employees have a good and safe work environment. ​ ​Furthermore, ITW GSE meets the Dodd-Frank Act. ​ ​​Risk​ITW GSE assesses the primary risks related to any use of suppliers that do not comply with national and internationally recognized standards and legislation. ITW has prepared a formal Principles of Conduct, which contains the Group’s policy in this area.​​Environment and sustainability​ITW GSE is certified according to ISO 14001 and have through this standard implemented additional focus on developing and manufacture of environmentally friendly ground support equipment. ​ ​The aviation industry is met with increasing requirements to become cleaner and greener. True to our culture, ITW GSE naturally takes on the responsibility by developing and supplying cleaner, more reliable and more cost-efficient systems which meet our customers’ needs. The company's product range in general and the ITW GSE 7400 battery-powered ground power in particular support these needs. The 7400 results in a very low emission of​harmful pollutants, but also considerable environmental savings compared to conventional diesel-driven power supplies. ​ ​The significant revenue growth on these units continued in 2024, which confirms the market's high demand for environmentally friendly solutions ​ ​In the coming years, ITW GSE’s product development will also focus on the development of products aimed at reducing fossil fuels and a general reduction of the environmental impact. ​ ​Also in the company's production and operations in general, a number of activities have been carried out in 2024 that significantly reduce the company's resource consumption. Further recourse saving activities will be initiated in the coming years. ​​Socially responsible investments ​ITW GSE recognizes the UN Global Compact and the UN's six principles of responsible investment. The purpose of​ITW GSE's investments is to ensure the highest possible return in the long term, taking into account the risk and a​number of environmental, social and management issues.​​ ​​Human rights​ITW GSE ApS recognizes the United Nation’s (UN) convention on human rights and the abolition of child labor. ​ ​Risk ​ITW GSE does not believe that the Company has significant risks in relation to human rights violations. At present, ​the Company has no separate written policy in the area, but respect for human rights is an integrated part of the company, including ethics and supply chain. The Company operates in Denmark and follows the Danish law in this area. No infringements have been detected in this area. We refer to the following link in terms of human rights: Human-Rights-Policy.pdf (q4cdn.com) 8999603 5442436 8999603 5442436 22128097 4919172 15911520 20004573 Statutory report on data ethics policyThe Company have updated all Employee and Data Privacy policies to reflect the GDPR Regulations introduced in 2018. We have mapped each year as a Division what personal data we are holding on employees, customers, suppliers and other ITW Divisions. We have given training to our employees on what GDPR means to their day to day work and also on what action to take if there is a personal data breach. The Company is part of a Division which has a Data Protection Officer and a GDPR Steering Committee which meets quarterly. The Company does not use Data besides the GDPR regulations which means for example no use of AI in the Company. No actual data ethics policy has therefore been drawn up. 29924638 5390979 Events 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. 0 212728 This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (large).The accounting policies applied to these financial statements are consistent with those applied last year. 23068017 19126884 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. 4011426 2230237 Foreign currency translationOn initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the rate in effect at the payment date, or the rate at the balance sheet date, are recognised in the income statement as financial income or financial expenses. Property, plant and equipment, intangible assets, inventories and other non-monetary assets that have been purchased in foreign currencies are translated using historical rates. 95043698 51884573 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. 95043698 51884573 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 property, plant and equipment, and salary refunds. 376117245 250868392 Cost of salesCosts of raw materials and consumables comprise the consumption of raw materials and consumables for the financial year after adjustment of changes in inventories of these goods from the beginning to the end of the year. This item may include wastage and ordinary write-downs of the relevant inventories. 8000000 77 Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities, including expenses for premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of receivables recognised in current assets. 130541383 2063201 Staff costsStaff costs comprise salaries and wages, and social security contributions, pension contributions, etc for entity staff. 55000000 Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment comprise depreciation, amortisation and impairment losses for the financial year, and gains and losses from the sale of plant and equipment. 6399553 Other financial incomeOther financial income comprises dividends etc received on other investments, interest income, including interest income on receivables from group enterprises, net capital or exchange gains on securities, payables and transactions in foreign currencies, amortisation of financial assets, and tax relief under the Danish Tax Prepayment Scheme etc. 0 Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group enterprises, net capital or exchange losses on securities, payables and transactions in foreign currencies, amortisation of financial liabilities, and tax surcharge under the Danish Tax Prepayment Scheme etc. 55000000 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 Company is jointly taxed with all Danish group companies. The current Danish income tax is allocated among the jointly taxed entities proportionally to their taxable income (full allocation with refund concerning tax losses). 55000000 Property, plant and equipmentLand and buildings, plant and machinery, and other fixtures and fittings, tools and equipment are ​measured at cost less accumulated depreciation and impairment losses. Land is not depreciated.​​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. For self-constructed assets, cost comprises direct and indirect costs of materials, components, subsuppliers and labour costs. ​​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 Buildings33 yearsOther fixtures and fittings, tools and equipment5-10 yearsCars5-10 yearsComputer equipment1-3 yearsEstimated 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. -16467439 150000000 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. 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. 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 of and impairment losses relating to 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. 8000000 ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and doubtful debts. 114073944 Tax payable or receivableCurrent tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's taxable income, adjusted for prepaid tax. 150000000 PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost. DividendDividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for ​the financial year is disclosed as a separate item in equity. Extraordinary dividend adopted in the financial ​year is recognised directly in equity when distributed and disclosed as a separate item in Management's ​proposal for distribution of profit/loss. 1 Events after the balance sheet dateNo events have occured after the balance sheet date to this date which would influence the evaluation of this annual report. 2 Revenue2024 DKK2023 DKKEurope362,782,270226,330,170Middle East and Africa167,603,35463,597,662Asia96,124,81183,998,463North and South America51,833,230132,092,002Total revenue by geographical market678,343,665506,018,297Line-powered547,002,889407,123,060Engine-driven012,179,573Spare parts131,340,77686,715,664Total revenue by activity 678,343,665506,018,297 Other provisionsOther provisions comprise anticipated costs of non-recourse guarantee commitments, returns, loss on contract work in progress, decided and published restructuring, etc. Other provisions are recognised and measured as the best estimate of the expenses required to settle the liabilities at the balance sheet date. Provisions that are estimated to mature more than one year after the balance sheet date are measured at their discounted value. Non-recourse guarantee commitments comprise commitments to remedy defects and deficiencies within the guarantee period. 3 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 property, plant and equipment, and salary refunds. Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. 4 Fees to the auditor appointed by the Annual General Meeting2024 DKK2023 DKKStatutory audit services203,000193,500Other services26,00025,000229,000218,500 Prepayments received from customersPrepayments received from customers comprise amounts received from customers prior to delivery of the goods agreed or completion of the service agreed. 5 Staff costs2024​DKK2023​DKKWages and salaries71,700,84062,061,723Pension costs5,296,2624,395,883Other social security costs848,587702,84777,845,68967,160,453Average number of full-time employees8577Remuneration​of Management2024​DKKRemuneration​of Management​2023​DKKTotal amount for management categories2,797,9122,063,2012,797,9122,063,201Special incentive programmesThe companys Executive Board participates in ITWs central incentive programme. Deferred incomeDeferred income comprises income received for recognition in subsequent financial years. Deferred income is measured at cost. Cash flow statementIn pursuance of section 86 of the Danish Financial Statements Act, the preparation of cash flow statement is excluded, as it contained in the cash flow statement for the ultimate parent company Illinois Tool Works Inc., Illinois, USA. 85 true Remuneration​of Management2024​DKKRemuneration​of Management​2023​DKKTotal amount for management categories2,797,9122,063,2012,797,9122,063,201 Grundlag for konklusion 2797912 Konklusion The companys Executive Board participates in ITWs central incentive programme. Regnskabsklasse C, stor virksomhed 6 Depreciation, amortisation and impairment losses2024 DKK2023 DKKDepreciation of property, plant and equipment556,374457,815556,374457,815 33963556 7 Other financial income2024 DKK2023 DKKFinancial income from group enterprises2,252,1681,228,110Other interest income29,339452,6652,281,5071,680,775 2023-01-01 8 Other financial expenses2024 DKK2023 DKKFinancial expenses from group enterprises170,886704Exchange rate adjustments1,191,6751,157,6501,362,5611,158,354 2023-12-31 9 Tax on profit/loss for the year2024 DKK2023 DKKCurrent tax38,112,17117,953,331Change in deferred tax611,728(1,214,876)Adjustment concerning previous years435,109475,25939,159,00817,213,714 Aarhus C 10 Proposed distribution of profit and loss2024​DKK2023​DKKOrdinary dividend for the financial year150,000,00055,000,000Retained earnings(16,467,439)6,399,553 133,532,56161,399,553 8000 2 -16467439 City Tower, Værkmestergade Deloitte Statsautoriseret Revisionspartnerselskab 11 Property, plant and equipmentLand and buildings DKKOther fixtures and fittings, tools and equipment DKKProperty, plant and equipment in progress DKKCost beginning of year15,012,3352,840,3711,224,405Additions1,438,635497,34210,984,310Disposals0(260,380)(1,896,537)Cost end of year16,450,9703,077,33310,312,178Revaluations beginning of year504,63100Revaluations end of year504,63100Depreciation and impairment losses beginning of year(14,125,510)(2,488,076)0Depreciation for the year(293,373)(263,001)0Reversal regarding disposals0260,3800Depreciation and impairment losses end of year(14,418,883)(2,490,697)0Carrying amount end of year2,536,718586,63610,312,178 Odense 12 Deferred tax 2024 DKK2023 DKKFinancial assets2,429,3843,041,112Deferred tax2,429,3843,041,112 Changes during the year2024 DKK2023 DKKBeginning of year3,041,1121,826,236Recognised in the income statement(611,728)1,214,876End of year2,429,3843,041,112​Deferred tax assetsThe deferred tax asset related to temporary differences between the carrying amount and tax-based value of fixed assets and inventories. Odense N 13 Receivables from group enterprisesThe Company participates together with other Danish Group enterprises in a cash pool arrangement in which another company is liable as a sole contracting party towards the bank.​Receivables and payables in relation to the cash pool arrangement are recognised as intercompany receivables and payables, respectively. At 31 December 2024, the item receivables from group enterprises includes an amount of DKK 181m. 5270 Revisionspåtegning 14 PrepaymentsPrepayments consist of prepaid rent, insurance, and other cost. 2024-12-31 15 Share capitalThe share capital consists of 5.000 shares at DKK 1,000 and 50 shares at DKK 60.000. The shares have not been divided into classes. 2024-01-01 16 Other provisionsOther provision primarily comprise provision for claims. 17 Deferred incomeDeferred income consists of accrued revenue. 3331 18 Unrecognised rental and lease commitments2024 DKK2023 DKKLiabilities under rental or lease agreements until maturity in total2,574,6721,757,275 19 Contingent liabilitiesThe Entity participates in a Danish joint taxation arrangement where ITW Denmark 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. Smedebakken 20 Assets charged and collateralThe company has provided guarantees of DKK 30.813.370 for tender work, work in progress and work performed. ITW GSE ApS 21 Related parties with controlling interestThe following related parties have a controlling interest in ITW GSE ApS ITW Denmark ApS, Silkeborg, Denmark, Principal shareholder. Illinois Tool Works Inc., Chicago, USA, Ultimate Parent 74218814 22 Non-arm’s length related party transactionsOnly related party transactions not conducted on an arm’s length basis are disclosed in the annual report.​ No such transactions have been conducted in the financial year. 74218814 23 Group relationsName and registered office of the Parent preparing consolidated financial statements for the smallest group: Illinois Tool Works Inc., Chicago, USA The foreign consolidated accounts can be obtained by contacting Illinois Tools Works Inc. 5270 Odense N Smedebakken 31 ITW GSE ApS Årsrapport 2025-03-12 Poul Laursen Elvstrøm