iso4217:DKK249945702020-01-012020-12-31249945702020-01-012020-12-311249945702020-01-012020-12-312249945702020-01-012020-12-311249945702020-01-012020-12-312249945702020-01-012020-12-313249945702020-01-012020-12-311249945702019-01-012019-12-31249945702020-12-31249945702019-12-31249945702020-01-01249945702019-01-01249945702020-01-012020-12-311249945702019-01-012019-12-311249945702020-01-012020-12-3111249945702019-01-012019-12-3111249945702020-01-012020-12-3141249945702019-01-012019-12-3141249945702020-01-012020-12-3142249945702019-01-012019-12-3142RevisionspåtegningÅrsrapport24994570Lauritz.com A/SDynamovej11C2860SøborgDKDenmark1999-10-01Søborg+ 45 44 50 98 00www.lauritz.com2020-01-012020-12-312019-01-012019-12-312021-06-29Preben Vinkler LindgaardMette Margrethe Rode Sundstrøm Preben Vinkler LindgaardCEOCFOBengt SundströmClaus Due PedersenPreben Vinkler LindgaardChairman33963556Deloitte Statsautoriseret RevisionspartnerselskabWeidekampsgade60900København C33963556Deloitte Statsautoriseret RevisionspartnerselskabWeidekampsgade 60900 København CTo the shareholders of Lauritz.com A/SOpinionWe have audited the financial statements of Lauritz.com A/S for the financial year 01.01.2020 - 31.12.2020,<br/>which comprise the income statement, balance sheet, statement of changes in equity, cash flow statement<br/>and notes, including a summary of significant accounting policies. The financial statements are prepared in<br/>accordance with International Financial Reporting Standards as adopted by the EU and additional<br/>requirements of the Danish Financial Statements Act.<br/><br/>In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2020<br/>and of the results of its operations and cash flows for the financial year 01.01.2020 – 31.12.2020 in accordance<br/>with International Financial Reporting Standards as adopted by the EU and additional requirements of the<br/>Danish Financial Statements Act.Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and additional<br/>requirements applicable in Denmark. Our responsibilities under those standards and requirements are further<br/>described in the Auditor’s responsibilities for the audit of the financial statements section of this auditor’s report.<br/>We are independent of the Entity in accordance with the International Ethics Standards Board of Accountants' Code<br/>of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and<br/>we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit<br/>evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.We would like to draw attention to the information contained in note 1, where Management describe their basis<br/>for conclusion for preparing the annual report on a going concern assumption.<br/><br/>The going concern of the company is conditional on an assumption that the company can continue the<br/>development in revenue for the remaining part of the year as realized in 1 quarter 2021. The uncertainty related<br/>to estimation of future revenue and the consequent impact on cash in-flow in combination with the company’s<br/>limited cash and financing resources available, results in a situation where material uncertainty related to going<br/>concern exists.<br/><br/>Management has presented the financial statements on a going concern basis. We concur with Management’s<br/>assessment and therefore our opinion has not been modified with respect to this matter.Emphasis of matter regarding material uncertainty related to measurement of the Group's intangible<br/>assets<br/>We would like to draw attention to the information contained in note 11 of the consolidated financial<br/>statements, which states that Management of the Company has prepared an impairment test of the Group's<br/>intangible assets of DKK 172.2 million. The impairment test’s value in use of the intangible assets is close to<br/>the carrying amount and is based on optimistic assumptions for the development in key assumptions as<br/>revenue growth and growth in EBITDA for the period 2021-2026. Management has therefore illustrated in<br/>note 11 the sensitivity associated with the assumptions used for the impairment test. The current<br/>measurement of the Group's intangible assets is therefore subject to material uncertainty. As specified in<br/>note 11, it is Management’s assessment that the assumptions used for the impairment test are achievable<br/>and therefore no write-down for impairment of the Group’s intangible assets has been made. Our opinion has<br/>not been modified with respect to this matter.<br/>Emphasis of matter regarding material uncertainty related to measurement of the Parent's investment<br/>in equity interest in subsidiary<br/>As a consequence of the impairment test carried out of the Group’s intangible assets, we draw attention that<br/>there is a similar uncertainty associated with the measurement of the Parent’s investment in equity interest in<br/>subsidiaries of DKK 134.2 million after an impairment recognised of DKK 15.9 million, according to note 11 in<br/>the Parent financial statement. For an understanding of the uncertainty associated with the measurement of<br/>equity interest in subsidiaries, please refer to the sensitivity analyses performed by Management in connection<br/>with the impairment testing of the Group’s intangible assets in note 11. Similarly, these sensitivity analyses will<br/>apply to the measurement of the Parent’s equity interest in subsidiaries. Our opinion has not been modified<br/>with respect to this matter.Management is responsible for the management commentary.<br/><br/>Our opinion on the financial statements does not cover the management commentary, and we do not express<br/>any form of assurance conclusion thereon.<br/><br/>In connection with our audit of the financial statements, our responsibility is to read the management<br/>commentary and, in doing so, consider whether the management commentary is materially inconsistent with<br/>the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.<br/><br/>Moreover, it is our responsibility to consider whether the management commentary provides the information<br/>required under the Danish Financial Statements Act.<br/><br/>Based on the work we have performed, we conclude that the management commentary is in accordance with<br/>the financial statements and has been prepared in accordance with the requirements of the Danish Financial<br/>Statements Act. We did not identify any material misstatement of the management commentary.Management is responsible for the preparation of financial statements that give a true and fair view in<br/>accordance with International Financial Reporting Standards as adopted by the EU and additional<br/>requirements of the Danish Financial Statements Act, and for such internal control as Management determines<br/>is necessary to enable the preparation of financial statements that are free from material misstatement,<br/>whether due to fraud or error.<br/><br/>In preparing the financial statements, Management is responsible for assessing the Entity’s ability to continue<br/>as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going<br/>concern basis of accounting in preparing the financial statements unless Management either intends to<br/>liquidate the Entity or to cease operations or has no realistic alternative but to do so.Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free<br/>from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our<br/>opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in<br/>accordance with ISAs and the additional requirements applicable in Denmark will always detect a material<br/>misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,<br/>individually or in the aggregate, they could reasonably be expected to influence the economic decisions of<br/>users taken on the basis of these financial statements.<br/><br/>As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark,<br/>we exercise professional judgement and maintain professional scepticism throughout the audit. We also:<br/><br/> Identify and assess the risks of material misstatement of the financial statements, whether due to fraud<br/>or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that<br/>is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material<br/>misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve<br/>collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.<br/> Obtain an understanding of internal control relevant to the audit in order to design audit procedures that<br/>are appropriate in the circumstances, but not for the purpose of expressing an opinion on the<br/>effectiveness of the Entity’s internal control.<br/> Evaluate the appropriateness of accounting policies used and the reasonableness of accounting<br/>estimates and related disclosures made by Management.<br/> Conclude on the appropriateness of Management’s use of the going concern basis of accounting in<br/>preparing the financial statements, and, based on the audit evidence obtained, whether a material<br/>uncertainty exists related to events or conditions that may cast significant doubt on the Entity’s ability to<br/>continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw<br/>attention in our auditor’s report to the related disclosures in the financial statements or, if such<br/>disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence<br/>obtained up to the date of our auditor’s report. However, future events or conditions may cause the<br/>Entity to cease to continue as a going concern.<br/> Evaluate the overall presentation, structure and content of the financial statements, including the<br/>disclosures in the notes, and whether the financial statements represent the underlying transactions and<br/>events in a manner that gives a true and fair view.<br/><br/>We communicate with those charged with governance regarding, among other matters, the planned scope<br/>and timing of the audit and significant audit findings, including any significant deficiencies in internal control<br/>that we identify during our audit.Copenhagen2021-06-29Eskild Nørregaard JakobsenState-Authorised Public Accountantmne116811311380001367720008462700087797000300590002176400046511000489750004141600024291000-24964000292000067320008607000-31696000-56870009543000857480005775000035403000-7990300044658000-10042000-6203000-698610005086100000-69861000508610000062000001225100062200002181500015716000286370002796700033560003602000176800017900005124000539200074750001341910001817000211500023397000143005000141050006699000571580001763640001120009000065700014390002203600031866000571000114830001694800018317000270500035770004555300066682000263600001726300076440007644000104140001084820000171410000744160002285680002507800005309000053090000-102375000-3723400048360009556000-444490002541200012900001312000129000013120001479400001431000001344600013006000440960003792900042787000201170002287800093460000058000055800027172700022405600027301700022536800022856800025078000068970008396000-1553000-769200021000-67700026880000-11761000-15694000161900012577000-1396500035350009205000123900019630000-8474000Impairment assets/liabilitiesImpairment assets/liabilities-3624000372100010281000-12733000000297000068300062200040190005390004323000Contribution of share capital to subsidiariesContribution of share capital to subsidiaries0-2085000-83000-2167000579000558000Drawdown, senior loan Drawdown, senior loan Repayment, senior loanRepayment, senior loan0150000000-2312000-579000121300009619000-2770000