308960682024-01-012024-12-31308960682024-01-012024-12-311308960682024-01-012024-12-311308960682024-12-31308960682023-12-31fsa:ContributedCapitalMember308960682023-12-31fsa:RetainedEarningsMember308960682023-12-31308960682024-01-012024-12-31fsa:RetainedEarningsMember308960682024-12-31fsa:ContributedCapitalMember308960682024-12-31fsa:RetainedEarningsMember308960682023-01-012023-12-31iso4217:DKKxbrli:pureThe Executive Board has today considered and approved the annual report of Lind Value II ApS for the financial year 01.01.2024 - 31.12.2024. 51320004476000The annual report is presented in accordance with the Danish Financial Statements Act.-5132000-4476000In my 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 - 31.12.2024.69140006833000I believe that the management commentary contains a fair review of the affairs and conditions referred to therein.-12046000-11309000I recommend the annual report for adoption at the Annual General Meeting.944181000808862000Aarhus44946000382480002025-03-31887189000759305000Henrik Lind164477000165290000CEO722712000594015000To the shareholder of Lind Value II ApS35060002559000We have audited the financial statements of Lind Value II 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.0112189000We 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.3506000114748000Management 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.72156950004472325000Our 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.7215695000447232500026496000346846000Management 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.7245697000493391900072456970004933919000Aarhus340000000034000000002025-03-3120223130001299601000Thomas Rosquist Andersen54223130004699601000mne3148214435910000State Authorised Public Accountant14435910000Financial highlights2024 DKK'0002023 DKK'0002022 DKK'0002021 DKK'0002020 DKK'000Key figuresGross profit/loss(5,132)(4,476)(4,958)(3,561)(2,681)Operating profit/loss(12,046)(11,309)(10,286)(10,553)(9,092)Net financials899,235770,614(1,175,952)1,693,679403,952Profit/loss for the year722,712594,015(936,595)1,312,838307,990Total assets7,245,6974,933,9195,184,4806,254,6234,019,703Equity5,422,3134,699,6014,105,5865,042,1813,729,343RatiosReturn on equity (%)14.2813.49(20.48)29.938.61Equity ratio (%)74.8395.2579.1980.6292.78Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark.Return on equity (%)Profit/loss for the year * 100 Average equityEquity ratio (%) :Equity * 100 Total assets221780001416000Primary activitiesThe company's key activity is trading in the financial markets at its own expense.5300053000Development in activities and financesThe income statement of the Company for 2024 shows a profit of TDKK 722,712, and at 31 December 2024 the balance sheet of the Company shows positive equity of TDKK 5,422,313. 208963000227405000Profit/loss for the year in relation to expected developments2024 was a strong year for Lind Value II. It was a year with positive financial markets, which also impacted our investment results. The result corresponds to our expectations as stated in the outlook for 2024 from last year's annual report. Operationally and organizationally, we continued to make our operational setup stronger and leaner – both in our decision-making, in our trading and risk management as well as in our control systems. This work will continue intensively in 2025 and beyond. 1419310000OutlookIn 2025, our goal is to outperfrom the global equity markets, and we expect in absolute terms to deliver a profit after tax between of 650-790 m.DKK. Risk management Risk management is an important aspect of the business we run at Lind Value II. We take a proactive approach to risk management by focusing on mitigating downside risk and avoiding permanent loss of capital. In an investment context, our best risk management tool is having in-depth knowledge about the companies we own and how they operate in different market environments. Therefore, we need to have a detailed understanding of the very nature of the business model and to evaluate the management, capital structure, market environment and governance of each of our investments. This in order to make the correct risk assessment and to proactively execute on our risk mitigation plan if needed. This applies to all our investments. Alignment of interests is also a crucial part of our risk assessment. To us, alignment of interests is about sharing both the upside and the downside when entering a partnership with other stakeholders – whether for business or social purposes. In a corporate setting, the alignment is all about linking the owners' overall objective of the company to the stakeholders' objective of it, including the employees, in both the short and long-term. In a social context, the alignment must ensure that all members of a community or partnership share the same consequences when they succeed or fail. What is good for the group is good for the individual member and vice versa. The combination of having a detailed understanding of our investments and a strong focus on alignment of interests are keys drivers of risk management at Lind Value II. 66680005444000Statutory report on corporate social responsibilityThe statement required under section 99(a) of the Danish Financial Statements Act are contained in the Consolidated Financial Statement of Lind Invest ApS, Aarhus.379793000234318000Statutory report on data ethics policyThe statement required under section 99(d) of the Danish Financial Statements Act are contained in the Consolidated Financial Statement of Lind Invest ApS, Aarhus.1823384000234318000Events 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.72456970004933919000This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (large).34000000007Recognition 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.1299601000594015000Other external expensesOther external expenses comprise expenses for premises, sales as well as office expenses, etc.Staff costsStaff expenses comprise wages and salaries as well as payroll expenses.722712000Other financial incomeFinancial income and expenses are recognised in the income statement at the amounts relating to the financial year.Other financial expensesFinancial income and expenses are recognised in the income statement at the amounts relating to the financial year.3400000000Tax 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 the Parent Company and the Group's subsidiaries. The tax effect of the ​joint taxation with the subsidiaries is allocated to enterprises showing profits or losses in proportion to their ​taxable incomes (full allocation with credit for tax losses). The jointly taxed ​enterprises have adopted the on-account taxation scheme.2022313000ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and doubtful debts.Joint taxation contributions receivable or payableCurrent joint taxation contributions payable or joint taxation contributions receivable are recognised in the balance sheet, calculated as tax computed on the taxable income for the year, which has been 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 receivable or payableCurrent tax receivable or payable is recognised in the balance sheet, stated as tax computed on this year's taxable income, adjusted for prepaid tax.1 Fees to the auditor appointed by the Annual General MeetingFees to the auditor appointed by the Annual General Meeting are not disclosed pursuant to S. 96(3) of the Danish Financial Statements Act. Other investmentsCurrent asset investments, which consist of listed bonds and shares, are measured at their fair values at the balance sheet date. Fair value is determined on the basis of the latest quoted market price. Investments which are not traded in an active market are measured at the lower of cost and recoverable amount.2 Staff costs2024 DKK'0002023 DKK'000Wages and salaries6,6936,583Pension costs178202Other social security costs43486,9146,833Average number of full-time employees77Management remuneration has not been disclosed in accordance with S. 98 b(3) of the Danish Financial Statements Act.CashCash comprises cash in hand and bank deposits.7Other financial liabilitiesLoans, such as loans from credit institutions, are recognised initially at the proceeds received net of transaction expenses incurred. Subsequently, the loans are measured at amortised cost; the difference between the proceeds and the nominal value is recognised as an interest expense in the income statement over the loan period. Other debts are measured at amortised cost, substantially corresponding to nominal value.3 Other financial expenses2024 DKK'0002023 DKK'000Financial expenses from group enterprises12,47922,933Other financial expenses32,46715,31544,94638,2484 Tax on profit/loss for the year2024 DKK'0002023 DKK'000Current tax164,477165,290Change in deferred tax0249,643Adjustment concerning previous years0(249,643)164,477165,290Cash flow statementWith reference to section 86(4) of the Danish Financial Statements Act and to the cash flow statement included in the consolidated financial statements of Lind Invest ApS, CVR No 26 55 92 43, the Company has not prepared a cash flow statement.5 Proposed distribution of profit and loss2024 DKK'0002023 DKK'000Retained earnings722,712594,015 722,712594,015Grundlag for konklusion722712000KonklusionRegnskabsklasse C, stor virksomhed6 Non-current liabilities other than provisionsDue after more than 12 months​2024​DKK'000Bank loans1,443,5911,443,591339635567 Financial instrumentsMarket risk A part of the company's market risk arises in oilprices fluctations. The risk is partly mitigated and hedged on a daily basis in accordance with the mandates, policies and hedging strategy approved by the Executive Board. At the end of 2024, the fair value of commodity contracts amounted to DKK 6.4 million. The brent oil contracts have been entered into for the purpose of hedging future cash flows in oil. The hedging activity can be specified as follows: Hedging of future net cash inflows in USD was USD 29.8 million. The brent oil contracts primarily have a duration of three months. The company has recognised equity derivates (CFD) at fair value with value adjustments in profit-loss. At the end of 2024, the long exposure amounted to DKK 71.3 million and the fair value of equity derivates amounted to DKK -0.8 million. Credit risk The credit risk affecting the derivative financial instruments measured at fair value is considered minimal. 2023-01-018 Fair value informationListed securities and investments at fair value DKK'000Fair value end of year7,215,694Unrealised fair value adjustments recognised in the income statement621,563For listed securities and investments the fair value is determined on the basis of the latest quoted market price.2023-12-319 Contingent liabilitiesThe Entity participates in a Danish joint taxation arrangement where Lind Invest 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, Lind Invest ApS 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.Aarhus C800010 Assets charged and collateralAssets have been provided for bank debt amounting to TDKK 1,462,784 (TDKK 1,416 in 2023) The carrying amount of the assets charged is TDKK 4,536,064 (TDKK 3,127,928 in 2023). 211 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.City Tower, Værkmestergade12 Group relationsName and registered office of the Parent preparing consolidated financial statements for the largest group: ​Lind Invest ApS, CVR nr. 26 55 92 43​Værkmestergade 25 14, 8000 Aarhus CName and registered office of the Parent preparing consolidated financial statements for the smallest group:​Lind Invest ApS, CVR nr. 26 55 92 43​Værkmestergade 25 14, 8000 Aarhus CDeloitte Statsautoriseret RevisionspartnerselskabAarhusAarhus C8000Revisionspåtegning2024-12-312024-01-011425VærkmestergadeLind Value II ApS30896068339635562300 København SWeidekampsgade 6Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapport2025-03-31Henrik Lind