10458048 2024-01-01 2024-12-31 10458048 2024-01-01 2024-12-31 auditor_1 10458048 2024-01-01 2024-12-31 memberOfBoardIdentifier_1 10458048 2024-01-01 2024-12-31 memberOfBoardIdentifier_1 10458048 2024-01-01 2024-12-31 memberOfBoardIdentifier_2 10458048 2024-01-01 2024-12-31 memberOfBoardIdentifier_3 10458048 2023-01-01 2023-12-31 10458048 2022-01-01 2022-12-31 10458048 2021-01-01 2021-12-31 10458048 2020-01-01 2020-12-31 10458048 2024-12-31 10458048 2023-12-31 10458048 2022-12-31 10458048 2021-12-31 10458048 2020-12-31 10458048 2023-12-31 fsa:ContributedCapitalMember 10458048 2023-12-31 fsa:RetainedEarningsMember 10458048 2023-12-31 fsa:ProposedDividendRecognisedInEquityMember 10458048 2024-01-01 2024-12-31 fsa:ContributedCapitalMember 10458048 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 10458048 2024-01-01 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 10458048 2024-12-31 fsa:ContributedCapitalMember 10458048 2024-12-31 fsa:RetainedEarningsMember 10458048 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 10458048 2023-12-31 fsa:GoodwillMember 10458048 2024-12-31 fsa:GoodwillMember 10458048 2024-01-01 2024-12-31 fsa:GoodwillMember 10458048 2023-12-31 fsa:LandAndBuildingsMember 10458048 2023-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 10458048 2024-01-01 2024-12-31 fsa:LandAndBuildingsMember 10458048 2024-01-01 2024-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 10458048 2024-12-31 fsa:LandAndBuildingsMember 10458048 2024-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 10458048 2024-12-31 fsa:LandAndBuildingsMember fsa:LeasedAssetsMember 10458048 2024-12-31 fsa:FixturesFittingsToolsAndEquipmentMember fsa:LeasedAssetsMember 10458048 2023-12-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember 10458048 2024-01-01 2024-12-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember 10458048 2024-12-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember 10458048 2024-12-31 fsa:LongtermDebtToBanksMember 10458048 2023-12-31 fsa:LongtermDebtToBanksMember 10458048 2024-12-31 fsa:LongtermLeaseCommitmentsMember 10458048 2023-12-31 fsa:LongtermLeaseCommitmentsMember iso4217:DKK pure xbrli:pure Årsrapport 2024-01-01 2023-01-01 2024-12-31 2023-12-31 2025-06-19 10458048 2025-06-19 1986-10-01 Reporting class C, large enterprise KPMG 2100 København Ø Dampfærgevej 28 25578198 Auditor's report on audited financial statements Copenhagen 2025-06-19 KPMG 25578198 true Carsten Lausen Hoeck The Board of Directors and the Executive Board have today discussed and approved the annual report for Loxam A/S for the financial year 1 January - 31 December 2024. The annual report has been prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2024 and of the results of the Company's operations for the financial year 1 January - 31 December 2024.Further, in our opinion, the Management's review gives a fair review of the development in the Company's activities and financial matters, of the results for the year and of the Company's financial position. We recommend that the annual report be approved at the annual general meeting. Carsten Lausen Hoeck Gérard Georges Deprez Chairman Stéphane Jean Henon Patrick Hervé Bourmaud Independent auditor's report To the shareholder of Loxam A/S Opinion We have audited the financial statements of Loxam A/S for the financial year 1 January - 31 December 2024, comprising income statement, balance sheet, statement of changes in equity and notes, including 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 Company's assets, liabilities and financial position at 31 December 2024 and of the results of the Company's operations for the financial year 1 January - 31 December 2024 in accordance with the Danish Financial Statements Act. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the 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 our report.We are independent of the Company 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. Management's responsibility for the financial statementsManagement 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 that 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 Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statementsOur objectives are to obtain reasonable assurance as to 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 in Denmark will always detect a material misstatement when it exists. Misstatements may 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 financial statement users made 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 alsoidentify and assess the risks of material misstatement of the company 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 Company'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 Company'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 Company to cease to continue as a going concern.evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, 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. Statement on the Management's reviewManagement is responsible for the Management's review.Our opinion on the financial statements does not cover the Management's review, 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's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of the Management's review. Klaus Rytz mne33205 Loxam A/S Fabriksparken 30 DK-2600 Glostrup +45 46 16 19 20 www.loxam.dk Albertslund 746481000 590645000 569397000 512580000 490257000 441072000 342119000 306203000 271870000 249392000 87726000 61490000 58628000 52126000 32334000 -29989000 -23197000 -17946000 -14363000 -16030000 44675000 27614000 30252000 28311000 11581000 830455000 730128000 731935000 628307000 578982000 105163000 130911000 198513000 149345000 72453000 144560000 50975000 -53361000 -49109000 -20798000 591 579 538 530 509 118 104 103 102 66 335 265 286 304 398 457 529 590 810 772 345000 279000 277000 259000 255000 The financial ratios have been calculated as follows:Gross marginGross profit/loss x 100 / RevenueOperating marginProfit/loss before financial income and expenses x 100 / RevenueCurrent ratioCurrent assets x 100 / Current liabilitiesReturn on equityProfit/loss after tax x 100 / Average equity Principal activities The Company's main activity consists of rental of earthmoving and construction equipment, site and office huts, mobile huts, lifts, trucks, etc. From all its branches, the Company supplies earthmoving and construction equipment to the public sector, the industry sector and private customers (primarily through DIY partners on the private segment). The Company operates from 37 branches around Denmark, has 345 average number of full-time employees and a product range of more than 30,000 items of equipment. Please also see the Company's website, www.loxam.dk. All numbers below are for the combined entity of Loxam A/S and JM Trykluft A/S which have been merged in 2024 as Loxam A/S as the continuing company. Historic data is updated to include the combined entities. Development in activities and financial position Profit for the year (including comparison with forecasts previously announced) The revenue for the year decreased by DKK 8,624 thousand compared to 2023, driven by a relatively flat market in the construction sector and the ending of a few large projects at end 2023. The profit before tax for 2024 amounted to DKK 57.738 thousand compared to a profit before tax of DKK 72,531 thousand in 2023 (Incl. JM Trykluft A/S). The decrease in result is primarily caused by increasing interest rates, and one of cost related to the merger activity between the two enitities. The development in revenue and profit before tax is not satisfying, and we do expect a recovery in 2025 especially on profit before tax. Investments The investments in tangible fixed assets in 2024 amounted to DKK 105,163 thousand. Financial risk The company is part of the Loxam group cashpool initiative, and the primary funding is intergroup so as local Danish entity the financial risk exposure is very limited. All FX risk is handled in Group treasury. The depreciation period for goodwill is determined out of an assessment based on the fact that it is concerning strategic acquisitions of entities with strong market positions and long-term growth profile based on ongoing and long term work collaborations. Outlook The Company expects the market conditions to remain at the 2024 level in the construction sectors, growth at around 2-3% due to inflation. The revenue is expected to be in line with the 2024 results (Inflation adjusted). Turnover is expected to increase marginally with the inflation, and Profit before tax for the combined entity is expected to be significantly better than 2024 for the combined entity. Events after the balance sheet date No events have occurred after the balance sheet date of material importance to the annual report for 2024. Statement on corporate social responsibility Our company operates as an asset owner of entrepreneur machinery which is rented out to the professional segment for both short-term and medium-term rentals. Our model is that we operate a full range of rental equipment with a full range of services and repair workshops servicing the professional building sectors needs. CSR is an essential part of what we care about and what we do. LOXAM's development has always hinged on the requirement to meet the expectations of our stakeholders, and especially our customers. This commitment has resulted in us adopting the ISO 9001 quality standard, which was later followed by the ISO 14001 environmental management standard, which aims to significantly curb our business' impact on the environment. Getting both certifications at European level is the result of a policy combining excellence, quality and respect for the environment, which the Group has been implementing for several years. The certifier SGS has assessed our CSR policy, resulting in the Group attaining level three in the ISO 26000 standard. Our commitment to CSR is built on the three major pillars: — Supporting the UN Global Compact and making progress every year on the application of its 10 universal principles by taking part in the Global Compact. — Applying the Code of Ethics, which covers the ethical issues related to our business sectors. — Developing a governance and CSR performance framework as part of the ISO 26000 standard by engaging all stakeholders. Climate targets and environmental matters Loxam Denmark has the ambition to live up to the applicable rules and regulations and support a sustainable development of society by seeking to minimize its environmental impact and offer environmentally friendly products and solutions to its clients. In Loxam, we practice waste separation to minimize our environmental impact from waste disposal. Action plans are implemented to ensure that all waste is sorted by nature so that all waste can be recycled. Waste per branch is registered via the taker in an environmental report to the local authorities, divided by volume and amount. All of our suppliers within the waste industry is required by us to be ISO 14001 certified. One of the biggest risks is for our products/solutions to have increased negative impact on the environment and climate. To manage that, we continuously strive to development innovative technologies, which can handle the ever pressing environmental and climate challenges. This focus is increasing, and together with other companies in the group we are working on new solutions and products to minimize the impact of the climate and local environment on building sites. As an example, we have invested in climate-friendly machines in our Rental Fleet to ensure the least impact on the climate. Moreover, Loxam is subject to the Danish Executive Order no. 1212 of 19 November 2014 requiring an examination on the energy consumption audit of production managers (these have been conducted so that the consumption is divided by nature). In accordance with the guidelines of the Danish Executive Order, potential savings are calculated. Based on the report action plans for savings are implemented (example is changed to LED light, updating of heating systems, etc.). For future investments, Loxam Denmark has set up a target, that at least 50% of new investments in rental fleet consist of zero emission machines, and furthermore all new machines with diesel engines will be in the stage V in the European Emission Standard. The zero emissions ratio (battery) or non-engine equipment was 15% of new fleet investment in 2022 and 17% in 2023 for 2024 we achieved 64% due to large orders on non-engine equipment. The target remains 50% in 2025-2027. Social and employee staff matters Aligned with Group, our corporate culture is a source of cohesion and commitment from all of our employees and is founded on cordial relations, enhancing a sense of belonging, and increasing team motivation. Loxam A/S has always been keen to develop knowledge and training internally. We provide annual trainings to further develop the employees' technical skills. One of the biggest risks is the employees' retention, which we manage through our development trainings and employees' satisfactory surveys that guide us to improve ourselves as employer and continue delivering value to our employees. In 2023, a Great Place To Work survey both globally and locally in Loxam group was conducted, and the results of the survey showed in improvement in overall employee satisfaction from 2018 46%, 2021 78% 2022 82% 2023 84%, in 2024 only a “pulse” survey was conducted with a 69% overall satisfactory rate as a result, a full survey will be conducted in 2025. In Loxam Denmark, we have an ambassador program, which was launched after the Great Place To Work Survey back in 2019, and consists of a wide sample of employees meeting quarterly to voice the employees perspective in all matters concerning the employee well being to top management. The ambassador team work closely with the branches and the management team to create a good working environment and has for example launched a new setup for working clothes to secure the staffs safety and well-being. In the future we will continue to work with our staff wellbeing and development of competencies through continuous training. We have a high focus on safety being one of our main priorities to secure a safe work environment, and we are continuing our efforts to improve safety for both our employees and our customers. In this connection, we have implemented specific safety rules that should be followed. It is very important for the employees to know, that Loxam is a safe place to work. Safety is monitored by the Management and HSE team and Branch Visits are staged to secure the safety, from 2023 Loxam A/S will implement the Loxam group standard reporting on LTIFR (Lost Time Accident Frequency Rate). Safety development (Data updated including JM Trykluft A/S) 2021: No of accidents with absence 13, LTIFR 18,5 2022: No of accidents with absence 9, LTIFR 12,8 2023: No of accidents with absence 10, LTIFR 14,2 2024: No of accidents with absence 13, LTIFR 18,5 Human rights After internal considerations on the need for implementing a human rights policy and continuously following strongly imposed regulations in Denmark, we have assessed that there is no need to implement an individual company specific policy on human rights. Consequently, at the current stage no official policy has been developed in regard to human rights. Anti-Corruption Our policy on anti-corruption and bribery is aligned with the Group's commitment within Ethics. To ensure continuous compliance with the policy, all the branches are updated on recent amendments to the policy. The full policy for Ethics within the organization can be found on following link: https://assets.ctfassets.net/3nvw8giizhxj/23Jtfbjjvn4jatZZ8q1R9P/90817183b6ea7382b7449db5bbe3785b/CharteEthique-GroupeLoxam.pdf The Code of Ethics is fully implemented. All employees are informed and have received the Code of Ethics. Also, a whistle-blower function is implemented and has been communicated to all employees. The Code of Ethics contains 5 main themes. 1) Corporate social responsibility 2) Respect for and protection of people 3) Ethics for customers and partners 4) Protection and proper use of the Group's assets 5) Information on, control of and monitoring of the application of the Code of Ethics The main risks related to our activities include employees and suppliers' violation of our Code of Ethics, anti-corruption policies, and potential and financial consequences hereof. In order to limit such risks, we provide annual trainings to both current and new employees, and especially in the finance team this is a main focus area to be trained to spot any possible fraud. Due to our Code of Ethics, we must always ensure compliance with the law, and we have therefore procedures to secure against any offenses. If any breach of law happens, the cooperation stops immediately, and the relevant authorities are informed. We are committed to continuing to fight corruption and bribery in our day-to-day interactions with customers and suppliers. In 2024, zero cases were reported under the anti-corruption and bribery code of conduct The Board of Loxam Denmark has three representatives who have been chosen in relation to their experience within the rental industry, and they are senior managers of the Loxam Group. Loxam Denmark has acknowledged the changes in the Danish Financial Statements Acts regarding an equal distribution of gender among Board members and senior management. This will be considered, aside from the professional experience, when a position becomes available, with the aim to increase the female representation to an equal distribution. Currently we have three members as part of our Board of Directors, which are all males. As there have not been changes in the composition of the Board of Directors we have not progressed further, but it remains our target for the year to come. Therefore, we have set a target of one female to be hired in the Board of Directors by 2026. The Company highly values employees' diversity and hires employees on the basis of their skills, irrespective of their gender, race, religion and culture. Recruitment processes support diversification for both Management positions as well as other positions. When a position in Management becomes vacant, and we begin a new recruitment process, we always encourage every candidate finding the job relevant, to apply for the position regardless of gender and age. When we use recruiting agencies/headhunters we specifically ask to have female candidates presented, and if we have two equal candidates we will select the less represented gender to fulfill the role. At management level we have 6 female managers out of a total of 47 Which one less member than 2023 as one regional manager position was down sized vs prior years, we made a conscious effort, and even though the numbers are low we strive to increase the level in the future. 3000 3000 0 0 0 0 0 0 0 0 2026 2026 47000 48000 0 0 0 0 0 0 0 0 0 0 0 0 0 2026 2026 Statement on data ethics In Loxam, we work with data ethics operationally through internal procedures. All data, managed by Loxam, is handled after the given legislations for data handling. Loxam collects, and use collected data solely for the purpose for which it was intended, which is fully described in our policy for handling personal data on our website. Due to the fact, that the employees is trained in our code of conduct, and the given legislations for handling personal data, we do refer to the Loxam group data protection policy available at www.loxam.fr 746481000 590645000 21669000 16858000 128834000 101498000 198244000 163886000 441072000 342119000 207795000 160602000 145240000 119748000 311000 279000 87726000 61490000 274000 453000 30263000 23650000 57737000 38293000 13062000 10679000 44675000 27614000 5924000 0 9074000 0 644639000 0 15214000 0 5038000 0 139634000 0 1152000 0 2994000 0 3997000 0 2789000 2122000 830455000 730128000 4350000 4340000 65210000 19635000 75000000 27000000 144560000 50975000 52311000 46371000 1654000 1654000 53965000 48025000 1589000 1700000 165543000 152937000 167132000 154637000 16013000 10256000 32571000 24518000 319688000 364855000 61716000 47640000 34720000 20879000 90000 8343000 464798000 476491000 631930000 631128000 830455000 730128000 4340000 19635000 27000000 10000 75900000 26700000 0 0 -53700000 0 -30325000 75000000 4350000 65210000 75000000 The annual report of Loxam A/S for 2024 has been prepared in accordance with the provisions applying to reporting class C large entities under the Danish Financial Statements Act.The accounting policies used in the preparation of the financial statements are consistent with those of last year.ReclassificationsReferring to the true and fair view set out in the Danish Financial Statements Act, the Company has reclassified individual items in the income statement. The reclassifications have affected the items 'Other external cost' and 'Staff cost' but have not affected results before tax, results for the year or equity. Comparative figures have been restated accordingly. Omission of cash flow statementPursuant to section 86(4) of the Danish Financial Statements Act, no cash flow statement has been prepared. The Company's cash flows are included in the cash flow statement in the consolidated financial statements of Loxam S.A.S, France. Omission of disclosure of fees to auditor appointed at the general meetingFee to the auditor appointed at the general meeting has not been disclosed in accordance with section 96 (3) of the Danish Financial Statements Act. Business combinations When acquiring new entities or merging with existing entities, the book value method is applied. The transfer is carried out for accounting purposes at the time when control is transferred. This means that the acquired company's net assets and operating profit are recognized from the date control is obtained. Transactions such as mergers, demergers, share exchanges and contributions of assets will be recognized as of the first day of the financial year. No adjustments to adjust comparative figures from previous financial years will be made, and nether adjustment of 5 years financial highlights. Also, no adjustments or revaluations of accounting values are made. If the company is transferred at a value other than the accounting values, this difference is recognized directly in equity. Foreign currency translation On initial recognition, transactions denominated in foreign currencies are translated at the exchange rates at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses. Receivables, payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the latest financial statements is recognised in the income statement as financial income or financial expenses. Revenue Revenue from equipment rental is recognised in the income statement in accordance with the completedcontract method. Cut-off is made for pre-invoicing. Revenue is calculated excluding VAT and other duties. All discounts granted are recognised as a deduction of revenue. Cost of sales Cost of sales include costs, which are directly related to the activity such as purchases of products for sale, rehired equipment and transport costs. Other operating income Other operating income comprises items secondary to the activities of the Company, including gains on the disposal of property, plant and equipment. Other external costs Other external costs comprise costs relating to sales, marketing, administration, office premises, loss on debtors, operating leases, etc. Staff costs Staff costs comprise wages and salaries, including holiday allowance, pension and other social security costs. Other operating costs Other operating costs comprise items secondary to the activities of the entities, including losses on the disposal of intangible assets and property, plant and equipment. Financial income and expenses Financial income and expenses comprise interest income and expense, financial costs regarding finance leases, gains and losses on securities, payables and transactions denominated in foreign currencies, amortisation of financial assets and liabilities as well as surcharges and refunds under the on-account tax scheme, etc. Tax on profit for the year Tax for the year comprises current tax for the year and changes in deferred tax, including changes in tax rates. The tax expense relating to the profit/loss for the year is recognised in the income statement at the amount attributable to the profit/loss for the year and directly in equity at the amount attributable to entries directly in equity. Intangible assets Patents, licences and trademarks Gains and losses on the disposal of intangible assets are determined as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses are recognised in the income statement as other operating income or other operating costs, respectively. Goodwill Goodwill is amortised on a straight-line basis over the estimated useful life determined on the basis of Management's experience within the individual business areas. The amortisation period is 20 years. The depreciation period for goodwill is determined out of an assessment based on the fact that it is concerning strategic acquisitions of entities with strong market positions and long-term growth profile based on ongoing and long-term work collaborations. Property, plant and equipmentLand and buildings, fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses.Cost comprises the purchase price and any costs directly attributable to the acquisition until the date on which the asset is available for use. Indirect production overheads and borrowing costs are not recognised in cost.Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items, which are depreciated separately.The basis of depreciation is cost less any projected residual value after the end of the useful life. Depreciation is provided on a straight-line basis over the estimated useful life. The estimated useful lives are as follows:Buildings25 yearsFixtures and fittings, tools and equipment2-15 yearsThe useful life and residual value are reassessed annually. Changes are treated as accounting estimates, and the effect on depreciation is recognised prospectively.Land is not depreciated. Gains and losses on the disposal of property, plant and equipment are stated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses are recognised in the income statement as other operating income or other operating costs, respectively. Leases On initial recognition, leases for fixed assets that transfer substantially all risks and rewards incident to ownership to the Company (finance leases) are recognised in the balance sheet at the lower of fair value and the net present value of future lease payments. When the net present value is calculated, the interest rate implicit in the lease or the incremental borrowing rate is used as the discount factor. Assets held under finance leases are subsequently depreciated as the Company's other fixed assets. The capitalised lease obligation is recognised in the balance sheet as a liability at amortised cost, allowing the interest element of the lease payment to be recognised in the income statement over the term of the lease. All other leases are operating leases. Payments relating to operating leases and other leases are recognised in the income statement over the term of the lease. The Company's total obligation relating to operating leases and other leases is disclosed as contractual obligations and contingencies, etc. Securities and equity investments Other securities and equity investments included in investment comprise unlisted shares that Management considers investment securities. The equity investments are measured at cost. Other securities and equity investments recognised as current assets comprise listed securities measured at fair value at the balance sheet date, corresponding to market value. Impairment of fixed assets The carrying amount of intangible assets and property, plant and equipment is subject to an annual test for indications of impairment other than the decrease in value reflected by depreciation or amortisation. Impairment tests are conducted of individual assets or groups of assets when there is an indication that they may be impaired. Write-down is made to the recoverable amount if this is lower than the carrying amount. The recoverable amount is the higher of an asset's net selling price and its value in use. The value in use is determined as the present value of the forecast net cash flows from the use of the asset or the group of assets, including forecast net cash flows from the disposal of the asset or the group of assets after the end of the useful life. Previously recognised write-downs are reversed when the basis for the write-down no longer exists. Inventories Inventories are measured at cost in accordance with the weighted average cost method. Where the net realisable value is lower than cost, inventories are written down to this lower value. Receivables Receivables are measured at amortised cost. Write-down is made for bad debt losses where there is an objective indication that a receivable has been impaired. Write-downs are calculated as the difference between the carrying amount of receivables and the present value of expected cash flows. Prepayments Prepayments comprise prepayment of costs incurred relating to subsequent financial years. Cash at bank and in hand Cash at bank and in hand comprise cash and bank deposits. EquityDividends The expected dividend payment for the year is disclosed as a separate item under equity. Provisions Provisions comprise anticipated costs for refurbishment of leaseholds. Provisions are recognised when, as a result of past events, the Company has a legal or a constructive obligation, and it is probable that there may be outflow of resources embodying economic benefits to settle the obligation. Provisions are measured at value in use. Corporation tax and deferred tax The Company is jointly taxed with Loxam Denmark Holding A/S. Current joint taxation contribution payable is recognised in the balance sheet as tax computed on the taxable income for the year adjusted for tax on the taxable income of prior years and for tax paid on account. Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax value of assets and liabilities measured on the planned use of the asset or settlement of the liability, respectively. However, deferred tax is not recognised on temporary differencesrelating to items where temporary differences arise at the date of acquisition without affecting either profit/loss or taxable income. Deferred tax assets, including the tax value of tax loss carryforwards, are recognised at the expected value of their utilisation within the foreseeable future; either as a set-off against tax on future income or as a setoff against deferred tax liabilities in the same legal tax entity. Any deferred net assets are measured at net realisable value. Deferred tax is measured in accordance with the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Changes in deferred tax as a result of changes in tax rates are recognised in the income statement or equity, respectively. Liabilities other than provisions Financial liabilities are recognised at the date of borrowing at cost, corresponding to the proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortised cost, corresponding to the capitalised value using the effective interest rate. Accordingly, the difference between cost and the nominal value is recognised in the income statement over the term of the loan together with interest expenses. Finance lease obligation comprise the capitalised residual lease obligation of finance leases. Other liabilities are measured at amortised cost, which usually corresponds to nominal value. Deferred income Deferred income comprises payments received or income booked that cannot be recognised until the subsequent financial year. No information about segments is shown as the Company only has rental activities in Denmark. 187255000 145100000 17307000 12930000 3233000 2572000 345 279 18326000 15642000 1086000 509000 10851000 7499000 12003000 9330000 1059000 1349000 75000000 27000000 -30325000 614000 13164000 13164000 -6582000 -658000 -7240000 5924000 23678000 1499447000 0 447203000 0 105163000 68000 -68000 -68000 -101417000 23678000 1950328000 -13117000 -925666000 0 -330572000 -1487000 -143095000 68000 93576000 -68000 68000 -14604000 -1305689000 9074000 644639000 0 243694000 13024000 2190000 15214000 15214000 Insurance premiums02,754 Prepaid rent and other prepaid expenses3,9972,530 The share capital comprises 4,350,000 shares of DKK 1 each. All shares rank equally. 46371000 0 1059000 0 4881000 0 Property, plant and equipment 102,67290,862Liabilities other than provisions -50,361-44,491 DKK'00031/12 202431/12 2023Other provisions at 1 January 20241,6541,654Other provisions at 31 December 20241,6541,654 Other provisions comprise expected costs for refurbishment of leaseholds upon exit of lease contracts. The provisions are not expected to be utilised within the next 5 years. 16013000 10256000 451000 449000 1138000 1251000 61716000 47640000 164744000 152651000 799000 286000 167132000 154637000 77729000 57896000 Deferred income of DKK 90 thousand (2023: DKK 8,343 thousand) comprise payment received or income booked that cannot be recognised until the subsequent financial year. Contingent liabilitiesThe Company is jointly taxed with Loxam Denmark Holding A/S. The companies included in the joint taxation have joint and several unlimited liability for Danish corporation taxes. At 31 December 2024, the net taxes payable to the Danish tax authorities subsequent corrections of the taxable income subject to joint taxation may entail that the companies' liability will increase. The Group as a whole is not liable to others.According to loan agreement the Company is restricted in repaying group internal loans, provide security in its assets as well as sell, lease or otherwise dispose of assets including property, plant and equipment, inventory and shares in subsidiaries. The loan amounts to DKK 16 million (2023: DKK 16 million).Operating lease obligationsLease obligations (operating leases) falling due until the end of the contracts total DKK 13,423 thousand (2023: DKK 13,044 thousand).Obligations on rent falling due until the end of the contracts totalling DKK 55,224 thousand (2023: DKK 50,053 thousand). Control Loxam Denmark Holding A/S, Fabriksparken 30, 2600 Glostrup Loxam Denmark Holding A/S holds the majority of the contributed capital in the Company. Loxam A/S is part of the consolidated financial statements of Loxam S.A.S., 256 Rue Nicolas Coatanlem, 56850 Caudan, France, which is the smallest and largest group, in which the Company is included as a subsidiary. The consolidated financial statements of Loxam S.A.S. can be obtained by contacting the Company at the above address.DKK'0002024 Administrative services from a group company-19,795 Lease of equipment from a group company-7,813 Turnover made with a group company70 Interest from a group company-18,325 Payables to Group Company are disclosed in the balance sheet, and expensed interest is disclosed in note 4. No events have occurred after the balance sheet date of material importance to the annual report for 2024.