73162718 2024-01-01 2024-12-31 73162718 2024-01-01 2024-12-31 1 73162718 2024-01-01 2024-12-31 1 73162718 2024-01-01 2024-12-31 2 73162718 2024-01-01 2024-12-31 3 73162718 2024-01-01 2024-12-31 1 73162718 2024-01-01 2024-12-31 2 73162718 2024-12-31 73162718 2023-12-31 fsa:ContributedCapitalMember 73162718 2023-12-31 fsa:RetainedEarningsMember 73162718 2023-12-31 fsa:ProposedDividendRecognisedInEquityMember 73162718 2023-12-31 73162718 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 73162718 2024-01-01 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 73162718 2024-12-31 fsa:ContributedCapitalMember 73162718 2024-12-31 fsa:RetainedEarningsMember 73162718 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 73162718 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 Densit ApS for the financial year 01.01.2024 - 31.12.2024. Unusual circumstances affecting recognition and measurementThere has been no unusual circumstances with impact on recognition and measurement. 35756000 The annual report is presented in accordance with the Danish Financial Statements Act. 55048000 14293000 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. 22109000 9585000 We believe that the management commentary contains a fair review of the affairs and conditions referred to therein. 7409000 11878000 We recommend the annual report for adoption at the Annual General Meeting. 25530000 1144000 Aalborg 687000 204000 Glenn Terence Ayres 1530000 12818000 Manoela Pereira Fry 24687000 3833000 Chairman 5895000 8985000 Monique Martins 18792000 3067000 Glenn Terence Ayres 9949000 852000 To the shareholder of Densit ApS 590000 0 We have audited the financial statements of Densit 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. 0 5940000 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. 7854000 9859000 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. 18393000 270000 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. 484000 270000 484000 10129000 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. 18877000 2832000 4512000 1497000 Aarhus 10497000 4329000 Henrik Vedel 15009000 14751000 mne10052 9076000 19748000 State Authorised Public Accountant 4135000 2887000 Mikael Møller 0 0 mne47835 170000 565000 State Authorised Public Accountant 291000 37951000 Financial highlights2024 DKK'0002023 DKK'0002022 DKK'0002021 DKK'0002020 DKK'000Key figuresGross profit/loss55,04835,756133,79558,44151,370Operating profit/loss25,53011,87870,66825,65420,536Net financials(843)940121(82)(395)Profit/loss for the year18,7928,98556,26219,48815,290Total assets50,25958,56977,131138,32485,209Investments in property, plant and equipment11,0867,1432,7891,6833,002Equity38,18039,38860,40328,14133,653RatiosReturn on equity (%)48.4518.01127.0863.0758.79Equity ratio (%)75.9767.2578.3120.3439.49Financial highlights are defined and calculated in accordance with the latest 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 assets 13672000 6160000 Primary activitiesDensit ApS manufactures cement-based special materials to be used for wear protection, industrial flooring, and within offshore wind segment for reinforcement of platforms and foundation for wind turbines. Moreover, the Company manufactures hardwearing components, especially for the cement and power station industry. 2701000 48440000 Development in activities and financesIn 2024 Densit ApS realised a profit for the year of DKK 18,792k. 31382000 58569000 Profit/loss for the year in relation to expected developmentsDevelopment for the financial year is considered satisfying. There has been an Increase in revenue compared to the previous year, due to new Offshore Wind projects coming in.. 50259000 4000000 Uncertainty relating to recognition and measurementThere hasn’t been any uncertainty regarding recognition and measurement. 4000000 15388000 OutlookDensit ApS expects a slight decrease in results in 2025, due to the timing of one of the wind projects won. The Company expects the activities to be stable on the other markets in 2025. The profit for 2025 is estimated to be in the range of DKK 10-12 million. 34180000 20000000 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 39388000 This annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (medium).The accounting policies applied to these financial statements are consistent with those applied last year. 38180000 291000 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. 918000 291000 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. 918000 8324000 Gross profit or lossGross profit or loss comprises revenue and production costs. 0 3751000 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 from the sale of services is recognised in the income statement when delivery is made to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed. 1742000 102000 Production costsProduction costs comprise expenses incurred to earn revenue for the financial year. Production costs comprise direct and indirect costs for raw materials and consumables, wages and salaries, rent and lease as well as amortisation, depreciation and impairment losses relating to intangible assets and property, plant and equipment included in the production process. In addition, the item includes ordinary writedown of inventories. 7372000 3482000 Distribution costsDistribution costs comprise costs incurred for sale and distribution of the Entity’s products, including wages and salaries for sales staff, advertising costs, travelling and entertainment expenses, etc as well as amortisation, depreciation and impairment losses relating to intangible assets and property, plant and equipment attached to the distribution process. 0 3231000 Administrative expensesAdministrative expenses comprise expenses incurred for the Entity’s administrative functions, including wages and salaries for administrative staff and Management, stationery and office supplies as well as amortisation, depreciation and impairment losses relating to intangible assets and property, plant and equipment used for administration of the Entity. 2047000 18890000 Other financial incomeOther financial income comprises changes of exchange rates. 11161000 18890000 Other financial expensesOther financial expenses comprise bank fees and changes of exchange rates. 11161000 58569000 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 Entity is jointly taxed with its Parent and the Parent’s Danish subsidiaries. The current Danish income tax is allocated among the jointly taxed entities proportionally to their taxable income (full allocation with a refund concerning tax losses).The Entity is jointly taxed with all Danish group enterprises. The current Danish income tax is allocated among the jointly taxed entities proportionally to their taxable income (full allocation with a refund concerning tax losses). 50259000 27 Property, plant and equipmentPlant and machinery as well as other fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses. ​​Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the asset until the time when it is ready to be put into operation. ​​The basis of depreciation is cost less estimated residual value after the end of useful life. Straightline depreciation​is made on the basis of the following estimated useful lives of the assets:Useful life Plant and machinery5-15 yearsOther fixtures and fittings, tools and equipment3-7 yearsLeasehold improvements5-10 yearsFor leasehold improvements and assets subject to finance leases, the depreciation period cannot exceed ​the contract period. ​​Estimated useful lives and residual values are reassessed annually. The estimated residual value of tangible assets compromise DKK 0​​Items of property, plant and equipment are written down to the lower of recoverable amount and carrying ​amount. 4000000 15388000 -11015000 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. 20000000 ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and doubtful debts. 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. 0 PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost. 20000000 CashCash comprises cash in hand and bank deposits. 20000000 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. 18792000 Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based value of assets and liabilities, for which the tax-based value is calculated based on the planned use of each asset. However, no deferred tax is recognised for amortisation of goodwill disallowed for tax purposes and temporary differences arising at the date of acquisition that do not result from a business combination and that do not have any effect on profit or loss or on taxable income. ​​Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at ​their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets. 0 Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. 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. 4000000 Cash flow statementAccording to section 86(4) of the Danish Financial statements Act, the Company has omitted to prepare a cash flow statement as the Company is included in the cash flow statement of the Group. 34180000 true 0 Grundlag for konklusion Konklusion 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. 2025-04-15 2 Staff costs2024 DKK'0002023 DKK'000Wages and salaries19,93520,218Pension costs1,6341,574Other social security costs52041322,08922,205Average number of full-time employees2527 2025-04-15 25 Regnskabsklasse C, mellemstor virksomhed 3 Other financial income2024 DKK'0002023 DKK'000Financial income from group enterprises4911,113Other financial income196316871,144 33963556 4 Other financial expenses2024 DKK'0002023 DKK'000Other financial expenses1,5302041,530204 2023-01-01 5 Tax on profit/loss for the year2024 DKK'0002023 DKK'000Current tax4,8032,285Change in deferred tax627402Adjustment concerning previous years4651,1465,8953,833 2023-12-31 6 Proposed distribution of profit and loss2024​DKK'0002023​DKK'000Ordinary dividend for the financial year020,000Retained earnings18,792(11,015) 18,7928,985 Aarhus C 8000 18792000 2 City Tower, Værkmestergade 7 Property, plant and equipmentPlant and machinery DKK'000Other fixtures and fittings, tools and equipment DKK'000Leasehold improvements DKK'000Property, plant and equipment in progress DKK'000Cost beginning of year44,2335,2061,9415,940Transfers9,151210(9,172)Additions00011,086Disposals(4,276)000Cost end of year49,1085,2271,9417,854Depreciation and impairment losses beginning of year(41,166)(4,354)(1,941)0Depreciation for the year(2,269)(283)00Reversal regarding disposals4,276000Depreciation and impairment losses end of year(39,159)(4,637)(1,941)0Carrying amount end of year9,94959007,854 Deloitte Statsautoriseret Revisionspartnerselskab 8 Financial assetsDeposits DKK'000Cost beginning of year270Additions214Cost end of year484Carrying amount end of year484 Aalborg 9 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 receivable to group enterprises includes an amount of DKK 3,781K. Aalborg Øst 10 PrepaymentsPrepayment consist of prepaid costs. 9220 11 Deferred tax​​Changes during the year2024​DKK'0002023​DKK'000Beginning of year(291)111Recognised in the income statement(627)(402)End of year(918)(291)Deferred tax relates to property, plant and equipment, inventories and other provisions. Revisionspåtegning 12 Payables to group enterprisesThe Company participates together with other Danish Group enterprises in a cash pool arrangement in which another company is liable as a solecontracting 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 items payable to group enterprises includes an amount of DKK 7,259K. 2024-12-31 13 Unrecognised rental and lease commitments2024 DKK'0002023 DKK'000Liabilities under rental or lease agreements until maturity in total9,8353,157 2024-01-01 14 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, 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. 15 Assets charged and collateralDensit ApS has through its bank issued performance guarantees which amounts to a total of DKK 14,426k 16 Related parties with controlling interestITW Denmark ApS, Priorsvej 36 Silkeborg, wholly owns the shares of the Entity and thus has control over the Entity. ​Illinois Tool Works Inc., Chicago, USA, Ultimate Parent 44 17 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. Rørdalsvej 18 Group relationsName and registered office of the Parent preparing consolidated financial statements for the smallest group: Illinois Tool Works Inc., 155 Harlem Avenue, Glenview, IL 60025, Chigago, USA Densit ApS 73162718 73162718 9220 Aalborg Øst Rørdalsvej 44 Densit ApS Årsrapport 2025-04-15 Manoela Pereira Fry