BDO Statsautoriseret revisionsaktieselskabVestre Ringgade 28DK-8000 Aarhus C20222670Årsrapport2024-09-30Henrik Færch FromholdtNaval Holding ApSBalticagade 12 C 1.8000 Aarhus CErklæring om udvidet gennemgang373481392015-10-30Aarhus2023-07-012024-06-302022-07-012023-06-30BDO Statsautoriseret revisionsaktieselskabVestre Ringgade288000Aarhus CAarhus2024-09-30Anders Ørgård VindingSøren JespersenChairmanAnders Ørgård VindingChristian Mann BoserupKristian Carøe LindJacob Høgh ThygesenKonklusionGrundlag for konklusionAarhus2024-09-30BDO Statsautoriseret revisionsaktieselskab20222670BDO Statsautoriseret revisionsaktieselskab20222670Jeanette StaalMorten KristensenErklæring om udvidet gennemgangState Authorised Public AccountantState Authorised Public Accountantmne18547mne477855853795602294033777474355820018597550595831249777132409216270564542386310571132097632796322141624729250000010000005822141524729263221416247292107237841065272610723784106527261072378410652726139409451402072613940945140207262077239704729160181841472545526741968253781816675006675002487743219055291500000100000026044932207227910452964104529641150001500050091001320976327969703612574969703612574926741968253781816675001905529110000005822141500000-100000066750024877432500000949506497771880609583124977713225331603391559236632409216270513209763279112726104601058158736686198844530000514988410723784Regnskabsklasse BtruetrueToday the Board of Directors and Executive Board have discussed and approved the Annual Report of Naval Holding ApS for the financial year 1 July 2023 - 30 June 2024. The Annual Report is presented 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 30 June 2024 and of the results of the Company's operations for the financial year 1 July 2023 - 30 June 2024. The Management Commentary includes in our opinion a fair presentation of the matters dealt with in the Commentary. We recommend the Annual Report be approved at the Annual General Meeting. To the Shareholder of Naval Holding ApS We have performed an extended review of the Financial Statements of Naval Holding ApS for the financial year 1 July 2023 - 30 June 2024, which comprise income statement, Balance Sheet, statement of changes in equity and notes, including a summary of significant accounting policies. The Financial Statements are prepared under the Danish Financial Statements Act. Based on the work performed in our opinion, the Financial Statements give a true and fair view of the Company's financial position at 30 June 2024 and of the results of the Company's operations for the financial year 1 July 2023 - 30 June 2024 in accordance with the Danish Financial Statements Act. Basis for Conclusion Grundlag for konklusion We conducted our extended review in accordance with the Danish Business Authority's Assurance Standard for Small Enterprises and FSR – Danish Auditors' standard on extended review of Financial Statements prepared in accordance with the Danish Financial Statements Act. Our responsibilities under those standards and requirements are further described in the "Auditor's Responsibilities for the Extended Review 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 (including International Independence Standards) (IESBA Code), together with the ethical requirements that are relevant to our audit of the financial statements in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Management's Responsibilities for the Financial Statements 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 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. Our responsibility is to express a conclusion on the Financial Statements. This requires that we plan and perform procedures in order to obtain limited assurance for our conclusion on the Financial Statements and in addition perform specifically required supplementary procedures to obtain further assurance for our conclusion. An extended review comprises procedures that primarily consist of making inquiries of Management and others within the Company, as appropriate, analytical procedures and the specifically required supplementary procedures as well as evaluation of the evidence obtained. The procedures performed in an extended review are less than those performed in an audit, and accordingly, we do not express an audit opinion on the Financial Statements. Statement on the Management Commentary Management is responsible for the Management Commentary. Our conclusion 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 extended review 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 during the extended review, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the Management Commentary provides the information required under the Danish Financial Statements Act. 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 of the Danish Financial Statements Act. We did not identify any material misstatement in the Management Commentary. Principal activities The company's purpose is to own shares and interests, as well as all business deemed relevant by the board. Significant events after the end of the financial year No events have occurred after the end of the financial year of material importance for the company's financial position. DKK Share Capital Retained earnings Proposed dividend Total Equity at 1 July 2023 667.500 19.055.291 1.000.000 20.722.791 Proposed profit allocation 5.822.141 500.000 6.322.141 Transactions with owners Dividend paid -1.000.000 -1.000.000 Equity at 30 June 2024 667.500 24.877.432 500.000 26.044.932 Other financial income 1 Interest income from group enterprises 949.506 497.771 172.110 Other interest income 8.806 0 958.312 497.771 Other financial expenses 2 Interest expenses to group enterprises 322.533 160.339 173.107 Other interest expenses 1.559 2.366 324.092 162.705 Financial non-current assets 4 DKK Investments in subsidiaries Cost at 1 July 2023 11.272.610 Additions 4.601.058 Cost at 30 June 2024 15.873.668 Impairment losses and amortisation of goodwill at 1 July 2023 619.884 Impairment losses for the year 4.530.000 Impairment losses and amortisation of goodwill at 30 June 2024 5.149.884 Carrying amount at 30 June 2024 10.723.784 Joint liabilities The company is jointly and severally liable together with the parent company and the other group companies in the joint taxable group for tax on the group’s joint taxable income and for certain possible withholding taxes, such as dividend tax, etc. Tax payable on the Group’s joint taxable income is stated in the annual report of Ørgård Holding ApS, which serves as management company for the joint taxation. Charges and securities 6 The company is subject to a joint and several debtor's surety for the subsidiary's bank between them. The bank balance in the subsidiary is a deposit as of 30 June 2024. The Annual Report of Naval Holding ApS for 2023/24 has been presented in accordance with the provisions of the Danish Financial Statements Act for enterprises in reporting class B and certain provisions applying to reporting class C. Regnskabsklasse B1 true true The format of the income statement has been adjusted to the Company's activities as a holding Company. The Annual Report is prepared consistently with the accounting principles used last year. Income from investments in subsidiaries Dividend from subsidiaries is recognised in the financial year in which the dividend is declared. In connection with transfers, potential profits are recognised when the economic rights related to the sold equity interests are transferred, however, at the earliest when the profit has been realised or is regarded as realisable. Moreover, realised losses other than impairments are included where identified. Other external expenses Other external expenses include cost of sales, advertising, administration, buildings, bad debts, operational lease expenses, etc. Financial income and expenses Financial income and expenses include interest income and expenses, financial expenses of finance leases, realised and unrealised gains and losses arising from investments in financial assets, debt and transactions in foreign currencies, amortisation of financial assets and liabilities as well as charges and allowances under the tax-on-account scheme etc. Financial income and expenses are recognised in the income statement by the amounts that relate to the financial year. Tax The tax for the year, which consists of the current tax for the year and changes in deferred tax, is recognised in the income statement by the portion that may be attributed to the profit for the year, and is recognised directly in the equity by the portion that may be attributed to entries directly to the equity. Financial non-current assets Investments in subsidiaries are measured at cost. If the cost exceeds the net realisable value, this is written down to the lower value. Impairment of fixed assets The carrying amount of fixed assets are valued on an annual basis for indications of impairment other than that reflected by amortisation and depreciation. In the event of impairment indications, an impairment test is made for each asset or group of assets, respectively. If the recoverable amount is lower than the carrying amount, the asset is written down to the carrying amount. The recoverable amount is calculated at the higher of the capital value and the sales value less expected costs of a sale. The capital value is determined as the Company's share in the current value of the net cash flows which the subsidiary is expected to generate through its activities and from sale of assets after the end of their useful lives. A discount rate is used which reflects the risk-free market rate and the owners' minimum return on interest requirements for similar assets. The growth rate in the terminal period is determined in accordance with the standards within the industry. Receivables Receivables are measured at amortised cost which usually corresponds to nominal value. The value is reduced by impairment losses to meet expected losses. Tax payable and deferred tax Current tax liabilities and receivable current tax are recognised in the balance sheet as the calculated tax on the taxable income for the year, adjusted for tax on the taxable income for previous years and taxes paid on account. The Company is subject to joint taxation with Danish group companies. The current corporation tax is distributed among the joint taxable companies in proportion to their taxable income and with full allocation and refund related to tax losses. The joint taxable companies are included in the on account tax scheme. Joint taxation contributions receivable and payable are recognised in the Balance Sheet under current assets and liabilities, respectively. Deferred tax is measured on the temporary differences between the carrying amount and the tax value of assets and liabilities. Deferred tax assets, including the tax value of tax loss carry-forwards, are measured at the expected realisable value of the asset, either by set-off against tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity. Deferred tax is measured on the basis of the tax rules and tax rates that under the legislation in force on the balance sheet date would be applicable when the deferred tax is expected to crystallise as current tax. Any changes in the deferred tax resulting from changes in tax rates, are recognised in the income statement, except from items recognised directly in equity. Liabilities Amortised cost of current liabilities usually corresponds to nominal value. Foreign currency translation Transactions in foreign currencies are translated at the rate of exchange on the transaction date. Exchange differences arising between the rate on the transaction date and the rate on the payment date are recognised in the income statement as a financial income or expense. Receivables, payables and other monetary items in foreign currencies that are not settled on the balance sheet date are translated at the exchange rate on the balance sheet date. The difference between the exchange rate on the balance sheet date and the exchange rate at the time of occurrence of the receivables or payables is recognised in the income statement as financial income or expenses. Fixed assets acquired in foreign currencies are translated at the rate of exchange on the transaction date. 373481392023-07-012024-06-30373481392024-06-30373481392023-06-30373481392022-07-012023-06-30373481392023-07-01g:ContributedCapitalMember373481392024-06-30g:ContributedCapitalMember373481392023-07-012024-06-30g:RetainedEarningsMember373481392023-07-01g:RetainedEarningsMember373481392024-06-30g:RetainedEarningsMember373481392023-07-012024-06-30g:ProposedDividendRecognisedInEquityMember373481392023-07-01g:ProposedDividendRecognisedInEquityMember373481392024-06-30g:ProposedDividendRecognisedInEquityMember373481392023-07-012024-06-301373481392023-07-012024-06-30g:InvestmentsInGroupEnterprisesMember373481392023-07-01g:InvestmentsInGroupEnterprisesMember373481392024-06-30g:InvestmentsInGroupEnterprisesMember373481392023-07-012024-06-301373481392023-07-012024-06-302373481392023-07-012024-06-303373481392023-07-012024-06-304373481392023-07-012024-06-305373481392023-07-012024-06-301373481392023-07-012024-06-302iso4217:DKK