37424331 2024-01-01 2024-12-31 37424331 2024-01-01 2024-12-31 1 37424331 2024-01-01 2024-12-31 2 37424331 2023-01-01 2023-12-31 37424331 2024-12-31 37424331 2023-12-31 37424331 2024-01-01 2024-12-31 1 37424331 2024-01-01 2024-12-31 1 37424331 2024-01-01 2024-12-31 2 37424331 2024-01-01 2024-12-31 3 iso4217:DKK xbrli:pure Anders Linde Reislev Management’s Statement on the Annual ReportThe Board of Directors and the Executive Board have today considered and adopted the Annual Report of IBM Global Financing Danmark ApS for the financial year 1 January – 31 December 2024.The Annual Report was prepared in accordance with the Danish Financial Statements Act.In our opinion, the Financial Statements give a true and fair view of the financial position at 31 December 2024 of the Company and of the results of the Company operations for 2024.In our opinion, Management’s Review includes a true and fair account of the affairs described.We recommend that the Annual Report will be adopted at the Annual General Meeting. Copenhagen Peter Stenhøj Jørgensen Peter Stenhøj Jørgensen Christer Renlund Kenneth Neergaard Wienberg Chairman Independent Auditor’s Report To the Shareholder of IBM Global Financing Danmark ApS OpinionIn our opinion, the Financial Statements give a true and fair view of the financial position of the Company 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.We have audited the Financial Statements of IBM Global Financing Danmark ApS for the financial year 1 January - 31 December 2024, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (“the Financial Statements”). Basis for OpinionWe 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. Statement on Management’s ReviewManagement is responsible for Management’s Review.Our opinion on the Financial Statements does not cover 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 Management’s Review and, in doing so, consider whether 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 Management’s Review provides the information required under the Danish Financial Statements Act.Based on the work we have performed, in our view, Management’s Review 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 Management’s Review. Management’s responsibilities 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 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. Auditor’s responsibilities for the audit of the Financial StatementsOur 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 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. Hellerup Brian Christiansen Leif Ulbæk Jensen State Authorised Public Accountant State Authorised Public Accountant mne23371 mne23327 IBM Global Financing Danmark ApS Sundkrogsgade 11 DK 2100 København Ø +4545240000 København PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab Strandvejen 44 DK 2900 Hellerup Management’s ReviewThe Annual Report of IBM Global Financing Danmark ApS for 2024 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B with addition of selected provisions from class C.Development in the periodThe profit for period after tax amounts to DKK 5.527 tDKK.Normalizing for the actions taken on the revised strategy and the market dynamics, the performance in 2024 was satisfactory and in line with expectations. Key activitiesThe Company’s principal activities comprise leasing including both operating and financial leases of IT equipment – and relevant financial services offered to businesses by way of loans and factoring. 20769000 23196000 10594000 9826000 1000 1000 3323000 3719000 7000 178000 6858000 9828000 2588000 3142000 1929000 1807000 7517000 11163000 1990000 -338000 5527000 11501000 0 75000000 5527000 -63499000 33000 1876000 33000 1876000 85829000 117394000 85829000 117394000 3043000 0 88905000 119270000 21584000 19101000 313755000 300331000 752000 221000 314507000 300552000 403412000 419822000 60000 60000 70288000 64761000 70348000 139821000 42866000 43128000 42866000 43128000 0 19250000 0 19250000 5945000 41551000 282011000 174808000 2242000 1264000 290198000 217623000 290198000 236873000 403412000 419822000 2024 2023DKK ‘000 DKK ‘0001 Staff expensesPayroll 8.981 7.922 Pensions 1.600 1.890 Other social security expenses 13 14 10.594 9.826 6 6 2 Financial income Interest income, group related companies 59 1.804 Other financial income 2.438 1.184 Foreign exchange gains 91 154 2.588 3.142 3 Financial expenseInterest expense, group related companies1.848 1.631Other financial expense27 36Foreign exchange loss54 1401.929 1.807 4 Tax on profit for the period Current tax for the period2.252 4.828Deferred tax for the period-729 -2.397Adjustment of tax, previous periods 467 -2.7691.990 -338which breaks down as follows:Tax on profit for the period 1.990 -3381.990 -338 2024 2023DKK ‘000 DKK ‘0005 Lease ReceivablesWithin 1 year 92.412 101.693 Beetween 1 and 5 years 85.829 117.394 178.241 219.087 6 Provision for deferred tax Provision for deferred tax at 1 January43.128 47.577Adjustment prior periods467 -2.052Deferred tax recognised in the income statement-729 -2.397Provision for deferred tax at 31 December42.866 43.128 7 DebtPayments due within 1 year are recognised in short-term debt. Other debt is recognised in long-term debt. The debt falls due for payment as specified below:Payables to group related companiesLong-term part 0 19.250 Short-term part 282.011 174.808 282.011 194.058 8 Contingent assets, liabilities and other financial obligationsContingent liabilities, including lease and guarantee obligations as well as other contingent liabilities 895 830The Danish IBM enterprises are jointly and severally liable for tax on the jointly taxed income etc of the IBM entities. The total accrued corporation tax is disclosed in the annual report of IBM Danmark ApS, which is the management company under the joint taxation. Moreover, the group enterprises are jointly and severally liable for Danish withholding taxes by way of dividend tax, royalty tax and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company’s liability. 9 Related parties and ownershipControlling interestIBM Global Financing Investments II B.V. holds 100% of the shares of IBM Global Financing Danmark ApS.Place of registered office:Johan Huizingalaan 765, 1066 VH, Amsterdam, NederlandsThe ultimate parent company that prepares consolidated financial statements in which the company is a subsidiary is International Business Machines Corporation.Place of registered office:New Orchard Road, Armonk, New York 10504, United States of AmericaRelated partiesTransactions with related parties are considered to have been completed on normal market terms.Other related parties:Other related parties with significant influence include the company's board of directors, executive Board and senior executives as well as their family members.Transactions with related parties:Apart from normal management remuneration, in 2024 there have been no transactions with the Board of Directors, the Executive Board or senior executives. 10 Consolidated financial statementsThe company is a part of the consolidated statement of:Name:IBM Global Financing Investments II B.V.Place of registered office:Johan Huizingalaan 765, 1066 VH, Amsterdam, Nederlands 11 Significant subsequent eventsNo events have occurred after the balance sheet date which materially affect the assessment of the Company’s financial position. true true The Financial Statements for 2024 are presented in DKK thousands.Adjustment to comparative figuresThe company has made the adjustment to the comparative due to reclassifications in the balance sheet. The adjustment of presentation has not impacted the Income statement or Equity.Presentation currencyThe Company uses Danish kroner as the measurement currency. All other currencies are regarded as foreign currencies.Business combinationsIntragroup business combinations are accounted for by the uniting-of-interests method without any restatement of comparative figures (the book value method). Whereby assets and liabilities acquired are measured at carrying amounts and recognized at the date at the acquisition.The difference between the consideration agreed and the carrying amounts of the acquired assets and liabilities of the acquired enterprise is recognised in equity.Translation policiesTransactions in foreign currencies are translated at the exchange rates at the dates of transaction. Gains and losses arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement.Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the transaction date rates are recognised in financial income and expenses in the income statement.LeasesLeases under which all material risks and rewards have been transferred to the lessee are classified as finance leases and are recognised in assets held under lease receivables. Finance leases are measured at the present value of future minimum lease payments. All other leases are considered operating leases.Income statementRevenueRevenue comprises interest income from loans and finance leases as well as lease income from operating leases.The Company recognises interest on loans and finance leases in the income statement when revenue can be measured reliably, and it is probable that future economic benefits will flow to the Company. Interest income is recognised based on the effective interest method.When computing the lease income on finance leases, the interest rate implicit in the lease is applied as the discount rate and the related interest is recognised as income in the income statement.Income from leases moreover comprises lease income from operating leases. Lease income from operating leases are recognised on a straight-line basis over the term of the leases.Other external expensesOther external expenses comprise expenses for premises, travel as well as office expenses, etc.Staff expensesStaff expenses comprise wages and salaries, including holiday pay and pensions as well as other social security expenses, etc. to the Company's employees.Depreciation, amortisation and impairment lossesDepreciation, amortisation, and impairment losses comprises depreciation, amortisation and impairment of property, plant and equipment. Financial income and expensesFinancial income and expenses comprise interest as well as realised and unrealised exchange adjustments and are recognised in the income statement at the amounts relating to the financial year.Tax on profit for the periodTax for the period consists of current tax for the period and deferred tax for the period. The tax attributable to the profit for the period is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. The tax recognised in the income statement is classified as tax on ordinary activities and other taxes, respectively. The Company is jointly taxed with Danish group enterprises.The current corporation tax is allocated to the jointly taxed enterprises in proportion to their taxable incomes.Balance sheetProperty, plant and equipmentProperty, plant and equipment are measured at cost with the addition of revaluations and less accumulated depreciation and impairment losses.Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Depreciation based on cost with the addition of revaluations and reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are:IT equipment 3-5 YearsThe depreciation period and residual value of the Company’s property, plant and equipment is subjected to an annual reassessment.Impairment of fixed assetsThe carrying amounts of property, plant and equipment are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by depreciation.If so, an impairment test is carried out to determine whether the recoverable amount is lower than the carrying amount and the asset is written down to its lower recoverable amount.The recoverable amount of the asset is calculated as the higher of net selling price and value in use. Where a recoverable amount cannot be determined for the individual asset, the assets are assessed in the smallest group of assets for which a reliable recoverable amount can be determined based on a total assessment.ReceivablesReceivables comprise loans and lease receivables.Leases under which all material risks and rewards have been transferred to the lessee are classified as finance leases and are recognised in receivables. Receivables from finance leases are measured at the present value of future lease payments. When computing the net present value, the interest rate implicit in the lease is applied as the discount rate. Assets acquired under finance leases are not subject to any depreciation or impairment and are presented as receivables. The interest included in the lease payment is currently recognised as income in the income statement.All other receivables are measured at the lower of amortised cost and net realisable value, which correspond to nominal value less provision for bad debts.PrepaymentsPrepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest.ProvisionsProvisions are recognised when - in consequence of an event occurred before or on the balance sheet date - the Company has a legal or constructive obligation and it is probable that economic benefits must be given up to settle the obligation.Financial debtsDebt such as loans from group related companies, are recognised initially at the proceeds received net of transaction expenses incurred. Subsequently the loans are measured at the 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.Deferred tax assets and liabilitiesDeferred tax is recognised in respect of all temporary differences between the carrying amount and the tax base of assets and liabilities. Deferred tax on temporary differences concerning non-taxable amortisable goodwill as well as other items is not recognised where, unless arising from acquisitions, they have arisen at the date of acquisition without affecting the profit for the period or the taxable income.Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. In cases where the computation of the tax base may be made according to alternative tax rules, deferred tax is measured on the basis of the intended use of the asset and settlement of the liability, respectively.Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities.Deferred tax assets and liabilities are offset within the same legal tax entity.Current tax receivables and liabilitiesCurrent tax liabilities and receivables are recognised in the balance sheet as tax calculated on the taxable income for the period, adjusted for tax on the taxable income of previous periods and for taxes paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in financial income and expenses in the income statement.Deferred incomeDeferred income comprises payments received in respect of income in subsequent years. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2024-01-01 2024-12-31 2023-01-01 2023-12-31 2025-05-20 Reporting class B 37424331 www.ibm.com/financing/dk-da/ 2025-05-20 37424331 IBM Global Financing Danmark ApS Sundskrogsgade 11 2100 København Ø Opinion Basis for Opinion 2025-05-20 33771231 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 292171 281230