Årsrapport Revisionspåtegning Regnskabsklasse B Beierholm Langagervej 1 9220 Aalborg Ø 2025-04-28 Wolfgang Zimmer Opinion Basis for Opinion 2025-03-04 2023-01-01 2023-12-31 2024-01-01 2024-12-31 16821977 Sortimo A/S Greve Main 24 2670 Greve Greve Beierholm 32895468 Handelsskolevej 1 4700 Næstved Danmark true We have on this day presented the annual report for the financial year 01.01.24 - 31.12.24 for Sortimo A/S. 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 as at 31.12.24 and of the results of the company's activities for the financial year 01.01.24 - 31.12.24. We believe that the management's review includes a fair review of the matters dealt with in the management's review. The annual report is submitted for adoption by the general meeting. Greve 2025-03-04 Mikael Bondo Meyer Wolfgang Zimmer Chairman Peter Siegle Thomas Georg Unger To the Shareholder of Sortimo A/S We have audited the financial statements of Sortimo A/S for the financial year 01.01.24 - 31.12.24, which comprise income statement, balance sheet, statement of changes in equity and notes to the financial statements, including material accounting policy information. 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 financial position at 31.12.24 and of the results of the company's operations for the financial year 01.01.24 - 31.12.24 in accordance with the Danish Financial Statements Act. 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 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, it is 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 by law and regulations. 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 Danish Financial Statements Act. We did not identify any material misstatement of the management’s review. 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 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 judgment 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. Næstved Jørgen Stegmann Rickard Halfdan Patel State Authorised Public Accountant mne11738 State Authorised Public Accountant mne33780 Primary activities The company's main activity consists in sale of interior solutions for vans. Development in activities and financial affairs The income statement for the period 01.01.24 - 31.12.24 shows a profit/loss of DKK -2,820,946 against DKK 5,079,897 for the period 01.01.23 - 31.12.23. The balance sheet shows equity of DKK 29,336,688. The management considers the net profit for the year to be satisfactory taking into account the extraordinary write-down of equity investments of DKK 10.000k. Subsequent events No important events have occurred after the end of the financial year. 26911597 20643237 16701713 13677602 517132 346719 54338 0 9638414 6618916 130223 347592 10000000 0 528005 428986 -759368 6537522 2061578 1457625 -2820946 5079897 -2820946 5079897 339578 4233 2667020 1367225 3006598 1371458 151430 151430 1342893 692686 1494323 844116 4500921 2215574 8900742 10088928 8900742 10088928 7509375 12567559 4707414 11501898 636543 264128 12853332 24333585 7401631 2017708 29155705 36440221 33656626 38655795 550000 550000 28786688 31607634 29336688 32157634 120665 71009 120665 71009 50820 35293 1054219 966065 851246 1863497 26156 308304 2216832 3253993 4199273 6427152 4199273 6427152 33656626 38655795 550000 26527737 5079897 550000 31607634 -2820946 550000 28786688 14868133 12342914 1009503 729919 351552 302399 472525 302370 27 22 113830 338016 16393 9576 The annual report is presented in accordance with the provisions of the Danish Financial Statements Act (Årsregnskabsloven) for enterprises in reporting class B with application of provisions for a higher reporting class. In accordance with section 112 of the Danish Financial Statements Act, the company has not prepared consolidated financial statements. The company is a subsidiary of Sortimo International GmbH, Zusmarshausen, Germany, CVR no. HRB 10424, which prepares consolidated financial statements. Income is recognised in the income statement as earned, including value adjustments of financial assets and liabilities. All expenses, including depreciation, amortisation, impairment losses and write-downs, are also recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits will flow to the company, and the value of such assets can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow from the company, and the value of such liabilities can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below. On recognition and measurement, account is taken of foreseeable losses and risks arising before the date at which the annual report is presented and proving or disproving matters arising on or before the balance sheet date. The annual report is presented in Danish kroner (DKK). On initial recognition, transactions denominated in foreign currencies are translated using the exchange rates applicable at the transaction date. Exchange rate differences between the exchange rate applicable at the transaction date and the exchange rate at the date of payment are recognised in the income statement as a financial item. Receivables, payables and other monetary items denominated in foreign currencies are translated using the exchange rates applicable at the balance sheet date. The difference between the exchange rate applicable at the balance sheet date and at the date at which the receivable or payable arose or was recognised in the latest annual report is recognised under financial income or expenses in the income statement. Fixed assets, inventories and other non-monetary assets acquired in foreign currencies are translated using historical exchange rates. Lease payments relating to operating and finance leases are recognised in the income statement on a straight-line basis over the lease term. Gross profit comprises revenue, other operating income and cost of sales and other external expenses. Income from the sale of goods is recognised in the income statement if delivery has taken place and the risk has passed to the buyer before the end of the financial year and where the selling price can be determined reliably and is expected to be paid. Revenue is measured at fair value and is determined exclusive of VAT and other taxes collected on behalf of third parties and less discounts. Income from the sale of services is recognised in the income statement as delivery takes place (delivery method). Revenue is measured at the selling value of the agreed consideration exclusive of VAT and other taxes collected on behalf of third parties and less discounts. Other operating income comprises income of a secondary nature in relation to the enterprise’s activities. Cost of sales comprises cost of sales for the year measured at cost plus any changes in inventories, including write-downs to the extent that these do not exceed normal write-downs. Other external expenses comprise costs relating to distribution, sales and advertising and administration, premises and bad debts to the extent that these do not exceed normal write-downs. Staff costs comprise wages and salaries as well as other staff-related costs. The depreciation of property, plant and equipment aim at systematic depreciation over the expected useful lives of the assets. Assets are depreciated according to the straight-line method based on the following expected useful lives and residual values: The basis of depreciation is the cost of the asset less the expected residual value at the end of the useful life. Moreover, the basis of depreciation is reduced by any impairment losses. The useful life and residual value are determined when the asset is ready for use and reassessed annually. Property, plant and equipment are impaired in accordance with the accounting policies referred to in the ‘Impairment losses on fixed assets’ section. Other operating expenses Other operating expenses comprise costs of a secondary nature in relation to the enterprise’s activities, including costs relating to rental activities and losses on the sale of intangible assets and property, plant and equipment. Impairment losses on financial assets Impairment losses on financial assets comprise impairment of investments at a lower recoverable amount and write-downs of financial current assets at a lower net realisable value. Interest income and interest expenses, foreign exchange gains and losses on transactions denominated in foreign currencies etc. are recognised in other net financials. The current and deferred tax for the year is recognised in the income statement as tax on the profit/loss for the year with the portion attributable to the profit/loss for the year, and directly in equity with the portion attributable to amounts recognised directly in equity. Property, plant and equipment Property, plant and equipment comprise leasehold improvements as well as other fixtures and fittings, tools and equipment. Property, plant and equipment are measured in the balance sheet at cost less accumulated depreciation and impairment losses. Cost comprises the purchase price and expenses resulting directly from the purchase until the asset is ready for use. Interest on loans arranged to finance production is not included in the cost. Property, plant and equipment are depreciated using the straight-line method based on useful lives and residual values, which are stated in the ‘Depreciation and impairment losses' section. Gains and losses on the disposal of property, plant and equipment are determined as the difference between the selling price, if any, less selling costs and the carrying amount at the date of disposal less any costs of disposal. Equity investments in subsidiaries are measured in the balance sheet at cost less any impairment losses. Transaction costs directly attributable to the acquisition are recognised in the cost of equity investments. Gains or losses on disposal of equity investments are determined as the difference between the disposal consideration and the carrying amount of net assets at the time of sale, including non-amortised goodwill, as well as the expected costs of divestment or discontinuation. Gains and losses are recognised in the income statement under income from equity investments. The carrying amount of fixed assets which are not measured at fair value is assessed annually for indications of impairment over and above what is reflected in depreciation. If the company's realised return on an asset or a group of assets is lower than expected, this is considered an indication of impairment. If there are indications of impairment, an impairment test is conducted of individual assets or groups of assets. If dividends are distributed on equity investments in subsidiaries exceeding the year earnings from the enterprise in question, this is considered an indication of impairment. The assets or groups of assets are impaired to the lower of recoverable amount and carrying amount. The higher of net selling price and value in use is used as the recoverable amount. The value in use is determined as the present value of expected net cash flows from the use of the asset or group of assets as well as expected net cash flows from the sale of the asset or group of assets after the expiry of their useful lives. Impairment losses are reversed when the reasons for the impairment no longer exist. Inventories are measured at cost calculated according to weighted average prices. Inventories are written down to the lower of cost and net realisable value. The cost of raw materials and consumables as well as goods for resale is determined as purchase prices plus expenses resulting directly from the purchase. The net realisable value of inventories is determined as the selling price less costs of completion and costs necessary to make the sale and is determined taking into account marketability, obsolescence and the expected development in the selling price. Receivables are measured at amortised cost, which usually corresponds to the nominal value, less write-downs for bad debts. Write-downs for bad debts are determined based on an individual assessment of each receivable if there is no objective evidence of individual impairment of a receivable. Deposits recognised under assets comprise deposits paid to the lessor under leases entered into by the company. Prepayments recognised under assets comprise costs incurred in respect of subsequent financial years. Cash includes deposits in bank accounts as well as operating cash. Current tax payable and receivable is recognised in the balance sheet as tax computed on the basis of the taxable income for the year, adjusted for tax paid on account. Deferred tax liabilities and tax assets are recognised on the basis of all temporary differences between the carrying amounts and tax bases of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is non-amortisable for tax purposes and other items where temporary differences, except for acquisitions, have arisen at the date of acquisition without affecting the net profit or loss for the year or the taxable income. In cases where the tax value can be determined according to different taxation rules, deferred tax is measured on the basis of management’s intended use of the asset or settlement of the liability. Deferred tax assets are recognised, following an assessment, at the expected realisable value through offsetting against deferred tax liabilities or elimination in tax on future earnings. Deferred tax is measured on the basis of the tax rules and at the tax rates which, according to the legislation in force at the balance sheet date, will be applicable when the deferred tax is expected to crystallise as current tax. Short-term financial payables are measured at amortised cost, normally corresponding to the nominal value of such payables. Other short-term payables are measured at net realisable value. Figures in DKK Share capital Retained earnings Total equity Statement of changes in equity for 01.01.23 - 31.12.23 Balance as at 01.01.23 550,000 26,527,737 27,077,737 Net profit/loss for the year 0 5,079,897 5,079,897 Balance as at 31.12.23 550,000 31,607,634 32,157,634 Statement of changes in equity for 01.01.24 - 31.12.24 Balance as at 01.01.24 550,000 31,607,634 32,157,634 Net profit/loss for the year 0 -2,820,946 -2,820,946 Balance as at 31.12.24 550,000 28,786,688 29,336,688 1. Special items Special items are income and expenses that are special due to their size and nature. The following special items were recorded in the financial year: Special items: Recognised in the income statement in: 2024 DKK 2023 DKK Impairment losses of equity investments in group entreprises Impairment losses on financial assets -10,000,000 0 The company has given group subsidies of DKK 10.000k to a subsidiary during the year. As a result of the subsidiary's results and financial position, the investment in the subsidiary has been written down with DKK 10.000k. Lease commitments The company has concluded lease agreements with terms to maturity of 4-12 months and monthly lease payments of DKK 2-8k, a total of DKK 323k. This includes lease agreements concluded with group enterprises , but the agreements are also specified separately below. The company has concluded lease agreements with group enterprises with terms to maturity of 12 months and average lease payments of DKK 8k, a total of DKK 95k. The company has concluded rent agreements with terms to maturity of 6-100 months and monthly rent payments of DKK 54-118k, a total of DKK 7.992k. Recourse guarantee commitments The company has provided a guarantee for a subsidiary's debt to credit institutions. The guarantee is maximised at NOK 150k. The subsidiary's debt to the credit institution concerned amounts to NOK 0 at the balance sheet date. Guarantee commitments On behalf of its Norwegian subsidiary, Sortimo AS, Oslo, the company has provided a payment guarantee of DKK 409k to the subsidiary's lessor via its bank connection. Other contingent liabilities The company has provided a statement of support covering adequate funds to ensure the operations and liabilities of its Norwegian subsidiary, Sortimo AS, Oslo, for at least 12 months. In addition, the company has provided a statement of support covering the maintenance of the share capital of its Swedish subsidiary, Sortimo AB, Göteborg, to the extent necessary. As security for debt to credit institutions of DKK 51k, a company charge of DKK 1.000k has been provided comprising intellectual property rights, other plant, fixtures and fittings, tools and equipment, inventories and trade receivables. The total carrying amount of the company's comprised assets is DKK 19.417. The company is included in the consolidated financial statements of the parent Sortimo International GmbH, Zusmarshausen, Germany. 16821977 2024-01-01 2024-12-31 16821977 2023-01-01 2023-12-31 16821977 2023-12-31 16821977 2024-12-31 16821977 2024-01-01 2024-12-31 1 16821977 2024-01-01 2024-12-31 2 16821977 2024-01-01 2024-12-31 3 16821977 2024-01-01 2024-12-31 1 16821977 2024-12-31 e:ContributedCapitalMember 16821977 2024-01-01 2024-12-31 e:RetainedEarningsMember 16821977 2024-12-31 e:RetainedEarningsMember 16821977 2023-01-01 e:ContributedCapitalMember 16821977 2023-12-31 e:ContributedCapitalMember 16821977 2023-01-01 e:RetainedEarningsMember 16821977 2023-01-01 2023-12-31 e:RetainedEarningsMember 16821977 2023-12-31 e:RetainedEarningsMember 16821977 2024-01-01 2024-12-31 1 16821977 2024-01-01 2024-12-31 2 iso4217:DKK xbrli:pure