Årsrapport36717785Kvist & Jensen, Statsautoriseret RevisionspartnerselskabTronholmen, 38960, Randers SØ2020-01-012020-12-312021-01-012021-12-3136996862Lie ApSBlegdamsvej1242100København ØKvist & Jensen, Statsautoriseret Revisionspartnerselskab36717785Finn J. Vammenstatsautoriseret revisormne19677Tronholmen38960Randers SØDanmark86 41 21 00randers@kvistjensen.dk2022-06-24Anne Marie Lie NorvigRegnskabsklasse C, mellemstor virksomhedRevisionspåtegningRevisorgruppen DanmarkanpartshaverneRanders SØ2022-04-07København Ø2022-04-07Grundlag for konklusionKonklusion3552039861939954722536871450331853404761040769770039706552159855532674862790013015695873932942-13799117133435302222239424800146970410994954892194892191122550008504477750439199-503018-37208600455880182825747926241230615026272628084931348405449216590822365465071666545180770278695291845463411327990193162264163781912393886754516145427846888186204581154178745161454278468881900000010000004558801829337762-19426564-249087426232410003139158362837700576239936283770052532801813711001549821532822006803101234653300006400660635582050313720575450003137205754506400660635582050128792206550360640066063558205010095653343159990003730593202139000104687126451813800044139568155443880219669001103935101632904395100001721853484666925477633268185528308211132286023791381050072477438274082991835077797238034151922740801491504119165581813164867999769319265818116403611941957068654805383272424472224110050000500005000050000005649850029337762292211-78354600655729943941153993667069290232248613511305149990776556517294926591520638677994925384000925384000412978468373443002772428057770344223315081172378508379086172378508379086162337901228899877135150250102493766348185611735721885444171024937663481856117357218854441719419570686548053832724244722241163781912393886752478652610735965-78726795-38025176984164312099464260412306280849313484070334101237693090530863513886-2019676886304427030850546946422327446721060933836188496-7910819-2044248262500002740000329244037015876674403-2038413-325609247803837408014262763141519227408014415192274080143938011220498786367328216712262171351153862596931088504353022222394248773817423593426431270308527030857984479844262324150921945092194146381748921919530363139158262614741693084488506346605812436665971-38508210933255253280119522613001563450162150366662404234670-296529600545154982175081047508104750810475081042933776261238284558801828257480-17750000-42600001075757-783546582515372933776212638167745974892194892196400660635582050Liewood A/SA/SCopenhagen71Liewood GmbHGermany71Liewood UK LimitedUnited Kingdom7157545067210693383631372031372050000500005000050000500005000050000500000029337762000455880182933776200-184272800005649850029337762-7835460001075757-78354600292211-7835460039411539125646529290233125646532616145526846887-19426564-24908741900000010000001900000010000001900000010000001900000010000000019503037-783547655729943941153993667069290232-43951096933509253840146970410994951122550-262-412306280849313484018454634113279901941702-1414054-59505746-31878689-45113092-171521322589204311005645Today, the Managing Director has approved the annual report of Lie ApS for the financial year 1 January - 31 December 2021. The annual report has been prepared in accordance with the Danish Financial Statements Act. I consider the chosen accounting policy to be appropriate, and in my opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2021, and of the results of the Group and the Company's operations as well as the consolidated cash flows for the financial year 1 January – 31 December 2021. Further, in my opinion, the Management's review gives a true and fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the Annual General Meeting. Anne Marie Lie NorvigWe have audited the consolidated financial statements and the parent company financial statements of Lie ApS for the financial year 1 January to 31 December 2021, which comprise income statement, balance sheet, statement of changes in equity, notes and a summary of significant accounting policies for both the Group the Parent Company, as well as consolidated statement of cash flows. The consolidated financial statements and the parent company financial statements are prepared under the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2021, and of the results of the Group and the Company's operations as well as the consolidated cash flows for the financial year 1 January - 31 December 2021 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 Consolidated Financial Statements and the Parent Company Financial Statements” section of our report. We are independent of the Group 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 preparation of consolidated financial statements and parent company 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 consolidated financial statements and parent company financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements and the parent company financial statements, Management is responsible for assessing the Group´s and the Parent 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 consolidated financial statements and the parent company financial statements unless Management either intends to liquidate the Group or 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 consolidated financial statements and the parent company 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 consolidated financial statements and parent company 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 skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the consolidated financial statements and the parent 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 Group´s and 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 consolidated financial statements and the parent company 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 Group´s and 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 consolidated financial statements and the parent company 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 Group and the Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the consolidated financial statements and the parent company financial statements, including the disclosures, and whether the consolidated financial statements and the parent company financial statements represent the underlying transactions and events in a manner that gives a true and fair view. Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. 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 Management’s Review Management is responsible for Management’s Review. Our opinion on the consolidated financial statements and the parent company 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 consolidated financial statements and the parent company financial statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the consolidated financial statements and the parent company 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, we conclude that 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 Management’s Review. -280800027700054690002233000-32560004780000Pengestrømme i altPengestrømme i altPengestrømme i altPengestrømme i altPengestrømme i alt36.638.123.926176.9229.8LikviditetsgradLikviditetsgradLikviditetsgradLikviditetsgradLikviditetsgrad33.944.786.4144The principal activities of the group The activities of the group and of Lie ApS are design, development, production, marketing and sale of interiors, toys, accessories, outerwear and lifestyle products to children as well as other related activity. Development in activities and financial matters LIEWOOD continues its growth and prepares for global transformation with a very satisfying result for 2021, where revenue has once again almost doubled, while the company has invested heavily in new hires and new headquarter in central Copenhagen. The gross profit for the group for the year is 130 mDKK against 74 mDKK last year. The ordinary result after tax for the group amounts to 64 mDKK against 40 mDKK last year. Revenue from LIEWOOD's own B2C channel has grown by 100% and total revenue by more than 84% compared to the previous year. Revenue growth is distributed primarily in the European markets, but especially from DACH where the growth has been more than 105%. In 2021, the customer base has grown by more than 40% compared to 2020. LIEWOOD's continued growth is based on the company's unique brand position and follows the business plan and strategy, where annual growth must contribute to positioning LIEWOOD as a global lifestyle brand for children. Anne Marie Lie Norvig founded LIEWOOD in 2015 and since then the lifestyle brand for children has doubled its turnover every year, while the number of employees has gone from 0 to about 100. The company has developed from being a startup to being a Danish company with international sales. LIEWOOD has succeeded in hiring passionated and specialized employees who are ambitious and driven to achieve something great. This will also be needed in the future, where the next step is about the transformation into a global organization with Danish roots. In addition to growth, the year 2021 also marked a number of positive events for LIEWOOD. The company was named a Gazelle by Danish newspaper Børsen, just as the founder, CEO and Creative Director of LIEWOOD, Anne Marie Lie Norvig, was named Owner Manager of the Year in the Capital Region by PwC in collaboration with Nykredit and Dansk Erhverv. In addition, the Danish headquarter recently moved into a new location on Blegdamsvej in Copenhagen, in order to accommodate the rapidly growing amount of employees and provide the right conditions for the company's continued positive development. Above all, the year 2021 was a year that tested and proved the quality of LIEWOOD’s organization and culture. The changing market conditions and working conditions of the Corona pandemic have required new workflows in the entire organization. The creative process within a design company is largely a team task, and so it has been challenging for employees, due to Corona restrictions and safety measures, to work separately for large parts of the year. In connection to this, it has been uplifting to experience the company's spirit, unity and culture breaking through in the way in which challenges have been met. Furthermore, in a market that was generally challenged in 2021 in light of the Corona pandemic's abrupt market and supply chain shutdown, it is extremely satisfying that LIEWOOD can report continued and strengthened growth. Expected developments LIEWOOD's ambitions for the future include continued growth. While 15% of the revenue comes from Scandinavia, the remaining 85% comes primarily from Europe. It also means that global markets are ahead. LIEWOOD expects to move into the Asian and American markets within a reasonable time horizon. Financial Risks Production and purchases are made outside Denmark and a significant part of the turnover is outside Denmark and settled in currencies other than DKK. LIEWOOD is thus exposed to ongoing fluctuations in exchange rates, which has an impact on both earnings and cash flows. Hedging is carried out on an ongoing basis to minimize risks. The USD in particular has had a negative effect on the result for the year. Only cash flows are hedged and not speculative. Events after Balancing Act After the balance sheet date, no circumstances have arisen which upset the assessment of the annual report. Group 31/12 2021 31/12 2020 10. Provisions for deferred tax Provisions for deferred tax 1 January 2021 -43.951 -73.587 Deferred tax relating to the net profit or loss for the year 969.335 29.636 925.384 -43.951 11. Charges and security The bank has issued a payment guarantee of TDKK 3.491. For bank loans, TDKK 41.297, the group has provided security in group assets representing a nominal value of TDKK 40.000. This security comprises the assets below, stating the carrying amounts: DKK in thousands Inventories 104.687 Trade receivables 44.139 Other fixtures and fittings, tools and equipment 5.253 Leasehold improvements 1.550 Acquired concessions, patents, licenses, trademarks, and similar rights 2.623 12. Contingencies Contingent liabilities Lease liabilities The group has entered into operational leases with an average annual lease payment of TDKK 83. The leases have up to 36 months to maturity and total outstanding lease payments total TDKK 750. Contingent liabilities The group has entered into a lease on premises. This contract is non-cancellable until 1 February 2027. The annual rent amounts to TDKK 4.638. The group has entered into a lease in stock. This contract is non-cancellable until 31 July 2023. Joint taxation The company acts as administration company for the group of companies subject to the Danish scheme of joint taxation and is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, to pay the total corporation tax. The company is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for any obligations to withhold tax on interest, royalties, and dividends. Any subsequent adjustments of corporate taxes or withholding taxes, etc., may result in changes in the company's liabilities. The annual report for Lie ApS has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class C enterprises (medium sized enterprises). The accounting policies are unchanged from last year, and the annual report is presented in DKK. Recognition and measurement in general Income is recognised in the income statement concurrently with its realisation, including the recognition of value adjustments of financial assets and liabilities. Likewise, all costs are recognised in the income statement, including depreciations amortisations, writedowns for impairment, provisions, and reversals due to changes in estimated amounts previously recognised in the income statement. Assets are recognised in the statement of financial position when it seems probable that future economic benefits will flow to the group and the value of the asset can be reliably measured. Liabilities are recognised in the statement of financial position when it is seems probable that future economic benefits will flow out of the group and the value of the liability can be reliably measured. Assets and liabilities are measured at cost at the initial recognition. Hereafter, assets and liabilities are measured as described below for each individual accounting item. Foreign currency translation Transactions in foreign currency are translated by using the exchange rate prevailing at the date of the transaction. Differences in the rate of exchange arising between the rate at the date of transaction and the rate at the date of payment are recognised in the profit and loss account as an item under net financials. If currency positions are considered to hedge future cash flows, the value adjustments are recognised directly in equity in a fair value reserve. Receivables, payables, and other foreign currency monetary items are translated using the closing rate. The difference between the closing rate and the rate at the time of the occurrence or initial recognition in the latest financial statements of the receivable or payable is recognised in the income statement under financial income and expenses. Fixed assets acquired and paid for in foreign currency are measured at the exchange rate prevailing at the date of the transaction. Derivatives At their initial recognition, derivatives are recognised at cost in the statement of financial position. Hereafter, they measured at fair value. Positive and negative fair values of derivatives are recognised under other receivables and payables, respectively. Changes in the fair value of derived financial instruments classified as hedging of future cash flows are recognised in other receivables or other payables, and in equity. Revenue The enterprise will be applying IAS 18 as its basis of interpretation for the recognition of revenue. Revenue is recognised in the income statement if delivery and passing of risk to the buyer have taken place before the end of the year and if the income can be determined reliably and inflow is anticipated. Recognition of revenue is exclusive of VAT and taxes and less any discounts relating directly to sales. Cost of sales Cost of sales comprises costs concerning purchase of raw materials and consumables less discounts and changes in inventories. Other external expenses Other external expenses comprise expenses incurred for distribution, sales, advertising, administration, premises, loss on receivables, and operational leasing costs. Depreciation, amortisation, and writedown for impairment Depreciation, amortisation, and writedown for impairment comprise depreciation on, amortisation of, and writedown for impairment of intangible and tangible assets, respectively. Financial income and expenses Financial income and expenses are recognised in the income statement with the amounts concerning the financial year. Financial income and expenses comprise interest income and expenses, financial expenses from financial leasing, realised and unrealised capital gains and losses relating to securities, debt and transactions in foreign currency, amortisation of financial assets and liabilities as well as surcharges and reimbursements under the advance tax scheme, etc. Results from investments in subsidiaries After full elimination of intercompany profit or loss less amortised consolidated goodwill, the equity investment in the individual subsidiaries are recognised in the income statement of the parent as a proportional share of the subsidiaries' post-tax profit or loss. Tax on net profit or loss for the year Tax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity. The parent and the Danish group enterprises are subject to Danish rules on compulsory joint taxation of Danish group enterprises. The parent acts as an administration company in relation to the joint taxation. This means that the total Danish income tax payable by the Danish group companies is paid to the tax authorities by the company. The current Danish income tax is allocated among the jointly taxed companies proportional to their respective taxable income (full allocation with reimbursement of tax losses). Property, plant, and equipment Property, plant, and equipment are measured at cost less accrued depreciation and writedown for impairment. The depreciable amount is cost less any expected residual value after the end of the useful life of the asset. The amortisation period and the residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, the depreciation is discontinued. If the amortisation period or the residual value is changed, the effect on amortisation will, in future, be recognised as a change in the accounting estimates. The cost comprises acquisition cost and costs directly associated with the acquisition until the time when the asset is ready for use. The cost of a total asset is divided into separate components. These components are depreciated separately, the useful lives of each individual components differing, and the individual component representing a material part of the total cost. Depreciation is done on a straight-line basis according to an assessment of the expected useful life and the residual value of the individual assets: Other fixtures and fittings, tools and equipment Useful life 3-8 years Residual value 0-20 % Minor assets with an expected useful life of less than 1 year are recognised as costs in the income statement in the year of acquisition. Profit or loss derived from the disposal of property, land, and equipment is measured as the difference between the sales price less selling costs and the carrying amount at the date of disposal. Profit or loss is recognised in the income statement as other operating income or other operating expenses. Leasehold improvements Leasehold improvements are measured at cost less accrued depreciations. Depreciation is done on a straightline basis over the estimated useful life of the asset, which is set at 5 years. Investments in subsidiaries Investments in subsidiaries are recognised and measured by applying the equity method. The equity method is used as a method of consolidation. Investments in subsidiaries are recognised in the statement of financial position at the proportionate share of the enterprise's equity value. This value is calculated in accordance with the parent's accounting policies with deductions or additions of unrealised intercompany gains and losses as well as with additions or deductions of the remaining value of positive or negative goodwill calculated in accordance with the acquisition method. Negative goodwill is recognised in the income statement at the time of acquisition of the equity investment. If the negative goodwill relates to contingent liabilities acquired, negative goodwill is not recognised until the contingent liabilities have been settled or lapsed. Consolidated goodwill is amortised over its estimated useful life, which is determined on the basis of the management's experience with the individual business areas. Consolidated goodwill is amortised on a straight-line basis over the amortisation period, which represent 10 years. The depreciation period is determined on the basis of an assessment that these are strategically acquired enterpriseswith a strong market position and a long-term earnings profile. Investments in subsidiaries with a negative equity value are measured at DKK 0, and any accounts receivable from these enterprises are written down to the extent that the account receivable is uncollectible. To the extent that the parent has a legal or constructive obligation to cover an negative balance that exceeds the account receivable, the remaining amount is recognised under provisions. To the extent the equity exceeds the cost, the net revaluation of equity investments in subsidiaries transferred to the reserve under equity for net revaluation according to the equity method. Dividends from subsidiaries expected to be adopted before the approval of this annual report are not subject to a limitation of the revaluation reserve. The reserve is adjusted by other equity movements in subsidiaries. Newly acquired or newly established companies are recognised in the financial statement as of the time of acquisition. Sold or liquidated companies are recognised until the date of disposal. On the acquisition of enterprises, the acquisition method, the uniting-of-interests method or the book value method is applied, cf. the above description under Business combinations. Deposits Deposits are measured at amortised cost and represent lease deposits, etc. Inventories Inventories are measured at cost according to the FIFO method. In cases when the net realisable value of the inventories is lower than the cost, the latter is written down for impairment to this lower value. Costs of goods for resale, raw materials, and consumables comprise acquisition costs plus delivery costs. The net realisable value for inventories is recognised as the market price less costs of completion and selling costs. The net realisable value is determined with due consideration of negotiability, obsolescence, and the development of expected market prices. Receivables Receivables are measured at amortised cost, which usually corresponds to nominal value. Impairment losses are calculated as the difference between the carrying amount of accounts receivable and the present value of the expected cash flows, including the realisable value of any securities received. The effective interest rate for the individual account receivable or portfolio is used as the discount rate. Prepayments Prepayments recognised under assets comprise incurred costs concerning the following financial year. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and on hand. Equity Reserve for net revaluation according to the equity method The reserve for net revaluation according to the equity method comprises net revaluation of equity investments in subsidiaries, associates and equity interests proportional to cost. The reserve may be eliminated in the event of losses, realisation of equity investments, or changes in the accounting estimates. The reserve cannot be recognised by a negative amount. Reserve for hedging transactions The reserve for hedging transactions arises when hedging instruments are subject to fair value adjustments. The reserve is dissolved once the value adjustments have been applied or reversed. The reserve is distributable. Income tax and deferred tax As administration company, Lie ApS is liable to the tax authorities for the subsidiaries' corporate income taxes. Current tax liabilities and current tax receivable are recognised in the statement of financial position as calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and for tax paid on account. The company is jointly taxed with consolidated Danish companies. The current corporate income tax is distributed between the jointly taxed companies in proportion to their taxable income and with full distribution with reimbursement as to tax losses. The jointly taxed companies are comprised by the Danish tax prepayment scheme. Joint taxation contributions payable and receivable are recognised in the statement of financial position as ”Income tax receivable” or “Income tax payable”. Deferred tax is measured on the basis of temporary differences in assets and liabilities with a focus on the statement of financial position. Deferred tax is measured at net realisable value. Adjustments take place in relation to deferred tax concerning elimination of unrealised intercompany gains and losses. Deferred tax is measured based on the tax rules and tax rates applying under the legislation prevailing in the respective countries on the reporting date when the deferred tax is expected to be released as current tax. Changes in deferred tax due to changed tax rates are recognised in the income statement, except for items included directly in the equity. Deferred tax assets, including the tax value of tax losses allowed for carryforward, are recognised at the value at which they are expected to be realisable, either by settlement against tax of future earnings or by set-off in deferred tax liabilities within the same legal tax unit. Any deferred net tax assets are measured at net realisable value. Liabilities other than provisions Other liabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value. Intangible assets Development projects, patents, and licences It software are measured at cost less accrued amortisation. Depreciation is done on a straightline basis over the estimated useful life of the asset, which is set at 3 years. Goodwill Acquired goodwill is measured at cost less accumulated amortisation. Given that it is impossible to make a reliable estimate of the useful life, the amortisation period is set at 10 years. 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