186309312024-01-012024-12-31186309312024-12-31186309312023-12-31fsa:ContributedCapitalMember186309312023-12-31fsa:RetainedEarningsMember186309312023-12-31fsa:ProposedDividendRecognisedInEquityMember186309312023-12-31186309312024-01-012024-12-31fsa:RetainedEarningsMember186309312024-01-012024-12-31fsa:ProposedDividendRecognisedInEquityMember186309312024-12-31fsa:ContributedCapitalMember186309312024-12-31fsa:RetainedEarningsMember186309312024-12-31fsa:ProposedDividendRecognisedInEquityMember186309312024-01-012024-12-31fsa:ShorttermDeferredIncomeMember186309312024-01-012024-12-31cmn:ConsolidatedMemberfsa:LiquidationAccountMember186309312024-01-012024-12-31cmn:ConsolidatedMember186309312024-01-012024-12-31cmn:ConsolidatedMember1186309312024-01-012024-12-31cmn:ConsolidatedMember1186309312024-01-012024-12-31cmn:ConsolidatedMember2186309312024-01-012024-12-31cmn:ConsolidatedMember3186309312024-01-012024-12-31cmn:ConsolidatedMember4186309312024-01-012024-12-31cmn:ConsolidatedMember5186309312024-01-012024-12-31cmn:ConsolidatedMember1186309312024-12-31cmn:ConsolidatedMember186309312023-12-31cmn:ConsolidatedMemberfsa:ContributedCapitalMember186309312023-12-31cmn:ConsolidatedMemberfsa:RetainedEarningsMember186309312023-12-31cmn:ConsolidatedMemberfsa:ProposedDividendRecognisedInEquityMember186309312023-12-31cmn:ConsolidatedMember186309312024-01-012024-12-31cmn:ConsolidatedMemberfsa:RetainedEarningsMember186309312024-01-012024-12-31cmn:ConsolidatedMemberfsa:ProposedDividendRecognisedInEquityMember186309312024-12-31cmn:ConsolidatedMemberfsa:ContributedCapitalMember186309312024-12-31cmn:ConsolidatedMemberfsa:RetainedEarningsMember186309312024-12-31cmn:ConsolidatedMemberfsa:ProposedDividendRecognisedInEquityMember186309312024-01-012024-12-31cmn:ConsolidatedMember1186309312024-01-012024-12-31cmn:ConsolidatedMember2186309312024-01-012024-12-31cmn:ConsolidatedMemberfsa:ShorttermDeferredIncomeMember186309312023-01-012023-12-31186309312023-01-012023-12-31cmn:ConsolidatedMember186309312023-01-012023-12-31cmn:ConsolidatedMember1186309312023-01-012023-12-31cmn:ConsolidatedMember2186309312022-12-31cmn:ConsolidatedMemberiso4217:DKKxbrli:pure18630931Årsrapport8314600020240626310006294500042673000The Board of Directors and the Executive Board have today considered and approved the annual report of Renewtech ApS for the financial year 01.01.2024 - 31.12.2024.3439400035984000924000The annual report is presented in accordance with the Danish Financial Statements Act.558000133900039549000In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 31.12.2024 and of the results of their operations and the consolidated cash flows for the financial year
01.01.2024 - 31.12.2024.2767900025622000-59284000We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.-16030005540002032000We recommend the annual report for adoption at the Annual General Meeting.27100014190002019000Aars141400024757000-19722000Bjarne Aarup Andersen2493300057050009613000CEO588300019052000-29335000Stephan Willy Maria Derksen190500000565000chairman001802000Nina Kristine Hoffmann von Holten00394000Martin Donatien-Xavier Alexandre J0778370002761000Oxana Marouchtchak077837000720000Merete Søby10000003003000326000To the shareholders of Renewtech ApS1820001820001046000We have audited the consolidated financial statements and the parent financial statements of Renewtech 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, for the Group as well as the Parent, and the consolidated cash flow statement. The consolidated financial statements and the parent financial statements
are prepared in accordance with the
Danish Financial Statements Act.
In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 31.12.2024 and of the results of their operations and the consolidated cash flows for the financial year 01.01.2024 - 31.12.2024 in accordance
with the Danish Financial Statements Act.1182000318500020863000We 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 consolidated financial statements and the parent financial statements" section of this auditor’s
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.653580008102200020863000Management is responsible for the preparation of consolidated financial statements and parent 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 financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the consolidated financial statements and the parent financial statements, Management is responsible for assessing the Group's and 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 consolidated financial statements and the parent financial statements unless Management either intends to liquidate
the Entity or to cease operations, or has no realistic alternative but to do so.653580004771300024670000Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and the parent 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 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 consolidated financial statements and the parent 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 ofnot 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 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 consolidated financial statements and the parent 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 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 consolidated financial statements and the parent 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 Entity to cease to continue as a going concern.Evaluate the overall presentation, structure and content of the consolidated financial statements and the parent financial statements, including the disclosures
in the notes, and whether the consolidated financial statements and the parent financial statements represent the underlying transactions and
events in a manner that gives a true and fair view.Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the consolidated financial statements and the parent financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes 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.665400003723000600330004308700051436000206000Management is responsible for the management commentary.
Our opinion on the consolidated financial statements and the parent 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 consolidated financial statements and the parent financial statements, our responsibility is to read the management
commentary and, in doing so, consider whether the management commentary is materially inconsistent with
the consolidated financial statements and the parent 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 consolidated financial statements and the parent 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.3176000315490006023900046263000399300030306000Aalborg24601000037837000Jakob Olesen1946900011430001418000mne344922255000366850001952000State Authorised Public Accountant8600003346700071513000Financial highlights2024
DKK'0002023
DKK'0002022
DKK'0002021
DKK'0002020
DKK'000Key figuresGross profit/loss96,48562,94587,55080,13442,947Operating profit/loss(17,037)25,62233,27438,55114,860Net financials(2,332)(865)(343)(255)(250)Profit/loss for the year(29,336)19,05225,52229.85611.384Balance sheet total170,836202,61094,33878,31363,119Investments in property, plant and equipment7852,41714923053Equity82,070131,40646,18345,66123,905Cash flows from operating activities(2,369)50,05310,56813,9347,062Cash flows from investing activities(16,925)(66,241)(293)(161)(53)Cash flows from financing activities(6,278)49,233(10,144)(13,664)(7,054)RatiosReturn on equity (%)(27.48)21.4655.5885.8452.43Equity ratio (%)48.0464.8648.9558.3137.87Financial highlights are defined and calculated in accordance with the current version of "Recommendations &
Ratios" issued by the CFA Society Denmark.Return on equity (%):Profit for the year * 100
Average equityEquity ratio (%)
:Equity * 100
Balance sheet total471850001215880003317000Primary activitiesRenewtech is a circular IT group providing refurbished IT enterprise hardware, including servers, storage, networking hardware and related accessories. The group purchases used enterprise hardware from suppliers. The hardware is carefully sorted and tested, data is securely erased, products are refurbished, cleaned and storedin the warehouse and ultimately sold to B2B customers worldwide. The Renewtech group contributes to the circular economy by extending the life of IT hardware, reducing the CO2 footprint and minimizing e-waste.30578000202610000135069000Development in activities and financesMarket Development:
The market for circular IT hardware experienced increased demand during 2024, supported by favorable regulatory and legislative developments, sustained demand for sustainable business practices, cloud-computing and AI, and the necessity for companies to reduce their total IT costs. These factors have driven a preference for refurbished IT equipment, which is offered at attractive prices compared to new hardware and extend the lifespan of existing hardware.
The rising market demand, coupled with a strategic expansion of our product portfolio, has resulted in strong organic topline growth throughout 2024.
Acquisition:
In Q3 2024, Renewtech successfully completed its acquisition of Italian company SE.CO S.r.l., as part of its strategy to strengthen its local presence across Europe and broaden its reach to the attractive end-customer base.
This acquisition presents significant synergy opportunities through enabling us to offer our Italian customers a broader range of products and services.
Legal actions against the former owner of Renewtech B.V.:
After acquiring its subsidiary, Renewtech B.V., Renewtech ApS has identified irregularities in the pre-closing financial data provided by the seller. Following investigations, Renewtech ApS has initiated legal actions against the former owner. In parallel, a police report has been filed regarding the matter.
The findings have caused Renewtech ApS to recognize a goodwill impairment related to Renewtech B.V. of 40 million DKK. The situation is considered isolated and is being actively addressed. In response, management has developed and implemented a turn-around plan, which is currently progressing in line with expectations.
Despite the unfavorable developments in Renewtech BV, the group's other add-on acquisitions are performing according to plan, contributing positively to the overall business. The core of our strategy, focused on value creation through both organic growth and M&A remains robust and effective.124026000500000159739000Profit/loss for the year in relation to expected developmentsIn addition to the goodwill impairment of DKK 40,000k, the result of 2024 was affected by significant one-off costs and is not comparable to levels in prior years. These non-recurring costs primarily relate to the acquisition and subsequent investigation of the legal claim relating to Renewtech B.V. as well as inventory write downs and other M&A related activities including the acquisition of Se.Co S.r.l.
Due to the impairment and related one-off costs, the loss for the year ending ended at (29) million DKK deviates significantly against expectations of 35 – 45 million DKK. Management find the result not satisfactory.
Management is encouraged by the organic topline and earnings growth delivered by the parent company and the positive development in the group’s other add-on acquisitions. 190566000110906000500000Uncertainty relating to recognition and measurementThe value of goodwill depends on the group's ability to generate positive earnings that can yield a return on the total investment. Goodwill is tested for impairment annually or if there is an indication of a decline in value. The goodwill items are primarily related to the acquisitions of Renewtech B.V. and SE.CO Srl, which were completed in 2023 and 2024, respectively. The impairment test for 2024 resulted in a goodwill impairment of 40 million DKK, related to the identified irregularities in Renewtech B.V and legal actions taken. The impairment has no impact on the Group’s cash flow and management remains confident in the long-term strategic positioning of the business.5000002000000071569000OutlookThe market conditions are expected to remain favorable. An increased activity level and profit in the amount of 35 - 45 million DKK is expected for 2025.11090400013140600010000000
Use of financial instrumentsForeign currency risks:
More than 80% of the turnover is invoiced in foreign currency which means that profit cashflows and equity are affected by the exchange rate development for a number of currencies. It is the company's policy to hedge the most significant commercial currency risks. Hedging takes place primarily via ongoing hedging of receivables in USD, GBP, CHF and EUR with corresponding debts and draws on currency accounts. The company does not enter into speculative currency transactions.
Interest rate risks:
As a result of the company's solvency and financial preparedness moderate changes in the interest rate level will not have any significant direct effect on the earnings. Interest rate risks are therefore not hedged.
Price risks:
To minimize the price risks, we follow the price level in market very closely and make all necessary adjustments to our price settings through strict and timely product and inventory management.
200000001470008206900096485000131404000147000334000633080001470003660003340005021400014700015890000-1703700036100016139000198800082400015890003196000017862000315600013110000483800044023000-1936900029130000631300034260009967000631300098520009944000-29336000851200009300073000007105700077336000180200059015000710570007733600039400059015000202610000159739000406750001905660001338000500000436010005924760000110904000227900035040005172000020000000332000506000261100030000001418000046212000-3950000755000200000006625700050053000200000002060000-39335000664630002880001000000043064000659530002964000-6624100050000013450001618800071569000289300017886000100000005026600024833000789500030000001 Unusual circumstancesProfit for the year i negative affected by impairment loss of DKK 40.000k on goodwill related to Renewtech B.V. We refer to note 10.124624000-238850002 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.170836000691710003 Staff costs2024
DKK'0002023
DKK'000Wages and salaries38,67130,759Pension costs3,3953,133Other social security costs60750242,67334,394Average number of full-time employees6559Remunerationof
Manage- ment
2024
DKK'000Remunerationof Manage- ment
2023
DKK'000Total amount for management categories3,3563,5043,3563,504Referring to section 98b(3) of the Danish Financial Statements Act, total remuneration of management has been
disclosed under one category in the financial year.50000049233000657157000033045000Remunerationof
Manage- ment
2024
DKK'000Remunerationof Manage- ment
2023
DKK'000Total amount for management categories3,3563,5043,3563,50410000000422000335600082070000334670004 Income from investments in group enterprisesIn income from investments in group enterprises impairment loss on goodwill of DKK 40,000k. is included.334000625 Other financial income2024
DKK'0002023
DKK'000Financial income from group enterprises1,23092Other interest income8021792,03227133400035040006 Other financial expenses2024DKK'0002023DKK'000Financial expenses from group enterprises1,7471,050Other interest expenses2723642,0191,414160007 Proposed distribution of profit and loss2024
DKK'0002023
DKK'000Ordinary dividend for the financial year10,00020,000Extraordinary dividend distributed in the financial year03,000Retained earnings(39,335)(3,950)(29,335)19,0501988000300000022678000-3948000046031000-3933500020400034260008 Intangible assetsAcquired intangible assets
DKK'000Acquired licences
DKK'000Acquired trademarks
DKK'000Additions5652,237402Cost end of year5652,237402Amortisation for the year0(435)(8)Amortisation and impairment losses end of year0(435)(8)Carrying amount end of year5651,802394139960009 Property, plant and equipmentOther fixtures and fittings, tools and equipment
DKK'000Leasehold improvements
DKK'000Cost beginning of year5,203221Additions124221Disposals(135)0Cost end of year5,192442Depreciation and impairment losses beginning of year(4,203)(39)Depreciation for the year(404)(77)Reversal regarding disposals1350Depreciation and impairment losses end of year(4,472)(116)Carrying amount end of year7203269300010 Financial assetsInvestments in group enterprisesDKK'000Cost beginning of year66,961Additions14,789Cost end of year81,750Impairment losses beginning of year(1,603)Amortisation of goodwill(8,411)Impairment losses on goodwill(40,000)Share of profit/loss for the year(10,873)Impairment losses end of year(60,887)Carrying amount end of year20,863Goodwill or negative goodwill recognised during the financial year11,250A specification of investments in subsidiaries is evident from the notes to the consolidated financial statements.GoodwillGoodwill is as of 31.12.2024 allocated to the business unit in The Netherlands DKK 30,000k and Italy DKK 10,675k.
For goodwill related to the business unit in the Netherlands, indicators of impairment have been identified in the financial year due to financial performance and irregulates from previous Management. Based hereon the Danish
Management have performed an impairment test. Based on the impairment test the Management has identified impairment of DKK 40,000k, which is recognized under Income from investments in group enterprises in the financial statement.
The recoverable amount of the CGU has been determined based on value -in-use calculations. These calculations use pre-tax cash flow projections based on financial budget and outlook approved by Management covering a three-year period and terminal value using estimated growth rates.
In the impairment test performed management has used the following key assumptions: Terminal growth rate of 3% and WACC of 14.6%. Sensitivity of WACC (pre-tax) shows that a change of +1.0% will lead to a change of the impairment of goodwill of DKK 2,360k.
8843200011 PrepaymentsPrepayments comprise prepaid expenses for subscriptions, licenses, insurance, etc.
8843200012 Deferred tax2024 DKK'0002023DKK'000Property, plant and equipment(44)9Receivables429189Liabilities other than provisions(51)(51)Deferred tax334147
Changes during the year2024DKK'0002023DKK'000Beginning of year147241Recognised in the income statement187(94)End of year33414717083600050000013 Deferred incomeDeferred income comprise revenue to be recognised in the following periods. 11090600014 Unrecognised rental and lease commitments2024
DKK'0002023
DKK'000Total liabilities under rental or lease agreements until maturity 13,38714,422The amount relates to rent of leasehold property until 2031.2000000015 Contingent liabilitiesThe Entity participates in a Danish joint taxation
arrangement in which Impact One 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 also for obligations, if any, relating to the withholding of tax on
interest, royalties and dividends 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.16 Assets charged and collateralThe entity has provided a company charge of DKK 15,000k related to inventories and trade receivables. The carrying amount of charged assets is DKK 90,771k. Collateral provided for group enterprisesThe Entity has guaranteed the group enterprises’ debt with Nordea Bank. Bank loans of group enterprises amount to DKK 134,000k.
The entity has towards Nordea Bank provided collateral in the form of 100,000 unlisted shares in Renewtech GMBH.
The entity has provided a guarantee for leases in Impact Two ApS towards AL finans. 017 Related parties with controlling interestImpact Two ApS, Denmark owns all shares in Renewtech ApS, thus exercising control.
Impact One ApS, Denmark owns all shares in Impact Two ApS, thus exercising control.
Bull TopCo S.á r.l., Luxembourg owns 88 % of shares in Impact One ApS, thus exercising control.
Trill Impact Platform S.ä.r.l, Luxembourg owns all shares in Bull TopCo S.á r.l., thus exercising control. 2000000018 Non-arm’s length related party transactionsOnly non-arm's length related party transactions are disclosed in the annual report. No
such transactions were conducted during the financial year.20000000Investments in group enterprisesInvestments in group enterprises are recognised and measured in the parent financial statements according to the equity
method.
This means that investments are measured at the pro rata share of the enterprises’ equity value plus
unamortised goodwill and plus or minus unrealised intra-group profits or losses. Reference is made to the above
section on
business combinations for more details about the accounting policies applied to acquisitions of
investments in
group enterprises.
Upon distribution of profit or loss, net revaluation of investments in group enterprises is transferred to
the reserve for net revaluation according to the equity method in equity.
Goodwill is the difference between cost of investments and fair value of the pro rata share of assets and liabilities arising
from
acquisitions. Goodwill is amortised straight-line over its estimated useful life, which is fixed based on the
experience gained by Management for each business area. For goodwill, useful life has been determined based on an assessment of whether the enterprises
are
strategically acquired enterprises with a strong market position and a long-term earnings profile and whether
the amount of goodwill includes intangible resources of a temporary nature that cannot be
separated and
recognised as separate assets. Useful lives are reassessed annually. The amortisation periods
used are 10 years.
-3933600010000000500000715700001000000050214000-1416200019015000824000315600019052000-2369000325000063800013037000-169250001929400001407100020000000Change in short term debt-349000Group contribution0-6278000-2557200078950001 Unusual circumstancesProfit for the year i negative affected by impairment loss of DKK 40.000k on goodwill related to Renewtech B.V. We refer to note 8.2 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.3 Staff costs2024
DKK'0002023
DKK'000Wages and salaries56,38732,098Pension costs3,6833,168Other social security costs3,23871863,30835,984Average number of full-time employees9962Remunerationof management
2024
DKK'000Remunerationof management
2023
DKK'000Total amount for management categories3,3563,5043,3563,504Referring to section 98b(3) of the Danish Financial Statements Act, total remuneration of management has been
disclosed under one category in the financial year.99Remunerationof management
2024
DKK'000Remunerationof management
2023
DKK'000Total amount for management categories3,3563,5043,3563,50433560004 Depreciation, amortisation and impairment losses2024
DKK'0002023
DKK'000Amortisation of intangible assets8,855654Impairment losses on intangible assets40,0000Depreciation on property, plant and equipment1,35968550,2141,3395 Other financial income2024DKK'0002023DKK'000Other interest income824179Exchange rate adjustments03758245546 Other financial expenses2024
DKK'0002023
DKK'000Financial expenses from group enterprises1,8891,050Other interest expenses1,2673693,1561,4197 Proposed distribution of profit/loss2024
DKK'0002023
DKK'000Ordinary dividend for the financial year10,00020,000Extraordinary dividend distributed in the financial year03,000Retained earnings(39,336)(3,948)(29,336)19,0520-393360008 Intangible assetsAcquired intangible assetsDKK'000Acquired licences
DKK'000Acquired trademarks
DKK'000GoodwillDKK'000Cost beginning of year00078,491Addition through business combinations etc1190011,250Additions6112,2374020Cost end of year7302,23740289,741Amortisation and impairment losses beginning of year000(654)Impairment losses for the year000(40,000)Amortisation for the year0(435)(8)(8,412)Amortisation and impairment losses end of year0(435)(8)(49,066)Carrying amount end of year7301,80239440,675Goodwill is as of 31.12.2024 allocated to the business unit in The Netherlands DKK 30,000k and Italy DKK 10,675k.For goodwill related to the business unit in the Netherlands, indicators of impairment have been identified in the financial year due to financial performance and irregulates from previous Management. Based hereon the DanishManagement have performed an impairment test. Based on the impairment test the Management has identified impairment of DKK 40,000k, which is recognized under Depreciation, amortisation and impairment losses in the financial statement.
The recoverable amount of the CGU has been determined based on value -in-use calculations. These calculations use pre-tax cash flow projections based on financial budget and outlook approved by Management covering a three-year period and terminal value using estimated growth rates.
In the impairment test performed management has used the following key assumptions: Terminal growth rate of 3% and WACC of 14.6%. Sensitivity of WACC (pre-tax) shows that a change of +1.0% will lead to a change of the impairment of goodwill of DKK 2,360k.
9 Property, plant and equipmentOther fixtures and fittings, tools and equipment
DKK'000Leasehold improvements
DKK'000Cost beginning of year7,332221Addition through business combinations etc1480Additions410227Disposals(135)0Cost end of year7,755448Depreciation and impairment losses beginning of year(4,329)(39)Depreciation for the year(1,282)(77)Reversal regarding disposals1350Depreciation and impairment losses end of year(5,476)(116)Carrying amount end of year2,27933210 PrepaymentsPrepayments comprise prepaid expenses for subscriptions, licenses, insurance, etc.
11 Deferred tax2024DKK'0002023DKK'000Property, plant and equipment(44)9Receivables429189Liabilities other than provisions(51)(51)Deferred tax334147
Changes during the year2024DKK'0002023DKK'000Beginning of year147241Recognised in the income statement187(94)End of year33414712 Deferred incomeDeferred income comprise revenue to be recognised in the following periods. 13 Changes in working capital2024
DKK'0002023
DKK'000Increase/decrease in inventories(15,027)19,510Increase/decrease in receivables(3,954)1,365Increase/decrease in trade payables etc.4,8193,885(14,162)24,76014 Unrecognised rental and lease commitments2024
DKK'0002023
DKK'000Total liabilities under rental or lease agreements until maturity 16,66014,422The amount relates to rent of leasehold property until 2031.15 Contingent liabilitiesThe Parent and the Danish subsidiaries participate in a Danish joint taxation
arrangement in which Impact One ApS serves as the administration company.
According to the joint taxation provisions of
the Danish Corporation Tax Act, the Parent and the Danish subsidiaries are therefore liable for
income taxes etc. for the jointly taxed entities, and also for obligations, if any, relating to the withholding of tax on
interest, royalties and dividends 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.16 Assets charged and collateralRenewtech ApS has provided a company charge of DKK 15,000k related to inventories and trade receivables. The carrying amount of charged assets is DKK 90,771kCollateral provided for group enterprisesThe Entity has guaranteed the group enterprises’ debt with Nordea Bank. Bank loans of group enterprises amount to DKK 134,000k.
The entity has provided a guarantee for leases in Impact Two ApS towards AL finans. 17 Non-arm’s length related party transactionsOnly non-arm's length related party transactions are disclosed in the annual report. No
such transactions were conducted during the financial year.18
Group relationsName and registered office of the Parent preparing consolidated financial statements for the largest group:
Impact One ApS, VesthimmerlandName and registered office of the Parent preparing consolidated financial statements for the smallest group:
Impact One ApS, Vesthimmerland19 SubsidiariesRegistered inCorporate
formOwnership
%Renewtech GmbHSwitzerlandGmbH100.00Renewtech B.V.*The NetherlandsBV100.00RenewCare GmbH*SwitzerlandGmbH100.00Renewtech Spain S.l.*SpainSL100.00SE.CO S.r.l.ItalyS.r.l.100.00*Owned through Renewtech GmbH.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 consolidated financial statements and parent financial statements are consistent with those applied last year.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. Consolidated financial statementsThe consolidated financial statements comprise the Parent and the group enterprises (subsidiaries) that are controlled by the Parent. Control is achieved by the Parent, either directly or indirectly, holding more than 50% of the voting rights or in any other way possibly or actually exercising controlling influence. Basis of consolidationThe consolidated financial statements are prepared on the basis of the financial statements of the Parent and its subsidiaries. The consolidated financial statements are prepared by combining uniform items. On consolidation, intra-group income and expenses, intra-group accounts and dividends as well as profits and losses on transactions between the consolidated enterprises are eliminated. The financial statements used for consolidation have been prepared applying the Group’s accounting policies.
Subsidiaries’ financial statement items are recognised in full in the consolidated financial statements.
Investments in subsidiaries are offset at the pro rata share of such subsidiaries’ net assets at the acquisition date, with net assets having been calculated at fair value.Business combinationsNewly acquired or newly established enterprises are recognised in the financial statements from the time
of acquiring or establishing such enterprises. Divested or wound-up enterprises are recognised in the income
statement up to the time of their divestment or winding-up.
The purchase method is applied at the acquisition of new enterprises, under which identifiable assets and
liabilities of these enterprises are measured at fair value at the acquisition date. Provisions for costs of
restructuring of the enterprise acquired are only made in so far as such restructuring was decided by the
enterprise acquired prior to acquisition. Allowance is made for the tax effect of restatements.Positive differences in amount (goodwill) between cost of the acquired share and fair value of the assets
and liabilities taken over are recognised in intangible assets, and they are amortised systematically over
the income statement based on an individual assessment of their useful lives. If the useful life cannot be
estimated reliably, it is fixed at 10 years. Useful life is reassessed annually.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.
When recognising foreign subsidiaries and associates that are independent entities, the income statements
are translated at average exchange rates for the months that do not significantly deviate from the rates at
the
transaction date. Balance sheet items are translated using the exchange rates at the balance sheet date. Goodwill is considered belonging to the independent foreign entity and is translated using the exchange
rate at the
balance sheet date. Exchange differences arising out of the translation of foreign subsidiaries’
equity at the
beginning of the year at the balance sheet date exchange rates and out of the translation of income statements
from average rates to the exchange rates at the balance sheet date are recognised directly in the translation reserve in equity.
Exchange adjustments of outstanding accounts with independent foreign subsidiaries, which are considered
part of the total investment in the subsidiary in question, are recognised directly in the translation reserve in equity.Public grantsPublic grants are recognised when a final commitment has been received from the grantor and it is probable
that
the conditions of the grant will be fulfilled. Grants are recognised as income in the income statement
as earned.
Gross profit or lossGross profit or loss comprises revenue, other operating income, costs of sales and external expenses.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 is recognised net of VAT, duties and
sales
discounts and is measured at fair value of the consideration fixed.Changes in inventories of finished goods and work in progressChanges in inventories of finished goods and work in progress comprise decreases or increases for the
financial year in inventories of finished goods. This item includes normal writedowns
of such inventories. Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary
activities, including profit from the sale of property, plant and equipment, and salary refunds .Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for normal inventory
writedowns.Costs of raw materials and consumablesCosts of raw materials and consumables comprise the consumption of raw materials and consumables for
the
financial year after adjustment for changes in inventories of these goods from the beginning to the end
of the
year. This item includes shrinkage, if any, and normal writedowns of the relevant inventories.Other external expensesOther external expenses include expenses relating to the Entity’s normal activities, including expenses for
premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of
receivables recognised in current assets.Staff costsStaff costs comprise wages and salaries, and social security contributions, pension contributions, etc
. for entity
staff.Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment and intangible
assets comprise depreciation, amortisation and impairment losses for the financial year and depreciation of goodwill in the consolidated financial statements. Income from investments in group enterprisesIncome from investments in group enterprises comprises the pro rata share of the individual enterprises’ profit/loss after full elimination of intra-group profits or losses and depreciation of goodwill in the parent company financial statements.Other financial incomeOther financial income comprises interest income, including
interest income on receivables from group enterprises and exchange gains on transactions in foreign currencies.Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group
enterprises, exchange losses on transactions in foreign currencies,
amortisation of financial liabilities, and tax surcharge under the Danish Tax Prepayment Scheme etc.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 all of its 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).GoodwillGoodwill is the positive difference between cost and fair value of assets and liabilities arising from
acquisitions. Goodwill is amortised straight-line over its estimated useful life, which is fixed based on the experience gained by
Management for each business area. For goodwill, useful life
has been determined based on an assessment ofwhether the enterprises
are strategically acquired enterprises
with a strong market position and a long-term earnings profile and whether the amount of goodwill includes
intangible resources of a temporary nature that cannot be
separated and recognised as separate assets. Useful
lives are reassessed annually. The amortisation periods
used are 10 years.
Goodwill is written down to the lower of recoverable amount and carrying amount.Intellectual property rights etc.Intellectual property rights etc. comprise acquired intellectual property rights.Intellectual property rights acquired are measured at cost less accumulated amortisation. Patents are
amortised
on a straight-line basis over their remaining duration, and licences are amortised on a straight-line basis over the term of the agreement.
Intellectual property rights etc. are written down to the lower of recoverable amount and carrying amount.Property, plant and equipmentPlant and machinery, and 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. Straight-line
depreciation is made on the basis of the following estimated useful lives of the assets:Useful life
Other fixtures and fittings, tools and equipment3-5Leasehold improvements5Estimated useful lives and residual values are reassessed annually.
Items of property, plant and equipment are written down to the lower of recoverable amount and carrying
amount.InventoriesInventories are measured at the lower of cost using the weighted average prices 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.
The net realisable value of inventories is calculated as the estimated selling price less completion costs and
costs incurred to execute sale.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.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at
cost.CashCash comprises cash in hand and bank deposits.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.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.
Operating leasesLease payments on operating leases are recognised on a straight-line basis in the income statement over
the
term of the lease.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.Deferred incomeDeferred income comprises income received for recognition in subsequent financial years. Deferred income
is measured at cost.Cash flow statementThe cash flow statement shows cash flows from operating, investing and financing activities, and cash
and cash equivalents at the beginning and the end of the financial year.
Cash flows from operating activities are presented using the indirect method and calculated as the operating
profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
enterprises, activities and fixed asset investments, and purchase, development, improvement and sale,
etc. of intangible assets and property, plant and equipment.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs, and the raising of loans, repayments of interest-bearing debt and payment of dividend.
Intercompany debt from Impact One ApS & Impact Two ApS are considered as part financing activities.
Cash and cash equivalents comprise cash.The cash flow statement shows cash flows from operating, investing and financing activities, and cash
and cash equivalents at the beginning and the end of the financial year.
Cash flows from operating activities are presented using the indirect method and calculated as the operating
profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
enterprises, activities and fixed asset investments, and purchase, development, improvement and sale,
etc. of intangible assets and property, plant and equipment.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs, and the raising of loans, repayments of interest-bearing debt and payment of dividend.
Intercompany debt from Impact One ApS & Impact Two ApS are considered as part financing activities.
Cash and cash equivalents comprise cash.trueGrundlag for konklusionKonklusion2025-07-092025-07-0933963556Deloitte Statsautoriseret RevisionspartnerselskabRevisionspåtegningRegnskabsklasse C, mellemstor virksomhed2023-12-312023-01-0133963556Weidekampsgade 6Deloitte Statsautoriseret Revisionspartnerselskab2300 København S2024-12-312024-01-01Renewtech ApS18630931ÅrsrapportAalborg900026, 4. salØstre HavnepromenadeVesthimmerlandsAars960012Messevej2025-07-09Bjarne Aarup Andersen