272155562024-01-012024-12-31272155562024-01-012024-12-311272155562024-01-012024-12-311272155562024-01-012024-12-312272155562024-01-012024-12-313272155562024-01-012024-12-311272155562024-12-31272155562023-12-31fsa:ContributedCapitalMember272155562023-12-31fsa:ReserveForCurrentValueOfHedgingMember272155562023-12-31fsa:ReserveForDevelopmentExpenditureMember272155562023-12-31fsa:RetainedEarningsMember272155562023-12-31272155562024-01-012024-12-31fsa:ReserveForCurrentValueOfHedgingMember272155562024-01-012024-12-31fsa:ReserveForDevelopmentExpenditureMember272155562024-01-012024-12-31fsa:RetainedEarningsMember272155562024-12-31fsa:ContributedCapitalMember272155562024-12-31fsa:ReserveForCurrentValueOfHedgingMember272155562024-12-31fsa:ReserveForDevelopmentExpenditureMember272155562024-12-31fsa:RetainedEarningsMember272155562023-01-012023-12-31iso4217:DKKxbrli:pureThe Board of Directors and the Executive Board have today considered and approved the annual report of Dynaudio A/S for the financial year 01.01.2024 - 31.12.2024.5550100040149000The annual report is presented in accordance with the Danish Financial Statements Act.3940200042110000In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2024 and of the results of its operations for the financial year 01.01.2024 - 31.12.2024.1893200030180000We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.7169600082665000We recommend the annual report for adoption at the Annual General Meeting.-74529000-114806000Skanderborg82720004254000Chunqiang Qu51230006006000Xun Jiang-71380000-116558000chair-62560000Zhenglei Hou-65124000-116558000Shengbo Zhu39060003683000To the shareholder of Dynaudio A/S17060001931000We have audited the financial statements of Dynaudio A/S 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. 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 Entity’s financial position at 31.12.2024 and of the results of its operations for the financial year 01.01.2024 - 31.12.2024 in accordance with the Danish Financial Statements Act.72560005683000We 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 financial statements" section of this auditor’s report. We are independent of the Entity 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.1286800011297000Management 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 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 financial statements unless Management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so.4285800043851000Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are ​free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes ​our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted ​in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material ​misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, ​individually or in the aggregate, they could reasonably be expected to influence the economic decisions of ​users taken on the basis of these financial statements.​​As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, ​we exercise professional judgement and maintain professional scepticism throughout the audit. We also:Identify and assess the risks of material misstatement of the financial statements, whether due to ​fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence ​that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a ​material misstatement resulting from fraud is higher than for one resulting from error, as fraud may ​involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.​Obtain an understanding of internal control relevant to the audit in order to design audit procedures ​that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the ​effectiveness of the 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 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 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 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 ​Entity to cease to continue as a going concern.​Evaluate the overall presentation, structure and content of the financial statements, including the disclosures ​in the notes, 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.19580002725000703000333000Management is responsible for the management commentary. Our opinion on the financial statements does not cover the management commentary, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the management commentary and, in doing so, consider whether the management commentary is materially inconsistent with the financial statements or our knowledge obtained 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 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. 03580004551900047267000Aarhus0388000Mikael Møller0388000mne478355838700058952000State Authorised Public Accountant5472800061745000Financial highlights2024 DKK'0002023 DKK'0002022 DKK'0002021 DKK'0002020 DKK'000Key figuresGross profit/loss55,50140,14991,221127,06077,783Operating profit/loss(74,529)(114,806)(48,106)8,295(19,144)Net financials3,149(1,752)4,4295,95713,460Profit/loss for the year(65,124)(116,558)(43,677)14,233(3,693)Total assets302,145329,733413,902414,205380,957Investments in property, plant and equipment6931,2671,8861,058207Equity92,147157,310274,049316,279280,703RatiosReturn on equity (%)(52.21)(54.04)(14.80)4.77(3.73)Equity ratio (%)30.5047.7166.2176.3673.68Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark.Return on equity (%) :Profit/loss for the year * 100 Average equityEquity ratio (%) :Equity * 100 Total assets908300011802000Primary activitiesDynaudio A/S’ activities are to develop, produce and sell loudspeaker systems and loudspeaker drivers relying on ​advanced technology and high quality. ​​In order to provide premium loudspeaker products to our customers, Dynaudio’s business model and business value chain include product definition, research and development of new technologies, new drivers and new loudspeakers, supply chain management, production, quality control, sales & marketing, customer care service, etc.​​The core competencies are based on sound systems, and the corporate vision is to enrich life through authentic ​sound. This has been the ambition ever since the formation of Dynaudio. Regardless of the segment in which ​Dynaudio operates, the ultimate demand is placed on the quality of the sound systems which promote sound ​reproduction which is as authentic as possible. ​​Dynaudio’s business foundation comprises the following five business areas: ​• Home Audio – Premium Sound Systems and loudspeakers for consumer electronics audio industry including ​ HIFI and Custom Install. ​• Automotive Audio – Premium Sound Systems and drivers for the automotive industry and car aftermarket. ​• PRO Audio – Systems for studios and other professional applications. ​• Lifestyle Audio – Stylish Sound Systems and loudspeakers for consumer electronics audio industry. ​• Co-Brand – co-develop or co-create with other brands to research and develop new audio products with ​ premium sound quality. ​​The majority of Dynaudio A/S employees are located in Skanderborg. Dynaudio A/S also has a branch in Sweden.715400015098000Development in activities and financesThe investments in Dynaudio have been massive since the parent company acquired the company, and the owners continue to show a strong commitment and support to secure the further development of Dynaudio. 7096500088645000Profit/loss for the year in relation to expected developmentsThe income statement of the Company in 2024 shows a loss of DKK 65,124k (2023: loss of DKK 116,558k), and at 31 December 2024 the balance sheet of the Company shows equity of DKK 92,147k (2023: DKK 157,310k). In 2024, management updated expectations of the revenue to DKK 218m, with an EBITDA loss of DKK 48m and a net loss of DKK 60m. Targets were not met, due to the development in the general financial situation, leading to a lower demand for high-end products as produced by Dynaudio. The Management is not satisfied with the financial performance of Dynaudio A/S 1107600013572000OutlookDynaudio will continue to innovate within sound technologies and develop the best-in-class products in Home Audio, Automotive Audio, Pro Audio and Lifestyle Audio. For 2025, Management expects a net revenue of DKK 145m, and an EBITDA loss of DKK 55m. The net income is expected to be a loss of DKK 60m. This is mainly driven by the general restrain by customers buying high-end consumer products in a period with uncertainty in the world economy and finally investments in a cost base set to support the ambition for long-term growth.​​​​Dynaudio’s vision, mission and core values are:​​Our vision: ​To enrich life through authentic sound. ​​Our mission ​To bring the purest sound possible, to as many listeners as possible, with the world’s most innovative premium ​loudspeakers. ​​Our core value ​► Customer Orientation ► Craftmanship ► Accountability ​► Proactivity ► Efficiency ► Cooperation14359600015741800021070004048000Research and development activitiesDynaudio puts great focus on research and development. As a rule, each year we invest a part of our net revenue in research and product development. In order to have the best in class sound, Dynaudio has invested in a sound test lab, which is a 13 x 13 x 13m large chamber and guarantees the purest possible sound performance. 62560000Events 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.1603000391000This 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 financial statements are consistent with those applied last year.164638000175429000Recognition 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.81550006707000Foreign 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 classified directly as equity.When recognising foreign subsidiaries that are integral entities, monetary assets and liabilities are translated using the exchange rates at the balance sheet date. Non-monetary assets and liabilities are translated at the exchange rate at the time of acquisition or the time of any subsequent revaluation or writedown. The items of the​income statement are translated at the average rates of the months; however, items deriving from non-monetary​assets and liabilities are translated using the historical rates applicable to the relevant non-monetary items.243758000270781000302145000329733000Derivative financial instrumentsOn initial recognition in the balance sheet, derivative financial instruments are measured at cost and subsequently at fair value, which has been calculated as the discounted value of expected future net cash flows by using an approximate risk-free interest rate adjusted for any factors that a potential market participant would attribute value to when acquiring the instrument. Derivative financial instruments are recognised in other receivables or other payables. Changes in the fair value of derivative financial instruments classified as and complying with the requirements for hedging future transactions are recognised directly in the reserve for fair value adjustments of hedging instruments in equity. When the hedged transactions are realised, the accumulated changes are recognised as part of cost of the relevant financial statement items. For derivative financial instruments that do not comply with the requirements for being treated as hedging instruments, changes in fair value are recognised currently in the income statement as financial income or financial expenses.60030006003000Gross profit or lossGross profit or loss comprises revenue, production costs and other operating income.19580001997000RevenueRevenue 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.35030007305000Production costsProduction costs comprise expenses incurred to earn revenue for the financial year. Production costs comprise direct and indirect costs for raw materials and consumables, wages and salaries, rent and lease, and amortisation, depreciation and impairment losses relating to intangible assets and property, plant and equipment included in the production process. In addition, the item includes normal write-down of inventories. 80683000142005000Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for normal inventory writedowns.92147000157310000Research and development costsResearch and development costs comprise research costs, costs of development projects not qualifying for recognition in the balance sheet, and amortisation and impairment losses relating to development projects.27180002375000Distribution costsDistribution costs comprise costs incurred for sale and distribution of the Entity’s products, including wages ​and salaries for sales staff, advertising costs, travelling and entertainment expenses, etc, and amortisation, depreciation and impairment losses relating to intangible assets and property, plant and equipment involved in the distribution process.27180002375000Administrative expensesAdministrative expenses comprise expenses incurred for the Entity’s administrative functions, including wages and salaries for administrative staff and Management, stationery and office supplies, and amortisation, depreciation and impairment losses relating to intangible assets and property, plant and equipment used for administration of the Entity.58260007127000Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary activities.96800009645000Other financial incomeOther financial income comprises dividends etc received on other investments, interest income, including interest income on receivables from group enterprises, net capital or exchange gains on securities, payables and transactions in foreign currencies, amortisation of financial assets, and tax relief under the Danish Tax Prepayment Scheme etc.1550600016772000Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group enterprises, net capital or exchange losses on securities, payables and transactions in foreign currencies, amortisation of financial liabilities, and tax surcharge under the Danish Tax Prepayment Scheme etc.12970001208000Tax 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 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).207000284000Intellectual property rights etcIntellectual property rights etc comprise development projects completed and in progress with related intellectual property rights, acquired intellectual property rights and prepayments for intangible assets.Development projects on clearly defined and identifiable products and processes, for which the technical rate ​of utilisation, adequate resources and a potential future market or development opportunity in the enterprise ​can be established, and where the intention is to manufacture, market or apply the product or process in question, are recognised as intangible assets. Other development costs are recognised as costs in the income ​statement as incurred. When recognising development projects as intangible assets, an amount equalling ​the costs incurred less deferred tax is taken to equity in the reserve for development costs that is reduced ​as the development projects are amortised and written down.​​ ​​The cost of development projects comprises costs such as salaries and amortisation that are directly and ​indirectly attributable to the development projects.​​ ​​Completed development projects are amortised on a straight-line basis using their estimated useful lives ​which are determined based on a specific assessment of each development project. If the useful life cannot ​be estimated reliably, it is fixed at 10 years. For development projects protected by intellectual property rights, the maximum period of amortisation is the remaining duration of the relevant rights. The amortisation periods used are 3-5 years. 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 over the term of the agreement.​ ​Intellectual property rights etc are written down to the lower of recoverable amount and carrying amount.01000001034100018136000Property, plant and equipmentLand and buildings, plant and machinery, and other fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses. Land is not depreciated. 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. Interest expenses on loans for the financing of the manufacture of property, plant and equipment are included in cost if they relate to the manufacturing period. All other finance costs are recognised in the income statement. 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 Buildings50 yearsPlant and machinery5-10 yearsOther fixtures and fittings, tools and equipment3-5 yearsEstimated 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.167688000118923000InventoriesInventories are measured at the lower of cost using the FIFO 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.029000ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and ​doubtful debts.1224100014596000Joint taxation contributions receivable or payableCurrent joint taxation contributions payable or joint taxation contributions receivable are recognised in the balance sheet, calculated as tax computed on the taxable income for the year, which has been adjusted for prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are expected to be used under the joint taxation arrangement.Tax receivable or payableCurrent tax receivable or payable is recognised in the balance sheet, stated as tax computed on this year's ​taxable income, adjusted for prepaid tax.191774000153276000PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost.207280000170048000CashCash comprises cash in hand and bank deposits.302145000329733000Other provisionsOther provisions comprise anticipated costs of non-recourse guarantee commitments, returns, loss on contract work in progress, decided and published restructuring, etc. Other provisions are recognised and measured as the best estimate of the expenses required to settle the liabilities at the balance sheet date. Provisions that are estimated to mature more than one year after the balance sheet date are measured at their discounted value. Non-recourse guarantee commitments comprise commitments to remedy defects and deficiencies within the guarantee period. Once it is probable that total costs will exceed total income from a contract in progress, provision is made for the total loss estimated to result from the relevant contract.6003000163Mortgage debtAt the time of borrowing, mortgage debt to mortgage credit institutions is measured at cost which corresponds to the proceeds received less transaction costs incurred. Mortgage debt is subsequently measured at amortised cost. This means that the difference between the proceeds at the time of borrowing and the nominal repayable amount of the loan is recognised in the income statement as a financial expense over the term of the loan applying the effective interest method.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.1997000-116558000Lease liabilitiesLease liabilities relating to assets held under finance leases are recognised in the balance sheet as liabilities other than provisions, and, at the time of inception of the lease, measured at the present value of future lease payments. Subsequent to initial recognition, lease liabilities are measured at amortised cost. The difference between present value and nominal amount of the lease payments is recognised in the income statement as a financial expense over the term of the leases.7305000142005000Cash flow statementWith reference to section 86(4) of the Danish Financial Statements Act and to the cash flow statement included ​in the consolidated financial statements of Goerdyna Group Co. Ltd., the Company has not prepared ​a cash flow statement.-39000true-3802000Grundlag for konklusion3802000Konklusion-390002025-07-0102025-07-01-65124000Regnskabsklasse C, mellemstor virksomhed3396355660030002023-01-0119580002023-12-313503000Aarhus C80683000800021 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.City Tower, Værkmestergade2 Staff costs2024 DKK'0002023 DKK'000Wages and salaries84,10189,807Pension costs8,6068,254Other social security costs6482,26293,355100,323Average number of full-time employees152163According to § 98 b of the Danish Financial Statements Act, management's remuneration is not disclosed.Deloitte Statsautoriseret Revisionspartnerselskab152Skanderborg3 Other financial income2024 DKK'0002023 DKK'000Financial income from group enterprises4,0954,203Other interest income10437Exchange rate adjustments3,9720Other financial income101148,2724,254Skanderborg4 Other financial expenses2024 DKK'0002023 DKK'000Financial expenses from group enterprises4,8763,562Other interest expenses228649Exchange rate adjustments01,788Other financial expenses1975,1236,00686605 Tax on profit/loss for the year2024 DKK'0002023 DKK'000Refund in joint taxation arrangement(6,256)0(6,256)0Revisionspåtegning6 Proposed distribution of profit and loss2024​DKK'0002023​DKK'000Retained earnings(65,124)(116,558) (65,124)(116,558)2024-12-31-651240002024-01-017 Intangible assetsCompleted development projects DKK'000Acquired intangible assets DKK'000Development projects in progress DKK'000Cost beginning of year112,79019,1135,683Transfers6,4100(6,410)Additions027714,524Disposals0(214)(6,541)Cost end of year119,20019,1767,256Amortisation and impairment losses beginning of year(109,107)(17,182)0Impairment losses for the year(3,108)00Amortisation for the year(3,079)(288)0Amortisation and impairment losses end of year(115,294)(17,470)0Carrying amount end of year3,9061,7067,2568 Development projectsDevelopment costs relate to the development of technologies and products which are to the Company's main activities within loudspeakers. All development costs relate to projects which are expected to be commercialised within short period of time, which is ordinary to the business.159 Property, plant and equipmentLand and buildings​DKK'000Plant and machinery​DKK'000Other fixtures and fittings, tools and equipment​DKK'000Property, plant and equipment in progress​DKK'000Cost beginning of year105,858116,97916,475358Transfers283750(358)Additions01235700Disposals(108)0(42)0Cost end of year106,033117,17717,0030Depreciation and impairment losses beginning of year(62,007)(114,254)(16,142)0Depreciation for the year(1,276)(965)(200)0Reversal regarding disposals1080420Depreciation and impairment losses end of​year(63,175)(115,219)(16,300)0Carrying amount end of year42,8581,9587030Sverigesvej10 Financial assetsDeposits DKK'000Cost beginning of year388Transfers(311)Disposals(77)Cost end of year0Carrying amount end of year0Dynaudio A/S11 PrepaymentsPrepayments consists of prepaid expenses concerning rent, insurance premiums, subscritions etc. 2721555612 Other provisionsOther provisions include warranty obligations in respect of repair work within the warranty period of 1-5 years. Based on previous experience in respect of the level of repairs and returns, other provisions of kDKK 1,300 (2023: kDKK 1,354) have been recognised for expected warranty claims. 3396355613 Non-current liabilities other than provisionsDue within 12 months​2024​DKK'000Due within 12 ​months​2023​DKK'000Due after more than 12 months​2024​DKK'000Outstanding after 5 years​2024​DKK'000Mortgage debt1,2971,2085,826247Other payables009,6809,5471,2971,20815,5069,7942300 København S14 Unrecognised rental and lease commitmentsThe company has entered into lease contracts as well as operating leases. The total commitment relating to these contracts and leases amounts to DKK 22,553k (2023: 845k). The increase is due to the company having signed a lease with a remaining term of 119 months.Weidekampsgade 615 Contingent liabilitiesThe Entity participates in a Danish joint taxationarrangement where Goerdyna Holding A/S 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 for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for the jointlytaxed entities. The jointly taxed entities' total known net liability under the joint taxation arrangement isdisclosed in the administration company's financial statements. In April 2025, the Danish Tax Authority issued a preliminary tax assessment relating to income years 2019–2023. Management disagrees with the assessment and is preparing a response. If upheld, the maximum net tax liability would be approximately DKK 25,8m (limited to 2019 after loss carryforwards). No tax effect would arise for 2020–2023. Due to the preliminary nature of the assessment and ongoing dispute, no provision has been recognized.Deloitte Statsautoriseret Revisionspartnerselskab16 Assets charged and collateralPriority debt is secured by mortgages on properties. ​​The carrying amount of mortgaged properties amounts to DKK 42,858k as of 31.12.2024. ​​As security for bank debt, owner mortgages with a nominal value of DKK 24,300k have been deposited in the above properties. The owner mortgage deeds are deposited as security for all balances with the company's bank connection in Dynaudio Germany GMBH, as well as bank debt in its own company and Goerdyna Holding A/S. ​ ​In addition, an indemnity deed with a nominal value of DKK 18,000k has been deposited. in the above-mentioned​properties. The indemnity deed is deposited as security for all balances with the company's bank connection in Dynaudio Germany GMBH, as well as bank debt in its own company and Geordyna Holding A/S. ​ ​Furthermore, a company pledge has been registered in the amount of DKK 70,000k, which includes both a pledge​on the company's tangible and current assets. The pledge includes the following asset types: ​ ​ - Inventories ​ - Operating equipment and machinery ​ - Receivables from sales ​ ​The company pledge is deposited as security for all balances due to the company's bank connection in Dynaudio Germany GMBH, as well as bank debt in the company and Goerdyna Holding A/S. ​​The carrying amount of mortgaged assets amounts to DKK 82,742k as of 31.12.2024.​ ​The company has also registered a chattel mortgage with a nominal value of DKK 22,410k, which includes a mortgage on selected production facilities. The chattel mortgage is deposited as security for all balances with the company's bank connection in Dynaudio Germany GMBH, as well as bank debt in its own company and Geordyna​Holding A/S.​​The carrying amount of mortgaged assets amounts to DKK 0 as of 31.12.2024.Årsrapport17 Related parties with controlling interestGoerdyna Holding A/S, Sverigesvej 15, 8660 Skanderborg owns all shares in the Entity, thus exercising control. Goerdyna Group co., Ltd is the ultimate Parent Company.2025-07-0118 Non-arm’s length related party transactionsOnly related party transactions not conducted on an arm’s length basis are disclosed in the annual report.​ No such transactions have been conducted in the financial year.Chunqiang Qu19 Group relationsName and registered office of the Parent preparing consolidated financial statements for the largest group: Goerdyna Group Co., Ltd Name and registered office of the Parent preparing consolidated financial statements for the smallest group: Goerdyna Group co., Ltd