360318242023-08-012024-07-31360318242023-08-012024-07-312360318242023-08-012024-07-313360318242023-08-012024-07-314360318242023-08-012024-07-311360318242023-08-012024-07-31RevPers5360318242023-08-012024-07-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember360318242023-08-012024-07-31fsa:RetainedEarningsMember360318242022-08-012023-07-31360318242024-07-31360318242023-08-01fsa:ReserveForNetRevaluationAccordingToEquityMethodMember360318242023-08-01fsa:RetainedEarningsMember360318242023-07-31xbrli:purexbrli:pureiso4217:DKKxbrli:sharesTo the shareholders of UNION NINE A/S Basis of 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 Financial Statements” section of our report. We are independent of the company in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.Opinion We have audited the financial statements of UNION NINE A/S for the financial year 1 August 2023 - 31 July 2024, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity and notes, for the company. The financial statements are prepared under the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the financial position of the company at 31 July 2024 and of the results of the company's operations for the financial year 1 August 2023 - 31 July 2024 in accordance with the Danish Financial Statements Act. 2024-11-18BrandeOur objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: * Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. * Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control. * Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. * Conclude on the appropriateness of management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern. * Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. , Auditor's responsibility for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: * Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. * Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control. * Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. * Conclude on the appropriateness of management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern. * Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Management's responsibilities for the financial statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. Management is responsible for Management's Review. Our opinion on the financial statements does not cover Management's Review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read Management's Review and, in doing so, consider whether Management's Review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management's Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, 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. , Statement on Management's Review Management is responsible for Management's Review. Our opinion on the financial statements does not cover Management's Review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read Management's Review and, in doing so, consider whether Management's Review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management's Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, 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. Grundlag for konklusionKonklusion15807776mne32205Henning Jager Neldeberg Mogens Viktor Madsen Troels Holch Povlsen Anders Holch Povlsen Mogens Viktor Madsen Partner RevisionChairmanRevisionspåtegningtrue799063151543110115451392430423819Regnskabsklasse B400000004000000024291752341187358Basis of recognition and measurement Income is recognised in the income statement as it is earned, including value adjustments of financial assets and liabilities that are measured at fair value or amortized cost. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, impairment losses and provisions. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will accrue to the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow out of the Company, and the value of the liability can be measured reliably. At initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Certain financial assets and liabilities are measured at amortised cost, which involves the recognition of a constant effective interest rate over the term. Amortised cost is calculated as original cost less repayments and with the addition/deduction of the accumulated amortisation of the difference between the cost and the nominal amount. In connection with recognition and measurement, consideration is given to predictable losses and risks occurring prior to the presentation of the financial statement, i.e. losses and risks which prove or disprove matters which exist at the balance sheet date. , Income is recognised in the income statement as it is earned, including value adjustments of financial assets and liabilities that are measured at fair value or amortized cost. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, impairment losses and provisions. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will accrue to the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow out of the Company, and the value of the liability can be measured reliably. At initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Certain financial assets and liabilities are measured at amortised cost, which involves the recognition of a constant effective interest rate over the term. Amortised cost is calculated as original cost less repayments and with the addition/deduction of the accumulated amortisation of the difference between the cost and the nominal amount. In connection with recognition and measurement, consideration is given to predictable losses and risks occurring prior to the presentation of the financial statement, i.e. losses and risks which prove or disprove matters which exist at the balance sheet date. Current tax liabilities Current tax liabilities and current tax receivables are recognised in the balance sheet as estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account. , Current tax liabilities and current tax receivables are recognised in the balance sheet as estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account. Investments in group enterprises and participating interests Investments in group enterprises and participating interests are recognized in the balance sheet at the proportionate share of the equity value of the enterprises, calculated according to the parent company's accounting policies with the deduction or addition of unrealised intercompany profits or losses and with the addition of the remaining value of positive goodwill, calculated according to the purchase method. The equity method is used as a method of consolidation. Subsidiaries and participating interests having a negative equity value are recognised at DKK 0, and any amounts receivable from those enterprises are written down by the parent company's share of the negative equity value to the extent that the amounts are deemed to be uncollectible. If the negative equity value exceeds receivables, the remaining amount is recognised as a provision to the extent that the parent company has a legal or constructive obligation to cover the negative balance of the relevant subsidiary. Goodwill is depreciated over their estimated economic lives determined on the basis of Managements experience in the relevant lines of business. Goodwill is depreciated using the straight-line method which is estimated to be 10 years. The depreciation period is based on an expected repayment period and is longest for strategically acquired enterprises with strong market positions and long-term earnings profiles. Net revaluation of long-term investments in group companies and participating interests is classified under a separate reserve for net revaluation by the equity method in equity, in so far as the carrying amount exceeds the cost. Impariment of fixed assets The carrying amounts of investments in group enterprises and participating interests are tested annually to determine whether there is any indication of impairment other than what is expressed by depreciation. If so, then each asset is tested for impairment to determine whether the recoverable amounts are lower than the carrying amounts and the relevant asset is written down to such lower recoverable amounts. The recoverable amount of an asset is determined as the higher of the net sales price and the capital value. The capital value is calculated as the present value of the expected net income from the use of the asset or the group of assets. , Investments in group enterprises and participating interests are recognized in the balance sheet at the proportionate share of the equity value of the enterprises, calculated according to the parent company's accounting policies with the deduction or addition of unrealised intercompany profits or losses and with the addition of the remaining value of positive goodwill, calculated according to the purchase method. The equity method is used as a method of consolidation. Subsidiaries and participating interests having a negative equity value are recognised at DKK 0, and any amounts receivable from those enterprises are written down by the parent company's share of the negative equity value to the extent that the amounts are deemed to be uncollectible. If the negative equity value exceeds receivables, the remaining amount is recognised as a provision to the extent that the parent company has a legal or constructive obligation to cover the negative balance of the relevant subsidiary. Goodwill is depreciated over their estimated economic lives determined on the basis of Managements experience in the relevant lines of business. Goodwill is depreciated using the straight-line method which is estimated to be 10 years. The depreciation period is based on an expected repayment period and is longest for strategically acquired enterprises with strong market positions and long-term earnings profiles. Net revaluation of long-term investments in group companies and participating interests is classified under a separate reserve for net revaluation by the equity method in equity, in so far as the carrying amount exceeds the cost. Impariment of fixed assets The carrying amounts of investments in group enterprises and participating interests are tested annually to determine whether there is any indication of impairment other than what is expressed by depreciation. If so, then each asset is tested for impairment to determine whether the recoverable amounts are lower than the carrying amounts and the relevant asset is written down to such lower recoverable amounts. The recoverable amount of an asset is determined as the higher of the net sales price and the capital value. The capital value is calculated as the present value of the expected net income from the use of the asset or the group of assets. Balance sheet Investments Investments in group enterprises and participating interests Investments in group enterprises and participating interests are recognized in the balance sheet at the proportionate share of the equity value of the enterprises, calculated according to the parent company's accounting policies with the deduction or addition of unrealised intercompany profits or losses and with the addition of the remaining value of positive goodwill, calculated according to the purchase method. The equity method is used as a method of consolidation. Subsidiaries and participating interests having a negative equity value are recognised at DKK 0, and any amounts receivable from those enterprises are written down by the parent company's share of the negative equity value to the extent that the amounts are deemed to be uncollectible. If the negative equity value exceeds receivables, the remaining amount is recognised as a provision to the extent that the parent company has a legal or constructive obligation to cover the negative balance of the relevant subsidiary. Goodwill is depreciated over their estimated economic lives determined on the basis of Managements experience in the relevant lines of business. Goodwill is depreciated using the straight-line method which is estimated to be 10 years. The depreciation period is based on an expected repayment period and is longest for strategically acquired enterprises with strong market positions and long-term earnings profiles. Net revaluation of long-term investments in group companies and participating interests is classified under a separate reserve for net revaluation by the equity method in equity, in so far as the carrying amount exceeds the cost. Impariment of fixed assets The carrying amounts of investments in group enterprises and participating interests are tested annually to determine whether there is any indication of impairment other than what is expressed by depreciation. If so, then each asset is tested for impairment to determine whether the recoverable amounts are lower than the carrying amounts and the relevant asset is written down to such lower recoverable amounts. The recoverable amount of an asset is determined as the higher of the net sales price and the capital value. The capital value is calculated as the present value of the expected net income from the use of the asset or the group of assets. Receivables Receivables are measured at amortized cost which usually corresponds to the nominal value. The value is reduced by write-downs for expected bad debts. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and in hand. Equity Equity comprises the share capital and a number of equity items that may be statutory or stipulated in the articles of association. Dividends Proposed dividend for the year is recognised as a separate item in the equity. Reserve for net revaluation according to the equity method Net revaluation of long-term investments in group companies and participating interests is classified under a separate reserve for net revaluation according to the equity method in equity, in so far as the carrying amount exceeds the cost. Dividends from group companies and participating interests that are expected to be adopted before the annual report for Union Nine A/S is approved are not tied up in the revaluation reserve. The reserve is adjusted with other equity movements regarding long-term investments in group companies and participating interests. Provisions Provision for deferred tax Provision for deferred tax and the associated adjustments for the year are determined according to the balance-sheet liability method as the tax base of all temporary differences between carrying amounts and the tax bases of assets and liabilities. Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Current tax liabilities Current tax liabilities and current tax receivables are recognised in the balance sheet as estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account. Liabilities other than provisions Liabilities other than provisions which comprise debts to suppliers, to group enterprises and other payables are measured at amortised cost, which usually corresponds to the nominal value. Cash and cash equivalents comprise cash at bank and in hand. , Cash and cash equivalents Cash and cash equivalents comprise cash at bank and in hand. Equity comprises the share capital and a number of equity items that may be statutory or stipulated in the articles of association. Dividends Proposed dividend for the year is recognised as a separate item in the equity. , Reserve for net revaluation according to the equity method Net revaluation of long-term investments in group companies and participating interests is classified under a separate reserve for net revaluation according to the equity method in equity, in so far as the carrying amount exceeds the cost. Dividends from group companies and participating interests that are expected to be adopted before the annual report for Union Nine A/S is approved are not tied up in the revaluation reserve. The reserve is adjusted with other equity movements regarding long-term investments in group companies and participating interests. , Equity Equity comprises the share capital and a number of equity items that may be statutory or stipulated in the articles of association. Dividends Proposed dividend for the year is recognised as a separate item in the equity. Reserve for net revaluation according to the equity method Net revaluation of long-term investments in group companies and participating interests is classified under a separate reserve for net revaluation according to the equity method in equity, in so far as the carrying amount exceeds the cost. Dividends from group companies and participating interests that are expected to be adopted before the annual report for Union Nine A/S is approved are not tied up in the revaluation reserve. The reserve is adjusted with other equity movements regarding long-term investments in group companies and participating interests. Other external expenses Other external expenses include expenses for sale and administration. , Other external expenses include expenses for sale and administration. Financial income and expenses include interest revenue and expenses, realised and unrealised exchange gains and losses regarding loans and transactions in foreign currencies, and surcharges and allowances under the advance-payment of tax scheme. Financial income and expenses are recognised in the Income Statement based on the amounts that concern the financial year. , Financial income and expenses Financial income and expenses include interest revenue and expenses, realised and unrealised exchange gains and losses regarding loans and transactions in foreign currencies, and surcharges and allowances under the advance-payment of tax scheme. Financial income and expenses are recognised in the Income Statement based on the amounts that concern the financial year. Gross profit The company has decided to aggregate certain items of the income statement in accordance with the provisions of Section 32 of the Danish Financial Statements Act. Gross profit is a combination of the items of other external expenses. Income from investments in group enterprises and participating interests The proportionate share of the individual subsidiaries' profit/loss after tax is recognised in the parent company's Income Statement after full elimination of intercompany profit/loss and less amortisation of consolidated goodwill. Furthermore gains and losses on the sale of shares in the subsidiaries are included. The proportionate share of the individual participating interests' profit/loss after tax is recognised in the parent company's Income Statement after full elimination of intercompany profit/loss and less amortisation of consolidated goodwill. Furthermore gains and losses on the sale of shares in the participating interests are included. , The proportionate share of the individual subsidiaries' profit/loss after tax is recognised in the parent company's Income Statement after full elimination of intercompany profit/loss and less amortisation of consolidated goodwill. Furthermore gains and losses on the sale of shares in the subsidiaries are included. The proportionate share of the individual participating interests' profit/loss after tax is recognised in the parent company's Income Statement after full elimination of intercompany profit/loss and less amortisation of consolidated goodwill. Furthermore gains and losses on the sale of shares in the participating interests are included. Income statement Gross profit The company has decided to aggregate certain items of the income statement in accordance with the provisions of Section 32 of the Danish Financial Statements Act. Gross profit is a combination of the items of other external expenses. Other operating income Other operating income comprises items of a secondary nature to the activities of the enterprises, including profits on sale of intangible and tangible assets. Other external expenses Other external expenses include expenses for sale and administration. Income from investments in group enterprises and participating interests The proportionate share of the individual subsidiaries' profit/loss after tax is recognised in the parent company's Income Statement after full elimination of intercompany profit/loss and less amortisation of consolidated goodwill. Furthermore gains and losses on the sale of shares in the subsidiaries are included. The proportionate share of the individual participating interests' profit/loss after tax is recognised in the parent company's Income Statement after full elimination of intercompany profit/loss and less amortisation of consolidated goodwill. Furthermore gains and losses on the sale of shares in the participating interests are included. Financial income and expenses Financial income and expenses include interest revenue and expenses, realised and unrealised exchange gains and losses regarding loans and transactions in foreign currencies, and surcharges and allowances under the advance-payment of tax scheme. Financial income and expenses are recognised in the Income Statement based on the amounts that concern the financial year. Income tax The company is covered by the Danish rules on compulsory joint taxation of the higher-ranking group's Danish subsidiaries. The subsidiaries are covered by the joint taxation from the time they are included in the consolidated financial statements and until the time when they are excluded from the consolidated financial statements. The current Danish corporation tax is distributed by settling joint taxation contributions between jointly taxed companies in relation to their taxable income. In connection with this, companies with tax loss will receive contribution from companies that have been able to use this deficit (full distribution). Income tax for the year comprises current tax on expected taxable income of the year and the year's adjustment of deferred tax less the part of the tax of the year that relates to changes in equity. Current and deferred tax regarding changes in equity is recognised directly in equity. Investments Investments in group enterprises and participating interests Investments in group enterprises and participating interests are recognized in the balance sheet at the proportionate share of the equity value of the enterprises, calculated according to the parent company's accounting policies with the deduction or addition of unrealised intercompany profits or losses and with the addition of the remaining value of positive goodwill, calculated according to the purchase method. The equity method is used as a method of consolidation. Subsidiaries and participating interests having a negative equity value are recognised at DKK 0, and any amounts receivable from those enterprises are written down by the parent company's share of the negative equity value to the extent that the amounts are deemed to be uncollectible. If the negative equity value exceeds receivables, the remaining amount is recognised as a provision to the extent that the parent company has a legal or constructive obligation to cover the negative balance of the relevant subsidiary. Goodwill is depreciated over their estimated economic lives determined on the basis of Managements experience in the relevant lines of business. Goodwill is depreciated using the straight-line method which is estimated to be 10 years. The depreciation period is based on an expected repayment period and is longest for strategically acquired enterprises with strong market positions and long-term earnings profiles. Net revaluation of long-term investments in group companies and participating interests is classified under a separate reserve for net revaluation by the equity method in equity, in so far as the carrying amount exceeds the cost. Impariment of fixed assets The carrying amounts of investments in group enterprises and participating interests are tested annually to determine whether there is any indication of impairment other than what is expressed by depreciation. If so, then each asset is tested for impairment to determine whether the recoverable amounts are lower than the carrying amounts and the relevant asset is written down to such lower recoverable amounts. The recoverable amount of an asset is determined as the higher of the net sales price and the capital value. The capital value is calculated as the present value of the expected net income from the use of the asset or the group of assets. Liabilities other than provisions Liabilities other than provisions which comprise debts to suppliers, to group enterprises and other payables are measured at amortised cost, which usually corresponds to the nominal value. , Liabilities other than provisions which comprise debts to suppliers, to group enterprises and other payables are measured at amortised cost, which usually corresponds to the nominal value. Other operating income Other operating income comprises items of a secondary nature to the activities of the enterprises, including profits on sale of intangible and tangible assets. , Other operating income comprises items of a secondary nature to the activities of the enterprises, including profits on sale of intangible and tangible assets. Provision for deferred tax Provision for deferred tax and the associated adjustments for the year are determined according to the balance-sheet liability method as the tax base of all temporary differences between carrying amounts and the tax bases of assets and liabilities. Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. , Provisions Provision for deferred tax Provision for deferred tax and the associated adjustments for the year are determined according to the balance-sheet liability method as the tax base of all temporary differences between carrying amounts and the tax bases of assets and liabilities. Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Receivables are measured at amortized cost which usually corresponds to the nominal value. The value is reduced by write-downs for expected bad debts. , Receivables Receivables are measured at amortized cost which usually corresponds to the nominal value. The value is reduced by write-downs for expected bad debts. Income tax The company is covered by the Danish rules on compulsory joint taxation of the higher-ranking group's Danish subsidiaries. The subsidiaries are covered by the joint taxation from the time they are included in the consolidated financial statements and until the time when they are excluded from the consolidated financial statements. The current Danish corporation tax is distributed by settling joint taxation contributions between jointly taxed companies in relation to their taxable income. In connection with this, companies with tax loss will receive contribution from companies that have been able to use this deficit (full distribution). Income tax for the year comprises current tax on expected taxable income of the year and the year's adjustment of deferred tax less the part of the tax of the year that relates to changes in equity. Current and deferred tax regarding changes in equity is recognised directly in equity. , The company is covered by the Danish rules on compulsory joint taxation of the higher-ranking group's Danish subsidiaries. The subsidiaries are covered by the joint taxation from the time they are included in the consolidated financial statements and until the time when they are excluded from the consolidated financial statements. The current Danish corporation tax is distributed by settling joint taxation contributions between jointly taxed companies in relation to their taxable income. In connection with this, companies with tax loss will receive contribution from companies that have been able to use this deficit (full distribution). Income tax for the year comprises current tax on expected taxable income of the year and the year's adjustment of deferred tax less the part of the tax of the year that relates to changes in equity. Current and deferred tax regarding changes in equity is recognised directly in equity. Translation policies On initial recognition, transactions in foreign currencies are translated at the exchange rates prevailing at the date of transaction. Gains and losses occurring due to differences between the transaction date rates and the rates at the date of payment are recognised as an item under financial income and expenses in the Income Statement. If currency instruments are used to hedge future cash flows, unrealized value adjustments are recognized directly in equity. Receivables, debt and other monetary items denominated in a foreign currency are translated at the rate at the balance sheet date. The difference between the rate at the balance sheet date and the rate at the time when the receivable or payable occurred or was recognised in the latest Financial Statements is recognised in the Income Statement under financial income and expenses. Foreign subsidiaries and participating interests are considered separate entities. The income statements are translated into a monthly average rate of exchange and the balance sheet items are translated into the rates of exchange at the balance sheet date. Currency translation differences that occur when translating foreign subsidiaries' equity at the beginning of the year at the rates of exchange at the balance sheet date and when translating Income Statements from average rates at the rates of exchange at the balance sheet date are recognised directly in equity. Reporting Class The annual report of UNION NINE A/S for 2023/24 has been presented in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B, with the adoption of individual rules from class C. The accounting policies applied remain unchanged from last year. Consolidated Financial Statements With reference to § 112 of the Danish Financial Statements Act, no Consolidated Financial Statement have been prepared because the Group enterprises are subsidiaries of a higher-ranking group. Reporting currency The annual report is presented in Danish kroner. Translation policies On initial recognition, transactions in foreign currencies are translated at the exchange rates prevailing at the date of transaction. Gains and losses occurring due to differences between the transaction date rates and the rates at the date of payment are recognised as an item under financial income and expenses in the Income Statement. If currency instruments are used to hedge future cash flows, unrealized value adjustments are recognized directly in equity. Receivables, debt and other monetary items denominated in a foreign currency are translated at the rate at the balance sheet date. The difference between the rate at the balance sheet date and the rate at the time when the receivable or payable occurred or was recognised in the latest Financial Statements is recognised in the Income Statement under financial income and expenses. Foreign subsidiaries and participating interests are considered separate entities. The income statements are translated into a monthly average rate of exchange and the balance sheet items are translated into the rates of exchange at the balance sheet date. Currency translation differences that occur when translating foreign subsidiaries' equity at the beginning of the year at the rates of exchange at the balance sheet date and when translating Income Statements from average rates at the rates of exchange at the balance sheet date are recognised directly in equity. General information Basis of recognition and measurement Income is recognised in the income statement as it is earned, including value adjustments of financial assets and liabilities that are measured at fair value or amortized cost. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, impairment losses and provisions. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will accrue to the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow out of the Company, and the value of the liability can be measured reliably. At initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Certain financial assets and liabilities are measured at amortised cost, which involves the recognition of a constant effective interest rate over the term. Amortised cost is calculated as original cost less repayments and with the addition/deduction of the accumulated amortisation of the difference between the cost and the nominal amount. In connection with recognition and measurement, consideration is given to predictable losses and risks occurring prior to the presentation of the financial statement, i.e. losses and risks which prove or disprove matters which exist at the balance sheet date. Income statement Gross profit The company has decided to aggregate certain items of the income statement in accordance with the provisions of Section 32 of the Danish Financial Statements Act. Gross profit is a combination of the items of other external expenses. Other operating income Other operating income comprises items of a secondary nature to the activities of the enterprises, including profits on sale of intangible and tangible assets. Other external expenses Other external expenses include expenses for sale and administration. Income from investments in group enterprises and participating interests The proportionate share of the individual subsidiaries' profit/loss after tax is recognised in the parent company's Income Statement after full elimination of intercompany profit/loss and less amortisation of consolidated goodwill. Furthermore gains and losses on the sale of shares in the subsidiaries are included. The proportionate share of the individual participating interests' profit/loss after tax is recognised in the parent company's Income Statement after full elimination of intercompany profit/loss and less amortisation of consolidated goodwill. Furthermore gains and losses on the sale of shares in the participating interests are included. Financial income and expenses Financial income and expenses include interest revenue and expenses, realised and unrealised exchange gains and losses regarding loans and transactions in foreign currencies, and surcharges and allowances under the advance-payment of tax scheme. Financial income and expenses are recognised in the Income Statement based on the amounts that concern the financial year. Income tax The company is covered by the Danish rules on compulsory joint taxation of the higher-ranking group's Danish subsidiaries. The subsidiaries are covered by the joint taxation from the time they are included in the consolidated financial statements and until the time when they are excluded from the consolidated financial statements. The current Danish corporation tax is distributed by settling joint taxation contributions between jointly taxed companies in relation to their taxable income. In connection with this, companies with tax loss will receive contribution from companies that have been able to use this deficit (full distribution). Income tax for the year comprises current tax on expected taxable income of the year and the year's adjustment of deferred tax less the part of the tax of the year that relates to changes in equity. Current and deferred tax regarding changes in equity is recognised directly in equity. Balance sheet Investments Investments in group enterprises and participating interests Investments in group enterprises and participating interests are recognized in the balance sheet at the proportionate share of the equity value of the enterprises, calculated according to the parent company's accounting policies with the deduction or addition of unrealised intercompany profits or losses and with the addition of the remaining value of positive goodwill, calculated according to the purchase method. The equity method is used as a method of consolidation. Subsidiaries and participating interests having a negative equity value are recognised at DKK 0, and any amounts receivable from those enterprises are written down by the parent company's share of the negative equity value to the extent that the amounts are deemed to be uncollectible. If the negative equity value exceeds receivables, the remaining amount is recognised as a provision to the extent that the parent company has a legal or constructive obligation to cover the negative balance of the relevant subsidiary. Goodwill is depreciated over their estimated economic lives determined on the basis of Managements experience in the relevant lines of business. Goodwill is depreciated using the straight-line method which is estimated to be 10 years. The depreciation period is based on an expected repayment period and is longest for strategically acquired enterprises with strong market positions and long-term earnings profiles. Net revaluation of long-term investments in group companies and participating interests is classified under a separate reserve for net revaluation by the equity method in equity, in so far as the carrying amount exceeds the cost. Impariment of fixed assets The carrying amounts of investments in group enterprises and participating interests are tested annually to determine whether there is any indication of impairment other than what is expressed by depreciation. If so, then each asset is tested for impairment to determine whether the recoverable amounts are lower than the carrying amounts and the relevant asset is written down to such lower recoverable amounts. The recoverable amount of an asset is determined as the higher of the net sales price and the capital value. The capital value is calculated as the present value of the expected net income from the use of the asset or the group of assets. Receivables Receivables are measured at amortized cost which usually corresponds to the nominal value. The value is reduced by write-downs for expected bad debts. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and in hand. Equity Equity comprises the share capital and a number of equity items that may be statutory or stipulated in the articles of association. Dividends Proposed dividend for the year is recognised as a separate item in the equity. Reserve for net revaluation according to the equity method Net revaluation of long-term investments in group companies and participating interests is classified under a separate reserve for net revaluation according to the equity method in equity, in so far as the carrying amount exceeds the cost. Dividends from group companies and participating interests that are expected to be adopted before the annual report for Union Nine A/S is approved are not tied up in the revaluation reserve. The reserve is adjusted with other equity movements regarding long-term investments in group companies and participating interests. Provisions Provision for deferred tax Provision for deferred tax and the associated adjustments for the year are determined according to the balance-sheet liability method as the tax base of all temporary differences between carrying amounts and the tax bases of assets and liabilities. Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Current tax liabilities Current tax liabilities and current tax receivables are recognised in the balance sheet as estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account. Liabilities other than provisions Liabilities other than provisions which comprise debts to suppliers, to group enterprises and other payables are measured at amortised cost, which usually corresponds to the nominal value. 8. Contingent liabilities Danish joint-taxation scheme: The company is jointly taxed with the other enterprises in the group and are jointly and severally liable for the taxes that concern the joint taxation. The jointly taxed enterprises' total known net liability to the Danish tax authorities emerges from the financial statements of the administration company Nine United A/S, CVR no. 25 93 44 58. Reserve for net reva- luation ac- cording to Share- Retained equity capital earnings method Total Equity 1 August 2023 40.000.000 1.317.623.278 0 1.357.623.278 Value adjustments of equity -145.599 -145.599 Profit (loss) 1.436.650.716 -109.479.108 1.327.171.608 Extraordinary dividend paid -2.580.000.000 -2.580.000.000 Impairment losses and depreciation of actuarial gains -38.681.937 -38.681.937 Transfer for coverage of losses -109.624.707 109.624.707 0 Equity 31 July 2024 40.000.000 25.967.350 0 65.967.350 The share capital was increased by 30.000.000 kr. in 2021/22 from 10.000.000 kr. to 40.000.000 kr. and before this the share capital has remained unchanged for the last 3 years. 4. Long-term investments in group enterprises Cost at 1 August 1.717.359.738 1.433.837.260 Addition during the year 49.834.885 349.522.478 Disposal during the year -1.655.793.529 -66.000.000 Cost at 31 July 111.401.094 1.717.359.738 Revaluations at 1 August -9.264.941 -1.728.445 Change due to a foreign currency adjustment -145.599 -252.727 Revaluations for the year 3.074.753 -20.678.029 Reversal of revaluations of disposed assets -2.186.775 45.257.233 Transfer from minority interests 0 -31.862.973 Revaluations at 31 July -8.522.562 -9.264.941 Depreciation at 1 August -534.703.244 -62.971.896 Depreciation for the year -82.210.838 -257.062.518 Impairment losses for the year -38.681.937 -210.569.015 Reversal of impairment losses and amortisation of disposed assets 603.557.301 0 Transfer from minority interests 0 -4.099.815 Depreciation at 31 July -52.038.718 -534.703.244 Carrying amount at 31 July 50.839.814 1.173.391.553 Of the carrying amount, the remaining value of goodwill is 0 764.987.761 Of this years addition, the value of goodwill is 46.762.794 173.397.894 , 6. Disclosure in long-term investments in group companies and participating interests Group enterprises Name Registered office Share held in % Equity Profit Nine United Germany GmbH Germany 100,00 24.231.356 35.946 Nine United Switzerland AG Switzerland 100,00 11.639.399 -559.279 Nine United UK Ltd. England 100,00 -5.929.500 -235.045 Nine United Belgium B.V. Belgium 100,00 99.626 -1.153.039 Nine United France SaS France 100,00 11.409.752 -724.106 Nine United Trading Spain s.l.u. Spain 100,00 -14.462 -1.054.457 Nine United NL B.V. Holland 100,00 -642.606 -2.165.793 Nine United Norway AS Norway 100,00 3.459.682 -531.702 44.253.247 -6.387.475 Participating interests Name Registered office Share held in % Equity Profit Jacobsen Plus A/S Denmark 49,00 9.744.385 -3.567.726 9.744.385 -3.567.726 , 5. Long-term investments in participating interests Cost at 1 August 31.282.650 0 Addition during the year 0 31.282.650 Cost at 31 July 31.282.650 31.282.650 Revaluations at 1 August -1.050.293 0 Revaluations for the year -1.748.186 -1.050.293 Revaluations at 31 July -2.798.479 -1.050.293 Depreciation at 1 August -1.701.153 0 Amortisation for the year -22.008.269 -1.701.153 Depreciation at 31 July -23.709.422 -1.701.153 Carrying amount at 31 July 4.774.749 28.531.204 2. Financial expenses Finance expenses to group enterprises 2.595.525 3.190.611 Other financial expenses 1.515 663 2.597.040 3.191.274 1. Financial income Finance income from group enterprises 2.680.661 8.310.289 Other financial income 2.339.743 4.142.426 5.020.404 12.452.715 9. Related parties Controlling influence: Nine United A/S (main shareholder) Havnen 1 8700 Horsens The ultimate controlling party is Mr. Troels Holch Povlsen by virtue of his 100% shareholding in the ultimate parent company Nine United A/S. Troels Holch Povlsen Cole Park Grange Lane Malmesbury SN16 0ER Storbritannien Other related parties: Brightfolk A/S, Denmark Transactions: All transactions with related parties during the year have been made on market terms and are therefore not disclosed in accordance with §98 C, 7, of the Danish Financial Statements Act Consolidated annual report: The company is included in the consolidated annual report of the parent company Nine United A/S Havnen 1 8700 Horens 659673501357623278-13176232780-25800000000-1239839-998627-3868193701350021672-230567829-23756455-2751446Consolidated Financial Statements With reference to § 112 of the Danish Financial Statements Act, no Consolidated Financial Statement have been prepared because the Group enterprises are subsidiaries of a higher-ranking group. 7. Receivables from owners and management Receivables from owners 0 152.845.221 The receivables from the owners were transferred from receivables from group enterprises when the group structure with Nine United A/S was established in the finacial year 2021/22. The annual report of UNION NINE A/S for 2023/24 has been presented in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B, with the adoption of individual rules from class C. 79906315154311011513938965185486837556145631201922757508398141173391553477474928531204556145631201922757 10. Special items Special items include significant income and expenses of a special nature relative to the enterprise's ordinary operating activities, such as the cost of extensive structuring of processes and fundamental structural adjustments and any related gains on disposal and losses which, over time, have a significant impact. Special items also include other significant amounts of a nonrecurring nature. As mentioned in the management commentary the net profit or loss for the year is affected by a number of factors that differ from what is considered by management to be part of operating activities. Special items for the year are specified below, indicating where they are recognised in the income statement. Expenses: Impairment of goodwill - writedown 60.244.805 109.000.000 60.244.805 109.000.000 Special items are recognised in: Income from investments in group enterprises 40.607.479 109.000.000 Income from investments in participating interests 19.637.326 0 60.244.805 109.000.000 Income: Profit from sale of shares 1.435.744.325 0 1.435.744.325 0 Special items are recognised in: Income from investments in group enterprises 1.435.744.325 0 1.435.744.325 0 2597040319127450204041245271513271716081436650716-109479108-2268996871327448742-225056461259673501317623278false139389651854868371347085918354531819777828310763539197778281579183180152845221343106184151912500010000027713418432261096247072333192751143203685-6419588109624707-1096247070145599Horsens, 8700Havnen 12014-07-012024-11-1836031824ÅrsrapportMogens MadsenUNION NINE A/SUnion NIne A/S2022-08-012023-07-31615, Horsens2024-07-312023-08-01Financial review The company's income statement of the financial year 1 August 2023 - 31 July 2024 shows a profit after tax of t.DKK 1.327.172 compared to the loss of last year of t.DKK 226.900. The balance sheet at 31 July 2024 shows total assets of t.DKK 79.906 and an equity of t.DKK 65.967. The net profit for the year is affected by a number of factors that differ from the normal operating activities, which include an impairment of goodwill in subsidiaries and participating interests of 60.245 t.DKK and a profit from sale of shares in subsidiaries of 1.435.744 t.DKK. , The company's income statement of the financial year 1 August 2023 - 31 July 2024 shows a profit after tax of t.DKK 1.327.172 compared to the loss of last year of t.DKK 226.900. The balance sheet at 31 July 2024 shows total assets of t.DKK 79.906 and an equity of t.DKK 65.967. The net profit for the year is affected by a number of factors that differ from the normal operating activities, which include an impairment of goodwill in subsidiaries and participating interests of 60.245 t.DKK and a profit from sale of shares in subsidiaries of 1.435.744 t.DKK. Outlook For the financial year 2024/25, management expects profit before tax to be between 0 mill. DKK and 3 mill. DKK, depending on the development of the markets in which the company's subsidiaries operate. Main activities The company's principal activities consist in investment and financing. Main activities The company's principal activities consist in investment and financing. Financial review The company's income statement of the financial year 1 August 2023 - 31 July 2024 shows a profit after tax of t.DKK 1.327.172 compared to the loss of last year of t.DKK 226.900. The balance sheet at 31 July 2024 shows total assets of t.DKK 79.906 and an equity of t.DKK 65.967. The net profit for the year is affected by a number of factors that differ from the normal operating activities, which include an impairment of goodwill in subsidiaries and participating interests of 60.245 t.DKK and a profit from sale of shares in subsidiaries of 1.435.744 t.DKK. Outlook For the financial year 2024/25, management expects profit before tax to be between 0 mill. DKK and 3 mill. DKK, depending on the development of the markets in which the company's subsidiaries operate. Events after the end of the financial year No events of significant importance to the company's financial position have occurred after the end of the financial year. The Annual Report is presented in accordance with the Danish Financial Statements Act. In our opinion, the Financial Statements give a true and fair view of the assets, liabilities and financial position of the Company at 31 July 2024 and of the results of the Company's operations for the financial year 1 August 2023 - 31 July 2024. 2024-11-18 Today, the Supervisory Board and the Executive Board have considered and adopted the Annual Report of UNION NINE A/S for the financial year 1 August 2023 - 31 July 2024. In our opinion, the Management's Review includes a true and fair account of the matters addressed in the review. HorsensWe recommend that the Annual Report be adopted at the Annual General Meeting. Today, the Supervisory Board and the Executive Board have considered and adopted the Annual Report of UNION NINE A/S for the financial year 1 August 2023 - 31 July 2024. The Annual Report is presented in accordance with the Danish Financial Statements Act. In our opinion, the Financial Statements give a true and fair view of the assets, liabilities and financial position of the Company at 31 July 2024 and of the results of the Company's operations for the financial year 1 August 2023 - 31 July 2024. In our opinion, the Management's Review includes a true and fair account of the matters addressed in the review. We recommend that the Annual Report be adopted at the Annual General Meeting. Horsens, 18 November 2024 Executive Board Mogens Viktor Madsen Supervisory Board Troels Holch Povlsen Anders Holch Povlsen Mogens Viktor Madsen Formand