26991064 2024-01-01 2024-12-31 1 26991064 2024-01-01 2024-12-31 26991064 2024-01-01 2024-12-31 1 26991064 2024-01-01 2024-12-31 1 26991064 2024-01-01 2024-12-31 2 26991064 2024-01-01 2024-12-31 3 26991064 2024-01-01 2024-12-31 4 26991064 2024-01-01 2024-12-31 2 26991064 2024-12-31 26991064 2023-12-31 fsa:ContributedCapitalMember 26991064 2023-12-31 fsa:RetainedEarningsMember 26991064 2023-12-31 fsa:ProposedDividendRecognisedInEquityMember 26991064 2023-12-31 26991064 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 26991064 2024-01-01 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 26991064 2024-01-01 2024-12-31 fsa:ContributedCapitalMember 26991064 2024-12-31 fsa:ContributedCapitalMember 26991064 2024-12-31 fsa:RetainedEarningsMember 26991064 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 26991064 2024-01-01 2024-12-31 fsa:ShorttermDeferredIncomeMember 26991064 2023-01-01 2023-12-31 iso4217:DKK xbrli:pure PricewaterhouseCoopers ​ Statsautoriseret Revisionspartnerselskab 381747705 396651801 Strandvejen 44 134515 22670381 DK - 2900 Hellerup 106544 4847615 33771231 279280884 287867832 The Board of Directors and the Executive Board have today considered and approved the annual report of Azelis Denmark A/S for the financial year 01.01.2024 - 31.12.2024. 30694545 33368668 The annual report is presented in accordance with the Danish Financial Statements Act. 71744305 57592535 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. 40929510 43520734 We believe that the management commentary contains a fair review of the affairs and conditions referred to therein. 9243128 7175880 We recommend the annual report for adoption at the Annual General Meeting. 21571667 6895921 Herlev 1585056 2034656 2025-06-20 65282 193925 Gert Allan Schnoor 464080 919811 CEO 1257383 2759655 Evy Hellinckx 3079285 3916859 Gert Allan Schnoor 19349417 3367799 Thijs William Bakker 2753203 -297636 Per Løwe Jacobsen 16596214 3665435 To the Shareholders of Azelis Denmark A/S 21231768 10808223 In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2024, and of the results of the Company’s operations for the financial year 1 January - 31 December 2024 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of Azelis Denmark A/S for the financial year 1 January - 31 December 2024, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (“the Financial Statements”). 0 1585229 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. 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, in our view, Management’s Review is in accordance with the Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. 0 14829814 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. 21231768 27223266 13541493 14495659 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 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 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.Plan and perform the audit to obtain sufficient appropriate audit evidence regarding the consolidated financial​information of the entities or business units as a basis for forming an opinion on the Financial Statements. We are responsible for the direction, supervision and review of the audit work performed. We remain solely responsible for our audit opinion.​​We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 9289679 11386275 74423 143425 Hellerup 22905595 26025359 2025-06-20 16086544 11269735 Leif Ulbæk Jensen 16086544 11269735 mne23327 60223907 64518360 State Authorised Public Accountant 25892 198228 Anders Røjleskov 40610882 40304028 mne28699 40636774 40502256 State Authorised Public Accountant 9010542 13803965 Financial highlights2024​DKK'0002023​DKK'0002022​DKK'0002021​DKK'0002020​DKK'000Key figuresRevenue381,748396,652472,027409,475382,280Gross profit/loss71,74457,59360,09761,54655,372Operating profit/loss21,5726,8969,60213,18710,407Net financials(3,807)(5,563)(2,967)(2,527)(7,408)Profit/loss for the year16,5963,6655,3055,8312,536Total assets121,482144,760171,081134,375125,898Investments in property, ​plant and equipment01015403,17210,284Equity60,24147,34744,00539,18633,270Average number of employees5556565557RatiosGross margin (%)18.7914.5212.7315.0314.48Net margin (%)4.350.921.121.420.66Return on equity (%)30.858.0212.7516.107.90Equity ratio (%)48.8635.1026.9729.1626.42Revenue per employee6,9417,0838,4297,4456,707Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark.​​​​​​​​​​​​​Gross margin (%)Gross profit/loss * 100​RevenueNet margin (%) :Profit/loss for the year * 100​RevenueReturn on equity (%) :Profit/loss for the year * 100​Average equityEquity ratio (%):Equity * 100​Everage equityRevenue per employee:Revenue​Average number of employees 5455755 6646479 1095212 3055904 Primary activitiesThe Groups most significant business activity is to sell Chemicals and Food Ingredients primarily within the Nordic​market area. The comments below only relate to the activities of the Company. 1775957 1763311 Development in activities and financesThe Company’s income statement for the financial year 1. January 2024 to 31. December 2024 shows a result of DKK 16,596,214 and the Balance Sheet at 31. December 2024 a balance sheet total of DKK 121,481,575 and an Equity of DKK 60,240,622 . Throughout 2024, the Company has focused on evolving its product portfolio, with a particular emphasis on strengthening the Life Science segments for future growth. Additionally, the Company has faced price reductions driven by lower inflation rates. The EU Member States have endorsed the ban, proposed by EFSA concerning the withdrawal of smoke flavourings from EU market. The regulation sets out different step-out periods to give time for producers and operators to adapt to the new rules. According to the regulation, our Scansmoke products (smoke flavours) will be phased out in 2 years (Until July 2026). These factors have had a significant impact on the results for the year, affecting most of the business segments. The Company's subsidiary in Finland has acquired a Finnish company. This acquisition will enhance our position in the Nordic markets, benefiting both our customers and partners. 0 13000 Profit/loss for the year in relation to expected developmentsThe Company’s overall results are considered satisfactory, as they have exceeded our expectations for 2024. This positive outcome is primarily impacted by the sale of an inventory product, which had been written down in previous years and was sold during 2024. This has positively impacted the profit by DKK 3,8 million. Reference is made to note 4. 328050 931705 Uncertainty relating to recognition and measurementReference is made to note 2 of the annual accounts regarding uncertainty in recognition and measurement. Other risks The company has no other significant operational, interest, currency, or credit risks. 17665516 26214364 OutlookDemand for our products is stable and Azelis Denmark enters 2025 with the expectation that demand will continue. As a result, the result for 2025 is expected to see a positive development. We still expect relative high energy prices and a volatile market for selected chemicals and ingredients, mainly caused the uncertainties in Eastern Europe. The management assesses the company's development positive. We expect in 2025 to have new alternative products ready for replacement of our smoked flavours, based on natural smoked ingredients. The Company expects a positive development in 2024 in revenue but a decrease in profit compared with 2024. The Company expects a profit in the range of DKK 5,500,000 to DKK 7,000,000. 2955378 13524689 Environmental performanceWe continuously contribute to sustainable solutions by taking care of and protecting the environment through both customers and suppliers. We strive to improve our processes in a sustainable manner through our way of working and producing our products in our factory. We work to improve the proportion of environmentally correct materials that emit as little CO2 as possible during procurement and by following a sustainable waste management process. 61257668 80241309 Events after the balance sheet dateReference is made to note 1. 121481575 144759669 This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (medium) with addition of a few provisions governing reporting class C enterprises (large).The accounting policies applied to these financial statements are consistent with those applied last year. 3000000 3000000 Consolidated financial statementsReferring to section 112(1) of the Danish Financial Statements Act, no consolidated financial statements have been prepared. 40740622 40681520 Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic benefits will flow to the Entity, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial recognition is effected as described below for each financial statement item. Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and measurement. Income is recognised in the income statement when earned, whereas costs are recognised by the amounts attributable to this financial year. 16500000 3665000 Foreign currency translationOn initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the rate in effect at the payment date, or the rate at the balance sheet date, are recognised in the income statement as financial income or financial expenses. Property, plant and equipment, intangible assets, inventories and other non-monetary assets that have been purchased in foreign currencies are translated using historical rates.​​When recognising foreign subsidiaries and associates that are independent entities, the income statements ​are translated at average exchange rates for the months that do not significantly deviate from the rates at the transaction date. Balance sheet items are translated using the exchange rates at the balance sheet date. Goodwill​is considered belonging to the independent foreign entity and is translated using the exchange rate at the balance sheet date. Exchange differences arising out of the translation of foreign subsidiaries’ equity at the beginning of the year at the balance sheet date exchange rates and out of the translation of income statements from average rates to the exchange rates at the balance sheet date are classified directly as equity.​Exchange adjustments of outstanding accounts with independent foreign subsidiaries, which are considered ​part of the total investment in the subsidiary in question, are recognised directly in the translation reserve in equity.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. 60240622 47346520 0 21390899 RevenueIncome from the sale of goods is recognised in the Income Statement from the date of delivery and when the risk ​has passed to the buyer if it is possible to calculate the income reliably. Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales. 0 21390899 Changes in inventories of finished goods and work in progressChanges in inventories of finished goods and work in progress comprise decreases or increases for the financial year in inventories of finished goods and work in progress. This item includes ordinary writedowns of such inventories. Changes in inventories of raw materials are included in costs of raw materials and consumables. 0 8383657 Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary activities. 0 35868 Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for inventory writedowns. 361252 459063 Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities, including expenses for premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of receivables recognised in current assets. 30636534 32708652 Staff costsStaff costs comprise salaries and wages, and social security contributions, pension contributions, etc for entity staff. 22984042 24412472 Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment and intangible assets comprise depreciation, amortisation and impairment losses for the financial year, and gains and losses from the sale of intangible assets and property, plant and equipment. 792512 0 Income from investments in group enterprisesIncome from equity investments comprises the proportionate share of profit/loss after tax and any adjust­ment of internal profit/loss and less amortisation of consolidated goodwill. 6346013 10022538 Other financial income from group enterprisesOther financial income from group enterprises comprises interest income etc on receivables from group enterprises.Other 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. 120600 0 61240953 76022250 Financial expenses from group enterprisesFinancial expenses from group enterprises comprise interest expenses etc from payables to group enterprises.Other 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. 61240953 97413149 121481575 144759669 Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity. 3000000 56 GoodwillGoodwill is measured at cost less accumulated amortisation and impairment losses. ​ ​Estimated useful lives and residual values are reassessed annually.Intellectual property rights etcIntangible assets, including licences and acquired rights etc., are measured at cost less accumulated amor­tisation and impairment losses.​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:Consessions, patents, licens, trademarks and other similar rights 7-10 years ​Goodwill 7 years ​Supplier list 20 years 40681520 3665000 435 Property, 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. ​​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 Buildings20 to 50 yearsPlant and machinery5 to 10 yearsOther fixtures and fittings, tools and equipment3 to 10 yearsLeasehold improvements5 yearsFor leasehold improvements and assets subject to finance leases, the depreciation period cannot exceed ​the contract period. ​​Estimated 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. 0 Investments in group enterprisesInvestments in group enterprises are recognised and measured according to the equity method. This means that investments are measured at the pro rata share of the enterprises' equity value plus unamortised good­will and plus or minus unrealised intra-group profits or losses. ​ ​Upon distribution of profit or loss, net revaluation of investments in group enterprises is transferred to Reserve for net revaluation according to the equity method under equity. ​ ​Goodwill is the positive difference between cost and fair value of assets and liabilities arising from acquisi­tions. Goodwill is amortised straight-line over its estimated useful life, which is fixed based on the experience gained by Management for each business area. ​ ​Investments in group enterprises are written down to the lower of recoverable amount and carrying amount. Estimated useful lives and residual values are reassessed annually. 3665000 InventoriesInventories 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. Indirect production costs comprise indirect materials and labour costs, costs of maintenance of, depreciation of machinery, factory buildings and equipment used in the manufacturing process, and costs of factory administration and management. Finance costs are not included in cost. The net realisable value of inventories is calculated as the estimated selling price less completion costs and costs incurred to execute sale. 3665000 ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and doubtful debts. 0 Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based value ​​of assets and liabilities, for which the tax-based value is calculated based on the planned use of each asset. ​​Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at ​their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets. 37112 Tax payable or receivableCurrent tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's taxable income, adjusted for prepaid tax. 0 PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost. 37112 CashCash comprises cash in hand and bank deposits. 96214 DividendDividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for the financial year is disclosed as a separate item in equity. 16500000 LeasesLeases in terms of which the Company assumes substantially all the risks and rewards of ownership (financial leases) are recognised in the balance sheet at the lower of the fair value of the leased assets and the net present value of the lease payments computed by applying the interest rate implicit in the lease or an alternative borrowing rate as the discount rate. Assets acquired under finance leases are depreciated and written down for impairment under the same policy as determined for the other fixed assets of the Company. The remaining lease obligation is capitalised and recognised in the balance sheet under debt, and the interest element on the lease payments is charged over the lease term to the income statement. All other leases are considered operating leases. Payments made under operating leases are recognised in the income statement on a straight-line basis over the lease term.Operating leasesLease payments on operating leases are recognised on a straight-line basis in the income statement over the term of the lease. 3000000 Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. 40740622 Prepayments received from customersPrepayments received from customers comprise amounts received from customers prior to delivery of the ​goods agreed or completion of the service agreed.​​ ​​Tax receivable or payable ​Current tax receivable or payable is recognised in the balance sheet, stated as tax computed on this year's ​taxable income, adjusted for prepaid tax. 16500000 Deferred incomeDeferred income comprises income received for recognition in subsequent financial years. Deferred income is measured at cost. 1 Events after the balance sheet dateNo material events have occurred after the balance sheet date to this date, which have material impact on the Company's Financial position. Cash flow statementIn accordance with Act S. 86, para (4) of the Danish Financial Statements Act, the Company has not prepared a cash flow statement as the cash flow statement is included in the ultimate parent company. Financial Highlights Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark. 2 Uncertainty relating to recognition and measurement The EU Member States have approved a ban on the use of smoke flavourings, which means that the Company’s smoke flavouring products will be phased out by July 2026. In response, Management is currently exploring alternative uses for the Company’s production facilities and equipment, recognised as part of Property, plant and equipment, once the ban comes into effect. Management remains optimistic about the ongoing exploration of alternative uses. Consequently, Management has, based on its knowledge of the ongoing procedures, not recognised any impairment write-downs related to the production facilities or equipment. As Managements assumptions are subject to a certain degree of uncertainty, failure to meet them may result in future impairment write-downs. true 3 Other operating income2024 DKK2023 DKKCompensation termination distribution agreement.100,5444,845,815Gain from disposal of fixed assets.6,0001,800106,5444,847,615 Grundlag for konklusion 4 Cost of salesThe Company has made an extraordinary reversal of previous years inventory write-downs of DKK 3,8 million, which is considered as a special item and recognized in cost of sales. Konklusion 5 Staff costs2024 DKK2023 DKKWages and salaries36,646,02439,182,027Pension costs3,736,2173,807,930Other social security costs547,269530,77740,929,51043,520,734Average number of full-time employees5556The work of the Board of Directors is limited and consequently the board members do not receive separate remuneration for their work on the Board of Directors. Regnskabsklasse C, mellemstor virksomhed 55 2023-01-01 6 Depreciation, amortisation and impairment losses2024​DKK2023​DKKAmortisation of intangible assets6,123,3044,048,488Depreciation of property, plant and equipment3,119,8243,127,3929,243,1287,175,880The depreciation regarding application for new license for the sale of ScanSmoke products amounts to DKK 3.7 million. 2023-12-31 7 Tax on profit/loss for the year2024 DKK2023 DKKCurrent tax792,512692,268Change in deferred tax1,960,691(989,904)2,753,203(297,636) Herlev 8 Proposed distribution of profit and loss2024 DKK2023 DKKOrdinary dividend for the financial year16,500,0003,665,000Retained earnings96,214435 16,596,2143,665,435 Herlev DK- 2730 96214 Revisionspåtegning 2024-12-31 9 Intangible assetsAcquired intangible assets DKKGoodwill DKKPrepayments for intangible assets DKKCost beginning of year24,002,019251,392,78814,829,814Transfers14,961,6200(14,961,620)Additions00131,806Disposals(35,000)00Cost end of year38,928,639251,392,7880Amortisation and impairment losses beginning of year(13,193,796)(249,807,559)0Amortisation for the year(4,538,075)(1,585,229)0Reversal regarding disposals35,00000Amortisation and impairment losses end of year(17,696,871)(251,392,788)0Carrying amount end of year21,231,76800 2024-01-01 10 Property, plant and equipmentLand and buildings​DKKPlant and machinery​DKKOther fixtures and fittings, tools and equipment​DKKCost beginning of year18,706,71530,542,3163,289,763Disposals(92,755)(3,237,970)(1,755,014)Cost end of year18,613,96027,304,3461,534,749Depreciation and impairment losses beginning of year(4,211,056)(19,156,041)(3,146,278)Depreciation for the year(954,166)(2,096,596)(69,062)Reversal regarding disposals92,7553,237,9701,755,014Depreciation and impairment losses end of year(5,072,467)(18,014,667)(1,460,326)Carrying amount end of year13,541,4939,289,67974,423 11 Financial assetsInvestments in group enterprises DKKCost beginning of year27,241,002Additions3,268,430Cost end of year30,509,432Impairment losses beginning of year(15,971,267)Exchange rate adjustments(36,678)Share of profit/loss for the year1,585,057Impairment losses end of year(14,422,888)Carrying amount end of year16,086,544Investments in subsidiariesRegistered inCorporate formEquity interest %Equity DKKProfit/loss DKKAzelis Norway ASNorwayAS100.001,834,067(418,490)Azelis Sweden ABSwedenAB100.005,828,133(305,796)Azelis Finland OyFinlandOy100.003,421,4912,309,343 12 Deferred tax​​Changes during the year2024​DKK2023​DKKBeginning of year3,055,9032,066,000Recognised in the income statement(1,960,691)989,904End of year1,095,2123,055,904​Deferred tax assetsThe tax asset is included in the balance sheet based on the managements expectations to the result of the future operations of the company, and therefore naturally is subject to uncertainty. It is the managements assessment that the tax assets within a 5 year period, can be used in future positive taxable income. 5 Lyskær 13 PrepaymentsPrepayments consist of prepaid expenses concerning rent and lease agreements for offices and cars as well as prepaid insurance premiums. Azelis Denmark A/S 14 Deferred incomeDeferred income consist of income received for recognition in subsequent financial years. 26991064 15 Unrecognised rental and lease commitments2024 DKK2023 DKKLiabilities under rental or lease agreements until maturity in total15,993,50116,921,353Unrecognised rental and lease commitments consists of rent commitments of DKK 12,420,733 (DKK 14,313,843 in 2023) and operational leasing of DKK 3,572,768 (DKK 2,607,510 in 2023). 33963556 16 Contingent liabilitiesNo contingent liabilities exist at the balance sheet date. 2300 København S 17 Related parties with controlling interestAzelis Finance N.V., Posthofbrug 12, BE-2600 Berchem, Belgium is the 100 % owner of Azelis Denmark A/S. All transactions with related parties have been conducted on market terms. Weidekampsgade 6 18 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. Deloitte Statsautoriseret Revisionspartnerselskab 19 Group relationsName and registered office of the Parent preparing consolidated financial statements for the smallest and largest group: Azelis Group N.V., Posthofbrug 12, BE-2600 Berchem, Belgium. Årsrapport 2025-06-20 Per Løwe Jacobsen