xbrli:pureiso4217:DKK391472462020-01-012020-12-31391472462020-01-012020-12-311391472462020-01-012020-12-311391472462020-01-012020-12-311391472462020-01-012020-12-312391472462020-01-012020-12-31391472462019-01-012019-12-31391472462020-01-012020-12-31fsa:RetainedEarningsMember391472462019-01-012019-12-31fsa:RetainedEarningsMember391472462020-01-012020-12-31fsa:RetainedEarningsMember391472462020-12-31391472462019-12-31391472462020-01-01fsa:ContributedCapitalMember391472462020-01-01fsa:RetainedEarningsMember391472462020-01-01391472462020-12-31fsa:ContributedCapitalMember391472462020-12-31fsa:RetainedEarningsMembertrue2019-01-012019-12-31CopenhagenCopenhagen Ø2100Regnskabsklasse BRevisionspåtegning2020-12-312020-01-01<br /><br />35Langelinie AlléKnoll Denmark ApS39147246339635562300 København SWeidekampsgade 6Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapportEY Godkendt Revisionspartnerselskab Dirch Passer Allé 362000 Frederiksberg 30700228The Board of Directors and the Executive Board have today considered and approved the annual report of Knoll Denmark ApS for the financial year 01.01.2020 - 31.12.2020.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 Entity’s financial position at 31.12.2020 and of the results of its operations for the financial year 01.01.2020 - 31.12.2020.We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.We recommend the annual report for adoption at the Annual General Meeting.Copenhagen2021-06-25Charles Wesley RayfieldCharles Wesley RayfieldMichael Adam PollnerTo the shareholder of Knoll Denmark ApSWe have audited the financial statements of Knoll Denmark ApS for the financial year 1 January – 31 December 2020, which comprise income statement, balance sheet and notes, including accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2020 and of the results of the Company's operations for the financial year 1 January – 31 December 2020 in accordance with the Danish Financial Statements Act.We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the audit of the financial statements" section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Indepencence We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) and additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these rules and requirements. Our objectives are to obtain reasonable assurance as to 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 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 the 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:<br />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. <br />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. <br />Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. <br />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. <br />Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.<br />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 is responsible for the Management's review. Our opinion on the financial statements does not cover the 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 the Management's review and, in doing so, consider whether the 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 the Management's review provides the information required under the Danish Financial Statements Act. <br />Based on the work we have performed, we conclude that the 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 of the Management's review. Copenhagen2021-06-25Christian Schwenn Johansenmne33234State Authorised Public AccountantPrimary activitiesThe company´s activities comprise to act as intermediate parent of investments in group enterprises, as well as any other activity, which according to the assessment of the board of directors is connected thereto.Description of material changes in activities and financesThe income statement for period shows a profit of DKK 110,054 thousand. The balance sheet shows equity of DKK 201,759 thousand. The result of the year mainly consist of received dividend from Muuto A/S and financial expenses from the group.Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report .-3200001327170007946200060500012570000267000260990002885400010719100052132000-2863000-219400011005400054326000110054000543260001100540001762156000176215600017621560001762156000176215600017621560001873400016372000303000019037000163720002330000192700001637200017814260001778528000500005000020170900050181000201759000502310005000050181000502310005000020170900018009500035488400060000134361700013133070001523718000166819100055949000601060005594900060106000157966700017282970001781426000177852800041474000414740001 Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report .2 Tax on profit/loss for the year2020 DKK'0002019 DKK'000Current tax(2,863)0Adjustment concerning previous years0914Refund in joint taxation arrangement0(3,108)(2,863)(2,194)3 Financial assetsInvestments in group enterprises DKK'000Cost beginning of year1,888,657Cost end of year1,888,657Impairment losses beginning of year(126,501)Impairment losses end of year(126,501)Carrying amount end of year1,762,156Investments in subsidiariesRegistered inCorporate formEquity interest %MuutoCopenhagenA/S1004 Payables to group enterprisesThe Company finances its ongoing operations and investments on a long-term loan from group entities. Management expects that the intercompany loans will be renegotiated annually on unchanged terms. Knoll Inc. has declared to the Company in writing that it will provide continuing financial support to the Company to enable it to meet its financial obligations as and when they are due so that the Company will continue as a going concern. 06 Group relationsName and registered office of the Parent preparing consolidated financial statements for the smallest group: Knoll Inc., Pennsylvania, USAConsolidated financial statements have not been prepared because the group fulfils the exemption provisions of section 112 of the Danish Financial Statements Act on sub-groups. The company is included in the consolidated financial statements of Knoll Inc., Pennsylvania, USA which can be found at the following link: https://knoll.gcs-web.com/sec-filings This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class B enterprises with addition of certain provisions for reporting class C.The accounting policies applied to these financial statements are consistent with those applied last year.falseConsolidated financial statementsReferring to section 112(1) of the Danish Financial Statements Act, no consolidated financial statements have been prepared.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.Gross profit or lossGross profit or loss comprises external expenses.Other external expensesOther external expenses include expenses relating to the Entity´s ordinary activities. Income from investments in group enterprisesIncome from investments in group enterprises comprises dividend etc received from the individual group enterprises in the financial year.Other financial income from group enterprisesOther financial income from group enterprises comprises interest income etc on receivables from group enterprises.<br />Other financial incomeOther financial income comprises 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.Financial expenses from group enterprisesFinancial expenses from group enterprises comprise interest expenses etc. from payables to group enterprises.Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the ​income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity.The Entity is jointly taxed with Muuto A/S. The current Danish income tax is allocated among the jointly taxed entities proportionally to their taxable income (full allocation with a refund concerning tax losses).Investments in group enterprisesInvestments in group enterprises are measured at cost, which includes the cost of acquisition calculated at fair value plus direct costs of acquisition. If there is evidence of impairment, an impairment test is conducted. Where the carrying amount exceeds the recoverable amount, a write-down is made to such lower value.ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and ​doubtful debts.CashCash comprises cash in hand and bank deposits.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.2021-06-25Michael Adam Pollner