39147246 2023-06-01 2024-05-31 39147246 2023-06-01 2024-05-31 auditor_1 39147246 2023-06-01 2024-05-31 auditor_2 39147246 2023-06-01 2024-05-31 memberOfBoardIdentifier_1 39147246 2023-06-01 2024-05-31 memberOfBoardIdentifier_1 39147246 2023-06-01 2024-05-31 memberOfBoardIdentifier_2 39147246 2022-06-01 2023-05-31 39147246 2021-06-01 2022-05-31 39147246 2020-06-01 2021-05-31 39147246 2019-06-01 2020-05-31 39147246 2024-05-31 39147246 2023-05-31 39147246 2022-05-31 39147246 2021-05-31 39147246 2020-05-31 39147246 2023-05-31 fsa:ContributedCapitalMember 39147246 2023-05-31 fsa:RetainedEarningsMember 39147246 2023-06-01 2024-05-31 fsa:ContributedCapitalMember 39147246 2023-06-01 2024-05-31 fsa:RetainedEarningsMember 39147246 2024-05-31 fsa:ContributedCapitalMember 39147246 2024-05-31 fsa:RetainedEarningsMember 39147246 2023-05-31 fsa:InvestmentsInGroupEnterprisesMember 39147246 2024-05-31 fsa:InvestmentsInGroupEnterprisesMember 39147246 2023-05-31 fsa:ReceivablesFromGroupEnterprisesMember 39147246 2023-06-01 2024-05-31 fsa:ReceivablesFromGroupEnterprisesMember 39147246 2024-05-31 fsa:ReceivablesFromGroupEnterprisesMember iso4217:DKK pure Årsrapport 2023-06-01 2022-06-01 2024-05-31 2023-05-31 2024-10-29 39147246 2024-10-29 2017-12-07 Reporting class C, medium-size enterprise KPMG 7000 Fredericia Vesterballevej 27, 2. 25578198 Auditor's report on audited financial statements Fredericia 2024-10-29 KPMG 25578198 KPMG 25578198 true Jeffrey Martin Stutz The Board of Directors and the Executive Board have today discussed and approved the annual report for Knoll Denmark ApS for the financial year 1 June 2023 - 31 May 2024. The annual report has been prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 31 May 2024 and of the results of the Company's operations for the financial year 1 June 2023 - 31 May 2024.Further, in our opinion, the Management's review gives a fair review of the development in the Company's activities and financial matters, of the results for the year and of the Company's financial position. We recommend that the annual report be approved at the annual general meeting. Jeffrey Martin Stutz Jacqueline Hourigan Rice Chairman Jeffrey Martin Stutz Independent auditor's report To the shareholder of Knoll Denmark ApS Opinion We have audited the financial statements of Knoll Denmark ApS for the financial year 1 June 2023 - 31 May 2024, comprising income statement, balance sheet, statement of changes in equity 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 Company's assets, liabilities and financial position at 31 May 2024 and of the results of the Company's operations for the financial year 1 June 2023 - 31 May 2024 in accordance with the Danish Financial Statements Act. Basis for 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. Management's responsibility for the financial statementsManagement 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 that 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. Auditor's responsibilities for the audit of the financial statementsOur 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 the additional requirements in Denmark will always detect a material misstatement when it exists. Misstatements may 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 financial statement users made 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 alsoidentify and assess the risks of material misstatement of the company 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. Statement on the Management's reviewManagement 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. 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 Statement Act. We did not identify any material misstatement of the Management's review. Nikolaj Møller Hansen mne33220 Niklas R. Filipsen mne47781 Knoll Denmark ApS Gdanskgade 18 DK-2150 Nordhavn København -135000 -144000 -116000 -32000 0 -135000 -144000 -116000 -32000 0 -18332000 -33360000 -218845000 -25494000 -27330000 135596000 161216000 -172937000 110054000 54326000 1998583000 2002940000 1964691000 1781426000 1778528000 654891000 519295000 -358079000 -201759000 -50231000 231 367 -618 873 2355 328 259 182 113 28 The financial ratios have been calculated as follows:Return on equityProfit/loss after tax x 100 / Average equitySolvency ratioEquity ex. non-controlling interests year end x 100 / Total equity and liabilities at year endIn 2021/22, the financial year has been changed during the year to 1 June - 31 May to follow the financial year of the Group. The 2021/22 financial year was a transitional year, with the financial year being extended to 17 months (1 January 2021 - 31 May 2022). The comparative figures have not been restated as a result of the change in financial year. Principal activities The Company acts as intermediate Parent Company of investments in group entities as well as engages in other activities as assessed by the Board of Directors. Development in activities and financial position Profit for the year (including comparison with forecasts previously announced) The Company's income statement for 2023/24 shows a profit of DKK 135,596 thousand as against a profit of DKK 161,216 thousand in 2022/23. Equity in the Company's balance sheet at 31 May 2024 stood at DKK 654,891 thousand as against DKK 519,295 thousand at 31 May 2023. As the Company did not prepare the financial statements for 2022/23 in accordance with the provisions applying to reporting class C entities under the Danish Financial Statements Act and thereby did not provide an outlook of the financial performance for 2023/24 for the Company, Management has not followed up on the expectations for the financial year in the Management's Review. The Company has received a support letter from its Parent Company, MillerKnoll Inc, stating that MillerKnoll Inc. will undertake to provide Knoll Denmark ApS with sufficient liquidity, so that Knoll Denmark ApS has sufficient liquidity to meet its current and future liabilities. On this basis, Management has prepared the financial statements on a going concern basis. Financial risks Intercompany payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. Fluctuating exchange rates are identified as a financial risk due to the significant intercompany payables in foreign exchange rates that the Company is funded by. The Company does not hold foreign exchange hedges, and hence the fluctations in exchange rates constitues a financial risk for the Company which is monitored closely by Management. Outlook Management projects the results for 2024/25 will align with the current year's performance within a range of 0% to 10%, excluding income from investments in group entities. Environmental matters The Company seeks to minimise their environment footprint and to conduct their business in a socially responsible manner. Events after the balance sheet date No events have occurred after the balance sheet date of material importance to the annual report for 2023/24. -135000 -144000 150000000 190000000 11829000 2413000 30161000 35773000 131533000 156496000 -4063000 -4720000 135596000 161216000 1951502000 0 0 0 3973000 0 1998583000 2002940000 50000 50000 654841000 519245000 654891000 519295000 1328272000 1429423000 100000 100000 15320000 54122000 15420000 54222000 1998583000 2002940000 50000 519245000 0 135596000 50000 654841000 The annual report of Knoll Denmark ApS for 2023/24 has been prepared in accordance with the provisions applying to reporting class C medium-sized entities under the Danish Financial Statements Act.The accounting policies used in the preparation of the financial statements are consistent with those of last year.Change of reporting classThe annual report of Knoll Denmark ApS for 1 June 2023 - 31 May 2024 has been prepared in accordance with the provisions applying to reporting class C entities under the Danish Financial Statements Act. The transition compared to the previous financial year from the provisions applying to reporting class B entities under the Danish Financial Statements Act has not resulted in changes to recognition and measurement. Omission of presentation of consolidated financial statementsPursuant to section 112(1) of the Danish Financial Statements Act, no consolidated financial statements have been prepared. The financial statements of Knoll Denmark ApS and group entities are included in the consolidated financial statements of MillerKnoll Inc., 855 E Main Ave, Zeeland, MI 49464, USA. Omission of cash flow statementPursuant to section 86(4) of the Danish Financial Statements Act, no cash flow statement has been prepared. The Company's cash flows are included in the cash flow statement in the consolidated financial statements of MillerKnoll Inc.. Other external costs Other external costs comprise costs relating to the entity's ordinary activities incl. costs related to administration. Income from equity investments in subsidiaries and participating interests (including associates) Income from equity investments in group entities comprises dividends received from subsidiaries during the financial year. Financial income and expenses Financial income and expenses comprise interest income and expense, gains and losses from receivables, payables and transactions denominated in foreign currencies as well as surcharges and refunds under the on-account tax scheme, etc. Tax on profit for the year Knoll Denmark ApS is subject to the Danish rules on compulsory joint taxation of the Group's Danish subsidiaries. The subsidiaries are included in the joint taxation from the date on which they are included in the consolidated financial statements and up to the date on which they are excluded from the consolidation. Knoll Denmark ApS is the administrative company for the joint taxation and accordingly settles all payments of corporation tax to the tax authorities. On payment of joint taxation contributions, current Danish corporation tax is allocated between the jointly taxed entities in proportion to their taxable income. Entities with tax losses receive joint taxation contributions from entities that have used the losses to reduce their own taxable profit. Tax for the year comprises current corporation tax for the year and changes in deferred tax, including changes in tax rates. The tax expense relating to the profit/loss for the year is recognised in the income statement, and the tax expense relating to amounts directly recognised in equity is recognised directly in equity. Investments Equity investments in group entities are measured at cost. In case of indication of impairment, an impairment test is conducted. When the cost exceeds the recoverable amount, write-down is made to this lower value. Receivables Receivables are measured at amortised cost. Write-down is made for bad debt losses where there is an objective indication that a receivable has been impaired. If there is an objective indication that an individual receivable has been impaired, write-down is made on an individual basis. Corporation tax and deferred tax Current tax payable and receivable is recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account. Cash at bank and in hand Cash at bank and in hand comprise cash and bank deposits. Liabilities Liabilities are measured at amortised cost. 0 0 368000 31000 641000 2382000 10820000 0 30161000 30699000 0 5074000 135596000 161216000 1951502000 1951502000 1951502000 34245000 -34245000 0 0 Contingent liabilities The Company is jointly taxed with other Danish companies in the MillerKnoll Group, in which Knoll Denmark ApS is the administrative company. Knoll Denmark ApS is a wholly-owned subsidiary, and together with the other Danish companies included in the joint taxation, the Company has joint and several unlimited liability for Danish corporation taxes and withholding taxes on dividends. Any subsequent correction of the taxable jointly taxed income or withholding taxes could result in an adjustment of the Company's liability. Control Knoll Europe B. V.,Ernst Casimirlaan 79, 2051 HB Overveen, the Netherlands, holds 100% of the contributed capital in Knoll Denmark ApS. Knoll Denmark ApS is part of the consolidated financial statements of MillerKnoll Inc., 855 E Main Ave. Zeeland, MI 49464 USA, which is the smallest and largest group, in which the Company is included as a subsidiary. The consolidated financial statements of MillerKnoll Inc. can be obtained by contacting the Company at the above address.