Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Dirch Passers Allé 36 Postboks 250, 2000 Frederiksberg 2023-04-01 2024-03-31 2022-04-01 2023-03-31 16316296 Olympus Danmark A/S Knud Højgaards Vej 2 2860 Søborg 1992-08-01 Søborg 44734700 www.olympus.dk Danske Bank Holmens Kanal 2 1092 København K EY Godkendt Revisionspartnerselskab 30700228 Dirch Passers Allé 36 2000 Frederiksberg 2024-08-19 Carl Constantin Zangemeister Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning Grundlag for konklusion Konklusion true 2024-08-19 2024-08-19 CaseWare Working Papers Søborg Lars Georg Rust Carl Constantin Zangemeister Chairman Lars Georg Rust Joanna Szwiec Copenhagen Thomas Bruun Kofoed Anders Knudsen State Authorised Public Accountant mne28677 State Authorised Public Accountant mne49064 262580000 346280000 347015000 67322000 73192000 71855000 2102000 20198000 19809000 3551000 800000 -818000 14000 -10000 11780000 16969000 16988000 167832000 175485000 150854000 -4403000 -4622000 -2946000 -6691000 -4109000 53067000 58256000 66287000 -7.3 -3.5 1.2 12.4 12.3 171.1 158.6 138.3 140.6 174.7 Current ratio Current ratio Current ratio Current ratio Current ratio 44.2 41.6 31.6 33.2 43.9 25.1 25.1 21.2 27.3 27.6 60 59 62 256602000 276531000 164971000 182297000 28210000 23680000 42085000 39055000 77756000 78859000 58621000 57825000 2007000 2991000 17128000 18043000 3568000 815000 17000 15000 20679000 18843000 4424000 4186000 16255000 14657000 6781000 9884000 0 151000 6781000 10035000 791000 2284000 791000 2284000 7572000 12319000 3696000 7272000 3696000 7272000 57409000 28883000 76622000 101435000 9000 17000 1076000 1818000 80000 73000 1391000 1093000 136587000 133319000 369000 575000 140652000 141166000 148224000 153485000 2000000 2000000 47318000 47217000 16154000 14657000 65472000 63874000 535000 628000 535000 628000 2198000 3701000 56585000 66328000 769000 0 18069000 16030000 4596000 2924000 82217000 88983000 82217000 88983000 148224000 153485000 2000000 47217000 14657000 101000 16154000 0 14657000 2000000 47318000 16154000 16255000 14657000 6357000 7216000 -3103000 -7537000 19509000 14336000 17000 1000 2923000 7717000 16569000 6618000 4956000 4576000 1345000 1442000 0 756000 1493000 0 -2118000 -3890000 14657000 3850000 -14657000 -3850000 -206000 -1122000 575000 1702000 0 -5000 369000 575000 53226000 52923000 4583000 4441000 812000 461000 58621000 57825000 72 69 3395000 796000 173000 19000 4532000 4045000 8000 141000 -116000 0 16154000 14657000 101000 0 33415000 929000 86000 0 4870000 0 24737000 929000 13634000 0 23531000 778000 1995000 15000 18673000 793000 6853000 0 6781000 0 2284000 1493000 791000 791000 2000 A 2000000 2000000 2010000 2991000 112000 -41000 4424000 4186000 35000 -2000 -3576000 -571000 4028000 14056000 10707000 22164000 Today, the Board of Directors and the Executive Board have discussed and approved the annual report of Olympus Danmark A/S for the financial year 1 April 2023 - 31 March 2024. The annual report is 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 March 2024 and of the results of the Company's operations and cash flows for the financial year 1 April 2023 - 31 March 2024. Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the annual general meeting. To the shareholder of Olympus Danmark A/S We have audited the financial statements of Olympus Danmark A/S for the financial year 1 April 2023 - 31 March 2024, which comprise income statement, balance sheet, statement of changes in equity, cash flow statement 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 March 2024 and of the results of the Company's operations as well as the cash flows for the financial year 1 April 2023 - 31 March 2024 in accordance with the Danish Financial Statements Act. 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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence 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. 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. 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 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 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: 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 note 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 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. For terms and definitions, please see the accounting policies. The main activities of Olympus Danmark A/S are sales and distribution of medical devices from entities within the Olympus Europe Group. In the year, the Company maintained its position as a leading supplier to the Danish market. Profit for the year is slightly below our expectations mainly related to less public healthcare investments within Endoscopy equipment than expected for the year. Management considers the financial performance satisfactory in the light of the market situation, and the economic climate eg. regards to inflation. Investments In 2023/24, the Company invested in IT, loan equipment and operating equipment. Total net investments amounted to DKK 4,870 thousand against DKK 4,871 thousand in 2022/23. Capital structure Olympus Danmark A/S is a financially sound business. The equity ratio is 45.1 % (2022/23: 41.6 %) based on equity at 31 March 2024 of DKK 65,472 thousand (2022/23: DKK 63,874 thousand). The Company's financial resources amounted to DKK 8,369 thousand at the financial year end, of which DKK 369 thousand are cash and cash equivalents and the remaining amount consists of undrawn credit facilities with the Company's bankers. The Company’s main operating risk relates to its ability to maintain its strong market position in Denmark. Also, it is essential that the Company stays in tune with technological developments. Financial risks Thanks to its strong equity ratio and ample financial resources, the Company's vulnerability to interest rate changes is limited. The Company’s invoicing currency is DKK, while a minor share of purchases is made in EUR. Due to DKK's peg to EUR, the Board of Directors does not consider it necessary to hedge this currency exposure. The Company is not exposed to any major risks relating to individual customers or cooperation partners. Under the Company's credit risk policy, all major customers and cooperation partners are credit rated on a current basis. Management forecasts increasing demand for the Company’s medical products and expects its continuous innovation efforts to help secure its leading market position. Olympus Danmark A/S anticipates a revenue for the fiscal 2024/25 in the range of 290-310 MDKK and a profit before tax in the range of 20-25 MDKK . The annual report of Olympus Danmark A/S for 2023/24 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to medium-sized reporting class C entities. The accounting policies used in the preparation of the financial statements are consistent with those of last year. Reporting currency The financial statements are presented in Danish kroner (DKK'000). On initial recognition, transactions denominated in foreign currencies are translated at the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses. Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rate at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the most recent financial statements is recognised in the income statement as financial income or financial expenses. The Company has chosen IAS 18 as interpretation for revenue recognition. Income from the sale of goods and finished goods is recognised in revenue at the time of delivery and when the risk passes to the buyer, provided that the income can be made up reliably and is expected to be received. Income from the supply of services is recognised on a continuing basis. Income that has not been recognised at the balance sheet date is recognised as ‘Deferred income’. Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts and rebates granted are recognised in revenue. Other operating income comprise items of a secondary nature relative to the Company's core activities. It primarily relates to reinvoiced staff costs for administrative work performed for affiliated companies and gains or losses on the sale of fixed assets. Cost of sales includes the cost of goods used in generating the year's revenue. Cost of sales also includes indirect costs relating to freight, customs and insurance as well as warranty expenses. Other external expenses include the year's expenses relating to the Company's core activities, including expenses relating to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc. Staff costs include wages and salaries, including compensated absence and pension to the Company's employees, as well as other social security contributions, etc. The item is net of refunds from public authorities. The item comprises depreciation of property, plant and equipment. The basis of depreciation, which is calculated as cost less any residual value, is depreciated on a straight line basis over the expected useful life. The expected useful lives of the assets are as follows: Other fixtures and fittings, tools and equipment 3-10 years Leasehold improvements 7 years Depreciation is based on the residual value of the asset and is reduced by impairment losses, if any. The depreciation period and the residual value are determined at the acquisition date and are reassessed annually. Where the residual value exceeds the carrying amount of the asset, no further depreciation charges are recognised. In the case of changes in the depreciation period or the residual value, the effect on the depreciation charges is recognised prospectively as a change in accounting estimates. Financial income and expenses are recognised in the income statements at the amounts that concern the financial year. Net financials include interest income and expenses as well as allowances and surcharges under the advance-payment-of-tax scheme, etc. Tax for the year includes current tax on the year's expected taxable income and the year's deferred tax adjustments. The portion of the tax for the year that relates to the profit/loss for the year is recognised in the income statement, whereas the portion that relates to transactions taken to equity is recognised in equity. Property, plant and equipment Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Cost includes the acquisition price and costs directly related to the acquisition until the time at which the asset is ready for use. Gains or losses arising from the sale of items of property, plant and equipment are recognised in the income statement under 'Other operating income' or 'Other operating expenses', respectively. Gains and losses are calculated by reference to the difference between the selling price less selling expenses and the carrying amount at the time of sale. The Company has chosen IAS 17 as interpretation for classification and recognition of leases. Leases that do not transfer substantially all the risks and rewards incident to the ownership to the Company are classified as operating leases. Payments relating to operating leases and any other rent agreements are recognised in the income statement over the term of the lease. The Company's aggregate liabilities relating to operating leases and other rent agreements are disclosed under "Contractual obligations and contingencies, etc." Property, plant and equipment are subject to an annual test for indications of impairment other than the decrease in value reflected by depreciation or amortisation. Impairment tests are conducted in respect of individual assets or groups of assets generating separate cash flows when there is indications of impairment. The assets are written down to the higher of the value in use and net realisable value (recoverable amount) of the asset or group of assets if this is lower than the carrying amount. As for groups of assets, impairment losses are first recognised in respect of goodwill and thereafter proportionately in respect of the other assets. Impairment tests are conducted on assets or groups of assets when there is evidence of impairment. The carrying amount of impaired assets is reduced to the higher of the net selling price and the value in use (recoverable amount). The recoverable amount is the higher of the net selling price of an asset and its value in use. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the group of assets and the expected net cash flows from the disposal of the asset or the group of assets after the end of the useful life. Previously recognised impairment losses are reversed when the reason for recognition no longer exists. Inventories are measured at cost in accordance with the weighted average cost method. Where the net realisable value is lower than cost, inventories are written down to this lower value. The net realisable value of inventories is calculated as the sales amount less costs of completion and expenses required to effect the sale and is determined taking into account marketability, obsolescence and development in the expected selling price. Goods for resale are measured at cost, which comprises the cost of acquisition plus delivery costs as well as other expenses directly attributable to the acquisition. The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables. Receivables are measured at amortised cost. An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis. Prepayments recognised under "Assets" comprise prepaid expenses regarding subsequent financial reporting years. Cash at hand and in bank comprise cash and bank balances. Balances in the Group's cash pool scheme are not, due to the nature of the scheme, considered cash, but are recognised under ‘Receivables from group entities'. Proposed dividends Dividend proposed for the year is recognised as a liability once adopted at the annual general meeting (declaration date). Dividends expected to be distributed for the financial year are presented as a separate item under "Equity". Dividend proposed for the year is recognised as a liability once adopted at the annual general meeting (declaration date). Dividends expected to be distributed for the financial year are presented as a separate item under "Equity". Provisions comprise guarantee commitments of expected cost of repairs within the guarantee period of 1-2 years recognised based on previous experience with work performed under guarantees. Current tax payables and receivables are recognised in the balance sheet as the estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account. Deferred tax is measured according to the liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is not deductible for tax purposes and on office premises and other items where temporary differences, apart from business combinations, arise at the date of acquisition without affecting either profit/loss for the year or taxable income. Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on Management's intended use of the asset or settlement of the liability, respectively. Deferred tax is measured according to the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax assets are recognised at the expected value of their utilisation; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Changes in deferred tax due to changes in the tax rate are recognised in the income statement. Other payables Other payables are measured at net realisable value. Deferred income Deferred income recognised as a liability comprises payments received concerning income in subsequent financial reporting years. The cash flow statement shows the Company's net cash flows broken down according to operating, investing and financing activities, the year's changes in cash and cash equivalents as well as the cash and cash equivalents at the beginning and the end of the year. Cash flows from operating activities are calculated as the profit/loss for the year adjusted for non cash operating items, changes in working capital and paid corporate income tax. Cash flows from investing activities comprise payments in connection with acquisitions and disposals of entities and activities and of intangible assets, property, plant and equipment and investments. Cash flows from financing activities comprise changes in the size or composition of the Company's share capital and related expenses as well as raising of loans, repayment of interest bearing debt and payment of dividends to shareholders. Cash and cash equivalents comprise cash, short term bank loans and short term securities which are readily convertible into cash and which are subject only to insignificant risks of changes in value. The financial ratios stated under "Financial highlights" have been calculated as follows: Operating profit/loss Profit/loss before net financials +/- Other operating income and other operating expenses Return on assets Profit/loss from operating activites x 100 Average assets Current ratio Current assets x 100 Current liabilities Equity ratio Equity, year-end x 100 Total equity and liabilities, year-end Return on equity Profit/loss after tax x 100 Average equity No events materially affecting the Company's financial position have occurred subsequent to the financial year end. By reference to section 98b(3), (ii), of the Danish Financial Statements Act, remuneration to Management is not disclosed for the current year. No remuneration was paid to the Board of Directors during the year. Defered tax assets primarily relate to temporary differences in respect of property plant and equipment. There are no unrecognised deferred tax assets, and all defered tax assets are expected to be reversed and offset against positive taxable income within the next 3-5 years. Prepayments include accrual of expenses related to subsequent financial years. All shares carry the same voting rights. The Company's share capital has remained DKK 2,000 thousand over the past 5 years. Provisions comprise warranty commitments of DKK 535 thousand. Warranty provisions relate to expected warranty expenses in accordance with usual guarantee commitments applicable to the sale of goods. The obligation is expected to be settled over the warranty period which is two years. Deferred income comprises payments relating to the sale, which will not be recognised as income until the subsequent financial year once the recognition criteria is satisfied. Other rent and lease liabilities: DKK'000 2023/24 2022/23 Rent and lease liabilities 13,661 13,480 Rent and lease liabilities include rent obligations totalling DKK 5,906 thousand (2022/23: DKK 8,038 thousand) relating to contracts that are non-cancellable for up to 48 months and obligations relating to operating leases for cars and IT equipment totalling DKK 7,755 thousand (2022/23: DKK 5,442 thousand) with remaining terms of 1-3 years. The Company has not provided any security or other collateral in assets at 31 March 2024. Parties exercising control Related party Domicile Basis for control Parent of Olympus Danmark A/S, Olympus Europa SE & Co. KG Hamburg, Germany Participating interest Parent of Olympus Europa SE & Co. KG, Olympus Europa Holding SE Hamburg, Germany Participating interest Information about consolidated financial statements Parent Domicile Requisitioning of the parent company's consolidated financial statements Parent Company, Olympus Europa SE & Co. KG https://www.olympus-europa.com/ Ultimate parent company, Olympus Corporation The consolidated financial statements may be obtained from the ultimate parent company Related party transactions Olympus Danmark A/S was engaged in the below related party transactions: DKK'000 2023/24 2022/23 Purchase of goods and services from related parties 195,766 206,241 - of this, Parent Company 159,271 173,623 Sale of goods and services to related parties 34,478 24,871 - of this, Parent Company 5,006 84 Financial income 3,395 796 Payables to group entities 56,585 66,328 Receivables from group entities 76,622 101,435 Olympus Danmark A/S trades products with related parties in the Olympus Group as a normal part of the business. 16316296 2023-04-01 2024-03-31 16316296 2023-04-01 16316296 2023-03-31 16316296 2024-03-31 16316296 2022-04-01 16316296 2023-04-01 2024-03-31 1 16316296 2023-04-01 2024-03-31 2 16316296 2023-04-01 2024-03-31 3 16316296 2024-03-31 1 16316296 2023-04-01 2024-03-31 1 16316296 2023-04-01 2024-03-31 2 16316296 2023-04-01 2024-03-31 1 16316296 2024-03-31 e:ReceivablesFromOwnersAndManagementMember 16316296 2023-04-01 e:FixturesFittingsToolsAndEquipmentMember 16316296 2023-04-01 2024-03-31 e:FixturesFittingsToolsAndEquipmentMember 16316296 2024-03-31 e:FixturesFittingsToolsAndEquipmentMember 16316296 2023-04-01 e:LeaseholdImprovementsMember 16316296 2023-04-01 2024-03-31 e:LeaseholdImprovementsMember 16316296 2024-03-31 e:LeaseholdImprovementsMember 16316296 2023-04-01 e:ContributedCapitalMember 16316296 2024-03-31 e:ContributedCapitalMember 16316296 2023-04-01 e:RetainedEarningsMember 16316296 2023-04-01 2024-03-31 e:RetainedEarningsMember 16316296 2024-03-31 e:RetainedEarningsMember 16316296 2023-04-01 e:ProposedDividendRecognisedInEquityMember 16316296 2023-04-01 2024-03-31 e:ProposedDividendRecognisedInEquityMember 16316296 2024-03-31 e:ProposedDividendRecognisedInEquityMember 16316296 2022-04-01 2023-03-31 16316296 2021-04-01 2022-03-31 16316296 2022-03-31 16316296 2020-04-01 2021-03-31 16316296 2021-03-31 16316296 2019-04-01 2020-03-31 16316296 2020-03-31 16316296 2023-04-01 2024-03-31 1 16316296 2022-04-01 2023-03-31 1 16316296 2021-04-01 2022-03-31 1 16316296 2020-04-01 2021-03-31 1 16316296 2019-04-01 2020-03-31 1 16316296 2023-03-31 1 16316296 2023-04-01 e:DepositsLongtermInvestmentsAndReceivablesMember 16316296 2023-04-01 2024-03-31 e:DepositsLongtermInvestmentsAndReceivablesMember 16316296 2024-03-31 e:DepositsLongtermInvestmentsAndReceivablesMember iso4217:DKK xbrli:shares xbrli:pure