xbrli:pureiso4217:DKK376275422019-01-012019-12-31376275422019-01-012019-12-311376275422019-01-012019-12-312376275422019-01-012019-12-311376275422019-01-012019-12-312376275422019-01-012019-12-313376275422019-01-012019-12-314376275422019-01-012019-12-311376275422018-01-012018-12-31376275422019-01-012019-12-31ifrs-full:SeparateMember376275422018-01-012018-12-31ifrs-full:SeparateMember376275422019-12-31376275422018-12-31376275422019-12-31ifrs-full:SeparateMember376275422018-12-31ifrs-full:SeparateMember376275422019-01-01376275422018-01-01376275422019-01-01ifrs-full:SeparateMember376275422018-01-01ifrs-full:SeparateMember376275422019-01-012019-12-311376275422018-01-012018-12-311376275422019-01-012019-12-3111376275422018-01-012018-12-3111376275422019-01-012019-12-3141376275422018-01-012018-12-3141376275422019-01-012019-12-3142376275422018-01-012018-12-3142RevisionspåtegningÅrsrapport37627542Lauritz.com Group A/SDynamovej112860SøborgDK2016-04-20Søborg+ 45 44 50 98 00www.lauritz.com2019-01-012019-12-312018-01-012018-12-312020-05-27Jens ArnesenCarsten RysgaardPreben Vinkler LindgaardCEOCFOBengt Olof Tony SundströmClaus Due PedersenMette Margrethe Rode SundstrømPreben Vinkler LindgaardChairman33963556Deloitte Statsautoriseret RevisionspartnerselskabWeidekampsgade60900København C33963556Deloitte Statsautoriseret RevisionspartnerselskabWeidekampsgade 60900 København CTo the shareholders of Lauritz.com Group A/SOpinionWe have audited the consolidated financial statements and the parent financial statements og Lauritz.com<br/>Group A/S for the financial year 01.01.2019 – 31.12.2019, which comprise the statement of comprehensive<br/>income, balance sheet, statement of changes in equity, cash flow statement and notes, including a summary<br/>of significant accounting policies, for the Group as well as the Parent. The consolidated financial statements<br/>and the parent financial statements are prepared in accordance with International Financial Reporting<br/>Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act.<br/>In our opinion, the consolidated financial statements and the parent financial statements give a true and fair<br/>view of the Group’s and the Parent’s financial position at 31.12.2019, and of the results of their operations<br/>and cash flows for the financial year 01.01.2019 - 31.12.2019 in accordance with International Financial<br/>Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements<br/>Act.Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional<br/>requirements applicable in Denmark. Our responsibilities under those standards and requirements are further<br/>described in the Auditor’s responsibilities for the audit of the consolidated financial statements and the parent<br/>financial statements section of this auditor’s report. We are independent of the Group in accordance with the<br/>International Ethics Standards Board of Accountants' Code of Ethics for Professional Accountants (IESBA Code)<br/>and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in<br/>accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and<br/>appropriate to provide a basis for our opinion.We would like to draw attention to the information contained in Group account note 1 and 17, which states<br/>that Management of the Company is currently exploring various specific options for refinancing the Group’s<br/>bond loans in breach and providing additional operating financing for the going concern of the Parent and the<br/>Group. The going concern of the Group and the Parent is conditional on the implementation of a refinancing<br/>and a cash contribution to the Group, including a positive development in the Groups cash flow and results<br/>for the remaining part of 2020, as the cash flows and results in 1 Quarter of 2020 has been negative.<br/>Management expects improvement for the remaining part of 2020. This improvement is highly dependent on<br/>a positive development in the market conditions and the Groups efforts to respond to this development in a<br/>very uncertain business environment caused by the COVID-19 incident. As specified in note 1 and 17,<br/>Management expects refinancing, cash contribution and that a positive development in the remaining part of<br/>2020 to fall into place and has therefore presented the financial statements on a going concern basis. Our<br/>opinion has not been modified with respect to this matter.Emphasis of matter regarding material uncertainty related to measurement of the Group's intangible<br/>assets<br/>We would like to draw attention to the information contained in note 11 of the consolidated financial<br/>statements, which states that Management of the Company has prepared an impairment test of the Group's<br/>intangible assets of DKK 172.2 million. The impairment test’s value in use of the intangible assets is close to<br/>the carrying amount and is based on optimistic assumptions for the development in key assumptions as<br/>revenue growth and growth in EBITDA for the period 2021-2026. Management has therefore illustrated in<br/>note 11 the sensitivity associated with the assumptions used for the impairment test. The current<br/>measurement of the Group's intangible assets is therefore subject to material uncertainty. As specified in<br/>note 11, it is Management’s assessment that the assumptions used for the impairment test are achievable<br/>and therefore no write-down for impairment of the Group’s intangible assets has been made. Our opinion has<br/>not been modified with respect to this matter.<br/>Emphasis of matter regarding material uncertainty related to measurement of the Parent's investment<br/>in equity interest in subsidiary<br/>As a consequence of the impairment test carried out of the Group’s intangible assets, we draw attention that<br/>there is a similar uncertainty associated with the measurement of the Parent’s investment in equity interest in<br/>subsidiaries of DKK 25.4 million after an impairment recognised of DKK 26.4 million, according to note 8 in<br/>the Parent financial statement. For an understanding of the uncertainty associated with the measurement of<br/>equity interest in subsidiaries, please refer to the sensitivity analyses performed by Management in<br/>connection with the impairment testing of the Group’s intangible assets in note 11. Similarly, these sensitivity<br/>analyses will apply to the measurement of the Parent’s equity interest in subsidiaries. Our opinion has not<br/>been modified with respect to this matter.Management is responsible for the management review.<br/>Our opinion on the consolidated financial statements and the parent financial statements does not cover the<br/>management review, and we do not express any form of assurance conclusion thereon.<br/>In connection with our audit of the consolidated financial statements and the parent financial statements, our<br/>responsibility is to read the management review and, in doing so, consider whether the management review<br/>is materially inconsistent with the consolidated financial statements and the parent financial statements or our<br/>knowledge obtained in the audit or otherwise appears to be materially misstated.<br/>Moreover, it is our responsibility to consider whether the management review provides the information<br/>required under the Danish Financial Statements Act.<br/>Based on the work we have performed, we conclude that the management review is in accordance with the<br/>consolidated financial statements and the parent financial statements and has been prepared in accordance<br/>with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement<br/>of the management review.Management is responsible for the preparation of consolidated financial statements and parent financial<br/>statements that give a true and fair view in accordance with International Financial Reporting Standards as<br/>adopted by the EU and additional requirements of the Danish Financial Statements Act, and for such internal<br/>control as Management determines is necessary to enable the preparation of consolidated financial<br/>statements and parent financial statements that are free from material misstatement, whether due to fraud or<br/>error.<br/>In preparing the consolidated financial statements and the parent financial statements, Management is<br/>responsible for assessing the Group’s and the Parent’s ability to continue as a going concern, for disclosing,<br/>as applicable, matters related to going concern, and for using the going concern basis of accounting in<br/>preparing the consolidated financial statements and the parent financial statements unless Management<br/>either intends to liquidate the Group or the Parent or to cease operations, or has no realistic alternative but to<br/>do so.Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and<br/>the parent financial statements as a whole are free from material misstatement, whether due to fraud or error,<br/>and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance<br/>but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements<br/>applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise<br/>from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be<br/>expected to influence the economic decisions of users taken on the basis of these consolidated financial<br/>statements and the parent financial statements.<br/>As part of an audit conducted in accordance with ISAs and the additional requirements applicable in<br/>Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit.<br/>We also:<br/> Identify and assess the risks of material misstatement of the consolidated financial statements and the<br/>parent financial statements, whether due to fraud or error, design and perform audit procedures<br/>responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis<br/>for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for<br/>one resulting from error, as fraud may involve collusion, forgery, intentional omissions,<br/>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<br/>are appropriate in the circumstances, but not for the purpose of expressing an opinion on the<br/>effectiveness of the Group’s and the Parent’s internal control.<br/> Evaluate the appropriateness of accounting policies used and the reasonableness of accounting<br/>estimates and related disclosures made by Management.<br/> Conclude on the appropriateness of Management’s use of the going concern basis of accounting in<br/>preparing the consolidated financial statements and the parent financial statements, and, based on the<br/>audit evidence obtained, whether a material uncertainty exists related to events or conditions that may<br/>cast significant doubt on the Group's and the Parent’s ability to continue as a going concern. If we<br/>conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to<br/>the related disclosures in the consolidated financial statements and the parent financial statements or,<br/>if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit<br/>evidence obtained up to the date of our auditor’s report. However, future events or conditions may<br/>cause the Group and the Parent to cease to continue as a going concern.<br/> Evaluate the overall presentation, structure and content of the consolidated financial statements and<br/>the parent financial statements, including the disclosures in the notes, and whether the consolidated<br/>financial statements and the parent financial statements represent the underlying transactions and<br/>events in a manner that gives a true and fair view.<br/> Obtain sufficient appropriate audit evidence regarding the financial information of the entities or<br/>business activities within the Group to express an opinion on the consolidated financial statements. We<br/>are responsible for the direction, supervision and performance of the group audit. We remain solely<br/>responsible for our audit opinion.<br/>We communicate with those charged with governance regarding, among other matters, the planned scope<br/>and timing of the audit and significant audit findings, including any significant deficiencies in internal control<br/>that we identify during our audit.Copenhagen2020-05-07Eskild Nørregaard JakobsenState-Authorised Public Accountantmne1168122022800022796200089863000111445000011217000600000010332000438860005945100085800040200001303650001165170007875600070308000685500060310007723000-2035000-171300028100025358000550750009700097000-17635000-57100000-181000018400081710000129100003000120002130300025306000266790005223000-381000-254700042391000-72043000-28486000-5027000-12697000-4882000-45400067900055088000-67161000-28032000-57060001.353-1.6621.353-1.662-1282000-347300000-1282000-34730000053806000-70634000-28032000-570600047724000295420001230100011199000230001200000374100011218200094818000172207000139300000230001200005985000779300030759000129370003674400020730000254120005183500001100100033700002702000146160002478700025980000519330001124600011084000568000980002235670001848170002600300052053000128000772000107890001382300040780000620850009315000917800076640000606500016644000145000390006831200010512600078090003900013630003396000378770004996200044000600049962000601240006000540001063170001558600007853000450003298840003406770003385600052098000407900040790004079000407900029324000-25764000815900036191000-21239000-19957000-76000-7600012164000-4164200012162000401940006477000972900018842000653800025319000162670001431000002296730001300600009952600010588500055800030400008264000183170001344000235900002240400028190001513000013620000479000131790006728000292401000366052000216940001190400031772000038231900021694000119040003298840003406770003385600052098000250040005072400097000960000-1121700051320007742000-218000599000-644000-246000-70870003588000-766400001698200027373000-108100002410000-7203000-11617000585000-1530000946700019286000520003500025420002531000-102080008949000495000-2368000Impairment and losses on receivablesImpairment and losses on receivables372100021773000-3920000-37321000380008030003600000-741700094300011180008120003600004019000453200000Sale of assets held-for-saleSale of assets held-for-sale035000000-7488000386430000008510000851000127950009110000Drawdown, senior loan Drawdown, senior loan Repayment, senior loanRepayment, senior loan150000000-23120000-107000-99610000-851000-11515000-863900038000-48000-570000-1523000