xbrli:pureiso4217:DKK376275422020-01-012020-12-31376275422020-01-012020-12-311376275422020-01-012020-12-312376275422020-01-012020-12-311376275422020-01-012020-12-312376275422020-01-012020-12-313376275422020-01-012020-12-311376275422019-01-012019-12-31376275422020-01-012020-12-31ifrs-full:SeparateMember376275422019-01-012019-12-31ifrs-full:SeparateMember376275422020-12-31376275422019-12-31376275422020-12-31ifrs-full:SeparateMember376275422019-12-31ifrs-full:SeparateMember376275422020-01-01ifrs-full:SeparateMember376275422019-01-01ifrs-full:SeparateMember376275422020-01-012020-12-311376275422019-01-012019-12-311376275422020-01-012020-12-312376275422019-01-012019-12-312376275422020-01-012020-12-3111376275422019-01-012019-12-3111376275422020-01-012020-12-3141376275422019-01-012019-12-3141376275422020-01-012020-12-3142376275422019-01-012019-12-3142376275422020-01-012020-12-3143376275422019-01-012019-12-3143376275422020-01-01376275422019-01-01RevisionspåtegningÅrsrapport37627542Lauritz.com Group A/SDynamovej11C2860SøborgDenmark2016-04-20Søborg+ 45 44 50 98 00www.lauritz.com2020-01-012020-12-312019-01-012019-12-312021-06-14Preben Vinkler LindgaardMette Margrethe Rode SundstrømPreben Vinkler LindgaardCEOCFOBengt SundströmClaus Due PedersenPreben 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 Group A/S for the financial year 01.01.2020 – 31.12.2020, which comprise the statement of comprehensive income, balance sheet, statement of changes in equity, cash flow statement and notes, including a summary of significant accounting policies, for the Group as well as the Parent. The consolidated financial statements and the parent financial statements are prepared in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act.<br/><br/>In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group’s and the Parent’s financial position at 31.12.2020, and of the results of their operations and cash flows for the financial year 01.01.2020 - 31.12.2020 in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act.Basis for OpinionWe 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 consolidated financial statements and the parent financial statements section of this auditor’s report. We are independent of the Group in accordance with the International Ethics Standards Board of Accountants' Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.We would like to draw attention to the information contained in Group account note 1, where Management describe their basis for conclusion for preparing the annual report on a going concern assumption.<br/><br/>The going concern of the Group and the Parent is conditional on an assumption that the Group can continue the development in revenue for the remaining part of the year as realized in 1 quarter 2021. The uncertainty related to estimation of future revenue and the consequent impact on cash in-flow in combination with the Group’s limited cash and financing resources available, results in a situation where material uncertainty related to going concern exists.<br/><br/>Management has presented the financial statements on a going concern basis. We concur with Management’s assessment and therefore our 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/><br/>Our opinion on the consolidated financial statements and the parent financial statements does not cover the management review, and we do not express any form of assurance conclusion thereon.<br/><br/>In connection with our audit of the consolidated financial statements and the parent financial statements, our responsibility is to read the management review and, in doing so, consider whether the management review is materially inconsistent with the consolidated financial statements and the parent financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.<br/><br/>Moreover, it is our responsibility to consider whether the management review provides the information required under the Danish Financial Statements Act.<br/><br/>Based on the work we have performed, we conclude that the management review is in accordance with the 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 of the management review.Management is responsible for the preparation of consolidated financial statements and parent financial statements that give a true and fair view in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of consolidated financial statements and parent financial statements that are free from material misstatement, whether due to fraud or error.<br/><br/>In preparing the consolidated financial statements and the parent financial statements, Management is responsible for assessing the Group’s and the Parent’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the consolidated financial statements and the parent financial statements unless Management either intends to liquidate the Group or the Parent or to cease operations, or has no realistic alternative but to do so.Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and the parent 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 consolidated financial statements and the parent financial statements.<br/><br/>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.<br/>We also:<br/><br/>• Identify and assess the risks of material misstatement of the consolidated financial statements and the parent 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 Group’s and the Parent’s internal control.<br/>• Eva luate the appropriateness of accounting policies used an d the re asonableness of accounting<br/>estimates and related disclos ures made by Management.<br/>• Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the consolidated financial statements and the parent 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 Group's and the Parent’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 consolidated financial statements and the parent 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 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 the parent financial statements, including the disclosures in the notes, and whether the consolidated financial statements and the parent financial statements represent the underlying transactions and 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 business activities within the Group to express an opinion on the consolidated financial statements. We are responsi ble for the direction, sup ervision and performance of th e group audit. We remain<br/>solely responsible for our audit opinion<br/><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.Copenhagen2021-06-14Eskild Nørregaard JakobsenState-Authorised Public Accountantmne11681The sustainable aspect within decoration keeps growing even bigger year by year. Whereas obtaining international goals for climate changes can seem abstract, many consumers have by now realized – or start discovering – that you can actually make a sustainable difference in your own way in your own home.<br/><br/>In our view, the auction business is one of the most sustainable businesses through history.<br/><br/>For centuries traditional auction houses have facilitated the sales of second-hand items, while Lauritz.com’s platform was the first worldwide to convert sales of vintage items from physical to online auctions in 1999. The daily auctions represent a sound sustainable cycle as we make vintage treasures change hands when they leave selling customers’ home to move in with a happy buying customer across generations, decades, and centuries.<br/><br/>Through times, auction customers have sold and bought furniture, crafts, and art mainly from an esthetical point of view and because of the interesting story behind each creation. In 2021, we are privileged to also welcome an additional audience; a new ‘generation’ of customers, understood as a new mindset community (not age). This new generation is replacing part of their purchase of new-produced products with quality vintage objects, purely because of an insisting climate agenda.122402000128835000677820007682300024452000600000024340000252350006170008580005462000052012000358390002978100098250006855000-5559000-300400014010000-17130008797000112050002300097000-14356000-1420900013987000-181000017640008170100089000300022265000197560003343300026679000-3485700047736000-19357000-28486000-6510000-73890003092000-454000-2834700055125000-14688000-37000-4303500055088000-22449000-28032000-0.6961.354-0.6961.3545836000-1282000005836000-128200000-3719900053806000-22449000-2803200021490004772400062000001230100002300062200002376200011218200032733000172207000023000379600059850005811000307590009607000367440000254120001849000337000012412000146160006000025980000105630001124600060000568000547520002235670006000026003000112000128000145100010789000302520004078000017698000169790007500007664000110000606500010800014500049511000759760008580007809000013630001829000037877000820004400044000600067913000113981000219064000094000078530003417290003375480001000000338560004079000407900040790004079000-1371100029324000-142900008159000-15403000-21239000-76000-76000-2503500012164000-102870001216400012200006477000472600018842000594600025319000147940000143100000134460001300600045077000995260001600055800025830001831700043119000312540008688000281900000001415000131790001098210000250997000300065000112870002169400036676400032538400011287000216940003417290003375480001000000338560009112000108510002300097000-402800064140002000-21800021000-67700018054000-7263000-917000-7664000-76300001151500013009000-1081000016894000-1132400086000585000564400075060001900005200018530002500000890000-53000-7569000-53000495000Impairment and losses on receivables/payablesImpairment and losses on receivables/payablesCash flow from operating activities, discontinued operationsCash flow from operating activities, discontinued operations503000372100012342000484100025498000-39200003800038000000299000477000683000622000401900000Cash flow from investing activities, discontinued operationsCash flow from investing activities, discontinued operations-559000-3085000-1658000-7488000000017620002322000Drawdown, senior loan Drawdown, senior loan Repayment, senior loanRepayment, senior loanCash flow from financing activities, discontinued operationsCash flow from financing activities, discontinued operations0150000000-2312000-9098000-10473000-10860000-1070000012980000-115150003800038000942000-570000378770004996200018290000799500033509000298820005179900037877000