52503310 2024-04-01 2025-03-31 52503310 2024-04-01 2025-03-31 1 52503310 2024-04-01 2025-03-31 1 52503310 2024-04-01 2025-03-31 1 52503310 2024-04-01 2025-03-31 2 52503310 2024-04-01 2025-03-31 3 52503310 2024-04-01 2025-03-31 2 52503310 2023-04-01 2024-03-31 52503310 2025-03-31 52503310 2024-03-31 52503310 2024-03-31 fsa:ContributedCapitalMember 52503310 2024-03-31 fsa:RetainedEarningsMember 52503310 2024-03-31 fsa:ProposedDividendRecognisedInEquityMember 52503310 2024-04-01 2025-03-31 fsa:ContributedCapitalMember 52503310 2024-04-01 2025-03-31 fsa:RetainedEarningsMember 52503310 2024-04-01 2025-03-31 fsa:ProposedDividendRecognisedInEquityMember 52503310 2025-03-31 fsa:ContributedCapitalMember 52503310 2025-03-31 fsa:RetainedEarningsMember 52503310 2025-03-31 fsa:ProposedDividendRecognisedInEquityMember iso4217:DKK xbrli:pure Lars Tinneberg Pedersen Grohe A/S Bryggernes Plads 2, 1. 1799 Copenhagen V 52503310 Copenhagen Weidekampsgade 6 2300 Copenhagen S The Executive Board has today considered and approved the annual report of Grohe A/S for the financial year 01.04.2024 - 31.03.2025. 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 31.03.2025 and of the results of its operations for the financial year 01.04.2024 - 31.03.2025. 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. Copenhagen, Poul Christian Pedersen Poul Christian Pedersen Adam Edward Bryson Lars Tinneberg Pedersen To the shareholders of Grohe A/S//Addr We have audited the financial statements of Grohe A/S for the financial year 01.04.2024 - 31.03.2025, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a summary of significant 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 Entity’s financial position at 31.03.2025 and of the results of its operations for the financial year 01.04.2024 - 31.03.2025 in accordance with the Danish Financial Statements Act. //Opinion on audited financial statements (audit) 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 this auditor’s report. We are independent of the Entity 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.) /Statement of executive and supervisory board's responsibility for financial statements 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 Entity’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 financial statements unless Management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so. executive and supervisory board's responsibility for financial Our objectives are to obtain reasonable assurance about 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 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 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 Entity’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 Entity’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 Entity to cease to continue as a going concern.  Evaluate the overall presentation, structure and content of the financial statements, including the disclosures in the notes, 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 commentary. Our opinion on the financial statements does not cover the management commentary, 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 commentary and, in doing so, consider whether the management commentary is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the management commentary provides the information required by relevant law and regulations Based on the work we have performed, we conclude that the management commentary is in accordance with the financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary.//Statement on management's review [Auditor's report on audited financial statements] Copenhagen, Deloitte Statsautoriseret Revisionspartnerselskab 33963556 Jan Larsen Arif Aygar State-Authorised Public Accountant State Authorised Public Accountant mne16541 mne50634 Financial Highlights DKK’000Key figures: 2024/25 2023/24 2022/23 2021/22 2020/21390.199 350.631 492.136 542.425 472.808Revenue107.214 125.376 145.050 153.672 138.804Gross profit17.390 2.879 16.827 17.696 13.515Operating profit-91 -2.375 -4.789 -1.808 1.033Net financials13.687 202 9.633 12.330 10.753Profit for the year130.910 121.275 150.184 173.154 156.972Total assets2.210 2.471 4.997 3.969 4.377Investments in property, plant and equipment 35.332 25.290 25.066 25.576 43.275EquityRatios (%):27,48 35,76 29,47 28,33 29,36Gross margin (%)Net margin (%) 3,42 0,06 1,96 2,27 2,27Return on equity (%) 45,15 0,80 38,04 35,82 28,11Equity ratio (%) 26,99 20,85 16,69 14,77 27,57Financial highlights are defined and calculated in accordance with the current version of "Recommendations & Ratios" issued by the CFA Society Denmark.Gross margin (%):Net margin (%):Gross profit/loss * 100 Profit/loss for the year * 100RevenueRevenueReturn on equity (%): Equity ratio (%):Profit/loss for the year * 100 Equity * 100Average equity Total assetsDevelopment in activities and finances In 2024/25, the Company’s revenue was DKK 390,199 thousand against DKK 350,631 thousand the year before. The increase in turnover was mainly driven by a turnaround in the market to growth and good performance across all major customers and categories. Profit/loss for the year in relation to expected developments The income statement for 2024/25 shows a profit of DKK 13.687 thousand against a profit of DKK 202 thousand in 2023/24, which was higher than expected and mainly caused by higher sales. According to the annual report for 2023/24, Management forecasted a profit before tax at the level of DKK 7-12 million for the year 2024/25. Outlook Profit before tax for 2025/26 is expected to reach a level of DKK 10-15 million. Particular risks The Company’s activities are not associated with any particular risks in the industry. Intellectual capital resources The Company’s long-standing activities on the market for sales and marketing of sanitary fittings have built skilled and experienced members of staff. Foreign branches The Company has established branches in Norway and Sweden and has a permanent establishment in Finland. Events after the balance sheet date No events have occurred after the balance sheet to this date which would influence the evaluation of this annual report. /Management’s review Primary activities The object of GROHE A/S is to sell and market sanitary fittings and accessories domestically and abroad as well as related activities. For more than 20 years GROHE A/S has operated as the Nordic center of excellence in charge of the markets in Denmark, Norway, Sweden, Finland & Iceland in the areas of management, economics, marketing, logistics and service. 390198789 350630561 282984507 225254654 107214282 125375907 83430555 110798360 22360650 30840729 16546418 19141869 579345 0 17390150 2878687 918463 419097 1009452 2793736 17299161 504048 3612253 302420 13686908 201628 4384800 6481426 4384800 6481426 1240303 1823804 1240303 1823804 5625103 8305230 6206940 6902246 6206940 6902246 89594919 81263186 36859 304800 1959443 1919179 0 1547519 787161 1367748 92378382 86402432 26699854 19665585 125285176 112970263 130910279 121275493 2500000 2500000 32831989 19290048 0 3500000 35331989 25290048 9879432 7768846 27716050 24490077 1053019 209064 2100000 2100000 54829789 61417458 95578290 95985445 95578290 95985445 130910279 121275493 2500000 19290048 3500000 25290048 0 144967 0 144967 0 13686908 -3500000 10186908 2500000 32831989 0 35331989 1 Staff costsWages and salaries 59.334.793 73.482.152Pension costs 6.139.110 8.350.189Other social security costs 797.229 3.740.93966.271.132 85.573.280 86 114 Remune- Remune-ration of ration ofManage- Manage-ment mentTotal amount for management categories 3.383.620 3.119.692 Other financial incomeOther interest income 409.023 419.097Exchange rate adjustments 509.440 0918.463 419.097 Other financial expensesOther interest expenses 733.476 1.144.708Exchange rate adjustments 0 1.438.477Other financial expenses 275.976 210.5511.009.452 2.793.736 Tax on profit for the year Current tax 3.733.477 433.011Change in deferred tax -33.914 0Adjustment concerning previous years -87.310 -130.5913.612.253 302.420 0 3500000 13686908 -3298372 13686908 201628 Property, plant and equipment Other fixturesand fittings,tools andequipmentDKKCost beginning of year 16.675.136Exchange rate adjustments -55.789Additions 2.209.680Disposals -4.908.452Cost end of year 13.920.575Depreciation and impairment losses beginning of year -10.193.710Exchange rate adjustments 61.225Depreciation for the year -3.731.370Reversal regarding disposals 4.328.080Depreciation and impairment losses end of year -9.535.775Carrying amount end of year 4.384.800 Financial assetsDepositsDKKCost beginning of year 1.823.804Additions 62.622Disposal -646.123Carrying amount end of year 1.240.303 Deferred taxProperty, plant and equipment 773.785 788.055Inventories 1.035.596 986.612Receivables 62.062 56.512Liabilities other than provisions 88.000 88.0001.959.443 1.919.179Changes during the yearBeginning of year 1.919.179 1.511.211Exchange rate adjusment 6.350 4.377Recognised in the income statement 33.914 403.5911.959.443 1.919.179Deferred tax assetsDeferred tax assets consists of temporary differences between accounting values and tax values of certain assets and liabilities as specified above. Management expectsta be able to take advantage of the temporary difference in the near future. PrepaymentsPrepayments include accrual of expenses relating to subsequent financial years. Share capital NominalPar valuevalueNumber DKK DKKShares 100 10.000 1.000.000Shares 4 50.000 200.000Shares 2 100.000 200.000Shares 3 200.000 600.000Shares 100 5.000 500.000209 2.500.000 2024/25 2023/24Other payablesDKKDKKVAT and duties 7.167.994 6.180.391Wages and salaries, personal income taxes, social security costs, etc 723.538 1.316.256Holiday pay obligation 5.445.040 7.530.036Other costs payable 41.493.217 46.390.77554.829.789 61.417.458 Unrecognised rental and lease commitments 2024/25 2023/24DKK DKKLiabilities under rental or lease agreements until maturity in total 11.710.403 13.137.929 Related parties with controlling interestGrohe International GmbH, Feldmühleplatz 15, 40545 Düsseldorf, GermanyNon-arm’s length related party transactionsOnly related party transactions not conducted on an arm’s length basis are disclosed in the annual report. No such transactions have been conducted in the financial year.Group relationsName and registered office of the Parent preparing consolidated financial state-ments for the largest group: LIXIL Corporation, Osaki Garden Tower 1-1 Nishi-Shinagawa 1-chome, Shinagawa-ku, Tokyo, Japan.Name and registered office of the Parent preparing consolidated financial state-ments for the smallest group: Grohe International GmbH, Feldmühleplatz 15, 40545 Düsseldorf, Germany Reporting class This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (medium). The financial statements are presented in DKK. Recognition and measurement Assets 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. Foreign currency translation On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the rate in effect at the payment date, or the rate at the balance sheet date, are recognised in the income statement as financial income or financial expenses. Property, plant and equipment, intangible assets, inventories and other non-monetary assets that have been purchased in foreign currencies are translated using historical rates. When recognising foreign subsidiaries and associates that are independent entities, the income statements are translated at average exchange rates for the months that do not significantly deviate from the rates at the transaction date. Balance sheet items are translated using the exchange rates at the balance sheet date. Goodwill is considered belonging to the independent foreign entity and is translated using the exchange rate at the balance sheet date. Exchange differences arising out of the translation of foreign subsidiaries’ equity at the beginning of the year at the balance sheet date exchange rates and out of the translation of income statements from average rates to the exchange rates at the balance sheet date are recognised directly in translation reserve in equity. Exchange adjustments of outstanding accounts with independent foreign subsidiaries, which are considered part of the total investment in the subsidiary in question, are recognised directly in translation reserve in equity. When recognising foreign subsidiaries that are integral entities, monetary assets and liabilities are translated using the exchange rates at the balance sheet date. Non-monetary assets and liabilities are translated at the exchange rate at the time of acquisition or the time of any subsequent revaluation or writedown. The items of the income statement are translated at the average rates of the months; however, items deriving from non-monetary assets and liabilities are translated using the historical rates applicable to the relevant non-monetary items. Income statement Revenue Revenue from the sale of goods is recognised in the income statement when delivery is made and risk has passed to the buyer. Revenue from the sale of services is recognised in the income statement when delivery is made to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed. Cost of sales Cost of sales comprises goods consumed in the financial year measured at cost, adjusted for ordinary inventory writedowns. Distribution costs Distribution costs comprise costs incurred for sale and distribution of the Entity’s products, including wages and salaries for sales staff, advertising costs, travelling and entertainment expenses, etc, and amortisation, depreciation and impairment losses relating to intangible assets and property, plant and equipment involved in the distribution process. Administrative expenses Administrative expenses comprise expenses incurred for the Entity’s administrative functions, including wages and salaries for administrative staff and Management, stationery and office supplies, and amortisation, depreciation and impairment losses relating to intangible assets and property, plant and equipment used for administration of the Entity. Other operating income Other operating income consists of income from cross charges of costs originally held in Grohe A/S, but used in other parts of the group. Other operating income Other operating income consists of income from cross charges of costs originally held in Grohe A/S, but used in other parts of the group. Other operating costs Other operating expenses consists of expenses from restructuring within the entity and losses from current replacement of fixed assets. Other financial income Other financial income comprises net capital or exchange gains on securities, payables and transactions in foreign currencies and tax relief under the Danish Tax Prepayment Scheme etc. Other financial expenses Other financial expenses comprise interest expenses, net capital or exchange losses on securities, payables and transactions in foreign currencies and tax surcharge under the Danish Tax Prepayment Scheme etc. Tax on profit/loss for the year Tax 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. Balance sheet Property, plant and equipment Other fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses. Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the asset until the time when it is ready to be put into operation. The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line depreciation is made on the basis of the following estimated useful lives of the assets: Other fixtures and fittings, tools and equipment 3-10 years Estimated useful lives and residual values are reassessed annually. Items of property, plant and equipment are written down to the lower of recoverable amount and carrying amount. Inventories Inventories are measured at the lower of cost using the FIFO method, and net realisable value. Cost consists of purchase price plus delivery costs. The net realisable value of inventories is calculated as the estimated selling price less completion costs and costs incurred to execute sale. Receivables Receivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and doubtful debts. Deferred tax Deferred tax is recognised on all temporary differences between the carrying amount and tax-based value of assets and liabilities, for which the tax-based value of assets is calculated based on the planned use of each asset. Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at their estimated realisable value, either as a set-off against deferred tax liabilities, or as net tax assets. Tax payable or receivable Current tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's taxable income, adjusted for prepaid tax. Prepayments Prepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost. Cash Cash comprises cash in hand and bank deposits. Operating leases Lease payments on operating leases are recognised on a straight-line basis in the income statement over the term of the lease. Other financial liabilities Other financial liabilities are measured at amortised cost, which usually corresponds to nominal value. true Cash flow statement Referring to section 86 of the Danish Financial Statements Act, Grohe A/S has not prepared any cash flow statement. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2024-04-01 2025-03-31 2023-04-01 2024-03-31 2025-06-30 Reporting class C, medium-size enterprise 2025-06-30 12838840 TOLDBODENS REVISION & REGNSKAB, REG. REVISIONSANPARTSSELSKAB Suomisvej 1, 1. tv 1927 Frederiksberg C Opinion Basis for Opinion 2025-06-30 33963556 Deloitte Statsautoriseret Revisionspartnerselskab Weidekampsgade 6 2300 Copenhagen S