52503310 2022-04-01 2023-03-31 52503310 2023-03-31 52503310 2022-04-01 2023-03-31 101 52503310 2021-04-01 2022-03-31 52503310 2022-03-31 52503310 2021-04-01 2022-03-31 101 52503310 2020-04-01 2021-03-31 52503310 2021-03-31 52503310 2020-04-01 2021-03-31 101 52503310 2019-04-01 2020-03-31 52503310 2020-03-31 52503310 2019-04-01 2020-03-31 101 52503310 2018-04-01 2019-03-31 52503310 2019-03-31 52503310 2018-04-01 2019-03-31 101 52503310 2022-03-31 fsa:ContributedCapitalMember 52503310 2022-04-01 2023-03-31 fsa:ContributedCapitalMember 52503310 2023-03-31 fsa:ContributedCapitalMember 52503310 2022-03-31 fsa:RetainedEarningsMember 52503310 2022-04-01 2023-03-31 fsa:RetainedEarningsMember 52503310 2023-03-31 fsa:RetainedEarningsMember 52503310 2022-03-31 fsa:ProposedDividendRecognisedInEquityMember 52503310 2022-04-01 2023-03-31 fsa:ProposedDividendRecognisedInEquityMember 52503310 2023-03-31 fsa:ProposedDividendRecognisedInEquityMember 52503310 2022-04-01 2023-03-31 1 52503310 2022-04-01 2023-03-31 1 52503310 2022-04-01 2023-03-31 2 52503310 2022-04-01 2023-03-31 3 52503310 2022-04-01 2023-03-31 1 iso4217:DKK xbrli:pure Lars Tinneberg Pedersen Grohe A/S Ved Stigbordene 32, 2. th 2450 Copenhagen SV 52503310 Copenhagen Poul Christian Pedersen Rogier Johan Sebastien van Dis Lars Tinneberg Pedersen Rogier Johan Sebastien van Dis CEO Deloitte Statsautoriseret Revisionspartnerselskab Weidekampsgade 6 2300 Copenhagen S The Executive Board has today considered and approved the annual report of Grohe A/S for the financial year 01.04.2022 - 31.03.2023. 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 31.03.2023 and of the results of its operations for the financial year 01.04.2022 - 31.03.2023. 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. //Statement by executive and supervisory boards Copenhagen To the shareholders of Grohe A/S//A We have audited the financial statements of Grohe A/S for the financial year 01.04.2022 - 31.03.2023, 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 31.03.2022 and of the results of its operations for the financial year 01.04.2022 - 31.03.2023 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 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.t) /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. Statement of executive and supervisory board's responsibility for financial statements y for 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 exits. 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 under the Danish Financial Statements Act. 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 of the Danish Financial Statements Act. We did not identify any material misstatement of the management commentary. //Statement on management's review [Auditor's report on audited financial statements] Copenhagen 33963556 Jan Larsen State-Authorised Public Accountant mne16541 472808000 429307000 435781000 138804000 137365000 137361000 13515000 16830000 17151000 -4789000 -1808000 1033000 -3910000 -1431000 10753000 9552000 12130000 156972000 152790000 162866000 4997000 3969000 4377000 4699000 6465000 43275000 33237000 30361000 0.29 0.28 0.29 0.32 0.32 Net margin Net margin Net margin Net margin Net margin 0.02 0.02 0.02 0.02 0.03 0.38 0.36 0.28 0.30 0.43 0.17 0.15 0.28 0.22 0.19 Financial 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 assets 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. Development in activities and finances In 2022/23, the Company’s revenue was DKK 492,136 thousand against DKK 542,425 thousand the year before. The decrease in turnover was caused by macro economic changes that led to delay of projects and less consumer spend in general. The income statement for 2022/23 shows a profit of DKK 9,633 thousand against a profit of DKK 12,330 thousand in 2021/22, which is considered satisfactory in a difficult market. According to the annual report for 2021/22, Management forecasted a profit before tax at the level of DKK 10-17 million. Profit/loss for the year in relation to expected developments The result for 2022/23 is in line with the expectation mentioned in the annual report for 2021/22. Outlook Profit before tax for 2023/24 is expected to reach a level of DKK 7-12 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. Environmental performance The Company’s impact on the external environment is considered limited. 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. The Company refers to the CSR and sustainability policies of its parent company GROHE AG in Germany. More information can be found via the following link: https://www.grohe.com/en/corporate/about-company/sustainability/social-projects/ The Company refers to the data ethics policy of its parent company GROHE AG in Germany. More information can be found via the following link: https://www.grohe.com/en/corporate/privacy.html Diversity and inclusion is one of the most important focus areas for the Company. More specifically the Company´s strategy is to build an inclusive workplace for everyone, everywhere, regardless of gender identity, age, family or parental status, disability, ethnicity, race, sexual orientation or any other valued differences. The Company has at a global level set a goal to have a 50:50 gender ratio for Directors and Executive Officers as well as 30% female representation in managerial positions. The Company has locally already achieved a 50:50 gender ratio measured on all fulltime and part-time employees. The Company also already has a small predominance of women being in leading positions. Leading position is defined when having minimum 1 fulltime direct report. 492135908 542424846 347085890 388753188 145050018 153671658 88616161 88438386 39606732 47537134 16827125 17696138 3937246 3416241 8725813 5224648 12038558 15887731 2405473 3557697 9633085 12330034 9741771 9420149 9741771 9420149 1647092 1672814 1647092 1672814 11388863 11092963 10957986 11976542 10957986 11976542 102881921 105457685 72803 24667332 1511211 1318225 739020 3036110 1769610 1825422 106974565 136304774 20863063 13779642 138795614 162060958 150184477 173153921 2500000 2500000 0 10000000 22566090 13075918 25066090 25575918 11398888 11298945 41858245 48645716 1301119 1431510 70560135 86201832 125118387 147578003 125118387 147578003 150184477 173153921 2500000 13075918 10000000 0 0 10000000 10000000 0 142913 0 142913 0 9633085 0 2500000 22566090 0 RevenueGrohe A/S is part of the international Grohe Group. The company is a distribution channel for sales to the Nordic market. The company has therefore only sales to nordic countries. Fees to the auditor appointed by the Annual General MeetingReferring to section 96(3) of the Danish Financial Statements Act, the Company has not prepared the note regarding the fees to the auditor appointed by the general meeting, sinceit has been included in the consolidated financial statements prepared by the smallest group. Staff costsWages and salaries 54.693.109 61.219.169Pension costs 8.345.527 7.980.327Other social security costs 3.598.604 3.340.000Other staff costs 971.451 793.21667.608.691 73.332.712 122 115 According to section 98b (3) (2) of the Danish Financial Statements Act, remuneration to manage-ment is not disclosed. Other financial incomeOther interest income 15.705 1.307Exchange rate adjustments 3.921.541 3.414.9343.937.246 3.416.241 Other financial expensesOther interest expenses 431.311 439.636Exchange rate adjustments 8.152.527 4.647.545Other financial expenses 141.975 137.4678.725.813 5.224.648 Tax on profit for the year Current tax 2.805.151 3.925.431Change in deferred tax 280.281 -263.856Adjustment concerning previous years -679.959 -103.8782.405.473 3.557.697 9633085 2330034 Property, plant and equipment Other fixturesand fittings,tools andequipmentDKKCost beginning of year 19.356.009Exchange rate adjustments -513.359Additions 4.996.734Disposals -3.539.755Cost end of year 20.299.629Depreciation and impairment losses beginning of year -9.935.860Exchange rate adjustments 258.869Depreciation for the year -4.078.684Reversal regarding disposals 3.197.817Depreciation and impairment losses end of year -10.557.858Carrying amount end of year 9.741.771 Financial assetsDepositsDKKCost beginning of year 1.672.814Exchange rate adjustments -84.875Additions 59.153Carrying amount end of year 1.647.092 Deferred taxProperty, plant and equipment 643.589 137.810Inventories 700.767 1.107.156Receivables 34.855 7.259Liabilities other than provisions 132.000 66.0001.511.211 1.318.225Changes during the yearBeginning of year 1.318.225 1.054.369Exchange rate adjusment -87.295 0Recognised in the income statement 280.281 263.8561.511.211 1.318.225Deferred tax assetsDeferred tax assets consists of temporary differences between accounting values and tax values of certainassets and liabilities as specified above. Management expects to be able to takadvantage 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 2022/23 2021/22Other payablesDKKDKKVAT and duties 12.847.781 11.191.894Wages and salaries, personal income taxes, social security costs, etc 1.475.584 1.575.467Holiday pay obligation 7.622.094 7.090.005Other costs payable 48.614.676 66.344.46670.560.135 86.201.832 Unrecognised rental and lease commitments DKK DKKLiabilities under rental or lease agreements until maturity in total 14.079.636 19.935.671 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 Corportation, 36F, Kasumigaseki Building, 3-2-5 Kasumigaseki, Chiyoda-ku, 100-6036 Tokyo, JapanName 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 (large). The accounting policies applied to these financial statements are consistent with those applied last year. The financial statements are presented in DKK. When presenting the financial statements, management has identified that the comparative figures did not include elimination of internal accounts with branches in the balance sheet. Reclassifications in the comparative figures for DKK 17.6 million have been made on the presentation of the financial statements, so that the comparative figures in the balance sheet has decreased by this amount. 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 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. Dividend Dividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for the financial year is disclosed as a separate item in equity. 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. 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 2022-04-01 2023-03-31 2021-04-01 2022-03-31 2023-09-08 Reporting class C, large enterprise 2023-09-08 12838840 TOLDBODENS REVISION & REGNSKAB, REG. REVISIONSANPARTSSELSKAB Suomisvej 1, 1. tv 1927 Frederiksberg C Opinion Basis for Opinion 2023-09-08