ÅrsrapportTore Gynther2024-07-04RevisionspåtegningRegnskabsklasse C, mellemstor virksomhedBeierholmLangagervej 19220 Aalborg Ø2022-01-012022-12-312023-01-012023-12-3139715015Junta Holding ApSH.C. Ørsteds Vej301879Frederiksberg CFrederiksbergBeierholm32895468Knud Højgaards Vej92860SøborgDanmarktruetrueI have on this day presented the annual report for the financial year 01.01.23 - 31.12.23 for Junta Holding ApS.The annual report is presented in accordance with the Danish Financial Statements Act.In my opinion, the consolidated financial statements and financial statements give a true and fair view of the group's and the parent's assets, liabilities and financial position as at 31.12.23 and of the results of the group’s and parent’s activities and of the group's cash flows for the financial year 01.01.23 - 31.12.23.I believe that the management's review includes a fair review of the matters dealt with in the management's review.The annual report is submitted for adoption by the general meeting.Frederiksberg C2024-07-04Tore GyntherTo the capital owners of Junta Holding ApS OpinionWe have audited the consolidated financial statements and financial statements of Junta Holding ApS for the financial year 01.01.23 - 31.12.23, which comprise income statement, balance sheet, statement of changes in equity and notes to the financial statements, including significant accounting policies for the group as well as for the parent company as well as the consolidated cash flow statement. The consolidated financial statements and financial statements are prepared in accordance with the Danish Financial Statements Act.In our opinion the consolidated financial statements and financial statements give a true and fair view of the group's and the company's financial position at 31.12.23 and of the results of the group's and the company's operations and consolidated cash flows for the financial year 01.01.23 - 31.12.23 in accordance with 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 financial statements” section of our report. We are independent of the group and 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.We refer to note 1 in which management states the conditions for the company con-tinuing as a going concern and thus sets out the reasons why the company's financial statements have been presented on a going concern assumption. We agree with man-agement as to the description of uncertainties and the choice of accounting policies. Our opinion is not modified in respect of this matter.Management is responsible for the management’s review. Our opinion on the consolidated financial statements and 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 consolidated financial statements and financial statements, it is our responsibility is to read management’s review and, in doing so, consider whether management’s review is materially inconsistent with the consolidated financial statements or parent company financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether 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 consolidated financial statements and 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’s review.Management is responsible for the preparation of consolidated financial statements and 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 consolidated financial statements and financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements and financial statements, management is responsible for assessing the group's and 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 consolidated financial statements and financial statements unless management either intends to liquidate the group and the company 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 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 financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the consolidated financial statements and 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 group's and 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 consolidated financial statements and 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 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 consolidated financial statements and 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 company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the consolidated financial statements and financial statements, including the disclosures, and whether the consolidated financial statements and financial statements represent the underlying transactions and events in a manner that gives a true and fair view. 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 responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. 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. Soeborg, Copenhagen2024-07-04Lasse Rosenborg PetersenState Authorized Public Accountantmne42896Profit/loss before depreciation, amortisation, write-downs and impairment losses1423-158835923-6627-10570-789000-12040000-12096000-1182000-1722000-641000-1564000-10795000-101610001468410001257320001111820002687000646100014049000885300050009000517660005333000053779000-47-3-19-383124354248Primary activities The group's activities comprise of brewing and selling of beer. Uncertainty concerning recognition and measurement For information on uncertainty concerning recognition and measurement see note 2. In the financial statements for the financial year 01.01.23 - 31.12.23, it is important to note the following uncertainty with regard to recognition and measurement, as it has had a significant influence on the assets and liabilities recognised in the financial statements: As at 31.12.23, the group has recognised a deferred tax asset of DKK 13.282k, which can primarily be attributed to tax losses carried forward. The deferred tax asset is recognised on the basis of expectations of positive earnings before tax for the coming years The deferred tax asset is calculated and recognized based on budgets for the period 2024 – 2026. In relation to the expected tax results for the next 3 years, the tax asset is expected to be utilized at the present time. If the actual results for the next 3 years deviate from the expected, this can correspondingly affect the valuation of the tax asset. Development in activities and financial affairs The income statement for the period 01.01.23 - 31.12.23 shows a loss of DKK -9,396,397 against DKK -19,611,190 for the period 01.01.22 - 31.12.22. The balance sheet shows equity of DKK 37,477,168. Year 2023 was an improvement compared to the prior year as the company operated profitably with an EBITDA of 1,423 mil. This result was obtained as we saw the positive top-line effects of- our brand- and territorial focus strategy and cost-efficency effects of our streamlined portfolio strategy and our increased B2B focus. These initiatives gradually had an effect as they were rolled out througout the year. Significant uncertainty as regards going concern The company has realized a loss in 2023 of DKK -9,396k while the company's equity per 31.12.23 is positive with DKK 37,477k. The company's result for the first 5 month of 2024 shows a positive EBT and improved earnings of DKK 5,49 mil compared to LYTD EBT 2023. Despite the positive bottom-line development, the company’s cash flow is still affected by the global covid-19, supply shortage, inflation, energy and interest challenges the company faced from 2020-2023. The company's liquidity budget for 2024 shows a liquidity need within the group's credit facility, however, it is a significant prerequisite for continued operation that the company’s bank continues to make the credit facilities available. It is however the management's assessment that the group's financial resources are sufficient to carry out planed operations for the coming year and thus sets out the reasons why the company's financial statements have been presented on a going concern assumption. The earnings expectations for 2023 were a net loss between DKK 3 to 6 mil. The objective was not met primarily due to increased interest expense, changing partners in key export markets and costs related to closing down our subscription based B2C Beer Club. Outlook Throughout 2024 the company has continued to see the positive effects as home market B2B sales are up with 28,1% the first 5 months of the year, the B2B Gross Margin% are up with 3,4% and overall fixed costs are down with 16,3%. Despite closing down high revenue sales B2C channels due to the increased B2B focus, the topline of the first 5 months has never been higher than of 2024. Over the next 12 months the company expect to continue to see the effect of the renewed strategies and a more stable and forecastable market than what the company has faced the prior years. The Company expects to come out of 2024 with a positive EBITDA between DKK 13 to 15 mil, and a break-even to DKK 2 mil net result. We continuously have a Shareholder Group that is committed and supports the operation fully. This was confirmed in May 2023 when shareholders converted loans to equity for a total of DKK 15.179.559. Subsequent events No important events have occurred after the end of the financial year. 4406255132824888238828910725426400204870838176299765496289402628007487265200265200-7517731-23890980-789369-943700-8235443-19176621249665539495039938044206631869718237723282120-11688729-25221203-9262535-19068798-2292332-5610013-268534-33636-9396397-19611190-8994001-19035162580833716241000621364005808331337605002210732022664093130492001331440016480921434438004476029448846468006875317827442300753910238121942213049200133144000025192858123469513010003010000030100030100025192858123469517627285682858027382420582566135180895761017687100143487810967010012003140151743740090603612693410022433630277172870098075041039612200001442272436729125132821281098979622258112734351350000002313314521435918146453053673039861296111500020305631461797365030320714645305370360291224525921331612345288736362697380822436516782243651673855908332721947385590833272194538641326327871143864132632787112-1164158-693109003747716832094005386413263278711296875971030326596875971030326549768745739427003043948932770952006001679204809543470972184223005110563969294598131585692872556549752895516930628645622244903042473859801855220656442811601611182501295310005801329964472681109074226714933869785317726311087468118470384975424101067229142460372991026812245259213316123452887363626973801707615162483-331344-68653-2-8994001-4023968224338559083-11641581707615162483-331344-8994001822433855908301083964735477055283657-188395951045646915-5037183-5967206031534-42623268316362-15294455249665539495-4404563-18567404161464-166117000-397795-2687014-64607275953900-2091624-6858522-609267-60293616444446048917-10775532236996-2564505-99073804159556-260688110851795-537041-1261842711500021376842961296111500026129611150002386021714437092473131558886420825871919153247506409658272550913539761988137253719091692956148612011-402396-63708200-8994001-18974108-8994001-19035162947431784881947431784881-231190-163517-621364-135408-366598-784881580833023168120539919662819450141857337603025561641370548-5953902316812061594986337561414960891-795600-3673184-13972982-5911309-265200-838222-4642338-2174265-1060800-4511406-18615320-80855742210732016480924476029468753171411000000014110000000-795600000-265200-1060800000130492000000000471103082000000067110308-37710273-621364-7084573-3313443830104-4191745025192858To Øl ApSCopenhagen100Brus ApSCopenhagen10029F ApSCopenhagen100Junta Spirits ApSCopenhagen95Mikropolis Cocktails ApSCopenhagen95Æblerov ApSCopenhagen60Kapital GoldcupSweden100301000301000301000Share capital82243822431098979653501351273-323632292332563966122130833636-62864573022561031624210925509-1185000061618747239427-3161644797927833601133361656380600167920480954-62864501031624210925509034709721842230089402628007487-249665-53949544206631869718-2292332-56100132071970008The annual report is presented in accordance with the provisions of the Danish Financial Statements Act for medium-sized groups and enterprises in reporting class C. Income is recognised in the income statement as earned, including value adjustments of financial assets and liabilities. All expenses, including depreciation, amortisation, impairment losses and write-downs, are also recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits will flow to the company, and the value of such assets can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow from the company, and the value of such liabilities can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below. On recognition and measurement, account is taken of foreseeable losses and risks arising before the date at which the annual report is presented and proving or disproving matters arising on or before the balance sheet date. The consolidated financial statements comprise the parent and its subsidiaries in which the parent directly or indirectly holds more than 50% of the voting rights or by way of agreements exercises control. All financial statements used for consolidation are prepared in accordance with the accounting policies of the group. The consolidated financial statements consolidate the financial statements of the parent and its subsidiaries by adding together items of a uniform nature, eliminating intercompany income and expenditure, equity investments, intercompany balances and dividends as well as gains and losses resulting from transactions between the consolidated enterprises to the extent that the underlying assets and liabilities are not realised. The financial items of the subsidiaries are recognised in full in the consolidated financial statements. The non-controlling interests’ proportionate share of the subsidiaries’ equity is classified as a part of consolidated equity. The subsidiaries’ results are distributed proportionately to non-controlling interests and the parent’s equity interest. Purchase and sale of non-controlling interests in a subsidiary which do not result in changes in control of the subsidiary are treated in the consolidated financial statements as equity transactions, and the difference between the consideration and the carrying amount is allocated to the parent’s equity interest. The annual report is presented in Danish kroner (DKK). On initial recognition, transactions denominated in foreign currencies are translated using the exchange rates applicable at the transaction date. Exchange rate differences between the exchange rate applicable at the transaction date and the exchange rate at the date of payment are recognised in the income statement as a financial item. Receivables, payables and other monetary items denominated in foreign currencies are translated using the exchange rates applicable at the balance sheet date. The difference between the exchange rate applicable at the balance sheet date and at the date at which the receivable or payable arose or was recognised in the latest annual report is recognised under financial income or expenses in the income statement. Fixed assets, inventories and other non-monetary assets acquired in foreign currencies are translated using historical exchange rates. Leases relating to assets where the company has substantially all the risks and benefits incidental to the ownership of the asset (finance leases) are recognised in the balance sheet. On initial recognition, assets held under finance leases and related lease commitments are measured at the lower of the fair value of the leased asset and the present value of future lease payments. Subsequently, assets held under finance leases are treated like other similar assets. Lease commitments relating to assets held under finance leases are recognised in the balance sheet as payables. Subsequent to initial recognition, lease commitments are measured at amortised cost according to which the interest element of the lease payment is recognised in the income statement over the lease term. Lease payments relating to operating leases are recognised in the income statement on a straight-line basis over the lease term.Gross profit comprises revenue, other operating income, raw materials and consumables and cost of sales and other external expenses. Income from the sale of goods is recognised in the income statement if delivery has taken place and the risk has passed to the buyer before the end of the financial year and where the selling price can be determined reliably and is expected to be paid. Revenue is measured at fair value and is determined exclusive of VAT and other taxes collected on behalf of third parties and less discounts. Income from construction contracts involving the delivery of highly customised assets are recognised in the income statement as revenue according to the stage of completion. Accordingly, revenue corresponds to the selling price of work performed during the year (percentage of completion method). Income from the rental of properties is recognised in the income statement for the relevant period. Revenue is measured at fair value and determined exclusive of VAT and discounts. Other operating income comprises income of a secondary nature in relation to the enterprise’s activities, including rental income, negative goodwill and gains on the sale of intangible assets and property, plant and equipment. Costs of raw materials and consumables comprise raw materials and consumables used for the year as well as any changes in inventories, including any inventory wastage. Write-downs of inventories of raw materials and consumables are also recognised under raw materials and consumables to the extent that these do not exceed normal write-downs. Cost of sales comprises cost of sales for the year measured at cost plus any changes in inventories, including write-downs to the extent that these do not exceed normal write-downs. Other external expenses comprise costs relating to distribution, sales and advertising and administration, premises and bad debts to the extent that these do not exceed normal write-downs. Staff costs comprise wages and salaries as well as other staff-related costs. The depreciation and amortisation of intangible assets and property, plant and equipment aim at systematic depreciation and amortisation over the expected useful lives of the assets. Assets are depreciated and amortised according to the straight-line method based on the following expected useful lives and residual values: Goodwill is amortised over 5-10 years. The useful life has been determined in consideration of the expected future net earnings of the enterprise or activity to which the goodwill relates. Land is not depreciated. The basis of depreciation and amortisation is the cost of the asset less the expected residual value at the end of the useful life. Moreover, the basis of depreciation and amortisation is reduced by any impairment losses. The useful life and residual value are determined when the asset is ready for use and reassessed annually. Intangible assets and property, plant and equipment are impaired in accordance with the accounting policies referred to in the ‘Impairment losses on fixed assets’ section. For equity investments in subsidiaries that in the parent are measured using the equity method, the share of the enterprises’ profit or loss is recognised in the income statement after elimination of unrealised intercompany profits and losses and less any goodwill amortisation and impairment losses. Income from equity investments in equity investments in subsidiaries also comprises gains and losses on the sale of equity investments. Interest income and interest expenses, the interest element of finance lease payments, foreign exchange gains and losses on transactions denominated in foreign currencies etc. are recognised in other net financials. Amortisation of capital losses and borrowing costs relating to financial liabilities is recognised on an ongoing basis as financial expenses. The current and deferred tax for the year is recognised in the income statement as tax on the profit/loss for the year with the portion attributable to the profit/loss for the year, and directly in equity with the portion attributable to amounts recognised directly in equity. The company is jointly taxed with Danish consolidated enterprises. In connection with the settlement of joint taxation contributions, the current Danish income tax is allocated between the jointly taxed enterprises in proportion to their taxable incomes. This means that enterprises with a tax loss receive joint taxation contributions from enterprises which have been able to use this loss to reduce their own taxable profit. Property, plant and equipment comprise land and buildings, leasehold improvements, plant and machinery as well as other fixtures and fittings, tools and equipment. Property, plant and equipment are measured in the balance sheet at cost less accumulated depreciation and impairment losses. Cost comprises the purchase price and expenses resulting directly from the purchase until the asset is ready for use. Interest on loans arranged to finance production is not included in the cost. The total cost of an asset is decomposed into separate components that are depreciated separately if the useful lives of the individual components vary. Property, plant and equipment are depreciated using the straight-line method based on useful lives and residual values, which are stated in the ‘Depreciation, amortisation and impairment losses' section. Gains and losses on the disposal of property, plant and equipment are determined as the difference between the selling price, if any, less selling costs and the carrying amount at the date of disposal less any costs of disposal. Equity investments in subsidiaries are recognised and measured according to the equity method in the balance sheet of the parent. For equity investments in subsidiaries, the equity method is considered a measurement method. On initial recognition, equity investments measured according to the equity method are measured at cost. Transaction costs directly attributable to the acquisition are recognised in the cost of equity investments. However, transaction costs on the acquisition of subsidiaries are recognised in the income statement in the consolidated financial statements at the date incurred. On subsequent recognition and measurement of equity investments according to the equity method, equity investments are measured at the proportionate share of the enterprises' equity value, determined according to the accounting policies of the parent, adjusted for the remaining value of goodwill and gains and losses on transactions with the enterprises in question. Equity investments, where information for recognition according to the equity method is not known, are measured at cost. Equity investments with a negative carrying amount are measured at DKK 0. Receivables that are considered part of the combined investment in the enterprises in question are impaired by any remaining negative equity value. Other receivables from such enterprises are impaired to the extent that such receivables are considered uncollectible. Provisions to cover the remaining negative equity value are recognised to the extent that the parent has a legal or constructive obligation to cover the liabilities of the enterprise in question. Goodwill recognised under equity investments is amortised according to the straight-line method based on an individual assessment of the useful life of the asset. The useful life of goodwill has been determined at 5-10 years for equity investments in subsidiaries. The useful life has been determined in consideration of the expected future net earnings of the enterprise to which the goodwill relates. Gains or losses on disposal of equity investments are determined as the difference between the disposal consideration and the carrying amount of net assets at the time of sale, including non-amortised goodwill, as well as the expected costs of divestment or discontinuation. Gains and losses are recognised in the income statement under income from equity investments. The carrying amount of fixed assets which are not measured at fair value is assessed annually for indications of impairment over and above what is reflected in depreciation and amortisation. If the company's realised return on an asset or a group of assets is lower than expected, this is considered an indication of impairment. If there are indications of impairment, an impairment test is conducted of individual assets or groups of assets. The assets or groups of assets are impaired to the lower of recoverable amount and carrying amount. The higher of net selling price and value in use is used as the recoverable amount. The value in use is determined as the present value of expected net cash flows from the use of the asset or group of assets as well as expected net cash flows from the sale of the asset or group of assets after the expiry of their useful lives. Impairment losses are reversed when the reasons for the impairment no longer exist. Impairment losses on goodwill are not reversed, unless goodwill is included in the carrying amount of equity investments. Inventories are measured at cost calculated according to the FIFO-method. Inventories are written down to the lower of cost and net realisable value. The cost of raw materials and consumables as well as goods for resale is determined as purchase prices plus expenses resulting directly from the purchase. The cost of manufactured finished goods and work in progress is determined as the value of direct material and labour costs. Interest on loans arranged to finance production is not included in the cost. The net realisable value of inventories is determined as the selling price less costs of completion and costs necessary to make the sale and is determined taking into account marketability, obsolescence and the expected development in the selling price. Receivables are measured at amortised cost, which usually corresponds to the nominal value, less write-downs for bad debts. Write-downs for bad debts are determined based on an individual assessment of each receivable if there is no objective evidence of individual impairment of a receivable. Deposits recognised under assets comprise deposits paid to the lessor under leases entered into by the company. Cash includes deposits in bank accounts as well as operating cash. The net revaluation of equity investments measured according to the equity method is recognized in the financial statements of the parent in the net revaluation reserve in equity according to the equity method to the extent that the carrying amount exceeds the cost. Current tax payable and receivable is recognised in the balance sheet as tax computed on the basis of the taxable income for the year, adjusted for tax paid on account. Joint taxation contributions payable and receivable are recognised as income tax under receivables or payables in the balance sheet. Deferred tax liabilities and tax assets are recognised on the basis of all temporary differences between the carrying amounts and tax bases of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is non-amortisable for tax purposes and other items where temporary differences, except for acquisitions, have arisen at the date of acquisition without affecting the net profit or loss for the year or the taxable income. In cases where the tax value can be determined according to different taxation rules, deferred tax is measured on the basis of management’s intended use of the asset or settlement of the liability. Deferred tax assets are recognised, following an assessment, at the expected realisable value through offsetting against deferred tax liabilities or elimination in tax on future earnings. Deferred tax is measured on the basis of the tax rules and at the tax rates which, according to the legislation in force at the balance sheet date, will be applicable when the deferred tax is expected to crystallise as current tax. Long-term payables are measured at cost at the time of contracting such liabilities (raising of the loan). The payables are subsequently measured at amortised cost where capital losses and loan expenses are recognised in the income statement as a financial expense over the term of the payable on the basis of the calculated effective interest rate in force at the time of contracting the liability. Short-term financial payables are measured at amortised cost, normally corresponding to the nominal value of such payables. Other short-term payables are measured at net realisable value. The cash flow statement is prepared using the indirect method, showing cash flows from operating, investing and financing activities as well as cash and cash equivalents at the beginning and end of the year. Cash flows from operating activities comprise the net profit or loss for the year, adjusted for non-cash operating items, income tax paid and changes in working capital. Cash flows from investing activities comprise payments in connection with the acquisition and divestment of companies and financial assets as well as the purchase, development, improvement and sale of intangible assets and property, plant and equipment. Cash flows from financing activities comprise changes in the parent’s share capital and associated costs and financing from and dividends paid to shareholders as well as the arrangement and repayment of long-term payables. Cash flows from financing activities also comprise finance lease payments. Cash and cash equivalents at the beginning and end of the year comprise cash. Referring to section 86(4) of the Danish Financial Statements Act a cash flow statement has not been prepared for the parent as the parent is included in the consolidated cash flow statement. Ratios definitions Return on equity: Profit/loss for the year x 100 Average equity Solvency ratio: Equity, end of year x 100 Total assets Figures in DKK Share capital Retained earnings Equity attributable to owners of the parent Non-controlling interests Total equity Group: Statement of changes in equity for 01.01.23 - 31.12.23 Balance as at 01.01.23 65,167 32,721,947 32,787,114 -693,109 32,094,005 Capital increase 17,076 15,162,483 15,179,559 0 15,179,559 Purchase of non-controlling interests 0 -331,344 -331,344 -68,653 -399,997 Other changes in equity 0 -2 -2 0 -2 Net profit/loss for the year 0 -8,994,001 -8,994,001 -402,396 -9,396,397 Balance as at 31.12.23 82,243 38,559,083 38,641,326 -1,164,158 37,477,168 Parent: Statement of changes in equity for 01.01.23 - 31.12.23 Balance as at 01.01.23 65,167 32,721,945 32,787,112 0 32,787,112 Capital increase 17,076 15,162,483 15,179,559 0 15,179,559 Purchase of non-controlling interests 0 -331,344 -331,344 0 -331,344 Net profit/loss for the year 0 -8,994,001 -8,994,001 0 -8,994,001 Balance as at 31.12.23 82,243 38,559,083 38,641,326 0 38,641,326 The company has realized a loss in 2023 of DKK -9,396k while the company's equity per 31.12.23 is positive with DKK 37,477k. The company's result for the first 5 month of 2024 shows a positive EBT and improved earnings of DKK 5,49 mil compared to LYTD EBT 2023. Despite the positive bottom-line development, the company’s cash flow is still affected by the global covid-19, supply shortage, inflation, energy and interest challenges the company faced from 2020-2023. The company's liquidity budget for 2024 shows a liquidity need within the group's credit facility, however, it is a significant prerequisite for continued operation that the company’s bank continues to make the credit facilities available. It is however the management's assessment that the group's financial resources are sufficient to carry out planed operations for the coming year and thus sets out the reasons why the company's financial statements have been presented on a going concern assumption. In the financial statements for the financial year 01.01.23 - 31.12.23, it is important to note the following uncertainty with regard to recognition and measurement, as it has had a significant influence on the assets and liabilities recognised in the financial statements: As at 31.12.23, the group has recognised a deferred tax asset of DKK 13.282k, which can primarily be attributed to tax losses carried forward. The deferred tax asset is recognised on the basis of expectations of positive earnings before tax for the coming years The deferred tax asset is calculated and recognized based on budgets for the period 2024 – 2026. In relation to the expected tax results for the next 3 years, the tax asset is expected to be utilized at the present time. If the actual results for the next 3 years deviate from the expected, this can correspondingly affect the valuation of the tax asset. 5. Property, plant and equipment Figures in DKK Land and buildings Leasehold improve-ments Plant and machinery Other fixtures and fittings, tools and equipment Group: Cost as at 01.01.23 23,168,120 5,399,196 62,819,450 14,185,733 Additions during the year 0 760,302 556,164 1,370,548 Disposals during the year 0 0 0 -595,390 Cost as at 31.12.23 23,168,120 6,159,498 63,375,614 14,960,891 Depreciation and impairment losses as at 01.01.23 -795,600 -3,673,184 -13,972,982 -5,911,309 Depreciation during the year -265,200 -838,222 -4,642,338 -2,174,265 Depreciation and impairment losses as at 31.12.23 -1,060,800 -4,511,406 -18,615,320 -8,085,574 Carrying amount as at 31.12.23 22,107,320 1,648,092 44,760,294 6,875,317 Parent: Cost as at 01.01.23 14,110,000 0 0 0 Cost as at 31.12.23 14,110,000 0 0 0 Depreciation and impairment losses as at 01.01.23 -795,600 0 0 0 Depreciation during the year -265,200 0 0 0 Depreciation and impairment losses as at 31.12.23 -1,060,800 0 0 0 Carrying amount as at 31.12.23 13,049,200 0 0 0 Carrying amount of assets held under finance leases as at 31.12.23 0 0 0 0 6. Equity investments in group enterprises Figures in DKK Equity investments in group enterprises Parent: Cost as at 01.01.23 47,110,308 Additions during the year 20,000,000 Cost as at 31.12.23 67,110,308 Depreciation and impairment losses as at 01.01.23 -37,710,273 Impairment losses on goodwill -621,364 Net profit/loss from equity investments -7,084,573 Other equity adjustments relating to equity investments -331,344 Negative equity value impaired in receivables 3,830,104 Depreciation and impairment losses as at 31.12.23 -41,917,450 Carrying amount as at 31.12.23 25,192,858 Name and registered office: Ownership interest Subsidiaries: To Øl ApS, Copenhagen 100 Brus ApS, Copenhagen 100 29F ApS, Copenhagen 100 Junta Spirits ApS, Copenhagen 95 Mikropolis Cocktails ApS, Copenhagen 95 Æblerov ApS, Copenhagen 60 Kapital Goldcup, Sweden 100 Group Parent 31.12.23 31.12.22 31.12.23 31.12.22 DKK DKK DKK DKK 8. Receivables Receivables which fall due for payment more than 1 year after the end of the financial year 0 0 14,422,724 36,729,125 11. Deferred tax Provisions for deferred tax as at 01.01.23 10,989,796 5,350,135 1,273 -32,363 Deferred tax recognised in the income statement 2,292,332 5,639,661 221,308 33,636 Provisions for deferred tax as at 31.12.23 13,282,128 10,989,796 222,581 1,273 As at 31.12.23, the group has recognised a deferred tax asset of DKK 13.282k, which can primarily be attributed to tax losses carried forward. The deferred tax asset is recognised on the basis of expectations of positive operating results for the coming years. As at 31.12.23, the group has recognised a deferred tax asset of DKK 13.282k, which can primarily be attributed to tax losses carried forward. The deferred tax asset is recognised on the basis of expectations of positive operating results for the coming years.Group: Lease commitments The group has concluded lease agreements with terms to maturity of 6 months and total lease payments of DKK 290k. Group: Land and buildings with a carrying amount of DKK 22,107k have been provided as security for mortgage debt. As security for debt to credit institutions, a company charge has been provided comprising goodwill, intellectual property rights, motor vehicles, other plant, fixtures and fittings, tools and equipment, inventories and agricultural stock, trade receivables as well as fuels and other ancillary materials. Parent: Land and buildings with a carrying amount of DKK 22,107k have been provided as security for mortgage debt. Related party transactions are not disclosed, as all transactions are entered into in the ordinary course of business at arms’ length. Acquired rights Aquired rights are measured in the balance sheet at cost less accumulated amortisation and impairment losses. Acquired rights are amortised using the straight-line method based on useful lives, which are stated in the ‘Depreciation, amortisation and impairment losses’ section. Goodwill Goodwill is measured in the balance sheet at cost less accumulated amortisation and impairment losses. Goodwill is amortised using the straight-line method based on useful lives, which are stated in the ‘Depreciation, amortisation and impairment losses’ section. Gains or losses on the disposal of intangible assets Gains or losses on the disposal of intangible assets are determined as the difference between the selling price, if any, less selling costs and the carrying amount at the date of disposal. 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